HIGHWOODS PROPERTIES, INC., 10-Q filed on 4/23/2024
Quarterly Report
v3.24.1.u1
Cover Page - shares
 3 Months Ended
Mar. 31, 2024
Apr. 16, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity Registrant Name HIGHWOODS PROPERTIES, INC.  
Entity Incorporation, State or Country Code MD  
Entity File Number 001-13100  
Entity Tax Identification Number 56-1871668  
Entity Address, Address Line One 150 Fayetteville Street  
Entity Address, Address Line Two Suite 1400  
Entity Address, City or Town Raleigh  
Entity Address, State or Province NC  
Entity Address, Postal Zip Code 27601  
City Area Code 919  
Local Phone Number 872-4924  
Title of 12(b) Security Common Stock, $.01 par value, of Highwoods Properties, Inc.  
Trading Symbol HIW  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   105,995,812
Entity Central Index Key 0000921082  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Highwoods Realty Limited Partnership    
Entity Information [Line Items]    
Entity Registrant Name HIGHWOODS REALTY LIMITED PARTNERSHIP  
Entity Incorporation, State or Country Code NC  
Entity File Number 000-21731  
Entity Tax Identification Number 56-1869557  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000941713  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.24.1.u1
HPI - Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Real estate assets, at cost:    
Land $ 533,361 $ 540,050
Buildings and tenant improvements 5,927,772 5,960,895
Development in-process 0 8,918
Land held for development 226,575 227,058
Total real estate assets 6,687,708 6,736,921
Less-accumulated depreciation (1,754,503) (1,743,390)
Net real estate assets 4,933,205 4,993,531
Real estate and other assets, net, held for sale 26,078 0
Cash and cash equivalents 16,422 25,123
Restricted cash 10,865 6,446
Accounts receivable 34,449 28,094
Mortgages and notes receivable 11,008 4,795
Accrued straight-line rents receivable 311,099 310,649
Investments in and advances to unconsolidated affiliates 372,722 343,241
Deferred leasing costs, net of accumulated amortization of $180,904 and $175,697, respectively 222,997 225,924
Prepaid expenses and other assets, net of accumulated depreciation of $17,424 and $22,142, respectively 74,552 65,125
Total Assets 6,013,397 6,002,928
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity:    
Mortgages and notes payable, net 3,262,327 3,213,206
Accounts payable, accrued expenses and other liabilities 287,176 302,180
Total Liabilities 3,549,503 3,515,386
Commitments and contingencies
Noncontrolling interests in the Operating Partnership 56,324 49,520
Equity:    
Preferred Stock, $.01 par value, 50,000,000 authorized shares; 8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 28,811 shares issued and outstanding 28,811 28,811
Common Stock, $.01 par value, 200,000,000 authorized shares; 105,995,624 and 105,710,315 shares issued and outstanding, respectively 1,060 1,057
Additional paid-in capital 3,099,865 3,103,446
Distributions in excess of net income available for common stockholders (724,827) (698,020)
Accumulated other comprehensive loss (2,059) (1,997)
Total Stockholders’ Equity 2,402,850 2,433,297
Noncontrolling interests in consolidated affiliates 4,720 4,725
Total Equity/Capital 2,407,570 2,438,022
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital $ 6,013,397 $ 6,002,928
v3.24.1.u1
HPI - Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Assets:    
Deferred leasing costs, accumulated amortization $ 180,904 $ 175,697
Prepaid expenses and other assets, accumulated depreciation $ 17,424 $ 22,142
Equity:    
Series A Preferred Stock, par value (in dollars per share) $ 0.01 $ 0.01
Series A Preferred Stock, authorized shares (in shares) 50,000,000 50,000,000
Series A Preferred Stock, dividend rate percentage (in hundredths) 8.625% 8.625%
Series A Preferred Stock, liquidation preference (in dollars per share) $ 1,000 $ 1,000
Series A Preferred Stock, shares issued (in shares) 28,811 28,811
Series A Preferred Stock, shares outstanding (in shares) 28,811 28,811
Common Stock, par value (in dollars per share) $ 0.01 $ 0.01
Common Stock, authorized shares (in shares) 200,000,000 200,000,000
Common Stock, shares issued (in shares) 105,995,624 105,710,315
Common Stock, shares outstanding (in shares) 105,995,624 105,710,315
v3.24.1.u1
HRLP - Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Real estate assets, at cost:    
Land $ 533,361 $ 540,050
Buildings and tenant improvements 5,927,772 5,960,895
Development in-process 0 8,918
Land held for development 226,575 227,058
Total real estate assets 6,687,708 6,736,921
Less-accumulated depreciation (1,754,503) (1,743,390)
Net real estate assets 4,933,205 4,993,531
Real estate and other assets, net, held for sale 26,078 0
Cash and cash equivalents 16,422 25,123
Restricted cash 10,865 6,446
Accounts receivable 34,449 28,094
Mortgages and notes receivable 11,008 4,795
Accrued straight-line rents receivable 311,099 310,649
Investments in and advances to unconsolidated affiliates 372,722 343,241
Deferred leasing costs, net of accumulated amortization of $180,904 and $175,697, respectively 222,997 225,924
Prepaid expenses and other assets, net of accumulated depreciation of $17,424 and $22,142, respectively 74,552 65,125
Total Assets 6,013,397 6,002,928
Liabilities, Redeemable Operating Partnership Units and Capital:    
Mortgages and notes payable, net 3,262,327 3,213,206
Accounts payable, accrued expenses and other liabilities 287,176 302,180
Total Liabilities 3,549,503 3,515,386
Commitments and contingencies
Capital:    
Accumulated other comprehensive loss (2,059) (1,997)
Noncontrolling interests in consolidated affiliates 4,720 4,725
Total Equity/Capital 2,407,570 2,438,022
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital 6,013,397 6,002,928
Highwoods Realty Limited Partnership    
Real estate assets, at cost:    
Land 533,361 540,050
Buildings and tenant improvements 5,927,772 5,960,895
Development in-process 0 8,918
Land held for development 226,575 227,058
Total real estate assets 6,687,708 6,736,921
Less-accumulated depreciation (1,754,503) (1,743,390)
Net real estate assets 4,933,205 4,993,531
Real estate and other assets, net, held for sale 26,078 0
Cash and cash equivalents 16,422 25,123
Restricted cash 10,865 6,446
Accounts receivable 34,449 28,094
Mortgages and notes receivable 11,008 4,795
Accrued straight-line rents receivable 311,099 310,649
Investments in and advances to unconsolidated affiliates 372,722 343,241
Deferred leasing costs, net of accumulated amortization of $180,904 and $175,697, respectively 222,997 225,924
Prepaid expenses and other assets, net of accumulated depreciation of $17,424 and $22,142, respectively 74,552 65,125
Total Assets 6,013,397 6,002,928
Liabilities, Redeemable Operating Partnership Units and Capital:    
Mortgages and notes payable, net 3,262,327 3,213,206
Accounts payable, accrued expenses and other liabilities 287,176 302,180
Total Liabilities 3,549,503 3,515,386
Commitments and contingencies
Redeemable Operating Partnership Units:    
Common Units, 2,151,423 and 2,156,808 outstanding, respectively 56,324 49,520
Series A Preferred Units (liquidation preference $1,000 per unit), 28,811 units issued and outstanding 28,811 28,811
Total Redeemable Operating Partnership Units 85,135 78,331
Capital:    
General partner Common Units, 1,077,382 and 1,074,583 outstanding, respectively 23,760 24,064
Limited partner Common Units, 104,509,433 and 104,226,923 outstanding, respectively 2,352,338 2,382,419
Accumulated other comprehensive loss (2,059) (1,997)
Noncontrolling interests in consolidated affiliates 4,720 4,725
Total Equity/Capital 2,378,759 2,409,211
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital $ 6,013,397 $ 6,002,928
v3.24.1.u1
HRLP - Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets:    
Deferred leasing costs, accumulated amortization $ 180,904 $ 175,697
Prepaid expenses and other assets, accumulated depreciation 17,424 22,142
Highwoods Realty Limited Partnership    
Assets:    
Deferred leasing costs, accumulated amortization 180,904 175,697
Prepaid expenses and other assets, accumulated depreciation $ 17,424 $ 22,142
Redeemable Operating Partnership Units: [Abstract]    
Redeemable Common Units outstanding (in shares) 2,151,423 2,156,808
Series A Preferred Units, liquidation preference (in dollars per share) $ 1,000 $ 1,000
Series A Preferred Units, issued (in shares) 28,811 28,811
Series A Preferred Units, outstanding (in shares) 28,811 28,811
Common Units: [Abstract]    
General partners' capital account, units outstanding (in shares) 1,077,382 1,074,583
Limited partners' capital account, units outstanding (in shares) 104,509,433 104,226,923
v3.24.1.u1
HPI - Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Rental and other revenues $ 211,275 $ 212,752
Operating expenses:    
Rental property and other expenses 70,435 65,731
Depreciation and amortization 73,671 70,633
General and administrative 12,499 12,415
Total operating expenses 156,605 148,779
Interest expense 36,552 33,098
Other income 1,232 1,147
Gains on disposition of property 7,209 450
Gain on deconsolidation of affiliate 0 11,778
Equity in earnings of unconsolidated affiliates 654 704
Net income 27,213 44,954
Net (income) attributable to noncontrolling interests in the Operating Partnership (533) (986)
Net loss attributable to noncontrolling interests in consolidated affiliates 5 487
Dividends on Preferred Stock (621) (621)
Net income available for common stockholders $ 26,064 $ 43,834
Earnings per Common Share – basic:    
Net income available for common stockholders (in dollars per share) $ 0.25 $ 0.42
Weighted average Common Shares outstanding - basic (in shares) 105,804 105,288
Earnings per Common Share - diluted:    
Net income available for common stockholders (in dollars per share) $ 0.25 $ 0.42
Weighted average Common Shares outstanding - diluted (in shares) 107,958 107,646
v3.24.1.u1
HRLP - Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Rental and other revenues $ 211,275 $ 212,752
Operating expenses:    
Rental property and other expenses 70,435 65,731
Depreciation and amortization 73,671 70,633
General and administrative 12,499 12,415
Total operating expenses 156,605 148,779
Interest expense 36,552 33,098
Other income 1,232 1,147
Gains on disposition of property 7,209 450
Gain on deconsolidation of affiliate 0 11,778
Equity in earnings of unconsolidated affiliates 654 704
Net income 27,213 44,954
Net loss attributable to noncontrolling interests in consolidated affiliates 5 487
Highwoods Realty Limited Partnership    
Rental and other revenues 211,275 212,752
Operating expenses:    
Rental property and other expenses 70,435 65,731
Depreciation and amortization 73,671 70,633
General and administrative 12,499 12,415
Total operating expenses 156,605 148,779
Interest expense 36,552 33,098
Other income 1,232 1,147
Gains on disposition of property 7,209 450
Gain on deconsolidation of affiliate 0 11,778
Equity in earnings of unconsolidated affiliates 654 704
Net income 27,213 44,954
Net loss attributable to noncontrolling interests in consolidated affiliates 5 487
Distributions on Preferred Units (621) (621)
Net income available for common unitholders $ 26,597 $ 44,820
Earnings per Common Unit - basic:    
Net income available for common unitholders (in dollars per share) $ 0.25 $ 0.42
Weighted average Common Units outstanding - basic (in shares) 107,549 107,237
Earnings per Common Unit - diluted:    
Net income available for common unitholders (in dollars per share) $ 0.25 $ 0.42
Weighted average Common Units outstanding - diluted (in shares) 107,549 107,237
v3.24.1.u1
HPI - Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Comprehensive income:    
Net income $ 27,213 $ 44,954
Other comprehensive loss:    
Amortization of cash flow hedges (62) (75)
Total other comprehensive loss (62) (75)
Total comprehensive income 27,151 44,879
Less-comprehensive (income) attributable to noncontrolling interests (528) (499)
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders $ 26,623 $ 44,380
v3.24.1.u1
HRLP - Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Comprehensive income:    
Net income $ 27,213 $ 44,954
Other comprehensive loss:    
Amortization of cash flow hedges (62) (75)
Other comprehensive loss (62) (75)
Total comprehensive income 27,151 44,879
Net loss attributable to noncontrolling interests in consolidated affiliates (528) (499)
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders 26,623 44,380
Highwoods Realty Limited Partnership    
Comprehensive income:    
Net income 27,213 44,954
Other comprehensive loss:    
Amortization of cash flow hedges (62) (75)
Other comprehensive loss (62) (75)
Total comprehensive income 27,151 44,879
Net loss attributable to noncontrolling interests in consolidated affiliates 5 487
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders $ 27,156 $ 45,366
v3.24.1.u1
HPI - Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Series A Cumulative Redeemable Preferred Shares [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Noncontrolling Interests in Consolidated Affiliates [Member]
Distributions in Excess of Net Income Available for Common Stockholders [Member]
Balance (in shares) at Dec. 31, 2022   105,210,858          
Balance at Dec. 31, 2022 $ 2,499,000 $ 1,052 $ 28,821 $ 3,081,330 $ (1,211) $ 22,235 $ (633,227)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuances of Common Stock, net of issuance costs and tax withholdings - shares   (26,083)          
Issuances of Common Stock, net of issuance costs and tax withholdings (828) $ 0   (828)      
Conversions of Common Units to Common Stock 0            
Dividends on Common Stock (52,621)           (52,621)
Dividends on Preferred Stock (621)           (621)
Adjustment of noncontrolling interests in the Operating Partnership to fair value 11,102     11,102      
Issuances of restricted stock - shares   272,733          
Issuances of restricted stock 0            
Redemptions/repurchases of Preferred Stock (10)   (10)        
Share-based compensation expense, net of forfeitures - shares   0          
Share-based compensation expense, net of forfeitures 4,525 $ 3   4,522      
Net (income) attributable to noncontrolling interests in the Operating Partnership (986)           (986)
Net loss attributable to noncontrolling interests in consolidated affiliates 0         (487) 487
Deconsolidation of affiliate (17,281)         (17,281)  
Comprehensive income:              
Net income 44,954           44,954
Other comprehensive loss (75)       (75)    
Total comprehensive income 44,879            
Balance (in shares) at Mar. 31, 2023   105,457,508          
Balance at Mar. 31, 2023 2,487,159 $ 1,055 28,811 3,096,126 (1,286) 4,467 (642,014)
Balance (in shares) at Dec. 31, 2022   105,210,858          
Balance at Dec. 31, 2022 $ 2,499,000 $ 1,052 28,821 3,081,330 (1,211) 22,235 (633,227)
Balance (in shares) at Dec. 31, 2023 105,710,315 105,710,315          
Balance at Dec. 31, 2023 $ 2,438,022 $ 1,057 28,811 3,103,446 (1,997) 4,725 (698,020)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuances of Common Stock, net of issuance costs and tax withholdings - shares   (44,396)          
Issuances of Common Stock, net of issuance costs and tax withholdings (1,064) $ 0   (1,064)      
Conversions of Common Units to Common Stock - Shares   5,385          
Conversions of Common Units to Common Stock 132     132      
