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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 104,254 $ 151,330 $ 163,958
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 299,046 299,411 287,610
Amortization of lease incentives and acquisition-related intangible assets and liabilities 1,413 1,135 (42)
Share-based compensation expense 8,000 6,984 7,552
Net credit losses on operating lease receivables 2,289 3,834 3,199
Accrued interest on mortgages and notes receivable (548) (805) (88)
Amortization of debt issuance costs 5,638 4,884 4,324
Amortization of cash flow hedges (249) (293) (238)
Amortization of mortgages and notes payable fair value adjustments 112 (288) (70)
Impairments of real estate assets 24,600 0 36,515
Losses on debt extinguishment 173 602 0
Net gains on disposition of property (46,817) (47,773) (63,546)
Gain on deconsolidation of affiliate 0 (11,778) 0
Equity in earnings of unconsolidated affiliates (4,158) (1,107) (1,535)
Distributions of earnings from unconsolidated affiliates 5,973 1,246 614
Settlement of cash flow hedges 0 (493) 0
Changes in operating assets and liabilities:      
Accounts receivable (3,222) (547) (10,955)
Prepaid expenses and other assets 2,669 1,259 1,685
Accrued straight-line rents receivable (9,626) (24,510) (29,421)
Accounts payable, accrued expenses and other liabilities 14,037 3,871 22,217
Net cash provided by operating activities 403,584 386,962 421,779
Investing activities:      
Investments in acquired real estate and related intangible assets, net of cash acquired (50,835) (18,544) (224,934)
Investments in development in-process (4,149) (33,848) (44,352)
Investments in tenant improvements and deferred leasing costs (143,824) (112,290) (120,739)
Investments in building improvements (41,005) (64,312) (76,415)
Net proceeds from disposition of real estate assets 100,934 101,829 130,038
Distributions of capital from unconsolidated affiliates 8,484 6,594 0
Investments in mortgages and notes receivable (6,229) (14,463) (24)
Repayments of mortgages and notes receivable 63 9,888 288
Investments in and advances to unconsolidated affiliates (153,361) (132,609) (261,772)
Repayments of preferred equity from unconsolidated affiliates 0 80,000 0
Changes in earnest money deposits (10,000) 15,500 (15,500)
Changes in other investing activities (2,513) (7,431) (1,389)
Net cash used in investing activities (302,435) (169,686) (614,799)
Financing activities:      
Dividends on Common Stock (212,351) (211,023) (210,183)
Redemptions/repurchases of Preferred Stock 0 (10) 0
Redemptions of Common Units 0 (163) (3,763)
Dividends on Preferred Stock (2,485) (2,485) (2,486)
Distributions to noncontrolling interests in the Operating Partnership (4,303) (4,511) (4,866)
Distributions to noncontrolling interests in consolidated affiliates (400) 0 (1,411)
Proceeds from the issuance of Common Stock 53,518 1,741 7,570
Costs paid for the issuance of Common Stock (843) (226) (247)
Repurchase of shares related to tax withholdings (1,438) (1,325) (2,156)
Borrowings on revolving credit facility 339,000 249,000 675,000
Repayments of revolving credit facility (255,000) (615,000) (359,000)
Borrowings on mortgages and notes payable 0 590,352 550,000
Repayments of mortgages and notes payable (7,056) (206,726) (456,444)
Contributions from noncontrolling interests in consolidated affiliates 0 320 0
Payments for debt issuance costs and other financing activities (7,683) (5,370) (4,087)
Net cash provided by/(used in) financing activities (99,041) (205,426) 187,927
Net increase/(decrease) in cash and cash equivalents and restricted cash 2,108 11,850 (5,093)
Cash from deconsolidation of affiliate 0 (6,386) 0
Cash and cash equivalents and restricted cash at beginning of the period 31,569 26,105 31,198
Cash and cash equivalents and restricted cash at end of the period 33,677 31,569 26,105
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents at end of the period 22,412 25,123 21,357
Restricted cash at end of the period 11,265 6,446 4,748
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amounts capitalized 133,584 129,764 102,501
Supplemental disclosure of non-cash investing and financing activities:      
Conversions of Common Units to Common Stock 132 4,795 1,251
Net changes in capital expenditures incurred but not yet paid (1) [1] (2,667) 2,342 (1,426)
Write-off of fully depreciated real estate assets 93,636 76,722 58,905
Write-off of fully amortized leasing costs 47,644 36,051 29,083
Write-off of fully amortized debt issuance costs 4,083 1,356 3,292
Adjustment of noncontrolling interests in the Operating Partnership to fair value 18,666 (10,152) (39,502)
Derecognition of lease liabilities related to right of use assets (4,027) 0 0
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities 52,900 55,700 53,200
Highwoods Realty Limited Partnership [Member]      
