(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Page | |||||
PART I - FINANCIAL INFORMATION | |||||
ITEM 4. CONTROLS AND PROCEDURES | |||||
PART II - OTHER INFORMATION | |||||
ITEM 6. EXHIBITS |
September 30, 2020 | December 31, 2019 | ||||||||||
Assets: | |||||||||||
Real estate assets, at cost: | |||||||||||
Land | $ | $ | |||||||||
Buildings and tenant improvements | |||||||||||
Development in-process | |||||||||||
Land held for development | |||||||||||
Less-accumulated depreciation | ( | ( | |||||||||
Net real estate assets | |||||||||||
Real estate and other assets, net, held for sale | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Accounts receivable | |||||||||||
Mortgages and notes receivable | |||||||||||
Accrued straight-line rents receivable | |||||||||||
Investments in and advances to unconsolidated affiliates | |||||||||||
Deferred leasing costs, net of accumulated amortization of $ | |||||||||||
Prepaid expenses and other assets, net of accumulated depreciation of $ | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity: | |||||||||||
Mortgages and notes payable, net | $ | $ | |||||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Total Liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Noncontrolling interests in the Operating Partnership | |||||||||||
Equity: | |||||||||||
Preferred Stock, $ | |||||||||||
Common Stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Distributions in excess of net income available for common stockholders | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total Stockholders’ Equity | |||||||||||
Noncontrolling interests in consolidated affiliates | |||||||||||
Total Equity | |||||||||||
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Rental and other revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Rental property and other expenses | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Impairments of real estate assets | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Other income/(loss) | ( | ( | ( | ||||||||||||||||||||
Gains on disposition of property | |||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | ( | ( | ( | ( | |||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | ( | ( | ( | ( | |||||||||||||||||||
Dividends on Preferred Stock | ( | ( | ( | ( | |||||||||||||||||||
Net income available for common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Earnings per Common Share – basic: | |||||||||||||||||||||||
Net income available for common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average Common Shares outstanding – basic | |||||||||||||||||||||||
Earnings per Common Share – diluted: | |||||||||||||||||||||||
Net income available for common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average Common Shares outstanding – diluted | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income/(loss): | |||||||||||||||||||||||
Unrealized gains/(losses) on cash flow hedges | ( | ( | ( | ||||||||||||||||||||
Amortization of cash flow hedges | ( | ( | |||||||||||||||||||||
Total other comprehensive income/(loss) | ( | ( | ( | ||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||
Less-comprehensive (income) attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income attributable to common stockholders | $ | $ | $ | $ |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($ | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($ | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Redemptions/repurchases of Preferred Stock | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | ( | $ | $ | ( | $ |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Loss | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($ | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($ | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Redemptions/repurchases of Preferred Stock | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | ( | $ | $ | ( | $ |
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Income/(Loss) | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($ | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($ | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | $ | ( | $ | $ | ( | $ |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of Common Shares | Common Stock | Series A Cumulative Redeemable Preferred Shares | Additional Paid-In Capital | Accumulated Other Compre-hensive Income/(Loss) | Non-controlling Interests in Consolidated Affiliates | Distributions in Excess of Net Income Available for Common Stockholders | Total | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Issuances of Common Stock, net of issuance costs and tax withholdings | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Conversions of Common Units to Common Stock | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($ | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Dividends on Preferred Stock ($ | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated affiliates | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuances of restricted stock | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Redemptions/repurchases of Preferred Stock | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | $ | ( | $ | $ | ( | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of lease incentives and acquisition-related intangible assets and liabilities | ( | ||||||||||
Share-based compensation expense | |||||||||||
Credit losses on operating lease receivables | |||||||||||
Write-off of mortgages and notes receivable | |||||||||||
Accrued interest on mortgages and notes receivable | ( | ( | |||||||||
Amortization of debt issuance costs | |||||||||||
Amortization of cash flow hedges | ( | ||||||||||
Amortization of mortgages and notes payable fair value adjustments | |||||||||||
Impairments of real estate assets | |||||||||||
Losses on debt extinguishment | |||||||||||
Net gains on disposition of property | ( | ( | |||||||||
Equity in earnings of unconsolidated affiliates | ( | ( | |||||||||
Distributions of earnings from unconsolidated affiliates | |||||||||||
Settlement of cash flow hedges | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ||||||||||
Accrued straight-line rents receivable | ( | ( | |||||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Investments in acquired real estate and related intangible assets, net of cash acquired | ( | ( | |||||||||
Investments in development in-process | ( | ( | |||||||||
Investments in tenant improvements and deferred leasing costs | ( | ( | |||||||||
Investments in building improvements | ( | ( | |||||||||
Net proceeds from disposition of real estate assets | |||||||||||
Distributions of capital from unconsolidated affiliates | |||||||||||
Investments in mortgages and notes receivable | ( | ||||||||||
Repayments of mortgages and notes receivable | |||||||||||
Payments of earnest money deposits | ( | ||||||||||
Changes in other investing activities | ( | ( | |||||||||
Net cash provided by/(used in) investing activities | ( | ||||||||||
Financing activities: | |||||||||||
Dividends on Common Stock | ( | ( | |||||||||
Redemptions/repurchases of Preferred Stock | ( | ( | |||||||||
Dividends on Preferred Stock | ( | ( | |||||||||
Distributions to noncontrolling interests in the Operating Partnership | ( | ( | |||||||||
Distributions to noncontrolling interests in consolidated affiliates | ( | ( | |||||||||
Proceeds from the issuance of Common Stock | |||||||||||
Costs paid for the issuance of Common Stock | ( | ||||||||||
Repurchase of shares related to tax withholdings | ( | ( | |||||||||
Borrowings on revolving credit facility | |||||||||||
Repayments of revolving credit facility | ( | ( | |||||||||
Borrowings on mortgages and notes payable | |||||||||||
Repayments of mortgages and notes payable | ( | ( | |||||||||
Payments of debt extinguishment costs | ( | ||||||||||
Changes in debt issuance costs and other financing activities | ( | ( | |||||||||
Net cash provided by/(used in) financing activities | ( | ||||||||||
Net increase in cash and cash equivalents and restricted cash | $ | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Net increase in cash and cash equivalents and restricted cash | $ | $ | |||||||||
Cash and cash equivalents and restricted cash at beginning of the period | |||||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash and cash equivalents at end of the period | $ | $ | |||||||||
Restricted cash at end of the period | |||||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash paid for interest, net of amounts capitalized | $ | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Unrealized losses on cash flow hedges | $ | ( | $ | ( | |||||||
Conversions of Common Units to Common Stock | |||||||||||
Changes in accrued capital expenditures (1) | ( | ||||||||||
Write-off of fully depreciated real estate assets | |||||||||||
Write-off of fully amortized leasing costs | |||||||||||
Write-off of fully amortized debt issuance costs | |||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | ( | ||||||||||
Contributions from noncontrolling interests in consolidated affiliates | |||||||||||
Issuances of Common Units to acquire real estate assets | |||||||||||
Initial recognition of lease liabilities related to right of use assets |
September 30, 2020 | December 31, 2019 | ||||||||||
Assets: | |||||||||||
Real estate assets, at cost: | |||||||||||
Land | $ | $ | |||||||||
Buildings and tenant improvements | |||||||||||
Development in-process | |||||||||||
Land held for development | |||||||||||
Less-accumulated depreciation | ( | ( | |||||||||
Net real estate assets | |||||||||||
Real estate and other assets, net, held for sale | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Accounts receivable | |||||||||||
Mortgages and notes receivable | |||||||||||
Accrued straight-line rents receivable | |||||||||||
Investments in and advances to unconsolidated affiliates | |||||||||||
Deferred leasing costs, net of accumulated amortization of $ | |||||||||||
Prepaid expenses and other assets, net of accumulated depreciation of $ | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities, Redeemable Operating Partnership Units and Capital: | |||||||||||
Mortgages and notes payable, net | $ | $ | |||||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Total Liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Redeemable Operating Partnership Units: | |||||||||||
Common Units, | |||||||||||
Series A Preferred Units (liquidation preference $ | |||||||||||
Total Redeemable Operating Partnership Units | |||||||||||
Capital: | |||||||||||
Common Units: | |||||||||||
General partner Common Units, | |||||||||||
Limited partner Common Units, | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Noncontrolling interests in consolidated affiliates | |||||||||||