Dividends on Common Stock (52,871)           (52,871)
Dividends on Preferred Stock (621)           (621)
Adjustment of noncontrolling interests in the Operating Partnership to fair value (7,479)     (7,479)      
Issuances of restricted stock - shares   324,320          
Issuances of restricted stock 0            
Share-based compensation expense, net of forfeitures - shares            
Share-based compensation expense, net of forfeitures 4,833 $ 3   4,830      
Net (income) attributable to noncontrolling interests in the Operating Partnership (533)           (533)
Net loss attributable to noncontrolling interests in consolidated affiliates 0         (5) 5
Comprehensive income:              
Net income 27,213           27,213
Other comprehensive loss (62)       (62)    
Total comprehensive income $ 27,151            
Balance (in shares) at Mar. 31, 2024 105,995,624 105,995,624          
Balance at Mar. 31, 2024 $ 2,407,570 $ 1,060 $ 28,811 $ 3,099,865 $ (2,059) $ 4,720 $ (724,827)
v3.24.1.u1
HPI - Consolidated Statements of Equity (Parentheticals) - Highwoods Properties, Inc. [Member] - $ / shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dividends on Common Stock (per share) $ 0.50 $ 0.50
Series A Cumulative Redeemable Preferred Shares [Member]    
Dividends on Preferred Stock (per share) $ 21.5625 $ 21.5625
v3.24.1.u1
HRLP - Consolidated Statements of Capital - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]    
Balance $ 2,438,022 $ 2,499,000
Share-based compensation expense, net of forfeitures 4,833 4,525
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0
Deconsolidation of affiliate   (17,281)
Comprehensive income:    
Net income 27,213 44,954
Other comprehensive loss (62) (75)
Total comprehensive income 27,151 44,879
Balance 2,407,570 2,487,159
Highwoods Realty Limited Partnership    
Increase (Decrease) in Partners' Capital [Roll Forward]    
Balance 2,409,211 2,470,179
Issuances of Common Units, net of issuance costs and tax withholdings (1,064) (828)
Distributions on Common Units (53,742) (53,595)
Distributions on Preferred Units (621) (621)
Share-based compensation expense, net of forfeitures 4,833 4,525
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner (7,009) 11,090
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0
Deconsolidation of affiliate   (17,281)
Comprehensive income:    
Net income 27,213 44,954
Other comprehensive loss (62) (75)
Total comprehensive income 27,151 44,879
Balance 2,378,759 2,458,348
General Partners' Common Units [Member] | Highwoods Realty Limited Partnership    
Increase (Decrease) in Partners' Capital [Roll Forward]    
Balance 24,064 24,492
Issuances of Common Units, net of issuance costs and tax withholdings (11) (8)
Distributions on Common Units (537) (536)
Distributions on Preferred Units (6) (6)
Share-based compensation expense, net of forfeitures 48 45
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner (70) 111
Net loss attributable to noncontrolling interests in consolidated affiliates 0 5
Comprehensive income:    
Net income 272 450
Balance 23,760 24,553
Limited Partners' Common Units [Member] | Highwoods Realty Limited Partnership    
Increase (Decrease) in Partners' Capital [Roll Forward]    
Balance 2,382,419 2,424,663
Issuances of Common Units, net of issuance costs and tax withholdings (1,053) (820)
Distributions on Common Units (53,205) (53,059)
Distributions on Preferred Units (615) (615)
Share-based compensation expense, net of forfeitures 4,785 4,480
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner (6,939) 10,979
Net loss attributable to noncontrolling interests in consolidated affiliates 5 482
Comprehensive income:    
Net income 26,941 44,504
Balance 2,352,338 2,430,614
Accumulated Other Comprehensive Income (Loss) [Member] | Highwoods Realty Limited Partnership    
Increase (Decrease) in Partners' Capital [Roll Forward]    
Balance (1,997) (1,211)
Comprehensive income:    
Other comprehensive loss (62) (75)
Balance (2,059) (1,286)
Noncontrolling Interests in Consolidated Affiliates [Member] | Highwoods Realty Limited Partnership    
Increase (Decrease) in Partners' Capital [Roll Forward]    
Balance 4,725 22,235
Net loss attributable to noncontrolling interests in consolidated affiliates (5) (487)
Deconsolidation of affiliate   (17,281)
Comprehensive income:    
Balance $ 4,720 $ 4,467
v3.24.1.u1
HRLP - Consolidated Statements of Capital (Parentheticals) - Highwoods Realty Limited Partnership - $ / shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Distributions on Common Units (per unit) $ 0.50 $ 0.50
Series A Cumulative Redeemable Preferred Shares [Member]    
Distributions on Preferred Units (per unit) $ 21.5625 $ 21.5625
v3.24.1.u1
HPI - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income $ 27,213 $ 44,954
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 73,671 70,633
Amortization of lease incentives and acquisition-related intangible assets and liabilities 351 291
Share-based compensation expense 4,833 4,525
Net credit reversals on operating lease receivables (140) (122)
Accrued interest on mortgages and notes receivable (125) (19)
Amortization of debt issuance costs 1,381 1,161
Amortization of cash flow hedges (62) (75)
Amortization of mortgages and notes payable fair value adjustments 28 (86)
Losses on debt extinguishment 173 0
Net gains on disposition of property (7,209) (450)
Gain on deconsolidation of affiliate 0 (11,778)
Equity in earnings of unconsolidated affiliates (654) (704)
Distributions of earnings from unconsolidated affiliates 977 613
Changes in operating assets and liabilities:    
Accounts receivable (3,651) 1,598
Prepaid expenses and other assets (2,116) (2,840)
Accrued straight-line rents receivable (3,218) (8,678)
Accounts payable, accrued expenses and other liabilities (19,042) (33,354)
Net cash provided by operating activities 72,410 65,669
Investing activities:    
Investments in development in-process (2,558) (9,934)
Investments in tenant improvements and deferred leasing costs (29,088) (21,296)
Investments in building improvements (8,989) (25,815)
Net proceeds from disposition of real estate assets 16,249 1,862
Distributions of capital from unconsolidated affiliates 963 0
Investments in mortgages and notes receivable (6,229) 0
Repayments of mortgages and notes receivable 16 72
Investments in and advances to unconsolidated affiliates (30,869) (16,762)
Changes in earnest money deposits 0 (500)
Changes in other investing activities (1,180) (2,163)
Net cash used in investing activities (61,685) (74,536)
Financing activities:    
Dividends on Common Stock (52,871) (52,621)
Redemptions/repurchases of Preferred Stock 0 (10)
Dividends on Preferred Stock (621) (621)
Distributions to noncontrolling interests in the Operating Partnership (1,076) (1,179)
Proceeds from the issuance of Common Stock 363 553
Costs paid for the issuance of Common Stock 0 (56)
Repurchase of shares related to tax withholdings (1,427) (1,325)
Borrowings on revolving credit facility 75,000 92,000
Repayments of revolving credit facility (25,000) (223,000)
Borrowings on mortgages and notes payable 0 200,000
Repayments of mortgages and notes payable (1,727) (1,654)
Payments for debt issuance costs and other financing activities (7,648) (1,305)
Net cash provided by/(used in) financing activities (15,007) 10,782
Net increase/(decrease) in cash and cash equivalents and restricted cash (4,282) 1,915
Cash from deconsolidation of controlling interest in affiliate 0 (6,386)
Cash and cash equivalents and restricted cash at beginning of the period 31,569 26,105
Cash and cash equivalents and restricted cash at end of the period 27,287 21,634
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 16,422 15,733
Restricted cash at end of the period 10,865 5,901
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 36,772 39,633
Supplemental disclosure of non-cash investing and financing activities:    
Conversions of Common Units to Common Stock 132 0
Changes in accrued capital expenditures [1] 5,734 (4,153)
Write-off of fully depreciated real estate assets 19,549 24,625
Write-off of fully amortized leasing costs 4,691 11,247
Write-off of fully amortized debt issuance costs 4,083 0
Adjustment of noncontrolling interests in the Operating Partnership to fair value 7,479 (11,102)
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 61,300 $ 49,200
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of March 31, 2024 and 2023 were $61.3 million and $49.2 million, respectively.
v3.24.1.u1
HRLP - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income $ 27,213 $ 44,954
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 73,671 70,633
Amortization of lease incentives and acquisition-related intangible assets and liabilities 351 291
Share-based compensation expense 4,833 4,525
Net credit reversals on operating lease receivables (140) (122)
Accrued interest on mortgages and notes receivable (125) (19)
Amortization of debt issuance costs 1,381 1,161
Amortization of cash flow hedges (62) (75)
Amortization of mortgages and notes payable fair value adjustments 28 (86)
Losses on debt extinguishment 173 0
Net gains on disposition of property (7,209) (450)
Gain on deconsolidation of affiliate 0 (11,778)
Equity in earnings of unconsolidated affiliates (654) (704)
Distributions of earnings from unconsolidated affiliates 977 613
Changes in operating assets and liabilities:    
Accounts receivable (3,651) 1,598
Prepaid expenses and other assets (2,116) (2,840)
Accrued straight-line rents receivable (3,218) (8,678)
Accounts payable, accrued expenses and other liabilities (19,042) (33,354)
Net cash provided by operating activities 72,410 65,669
Investing activities:    
Investments in development in-process (2,558) (9,934)
Investments in tenant improvements and deferred leasing costs (29,088) (21,296)
Investments in building improvements (8,989) (25,815)
Net proceeds from disposition of real estate assets 16,249 1,862
Distributions of capital from unconsolidated affiliates 963 0
Investments in mortgages and notes receivable (6,229) 0
Repayments of mortgages and notes receivable 16 72
Investments in and advances to unconsolidated affiliates (30,869) (16,762)
Changes in earnest money deposits 0 (500)
Changes in other investing activities (1,180) (2,163)
Net cash used in investing activities (61,685) (74,536)
Financing activities:    
Borrowings on revolving credit facility 75,000 92,000
Repayments of revolving credit facility (25,000) (223,000)
Borrowings on mortgages and notes payable 0 200,000
Repayments of mortgages and notes payable (1,727) (1,654)
Payments for debt issuance costs and other financing activities (7,648) (1,305)
Net cash provided by/(used in) financing activities (15,007) 10,782
Net increase/(decrease) in cash and cash equivalents and restricted cash (4,282) 1,915
Cash from deconsolidation of controlling interest in affiliate 0 (6,386)
Cash and cash equivalents and restricted cash at beginning of the period 31,569 26,105
Cash and cash equivalents and restricted cash at end of the period 27,287 21,634
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 16,422 15,733
Restricted cash at end of the period 10,865 5,901
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 36,772 39,633
Supplemental disclosure of non-cash investing and financing activities:    
Changes in accrued capital expenditures [1] 5,734 (4,153)
Write-off of fully depreciated real estate assets 19,549 24,625
Write-off of fully amortized leasing costs 4,691 11,247
Write-off of fully amortized debt issuance costs 4,083 0
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities 61,300 49,200
Highwoods Realty Limited Partnership    
Operating activities:    
Net income 27,213 44,954
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 73,671 70,633
Amortization of lease incentives and acquisition-related intangible assets and liabilities 351 291
Share-based compensation expense 4,833 4,525
Net credit reversals on operating lease receivables (140) (122)
Accrued interest on mortgages and notes receivable (125) (19)
Amortization of debt issuance costs 1,381 1,161
Amortization of cash flow hedges (62) (75)
Amortization of mortgages and notes payable fair value adjustments 28 (86)
Losses on debt extinguishment 173 0
Net gains on disposition of property (7,209) (450)
Gain on deconsolidation of affiliate 0 (11,778)
Equity in earnings of unconsolidated affiliates (654) (704)
Distributions of earnings from unconsolidated affiliates 977 613
Changes in operating assets and liabilities:    
Accounts receivable (3,651) 1,598
Prepaid expenses and other assets (2,116) (2,840)
Accrued straight-line rents receivable (3,218) (8,678)
Accounts payable, accrued expenses and other liabilities (19,042) (33,354)
Net cash provided by operating activities 72,410 65,669
Investing activities:    
Investments in development in-process (2,558) (9,934)
Investments in tenant improvements and deferred leasing costs (29,088) (21,296)
Investments in building improvements (8,989) (25,815)
Net proceeds from disposition of real estate assets 16,249 1,862
Distributions of capital from unconsolidated affiliates 963 0
Investments in mortgages and notes receivable (6,229) 0
Repayments of mortgages and notes receivable 16 72
Investments in and advances to unconsolidated affiliates (30,869) (16,762)
Changes in earnest money deposits 0 (500)
Changes in other investing activities (1,180) (2,163)
Net cash used in investing activities (61,685) (74,536)
Financing activities:    
Distributions on Common Units (53,742) (53,595)
Redemptions/repurchases of Preferred Units 0 (10)
Dividends on Preferred Units (621) (621)
Proceeds from the issuance of Common Units 363 553
Costs paid for the issuance of Common Units 0 (56)
Repurchase of units related to tax withholdings (1,427) (1,325)
Borrowings on revolving credit facility 75,000 92,000
Repayments of revolving credit facility (25,000) (223,000)
Borrowings on mortgages and notes payable 0 200,000
Repayments of mortgages and notes payable (1,727) (1,654)
Payments for debt issuance costs and other financing activities (7,853) (1,510)
Net cash provided by/(used in) financing activities (15,007) 10,782
Net increase/(decrease) in cash and cash equivalents and restricted cash (4,282) 1,915
Cash from deconsolidation of controlling interest in affiliate 0 (6,386)
Cash and cash equivalents and restricted cash at beginning of the period 31,569 26,105
Cash and cash equivalents and restricted cash at end of the period 27,287 21,634
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 16,422 15,733
Restricted cash at end of the period 10,865 5,901
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 36,772 39,633
Supplemental disclosure of non-cash investing and financing activities:    
Changes in accrued capital expenditures [1] 5,734 (4,153)
Write-off of fully depreciated real estate assets 19,549 24,625
Write-off of fully amortized leasing costs 4,691 11,247
Write-off of fully amortized debt issuance costs 4,083 0
Adjustment of Redeemable Common Units to fair value 6,804 (11,295)
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 61,300 $ 49,200
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of March 31, 2024 and 2023 were $61.3 million and $49.2 million, respectively.
v3.24.1.u1
Description of Business and Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Significant Accounting Policies Description of Business and Significant Accounting Policies
Description of Business

