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Real Estate Assets
12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Real Estate Assets Real Estate Assets
Acquisitions

During 2025, we acquired 6HUNDRED, a 411,000 square foot office building in Uptown Charlotte. Our total purchase price, net of closing credits, was $193.4 million, including capitalized acquisition costs. The assets acquired and liabilities assumed were recorded at relative fair value as determined by management based on information available at the acquisition date and on current assumptions as to future operations.

During 2025, we acquired the Legacy Union parking garage located at 720 South Church Street in Uptown Charlotte for a total purchase price, including capitalized acquisition costs, of $110.2 million. This 3,057-space garage supports the parking needs for 1.2 million square feet of Highwoods-owned office at Legacy Union, which consists of Bank of America Tower and SIX50 at Legacy Union, and is connected to these office buildings via a skybridge. The assets acquired and liabilities assumed were recorded at relative fair value as determined by management based on information available at the acquisition date and on current assumptions as to future operations.

During 2025, we acquired Advance Auto Parts Tower, a 346,000 square foot office building in Raleigh, for a total purchase price, including capitalized acquisition costs, of $137.9 million. The assets acquired and liabilities assumed were recorded at relative fair value as determined by management based on information available at the acquisition date and on current assumptions as to future operations.

During 2024, we acquired fee simple title to the land underneath our Century Center assets in Atlanta for a purchase price, including capitalized acquisition costs, of $50.8 million. We previously held most of our buildings in Century Center, a 12-building office park encompassing 1.7 million square feet and 13 acres of developable land, pursuant to a long-term ground lease with a third party who owned fee simple title to the land.

During 2023, we acquired land in Raleigh for a purchase price, including capitalized acquisition costs, of $2.7 million.

Dispositions

During 2025, we sold a total of seven buildings in Atlanta, Richmond, Tampa and Raleigh and land in Pittsburgh, Orlando and Raleigh for an aggregate sales price of $205.7 million and recorded aggregate net gains on disposition of property of $107.1 million.

During 2024, we sold a total of 10 buildings in Raleigh and land in Greensboro for an aggregate sales price of $105.3 million and recorded aggregate gains on disposition of property of $46.8 million. The land sale completed our exit from the Greensboro market.

During 2023, we sold a total of four buildings and various land parcels in Nashville, Raleigh and Tampa for an aggregate sales price of $103.8 million and recorded aggregate gains on disposition of property of $47.8 million.

Seller Financed Transaction

During 2023, we sold a land parcel in Tampa for an aggregate sales price of $21.0 million. In connection with this disposition, we received cash of $2.0 million and provided $19.0 million of non-recourse seller financing in the form of a two-year, interest-only first mortgage that bears interest at SOFR plus 100 basis points. We have deemed repayment of the mortgage to be not probable primarily because the seller financing represents a significant portion of the aggregate sales price and, since the seller financing is non-recourse, our only remedy in the event of a default would be to foreclose on the asset. As a result, the disposition does not meet the contract criteria to be recognized as a sale. Until such time as the contract criteria are met, we will continue to account for the land parcel as land held for development on our Consolidated Balance Sheets, and the mortgage associated with the seller financing will not be recorded on our Consolidated Balance Sheets. The cash received at closing is recorded as a nonrefundable deposit in accounts payable, accrued expenses and other liabilities on our Consolidated Balance Sheets.

During 2025, the buyer exercised its extension option on this interest-only first mortgage. In connection with this extension, we received additional cash of $1.0 million. The loan will bear interest at SOFR plus 150 basis points during the one-year extension period. The disposition still does not meet the contract criteria to be recognized as a sale. We will continue to account for the land parcel as land held for development on our Consolidated Balance Sheets, and the mortgage associated with
the seller financing will not be recorded on our Consolidated Balance Sheets. The cash received for the extension is recorded as a nonrefundable deposit in accounts payable, accrued expenses and other liabilities on our Consolidated Balance Sheets.

Impairments

During 2025, we recorded an impairment charge of $8.8 million to lower the carrying amount of two non-core, out-of-service assets at Century Center in Atlanta to their estimated fair values.

During 2024, we recorded an impairment charge of $24.6 million to lower the carrying amount of 625 Liberty (formerly known as EQT Plaza), a 616,000 square foot non-core building in CBD Pittsburgh, to its estimated fair value.