Total Capital | |||||||||||
Total Liabilities, Redeemable Operating Partnership Units and Capital | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Rental and other revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Rental property and other expenses | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Impairments of real estate assets | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Other income/(loss) | ( | ( | ( | ||||||||||||||||||||
Gains on disposition of property | |||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | ( | ( | ( | ( | |||||||||||||||||||
Distributions on Preferred Units | ( | ( | ( | ( | |||||||||||||||||||
Net income available for common unitholders | $ | $ | $ | $ | |||||||||||||||||||
Earnings per Common Unit – basic: | |||||||||||||||||||||||
Net income available for common unitholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average Common Units outstanding – basic | |||||||||||||||||||||||
Earnings per Common Unit – diluted: | |||||||||||||||||||||||
Net income available for common unitholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average Common Units outstanding – diluted | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income/(loss): | |||||||||||||||||||||||
Unrealized gains/(losses) on cash flow hedges | ( | ( | ( | ||||||||||||||||||||
Amortization of cash flow hedges | ( | ( | |||||||||||||||||||||
Total other comprehensive income/(loss) | ( | ( | ( | ||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||
Less-comprehensive (income) attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income attributable to common unitholders | $ | $ | $ | $ |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | ||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | ||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | — | — | |||||||||||||||||||||||||||
Distributions on Common Units ($ | ( | ( | — | — | ( | ||||||||||||||||||||||||
Distributions on Preferred Units ($ | ( | ( | — | — | ( | ||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | — | — | |||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | ( | ( | ||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | — | — | |||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | ( | ( | — | ||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | $ |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Common Units | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Consolidated Affiliates | Total | ||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | ||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | — | — | |||||||||||||||||||||||||||
Distributions on Common Units ($ | ( | ( | — | — | ( | ||||||||||||||||||||||||
Distributions on Preferred Units ($ | ( | ( | — | — | ( | ||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | — | — | |||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | ( | ( | ||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | — | — | |||||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | ( | ( | — | ||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||
Other comprehensive loss | — | — | ( | — | ( | ||||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | $ |
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
Common Units | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interests in Consolidated Affiliates | Total | ||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | ||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | — | — | |||||||||||||||||||||||||||
Distributions on Common Units ($ | ( | ( | — | — | ( | ||||||||||||||||||||||||
Distributions on Preferred Units ($ | ( | ( | — | — | ( | ||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | — | — | |||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | ( | ( | ||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | ( | ( | — | — | ( | ||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | ( | ( | — | ||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||
Other comprehensive loss | — | — | ( | — | ( | ||||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | ( | $ | $ |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
Common Units | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interests in Consolidated Affiliates | Total | ||||||||||||||||||||||||||
General Partners’ Capital | Limited Partners’ Capital | ||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Issuances of Common Units, net of issuance costs and tax withholdings | ( | ( | — | — | ( | ||||||||||||||||||||||||
Distributions on Common Units ($ | ( | ( | — | — | ( | ||||||||||||||||||||||||
Distributions on Preferred Units ($ | ( | ( | — | — | ( | ||||||||||||||||||||||||
Share-based compensation expense, net of forfeitures | — | — | |||||||||||||||||||||||||||
Distributions to noncontrolling interests in consolidated affiliates | — | — | — | ( | ( | ||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated affiliates | — | — | — | ||||||||||||||||||||||||||
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner | ( | ( | — | — | ( | ||||||||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | ( | ( | — | ||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||||||||
Other comprehensive loss | — | — | ( | — | ( | ||||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | ( | $ | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of lease incentives and acquisition-related intangible assets and liabilities | ( | ||||||||||
Share-based compensation expense | |||||||||||
Credit losses on operating lease receivables | |||||||||||
Write-off of mortgages and notes receivable | |||||||||||
Accrued interest on mortgages and notes receivable | ( | ( | |||||||||
Amortization of debt issuance costs | |||||||||||
Amortization of cash flow hedges | ( | ||||||||||
Amortization of mortgages and notes payable fair value adjustments | |||||||||||
Impairments of real estate assets | |||||||||||
Losses on debt extinguishment | |||||||||||
Net gains on disposition of property | ( | ( | |||||||||
Equity in earnings of unconsolidated affiliates | ( | ( | |||||||||
Distributions of earnings from unconsolidated affiliates | |||||||||||
Settlement of cash flow hedges | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ||||||||||
Accrued straight-line rents receivable | ( | ( | |||||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Investments in acquired real estate and related intangible assets, net of cash acquired | ( | ( | |||||||||
Investments in development in-process | ( | ( | |||||||||
Investments in tenant improvements and deferred leasing costs | ( | ( | |||||||||
Investments in building improvements | ( | ( | |||||||||
Net proceeds from disposition of real estate assets | |||||||||||
Distributions of capital from unconsolidated affiliates | |||||||||||
Investments in mortgages and notes receivable | ( | ||||||||||
Repayments of mortgages and notes receivable | |||||||||||
Payments of earnest money deposits | ( | ||||||||||
Changes in other investing activities | ( | ( | |||||||||
Net cash provided by/(used in) investing activities | ( | ||||||||||
Financing activities: | |||||||||||
Distributions on Common Units | ( | ( | |||||||||
Redemptions/repurchases of Preferred Units | ( | ( | |||||||||
Distributions on Preferred Units | ( | ( | |||||||||
Distributions to noncontrolling interests in consolidated affiliates | ( | ( | |||||||||
Proceeds from the issuance of Common Units | |||||||||||
Costs paid for the issuance of Common Units | ( | ||||||||||
Repurchase of units related to tax withholdings | ( | ( | |||||||||
Borrowings on revolving credit facility | |||||||||||
Repayments of revolving credit facility | ( | ( | |||||||||
Borrowings on mortgages and notes payable | |||||||||||
Repayments of mortgages and notes payable | ( | ( | |||||||||
Payments of debt extinguishment costs | ( | ||||||||||
Changes in debt issuance costs and other financing activities | ( | ( | |||||||||
Net cash provided by/(used in) financing activities | ( | ||||||||||
Net increase in cash and cash equivalents and restricted cash | $ | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Net increase in cash and cash equivalents and restricted cash | $ | $ | |||||||||
Cash and cash equivalents and restricted cash at beginning of the period | |||||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash and cash equivalents at end of the period | $ | $ | |||||||||
Restricted cash at end of the period | |||||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash paid for interest, net of amounts capitalized | $ | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Unrealized losses on cash flow hedges | $ | ( | $ | ( | |||||||
Changes in accrued capital expenditures (1) | ( | ||||||||||
Write-off of fully depreciated real estate assets | |||||||||||
Write-off of fully amortized leasing costs | |||||||||||
Write-off of fully amortized debt issuance costs | |||||||||||
Adjustment of Redeemable Common Units to fair value | ( | ||||||||||
Contributions from noncontrolling interests in consolidated affiliates | |||||||||||
Issuances of Common Units to acquire real estate assets | |||||||||||
Initial recognition of lease liabilities related to right of use assets |
September 30, 2020 | |||||
Development in-process | $ | ||||
Accounts payable, accrued expenses and other liabilities | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Assets: | |||||||||||
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) | $ | $ | |||||||||
Less accumulated amortization | ( | ( | |||||||||
$ | $ | ||||||||||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||||||
Acquisition-related below market lease liabilities | $ | $ | |||||||||
Less accumulated amortization | ( | ( | |||||||||
$ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
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 intangible assets (in rental property and other expenses) | $ | $ | $ | $ | |||||||||||||||||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | ( | $ | ( | $ | ( | $ | ( |
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 Intangible Assets (in Rental Property and Other Expenses) | Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) | ||||||||||||||||||||||||||||
October 1 through December 31, 2020 | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||
2021 | ( | |||||||||||||||||||||||||||||||
2022 | ( | |||||||||||||||||||||||||||||||
2023 | ( | |||||||||||||||||||||||||||||||
2024 | ( | |||||||||||||||||||||||||||||||
Thereafter | ( | |||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
Weighted average remaining amortization periods as of September 30, 2020 (in years) |
September 30, 2020 | December 31, 2019 | ||||||||||
Secured indebtedness | $ | $ | |||||||||
Unsecured indebtedness | |||||||||||
Less-unamortized debt issuance costs | ( | ( | |||||||||