Highwoods Properties, Inc. (the “Company”) is a fully integrated office real estate investment trust (“REIT”) that owns, develops, acquires, leases and manages properties primarily in the best business districts of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. The Company conducts its activities through Highwoods Realty Limited Partnership (the “Operating Partnership”). As of March 31, 2024, we owned or had an interest in 28.3 million rentable square feet of in-service properties, 1.6 million rentable square feet of office properties under development and development land with approximately 5.2 million rentable square feet of potential office build out.

Capital Structure

The Company is the sole general partner of the Operating Partnership. As of March 31, 2024, the Company owned all of the Preferred Units and 105.6 million, or 98.0%, of the Common Units in the Operating Partnership. Limited partners owned the remaining 2.2 million Common Units. During the three months ended March 31, 2024, the Company redeemed 5,385 Common Units for a like number of shares of Common Stock.

During 2023, we entered into separate equity distribution agreements in which the Company may offer and sell up to $300.0 million in aggregate gross sales price of shares of Common Stock. During the three months ended March 31, 2024, the Company issued no shares of Common Stock under its equity distribution agreements.

Basis of Presentation

Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

The Company’s Consolidated Financial Statements include the Operating Partnership, wholly owned subsidiaries and those entities in which the Company has the controlling interest. The Operating Partnership’s Consolidated Financial Statements include wholly owned subsidiaries and those entities in which the Operating Partnership has the controlling interest. We consolidate joint venture investments, such as interests in partnerships and limited liability companies, when we control the major operating and financial policies of the investment through majority ownership, in our capacity as a general partner or managing member or through some other contractual right. In addition, we consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary.

As of March 31, 2024, we are involved with six entities we determined to be variable interest entities, one of which we are the primary beneficiary and is consolidated and five of which we are not the primary beneficiary and are not consolidated.