Operating activities:      
Net income 104,254 151,330 163,958
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 299,046 299,411 287,610
Amortization of lease incentives and acquisition-related intangible assets and liabilities 1,413 1,135 (42)
Share-based compensation expense 8,000 6,984 7,552
Net credit losses on operating lease receivables 2,289 3,834 3,199
Accrued interest on mortgages and notes receivable (548) (805) (88)
Amortization of debt issuance costs 5,638 4,884 4,324
Amortization of cash flow hedges (249) (293) (238)
Amortization of mortgages and notes payable fair value adjustments 112 (288) (70)
Impairments of real estate assets 24,600 0 36,515
Losses on debt extinguishment 173 602 0
Net gains on disposition of property (46,817) (47,773) (63,546)
Gain on deconsolidation of affiliate 0 (11,778) 0
Equity in earnings of unconsolidated affiliates (4,158) (1,107) (1,535)
Distributions of earnings from unconsolidated affiliates 5,973 1,246 614
Settlement of cash flow hedges 0 (493) 0
Changes in operating assets and liabilities:      
Accounts receivable (3,222) (547) (10,955)
Prepaid expenses and other assets 2,669 1,259 1,685
Accrued straight-line rents receivable (9,626) (24,510) (29,421)
Accounts payable, accrued expenses and other liabilities 14,037 3,871 22,217
Net cash provided by operating activities 403,584 386,962 421,779
Investing activities:      
Investments in acquired real estate and related intangible assets, net of cash acquired (50,835) (18,544) (224,934)
Investments in development in-process (4,149) (33,848) (44,352)
Investments in tenant improvements and deferred leasing costs (143,824) (112,290) (120,739)
Investments in building improvements (41,005) (64,312) (76,415)
Net proceeds from disposition of real estate assets 100,934 101,829 130,038
Distributions of capital from unconsolidated affiliates 8,484 6,594 0
Investments in mortgages and notes receivable (6,229) (14,463) (24)
Repayments of mortgages and notes receivable 63 9,888 288
Investments in and advances to unconsolidated affiliates (153,361) (132,609) (261,772)
Repayments of preferred equity from unconsolidated affiliates 0 80,000 0
Changes in earnest money deposits (10,000) 15,500 (15,500)
Changes in other investing activities (2,513) (7,431) (1,389)
Net cash used in investing activities (302,435) (169,686) (614,799)
Financing activities:      
Distributions on Common Units (215,836) (214,716) (214,231)
Redemptions/repurchases of Preferred Units 0 (10) 0
Redemptions of Common Units 0 (163) (3,763)
Distributions on Preferred Units (2,485) (2,485) (2,486)
Distributions to noncontrolling interests in consolidated affiliates (400) 0 (1,411)
Proceeds from the issuance of Common Units 53,518 1,741 7,570
Costs paid for the issuance of Common Units (843) (226) (247)
Repurchase of units related to tax withholdings (1,438) (1,325) (2,156)
Borrowings on revolving credit facility 339,000 249,000 675,000
Repayments of revolving credit facility (255,000) (615,000) (359,000)
Borrowings on mortgages and notes payable 0 590,352 550,000
Repayments of mortgages and notes payable (7,056) (206,726) (456,444)
Contributions from noncontrolling interests in consolidated affiliates 0 320 0
Payments for debt issuance costs and other financing activities (8,501) (6,188) (4,905)
Net cash provided by/(used in) financing activities (99,041) (205,426) 187,927
Net increase/(decrease) in cash and cash equivalents and restricted cash 2,108 11,850 (5,093)
Cash from deconsolidation of affiliate 0 (6,386) 0
Cash and cash equivalents and restricted cash at beginning of the period 31,569 26,105 31,198
Cash and cash equivalents and restricted cash at end of the period 33,677 31,569 26,105
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents at end of the period 22,412 25,123 21,357
Restricted cash at end of the period 11,265 6,446 4,748
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amounts capitalized 133,584 129,764 102,501
Supplemental disclosure of non-cash investing and financing activities:      
Net changes in capital expenditures incurred but not yet paid (1) [2] (2,667) 2,342 (1,426)
Write-off of fully depreciated real estate assets 93,636 76,722 58,905
Write-off of fully amortized leasing costs 47,644 36,051 29,083
Write-off of fully amortized debt issuance costs 4,083 1,356 3,292
Adjustment of Redeemable Common Units to fair value 16,271 (16,457) (45,712)
Derecognition of lease liabilities related to right of use assets (4,027) 0 0
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 52,900 $ 55,700 $ 53,200
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of December 31, 2024, 2023 and 2022 were $52.9 million, $55.7 million and $53.2 million, respectively.
[2] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of December 31, 2024, 2023 and 2022 were $52.9 million, $55.7 million and $53.2 million, respectively.