XML 65 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Operating activities:    
Net income $ 99,407 $ 68,626
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 133,556 117,764
Amortization of lease incentives and acquisition-related intangible assets and liabilities 258 358
Share-based compensation expense 5,896 6,464
Allowance for losses on accounts and accrued straight-line rents receivable 1,029 1,235
Amortization of deferred financing costs 2,860 2,709
Amortization of cash flow hedges 2,428 2,250
Amortization of mortgages and notes payable fair value adjustments (1,015) 0
Impairments of real estate assets 2,194 0
Losses on debt extinguishment 196 973
Net gains on disposition of property (52,350) (29,455)
Gains on for-sale residential condominiums 0 (255)
Gain on acquisition of controlling interest in unconsolidated affiliate (7,451) 0
Equity in (earnings)/losses of unconsolidated affiliates 1,824 (2,670)
Changes in financing obligations (591) (1,010)
Distributions of earnings from unconsolidated affiliates 3,129 3,249
Changes in operating assets and liabilities:    
Accounts receivable (508) 5,310
Prepaid expenses and other assets (2,188) (3,258)
Accrued straight-line rents receivable (12,368) (13,609)
Accounts payable, accrued expenses and other liabilities 10,206 (20,663)
Net cash provided by operating activities 186,512 138,018
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired (418,796) (158,200)
Investment in acquired controlling interest in unconsolidated affiliate (32,818) 0
Investments in development in process (16,634) (5,392)
Investments in tenant improvements and deferred leasing costs (77,456) (61,821)
Investments in building improvements (38,702) (27,229)
Net proceeds from disposition of real estate assets 161,970 152,456
Net proceeds from disposition of for-sale residential condominiums 0 3,768
Distributions of capital from unconsolidated affiliates 16,671 1,035
Investments in and repayments of mortgages and notes receivable (864) 1,657
Investments in and advances/repayments to/from unconsolidated affiliates (429) (3,928)
Changes in restricted cash and other investing activities 5,484 2,904
Net cash (used in) investing activities (401,574) (94,750)
Financing activities:    
Dividends on Common Stock (107,750) (95,122)
Dividends on Preferred Stock (1,881) (1,881)
Distributions to noncontrolling interests in the Operating Partnership (4,416) (4,733)
Distributions to noncontrolling interests in consolidated affiliates (408) (663)
Proceeds from the issuance of Common Stock 315,818 191,667
Costs paid for the issuance of Common Stock (7,678) (2,745)
Repurchase of shares related to tax withholdings (2,539) (2,248)
Borrowings on revolving credit facility 695,300 219,800
Repayments of revolving credit facility (511,900) (492,800)
Borrowings on mortgages and notes payable 0 225,000
Repayments of mortgages and notes payable (157,001) (77,264)
Payments on financing obligations (575) (1,316)
Contributions from noncontrolling interests in consolidated affiliates 16,240 0
Additions to deferred financing costs and other financing activities (242) (3,065)
Net cash provided by/(used in) financing activities 232,968 (45,370)
Net increase/(decrease) in cash and cash equivalents 17,906 (2,102)
Cash and cash equivalents at beginning of the period 13,783 11,188
Cash and cash equivalents at end of the period 31,689 9,086
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 67,786 72,793
Supplemental disclosure of non-cash investing and financing activities:    
Unrealized gains/(losses) on cash flow hedges 4,801 (10,424)
Conversions of Common Units to Common Stock 28,788 731
Changes in accrued capital expenditures 12,778 1,829
Write-off of fully depreciated real estate assets 24,498 36,918
Write-off of fully amortized deferred financing and leasing costs 17,500 14,189
Unrealized gains on marketable securities of non-qualified deferred compensation plan 558 310
Adjustment of noncontrolling interests in the Operating Partnership to fair value 8,570 12,485
Unrealized gains on tax increment financing bond 396 482
Assumption of mortgages and notes payable related to acquisition activities 165,515 0
Reduction of advances to unconsolidated affiliates related to acquisition activities 0 26,000
Issuances of Common Units to acquire real estate assets 0 2,299