All intercompany transactions and accounts have been eliminated.

In the opinion of management, the unaudited interim Consolidated Financial Statements and accompanying unaudited consolidated financial information contain all adjustments (including normal recurring accruals) necessary for a fair presentation of our financial position, results of operations and cash flows. We have condensed or omitted certain notes and other information from the interim Consolidated Financial Statements presented in this Quarterly Report as permitted by SEC rules and regulations. These Consolidated Financial Statements should be read in conjunction with our 2023 Annual Report on Form 10-K.
Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.

Insurance

We are primarily self-insured for health care claims for participating employees. To limit our exposure to significant claims, we have stop-loss coverage on a per claim and annual aggregate basis. We use all relevant information to determine our liabilities for claims, including actuarial estimates of claim liabilities. When determining our liabilities, we include claims for incurred losses, even if they are unreported. As of March 31, 2024, a reserve of $0.5 million was recorded to cover estimated reported and unreported claims.

Recently Issued Accounting Standards

The Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) that provides temporary optional expedients and exceptions to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). These optional expedients and exceptions provide guidance on contract modifications and hedge accounting. We have completed the transition to SOFR rates for our outstanding debt instruments with no material impact to our Consolidated Financial Statements.

The FASB issued an ASU that will require enhanced segment disclosures, primarily regarding significant segment expenses. The ASU is required to be adopted in our 2024 Annual Report and applied retrospectively to all prior periods presented in the financial statements. We do not expect such adoption to have a material effect on our Notes to Consolidated Financial Statements.
v3.24.1.u1
Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases Leases
Operating Leases

We generally lease our office properties to lessees in exchange for fixed monthly payments that cover rent, property taxes, insurance and certain cost recoveries, primarily common area maintenance. Office properties that are under lease are primarily located in Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa and are leased to a wide variety of lessees across many industries. Our leases are operating leases and mostly range from three to 10 years. We recognized rental and other revenues related to operating lease payments of $207.8 million and $209.4 million during the three months ended March 31, 2024 and 2023, respectively. Included in these amounts were variable lease payments of $22.5 million and $19.4 million during the three months ended March 31, 2024 and 2023, respectively.
v3.24.1.u1
Investments in and Advances to Affiliates
 3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments in and Advances to Affiliates Investments in and Advances to Affiliates
Unconsolidated Affiliates

- Granite Park Six JV, LLC/ GPI 23 Springs JV, LLC (“Granite Park Six joint venture”/“23Springs joint venture”)

During 2022, we entered the Dallas market through the formation of two joint ventures with Granite Properties (“Granite”) to develop Granite Park Six and 23Springs. We own a 50.0% interest in each of these two joint ventures.

We determined that we have a variable interest in both the Granite Park Six and 23Springs joint ventures primarily because the entities were designed to pass along interest rate risk, equity price risk and operation risk to us and Granite as equity holders. The joint ventures were further determined to be variable interest entities as they require additional subordinated financial support in the form of loans because the initial equity investments provided by us and Granite were not sufficient to finance the planned investments and operations. We concluded that we do not have the power to direct matters that most significantly impact the activities of either entity and therefore do not qualify as the primary beneficiary. Accordingly, the entities are not consolidated.

As of March 31, 2024, our risk of loss with respect to these arrangements was limited to the carrying value of each investment balance. Our investment balances were $42.2 million and $96.7 million as of March 31, 2024 for the Granite Park Six and 23Springs joint ventures, respectively. The assets of the Granite Park Six and 23Springs joint ventures can be used only to settle obligations of the respective joint venture, and their creditors have no recourse to our wholly owned assets.

- M+O JV, LLC (“McKinney & Olive joint venture”)

During 2022, we expanded our Dallas market presence by acquiring McKinney & Olive through the formation of another joint venture with Granite in which we own a 50.0% interest.

We determined that we have a variable interest in the McKinney & Olive joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us and Granite as equity holders. The McKinney & Olive joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments by us and Granite, including the additional preferred equity provided by us that was subsequently redeemed in full during 2023, were not sufficient to finance its planned investments and operations. We concluded that we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary. Accordingly, the entity is not consolidated.

As of March 31, 2024, our risk of loss with respect to this arrangement was limited to the carrying value of our investment balance of $125.3 million. The assets of the McKinney & Olive joint venture can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.

- Midtown East Tampa, LLC (“Midtown East joint venture”)

During 2022, we formed the Midtown East joint venture in Tampa with The Bromley Companies (“Bromley”). We own a 50.0% interest in this joint venture.

We determined that we have a variable interest in the Midtown East joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us as both a debt and equity holder and to Bromley as an equity holder. The Midtown East joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Bromley were not sufficient to finance its planned investments and operations. We concluded that we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary. Accordingly, the entity is not consolidated.

As of March 31, 2024, our risk of loss with respect to this arrangement was $17.8 million, which consists of the $14.1 million carrying value of our investment balance plus the $3.7 million outstanding balance of the loan we have provided to the joint venture. The outstanding balance on the loan is recorded in investments in and advances to unconsolidated affiliates on our Consolidated Balance Sheets. The assets of the Midtown East joint venture can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.
- Brand/HRLP 2827 Peachtree LLC (“2827 Peachtree joint venture”)

During 2021, we formed the 2827 Peachtree joint venture in Atlanta with Brand Properties, LLC (“Brand”). We own a 50.0% interest in this joint venture.

We determined that we have a variable interest in the 2827 Peachtree joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us as both a debt and equity holder and to Brand as an equity holder. The 2827 Peachtree joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Brand were not sufficient to finance its planned investments and operations. We concluded that we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary. Accordingly, the entity is not consolidated.

As of March 31, 2024, our risk of loss with respect to this arrangement was $61.0 million, which consists of the $13.2 million carrying value of our investment balance plus the $47.8 million outstanding balance of the loan we have provided to the joint venture. The outstanding balance on the loan is recorded in investments in and advances to unconsolidated affiliates on our Consolidated Balance Sheets. The assets of the 2827 Peachtree joint venture can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.

Consolidated Affiliate

- HRLP MTW, LLC (“Midtown West joint venture”)

In 2019, we formed the Midtown West joint venture in Tampa with Bromley. We own an 80.0% interest in this joint venture.

We determined that we have a variable interest in the Midtown West joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us and Bromley as equity holders. The Midtown West joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Bromley were not sufficient to finance its planned investments and operations. We, as the majority owner and managing member and through our control rights as set forth in the joint venture’s governance documents, were determined to be the primary beneficiary as we have both the power to direct the activities that most significantly affect the entity (primarily lease rates, property operations and capital expenditures) and significant economic exposure through our equity investment. As such, the Midtown West joint venture is consolidated and all intercompany transactions and accounts are eliminated.

The following table sets forth the assets and liabilities of the Midtown West joint venture included on our Consolidated Balance Sheets:
March 31,
2024		December 31,
2023
Net real estate assets$59,970 $60,410 
Cash and cash equivalents$1,628 $1,096 
Restricted cash$2,260 $2,260 
Accrued straight-line rents receivable$5,124 $5,041 
Deferred leasing costs, net$2,699 $2,783 
Prepaid expenses and other assets, net$125 $124 
Mortgages and notes payable, net$44,234 $44,192 
Accounts payable, accrued expenses and other liabilities$3,038 $2,872 
The assets of the Midtown West joint venture can be used only to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.
v3.24.1.u1
Real Estate Assets
 3 Months Ended
Mar. 31, 2024
Real Estate [Abstract]  
Real Estate Assets Real Estate Assets
Dispositions

During the first quarter of 2024, we sold two buildings in Raleigh for an aggregate sales price of $16.9 million and recorded aggregate gains on disposition of property of $7.2 million.
v3.24.1.u1
Intangible Assets and Below Market Lease Liabilities
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Below Market Lease Liabilities Intangible Assets and Below Market Lease Liabilities
The following table sets forth total intangible assets and acquisition-related below market lease liabilities, net of accumulated amortization:

March 31,
2024		December 31,
2023
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)$403,901 $401,621 
Less accumulated amortization(180,904)(175,697)
$222,997 $225,924 
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities$50,723 $50,842 
Less accumulated amortization(31,440)(30,416)
$19,283 $20,426 

The following table sets forth amortization of intangible assets and below market lease liabilities:

Three Months Ended
March 31,
20242023
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)$9,645 $10,232 
Amortization of lease incentives (in rental and other revenues)$693 $714 
Amortization of acquisition-related intangible assets (in rental and other revenues)$802 $831 
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)$(1,144)$(1,254)

The following table sets forth scheduled future amortization of intangible assets and below market lease liabilities:

Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization)Amortization of Lease Incentives (in Rental and Other Revenues)Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues)Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues)
April 1 through December 31, 2024$29,774 $1,818 $2,264 $(3,097)
202532,319 2,095 2,210 (2,727)
202628,052 1,893 1,861 (2,431)
202724,340 1,690 1,520 (2,062)
202820,468 1,440 1,404 (1,648)
Thereafter61,162 4,500 4,187 (7,318)
$196,115 $13,436 $13,446 $(19,283)
Weighted average remaining amortization periods as of March 31, 2024 (in years)7.57.97.08.1
v3.24.1.u1
Mortgages and Notes Payable
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Mortgages and Notes Payable Mortgages and Notes Payable
The following table sets forth our mortgages and notes payable:

March 31,
2024		December 31,
2023
Secured indebtedness$718,648 $720,752 
Unsecured indebtedness2,560,599 2,510,193 
Less-unamortized debt issuance costs(16,920)(17,739)
Total mortgages and notes payable, net$3,262,327 $3,213,206 

As of March 31, 2024, our secured mortgage loans were collateralized by real estate assets with an undepreciated book value of $1,239.0 million.

