HIGHWOODS PROPERTIES, INC., 10-Q filed on 7/23/2024
Quarterly Report
v3.24.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 16, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 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, $.01 par value, of Highwoods Properties, Inc.  
Trading Symbol HIW  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   106,009,945
Entity Central Index Key 0000921082  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Highwoods Realty Limited Partnership    
Entity Information [Line Items]    
Entity Registrant Name HIGHWOODS REALTY LIMITED PARTNERSHIP  
Entity Incorporation, State or Country Code NC  
Entity File Number 000-21731  
Entity Tax Identification Number 56-1869557  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000941713  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.24.2
HPI - Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Real estate assets, at cost:    
Land $ 533,361 $ 540,050
Buildings and tenant improvements 5,940,252 5,960,895
Development in-process 0 8,918
Land held for development 222,157 227,058
Total real estate assets 6,695,770 6,736,921
Less-accumulated depreciation (1,795,361) (1,743,390)
Net real estate assets 4,900,409 4,993,531
Real estate and other assets, net, held for sale 3,875 0
Cash and cash equivalents 27,003 25,123
Restricted cash 9,802 6,446
Accounts receivable 30,432 28,094
Mortgages and notes receivable 10,993 4,795
Accrued straight-line rents receivable 313,721 310,649
Investments in and advances to unconsolidated affiliates 378,761 343,241
Deferred leasing costs, net of accumulated amortization of $183,154 and $175,697, respectively 217,773 225,924
Prepaid expenses and other assets, net of accumulated depreciation of $18,566 and $22,142, respectively 78,704 65,125
Total Assets 5,971,473 6,002,928
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity:    
Mortgages and notes payable, net 3,191,429 3,213,206
Accounts payable, accrued expenses and other liabilities 304,733 302,180
Total Liabilities 3,496,162 3,515,386
Commitments and contingencies
Noncontrolling interests in the Operating Partnership 56,518 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; 106,010,262 and 105,710,315 shares issued and outstanding, respectively 1,060 1,057
Additional paid-in capital 3,101,381 3,103,446
Distributions in excess of net income available for common stockholders (714,956) (698,020)
Accumulated other comprehensive loss (2,121) (1,997)
Total Stockholders’ Equity 2,414,175 2,433,297
Noncontrolling interests in consolidated affiliates 4,618 4,725
Total Equity/Capital 2,418,793 2,438,022
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital $ 5,971,473 $ 6,002,928
v3.24.2
HPI - Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Deferred leasing costs, accumulated amortization $ 183,154 $ 175,697
Prepaid expenses and other assets, accumulated depreciation $ 18,566 $ 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) 106,010,262 105,710,315
Common Stock, shares outstanding (in shares) 106,010,262 105,710,315
v3.24.2
HRLP - Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Real estate assets, at cost:    
Land $ 533,361 $ 540,050
Buildings and tenant improvements 5,940,252 5,960,895
Development in-process 0 8,918
Land held for development 222,157 227,058
Total real estate assets 6,695,770 6,736,921
Less-accumulated depreciation (1,795,361) (1,743,390)
Net real estate assets 4,900,409 4,993,531
Real estate and other assets, net, held for sale 3,875 0
Cash and cash equivalents 27,003 25,123
Restricted cash 9,802 6,446
Accounts receivable 30,432 28,094
Mortgages and notes receivable 10,993 4,795
Accrued straight-line rents receivable 313,721 310,649
Investments in and advances to unconsolidated affiliates 378,761 343,241
Deferred leasing costs, net of accumulated amortization of $183,154 and $175,697, respectively 217,773 225,924
Prepaid expenses and other assets, net of accumulated depreciation of $18,566 and $22,142, respectively 78,704 65,125
Total Assets 5,971,473 6,002,928
Liabilities, Redeemable Operating Partnership Units and Capital:    
Mortgages and notes payable, net 3,191,429 3,213,206
Accounts payable, accrued expenses and other liabilities 304,733 302,180
Total Liabilities 3,496,162 3,515,386
Commitments and contingencies
Capital:    
Accumulated other comprehensive loss (2,121) (1,997)
Noncontrolling interests in consolidated affiliates 4,618 4,725
Total Equity/Capital 2,418,793 2,438,022
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital 5,971,473 6,002,928
Highwoods Realty Limited Partnership    
Real estate assets, at cost:    
Land 533,361 540,050
Buildings and tenant improvements 5,940,252 5,960,895
Development in-process 0 8,918
Land held for development 222,157 227,058
Total real estate assets 6,695,770 6,736,921
Less-accumulated depreciation (1,795,361) (1,743,390)
Net real estate assets 4,900,409 4,993,531
Real estate and other assets, net, held for sale 3,875 0
Cash and cash equivalents 27,003 25,123
Restricted cash 9,802 6,446
Accounts receivable 30,432 28,094
Mortgages and notes receivable 10,993 4,795
Accrued straight-line rents receivable 313,721 310,649
Investments in and advances to unconsolidated affiliates 378,761 343,241
Deferred leasing costs, net of accumulated amortization of $183,154 and $175,697, respectively 217,773 225,924
Prepaid expenses and other assets, net of accumulated depreciation of $18,566 and $22,142, respectively 78,704 65,125
Total Assets 5,971,473 6,002,928
Liabilities, Redeemable Operating Partnership Units and Capital:    
Mortgages and notes payable, net 3,191,429 3,213,206
Accounts payable, accrued expenses and other liabilities 304,733 302,180
Total Liabilities 3,496,162 3,515,386
Commitments and contingencies
Redeemable Operating Partnership Units:    
Common Units, 2,151,423 and 2,156,808 outstanding, respectively 56,518 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 85,329 78,331
Capital:    
General partner Common Units, 1,077,529 and 1,074,583 outstanding, respectively 23,875 24,064
Limited partner Common Units, 104,523,924 and 104,226,923 outstanding, respectively 2,363,610 2,382,419
Accumulated other comprehensive loss (2,121) (1,997)
Noncontrolling interests in consolidated affiliates 4,618 4,725
Total Equity/Capital 2,389,982 2,409,211
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital $ 5,971,473 $ 6,002,928
v3.24.2
HRLP - Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Deferred leasing costs, accumulated amortization $ 183,154 $ 175,697
Prepaid expenses and other assets, accumulated depreciation 18,566 22,142
Highwoods Realty Limited Partnership    
Assets:    
Deferred leasing costs, accumulated amortization 183,154 175,697
Prepaid expenses and other assets, accumulated depreciation $ 18,566 $ 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) 1,077,529 1,074,583
Limited partners' capital account, units outstanding (in shares) 104,523,924 104,226,923
v3.24.2
HPI - Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Rental and other revenues $ 204,738 $ 207,291 $ 416,013 $ 420,043
Operating expenses:        
Rental property and other expenses 64,559 66,307 134,994 132,038
Depreciation and amortization 73,745 75,018 147,416 145,651
General and administrative 9,357 9,380 21,856 21,795
Total operating expenses 147,661 150,705 304,266 299,484
Interest expense 35,904 34,063 72,456 67,161
Other income 7,455 1,181 8,687 2,328
Gains on disposition of property 35,022 19,368 42,231 19,818
Gain on deconsolidation of affiliate 0 0 0 11,778
Equity in earnings of unconsolidated affiliates 1,120 798 1,774 1,502
Net income 64,770 43,870 91,983 88,824
Net (income) attributable to noncontrolling interests in the Operating Partnership (1,281) (947) (1,814) (1,933)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 2 (4) 7 483
Dividends on Preferred Stock (621) (621) (1,242) (1,242)
Net income available for common stockholders $ 62,870 $ 42,298 $ 88,934 $ 86,132
Earnings per Common Share – basic:        
Net income available for common stockholders (in dollars per share) $ 0.59 $ 0.40 $ 0.84 $ 0.82
Weighted average Common Shares outstanding - basic (in shares) 105,996 105,457 105,900 105,373
Earnings per Common Share - diluted:        
Net income available for common stockholders (in dollars per share) $ 0.59 $ 0.40 $ 0.84 $ 0.82
Weighted average Common Shares outstanding - diluted (in shares) 108,147 107,808 108,053 107,728
v3.24.2
HRLP - Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Rental and other revenues $ 204,738 $ 207,291 $ 416,013 $ 420,043
Operating expenses:        
Rental property and other expenses 64,559 66,307 134,994 132,038
Depreciation and amortization 73,745 75,018 147,416 145,651
General and administrative 9,357 9,380 21,856 21,795
Total operating expenses 147,661 150,705 304,266 299,484
Interest expense 35,904 34,063 72,456 67,161
Other income 7,455 1,181 8,687 2,328
Gains on disposition of property 35,022 19,368 42,231 19,818
Gain on deconsolidation of affiliate 0 0 0 11,778
Equity in earnings of unconsolidated affiliates 1,120 798 1,774 1,502
Net income 64,770 43,870 91,983 88,824
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 2 (4) 7 483
Highwoods Realty Limited Partnership        
Rental and other revenues 204,738 207,291 416,013 420,043
Operating expenses:        
Rental property and other expenses 64,559 66,307 134,994 132,038