Total mortgages and notes payable, net | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Derivatives: | |||||||||||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: | |||||||||||
Interest rate swaps | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||||||||||
Amount of unrealized gains/(losses) recognized in accumulated other comprehensive income/(loss) on derivatives: | |||||||||||||||||||||||
Interest rate swaps | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Amount of (gains)/losses reclassified out of accumulated other comprehensive income/(loss) into interest expense: | |||||||||||||||||||||||
Interest rate swaps | $ | $ | ( | $ | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Beginning noncontrolling interests in the Operating Partnership | $ | $ | $ | $ | |||||||||||||||||||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | ( | ( | |||||||||||||||||||||
Issuances of Common Units | |||||||||||||||||||||||
Conversions of Common Units to Common Stock | ( | ( | |||||||||||||||||||||
Net income attributable to noncontrolling interests in the Operating Partnership | |||||||||||||||||||||||
Distributions to noncontrolling interests in the Operating Partnership | ( | ( | ( | ( | |||||||||||||||||||
Total noncontrolling interests in the Operating Partnership | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income available for common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Increase in additional paid in capital from conversions of Common Units to Common Stock | |||||||||||||||||||||||
Issuances of Common Units | ( | ||||||||||||||||||||||
Change from net income available for common stockholders and transfers from noncontrolling interests | $ | $ | $ | $ |
Level 1 | Level 2 | |||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | ||||||||||||||||||
Fair Value at September 30, 2020: | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | $ | $ | |||||||||||||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | ||||||||||||||||||||
Total Assets | $ | $ | $ | |||||||||||||||||
Noncontrolling Interests in the Operating Partnership | $ | $ | $ | |||||||||||||||||
Liabilities: | ||||||||||||||||||||
Mortgages and notes payable, net, at fair value (1) | $ | $ | $ | |||||||||||||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | ||||||||||||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | ||||||||||||||||||||
Total Liabilities | $ | $ | $ |
Fair Value at December 31, 2019: | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | $ | $ | |||||||||||||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | ||||||||||||||||||||
Total Assets | $ | $ | $ | |||||||||||||||||
Noncontrolling Interests in the Operating Partnership | $ | $ | $ | |||||||||||||||||
Liabilities: | ||||||||||||||||||||
Mortgages and notes payable, net, at fair value (1) | $ | $ | $ | |||||||||||||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | ||||||||||||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | ||||||||||||||||||||
Total Liabilities | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Beginning balance | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Unrealized gains/(losses) on cash flow hedges | ( | ( | ( | ||||||||||||||||||||
Amortization of cash flow hedges (1) | ( | ( | |||||||||||||||||||||
Total accumulated other comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( |
September 30, 2020 | December 31, 2019 | ||||||||||
Assets: | |||||||||||
Land | $ | $ | |||||||||
Buildings and tenant improvements | |||||||||||
Less-accumulated depreciation | ( | ( | |||||||||
Net real estate assets | |||||||||||
Accrued straight-line rents receivable | |||||||||||
Deferred leasing costs, net | |||||||||||
Real estate and other assets, net, held for sale | $ | $ | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Earnings per Common Share - basic: | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | ( | ( | ( | ( | |||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | ( | ( | ( | ( | |||||||||||||||||||
Dividends on Preferred Stock | ( | ( | ( | ( | |||||||||||||||||||
Net income available for common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) | |||||||||||||||||||||||
Net income available for common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Earnings per Common Share - diluted: | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | ( | ( | ( | ( | |||||||||||||||||||
Dividends on Preferred Stock | ( | ( | ( | ( | |||||||||||||||||||
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) | |||||||||||||||||||||||
Add: | |||||||||||||||||||||||
Stock options using the treasury method | |||||||||||||||||||||||
Noncontrolling interests Common Units | |||||||||||||||||||||||
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions | |||||||||||||||||||||||
Net income available for common stockholders | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Earnings per Common Unit - basic: | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | ( | ( | ( | ( | |||||||||||||||||||
Distributions on Preferred Units | ( | ( | ( | ( | |||||||||||||||||||
Net income available for common unitholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) | |||||||||||||||||||||||
Net income available for common unitholders | $ | $ | $ | $ | |||||||||||||||||||
Earnings per Common Unit - diluted: | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | ( | ( | ( | ( | |||||||||||||||||||
Distributions on Preferred Units | ( | ( | ( | ( | |||||||||||||||||||
Net income available for common unitholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) | |||||||||||||||||||||||
Add: | |||||||||||||||||||||||
Stock options using the treasury method | |||||||||||||||||||||||
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions | |||||||||||||||||||||||
Net income available for common unitholders | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Rental and Other Revenues: | |||||||||||||||||||||||
Office: | |||||||||||||||||||||||
Atlanta | $ | $ | $ | $ | |||||||||||||||||||
Charlotte | |||||||||||||||||||||||
Nashville | |||||||||||||||||||||||
Orlando | |||||||||||||||||||||||
Pittsburgh | |||||||||||||||||||||||
Raleigh | |||||||||||||||||||||||
Richmond | |||||||||||||||||||||||
Tampa | |||||||||||||||||||||||
Total Office Segment | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total Rental and Other Revenues | $ | $ | $ | $ |
Net Operating Income: | |||||||||||||||||||||||
Office: | |||||||||||||||||||||||
Atlanta | $ | $ | $ | $ | |||||||||||||||||||
Charlotte | |||||||||||||||||||||||
Nashville | |||||||||||||||||||||||
Orlando | |||||||||||||||||||||||
Pittsburgh | |||||||||||||||||||||||
Raleigh | |||||||||||||||||||||||
Richmond | |||||||||||||||||||||||
Tampa | |||||||||||||||||||||||
Total Office Segment | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total Net Operating Income | |||||||||||||||||||||||
Reconciliation to net income: | |||||||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | |||||||||||||||||||
Impairments of real estate assets | ( | ( | ( | ||||||||||||||||||||
General and administrative expenses | ( | ( | ( | ( | |||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other income/(loss) | ( | ( | ( | ||||||||||||||||||||
Gains on disposition of property | |||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | |||||||||||||||||||||||
Net income | $ | $ | $ | $ |
New | Renewal | All Office | |||||||||||||||
Leased space (in rentable square feet) | 189,826 | 469,877 | 659,703 | ||||||||||||||
Average term (in years - rentable square foot weighted) | 7.2 | 4.3 | 5.1 | ||||||||||||||
Base rents (per rentable square foot) (1) | $ | 31.23 | $ | 30.37 | $ | 30.62 | |||||||||||
Rent concessions (per rentable square foot) (1) | (1.43) | (1.08) | (1.18) | ||||||||||||||
GAAP rents (per rentable square foot) (1) | $ | 29.80 | $ | 29.29 | $ | 29.44 | |||||||||||
Tenant improvements (per rentable square foot) (1) | $ | 4.63 | $ | 0.99 | $ | 2.04 | |||||||||||
Leasing commissions (per rentable square foot) (1) | $ | 0.91 | $ | 0.50 | $ | 0.62 |
Nine Months Ended September 30, | |||||||||||||||||
2020 | 2019 | Change | |||||||||||||||
Net Cash Provided By Operating Activities | $ | 275,459 | $ | 286,261 | $ | (10,802) | |||||||||||
Net Cash Provided By/(Used In) Investing Activities | 80,369 | (250,260) | 330,629 | ||||||||||||||
Net Cash Provided By/(Used In) Financing Activities | (242,299) | 76,880 | (319,179) | ||||||||||||||
Total Cash Flows | $ | 113,529 | $ | 112,881 | $ | 648 |
September 30, 2020 | December 31, 2019 | ||||||||||
Mortgages and notes payable, net, at recorded book value | $ | 2,469,554 | $ | 2,543,710 | |||||||
Preferred Stock, at liquidation value | $ | 28,826 | $ | 28,859 | |||||||
Common Stock outstanding | 103,908 | 103,756 | |||||||||
Common Units outstanding (not owned by the Company) | 2,842 | 2,724 | |||||||||
Per share stock price at period end | $ | 33.57 | $ | 48.91 | |||||||
Market value of Common Stock and Common Units | $ | 3,583,598 | $ | 5,207,937 | |||||||
Total capitalization | $ | 6,081,978 | $ | 7,780,506 |
Property | Market | Rentable Square Feet | Anticipated Total Investment (1) | Investment As Of September 30, 2020 (1) | Pre Leased % | Estimated Completion | Estimated Stabilization | |||||||||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
GlenLake Seven (2) | Raleigh | 125,700 | $ | 43,881 | $ | 31,492 | 100.0 | % | 1Q 21 | 1Q 21 | ||||||||||||||||||||||||||||||||||
Virginia Springs II | Nashville | 111,000 | 37,900 | 24,072 | 5.3 | 4Q 20 | 3Q 22 | |||||||||||||||||||||||||||||||||||||
Midtown West (3) | Tampa | 150,000 | 71,300 | 42,015 | 6.6 | 2Q 21 | 4Q 22 | |||||||||||||||||||||||||||||||||||||
Asurion | Nashville | 552,800 | 285,000 | 205,089 | 98.3 | 4Q 21 | 1Q 22 | |||||||||||||||||||||||||||||||||||||
939,500 | $ | 438,081 | $ | 302,668 | 72.9 | % | ||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Funds from operations: | |||||||||||||||||||||||
Net income | $ | 42,331 | $ | 29,557 | $ | 272,627 | $ | 79,337 | |||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (298) | (297) | (872) | (919) | |||||||||||||||||||
Depreciation and amortization of real estate assets | 59,622 | 60,145 | 178,818 | 187,347 | |||||||||||||||||||
Impairments of depreciable properties | — | 1,400 | 1,778 | 1,400 | |||||||||||||||||||
(Gains) on disposition of depreciable properties | (10,012) | (2,580) | (162,673) | (9,283) | |||||||||||||||||||
Unconsolidated affiliates: | |||||||||||||||||||||||
Depreciation and amortization of real estate assets | 653 | 632 | 1,803 | 1,834 | |||||||||||||||||||
Funds from operations | 92,296 | 88,857 | 291,481 | 259,716 | |||||||||||||||||||
Dividends on Preferred Stock | (622) | (622) | (1,866) | (1,866) | |||||||||||||||||||