Our $750.0 million unsecured revolving credit facility was modified during the first quarter of 2024 and is now scheduled to mature in January 2028 (but can be extended for two additional six-month periods at our option assuming no defaults have occurred). The interest rate on our revolving credit facility is SOFR plus a related spread adjustment of 10 basis points and a borrowing spread of 85 basis points, based on current credit ratings. The annual facility fee is 20 basis points. The interest rate and facility fee are based on the higher of the publicly announced ratings from Moody’s Investors Service or Standard & Poor’s Ratings Services. Subject to written consent of the lenders, we may elect to amend the newly modified revolving credit facility no later than May 15, 2024 to provide that the interest rate may be adjusted upward or downward by up to 2.5 basis points subject to satisfaction of certain to-be-determined sustainability goals with respect to the ongoing reduction of greenhouse gas emissions. The financial and other covenants under our newly modified facility are substantially similar to our previous credit facility. We incurred $7.7 million of debt issuance costs during the first quarter of 2024, which will be amortized along with certain existing unamortized debt issuance costs over the remaining term of our new revolving credit facility, and recorded $0.2 million of loss on debt extinguishment. There was $70.0 million and $10.0 million outstanding under our revolving credit facility as of March 31, 2024 and April 16, 2024, respectively. As of both March 31, 2024 and April 16, 2024, we had $0.1 million of outstanding letters of credit, which reduces the availability on our revolving credit facility. As a result, the unused capacity of our revolving credit facility as of March 31, 2024 and April 16, 2024 was $679.9 million and $739.9 million, respectively.
We are currently in compliance with financial covenants with respect to our consolidated debt.

We have considered our short-term liquidity needs within one year from April 23, 2024 (the date of issuance of the quarterly financial statements) and the adequacy of our estimated cash flows from operating activities and other available financing sources to meet these needs. Importantly, we have no scheduled debt maturities during such one-year period. We have concluded it is probable we will meet these short-term liquidity requirements through a combination of the following:

•available cash and cash equivalents;

•cash flows from operating activities;

•issuance of debt securities by the Operating Partnership;

•issuance of secured debt;

•bank term loans;

•borrowings under our revolving credit facility;

•issuance of equity securities by the Company or the Operating Partnership; and

•the disposition of non-core assets.
v3.24.1.u1
Noncontrolling Interests
 3 Months Ended
Mar. 31, 2024
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests
Noncontrolling Interests in Consolidated Affiliates

As of March 31, 2024, our noncontrolling interest in consolidated affiliates relates to our joint venture partner's 20.0% interest in the Midtown West joint venture. Our joint venture partner is an unrelated third party.

Noncontrolling Interests in the Operating Partnership

The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:

Three Months Ended
March 31,
20242023
Beginning noncontrolling interests in the Operating Partnership$49,520 $65,977 
Adjustment of noncontrolling interests in the Operating Partnership to fair value7,479 (11,102)
Conversions of Common Units to Common Stock(132)— 
Net income attributable to noncontrolling interests in the Operating Partnership533 986 
Distributions to noncontrolling interests in the Operating Partnership(1,076)(1,179)
Total noncontrolling interests in the Operating Partnership$56,324 $54,682 

The following table sets forth net income available for common stockholders and transfers from the Company’s noncontrolling interests in the Operating Partnership:

Three Months Ended
March 31,
20242023
Net income available for common stockholders$26,064 $43,834 
Increase in additional paid in capital from conversions of Common Units to Common Stock132 — 
Change from net income available for common stockholders and transfers from noncontrolling interests$26,196 $43,834 
v3.24.1.u1
Disclosure About Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Disclosure About Fair Value of Financial Instruments Disclosure About Fair Value of Financial Instruments
The following summarizes the levels of inputs that we use to measure fair value.

Level 1.  Quoted prices in active markets for identical assets or liabilities.

Our Level 1 asset is our investment in marketable securities that we use to pay benefits under our non-qualified deferred compensation plan. Our Level 1 liability is our non-qualified deferred compensation obligation. The Company’s Level 1 noncontrolling interests in the Operating Partnership relate to the ownership of Common Units by various individuals and entities other than the Company.

Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

Our Level 2 assets include the fair value of our mortgages and notes receivable. Our Level 2 liabilities include the fair value of our mortgages and notes payable and any interest rate swaps.

The fair value of mortgages and notes receivable and mortgages and notes payable is estimated by the income approach, which uses contractual cash flows and market-based interest rates to approximate the price that would be paid in an orderly transaction between market participants. The fair value of any interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments of interest rate swaps are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves. In addition, credit valuation adjustments are considered in the fair values to account for potential nonperformance risk, but were concluded to not be significant inputs to the calculation for the periods presented.
Level 3. Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Our Level 3 assets include any real estate assets recorded at fair value on a non-recurring basis as a result of our quarterly impairment analysis, which are valued using unobservable local and national industry market data such as comparable sales, appraisals, brokers’ opinions of value and/or the terms of definitive sales contracts. Significant increases or decreases in any valuation inputs in isolation would result in a significantly lower or higher fair value measurement.

The following table sets forth our assets and liabilities and the Company’s noncontrolling interests in the Operating Partnership that are measured or disclosed at fair value within the fair value hierarchy:

Level 1Level 2
TotalQuoted Prices
in Active
Markets for Identical Assets or Liabilities		Significant Observable Inputs
Fair Value as of March 31, 2024:
Assets:
Mortgages and notes receivable, at fair value (1)
$11,008 $— $11,008 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
1,943 1,943 — 
Total Assets$12,951 $1,943 $11,008 
Noncontrolling Interests in the Operating Partnership$56,324 $56,324 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$2,994,752 $— $2,994,752 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
1,943 1,943 — 
Total Liabilities
$2,996,695 $1,943 $2,994,752 
Fair Value as of December 31, 2023:
Assets:
Mortgages and notes receivable, at fair value (1)
$4,795 $— $4,795 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
2,294 2,294 — 
Total Assets$7,089 $2,294 $4,795 
Noncontrolling Interests in the Operating Partnership$49,520 $49,520 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$2,927,330 $— $2,927,330 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
2,294 2,294 — 
Total Liabilities
$2,929,624 $2,294 $2,927,330 
__________
(1)    Amounts are not recorded at fair value on our Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023.
v3.24.1.u1
Share-Based Payments
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Payments Share-Based Payments
During the three months ended March 31, 2024, the Company granted 181,328 shares of time-based restricted stock and 142,992 shares of total return-based restricted stock with weighted average grant date fair values per share of $24.45 and $25.22, respectively. We recorded share-based compensation expense of $4.8 million and $4.5 million during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there was $7.3 million of total unrecognized share-based compensation costs, which will be recognized over a weighted average remaining contractual term of 2.4 years.
v3.24.1.u1
Real Estate and Other Assets Held For Sale
 3 Months Ended
Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Real Estate and Other Assets Held For Sale Real Estate and Other Assets Held For Sale
The following table sets forth the assets held for sale as of March 31, 2024 and December 31, 2023, which are considered non-core:

March 31,
2024		December 31,
2023
Assets:
Land$6,143 $— 
Buildings and tenant improvements39,629 — 
Less-accumulated depreciation(22,289)— 
Net real estate assets23,483 — 
Accrued straight-line rents receivable1,626 — 
Deferred leasing costs, net904 — 
Prepaid expenses and other assets, net65 — 
Real estate and other assets, net, held for sale$26,078 $— 
v3.24.1.u1
Earnings Per Share and Per Unit
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share and Per Unit Earnings Per Share and Per Unit
The following table sets forth the computation of basic and diluted earnings per share of the Company:

Three Months Ended
March 31,
20242023
Earnings per Common Share - basic:
Numerator:
Net income$27,213 $44,954 
Net (income) attributable to noncontrolling interests in the Operating Partnership
(533)(986)
Net loss attributable to noncontrolling interests in consolidated affiliates 5 487 
Dividends on Preferred Stock(621)(621)
Net income available for common stockholders$26,064 $43,834 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
105,804 105,288 
Net income available for common stockholders$0.25 $0.42 
Earnings per Common Share - diluted:
Numerator:
Net income$27,213 $44,954 
Net loss attributable to noncontrolling interests in consolidated affiliates5 487 
Dividends on Preferred Stock(621)(621)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership
$26,597 $44,820 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
105,804 105,288 
Add:
Noncontrolling interests Common Units2,154 2,358 
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions
107,958 107,646 
Net income available for common stockholders$0.25 $0.42 
__________
(1)Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.
The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership:

Three Months Ended
March 31,
20242023
Earnings per Common Unit - basic:
Numerator:
Net income$27,213 $44,954 
Net loss attributable to noncontrolling interests in consolidated affiliates5 487 
Distributions on Preferred Units(621)(621)
Net income available for common unitholders$26,597 $44,820 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,549 107,237 
Net income available for common unitholders$0.25 $0.42 
Earnings per Common Unit - diluted:
Numerator:
Net income$27,213 $44,954 
Net loss attributable to noncontrolling interests in consolidated affiliates5 487 
Distributions on Preferred Units(621)(621)
Net income available for common unitholders$26,597 $44,820 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,549 107,237 
Net income available for common unitholders$0.25 $0.42 
__________
(1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable
.
v3.24.1.u1
Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The following tables summarize rental and other revenues and net operating income for our office properties. Net operating income is the primary industry property-level performance metric used by our chief operating decision maker and is defined as rental and other revenues less rental property and other expenses.

Three Months Ended
March 31,
20242023
Rental and Other Revenues:
Atlanta$36,443 $36,870 
Charlotte21,717 21,580 
Nashville45,038 44,564 
Orlando14,776 14,394 
Raleigh45,178 45,878 
Richmond9,001 9,309 
Tampa24,579 25,391 
Total Office Segment196,732 197,986 
Other14,543 14,766 
Total Rental and Other Revenues$211,275 $212,752 
Net Operating Income:
Atlanta$22,620 $24,225 
Charlotte15,928 16,110 
Nashville31,306 33,025 
Orlando9,168 8,772 
Raleigh32,086 33,606 
Richmond6,317 6,570 
Tampa15,488 16,404 
Total Office Segment132,913 138,712 
Other7,927 8,309 
Total Net Operating Income140,840 147,021 
Reconciliation to net income:
Depreciation and amortization(73,671)(70,633)
General and administrative expenses(12,499)(12,415)
Interest expense(36,552)(33,098)
Other income1,232 1,147 
Gains on disposition of property7,209 450 
Gain on deconsolidation of affiliate— 11,778 
Equity in earnings of unconsolidated affiliates654 704 
Net income$27,213 $44,954 
v3.24.1.u1
Subsequent Events
 3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On April 17, 2024, the Company declared a cash dividend of $0.50 per share of Common Stock, which is payable on June 11, 2024 to stockholders of record as of May 20, 2024.
On April 3,
v3.24.1.u1
Description of Business and Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

The Company’s Consolidated Financial Statements include the Operating Partnership, wholly owned subsidiaries and those entities in which the Company has the controlling interest. The Operating Partnership’s Consolidated Financial Statements include wholly owned subsidiaries and those entities in which the Operating Partnership has the controlling interest. We consolidate joint venture investments, such as interests in partnerships and limited liability companies, when we control the major operating and financial policies of the investment through majority ownership, in our capacity as a general partner or managing member or through some other contractual right. In addition, we consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary.