Depreciation and amortization 73,745 75,018 147,416 145,651
General and administrative 9,357 9,380 21,856 21,795
Total operating expenses 147,661 150,705 304,266 299,484
Interest expense 35,904 34,063 72,456 67,161
Other income 7,455 1,181 8,687 2,328
Gains on disposition of property 35,022 19,368 42,231 19,818
Gain on deconsolidation of affiliate 0 0 0 11,778
Equity in earnings of unconsolidated affiliates 1,120 798 1,774 1,502
Net income 64,770 43,870 91,983 88,824
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 2 (4) 7 483
Distributions on Preferred Units (621) (621) (1,242) (1,242)
Net income available for common unitholders $ 64,151 $ 43,245 $ 90,748 $ 88,065
Earnings per Common Unit - basic:        
Net income available for common unitholders (in dollars per share) $ 0.60 $ 0.40 $ 0.84 $ 0.82
Weighted average Common Units outstanding - basic (in shares) 107,738 107,399 107,644 107,319
Earnings per Common Unit - diluted:        
Net income available for common unitholders (in dollars per share) $ 0.60 $ 0.40 $ 0.84 $ 0.82
Weighted average Common Units outstanding - diluted (in shares) 107,738 107,399 107,644 107,319
v3.24.2
HPI - Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Comprehensive income:        
Net income $ 64,770 $ 43,870 $ 91,983 $ 88,824
Other comprehensive loss:        
Amortization of cash flow hedges (62) (74) (124) (149)
Total other comprehensive loss (62) (74) (124) (149)
Total comprehensive income 64,708 43,796 91,859 88,675
Less-comprehensive (income) attributable to noncontrolling interests (1,279) (951) (1,807) (1,450)
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders $ 63,429 $ 42,845 $ 90,052 $ 87,225
v3.24.2
HRLP - Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Comprehensive income:        
Net income $ 64,770 $ 43,870 $ 91,983 $ 88,824
Other comprehensive loss:        
Amortization of cash flow hedges (62) (74) (124) (149)
Other comprehensive loss (62) (74) (124) (149)
Total comprehensive income 64,708 43,796 91,859 88,675
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates (1,279) (951) (1,807) (1,450)
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders 63,429 42,845 90,052 87,225
Highwoods Realty Limited Partnership        
Comprehensive income:        
Net income 64,770 43,870 91,983 88,824
Other comprehensive loss:        
Amortization of cash flow hedges (62) (74) (124) (149)
Other comprehensive loss (62) (74) (124) (149)
Total comprehensive income 64,708 43,796 91,859 88,675
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 2 (4) 7 483
Comprehensive income attributable to common stockholders/Comprehensive income attributable to common unitholders $ 64,710 $ 43,792 $ 91,866 $ 89,158
v3.24.2
HPI - Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Highwoods Realty Limited Partnership
Highwoods Realty Limited Partnership
General Partners' Common Units [Member]
Highwoods Realty Limited Partnership
Limited Partners' Common Units [Member]
Highwoods Realty Limited Partnership
Accumulated Other Comprehensive Income (Loss) [Member]
Highwoods Realty Limited Partnership
Noncontrolling Interests in Consolidated Affiliates [Member]
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 $ 2,470,179 $ 24,492 $ 2,424,663 $ (1,211) $ 22,235 $ 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             (7,511)          
Issuances of Common Stock, net of issuance costs and tax withholdings (563)           $ 0   (563)      
Conversions of Common Units to Common Stock 0                      
Dividends on Common Stock (105,341)                     (105,341)
Dividends on Preferred Stock (1,242)                     (1,242)
Adjustment of noncontrolling interests in the Operating Partnership to fair value 9,187               9,187      
Issuances of restricted stock - shares             273,833          
Issuances of restricted stock 0                      
Redemptions/repurchases of Preferred Stock (10)             (10)        
Share-based compensation expense, net of forfeitures - shares             (3,967)          
Share-based compensation expense, net of forfeitures 5,321 5,321 53 5,268     $ 3   5,318      
Net (income) attributable to noncontrolling interests in the Operating Partnership (1,933)                     (1,933)
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0 5 478   (483)         (483) 483
Deconsolidation of affiliate (17,281)         (17,281)         (17,281)  
Comprehensive income:                        
Net income 88,824 88,824 888 87,936               88,824
Other comprehensive loss (149) (149)     (149)         (149)    
Total comprehensive income 88,675 88,675                    
Balance (in shares) at Jun. 30, 2023             105,473,213          
Balance at Jun. 30, 2023 2,475,813 2,447,002 24,439 2,419,452 (1,360) 4,471 $ 1,055 28,811 3,095,272 (1,360) 4,471 (652,436)
Balance (in shares) at Dec. 31, 2022             105,210,858          
Balance at Dec. 31, 2022 $ 2,499,000 2,470,179 24,492 2,424,663 (1,211) 22,235 $ 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 2,409,211 24,064 2,382,419 (1,997) 4,725 $ 1,057 28,811 3,103,446 (1,997) 4,725 (698,020)
Balance (in shares) at Mar. 31, 2023             105,457,508          
Balance at Mar. 31, 2023 2,487,159 2,458,348 24,553 2,430,614 (1,286) 4,467 $ 1,055 28,811 3,096,126 (1,286) 4,467 (642,014)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuances of Common Stock, net of issuance costs and tax withholdings - shares             18,572          
Issuances of Common Stock, net of issuance costs and tax withholdings 265           $ 0   265      
Dividends on Common Stock (52,720)                     (52,720)
Dividends on Preferred Stock (621)                     (621)
Adjustment of noncontrolling interests in the Operating Partnership to fair value (1,915)               (1,915)      
Issuances of restricted stock - shares             1,100          
Issuances of restricted stock 0                      
Share-based compensation expense, net of forfeitures - shares             (3,967)          
Share-based compensation expense, net of forfeitures 796 796 8 788         796      
Net (income) attributable to noncontrolling interests in the Operating Partnership (947)                     (947)
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0 0 (4)   4         4 (4)
Comprehensive income:                        
Net income 43,870 43,870 438 43,432               43,870
Other comprehensive loss (74) (74)     (74)         (74)    
Total comprehensive income 43,796 43,796                    
Balance (in shares) at Jun. 30, 2023             105,473,213          
Balance at Jun. 30, 2023 $ 2,475,813 2,447,002 24,439 2,419,452 (1,360) 4,471 $ 1,055 28,811 3,095,272 (1,360) 4,471 (652,436)
Balance (in shares) at Dec. 31, 2023 105,710,315           105,710,315          
Balance at Dec. 31, 2023 $ 2,438,022 2,409,211 24,064 2,382,419 (1,997) 4,725 $ 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             (29,970)          
Issuances of Common Stock, net of issuance costs and tax withholdings (685)           $ 0   (685)      
Conversions of Common Units to Common Stock - Shares             5,385          
Conversions of Common Units to Common Stock 132               132      
Dividends on Common Stock (105,870)                     (105,870)
Dividends on Preferred Stock (1,242)                     (1,242)
Adjustment of noncontrolling interests in the Operating Partnership to fair value (7,467)               (7,467)      
Distributions to noncontrolling interests in consolidated affiliates (100) (100)       (100)         (100)  
Issuances of restricted stock - shares             324,532          
Issuances of restricted stock 0                      
Share-based compensation expense, net of forfeitures - shares             0          
Share-based compensation expense, net of forfeitures 5,958 5,958 60 5,898     $ 3   5,955      
Net (income) attributable to noncontrolling interests in the Operating Partnership (1,814)                     (1,814)
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0 0 7   (7)         (7) 7
Comprehensive income:                        
Net income 91,983 91,983 920 91,063               91,983
Other comprehensive loss (124) (124)     (124)         (124)    
Total comprehensive income $ 91,859 91,859                    
Balance (in shares) at Jun. 30, 2024 106,010,262           106,010,262          
Balance at Jun. 30, 2024 $ 2,418,793 2,389,982 23,875 2,363,610 (2,121) 4,618 $ 1,060 28,811 3,101,381 (2,121) 4,618 (714,956)
Balance (in shares) at Mar. 31, 2024             105,995,624          
Balance at Mar. 31, 2024 2,407,570 2,378,759 23,760 2,352,338 (2,059) 4,720 $ 1,060 28,811 3,099,865 (2,059) 4,720 (724,827)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuances of Common Stock, net of issuance costs and tax withholdings - shares             14,426          
Issuances of Common Stock, net of issuance costs and tax withholdings 379           $ 0   379      
Dividends on Common Stock (52,999)                     (52,999)
Dividends on Preferred Stock (621)                     (621)
Adjustment of noncontrolling interests in the Operating Partnership to fair value 12               12      
Distributions to noncontrolling interests in consolidated affiliates (100) (100)       (100)         (100)  
Issuances of restricted stock - shares             212          