Funds from operations available for common stockholders | $ | 91,674 | $ | 88,235 | $ | 289,615 | $ | 257,850 | |||||||||||||||
Funds from operations available for common stockholders per share | $ | 0.86 | $ | 0.83 | $ | 2.71 | $ | 2.42 | |||||||||||||||
Weighted average shares outstanding (1) | 106,740 | 106,471 | 106,702 | 106,425 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income | $ | 42,331 | $ | 29,557 | $ | 272,627 | $ | 79,337 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | (823) | (940) | (2,965) | (2,369) | |||||||||||||||||||
Gains on disposition of property | (10,012) | (3,515) | (163,397) | (10,218) | |||||||||||||||||||
Other (income)/loss | 3,311 | (174) | 2,654 | 3,271 | |||||||||||||||||||
Interest expense | 19,886 | 20,527 | 61,003 | 59,622 | |||||||||||||||||||
General and administrative expenses | 9,155 | 11,717 | 30,169 | 33,658 | |||||||||||||||||||
Impairments of real estate assets | — | 5,318 | 1,778 | 5,849 | |||||||||||||||||||
Depreciation and amortization | 60,303 | 60,850 | 180,914 | 189,514 | |||||||||||||||||||
Net operating income | 124,151 | 123,340 | 382,783 | 358,664 | |||||||||||||||||||
Non same property and other net operating income | (13,812) | (13,945) | (45,345) | (37,794) | |||||||||||||||||||
Same property net operating income | $ | 110,339 | $ | 109,395 | $ | 337,438 | $ | 320,870 | |||||||||||||||
Same property net operating income | $ | 110,339 | $ | 109,395 | $ | 337,438 | $ | 320,870 | |||||||||||||||
Lease termination fees, straight-line rent and other non-cash adjustments (1) | (6,309) | (6,659) | (26,036) | (12,915) | |||||||||||||||||||
Same property cash net operating income | $ | 104,030 | $ | 102,736 | $ | 311,402 | $ | 307,955 |
Total Number of Shares Purchased | Weighted Average Price Paid per Share | |||||||||||||
July 1 to July 31 | 698 | $ | 36.59 | |||||||||||
August 1 to August 31 | — | — | ||||||||||||
September 1 to September 30 | 297 | 36.70 | ||||||||||||
Total | 995 | $ | 36.62 |
Exhibit Number | Description | ||||
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101.SCH | XBRL Taxonomy Extension Schema Document | ||||
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101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | XBRL Extension Labels Linkbase | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
Highwoods Properties, Inc. | |||||
By: | /s/ Mark F. Mulhern | ||||
Mark F. Mulhern | |||||
Executive Vice President and Chief Financial Officer |
Highwoods Realty Limited Partnership | |||||
By: | Highwoods Properties, Inc., its sole general partner | ||||
By: | /s/ Mark F. Mulhern | ||||
Mark F. Mulhern | |||||
Executive Vice President and Chief Financial Officer |
/s/ Theodore J. Klinck | ||
Theodore J. Klinck President and Chief Executive Officer |
/s/ Mark F. Mulhern | ||
Mark F. Mulhern Executive Vice President and Chief Financial Officer |
/s/ Theodore J. Klinck | ||
Theodore J. Klinck President and Chief Executive Officer of the General Partner |
/s/ Mark F. Mulhern | ||
Mark F. Mulhern Executive Vice President and Chief Financial Officer of the General Partner |
/s/ Theodore J. Klinck | ||
Theodore J. Klinck President and Chief Executive Officer | ||
October 27, 2020 |
/s/ Mark F. Mulhern | ||
Mark F. Mulhern Executive Vice President and Chief Financial Officer | ||
October 27, 2020 |
/s/ Theodore J. Klinck | ||
Theodore J. Klinck President and Chief Executive Officer of the General Partner | ||
October 27, 2020 |
/s/ Mark F. Mulhern | ||
Mark F. Mulhern Executive Vice President and Chief Financial Officer of the General Partner | ||
October 27, 2020 |
Consolidated Statements of Equity/Capital (Parentheticals) - $ / shares |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Highwoods Properties, Inc. [Member] | ||||
Dividends on Common Stock (per share) | $ 0.48 | $ 0.475 | $ 1.44 | $ 1.425 |
Highwoods Properties, Inc. [Member] | Series A Cumulative Redeemable Preferred Shares [Member] | ||||
Dividends on Preferred Stock (per share)/Distributions on Preferred Units (per unit) | 21.5625 | 21.5625 | 64.6875 | 64.6875 |
Highwoods Realty Limited Partnership [Member] | ||||
Distributions on Common Units (per unit) | 0.48 | 0.475 | 1.44 | 1.425 |
Highwoods Realty Limited Partnership [Member] | Series A Cumulative Redeemable Preferred Shares [Member] | ||||
Dividends on Preferred Stock (per share)/Distributions on Preferred Units (per unit) | $ 21.5625 | $ 21.5625 | $ 64.6875 | $ 64.6875 |
Description of Business and Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2020 | |
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 real estate investment trust (“REIT”) that provides leasing, management, development, construction and other customer-related services for its properties and for third parties. The Company conducts its activities through Highwoods Realty Limited Partnership (the “Operating Partnership”). At September 30, 2020, we owned or had an interest in 27.9 million rentable square feet of in-service properties, 1.2 million rentable square feet of office properties under development and approximately 225 acres of development land. The Company is the sole general partner of the Operating Partnership. At September 30, 2020, the Company owned all of the Preferred Units and 103.5 million, or 97.3%, of the Common Units in the Operating Partnership. Limited partners owned the remaining 2.8 million Common Units. During the nine months ended September 30, 2020, the Company issued 118,592 Common Units to acquire real estate assets. 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. We also consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary. At September 30, 2020, we have involvement with, and are the primary beneficiary in, an entity that we concluded to be a variable interest entity (see Note 3). All intercompany transactions and accounts have been eliminated. The unaudited interim consolidated financial statements and accompanying unaudited consolidated financial information, in the opinion of management, 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 2019 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. We have stop-loss coverage to limit our exposure to significant claims on a per claim and annual aggregate basis. We determine our liabilities for claims, including incurred but not reported losses, based on all relevant information, including actuarial estimates of claim liabilities. At September 30, 2020, 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 changes certain disclosure requirements for fair value measurements. We adopted the ASU as of January 1, 2020 with no material effect on our Notes to Consolidated Financial Statements. The FASB issued an ASU that provides temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting 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”). Entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. The guidance in this ASU is optional and may be elected over the period March 12, 2020 through December 31, 2022 as reference rate reform activities occur. We will continue to evaluate the impact of this ASU; however, we currently expect to avail ourselves of such optional expedients and exceptions should our modified contracts meet the required criteria. Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, lessors may provide rent deferrals and other lease concessions to lessees. In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, we would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows us, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. We have elected the practical expedient and will not apply lease modification accounting on a lease by lease basis where applicable. As a result, $6.0 million of deferred rent is included in accounts receivable on our Consolidated Balance Sheets at September 30, 2020.
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Leases |
9 Months Ended |
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Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | 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 owned by us 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 | to 10 years. We recognized rental and other revenues related to operating lease payments of $178.9 million and $184.2 million during the three months ended September 30, 2020 and 2019, respectively, and $549.5 million and $534.2 million during the nine months ended September 30, 2020 and 2019, respectively. Included in these amounts are variable lease payments of $12.8 million and $17.3 million during the three months ended September 30, 2020 and 2019, respectively, and $42.7 million and $49.2 million during the nine months ended September 30, 2020 and 2019, respectively.
Consolidated Variable Interest Entity |
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Variable Interest Entities [Abstract] | |||||||||||||||||||||||||
Consolidated Variable Interest Entity | Consolidated Variable Interest EntityIn 2019, we and The Bromley Companies formed a joint venture (the “Midtown One joint venture”) to construct Midtown West, a 150,000 square foot, multi-customer office building located in the mixed-use Midtown Tampa project in Tampa’s Westshore submarket. Midtown West has an anticipated total investment of $71.3 million. Construction of Midtown West began in the third quarter of 2019 with a scheduled completion date in the second quarter of 2021. At closing, we agreed to contribute cash of $20.0 million, which has been fully funded, in exchange for an 80.0% interest in the Midtown One joint venture and The Bromley Companies contributed land valued at $5.0 million in exchange for the remaining 20.0% interest. We also committed to provide a $46.3 million interest-only secured construction loan to the Midtown One joint venture that is scheduled to mature on the second anniversary of completion. The loan bears interest at LIBOR plus 250 basis points. As of September 30, 2020, $13.7 million under the loan has been funded. We determined that we have a variable interest in the Midtown One 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 an equity holder and The Bromley Companies as an equity holder. The Midtown One 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 investment provided by us and The Bromley Companies is not sufficient to finance its planned investments and operations. We, as 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 and loan commitment. As such, the Midtown One joint venture is consolidated and all intercompany transactions and accounts are eliminated. The following table sets forth the assets and liabilities of the Midtown One joint venture included on our Consolidated Balance Sheets:
The assets of the Midtown One joint venture can be used only to settle obligations of the joint venture and its creditors have no recourse to our wholly owned assets.
