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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Rental and other revenues $ 152,629 $ 144,827 $ 453,804 $ 407,822
Operating expenses:        
Rental property and other expenses 57,383 54,102 169,048 148,013
Depreciation and amortization 48,287 47,338 146,895 128,050
Impairments of real estate assets 0 0 588 0
General and administrative 7,526 8,969 26,973 27,948
Total operating expenses 113,196 110,409 343,504 304,011
Interest expense:        
Contractual 20,962 22,683 62,352 67,879
Amortization of deferred financing costs 819 963 2,270 2,860
Financing obligations 567 26 301 87
Total interest expense 22,348 23,672 64,923 70,826
Other income:        
Interest and other income 1,054 1,582 3,863 4,982
Losses on debt extinguishment (326) (32) (308) (196)
Total other income 728 1,550 3,555 4,786
Income from continuing operations before disposition of investment properties and activity in unconsolidated affiliates 17,813 12,296 48,932 37,771
Gains/(losses) on disposition of property 36,238 34 42,185 (3)
Gain on acquisition of controlling interest in unconsolidated affiliate 0 7,451 0 7,451
Equity in earnings/(losses) of unconsolidated affiliates 248 (3,173) 886 (1,824)
Income from continuing operations 54,299 16,608 92,003 43,395
Discontinued operations:        
Income from discontinued operations 0 1,514 0 5,853
Impairments of real estate assets 0 0 0 (2,194)
Net gains on disposition of discontinued operations 0 37,946 384 52,353
Total discontinued operations 0 39,460 384 56,012
Net income 54,299 56,068 92,387 99,407
Net (income) attributable to noncontrolling interests in the Operating Partnership (1,673) (1,889) (2,813) (3,713)
Net (income) attributable to noncontrolling interests in consolidated affiliates (291) (203) (1,152) (593)
Dividends on Preferred Stock (627) (627) (1,881) (1,881)
Net income available for common stockholders 51,708 53,349 86,541 93,220
Earnings per Common Share – basic:        
Income from continuing operations available for common stockholders (in dollars per share) $ 0.57 $ 0.17 $ 0.96 $ 0.47
Income from discontinued operations available for common stockholders (in dollars per share) $ 0.00 $ 0.44 $ 0.00 $ 0.64
Net income available for common stockholders (in dollars per share) $ 0.57 $ 0.61 $ 0.96 $ 1.11
Weighted average Common Shares outstanding - basic (in shares) 90,668 87,467 90,299 83,793
Earnings per Common Share - diluted:        
Income from continuing operations available for common stockholders (in dollars per share) $ 0.57 $ 0.17 $ 0.96 $ 0.47
Income from discontinued operations available for common stockholders (in dollars per share) $ 0.00 $ 0.44 $ 0.00 $ 0.64
Net income available for common stockholders (in dollars per share) $ 0.57 $ 0.61 $ 0.96 $ 1.11
Weighted average Common Shares outstanding - diluted (in shares) 93,723 [1],[2] 90,769 [1],[2] 93,358 [1],[2] 87,443 [1],[2]
Dividends declared per Common Share (in dollars per share) $ 0.425 $ 0.425 $ 1.275 $ 1.275
Net income available for common stockholders:        
Income from continuing operations available for common stockholders 51,708 15,290 86,169 39,321
Income from discontinued operations available for common stockholders 0 38,059 372 53,899
Net income available for common stockholders 51,708 53,349 86,541 93,220
Highwoods Realty Limited Partnership [Member]
       
Rental and other revenues 152,629 144,827 453,804 407,822
Operating expenses:        
Rental property and other expenses 57,383 54,080 169,015 147,995
Depreciation and amortization 48,287 47,338 146,895 128,050
Impairments of real estate assets 0 0 588 0
General and administrative 7,526 8,991 27,006 27,966
Total operating expenses 113,196 110,409 343,504 304,011
Interest expense:        
Contractual 20,962 22,683 62,352 67,879
Amortization of deferred financing costs 819 963 2,270 2,860
Financing obligations 567 26 301 87
Total interest expense 22,348 23,672 64,923 70,826
Other income:        
Interest and other income 1,054 1,582 3,863 4,982
Losses on debt extinguishment (326) (32) (308) (196)
Total other income 728 1,550 3,555 4,786
Income from continuing operations before disposition of investment properties and activity in unconsolidated affiliates 17,813 12,296 48,932 37,771
Gains/(losses) on disposition of property 36,238 34 42,185 (3)
Gain on acquisition of controlling interest in unconsolidated affiliate 0 7,451 0 7,451
Equity in earnings/(losses) of unconsolidated affiliates 248 (3,174) 886 (1,875)
Income from continuing operations 54,299 16,607 92,003 43,344
Discontinued operations:        
Income from discontinued operations 0 1,514 0 5,853
Impairments of real estate assets 0 0 0 (2,194)
Net gains on disposition of discontinued operations 0 37,946 384 52,353
Total discontinued operations 0 39,460 384 56,012
Net income 54,299 56,067 92,387 99,356
Net (income) attributable to noncontrolling interests in consolidated affiliates (291) (203) (1,152) (593)
Distributions on Preferred Units (627) (627) (1,881) (1,881)
Net income available for common unitholders 53,381 55,237 89,354 96,882
Earnings per Common Unit - basic:        
Income from continuing operations available for common unitholders (in dollars per share) $ 0.57 $ 0.17 $ 0.96 $ 0.47
Income from discontinued operations available for common unitholders (in dollars per share) $ 0.00 $ 0.44 $ 0.00 $ 0.64
Net income available for common unitholders (in dollars per share) $ 0.57 $ 0.61 $ 0.96 $ 1.11
Weighted average Common Units outstanding - basic (in shares) 93,196 90,259 92,828 86,920
Earnings per Common Unit - diluted:        
Income from continuing operations available for common unitholders (in dollars per share) $ 0.57 $ 0.17 $ 0.96 $ 0.47
Income from discontinued operations available for common unitholders (in dollars per share) $ 0.00 $ 0.44 $ 0.00 $ 0.64
Net income available for common unitholders (in dollars per share) $ 0.57 $ 0.61 $ 0.96 $ 1.11
Weighted average Common Units outstanding - diluted (in shares) 93,314 [2],[3] 90,360 [2],[3] 92,949 [2],[3] 87,034 [2],[3]
Distributions declared per Common Unit (in dollars per unit) $ 0.425 $ 0.425 $ 1.275 $ 1.275
Net income available for common unitholders:        
Income from continuing operations available for common unitholders 53,381 15,777 88,970 40,870
Income from discontinued operations available for common unitholders 0 39,460 384 56,012
Net income available for common unitholders $ 53,381 $ 55,237 $ 89,354 $ 96,882
[1] There were 0.3 million options outstanding during both the three and nine months ended September 30, 2013 that were not included in the computation of diluted earnings per share because the impact of including such options would be anti-dilutive. There were no such options outstanding during both the three and nine months ended September 30, 2014.
[2] Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.
[3] There were 0.3 million options outstanding during both the three and nine months ended September 30, 2013 that were not included in the computation of diluted earnings per unit because the impact of including such options would be anti-dilutive. There were no such options outstanding during both the three and nine months ended September 30, 2014.