Issuances of restricted stock 0                      
Share-based compensation expense, net of forfeitures - shares             0          
Share-based compensation expense, net of forfeitures 1,125 1,125 12 1,113     $ 0   1,125      
Net (income) attributable to noncontrolling interests in the Operating Partnership (1,281)                     (1,281)
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0 0 2   (2)         (2) 2
Comprehensive income:                        
Net income 64,770 64,770 648 64,122               64,770
Other comprehensive loss (62) (62)     (62)         (62)    
Total comprehensive income $ 64,708 64,708                    
Balance (in shares) at Jun. 30, 2024 106,010,262           106,010,262          
Balance at Jun. 30, 2024 $ 2,418,793 $ 2,389,982 $ 23,875 $ 2,363,610 $ (2,121) $ 4,618 $ 1,060 $ 28,811 $ 3,101,381 $ (2,121) $ 4,618 $ (714,956)
v3.24.2
HPI - Consolidated Statements of Equity (Parentheticals) - Highwoods Properties, Inc. [Member] - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dividends on Common Stock (per share) $ 0.50 $ 0.50 $ 1.00 $ 1.00
Series A Cumulative Redeemable Preferred Shares [Member]        
Dividends on Preferred Stock (per share) $ 21.5625 $ 21.5625 $ 43.1250 $ 43.1250
v3.24.2
HRLP - Consolidated Statements of Capital - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance $ 2,407,570 $ 2,487,159 $ 2,438,022 $ 2,499,000
Share-based compensation expense, net of forfeitures 1,125 796 5,958 5,321
Distributions to noncontrolling interests in consolidated affiliates (100)   (100)  
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0 0 0
Deconsolidation of affiliate       (17,281)
Comprehensive income:        
Net income 64,770 43,870 91,983 88,824
Other comprehensive loss (62) (74) (124) (149)
Total comprehensive income 64,708 43,796 91,859 88,675
Balance 2,418,793 2,475,813 2,418,793 2,475,813
Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance 2,378,759 2,458,348 2,409,211 2,470,179
Issuances of Common Units, net of issuance costs and tax withholdings 379 265 (685) (563)
Redemption of Common Units   (163)   (163)
Distributions on Common Units (53,870) (53,895) (107,612) (107,286)
Distributions on Preferred Units (621) (621) (1,242) (1,242)
Share-based compensation expense, net of forfeitures 1,125 796 5,958 5,321
Distributions to noncontrolling interests in consolidated affiliates (100)   (100)  
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner (398) (1,524) (7,407) 9,362
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0 0 0
Comprehensive income:        
Net income 64,770 43,870 91,983 88,824
Other comprehensive loss (62) (74) (124) (149)
Total comprehensive income 64,708 43,796 91,859 88,675
Balance 2,389,982 2,447,002 2,389,982 2,447,002
General Partners' Common Units [Member] | Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance 23,760 24,553 24,064 24,492
Issuances of Common Units, net of issuance costs and tax withholdings 4 2 (7) (6)
Redemption of Common Units   (2)   (2)
Distributions on Common Units (539) (539) (1,076) (1,073)
Distributions on Preferred Units (6) (6) (12) (12)
Share-based compensation expense, net of forfeitures 12 8 60 53
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner (4) (15) (74) 94
Net loss attributable to noncontrolling interests in consolidated affiliates 0 0 0 5
Comprehensive income:        
Net income 648 438 920 888
Balance 23,875 24,439 23,875 24,439
Limited Partners' Common Units [Member] | Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance 2,352,338 2,430,614 2,382,419 2,424,663
Issuances of Common Units, net of issuance costs and tax withholdings 375 263 (678) (557)
Redemption of Common Units   (161)   (161)
Distributions on Common Units (53,331) (53,356) (106,536) (106,213)
Distributions on Preferred Units (615) (615) (1,230) (1,230)
Share-based compensation expense, net of forfeitures 1,113 788 5,898 5,268
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner (394) (1,509) (7,333) 9,268
Net loss attributable to noncontrolling interests in consolidated affiliates 2 (4) 7 478
Comprehensive income:        
Net income 64,122 43,432 91,063 87,936
Balance 2,363,610 2,419,452 2,363,610 2,419,452
Accumulated Other Comprehensive Income (Loss) [Member] | Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance (2,059) (1,286) (1,997) (1,211)
Comprehensive income:        
Other comprehensive loss (62) (74) (124) (149)
Balance (2,121) (1,360) (2,121) (1,360)
Noncontrolling Interests in Consolidated Affiliates [Member] | Highwoods Realty Limited Partnership        
Increase (Decrease) in Partners' Capital [Roll Forward]        
Balance 4,720 4,467 4,725 22,235
Distributions to noncontrolling interests in consolidated affiliates (100)   (100)  
Net loss attributable to noncontrolling interests in consolidated affiliates (2) 4 (7) (483)
Deconsolidation of affiliate       (17,281)
Comprehensive income:        
Balance $ 4,618 $ 4,471 $ 4,618 $ 4,471
v3.24.2
HRLP - Consolidated Statements of Capital (Parentheticals) - Highwoods Realty Limited Partnership - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Distributions on Common Units (per unit) $ 0.50 $ 0.50 $ 1.00 $ 1.00
Series A Cumulative Redeemable Preferred Shares [Member]        
Distributions on Preferred Units (per unit) $ 21.5625 $ 21.5625 $ 43.1250 $ 43.1250
v3.24.2
HPI - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income $ 91,983 $ 88,824
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 147,416 145,651
Amortization of lease incentives and acquisition-related intangible assets and liabilities 565 494
Share-based compensation expense 5,958 5,321
Net credit losses on operating lease receivables 556 1,351
Accrued interest on mortgages and notes receivable (166) (390)
Amortization of debt issuance costs 2,788 2,398
Amortization of cash flow hedges (124) (149)
Amortization of mortgages and notes payable fair value adjustments 56 (172)
Losses on debt extinguishment 173 0
Net gains on disposition of property (42,231) (19,818)
Gain on deconsolidation of affiliate 0 (11,778)
Equity in earnings of unconsolidated affiliates (1,774) (1,502)
Distributions of earnings from unconsolidated affiliates 2,851 988
Changes in operating assets and liabilities:    
Accounts receivable (916) 2,103
Prepaid expenses and other assets (4,838) (8,503)
Accrued straight-line rents receivable (5,863) (15,394)
Accounts payable, accrued expenses and other liabilities 5,931 (8,304)
Net cash provided by operating activities 202,365 181,120
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired 0 (18,544)
Investments in development in-process (4,149) (18,658)
Investments in tenant improvements and deferred leasing costs (65,880) (43,720)
Investments in building improvements (16,577) (43,848)
Net proceeds from disposition of real estate assets 77,428 51,538
Distributions of capital from unconsolidated affiliates 5,331 1,839
Investments in mortgages and notes receivable (6,229) (9,763)
Repayments of mortgages and notes receivable 31 116
Investments in and advances to unconsolidated affiliates (42,126) (77,736)
Repayments of preferred equity from unconsolidated affiliates 0 80,000
Changes in earnest money deposits 0 15,500
Changes in other investing activities (3,789) (4,898)
Net cash used in investing activities (55,960) (68,174)
Financing activities:    
Dividends on Common Stock (105,870) (105,341)
Redemptions/repurchases of Preferred Stock 0 (10)
Redemptions of Common Units 0 (163)
Dividends on Preferred Stock (1,242) (1,242)
Distributions to noncontrolling interests in the Operating Partnership (2,151) (2,354)
Payments of Distributions to Affiliates (100) 0
Proceeds from the issuance of Common Stock 744 988
Costs paid for the issuance of Common Stock 0 (226)
Repurchase of shares related to tax withholdings (1,429) (1,325)
Borrowings on revolving credit facility 90,000 159,000
Repayments of revolving credit facility (110,000) (355,000)
Borrowings on mortgages and notes payable 0 200,000
Repayments of mortgages and notes payable (3,473) (3,326)
Payments for debt issuance costs and other financing activities (7,648) (1,305)
Net cash used in financing activities (141,169) (110,304)
Net increase in cash and cash equivalents and restricted cash 5,236 2,642
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 36,805 22,361
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 27,003 17,011
Restricted cash at end of the period 9,802 5,350
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 56,237 63,858
Cash from deconsolidation of controlling interest in affiliate 0 (6,386)
Supplemental disclosure of non-cash investing and financing activities:    
Conversions of Common Units to Common Stock 132 0
Changes in accrued capital expenditures [1] (1,431) 7,067
Write-off of fully depreciated real estate assets 41,419 40,556
Write-off of fully amortized leasing costs 13,720 19,169
Write-off of fully amortized debt issuance costs 4,083 0
Adjustment of noncontrolling interests in the Operating Partnership to fair value 7,467 (9,187)
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 54,100 $ 60,500
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of June 30, 2024 and 2023 were $54.1 million and $60.5 million, respectively.
v3.24.2
HRLP - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income $ 91,983 $ 88,824
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 147,416 145,651