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Real Estate Assets |
9 Months Ended |
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Sep. 30, 2020 | |
Real Estate [Abstract] | |
Real Estate Assets | Real Estate Assets Acquisitions During the second quarter of 2020, we acquired development land in Raleigh for a purchase price, including capitalized acquisition costs, of $2.3 million. During the first quarter of 2020, we acquired development land in Nashville for a purchase price of $6.2 million, which consisted of the issuance of 118,592 Common Units and capitalized acquisition costs. Dispositions During the third quarter of 2020, we sold two buildings in Memphis for an aggregate sale price of $23.3 million and recorded aggregate gains on disposition of property of $9.4 million. During the third quarter of 2020, we also recognized $0.6 million of aggregate gains related to the disposition of property in the first quarter of 2020. During the second quarter of 2020, we sold land in Atlanta for a sale price of $2.8 million and recorded a loss on disposition of property of $0.1 million. During the second quarter of 2020, we also recognized $0.4 million of gain related to the satisfaction of a performance obligation as part of a 2016 land sale. During the first quarter of 2020, we sold 41 buildings and land in Greensboro and Memphis for an aggregate sale price of $338.4 million (before closing credits to buyer of $3.8 million) and recorded aggregate gains on disposition of property of $153.1 million. Impairments During the second quarter of 2020, we recorded an impairment of real estate assets of $1.8 million, which resulted from a change in market-based inputs and our assumptions about the use of the assets.
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Intangible Assets and Below Market Lease Liabilities |
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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:
The following table sets forth 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:
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Mortgages and Notes Payable |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages and Notes Payable | Mortgages and Notes Payable The following table sets forth our mortgages and notes payable:
At September 30, 2020, our secured mortgage loan was collateralized by real estate assets with an undepreciated book value of $147.6 million. Our $600.0 million unsecured revolving credit facility is scheduled to mature in January 2022 and includes an accordion feature that allows for an additional $400.0 million of borrowing capacity subject to additional lender commitments. Assuming no defaults have occurred, we have an option to extend the maturity for two additional -month periods. The interest rate at our current credit ratings is LIBOR plus 100 basis points and the annual facility fee is 20 basis points. There were no amounts outstanding under our revolving credit facility at both September 30, 2020 and October 20, 2020. At both September 30, 2020 and October 20, 2020, we had $0.1 million of outstanding letters of credit, which reduces the availability on our revolving credit facility. As a result, the unused capacity of our revolving credit facility at both September 30, 2020 and October 20, 2020 was $599.9 million. During the third quarter of 2020, the Operating Partnership issued $400.0 million aggregate principal amount of 2.600% notes due February 2031, less original issuance discount of $1.6 million. These notes were priced to yield 2.645%. Underwriting fees and other expenses were incurred that aggregated $3.4 million; these costs were deferred and will be amortized over the term of the notes. The net proceeds from the issuance were used: (1) to finance the Operating Partnership’s cash tender offer to purchase $150.0 million principal amount of its 3.20% notes due June 15, 2021 at a purchase price of 101.908% of the face amount of the notes, plus accrued and unpaid interest; (2) to prepay without penalty our $100.0 million unsecured bank term loan that was scheduled to mature in January 2022 and which bore interest at LIBOR plus 110 basis points; and (3) for general corporate purposes. We recorded $3.7 million of aggregate losses on debt extinguishment related to the repurchase of the 3.20% notes and the term loan prepayment. 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 October 27, 2020 (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. In particular, we have considered our scheduled debt maturities during such one-year period, including the $150.0 million principal amount of unsecured notes due June 15, 2021. 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.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments The counterparties under our swaps are major financial institutions. The swap agreements contain a provision whereby if we default on certain of our indebtedness and which default results in repayment of such indebtedness being, or becoming capable of being, accelerated by the lender, then we could also be declared in default on our swaps. Our interest rate swaps have been designated as and are being accounted for as cash flow hedges with changes in fair value recorded in other comprehensive income/(loss) each reporting period. We have no collateral requirements related to our interest rate swaps. Amounts reported in accumulated other comprehensive income/(loss) related to derivatives will be reclassified to interest expense as interest payments are made on our debt. During the period from October 1, 2020 through September 30, 2021, we estimate that $0.5 million will be reclassified as a net increase to interest expense. The following table sets forth the fair value of our derivatives:
The following table sets forth the effect of our cash flow hedges on accumulated other comprehensive income/(loss) and interest expense:
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Noncontrolling Interests |
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | Noncontrolling Interests Noncontrolling Interests in Consolidated Affiliates At September 30, 2020, our noncontrolling interests in consolidated affiliates relate to our joint venture partners’ 50.0% interest in office properties in Richmond and 20.0% interest in an office development property in Tampa. Our joint venture partners are unrelated third parties. Noncontrolling Interests in the Operating Partnership The following table sets forth the Company’s 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:
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Disclosure About Fair Value of Financial Instruments |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 interest rate swaps. The fair value of mortgages and notes receivable and mortgages and notes payable is estimated by the income approach utilizing 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 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:
__________ (1) Amounts are not recorded at fair value on our Consolidated Balance Sheets at September 30, 2020 and December 31, 2019. The Level 3 impaired real estate assets measured at a fair value of $2.1 million in the second quarter of 2020 included a non-core office building. The impairment resulted from a change in our assumptions about the use of the assets and was calculated using brokers’ opinions of value, letters of intent and comparable sales as observable inputs were not available.
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Share-Based Payments |
9 Months Ended |
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Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Payments | Share-Based PaymentsDuring the nine months ended September 30, 2020, the Company granted 83,116 shares of time-based restricted stock and 66,188 shares of total return-based restricted stock with weighted average grant date fair values per share of $44.88 and $38.31, respectively. We recorded share-based compensation expense of $1.2 million and $0.7 million during the three months ended September 30, 2020 and 2019, respectively, and $5.0 million and $6.2 million during the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020, there was $6.5 million of total unrecognized share-based compensation costs, which will be recognized over a weighted average remaining contractual term of 2.0 years. |
Accumulated Other Comprehensive Income/(Loss) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income/(Loss) | Accumulated Other Comprehensive Income/(Loss) The following table sets forth the components of accumulated other comprehensive income/(loss):
__________ (1) Amounts reclassified out of accumulated other comprehensive income/(loss) into interest expense.
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Real Estate and Other Assets Held For Sale |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Other Assets Held For Sale | Real Estate and Other Assets Held For Sale The following table sets forth the assets held for sale at September 30, 2020 and December 31, 2019, which are considered non-core:
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Earnings Per Share and Per Unit |
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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:
__________ (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:
__________ (1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable.
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Segment Information |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The following tables summarize the rental and other revenues and net operating income, the primary industry property-level performance metric used by our chief operating decision maker and which is defined as rental and other revenues less rental property and other expenses, for each of our reportable segments. Our segment information for the three and nine months ended September 30, 2019 has been retrospectively revised from previously reported amounts to reflect a change in our reportable segments as a result of recent dispositions.
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Contingencies |
9 Months Ended |
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Sep. 30, 2020 | |
Loss Contingency [Abstract] | |
Contingencies | ContingenciesSince early March 2020, efforts to slow the spread of the COVID-19 virus have had a significant impact on the U.S. economy. We continue to follow the policies described in Notes 1 and 2 to our Consolidated Financial Statements contained in our 2019 Annual Report on Form 10-K, including those related to impairments of real estate assets and investments in unconsolidated affiliates, leases and estimates of credit losses on operating lease receivables. While the results of our current analyses did not result in any material adjustments to amounts as of September 30, 2020 and during the three and nine months ended September 30, 2020, circumstances related to the COVID-19 pandemic may result in recording impairments, lease modifications and credit losses in future periods. |
Subsequent Events |
9 Months Ended |
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Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 1, 2020, we sold a building in Greensboro for a sale price of $4.6 million and expect to record a gain on disposition of property of $1.3 million. On October 15, 2020, the Company declared a cash dividend of $0.48 per share of Common Stock, which is payable on December 8, 2020 to stockholders of record as of November 16, 2020. See also Note 15 for information regarding the potential impact of the COVID-19 pandemic in future periods. The severity and duration of the COVID-19 pandemic and the resulting economic recession and the future demand for office space over the long-term are difficult to predict and could materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance.
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Description of Business and Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
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. We also consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary. At September 30, 2020, we have involvement with, and are the primary beneficiary in, an entity that we concluded to be a variable interest entity (see Note 3). All intercompany transactions and accounts have been eliminated. The unaudited interim consolidated financial statements and accompanying unaudited consolidated financial information, in the opinion of management, 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 2019 Annual Report on Form 10-K.
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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.
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Insurance | InsuranceWe are primarily self-insured for health care claims for participating employees. We have stop-loss coverage to limit our exposure to significant claims on a per claim and annual aggregate basis. We determine our liabilities for claims, including incurred but not reported losses, based on all relevant information, including actuarial estimates of claim liabilities. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards The Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) that changes certain disclosure requirements for fair value measurements. We adopted the ASU as of January 1, 2020 with no material effect on our Notes to Consolidated Financial Statements. The FASB issued an ASU that provides temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting 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”). Entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. The guidance in this ASU is optional and may be elected over the period March 12, 2020 through December 31, 2022 as reference rate reform activities occur. We will continue to evaluate the impact of this ASU; however, we currently expect to avail ourselves of such optional expedients and exceptions should our modified contracts meet the required criteria. Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, lessors may provide rent deferrals and other lease concessions to lessees. In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, we would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows us, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. We have elected the practical expedient and will not apply lease modification accounting on a lease by lease basis where applicable.