As of March 31, 2024, we are involved with six entities we determined to be variable interest entities, one of which we are the primary beneficiary and is consolidated and five of which we are not the primary beneficiary and are not consolidated.

All intercompany transactions and accounts have been eliminated.

In the opinion of management, the unaudited interim Consolidated Financial Statements and accompanying unaudited consolidated financial information contain all adjustments (including normal recurring accruals) necessary for a fair presentation of our financial position, results of operations and cash flows. We have condensed or omitted certain notes and other information from the interim Consolidated Financial Statements presented in this Quarterly Report as permitted by SEC rules and regulations. These Consolidated Financial Statements should be read in conjunction with our 2023 Annual Report on Form 10-K.
Use of Estimates
Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.
Insurance
Insurance
We are primarily self-insured for health care claims for participating employees. To limit our exposure to significant claims, we have stop-loss coverage on a per claim and annual aggregate basis. We use all relevant information to determine our liabilities for claims, including actuarial estimates of claim liabilities. When determining our liabilities, we include claims for incurred losses, even if they are unreported.
Recently Issued Accounting Standards
Recently Issued Accounting Standards

The Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) that provides temporary optional expedients and exceptions to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). These optional expedients and exceptions provide guidance on contract modifications and hedge accounting. We have completed the transition to SOFR rates for our outstanding debt instruments with no material impact to our Consolidated Financial Statements.

The FASB issued an ASU that will require enhanced segment disclosures, primarily regarding significant segment expenses. The ASU is required to be adopted in our 2024 Annual Report and applied retrospectively to all prior periods presented in the financial statements. We do not expect such adoption to have a material effect on our Notes to Consolidated Financial Statements.
v3.24.1.u1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2024
Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities
The following table sets forth the assets and liabilities of the Midtown West joint venture included on our Consolidated Balance Sheets:
March 31,
2024		December 31,
2023
Net real estate assets$59,970 $60,410 
Cash and cash equivalents$1,628 $1,096 
Restricted cash$2,260 $2,260 
Accrued straight-line rents receivable$5,124 $5,041 
Deferred leasing costs, net$2,699 $2,783 
Prepaid expenses and other assets, net$125 $124 
Mortgages and notes payable, net$44,234 $44,192 
Accounts payable, accrued expenses and other liabilities$3,038 $2,872 
v3.24.1.u1
Intangible Assets and Below Market Lease Liabilities (Tables)
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Total Intangible Assets and Below Market Lease Liabilities
The following table sets forth total intangible assets and acquisition-related below market lease liabilities, net of accumulated amortization:

March 31,
2024		December 31,
2023
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)$403,901 $401,621 
Less accumulated amortization(180,904)(175,697)
$222,997 $225,924 
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities$50,723 $50,842 
Less accumulated amortization(31,440)(30,416)
$19,283 $20,426 
Amortization of Intangible Assets and Below Market Lease Liabilities
The following table sets forth amortization of intangible assets and below market lease liabilities:

Three Months Ended
March 31,
20242023
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)$9,645 $10,232 
Amortization of lease incentives (in rental and other revenues)$693 $714 
Amortization of acquisition-related intangible assets (in rental and other revenues)$802 $831 
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)$(1,144)$(1,254)
Scheduled Future Amortization of Intangible Assets and Below Market Lease Liabilities
The following table sets forth scheduled future amortization of intangible assets and below market lease liabilities:

Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization)Amortization of Lease Incentives (in Rental and Other Revenues)Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues)Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues)
April 1 through December 31, 2024$29,774 $1,818 $2,264 $(3,097)
202532,319 2,095 2,210 (2,727)
202628,052 1,893 1,861 (2,431)
202724,340 1,690 1,520 (2,062)
202820,468 1,440 1,404 (1,648)
Thereafter61,162 4,500 4,187 (7,318)
$196,115 $13,436 $13,446 $(19,283)
Weighted average remaining amortization periods as of March 31, 2024 (in years)7.57.97.08.1
v3.24.1.u1
Mortgages and Notes Payable (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Consolidated Mortgages and Notes Payable
The following table sets forth our mortgages and notes payable:

March 31,
2024		December 31,
2023
Secured indebtedness$718,648 $720,752 
Unsecured indebtedness2,560,599 2,510,193 
Less-unamortized debt issuance costs(16,920)(17,739)
Total mortgages and notes payable, net$3,262,327 $3,213,206 
v3.24.1.u1
Noncontrolling Interests (Tables) - Highwoods Properties, Inc. [Member]
 3 Months Ended
Mar. 31, 2024
Noncontrolling Interest [Line Items]  
Noncontrolling Interests in the Operating Partnership
The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:

Three Months Ended
March 31,
20242023
Beginning noncontrolling interests in the Operating Partnership$49,520 $65,977 
Adjustment of noncontrolling interests in the Operating Partnership to fair value7,479 (11,102)
Conversions of Common Units to Common Stock(132)— 
Net income attributable to noncontrolling interests in the Operating Partnership533 986 
Distributions to noncontrolling interests in the Operating Partnership(1,076)(1,179)
Total noncontrolling interests in the Operating Partnership$56,324 $54,682 
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership
The following table sets forth net income available for common stockholders and transfers from the Company’s noncontrolling interests in the Operating Partnership:

Three Months Ended
March 31,
20242023
Net income available for common stockholders$26,064 $43,834 
Increase in additional paid in capital from conversions of Common Units to Common Stock132 — 
Change from net income available for common stockholders and transfers from noncontrolling interests$26,196 $43,834 
v3.24.1.u1
Disclosure About Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements of Assets, Liabilities and Noncontrolling Interests
The following table sets forth our assets and liabilities and the Company’s noncontrolling interests in the Operating Partnership that are measured or disclosed at fair value within the fair value hierarchy:

Level 1Level 2
TotalQuoted Prices
in Active
Markets for Identical Assets or Liabilities		Significant Observable Inputs
Fair Value as of March 31, 2024:
Assets:
Mortgages and notes receivable, at fair value (1)
$11,008 $— $11,008 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
1,943 1,943 — 
Total Assets$12,951 $1,943 $11,008 
Noncontrolling Interests in the Operating Partnership$56,324 $56,324 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$2,994,752 $— $2,994,752 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
1,943 1,943 — 
Total Liabilities
$2,996,695 $1,943 $2,994,752 
Fair Value as of December 31, 2023:
Assets:
Mortgages and notes receivable, at fair value (1)
$4,795 $— $4,795 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
2,294 2,294 — 
Total Assets$7,089 $2,294 $4,795 
Noncontrolling Interests in the Operating Partnership$49,520 $49,520 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$2,927,330 $— $2,927,330 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
2,294 2,294 — 
Total Liabilities
$2,929,624 $2,294 $2,927,330 
__________
(1)    Amounts are not recorded at fair value on our Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023.
v3.24.1.u1
Real Estate and Other Assets Held For Sale (Tables)
 3 Months Ended
Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Real Estate and Other Assets of the Properties Classified As Held For Sale
The following table sets forth the assets held for sale as of March 31, 2024 and December 31, 2023, which are considered non-core:

March 31,
2024		December 31,
2023
Assets:
Land$6,143 $— 
Buildings and tenant improvements39,629 — 
Less-accumulated depreciation(22,289)— 
Net real estate assets23,483 — 
Accrued straight-line rents receivable1,626 — 
Deferred leasing costs, net904 — 
Prepaid expenses and other assets, net65 — 
Real estate and other assets, net, held for sale$26,078 $— 
v3.24.1.u1
Earnings Per Share and Per Unit (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share and Per Unit Basic and Diluted [Line Items]  
Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share of the Company:

Three Months Ended
March 31,
20242023
Earnings per Common Share - basic:
Numerator:
Net income$27,213 $44,954 
Net (income) attributable to noncontrolling interests in the Operating Partnership
(533)(986)
Net loss attributable to noncontrolling interests in consolidated affiliates 5 487 
Dividends on Preferred Stock(621)(621)
Net income available for common stockholders$26,064 $43,834 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
105,804 105,288 
Net income available for common stockholders$0.25 $0.42 
Earnings per Common Share - diluted:
Numerator:
Net income$27,213 $44,954 
Net loss attributable to noncontrolling interests in consolidated affiliates5 487 
Dividends on Preferred Stock(621)(621)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership
$26,597 $44,820 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
105,804 105,288 
Add:
Noncontrolling interests Common Units2,154 2,358 
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions
107,958 107,646 
Net income available for common stockholders$0.25 $0.42 
__________
(1)Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.
Highwoods Realty Limited Partnership  
Earnings Per Share and Per Unit Basic and Diluted [Line Items]  
Earnings Per Unit
The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership:

Three Months Ended
March 31,
20242023
Earnings per Common Unit - basic:
Numerator:
Net income$27,213 $44,954 
Net loss attributable to noncontrolling interests in consolidated affiliates5 487 
Distributions on Preferred Units(621)(621)
Net income available for common unitholders$26,597 $44,820 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,549 107,237 
Net income available for common unitholders$0.25 $0.42 
Earnings per Common Unit - diluted:
Numerator:
Net income$27,213 $44,954 
Net loss attributable to noncontrolling interests in consolidated affiliates5 487 
Distributions on Preferred Units(621)(621)
Net income available for common unitholders$26,597 $44,820 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,549 107,237 
Net income available for common unitholders$0.25 $0.42 
__________
(1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable
.
v3.24.1.u1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Reconciliation of Revenue from Segments to Consolidated
The following tables summarize rental and other revenues and net operating income for our office properties. Net operating income is the primary industry property-level performance metric used by our chief operating decision maker and is defined as rental and other revenues less rental property and other expenses.