Reclass of aggregate differences between historical cost basis and the basis reflected at the joint venture level for assets acquired 8,206 0
Highwoods Realty Limited Partnership [Member]
   
Operating activities:    
Net income 99,356 68,635
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 133,556 117,764
Amortization of lease incentives and acquisition-related intangible assets and liabilities 258 358
Share-based compensation expense 5,896 6,464
Allowance for losses on accounts and accrued straight-line rents receivable 1,029 1,235
Amortization of deferred financing costs 2,860 2,709
Amortization of cash flow hedges 2,428 2,250
Amortization of mortgages and notes payable fair value adjustments (1,015) 0
Impairments of real estate assets 2,194 0
Losses on debt extinguishment 196 973
Net gains on disposition of property (52,350) (29,455)
Gains on for-sale residential condominiums 0 (255)
Gain on acquisition of controlling interest in unconsolidated affiliate (7,451) 0
Equity in (earnings)/losses of unconsolidated affiliates 1,875 (2,679)
Changes in financing obligations (591) (1,010)
Distributions of earnings from unconsolidated affiliates 3,109 3,230
Changes in operating assets and liabilities:    
Accounts receivable (508) 5,310
Prepaid expenses and other assets (2,141) (3,216)
Accrued straight-line rents receivable (12,368) (13,609)
Accounts payable, accrued expenses and other liabilities 10,257 (20,753)
Net cash provided by operating activities 186,590 137,951
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired (418,796) (158,200)
Investment in acquired controlling interest in unconsolidated affiliate (32,818) 0
Investments in development in process (16,634) (5,392)
Investments in tenant improvements and deferred leasing costs (77,456) (61,821)
Investments in building improvements (38,702) (27,229)
Net proceeds from disposition of real estate assets 161,970 152,456
Net proceeds from disposition of for-sale residential condominiums 0 3,768
Distributions of capital from unconsolidated affiliates 16,671 1,035
Investments in and repayments of mortgages and notes receivable (864) 1,657
Investments in and advances/repayments to/from unconsolidated affiliates (429) (3,928)
Changes in restricted cash and other investing activities 5,484 2,904
Net cash (used in) investing activities (401,574) (94,750)
Financing activities:    
Distributions on Common Units (111,645) (99,334)
Distributions on Preferred Units (1,881) (1,881)
Distributions to noncontrolling interests in consolidated affiliates (408) (663)
Proceeds from the issuance of Common Units 315,818 191,667
Costs paid for the issuance of Common Units (7,678) (2,745)
Repurchase of units related to tax withholdings (2,539) (2,248)
Borrowings on revolving credit facility 695,300 219,800
Repayments of revolving credit facility (511,900) (492,800)
Borrowings on mortgages and notes payable 0 225,000
Repayments of mortgages and notes payable (157,001) (77,264)
Payments on financing obligations (575) (1,316)
Contributions from noncontrolling interests in consolidated affiliates 16,240 0
Additions to deferred financing costs and other financing activities (834) (3,394)
Net cash provided by/(used in) financing activities 232,897 (45,178)
Net increase/(decrease) in cash and cash equivalents 17,913 (1,977)
Cash and cash equivalents at beginning of the period 13,867 11,151
Cash and cash equivalents at end of the period 31,780 9,174
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 67,786 72,793
Supplemental disclosure of non-cash investing and financing activities:    
Unrealized gains/(losses) on cash flow hedges 4,801 (10,424)
Changes in accrued capital expenditures 12,778 1,829
Write-off of fully depreciated real estate assets 24,498 36,918
Write-off of fully amortized deferred financing and leasing costs 17,500 14,189
Unrealized gains on marketable securities of non-qualified deferred compensation plan 558 310
Adjustment of Redeemable Common Units to fair value (20,921) 10,187
Unrealized gains on tax increment financing bond 396 482
Assumption of mortgages and notes payable related to acquisition activities 165,515 0
Reduction of advances to unconsolidated affiliates related to acquisition activities 0 26,000
Issuances of Common Units to acquire real estate assets 0 2,299
Reclass of aggregate differences between historical cost basis and the basis reflected at the joint venture level for assets acquired $ 8,206 $ 0