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Consolidated Variable Interest Entity (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||
Variable Interest Entities [Abstract] | |||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table sets forth the assets and liabilities of the Midtown One joint venture included on our Consolidated Balance Sheets:
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Intangible Assets and Below Market Lease Liabilities (Tables) |
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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:
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Amortization of Intangible Assets and Below Market Lease Liabilities | The following table sets forth amortization of intangible assets and below market lease liabilities:
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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:
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Mortgages and Notes Payable (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consolidated Mortgages and Notes Payable | The following table sets forth our mortgages and notes payable:
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Derivative Financial Instruments (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Fair Value | The following table sets forth the fair value of our derivatives:
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table sets forth the effect of our cash flow hedges on accumulated other comprehensive income/(loss) and interest expense:
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Noncontrolling Interests (Tables) - Highwoods Properties, Inc. [Member] |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests in the Operating Partnership | The following table sets forth the Company’s noncontrolling interests in the Operating Partnership:
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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:
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Disclosure About Fair Value of Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
__________ (1) Amounts are not recorded at fair value on our Consolidated Balance Sheets at September 30, 2020 and December 31, 2019.
|
Accumulated Other Comprehensive Income/(Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income/(Loss) | The following table sets forth the components of accumulated other comprehensive income/(loss):
__________ (1) Amounts reclassified out of accumulated other comprehensive income/(loss) into interest expense.
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Real Estate and Other Assets Held For Sale (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Other Assets of the Properties Classified As Held For Sale | The following table sets forth the assets held for sale at September 30, 2020 and December 31, 2019, which are considered non-core:
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Earnings Per Share and Per Unit (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
__________ (1)Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.
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Highwoods Realty Limited Partnership [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
__________ (1)Includes all unvested restricted stock where distributions on such restricted stock are non-forfeitable.
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated | The following tables summarize the rental and other revenues and net operating income, the primary industry property-level performance metric used by our chief operating decision maker and which is defined as rental and other revenues less rental property and other expenses, for each of our reportable segments. Our segment information for the three and nine months ended September 30, 2019 has been retrospectively revised from previously reported amounts to reflect a change in our reportable segments as a result of recent dispositions.
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Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
|
Description of Business and Significant Accounting Policies (Details) ft² in Millions, $ in Millions |
Sep. 30, 2020
USD ($)
ft²
a
shares
|
---|---|
Description of Business [Abstract] | |
Rentable square feet of commercial real estate properties (in sq feet) | ft² | 27.9 |
Rentable square feet of commercial real estate office properties under development (in sq feet) | ft² | 1.2 |
Undeveloped land suitable for future development (in acres) | a | 225 |
Self insurance liability | $ | $ 0.5 |
Deferred rents included in accounts receivable | $ | $ 6.0 |
Highwoods Properties, Inc. [Member] | |
Description of Business [Abstract] | |
Common Units of partnership owned by the Company (in shares) | 103,500,000 |
Percentage of ownership of Common Units (in hundredths) | 97.30% |
Issuance of Common Units in acquisition (in units) | 118,592 |
Highwoods Realty Limited Partnership [Member] | |
Description of Business [Abstract] | |
Common Units of partnership not owned by the Company (in shares) | 2,800,000 |
Leases ASC 842 (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Lessor Disclosure [Abstract] | ||||
Rental and other revenues related to operating lease payments | $ 178.9 | $ 184.2 | $ 549.5 | $ 534.2 |
Variable lease income | $ 12.8 | $ 17.3 | $ 42.7 | $ 49.2 |
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 |
Consolidated Variable Interest Entity (Details) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2019
USD ($)
ft²
|
Sep. 30, 2020
USD ($)
ft²
|
|
Consolidated Variable Interest Entity [Abstract] | ||
Rentable square feet of office property under development (in sq feet) | ft² | 1,200,000 | |
Assets and liabilities of consolidated variable interest entity [Abstract] | ||
Development in-process | $ 172,706 | $ 258,219 |
Accounts payable, accrued expenses and other liabilities | $ 286,911 | 299,587 |
Consolidated Variable Interest Entity [Member] | ||
Consolidated Variable Interest Entity [Abstract] | ||
Rentable square feet of office property under development (in sq feet) | ft² | 150,000 | |
Total anticipated development costs | $ 71,300 | |
Contribution of cash to acquire interest in consolidated joint venture | $ 20,000 | |
Interest in consolidated joint venture (in hundredths) | 80.00% | |
Partner's contribution of property to acquire interest in consolidated joint venture | $ 5,000 | |
Advance to consolidated affiliate | $ 46,300 | |
Amount of loan funded to affiliate | 13,700 | |
Assets and liabilities of consolidated variable interest entity [Abstract] | ||
Development in-process | 42,015 | |
Accounts payable, accrued expenses and other liabilities | $ 2,706 | |
Consolidated Variable Interest Entity [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Consolidated Variable Interest Entity [Abstract] | ||
Variable interest rate basis | LIBOR | |
Interest rate, basis spread (in hundredths) | 2.50% | |
Variable Interest Entity [Member] | ||
Consolidated Variable Interest Entity [Abstract] | ||
Partner's interest in consolidated joint venture (in hundredths) | 20.00% | |
Variable Interest Entity [Member] | Consolidated Variable Interest Entity [Member] | ||
Consolidated Variable Interest Entity [Abstract] | ||
Partner's interest in consolidated joint venture (in hundredths) | 20.00% |
Real Estate Assets (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020
USD ($)
propertyUnit
|
Jun. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
propertyUnit
shares
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
propertyUnit
|
Sep. 30, 2019
USD ($)
|
|
Dispositions [Abstract] | ||||||
Gain/(loss) on disposition of property | $ 10,012 | $ 3,515 | $ 163,397 | $ 10,218 | ||
Impairments [Abstract] | ||||||
Impairments of real estate assets | $ 0 | $ 5,318 | $ 1,778 | $ 5,849 | ||
Raleigh NC Land Acquisition [Member] | ||||||
Acquisitions [Abstract] | ||||||
Acquisition purchase price | $ 2,300 | |||||
Nashville TN Land Acquisition [Member] | ||||||
Acquisitions [Abstract] | ||||||
Acquisition purchase price | $ 6,200 | |||||
Issuance of Common Units in acquisition (in units) | shares | 118,592 | |||||
2020 Dispositions [Member] | ||||||
Dispositions [Abstract] | ||||||
Number of buildings sold | propertyUnit | 2 | 41 | 2 | |||
Purchase price of real estate | $ 23,300 | 2,800 | $ 338,400 | |||
Closing credits excluded for unfunded building and/or tenant improvements | 3,800 | |||||
Gain/(loss) on disposition of property | 9,400 | (100) | $ 153,100 | |||
1st Quarter Disposition of Property [Member] | ||||||
Dispositions [Abstract] | ||||||
Gain/(loss) on disposition of property | $ 600 | |||||
2016 Land Disposition [Member] | ||||||
Dispositions [Abstract] | ||||||
Gain/(loss) on disposition of property | 400 | |||||
2020 Impairments [Member] | ||||||
Impairments [Abstract] | ||||||
Impairments of real estate assets | $ 1,800 |
Intangible Assets and Below Market Lease Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Assets: | |||||
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets) | $ 369,374 | $ 369,374 | $ 377,472 | ||
Deferred leasing costs, accumulated amortization | (153,045) | (153,045) | (146,125) | ||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 216,329 | 216,329 | 231,347 | ||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||
Acquisition-related below market lease liabilities, gross | 64,569 | 64,569 | 65,971 | ||
Acquisition-related below market lease liabilities, accumulated amortization | (37,173) | (37,173) | (34,014) | ||
Acquisition-related below market lease liabilities, net | 27,396 | 27,396 | $ 31,957 | ||
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 | 200,123 | 200,123 | |||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||||
Amortization of intangible assets | 8,466 | $ 9,003 | 25,830 | $ 28,077 | |
Lease Incentives (in Rental and Other Revenues) [Member] | |||||
Assets: | |||||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 11,569 | 11,569 | |||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||||
Amortization of intangible assets | 477 | 540 | 1,396 | 3,848 | |