Amortization of lease incentives and acquisition-related intangible assets and liabilities 565 494
Share-based compensation expense 5,958 5,321
Net credit losses on operating lease receivables 556 1,351
Accrued interest on mortgages and notes receivable (166) (390)
Amortization of debt issuance costs 2,788 2,398
Amortization of cash flow hedges (124) (149)
Amortization of mortgages and notes payable fair value adjustments 56 (172)
Losses on debt extinguishment 173 0
Net gains on disposition of property (42,231) (19,818)
Gain on deconsolidation of affiliate 0 (11,778)
Equity in earnings of unconsolidated affiliates (1,774) (1,502)
Distributions of earnings from unconsolidated affiliates 2,851 988
Changes in operating assets and liabilities:    
Accounts receivable (916) 2,103
Prepaid expenses and other assets (4,838) (8,503)
Accrued straight-line rents receivable (5,863) (15,394)
Accounts payable, accrued expenses and other liabilities 5,931 (8,304)
Net cash provided by operating activities 202,365 181,120
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired 0 (18,544)
Investments in development in-process (4,149) (18,658)
Investments in tenant improvements and deferred leasing costs (65,880) (43,720)
Investments in building improvements (16,577) (43,848)
Net proceeds from disposition of real estate assets 77,428 51,538
Distributions of capital from unconsolidated affiliates 5,331 1,839
Investments in mortgages and notes receivable (6,229) (9,763)
Repayments of mortgages and notes receivable 31 116
Investments in and advances to unconsolidated affiliates (42,126) (77,736)
Repayments of preferred equity from unconsolidated affiliates 0 80,000
Changes in earnest money deposits 0 15,500
Changes in other investing activities (3,789) (4,898)
Net cash used in investing activities (55,960) (68,174)
Financing activities:    
Redemptions of Common Units 0 (163)
Payments of Distributions to Affiliates (100) 0
Borrowings on revolving credit facility 90,000 159,000
Repayments of revolving credit facility (110,000) (355,000)
Borrowings on mortgages and notes payable 0 200,000
Repayments of mortgages and notes payable (3,473) (3,326)
Payments for debt issuance costs and other financing activities (7,648) (1,305)
Net cash used in financing activities (141,169) (110,304)
Net increase in cash and cash equivalents and restricted cash 5,236 2,642
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 36,805 22,361
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 27,003 17,011
Restricted cash at end of the period 9,802 5,350
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 56,237 63,858
Supplemental disclosure of non-cash investing and financing activities:    
Changes in accrued capital expenditures [1] (1,431) 7,067
Write-off of fully depreciated real estate assets 41,419 40,556
Write-off of fully amortized leasing costs 13,720 19,169
Write-off of fully amortized debt issuance costs 4,083 0
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities 54,100 60,500
Highwoods Realty Limited Partnership    
Operating activities:    
Net income 91,983 88,824
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 147,416 145,651
Amortization of lease incentives and acquisition-related intangible assets and liabilities 565 494
Share-based compensation expense 5,958 5,321
Net credit losses on operating lease receivables 556 1,351
Accrued interest on mortgages and notes receivable (166) (390)
Amortization of debt issuance costs 2,788 2,398
Amortization of cash flow hedges (124) (149)
Amortization of mortgages and notes payable fair value adjustments 56 (172)
Losses on debt extinguishment 173 0
Net gains on disposition of property (42,231) (19,818)
Gain on deconsolidation of affiliate 0 (11,778)
Equity in earnings of unconsolidated affiliates (1,774) (1,502)
Distributions of earnings from unconsolidated affiliates 2,851 988
Changes in operating assets and liabilities:    
Accounts receivable (916) 2,103
Prepaid expenses and other assets (4,838) (8,503)
Accrued straight-line rents receivable (5,863) (15,394)
Accounts payable, accrued expenses and other liabilities 5,931 (8,304)
Net cash provided by operating activities 202,365 181,120
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired 0 (18,544)
Investments in development in-process (4,149) (18,658)
Investments in tenant improvements and deferred leasing costs (65,880) (43,720)
Investments in building improvements (16,577) (43,848)
Net proceeds from disposition of real estate assets 77,428 51,538
Distributions of capital from unconsolidated affiliates 5,331 1,839
Investments in mortgages and notes receivable (6,229) (9,763)
Repayments of mortgages and notes receivable 31 116
Investments in and advances to unconsolidated affiliates (42,126) (77,736)
Repayments of preferred equity from unconsolidated affiliates 0 80,000
Changes in earnest money deposits 0 15,500
Changes in other investing activities (3,789) (4,898)
Net cash used in investing activities (55,960) (68,174)
Financing activities:    
Distributions on Common Units (107,612) (107,286)
Redemptions/repurchases of Preferred Units 0 (10)
Redemptions of Common Units 0 (163)
Dividends on Preferred Units (1,242) (1,242)
Payments of Distributions to Affiliates (100) 0
Proceeds from the issuance of Common Units 744 988
Costs paid for the issuance of Common Units 0 (226)
Repurchase of units related to tax withholdings (1,429) (1,325)
Borrowings on revolving credit facility 90,000 159,000
Repayments of revolving credit facility (110,000) (355,000)
Borrowings on mortgages and notes payable 0 200,000
Repayments of mortgages and notes payable (3,473) (3,326)
Payments for debt issuance costs and other financing activities (8,057) (1,714)
Net cash used in financing activities (141,169) (110,304)
Net increase in cash and cash equivalents and restricted cash 5,236 2,642
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 36,805 22,361
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 27,003 17,011
Restricted cash at end of the period 9,802 5,350
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 56,237 63,858
Supplemental disclosure of non-cash investing and financing activities:    
Changes in accrued capital expenditures [1] (1,431) 7,067
Write-off of fully depreciated real estate assets 41,419 40,556
Write-off of fully amortized leasing costs 13,720 19,169
Write-off of fully amortized debt issuance costs 4,083 0
Adjustment of Redeemable Common Units to fair value 6,998 (9,771)
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 54,100 $ 60,500
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of June 30, 2024 and 2023 were $54.1 million and $60.5 million, respectively.
v3.24.2
Description of Business and Significant Accounting Policies
 6 Months Ended
Jun. 30, 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 June 30, 2024, we owned or had an interest in 28.0 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 June 30, 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 six months ended June 30, 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 each of the three and six months ended June 30, 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 June 30, 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 June 30, 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.
v3.24.2
Leases
 6 Months Ended
Jun. 30, 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 $201.0 million and $203.8 million during the three months ended June 30, 2024 and 2023, respectively, and $408.8 million and $413.2 million during the six months ended June 30, 2024 and 2023, respectively. Included in these amounts were variable lease payments of $16.6 million and $17.5 million during the three months ended June 30, 2024 and 2023, respectively, and $39.1 million and $37.0 million during the six months ended June 30, 2024 and 2023, respectively.
v3.24.2
Investments in and Advances to Affiliates
 6 Months Ended
Jun. 30, 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 June 30, 2024, our risk of loss with respect to these arrangements was limited to the carrying value of each investment balance. Our investment balances were $41.9 million and $98.1 million as of June 30, 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 June 30, 2024, our risk of loss with respect to this arrangement was limited to the carrying value of our investment balance of $123.2 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 June 30, 2024, our risk of loss with respect to this arrangement was $26.9 million, which consists of the $14.2 million carrying value of our investment balance plus the $12.7 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 June 30, 2024, our risk of loss with respect to this arrangement was $60.9 million, which consists of the $13.1 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:
June 30,
2024		December 31,
2023
Net real estate assets$59,432 $60,410 
Cash and cash equivalents$1,621 $1,096 
Restricted cash$710 $2,260 
Accrued straight-line rents receivable$5,166 $5,041 
Deferred leasing costs, net$2,616 $2,783 
Prepaid expenses and other assets, net$133 $124 
Mortgages and notes payable, net$44,276 $44,192 
Accounts payable, accrued expenses and other liabilities$1,424 $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.
v3.24.2
Real Estate Assets
 6 Months Ended
Jun. 30, 2024
Real Estate [Abstract]  
Real Estate Assets Real Estate Assets
Dispositions

