XML 31 R15.htm IDEA: XBRL DOCUMENT v3.25.2
HRLP - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income $ 119,221 $ 91,983
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 146,084 147,416
Amortization of lease incentives and acquisition-related intangible assets and liabilities 1,122 565
Share-based compensation expense 6,277 5,958
Net credit losses on operating lease receivables 139 556
Accrued interest on mortgages and notes receivable (496) (166)
Amortization of debt issuance costs 2,821 2,788
Amortization of cash flow hedges (124) (124)
Amortization of mortgages and notes payable fair value adjustments 56 56
Losses on debt extinguishment 0 173
Net gains on disposition of property (82,215) (42,231)
Equity in earnings of unconsolidated affiliates (1,625) (1,774)
Distributions of earnings from unconsolidated affiliates 3,516 2,851
Changes in operating assets and liabilities:    
Accounts receivable 2,841 (916)
Prepaid expenses and other assets (4,904) (4,838)
Accrued straight-line rents receivable (6,004) (5,863)
Accounts payable, accrued expenses and other liabilities (23,854) 5,931
Net cash provided by operating activities 162,855 202,365
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired (137,828) 0
Investments in development in-process (593) (4,149)
Investments in tenant improvements and deferred leasing costs (61,919) (65,880)
Investments in building improvements (21,551) (16,577)
Net proceeds from disposition of real estate assets 137,779 77,428
Distributions of capital from unconsolidated affiliates 3,742 5,331
Investments in mortgages and notes receivable (1,577) (6,229)
Repayments of mortgages and notes receivable 6,333 31
Investments in and advances to unconsolidated affiliates (16,681) (42,126)
Changes in earnest money deposits 10,000 0
Changes in other investing activities 139 (3,789)
Net cash used in investing activities (82,156) (55,960)
Financing activities:    
Redemptions of Common Units (10) 0
Distributions to noncontrolling interest in consolidated affiliates (160) (100)
Borrowings on revolving credit facility 237,000 90,000
Repayments of revolving credit facility (194,000) (110,000)
Repayments of mortgages and notes payable (3,865) (3,473)
Payments for debt issuance costs and other financing activities 0 (7,648)
Net cash used in financing activities (74,368) (141,169)
Net increase in cash and cash equivalents and restricted cash 6,331 5,236
Cash and cash equivalents and restricted cash at beginning of the period 33,677 31,569
Cash and cash equivalents and restricted cash at end of the period 40,008 36,805
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 21,193 27,003
Restricted cash at end of the period 18,815 9,802
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 71,400 56,237
Supplemental disclosure of non-cash investing and financing activities:    
Changes in accrued capital expenditures [1] (2,218) (1,431)
Write-off of fully depreciated real estate assets 54,439 41,419
Write-off of fully amortized leasing costs 25,199 13,720
Write-off of fully amortized debt issuance costs 0 4,083
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities 50,700 54,100
Highwoods Realty Limited Partnership    
Operating activities:    
Net income 119,221 91,983
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 146,084 147,416
Amortization of lease incentives and acquisition-related intangible assets and liabilities 1,122 565
Share-based compensation expense 6,277 5,958
Net credit losses on operating lease receivables 139 556
Accrued interest on mortgages and notes receivable (496) (166)
Amortization of debt issuance costs 2,821 2,788
Amortization of cash flow hedges (124) (124)
Amortization of mortgages and notes payable fair value adjustments 56 56
Losses on debt extinguishment 0 173
Net gains on disposition of property (82,215) (42,231)
Equity in earnings of unconsolidated affiliates (1,625) (1,774)
Distributions of earnings from unconsolidated affiliates 3,516 2,851
Changes in operating assets and liabilities:    
Accounts receivable 2,841 (916)
Prepaid expenses and other assets (4,904) (4,838)
Accrued straight-line rents receivable (6,004) (5,863)
Accounts payable, accrued expenses and other liabilities (23,854) 5,931
Net cash provided by operating activities 162,855 202,365
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired (137,828) 0
Investments in development in-process (593) (4,149)
Investments in tenant improvements and deferred leasing costs (61,919) (65,880)
Investments in building improvements (21,551) (16,577)
Net proceeds from disposition of real estate assets 137,779 77,428
Distributions of capital from unconsolidated affiliates 3,742 5,331
Investments in mortgages and notes receivable (1,577) (6,229)
Repayments of mortgages and notes receivable 6,333 31
Investments in and advances to unconsolidated affiliates (16,681) (42,126)
Changes in earnest money deposits 10,000 0
Changes in other investing activities 139 (3,789)
Net cash used in investing activities (82,156) (55,960)
Financing activities:    
Distributions on Common Units (109,480) (107,612)
Redemptions/repurchases of Preferred Units (2,095) 0
Redemptions of Common Units (10) 0
Distributions on Preferred Units (1,207) (1,242)
Distributions to noncontrolling interest in consolidated affiliates (160) (100)
Proceeds from the issuance of Common Units 2,191 744
Costs paid for the issuance of Common Units (324) 0
Repurchase of units related to tax withholdings (2,009) (1,429)
Borrowings on revolving credit facility 237,000 90,000
Repayments of revolving credit facility (194,000) (110,000)
Repayments of mortgages and notes payable (3,865) (3,473)
Payments for debt issuance costs and other financing activities (409) (8,057)
Net cash used in financing activities (74,368) (141,169)
Net increase in cash and cash equivalents and restricted cash 6,331 5,236
Cash and cash equivalents and restricted cash at beginning of the period 33,677 31,569
Cash and cash equivalents and restricted cash at end of the period 40,008 36,805
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 21,193 27,003
Restricted cash at end of the period 18,815 9,802
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 71,400 56,237
Supplemental disclosure of non-cash investing and financing activities:    
Changes in accrued capital expenditures [1] (2,218) (1,431)
Write-off of fully depreciated real estate assets 54,439 41,419
Write-off of fully amortized leasing costs 25,199 13,720
Write-off of fully amortized debt issuance costs 0 4,083
Adjustment of Redeemable Common Units to fair value 1,087 6,998
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 50,700 $ 54,100
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of June 30, 2025 and 2024 were $50.7 million and $54.1 million, respectively.