Three Months Ended
March 31,
20242023
Rental and Other Revenues:
Atlanta$36,443 $36,870 
Charlotte21,717 21,580 
Nashville45,038 44,564 
Orlando14,776 14,394 
Raleigh45,178 45,878 
Richmond9,001 9,309 
Tampa24,579 25,391 
Total Office Segment196,732 197,986 
Other14,543 14,766 
Total Rental and Other Revenues$211,275 $212,752 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Net Operating Income:
Atlanta$22,620 $24,225 
Charlotte15,928 16,110 
Nashville31,306 33,025 
Orlando9,168 8,772 
Raleigh32,086 33,606 
Richmond6,317 6,570 
Tampa15,488 16,404 
Total Office Segment132,913 138,712 
Other7,927 8,309 
Total Net Operating Income140,840 147,021 
Reconciliation to net income:
Depreciation and amortization(73,671)(70,633)
General and administrative expenses(12,499)(12,415)
Interest expense(36,552)(33,098)
Other income1,232 1,147 
Gains on disposition of property7,209 450 
Gain on deconsolidation of affiliate— 11,778 
Equity in earnings of unconsolidated affiliates654 704 
Net income$27,213 $44,954 
v3.24.1.u1
Description of Business and Significant Accounting Policies (Details)
$ in Thousands, ft² in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
ft²
numberOfEntities
shares
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Description of Business [Abstract]      
Rentable square feet of commercial real estate properties (in sq feet) | ft² 28.3    
Rentable square feet of commercial real estate office properties under development (in sq feet) | ft² 1.6    
Rentable square feet of potential office build (in sq feet) | ft² 5.2    
Net proceeds of Common Stock sold during the period | $ $ 1,064 $ 828  
Number of VIE entities | numberOfEntities 6    
Self insurance liability | $ $ 500    
Highwoods Properties, Inc. [Member]      
Description of Business [Abstract]      
Common Units of partnership owned by the Company (in shares) 105,600,000    
Percentage of ownership of Common Units (in hundredths) 98.00%    
Common Units redeemed for a like number of common shares of stock (in shares) 5,385    
Highwoods Properties, Inc. [Member] | ATM Equity Offering      
Description of Business [Abstract]      
Number of Common Stock sold during the period (in shares) 0    
Highwoods Properties, Inc. [Member] | ATM Equity Offering | Maximum [Member]      
Description of Business [Abstract]      
Net proceeds of Common Stock sold during the period | $     $ 300,000
Highwoods Realty Limited Partnership      
Description of Business [Abstract]      
Common Units of partnership not owned by the Company (in shares) 2,200,000    
Variable Interest Entity, Primary Beneficiary [Member]      
Description of Business [Abstract]      
Number of VIE entities | numberOfEntities 1    
Variable Interest Entity, Non Primary Beneficiary [Member]      
Description of Business [Abstract]      
Number of VIE entities | numberOfEntities 5    
v3.24.1.u1
Leases ASC 842 (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Lessor Disclosure [Abstract]    
Rental and other revenues related to operating lease payments $ 207.8 $ 209.4
Variable lease income $ 22.5 $ 19.4
Minimum [Member]    
Lessor Disclosure [Abstract]    
Operating leases, term of leases (in years) 3 years  
Maximum [Member]    
Lessor Disclosure [Abstract]    
Operating leases, term of leases (in years) 10 years  
v3.24.1.u1
Investments in and Advances to Affiliates (Details) - numberOfJointVentures
Mar. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]    
Number of joint ventures formed   2
Granite Park Six JV, LLC    
Schedule of Equity Method Investments [Line Items]    
Percentage of equity interest in joint venture (in hundredths) 50.00%  
GPI23 Springs JV, LLC    
Schedule of Equity Method Investments [Line Items]    
Percentage of equity interest in joint venture (in hundredths) 50.00%  
M+O JV, LLC    
Schedule of Equity Method Investments [Line Items]    
Percentage of equity interest in joint venture (in hundredths) 50.00%  
Midtown East Tampa, LLC    
Schedule of Equity Method Investments [Line Items]    
Percentage of equity interest in joint venture (in hundredths) 50.00%  
Brand/HRLP 2827 Peachtree LLC    
Schedule of Equity Method Investments [Line Items]    
Percentage of equity interest in joint venture (in hundredths) 50.00%  
v3.24.1.u1
Variable Interest Entities (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Variable Interest Entities [Line Items]      
Additional common equity contribution $ 30,869,000 $ 16,762,000  
Investments in and advances to unconsolidated affiliates 372,722,000   $ 343,241,000
Assets and liabilities of consolidated variable interest entity [Abstract]      
Net real estate assets 4,933,205,000   4,993,531,000
Cash and cash equivalents 16,422,000 15,733,000 25,123,000
Restricted cash 10,865,000 $ 5,901,000 6,446,000
Accrued straight-line rents receivable 311,099,000   310,649,000
Deferred leasing costs, net 222,997,000   225,924,000
Prepaid expense and other assets, net 74,552,000   65,125,000
Mortgages and notes payable 3,262,327,000   3,213,206,000
Accounts payable, accrued expenses and other liabilities 287,176,000   302,180,000
Revolving Credit Facility [Member]      
Variable Interest Entities [Line Items]      
Maximum borrowing capacity on credit facility $ 750,000,000    
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility [Member]      
Variable Interest Entities [Line Items]      
Facility interest rate basis SOFR    
Interest rate, basis spread (in hundredths) 0.85%    
Granite Park Six JV, LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value $ 42,200,000    
GPI23 Springs JV, LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value 96,700,000    
M+O JV, LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value 125,300,000    
Midtown East Tampa, LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value 17,800,000    
Amount of loan funded to affiliate 3,700,000    
Investments in and advances to unconsolidated affiliates 14,100,000    
Brand/HRLP 2827 Peachtree LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value 61,000,000    
Amount of loan funded to affiliate 47,800,000    
Investments in and advances to unconsolidated affiliates $ 13,200,000    
HRLP MTW, LLC [Member]      
Variable Interest Entities [Line Items]      
Interest in joint venture (in hundredths) 80.00%    
Assets and liabilities of consolidated variable interest entity [Abstract]      
Net real estate assets $ 59,970,000   60,410,000
Cash and cash equivalents 1,628,000   1,096,000
Restricted cash 2,260,000   2,260,000
Accrued straight-line rents receivable 5,124,000   5,041,000
Deferred leasing costs, net 2,699,000   2,783,000
Prepaid expense and other assets, net 125,000   124,000
Mortgages and notes payable 44,234,000   44,192,000
Accounts payable, accrued expenses and other liabilities $ 3,038,000   $ 2,872,000
v3.24.1.u1
Real Estate Assets (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
numberOfBuildings
Mar. 31, 2023
USD ($)
Dispositions [Abstract]    
Gains on disposition of property $ 7,209 $ 450
2024 Dispositions    
Dispositions [Abstract]    
Number of buildings sold | numberOfBuildings 2  
Sale price of real estate $ 16,900  
Gains on disposition of property $ 7,200  
v3.24.1.u1
Intangible Assets and Below Market Lease Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Assets:      
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) $ 403,901   $ 401,621
Deferred leasing costs, accumulated amortization (180,904)   (175,697)
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 222,997   225,924
Liabilities (in accounts payable, accrued expenses and other liabilities):      
Acquisition-related below market lease liabilities, gross 50,723   50,842
Acquisition-related below market lease liabilities, accumulated amortization (31,440)   (30,416)
Acquisition-related below market lease liabilities, net 19,283   $ 20,426
Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) [Member]      
Assets:      
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 196,115    
Amortization of intangible assets and below market lease liabilities [Abstract]      
Amortization of intangible assets 9,645 $ 10,232  
Lease Incentives (in Rental and Other Revenues) [Member]      
Assets:      
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 13,436    
Amortization of intangible assets and below market lease liabilities [Abstract]      
Amortization of intangible assets 693 714  
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member]      
Assets:      
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 13,446    
Amortization of intangible assets and below market lease liabilities [Abstract]      
Amortization of intangible assets 802 831  
Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) [Member]      
Liabilities (in accounts payable, accrued expenses and other liabilities):      
Acquisition-related below market lease liabilities, net 19,283    
Amortization of intangible assets and below market lease liabilities [Abstract]      
Amortization of acquisition-related below market lease liabilities $ (1,144) $ (1,254)  
v3.24.1.u1
Intangible Assets and Below Market Lease Liabilities - Scheduled Future Amortization (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Scheduled future amortization of intangible assets [Abstract]    
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 222,997 $ 225,924
Scheduled future amortization of below market lease liabilities [Abstract]    
Total scheduled future amortization of acquisition-related below market lease liabilities (19,283) $ (20,426)
Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) [Member]    
Scheduled future amortization of intangible assets [Abstract]    
April 1 through December 31, 2024 29,774  
2025 32,319  
2026 28,052  
2027 24,340  
2028 20,468  
Thereafter 61,162  
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 196,115  
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract]    
Finite-lived intangible assets, average useful life (in years) 7 years 6 months  
Lease Incentives (in Rental and Other Revenues) [Member]    
Scheduled future amortization of intangible assets [Abstract]    
April 1 through December 31, 2024 $ 1,818  
2025 2,095  
2026 1,893  
2027 1,690  
2028 1,440  
Thereafter 4,500  
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 13,436  
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract]    
Finite-lived intangible assets, average useful life (in years) 7 years 10 months 24 days  
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member]    
Scheduled future amortization of intangible assets [Abstract]    
April 1 through December 31, 2024 $ 2,264  
2025 2,210  
2026 1,861  
2027 1,520  
2028 1,404  
Thereafter 4,187  
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 13,446  
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract]    
Finite-lived intangible assets, average useful life (in years) 7 years  
Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) [Member]    
Scheduled future amortization of below market lease liabilities [Abstract]    
April1 through December 31, 2024 $ (3,097)  
2025 (2,727)  
2026 (2,431)  
2027 (2,062)  
2028 (1,648)  
Thereafter (7,318)  
Total scheduled future amortization of acquisition-related below market lease liabilities $ (19,283)  
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract]    
Finite-lived below market lease liabilities, average useful life (in years) 8 years 1 month 6 days  
v3.24.1.u1
Mortgages and Notes Payable (Details)
 3 Months Ended
Mar. 31, 2024
USD ($)
extension
Mar. 31, 2023
USD ($)
Apr. 16, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Mortgages and notes payable $ 3,262,327,000     $ 3,213,206,000
Unamortized debt issuance costs (16,920,000)     (17,739,000)
Loss on debt extinguishment $ (173,000) $ 0    
Maximum liquidity requirements 1 year      
Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Maximum borrowing capacity on credit facility $ 750,000,000      
Number of additional extensions | extension 2      
Term of optional extension 6 months      
Temporary reduction in interest rate due to sustainability goals (in hundredths) 0.025%      
Debt issuance costs $ 7,700,000      
Loss on debt extinguishment (200,000)      
Amount outstanding on revolving credit facility 70,000,000      
Outstanding letters of credit on revolving credit facility 100,000      
Unused borrowing capacity on revolving credit facility 679,900,000      
Secured indebtedness [Member]        
Debt Instrument [Line Items]        
Mortgages and notes payable 718,648,000     720,752,000
Aggregate undepreciated book value of secured real estate assets 1,239,000,000      
Unsecured indebtedness [Member]        
Debt Instrument [Line Items]        
Mortgages and notes payable $ 2,560,599,000     $ 2,510,193,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Facility interest rate basis SOFR      
Interest rate, basis spread (in hundredths) 0.85%      
Annual facility fee (in hundredths) 0.20%      
SOFR Related Spread Adjustment [Member] | Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Interest rate, basis spread (in hundredths) 0.10%      
Subsequent Event [Member] | Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Amount outstanding on revolving credit facility     $ 10,000,000  
Outstanding letters of credit on revolving credit facility     100,000  
Unused borrowing capacity on revolving credit facility     $ 739,900,000  
v3.24.1.u1
Noncontrolling Interests (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Noncontrolling Interests in the Operating Partnership [Roll Forward]    
Beginning noncontrolling interests in the Operating Partnership $ 49,520  
Adjustment of noncontrolling interests in the Operating Partnership to fair value 7,479 $ (11,102)
Conversions of Common Units to Common Stock (132) 0
Net income attributable to noncontrolling interests in the Operating Partnership 533 986
Distributions to noncontrolling interests in the Operating Partnership (1,076) (1,179)
Total noncontrolling interests in the Operating Partnership 56,324  
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract]    
Net income available for common stockholders 26,064 43,834
Highwoods Properties, Inc. [Member]    
Noncontrolling Interests in the Operating Partnership [Roll Forward]    
Beginning noncontrolling interests in the Operating Partnership 49,520 65,977
Adjustment of noncontrolling interests in the Operating Partnership to fair value 7,479 (11,102)
Conversions of Common Units to Common Stock (132) 0
Net income attributable to noncontrolling interests in the Operating Partnership 533 986
Distributions to noncontrolling interests in the Operating Partnership (1,076) (1,179)
Total noncontrolling interests in the Operating Partnership 56,324 54,682
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract]    
Net income available for common stockholders 26,064 43,834
Increase in additional paid in capital from conversions of Common Units to Common Stock 132 0
Change from net income available for common stockholders and transfers from noncontrolling interests $ 26,196 $ 43,834
Midtown West Joint Venture [Member]    
Noncontrolling Interests in Consolidated Affiliates [Abstract]    
Consolidated joint venture, partner's interest (in hundredths) 20.00%  
v3.24.1.u1
Disclosure About Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets:    
Mortgages and notes receivable, at fair value $ 11,008 $ 4,795
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 1,943 2,294
Total Assets 12,951 7,089
Liabilities:    
Mortgages and notes payable, net, at fair value 2,994,752 2,927,330
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 1,943 2,294
Total Liabilities 2,996,695 2,929,624
Level 1 [Member]    
Assets:    
Mortgages and notes receivable, at fair value 0 0
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 1,943 2,294
Total Assets 1,943 2,294
Liabilities:    
Mortgages and notes payable, net, at fair value 0 0
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 1,943 2,294
Total Liabilities 1,943 2,294
Level 2 [Member]    
Assets:    
Mortgages and notes receivable, at fair value 11,008 4,795
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 0 0
Total Assets 11,008 4,795
Liabilities:    
Mortgages and notes payable, net, at fair value 2,994,752 2,927,330
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 0 0
Total Liabilities 2,994,752 2,927,330
Highwoods Properties, Inc. [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership 56,324 49,520
Highwoods Properties, Inc. [Member] | Level 1 [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership 56,324 49,520
Highwoods Properties, Inc. [Member] | Level 2 [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership $ 0 $ 0
v3.24.1.u1
Share-Based Payments (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation expense $ 4,833 $ 4,525
Total unrecognized share-based compensation costs $ 7,300  
Weighted average remaining contractual term for recognition of unrecognized share-based compensation costs (in years) 2 years 4 months 24 days  
Highwoods Properties, Inc. [Member] | Time-Based Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock shares granted (in shares) 181,328  
Weighted average grant date fair value of each restricted stock share granted (in dollars per share) $ 24.45  
Highwoods Properties, Inc. [Member] | Total Return-Based Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock shares granted (in shares) 142,992  
Weighted average grant date fair value of each restricted stock share granted (in dollars per share) $ 25.22  
v3.24.1.u1
Real Estate and Other Assets Held For Sale (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Real Estate and Other Assets Held For Sale [Abstract]    
Land $ 6,143 $ 0
Buildings and tenant improvements 39,629 0
Less-accumulated depreciation (22,289) 0
Net real estate assets 23,483 0
Accrued straight-line rents receivable 1,626 0
Deferred leasing costs, net 904 0
Prepaid expenses and other assets, net 65 0
Real estate and other assets, net, held for sale $ 26,078 $ 0
v3.24.1.u1
Earnings Per Share and Per Unit (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings per Common Share and Per Unit - basic: [Abstract]    
Net income $ 27,213 $ 44,954
Net (income) attributable to noncontrolling interests in the Operating Partnership (533) (986)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 5 487
Dividends on Preferred Stock (621) (621)
Net income available for common stockholders $ 26,064 $ 43,834
Denominator:    
Denominator for basic earnings per Common Share - weighted average shares (in shares) 105,804 105,288
Earnings per Common Share - basic:    
Net income available for common stockholders (in dollars per share) $ 0.25 $ 0.42
Earnings per Common Share and Per Unit - diluted: [Abstract]    
Net income $ 27,213 $ 44,954
Net loss attributable to noncontrolling interests in consolidated affiliates 5 487
Dividends on Preferred Stock (621) (621)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership $ 26,597 $ 44,820
Denominator:    
Denominator for basic earnings per Common Share - weighted average shares (in shares) 105,804 105,288
Noncontrolling interests Common Units (in shares) 2,154 2,358
Denominator for diluted earnings per Common Share - adjusted weighted average shares and assumed conversions (in shares) 107,958 107,646
Earnings per Common Share - diluted:    
Net income available for common stockholders (in dollars per share) $ 0.25 $ 0.42
Highwoods Realty Limited Partnership    
Earnings per Common Share and Per Unit - basic: [Abstract]    
Net income $ 27,213 $ 44,954
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 5 487
Distributions on Preferred Units (621) (621)
Net income available for common unitholders $ 26,597 $ 44,820
Denominator:    
Denominator for basic earnings per Common Unit - weighted average units (in shares) 107,549 107,237
Earnings per Common Unit - basic:    
Net income available for common unitholders (in dollars per share) $ 0.25 $ 0.42
Earnings per Common Share and Per Unit - diluted: [Abstract]    
Net income $ 27,213 $ 44,954
Net loss attributable to noncontrolling interests in consolidated affiliates 5 487
Distributions on Preferred Units (621) (621)
Net income available for common unitholders $ 26,597 $ 44,820
Denominator:    
Denominator for basic earnings per Common Unit - weighted average units (in shares) 107,549 107,237
Earnings per Common Unit - diluted:    
Net income available for common unitholders (in dollars per share) $ 0.25 $ 0.42
v3.24.1.u1
Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Total Rental and Other Revenues $ 211,275 $ 212,752
Total Net Operating Income 140,840 147,021
Reconciliation to net income:    
Depreciation and amortization (73,671) (70,633)
General and administrative expenses (12,499) (12,415)
Interest expense (36,552) (33,098)
Other income 1,232 1,147
Gains on disposition of property 7,209 450
Gain on deconsolidation of affiliate 0 11,778
Equity in earnings of unconsolidated affiliates 654 704
Net income 27,213 44,954
Total Office Segment [Member]    
Segment Reporting Information [Line Items]    
Total Rental and Other Revenues 196,732 197,986
Total Net Operating Income 132,913 138,712
Office Atlanta, GA [Member]    
Segment Reporting Information [Line Items]    
Total Rental and Other Revenues 36,443 36,870
Total Net Operating Income 22,620 24,225
Office Charlotte, NC [Member]    
Segment Reporting Information [Line Items]    
Total Rental and Other Revenues 21,717 21,580
Total Net Operating Income 15,928 16,110
Office Nashville, TN [Member]    
Segment Reporting Information [Line Items]    
Total Rental and Other Revenues 45,038 44,564
Total Net Operating Income 31,306 33,025
Office Orlando, FL [Member]    
Segment Reporting Information [Line Items]    
Total Rental and Other Revenues 14,776 14,394
Total Net Operating Income 9,168 8,772
Office Raleigh, NC [Member]    
Segment Reporting Information [Line Items]    
Total Rental and Other Revenues 45,178 45,878
Total Net Operating Income 32,086 33,606
Office Richmond, VA [Member]    
Segment Reporting Information [Line Items]    
Total Rental and Other Revenues 9,001 9,309
Total Net Operating Income 6,317 6,570
Office Tampa, FL [Member]    
Segment Reporting Information [Line Items]    
Total Rental and Other Revenues 24,579 25,391
Total Net Operating Income 15,488 16,404
Other [Member]    
Segment Reporting Information [Line Items]    
Total Rental and Other Revenues 14,543 14,766
Total Net Operating Income $ 7,927 $ 8,309
v3.24.1.u1
Subsequent Events (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Apr. 17, 2024
$ / shares
Apr. 03, 2024
USD ($)
numberOfBuildings
Mar. 31, 2024
USD ($)
numberOfBuildings
$ / shares
Mar. 31, 2023
USD ($)
$ / shares
Subsequent Event [Line Items]        
Gains on disposition of property     $ 7,209 $ 450
2024 Dispositions        
Subsequent Event [Line Items]        
Number of buildings sold | numberOfBuildings     2  
Sale price of real estate     $ 16,900  
Gains on disposition of property     $ 7,200  
Highwoods Properties, Inc. [Member]        
Subsequent Event [Line Items]        
Dividends declared per share of Common Stock (in dollars per share) | $ / shares     $ 0.50 $ 0.50
Subsequent Event [Member] | 2024 Dispositions        
Subsequent Event [Line Items]        
Number of buildings sold | numberOfBuildings   7    
Sale price of real estate   $ 62,500    
Gains on disposition of property   $ 35,000    
Subsequent Event [Member] | Highwoods Properties, Inc. [Member]        
Subsequent Event [Line Items]        
Dividends declared per share of Common Stock (in dollars per share) | $ / shares $ 0.50