During the second quarter of 2024, we sold seven buildings in Raleigh for a sales price of $62.5 million and recorded a gain on disposition of property of $35.0 million.

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.
v3.24.2
Intangible Assets and Below Market Lease Liabilities
 6 Months Ended
Jun. 30, 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:

June 30,
2024		December 31,
2023
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)$400,927 $401,621 
Less accumulated amortization(183,154)(175,697)
$217,773 $225,924 
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities$50,704 $50,842 
Less accumulated amortization(32,551)(30,416)
$18,153 $20,426 

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

Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)$9,984 $11,481 $19,629 $21,713 
Amortization of lease incentives (in rental and other revenues)$550 $614 $1,243 $1,328 
Amortization of acquisition-related intangible assets (in rental and other revenues)$794 $869 $1,596 $1,700 
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)$(1,130)$(1,280)$(2,274)$(2,534)

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)
July 1 through December 31, 2024$20,053 $1,206 $1,470 $(1,967)
202533,440 2,094 2,210 (2,727)
202629,022 1,892 1,861 (2,431)
202725,284 1,686 1,520 (2,062)
202821,329 1,458 1,404 (1,648)
Thereafter63,054 4,603 4,187 (7,318)
$192,182 $12,939 $12,652 $(18,153)
Weighted average remaining amortization periods as of June 30, 2024 (in years)7.37.86.98.1
v3.24.2
Mortgages and Notes Payable
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Mortgages and Notes Payable Mortgages and Notes Payable
The following table sets forth our mortgages and notes payable:

June 30,
2024		December 31,
2023
Secured indebtedness$716,525 $720,752 
Unsecured indebtedness2,491,004 2,510,193 
Less-unamortized debt issuance costs(16,100)(17,739)
Total mortgages and notes payable, net$3,191,429 $3,213,206 

As of June 30, 2024, our secured mortgage loans were collateralized by real estate assets with an undepreciated book value of $1,241.4 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. 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. During the second quarter of 2024, we modified the revolving credit facility to provide that the interest rate may be adjusted upward or downward by 2.5 basis points depending upon whether or not we achieve certain pre-determined sustainability goals with respect to the ongoing reduction of greenhouse gas emissions. There were no amounts outstanding under our revolving credit facility as of June 30, 2024. There was $82.0 million outstanding under our revolving credit facility as of July 16, 2024. As of both June 30, 2024 and July 16, 2024, we had $0.1 million of outstanding letters of credit, which reduce the availability on our revolving credit facility. As a result, the unused capacity of our revolving credit facility as of June 30, 2024 and July 16, 2024 was $749.9 million and $667.9 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 July 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.
v3.24.2
Noncontrolling Interests
 6 Months Ended
Jun. 30, 2024
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests
Noncontrolling Interests in Consolidated Affiliates

As of June 30, 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
June 30,		Six Months Ended
June 30,
2024202320242023
Beginning noncontrolling interests in the Operating Partnership$56,324 $54,682 $49,520 $65,977 
Adjustment of noncontrolling interests in the Operating Partnership to fair value(12)1,915 7,467 (9,187)
Conversions of Common Units to Common Stock— — (132)— 
Redemptions of Common Units— (163)— (163)
Net income attributable to noncontrolling interests in the Operating Partnership1,281 947 1,814 1,933 
Distributions to noncontrolling interests in the Operating Partnership(1,075)(1,175)(2,151)(2,354)
Total noncontrolling interests in the Operating Partnership$56,518 $56,206 $56,518 $56,206 

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
June 30,		Six Months Ended
June 30,
2024202320242023
Net income available for common stockholders$62,870 $42,298 $88,934 $86,132 
Increase in additional paid in capital from conversions of Common Units to Common Stock— — 132 — 
Redemptions of Common Units— 163 — 163 
Change from net income available for common stockholders and transfers from noncontrolling interests$62,870 $42,461 $89,066 $86,295 
v3.24.2
Disclosure About Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 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 June 30, 2024:
Assets:
Mortgages and notes receivable, at fair value (1)
$10,993 $— $10,993 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
1,983 1,983 — 
Total Assets$12,976 $1,983 $10,993 
Noncontrolling Interests in the Operating Partnership$56,518 $56,518 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$2,929,242 $— $2,929,242 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
1,983 1,983 — 
Total Liabilities
$2,931,225 $1,983 $2,929,242 
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 June 30, 2024 and December 31, 2023.
v3.24.2
Share-Based Payments
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Payments Share-Based Payments
During the six months ended June 30, 2024, the Company granted 181,540 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 $1.1 million and $0.8 million during the three months ended June 30, 2024 and 2023, respectively, and $6.0 million and $5.3 million during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, there was $6.1 million of total unrecognized share-based compensation costs, which will be recognized over a weighted average remaining contractual term of 2.2 years.
v3.24.2
Real Estate and Other Assets Held For Sale
 6 Months Ended
Jun. 30, 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 our assets held for sale, which are considered non-core:

June 30,
2024		December 31,
2023
Assets:
Land held for development3,780 — 
Net real estate assets3,780 — 
Prepaid expenses and other assets, net95 — 
Real estate and other assets, net, held for sale$3,875 $— 
v3.24.2
Earnings Per Share and Per Unit
 6 Months Ended
Jun. 30, 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
June 30,		Six Months Ended
June 30,
2024202320242023
Earnings per Common Share - basic:
Numerator:
Net income$64,770 $43,870 $91,983 $88,824 
Net (income) attributable to noncontrolling interests in the Operating Partnership
(1,281)(947)(1,814)(1,933)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 2 (4)7 483 
Dividends on Preferred Stock(621)(621)(1,242)(1,242)
Net income available for common stockholders$62,870 $42,298 $88,934 $86,132 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
105,996 105,457 105,900 105,373 
Net income available for common stockholders$0.59 $0.40 $0.84 $0.82 
Earnings per Common Share - diluted:
Numerator:
Net income$64,770 $43,870 $91,983 $88,824 
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates2 (4)7 483 
Dividends on Preferred Stock(621)(621)(1,242)(1,242)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership
$64,151 $43,245 $90,748 $88,065 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
105,996 105,457 105,900 105,373 
Add:
Noncontrolling interests Common Units2,151 2,351 2,153 2,355 
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions
108,147 107,808 108,053 107,728 
Net income available for common stockholders$0.59 $0.40 $0.84 $0.82 
__________
(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
June 30,		Six Months Ended
June 30,
2024202320242023
Earnings per Common Unit - basic:
Numerator:
Net income$64,770 $43,870 $91,983 $88,824 
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates2 (4)7 483 
Distributions on Preferred Units(621)(621)(1,242)(1,242)
Net income available for common unitholders$64,151 $43,245 $90,748 $88,065 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,738 107,399 107,644 107,319 
Net income available for common unitholders$0.60 $0.40 $0.84 $0.82 
Earnings per Common Unit - diluted:
Numerator:
Net income$64,770 $43,870 $91,983 $88,824 
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates2 (4)7 483 
Distributions on Preferred Units(621)(621)(1,242)(1,242)
Net income available for common unitholders$64,151 $43,245 $90,748 $88,065 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,738 107,399 107,644 107,319 
Net income available for common unitholders$0.60 $0.40 $0.84 $0.82 
__________
(1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable
.
v3.24.2
Segment Information
 6 Months Ended
Jun. 30, 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
June 30,		Six Months Ended
June 30,
2024202320242023
Rental and Other Revenues:
Atlanta$36,614 $35,455 $73,057 $72,325 
Charlotte22,264 20,793 43,981 42,373 
Nashville40,517 42,636 85,555 87,200 
Orlando14,804 14,550 29,580 28,944 
Raleigh42,628 45,701 87,806 91,579 
Richmond9,061 9,048 18,062 18,357 
Tampa24,436 24,953 49,015 50,344 
Total Office Segment190,324 193,136 387,056 391,122 
Other14,414 14,155 28,957 28,921 
Total Rental and Other Revenues$204,738 $207,291 $416,013 $420,043 
Net Operating Income:
Atlanta$23,062 $22,268 $45,682 $46,493 
Charlotte16,110 15,221 32,038 31,331 
Nashville30,485 31,116 61,791 64,141 
Orlando8,822 8,852 17,990 17,624 
Raleigh31,759 33,670 63,845 67,276 
Richmond6,342 6,353 12,659 12,923 
Tampa15,334 15,636 30,822 32,040 
Total Office Segment131,914 133,116 264,827 271,828 
Other8,265 7,868 16,192 16,177 
Total Net Operating Income140,179 140,984 281,019 288,005 
Reconciliation to net income:
Depreciation and amortization(73,745)(75,018)(147,416)(145,651)
General and administrative expenses(9,357)(9,380)(21,856)(21,795)
Interest expense(35,904)(34,063)(72,456)(67,161)
Other income7,455 1,181 8,687 2,328 
Gains on disposition of property35,022 19,368 42,231 19,818 
Gain on deconsolidation of affiliate— — — 11,778 
Equity in earnings of unconsolidated affiliates1,120 798 1,774 1,502 
Net income$64,770 $43,870 $91,983 $88,824 
v3.24.2
Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On July 17, 2024, the Company declared a cash dividend of $0.50 per share of Common Stock, which is payable on September 10, 2024 to stockholders of record as of August 19, 2024.

We have a 50.0% interest in the McKinney & Olive joint venture. On July 10, 2024, the joint venture paid off at maturity the remaining $134.3 million balance on a secured mortgage loan with a stated interest rate of 4.5% and an effective interest rate of 5.3%. In connection with this loan payoff, we and Granite each contributed $62.1 million to the joint venture.