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member] | |||||
Assets: | |||||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 4,544 | 4,544 | |||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||||
Amortization of intangible assets | 273 | 305 | 882 | 1,005 | |
Acquisition-Related Intangible Assets (in Rental Property and Other Expenses) [Member] | |||||
Assets: | |||||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | 93 | 93 | |||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||||
Amortization of intangible assets | 140 | 140 | 417 | 416 | |
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 | 27,396 | 27,396 | |||
Amortization of intangible assets and below market lease liabilities [Abstract] | |||||
Amortization of acquisition-related below market lease liabilities | $ (1,479) | $ (1,656) | $ (4,562) | $ (5,072) |
Intangible Assets and Below Market Lease Liabilities - Scheduled Future Amortization (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Scheduled future amortization of intangible assets [Abstract] | ||
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 216,329 | $ 231,347 |
Scheduled future amortization of below market lease liabilities [Abstract] | ||
Total scheduled future amortization of acquisition-related below market lease liabilities | (27,396) | $ (31,957) |
Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
October 1 through December 31, 2020 | 9,338 | |
2021 | 34,011 | |
2022 | 29,936 | |
2023 | 26,470 | |
2024 | 23,322 | |
Thereafter | 77,046 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 200,123 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 8 years 3 months 18 days | |
Lease Incentives (in Rental and Other Revenues) [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
October 1 through December 31, 2020 | $ 460 | |
2021 | 1,601 | |
2022 | 1,392 | |
2023 | 1,315 | |
2024 | 1,170 | |
Thereafter | 5,631 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 11,569 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 9 years 6 months | |
Acquisition-Related Intangible Assets (in Rental and Other Revenues) [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
October 1 through December 31, 2020 | $ 244 | |
2021 | 718 | |
2022 | 601 | |
2023 | 447 | |
2024 | 373 | |
Thereafter | 2,161 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 4,544 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 9 years 8 months 12 days | |
Acquisition-Related Intangible Assets (in Rental Property and Other Expenses) [Member] | ||
Scheduled future amortization of intangible assets [Abstract] | ||
October 1 through December 31, 2020 | $ 93 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Deferred leasing costs, net/Total scheduled future amortization of intangible assets | $ 93 | |
Weighted average remaining amortization periods for intangible assets and below market lease liabilities [Abstract] | ||
Finite-lived intangible assets, average useful life (in years) | 2 months 12 days | |
Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) [Member] | ||
Scheduled future amortization of below market lease liabilities [Abstract] | ||
October 1 through December 31, 2020 | $ (1,395) | |
2021 | (5,013) | |
2022 | (3,982) | |
2023 | (3,607) | |
2024 | (2,939) | |
Thereafter | (10,460) | |
Total scheduled future amortization of acquisition-related below market lease liabilities | $ (27,396) | |
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 7 months 6 days |
Mortgages and Notes Payable (Details) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
extension
|
Sep. 30, 2019
USD ($)
|
Oct. 20, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Debt Instrument [Line Items] | |||||
Mortgages and notes payable | $ 2,469,554,000 | $ 2,469,554,000 | $ 2,543,710,000 | ||
Unamortized debt issuance costs | (14,533,000) | (14,533,000) | (13,018,000) | ||
Aggregate losses on debt extinguishment | (3,700,000) | $ (3,671,000) | $ (640,000) | ||
Maximum liquidity requirements (in years) | 1 year | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity on revolving credit facility | 600,000,000.0 | $ 600,000,000.0 | |||
Additional borrowing capacity on revolving credit facility | 400,000,000.0 | $ 400,000,000.0 | |||
Number of additional extensions | extension | 2 | ||||
Term of optional extension | 6 months | ||||
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 | 599,900,000 | 599,900,000 | |||
2.600% (2.645% Effective Rate) Notes Due 2031 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt | $ 400,000,000.0 | $ 400,000,000.0 | |||
Stated interest rate (in hundredths) | 2.60% | 2.60% | |||
Original issuance discount | $ 1,600,000 | $ 1,600,000 | |||
Effective interest rate, yield to maturity (in hundredths) | 2.645% | 2.645% | |||
Deferred financing fees | $ 3,400,000 | $ 3,400,000 | |||
3.20% (3.363% effective rate) Notes due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt | $ 150,000,000.0 | $ 150,000,000.0 | |||
Stated interest rate (in hundredths) | 3.20% | 3.20% | |||
Purchase price of debt (in hundredths) | 101.908% | 101.908% | |||
Early repayment of debt | $ 150,000,000.0 | ||||
Variable Rate Term Loan Due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Early repayment of debt | 100,000,000.0 | ||||
Secured indebtedness [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgages and notes payable | 93,846,000 | $ 93,846,000 | 95,303,000 | ||
Aggregate undepreciated book value of secured real estate assets | 147,600,000 | 147,600,000 | |||
Unsecured indebtedness [Member] | |||||
Debt Instrument [Line Items] | |||||
Mortgages and notes payable | $ 2,390,241,000 | $ 2,390,241,000 | $ 2,461,425,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Facility interest rate basis | LIBOR | ||||
Interest rate, basis spread (in hundredths) | 1.00% | ||||
Annual facility fee (in hundredths) | 0.20% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Variable Rate Term Loan Due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Facility interest rate basis | LIBOR | ||||
Interest rate, basis spread (in hundredths) | 1.10% | ||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding on revolving credit facility | $ 0 | ||||
Outstanding letters of credit on revolving credit facility | 100,000 | ||||
Unused borrowing capacity on revolving credit facility | $ 599,900,000 |
Derivative Financial Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Expected net increase to interest expense | $ 500 | $ 500 | |||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: | |||||
Interest rate swaps | 1,036 | 1,036 | $ 154 | ||
Amount of unrealized gains/(losses) recognized in accumulated other comprehensive income/(loss) on derivatives: | |||||
Interest rate swaps | 5 | $ (6,732) | (1,231) | $ (9,282) | |
Amount of (gains)/losses reclassified out of accumulated other comprehensive income/(loss) into interest expense: | |||||
Interest rate swaps | $ 122 | $ (283) | $ 125 | $ (1,158) |
Noncontrolling Interests (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Noncontrolling Interests in the Operating Partnership [Roll Forward] | ||||
Beginning noncontrolling interests in the Operating Partnership | $ 133,216 | |||
Adjustment of noncontrolling interests in the Operating Partnership to fair value | $ (10,430) | $ 10,493 | (46,955) | $ 19,025 |
Conversions of Common Units to Common Stock | (219) | 0 | (572) | |
Net income attributable to noncontrolling interests in the Operating Partnership | 1,107 | 737 | 7,084 | 1,974 |
Distributions to noncontrolling interests in the Operating Partnership | (4,092) | (3,894) | ||
Total noncontrolling interests in the Operating Partnership | 95,416 | 95,416 | ||
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract] | ||||
Net income available for common stockholders | 40,304 | 27,901 | 262,805 | 74,578 |
Highwoods Properties, Inc. [Member] | ||||
Noncontrolling Interests in the Operating Partnership [Roll Forward] | ||||
Beginning noncontrolling interests in the Operating Partnership | 106,103 | 112,778 | 133,216 | 105,960 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | (10,430) | 10,493 | (46,955) | 19,025 |
Issuances of Common Units | 0 | 0 | 6,163 | 0 |
Conversions of Common Units to Common Stock | 0 | (219) | 0 | (572) |
Net income attributable to noncontrolling interests in the Operating Partnership | 1,107 | 737 | 7,084 | 1,974 |
Distributions to noncontrolling interests in the Operating Partnership | (1,364) | (1,296) | (4,092) | (3,894) |
Total noncontrolling interests in the Operating Partnership | 95,416 | 122,493 | 95,416 | 122,493 |
Net Income Available for Common Stockholders and Transfers From Noncontrolling Interests in the Operating Partnership [Abstract] | ||||
Net income available for common stockholders | 40,304 | 27,901 | 262,805 | 74,578 |
Increase in additional paid in capital from conversions of Common Units to Common Stock | 0 | 219 | 0 | 572 |
Issuances of Common Units | 0 | 0 | (6,163) | 0 |
Change from net income available for common stockholders and transfers from noncontrolling interests | $ 40,304 | $ 28,120 | $ 256,642 | $ 75,150 |
Richmond Joint Venture [Member] | ||||
Noncontrolling Interests in Consolidated Affiliates [Abstract] | ||||
Consolidated joint venture, partner's interest (in hundredths) | 50.00% | 50.00% | ||
Tampa Joint Venture [Member] | ||||
Noncontrolling Interests in Consolidated Affiliates [Abstract] | ||||
Consolidated joint venture, partner's interest (in hundredths) | 20.00% | 20.00% |
Disclosure About Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Assets: | |||
Mortgages and notes receivable, at fair value | $ 1,390 | $ 1,501 | |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 2,259 | 2,345 | |
Total Assets | 3,649 | 3,846 | |
Liabilities: | |||
Mortgages and notes payable, net, at fair value | 2,601,035 | 2,615,776 | |
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 1,036 | 154 | |
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,259 | 2,345 | |
Total Liabilities | 2,604,330 | 2,618,275 | |
Impaired real estate assets | $ 2,100 | ||
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) | 2,259 | 2,345 | |