We have a 50.0% interest in the Granite Park Six joint venture. On July 16, 2024, the joint venture paid down the outstanding $70.9 million balance with respect to a $115.0 million construction loan obtained in 2022. The loan, which matures in January 2026, has an interest rate of SOFR plus 394 basis points. In connection with this loan paydown, we and Granite each contributed $35.5 million to the joint venture.
v3.24.2
Description of Business and Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 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 June 30, 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.
v3.24.2
Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 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:
June 30,
2024		December 31,
2023
Net real estate assets$59,432 $60,410 
Cash and cash equivalents$1,621 $1,096 
Restricted cash$710 $2,260 
Accrued straight-line rents receivable$5,166 $5,041 
Deferred leasing costs, net$2,616 $2,783 
Prepaid expenses and other assets, net$133 $124 
Mortgages and notes payable, net$44,276 $44,192 
Accounts payable, accrued expenses and other liabilities$1,424 $2,872 
v3.24.2
Intangible Assets and Below Market Lease Liabilities (Tables)
 6 Months Ended
Jun. 30, 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:

June 30,
2024		December 31,
2023
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)$400,927 $401,621 
Less accumulated amortization(183,154)(175,697)
$217,773 $225,924 
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities$50,704 $50,842 
Less accumulated amortization(32,551)(30,416)
$18,153 $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
June 30,		Six Months Ended
June 30,
2024202320242023
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)$9,984 $11,481 $19,629 $21,713 
Amortization of lease incentives (in rental and other revenues)$550 $614 $1,243 $1,328 
Amortization of acquisition-related intangible assets (in rental and other revenues)$794 $869 $1,596 $1,700 
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)$(1,130)$(1,280)$(2,274)$(2,534)
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)
July 1 through December 31, 2024$20,053 $1,206 $1,470 $(1,967)
202533,440 2,094 2,210 (2,727)
202629,022 1,892 1,861 (2,431)
202725,284 1,686 1,520 (2,062)
202821,329 1,458 1,404 (1,648)
Thereafter63,054 4,603 4,187 (7,318)
$192,182 $12,939 $12,652 $(18,153)
Weighted average remaining amortization periods as of June 30, 2024 (in years)7.37.86.98.1
v3.24.2
Mortgages and Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Consolidated Mortgages and Notes Payable
The following table sets forth our mortgages and notes payable:

June 30,
2024		December 31,
2023
Secured indebtedness$716,525 $720,752 
Unsecured indebtedness2,491,004 2,510,193 
Less-unamortized debt issuance costs(16,100)(17,739)
Total mortgages and notes payable, net$3,191,429 $3,213,206 
v3.24.2
Noncontrolling Interests (Tables) - Highwoods Properties, Inc. [Member]
 6 Months Ended
Jun. 30, 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
June 30,		Six Months Ended
June 30,
2024202320242023
Beginning noncontrolling interests in the Operating Partnership$56,324 $54,682 $49,520 $65,977 
Adjustment of noncontrolling interests in the Operating Partnership to fair value(12)1,915 7,467 (9,187)
Conversions of Common Units to Common Stock— — (132)— 
Redemptions of Common Units— (163)— (163)
Net income attributable to noncontrolling interests in the Operating Partnership1,281 947 1,814 1,933 
Distributions to noncontrolling interests in the Operating Partnership(1,075)(1,175)(2,151)(2,354)
Total noncontrolling interests in the Operating Partnership$56,518 $56,206 $56,518 $56,206 
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
June 30,		Six Months Ended
June 30,
2024202320242023
Net income available for common stockholders$62,870 $42,298 $88,934 $86,132 
Increase in additional paid in capital from conversions of Common Units to Common Stock— — 132 — 
Redemptions of Common Units— 163 — 163 
Change from net income available for common stockholders and transfers from noncontrolling interests$62,870 $42,461 $89,066 $86,295 
v3.24.2
Disclosure About Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2024:
Assets:
Mortgages and notes receivable, at fair value (1)
$10,993 $— $10,993 
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)
1,983 1,983 — 
Total Assets$12,976 $1,983 $10,993 
Noncontrolling Interests in the Operating Partnership$56,518 $56,518 $— 
Liabilities:
Mortgages and notes payable, net, at fair value (1)
$2,929,242 $— $2,929,242 
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)
1,983 1,983 — 
Total Liabilities
$2,931,225 $1,983 $2,929,242 
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 June 30, 2024 and December 31, 2023.
v3.24.2
Real Estate and Other Assets Held For Sale (Tables)
 6 Months Ended
Jun. 30, 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 our assets held for sale, which are considered non-core:

June 30,
2024		December 31,
2023
Assets:
Land held for development3,780 — 
Net real estate assets3,780 — 
Prepaid expenses and other assets, net95 — 
Real estate and other assets, net, held for sale$3,875 $— 
v3.24.2
Earnings Per Share and Per Unit (Tables)
 6 Months Ended
Jun. 30, 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
June 30,		Six Months Ended
June 30,
2024202320242023
Earnings per Common Share - basic:
Numerator:
Net income$64,770 $43,870 $91,983 $88,824 
Net (income) attributable to noncontrolling interests in the Operating Partnership
(1,281)(947)(1,814)(1,933)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 2 (4)7 483 
Dividends on Preferred Stock(621)(621)(1,242)(1,242)
Net income available for common stockholders$62,870 $42,298 $88,934 $86,132 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
105,996 105,457 105,900 105,373 
Net income available for common stockholders$0.59 $0.40 $0.84 $0.82 
Earnings per Common Share - diluted:
Numerator:
Net income$64,770 $43,870 $91,983 $88,824 
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates2 (4)7 483 
Dividends on Preferred Stock(621)(621)(1,242)(1,242)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership
$64,151 $43,245 $90,748 $88,065 
Denominator:
Denominator for basic earnings per Common Share – weighted average shares (1)
105,996 105,457 105,900 105,373 
Add:
Noncontrolling interests Common Units2,151 2,351 2,153 2,355 
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions
108,147 107,808 108,053 107,728 
Net income available for common stockholders$0.59 $0.40 $0.84 $0.82 
__________
(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
June 30,		Six Months Ended
June 30,
2024202320242023
Earnings per Common Unit - basic:
Numerator:
Net income$64,770 $43,870 $91,983 $88,824 
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates2 (4)7 483 
Distributions on Preferred Units(621)(621)(1,242)(1,242)
Net income available for common unitholders$64,151 $43,245 $90,748 $88,065 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,738 107,399 107,644 107,319 
Net income available for common unitholders$0.60 $0.40 $0.84 $0.82 
Earnings per Common Unit - diluted:
Numerator:
Net income$64,770 $43,870 $91,983 $88,824 
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates2 (4)7 483 
Distributions on Preferred Units(621)(621)(1,242)(1,242)
Net income available for common unitholders$64,151 $43,245 $90,748 $88,065 
Denominator:
Denominator for basic earnings per Common Unit – weighted average units (1)
107,738 107,399 107,644 107,319 
Net income available for common unitholders$0.60 $0.40 $0.84 $0.82 
__________
(1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable
.
v3.24.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 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
June 30,		Six Months Ended
June 30,
2024202320242023
Rental and Other Revenues:
Atlanta$36,614 $35,455 $73,057 $72,325 
Charlotte22,264 20,793 43,981 42,373 
Nashville40,517 42,636 85,555 87,200 
Orlando14,804 14,550 29,580 28,944 
Raleigh42,628 45,701 87,806 91,579 
Richmond9,061 9,048 18,062 18,357 
Tampa24,436 24,953 49,015 50,344 
Total Office Segment190,324 193,136 387,056 391,122 
Other14,414 14,155 28,957 28,921 
Total Rental and Other Revenues$204,738 $207,291 $416,013 $420,043 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Net Operating Income:
Atlanta$23,062 $22,268 $45,682 $46,493 
Charlotte16,110 15,221 32,038 31,331 
Nashville30,485 31,116 61,791 64,141 
Orlando8,822 8,852 17,990 17,624 
Raleigh31,759 33,670 63,845 67,276 
Richmond6,342 6,353 12,659 12,923 
Tampa15,334 15,636 30,822 32,040 
Total Office Segment131,914 133,116 264,827 271,828 
Other8,265 7,868 16,192 16,177 
Total Net Operating Income140,179 140,984 281,019 288,005 
Reconciliation to net income:
Depreciation and amortization(73,745)(75,018)(147,416)(145,651)
General and administrative expenses(9,357)(9,380)(21,856)(21,795)
Interest expense(35,904)(34,063)(72,456)(67,161)
Other income7,455 1,181 8,687 2,328 
Gains on disposition of property35,022 19,368 42,231 19,818 
Gain on deconsolidation of affiliate— — — 11,778 
Equity in earnings of unconsolidated affiliates1,120 798 1,774 1,502 
Net income$64,770 $43,870 $91,983 $88,824 
v3.24.2
Description of Business and Significant Accounting Policies (Details)
$ in Thousands, ft² in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
ft²
numberOfEntities
shares
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
ft²
numberOfEntities
shares
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Description of Business [Abstract]          
Rentable square feet of commercial real estate properties (in sq feet) | ft² 28.0   28.0    
Rentable square feet of commercial real estate office properties under development (in sq feet) | ft² 1.6   1.6    
Rentable square feet of potential office build (in sq feet) | ft² 5.2   5.2    
Net proceeds of Common Stock sold during the period | $ $ 379 $ 265 $ (685) $ (563)  
Number of VIE entities | numberOfEntities 6   6    
Self insurance liability | $ $ 500   $ 500    
Highwoods Properties, Inc. [Member]          
Description of Business [Abstract]          
Common Units of partnership owned by the Company (in shares) 105,600,000   105,600,000    
Percentage of ownership of Common Units (in hundredths) 98.00%   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   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   2,200,000    
Variable Interest Entity, Primary Beneficiary [Member]          
Description of Business [Abstract]          
Number of VIE entities | numberOfEntities 1   1    
Variable Interest Entity, Non Primary Beneficiary [Member]          
Description of Business [Abstract]          
Number of VIE entities | numberOfEntities 5   5    
v3.24.2
Leases ASC 842 (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Lessor Disclosure [Abstract]        
Rental and other revenues related to operating lease payments $ 201.0 $ 203.8 $ 408.8 $ 413.2
Variable lease income $ 16.6 $ 17.5 $ 39.1 $ 37.0
Minimum [Member]        
Lessor Disclosure [Abstract]        
Operating leases, term of leases (in years) 3 years   3 years  
Maximum [Member]        
Lessor Disclosure [Abstract]        
Operating leases, term of leases (in years) 10 years   10 years  
v3.24.2
Investments in and Advances to Affiliates (Details) - numberOfJointVentures
Jun. 30, 2024
Dec. 31, 2022
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%  
v3.24.2
Variable Interest Entities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Variable Interest Entities [Line Items]      
Investments in and advances to unconsolidated affiliates $ 378,761 $ 343,241  
Assets and liabilities of consolidated variable interest entity [Abstract]      
Net real estate assets 4,900,409 4,993,531  
Cash and cash equivalents 27,003 25,123 $ 17,011
Restricted cash 9,802 6,446 $ 5,350
Accrued straight-line rents receivable 313,721 310,649  
Deferred leasing costs, net 217,773 225,924  
Prepaid expense and other assets, net 78,704 65,125  
Mortgages and notes payable 3,191,429 3,213,206  
Accounts payable, accrued expenses and other liabilities 304,733 302,180  
Granite Park Six JV, LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value 41,900    
GPI23 Springs JV, LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value 98,100    
M+O JV, LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value 123,200    
Midtown East Tampa, LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value 26,900    
Investments in and advances to unconsolidated affiliates 14,200    
Amount of loan funded to affiliate 12,700    
Brand/HRLP 2827 Peachtree LLC      
Variable Interest Entities [Line Items]      
Risk of loss limited to carrying value 60,900    
Investments in and advances to unconsolidated affiliates 13,100    
Amount of loan funded to affiliate $ 47,800    
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 $ 59,432 60,410  
Cash and cash equivalents 1,621 1,096  
Restricted cash 710 2,260  
Accrued straight-line rents receivable 5,166 5,041  
Deferred leasing costs, net 2,616 2,783  
Prepaid expense and other assets, net 133 124  
Mortgages and notes payable 44,276 44,192  
Accounts payable, accrued expenses and other liabilities $ 1,424 $ 2,872  
v3.24.2
Real Estate Assets (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
numberOfBuildings
Mar. 31, 2024
USD ($)
numberOfBuildings
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
numberOfBuildings
Jun. 30, 2023
USD ($)
Dispositions [Abstract]          
Gains on disposition of property $ 35,022   $ 19,368 $ 42,231 $ 19,818
2024 Dispositions          
Dispositions [Abstract]          
Number of buildings sold | numberOfBuildings 7 2   7  
Sale price of real estate $ 62,500 $ 16,900      
Gains on disposition of property $ 35,000 $ 7,200      
v3.24.2
Intangible Assets and Below Market Lease Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Assets:          
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) $ 400,927   $ 400,927   $ 401,621
Deferred leasing costs, accumulated amortization (183,154)   (183,154)   (175,697)
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 217,773   217,773   225,924
Liabilities (in accounts payable, accrued expenses and other liabilities):          
Acquisition-related below market lease liabilities, gross 50,704   50,704   50,842
Acquisition-related below market lease liabilities, accumulated amortization (32,551)   (32,551)   (30,416)
Acquisition-related below market lease liabilities, net 18,153   18,153   $ 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 192,182   192,182    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of intangible assets 9,984 $ 11,481 19,629 $ 21,713  
Lease Incentives (in Rental and Other Revenues) [Member]          
Assets:          
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 12,939   12,939    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of intangible assets 550 614 1,243 1,328  
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member]          
Assets:          
Deferred leasing costs, net/Total scheduled future amortization of intangible assets 12,652   12,652    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of intangible assets 794 869 1,596 1,700  
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 18,153   18,153    
Amortization of intangible assets and below market lease liabilities [Abstract]          
Amortization of acquisition-related below market lease liabilities $ (1,130) $ (1,280) $ (2,274) $ (2,534)  
v3.24.2
Intangible Assets and Below Market Lease Liabilities - Scheduled Future Amortization (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Scheduled future amortization of intangible assets [Abstract]    
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 217,773 $ 225,924
Scheduled future amortization of below market lease liabilities [Abstract]    
Total scheduled future amortization of acquisition-related below market lease liabilities (18,153) $ (20,426)
Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) [Member]    
Scheduled future amortization of intangible assets [Abstract]    
July 1 through December 31, 2024 20,053  
2025 33,440  
2026 29,022  
2027 25,284  
2028 21,329  
Thereafter 63,054  
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 192,182  
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 3 months 18 days  
Lease Incentives (in Rental and Other Revenues) [Member]    
Scheduled future amortization of intangible assets [Abstract]    
July 1 through December 31, 2024 $ 1,206  
2025 2,094  
2026 1,892  
2027 1,686  
2028 1,458  
Thereafter 4,603  
Deferred leasing costs, net/Total scheduled future amortization of intangible assets $ 12,939  
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 9 months 18 days  
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member]    
Scheduled future amortization of intangible assets [Abstract]    
July 1 through December 31, 2024 $ 1,470  
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 $ 12,652  
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract]    
Finite-lived intangible assets, average useful life (in years) 6 years 10 months 24 days  
Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) [Member]    
Scheduled future amortization of below market lease liabilities [Abstract]    
July 1 through December 31, 2024 $ (1,967)  
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 $ (18,153)  
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  
v3.24.2
Mortgages and Notes Payable (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
extension
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jul. 16, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]            
Mortgages and notes payable $ 3,191,429,000   $ 3,191,429,000     $ 3,213,206,000
Unamortized debt issuance costs $ (16,100,000)   (16,100,000)     (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   $ 750,000,000.0        
Number of additional extensions | extension   2        
Term of optional extension   6 months        
Debt issuance costs   $ 7,700,000        
Loss on debt extinguishment   $ 200,000        
Temporary reduction in interest rate due to sustainability goals (in hundredths) 0.025%          
Amount outstanding on revolving credit facility $ 0   0      
Outstanding letters of credit on revolving credit facility 100,000   100,000      
Unused borrowing capacity on revolving credit facility 749,900,000   749,900,000      
Secured indebtedness [Member]            
Debt Instrument [Line Items]            
Mortgages and notes payable 716,525,000   716,525,000     720,752,000
Aggregate undepreciated book value of secured real estate assets 1,241,400,000   1,241,400,000      
Unsecured indebtedness [Member]            
Debt Instrument [Line Items]            
Mortgages and notes payable $ 2,491,004,000   $ 2,491,004,000     $ 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         $ 82,000,000.0  
Outstanding letters of credit on revolving credit facility         100,000  
Unused borrowing capacity on revolving credit facility         $ 667,900,000  
v3.24.2
Noncontrolling Interests (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 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 $ (12) $ 1,915 7,467 $ (9,187)
Conversions of Common Units to Common Stock     (132) 0
Redemptions of Common Units     0 (163)
Net income attributable to noncontrolling interests in the Operating Partnership 1,281 947 1,814 1,933
Distributions to noncontrolling interests in the Operating Partnership     (2,151) (2,354)
Total noncontrolling interests in the Operating Partnership 56,518   56,518  
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract]        
Net income available for common stockholders 62,870 42,298 88,934 86,132
Highwoods Properties, Inc. [Member]        
Noncontrolling Interests in the Operating Partnership [Roll Forward]        
Beginning noncontrolling interests in the Operating Partnership 56,324 54,682 49,520 65,977
Adjustment of noncontrolling interests in the Operating Partnership to fair value (12) 1,915 7,467 (9,187)
Conversions of Common Units to Common Stock 0 0 (132) 0
Redemptions of Common Units 0 (163) 0 (163)
Net income attributable to noncontrolling interests in the Operating Partnership 1,281 947 1,814 1,933
Distributions to noncontrolling interests in the Operating Partnership (1,075) (1,175) (2,151) (2,354)
Total noncontrolling interests in the Operating Partnership 56,518 56,206 56,518 56,206
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract]        
Net income available for common stockholders 62,870 42,298 88,934 86,132
Increase in additional paid in capital from conversions of Common Units to Common Stock 0 0 132 0
Redemptions of Common Units 0 163 0 163
Change from net income available for common stockholders and transfers from noncontrolling interests $ 62,870 $ 42,461 $ 89,066 $ 86,295
Midtown West Joint Venture [Member]        
Noncontrolling Interests in Consolidated Affiliates [Abstract]        
Consolidated joint venture, partner's interest (in hundredths) 20.00%   20.00%  
v3.24.2
Disclosure About Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Mortgages and notes receivable, at fair value $ 10,993 $ 4,795
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 1,983 2,294
Total Assets 12,976 7,089
Liabilities:    
Mortgages and notes payable, net, at fair value 2,929,242 2,927,330
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 1,983 2,294
Total Liabilities 2,931,225 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) 1,983 2,294
Total Assets 1,983 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) 1,983 2,294
Total Liabilities 1,983 2,294
Level 2 [Member]    
Assets:    
Mortgages and notes receivable, at fair value 10,993 4,795
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) 0 0
Total Assets 10,993 4,795
Liabilities:    
Mortgages and notes payable, net, at fair value 2,929,242 2,927,330
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) 0 0
Total Liabilities 2,929,242 2,927,330
Highwoods Properties, Inc. [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership 56,518 49,520
Highwoods Properties, Inc. [Member] | Level 1 [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership 56,518 49,520
Highwoods Properties, Inc. [Member] | Level 2 [Member]    
Assets:    
Noncontrolling Interests in the Operating Partnership $ 0 $ 0
v3.24.2
Share-Based Payments (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 1,100 $ 800 $ 5,958 $ 5,321
Total unrecognized share-based compensation costs $ 6,100   $ 6,100  
Weighted average remaining contractual term for recognition of unrecognized share-based compensation costs (in years)     2 years 2 months 12 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)     181,540  
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  
v3.24.2
Real Estate and Other Assets Held For Sale (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Real Estate and Other Assets Held For Sale [Abstract]    
Land held for development $ 3,780 $ 0
Net real estate assets 3,780 0
Prepaid expenses and other assets, net 95 0
Real estate and other assets, net, held for sale $ 3,875 $ 0
v3.24.2
Earnings Per Share and Per Unit (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings per Common Share and Per Unit - basic: [Abstract]        
Net income $ 64,770 $ 43,870 $ 91,983 $ 88,824
Net (income) attributable to noncontrolling interests in the Operating Partnership (1,281) (947) (1,814) (1,933)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 2 (4) 7 483
Dividends on Preferred Stock (621) (621) (1,242) (1,242)
Net income available for common stockholders $ 62,870 $ 42,298 $ 88,934 $ 86,132
Denominator:        
Denominator for basic earnings per Common Share - weighted average shares (in shares) 105,996 105,457 105,900 105,373
Earnings per Common Share - basic:        
Net income available for common stockholders (in dollars per share) $ 0.59 $ 0.40 $ 0.84 $ 0.82
Earnings per Common Share and Per Unit - diluted: [Abstract]        
Net income $ 64,770 $ 43,870 $ 91,983 $ 88,824
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 2 (4) 7 483
Dividends on Preferred Stock (621) (621) (1,242) (1,242)
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership $ 64,151 $ 43,245 $ 90,748 $ 88,065
Denominator:        
Denominator for basic earnings per Common Share - weighted average shares (in shares) 105,996 105,457 105,900 105,373
Noncontrolling interests Common Units (in shares) 2,151 2,351 2,153 2,355
Denominator for diluted earnings per Common Share - adjusted weighted average shares and assumed conversions (in shares) 108,147 107,808 108,053 107,728
Earnings per Common Share - diluted:        
Net income available for common stockholders (in dollars per share) $ 0.59 $ 0.40 $ 0.84 $ 0.82
Highwoods Realty Limited Partnership        
Earnings per Common Share and Per Unit - basic: [Abstract]        
Net income $ 64,770 $ 43,870 $ 91,983 $ 88,824
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 2 (4) 7 483
Distributions on Preferred Units (621) (621) (1,242) (1,242)
Net income available for common unitholders $ 64,151 $ 43,245 $ 90,748 $ 88,065
Denominator:        
Denominator for basic earnings per Common Unit - weighted average units (in shares) 107,738 107,399 107,644 107,319
Earnings per Common Unit - basic:        
Net income available for common unitholders (in dollars per share) $ 0.60 $ 0.40 $ 0.84 $ 0.82
Earnings per Common Share and Per Unit - diluted: [Abstract]        
Net income $ 64,770 $ 43,870 $ 91,983 $ 88,824
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 2 (4) 7 483
Distributions on Preferred Units (621) (621) (1,242) (1,242)
Net income available for common unitholders $ 64,151 $ 43,245 $ 90,748 $ 88,065
Denominator:        
Denominator for basic earnings per Common Unit - weighted average units (in shares) 107,738 107,399 107,644 107,319
Earnings per Common Unit - diluted:        
Net income available for common unitholders (in dollars per share) $ 0.60 $ 0.40 $ 0.84 $ 0.82
v3.24.2
Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues $ 204,738 $ 207,291 $ 416,013 $ 420,043
Total Net Operating Income 140,179 140,984 281,019 288,005
Reconciliation to net income:        
Depreciation and amortization (73,745) (75,018) (147,416) (145,651)
General and administrative expenses (9,357) (9,380) (21,856) (21,795)
Interest expense (35,904) (34,063) (72,456) (67,161)
Other income 7,455 1,181 8,687 2,328
Gains on disposition of property 35,022 19,368 42,231 19,818
Gain on deconsolidation of affiliate 0 0 0 11,778
Equity in earnings of unconsolidated affiliates 1,120 798 1,774 1,502
Net income 64,770 43,870 91,983 88,824
Total Office Segment [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 190,324 193,136 387,056 391,122
Total Net Operating Income 131,914 133,116 264,827 271,828
Office Atlanta, GA [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 36,614 35,455 73,057 72,325
Total Net Operating Income 23,062 22,268 45,682 46,493
Office Charlotte, NC [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 22,264 20,793 43,981 42,373
Total Net Operating Income 16,110 15,221 32,038 31,331
Office Nashville, TN [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 40,517 42,636 85,555 87,200
Total Net Operating Income 30,485 31,116 61,791 64,141
Office Orlando, FL [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 14,804 14,550 29,580 28,944
Total Net Operating Income 8,822 8,852 17,990 17,624
Office Raleigh, NC [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 42,628 45,701 87,806 91,579
Total Net Operating Income 31,759 33,670 63,845 67,276
Office Richmond, VA [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 9,061 9,048 18,062 18,357
Total Net Operating Income 6,342 6,353 12,659 12,923
Office Tampa, FL [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 24,436 24,953 49,015 50,344
Total Net Operating Income 15,334 15,636 30,822 32,040
Other [Member]        
Segment Reporting Information [Line Items]        
Total Rental and Other Revenues 14,414 14,155 28,957 28,921
Total Net Operating Income $ 8,265 $ 7,868 $ 16,192 $ 16,177
v3.24.2
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jul. 17, 2024
Jul. 16, 2024
Jul. 10, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
M+O JV, LLC              
Subsequent Event [Line Items]              
Percentage of equity interest in joint venture (in hundredths)       50.00%   50.00%  
Granite Park Six JV, LLC              
Subsequent Event [Line Items]              
Percentage of equity interest in joint venture (in hundredths)       50.00%   50.00%  
Highwoods Properties, Inc. [Member]              
Subsequent Event [Line Items]              
Dividends declared per share of Common Stock (in dollars per share)       $ 0.50 $ 0.50 $ 1.00 $ 1.00
Subsequent Event [Member] | M+O JV, LLC              
Subsequent Event [Line Items]              
Percentage of equity interest in joint venture (in hundredths)     50.00%        
Early repayment of debt     $ 134.3        
Stated interest rate (in hundredths)     4.50%        
Effective interest rate (in hundredths)     5.30%        
Contribution of cash to joint venture entity     $ 62.1        
Subsequent Event [Member] | Granite Park Six JV, LLC              
Subsequent Event [Line Items]              
Percentage of equity interest in joint venture (in hundredths)   50.00%          
Early repayment of debt   $ 70.9          
Contribution of cash to joint venture entity   35.5          
Construction loan related to joint venture development   $ 115.0          
Variable interest rate basis   SOFR          
Interest rate, basis spread (in hundredths)   3.94%          
Subsequent Event [Member] | Highwoods Properties, Inc. [Member]              
Subsequent Event [Line Items]              
Dividends declared per share of Common Stock (in dollars per share) $ 0.50