Total Assets | 2,259 | 2,345 | |
Liabilities: | |||
Mortgages and notes payable, net, at fair value | 0 | 0 | |
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 0 | 0 | |
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 2,259 | 2,345 | |
Total Liabilities | 2,259 | 2,345 | |
Level 2 [Member] | |||
Assets: | |||
Mortgages and notes receivable, at fair value | 1,390 | 1,501 | |
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 0 | 0 | |
Total Assets | 1,390 | 1,501 | |
Liabilities: | |||
Mortgages and notes payable, net, at fair value | 2,601,035 | 2,615,776 | |
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 1,036 | 154 | |
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 0 | 0 | |
Total Liabilities | 2,602,071 | 2,615,930 | |
Highwoods Properties, Inc. [Member] | |||
Assets: | |||
Noncontrolling Interests in the Operating Partnership | 95,416 | 133,216 | |
Highwoods Properties, Inc. [Member] | Level 1 [Member] | |||
Assets: | |||
Noncontrolling Interests in the Operating Partnership | 95,416 | 133,216 | |
Highwoods Properties, Inc. [Member] | Level 2 [Member] | |||
Assets: | |||
Noncontrolling Interests in the Operating Partnership | $ 0 | $ 0 |
Share-Based Payments (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1,200 | $ 700 | $ 4,980 | $ 6,180 |
Total unrecognized share-based compensation costs | $ 6,500 | $ 6,500 | ||
Weighted average remaining contractual term for recognition of unrecognized share-based compensation costs (in years) | 2 years | |||
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) | 83,116 | |||
Weighted average grant date fair value of each restricted stock share granted (in dollars per share) | $ 44.88 | |||
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) | 66,188 | |||
Weighted average grant date fair value of each restricted stock share granted (in dollars per share) | $ 38.31 |
Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Accumulated Other Comprehensive Income/(Loss) Calculation [Roll Forward] | ||||
Beginning balance | $ (1,704) | $ 6,488 | $ (471) | $ 9,913 |
Unrealized gains/(losses) on cash flow hedges | 5 | (6,732) | (1,231) | (9,282) |
Amortization of cash flow hedges | 122 | (283) | 125 | (1,158) |
Total accumulated other comprehensive loss | $ (1,577) | $ (527) | $ (1,577) | $ (527) |
Real Estate and Other Assets Held For Sale (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Real Estate and Other Assets Held For Sale [Abstract] | ||
Land | $ 18,645 | $ 4,815 |
Buildings and tenant improvements | 72,869 | 29,581 |
Less-accumulated depreciation | (22,139) | (16,775) |
Net real estate assets | 69,375 | 17,621 |
Accrued straight-line rents receivable | 1,512 | 2,073 |
Deferred leasing costs, net | 1,842 | 1,096 |
Real estate and other assets, net, held for sale | $ 72,729 | $ 20,790 |
Earnings Per Share and Per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Earnings per Common Share and Per Unit - basic: [Abstract] | ||||
Net income | $ 42,331 | $ 29,557 | $ 272,627 | $ 79,337 |
Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations | (1,107) | (737) | (7,084) | (1,974) |
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (298) | (297) | (872) | (919) |
Dividends on Preferred Stock | (622) | (622) | (1,866) | (1,866) |
Net income available for common stockholders | $ 40,304 | $ 27,901 | $ 262,805 | $ 74,578 |
Denominator: | ||||
Denominator for basic earnings per Common Share - weighted average shares (in shares) | 103,896 | 103,727 | 103,865 | 103,674 |
Earnings per Common Share - basic: | ||||
Net income available for common stockholders (in dollars per share) | $ 0.39 | $ 0.27 | $ 2.53 | $ 0.72 |
Earnings per Common Share and Per Unit - diluted: [Abstract] | ||||
Net income | $ 42,331 | $ 29,557 | $ 272,627 | $ 79,337 |
Net (income) attributable to noncontrolling interests in consolidated affiliates | (298) | (297) | (872) | (919) |
Dividends on Preferred Stock | (622) | (622) | (1,866) | (1,866) |
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ 41,411 | $ 28,638 | $ 269,889 | $ 76,552 |
Denominator: | ||||
Denominator for basic earnings per Common Share - weighted average shares (in shares) | 103,896 | 103,727 | 103,865 | 103,674 |
Stock options using the treasury method (in shares) | 2 | 16 | 10 | 18 |
Noncontrolling interests Common Units (in shares) | 2,842 | 2,728 | 2,827 | 2,733 |
Denominator for diluted earnings per Common Share - adjusted weighted average shares and assumed conversions (in shares) | 106,740 | 106,471 | 106,702 | 106,425 |
Earnings per Common Share - diluted: | ||||
Net income available for common stockholders (in dollars per share) | $ 0.39 | $ 0.27 | $ 2.53 | $ 0.72 |
Highwoods Realty Limited Partnership [Member] | ||||
Earnings per Common Share and Per Unit - basic: [Abstract] | ||||
Net income | $ 42,331 | $ 29,557 | $ 272,627 | $ 79,337 |
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (298) | (297) | (872) | (919) |
Distributions on Preferred Units | (622) | (622) | (1,866) | (1,866) |
Net income available for common unitholders | $ 41,411 | $ 28,638 | $ 269,889 | $ 76,552 |
Denominator: | ||||
Denominator for basic earnings per Common Unit - weighted average units (in shares) | 106,329 | 106,046 | 106,283 | 105,998 |
Earnings per Common Unit - basic: | ||||
Net income available for common unitholders (in dollars per share) | $ 0.39 | $ 0.27 | $ 2.54 | $ 0.72 |
Earnings per Common Share and Per Unit - diluted: [Abstract] | ||||
Net income | $ 42,331 | $ 29,557 | $ 272,627 | $ 79,337 |
Net (income) attributable to noncontrolling interests in consolidated affiliates | (298) | (297) | (872) | (919) |
Distributions on Preferred Units | (622) | (622) | (1,866) | (1,866) |
Net income available for common unitholders | $ 41,411 | $ 28,638 | $ 269,889 | $ 76,552 |
Denominator: | ||||
Denominator for basic earnings per Common Unit - weighted average units (in shares) | 106,329 | 106,046 | 106,283 | 105,998 |
Stock options using the treasury method (in shares) | 2 | 16 | 10 | 18 |
Denominator for diluted earnings per Common Unit - adjusted weighted average units and assumed conversions (in shares) | 106,331 | 106,062 | 106,293 | 106,016 |
Earnings per Common Unit - diluted: | ||||
Net income available for common unitholders (in dollars per share) | $ 0.39 | $ 0.27 | $ 2.54 | $ 0.72 |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | $ 181,043 | $ 187,475 | $ 556,996 | $ 543,908 |
Total Net Operating Income | 124,151 | 123,340 | 382,783 | 358,664 |
Reconciliation to net income: | ||||
Depreciation and amortization | (60,303) | (60,850) | (180,914) | (189,514) |
Impairments of real estate assets | 0 | (5,318) | (1,778) | (5,849) |
General and administrative expenses | (9,155) | (11,717) | (30,169) | (33,658) |
Interest expense | (19,886) | (20,527) | (61,003) | (59,622) |
Other income/(loss) | (3,311) | 174 | (2,654) | (3,271) |
Gains on disposition of property | 10,012 | 3,515 | 163,397 | 10,218 |
Equity in earnings of unconsolidated affiliates | 823 | 940 | 2,965 | 2,369 |
Net income | 42,331 | 29,557 | 272,627 | 79,337 |
Total Office Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 173,979 | 168,703 | 528,938 | 487,907 |
Total Net Operating Income | 119,807 | 111,344 | 365,904 | 322,539 |
Office Atlanta, GA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 36,022 | 39,120 | 110,518 | 113,115 |
Total Net Operating Income | 23,303 | 24,372 | 72,387 | 72,614 |
Office Charlotte, NC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 8,858 | 0 | 26,801 | 0 |
Total Net Operating Income | 6,973 | 0 | 21,298 | 0 |
Office Nashville, TN [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 34,661 | 34,748 | 103,780 | 99,256 |
Total Net Operating Income | 25,022 | 25,191 | 74,907 | 71,717 |
Office Orlando, FL [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 11,518 | 12,854 | 36,844 | 39,781 |
Total Net Operating Income | 6,505 | 7,889 | 22,260 | 24,452 |
Office Pittsburgh, PA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 14,430 | 15,154 | 44,054 | 45,463 |
Total Net Operating Income | 8,934 | 9,150 | 26,954 | 27,179 |
Office Raleigh, NC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 32,037 | 30,688 | 95,792 | 90,458 |
Total Net Operating Income | 24,037 | 22,066 | 71,670 | 65,363 |
Office Richmond, VA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 11,878 | 12,576 | 35,972 | 37,203 |
Total Net Operating Income | 8,204 | 8,337 | 25,403 | 25,499 |
Office Tampa, FL [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 24,575 | 23,563 | 75,177 | 62,631 |
Total Net Operating Income | 16,829 | 14,339 | 51,025 | 35,715 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Rental and Other Revenues | 7,064 | 18,772 | 28,058 | 56,001 |
Total Net Operating Income | $ 4,344 | $ 11,996 | $ 16,879 | $ 36,125 |
Subsequent Events (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Oct. 15, 2020
$ / shares
|
Oct. 01, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
propertyUnit
$ / shares
|
Jun. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
propertyUnit
|
Sep. 30, 2019
USD ($)
$ / shares
|
Sep. 30, 2020
USD ($)
propertyUnit
$ / shares
|
Sep. 30, 2019
USD ($)
$ / shares
|
|
Subsequent Event [Line Items] | ||||||||
Gains on disposition of property | $ 10,012 | $ 3,515 | $ 163,397 | $ 10,218 | ||||
2020 Dispositions [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Purchase price of real estate | 23,300 | $ 2,800 | $ 338,400 | |||||
Gains on disposition of property | $ 9,400 | $ (100) | $ 153,100 | |||||
Number of buildings sold | propertyUnit | 2 | 41 | 2 | |||||
2020 Dispositions [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Purchase price of real estate | $ 4,600 | |||||||
Gains on disposition of property | $ 1,300 | |||||||
Highwoods Properties, Inc. [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends on Common Stock (per share) | $ / shares | $ 0.48 | $ 0.475 | $ 1.44 | $ 1.425 | ||||
Highwoods Properties, Inc. [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends on Common Stock (per share) | $ / shares | $ 0.48 |
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