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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Rental and other revenues $ 163,736 $ 152,629 $ 482,182 $ 453,804
Operating expenses:        
Rental property and other expenses 59,758 57,383 174,549 169,048
Depreciation and amortization 54,652 48,287 156,200 146,895
Impairments of real estate assets 0 0 0 588
General and administrative 9,182 7,526 29,511 26,973
Total operating expenses 123,592 113,196 360,260 343,504
Interest expense:        
Contractual 20,484 20,962 61,783 62,352
Amortization of deferred financing costs 873 819 2,501 2,270
Financing obligation 155 567 653 301
Total interest expense 21,512 22,348 64,937 64,923
Other income:        
Interest and other income 1,038 1,054 3,475 3,863
Losses on debt extinguishment 0 (326) (220) (308)
Total other income 1,038 728 3,255 3,555
Income from continuing operations before disposition of investment properties and activity in unconsolidated affiliates 19,670 17,813 60,240 48,932
Gains on disposition of property 7,012 36,238 10,581 42,185
Gain on disposition of investment in unconsolidated affiliate 4,155 0 4,155 0
Equity in earnings of unconsolidated affiliates 780 248 4,367 886
Income from continuing operations 31,617 54,299 79,343 92,003
Discontinued operations:        
Net gains on disposition of discontinued operations 0 0 0 384
Total discontinued operations 0 0 0 384
Net income 31,617 54,299 79,343 92,387
Net (income) attributable to noncontrolling interests in the Operating Partnership (918) (1,673) (2,296) (2,813)
Net (income) attributable to noncontrolling interests in consolidated affiliates (324) (291) (948) (1,152)
Dividends on Preferred Stock (626) (627) (1,879) (1,881)
Net income available for common stockholders $ 29,749 $ 51,708 $ 74,220 $ 86,541
Earnings per Common Share – basic:        
Income from continuing operations available for common stockholders (in dollars per share) $ 0.31 $ 0.57 $ 0.79 $ 0.96
Income from discontinued operations available for common stockholders (in dollars per share) 0.00 0.00 0.00 0.00
Net income available for common stockholders (in dollars per share) $ 0.31 $ 0.57 $ 0.79 $ 0.96
Weighted average Common Shares outstanding - basic (in shares) 94,693 90,668 93,996 90,299
Earnings per Common Share - diluted:        
Income from continuing operations available for common stockholders (in dollars per share) $ 0.31 $ 0.57 $ 0.79 $ 0.96
Income from discontinued operations available for common stockholders (in dollars per share) 0.00 0.00 0.00 0.00
Net income available for common stockholders (in dollars per share) $ 0.31 $ 0.57 $ 0.79 $ 0.96
Weighted average Common Shares outstanding - diluted (in shares) [1],[2] 97,661 93,723 97,003 93,358
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 $ 29,749 $ 51,708 $ 74,220 $ 86,169
Income from discontinued operations available for common stockholders 0 0 0 372
Net income available for common stockholders 29,749 51,708 74,220 86,541
Highwoods Realty Limited Partnership [Member]        
Rental and other revenues 163,736 152,629 482,182 453,804
Operating expenses:        
Rental property and other expenses 59,758 57,383 174,549 169,015
Depreciation and amortization 54,652 48,287 156,200 146,895
Impairments of real estate assets 0 0 0 588
General and administrative 9,182 7,526 29,511 27,006
Total operating expenses 123,592 113,196 360,260 343,504
Interest expense:        
Contractual 20,484 20,962 61,783 62,352
Amortization of deferred financing costs 873 819 2,501 2,270
Financing obligation 155 567 653 301
Total interest expense 21,512 22,348 64,937 64,923
Other income:        
Interest and other income 1,038 1,054 3,475 3,863
Losses on debt extinguishment 0 (326) (220) (308)
Total other income 1,038 728 3,255 3,555
Income from continuing operations before disposition of investment properties and activity in unconsolidated affiliates 19,670 17,813 60,240 48,932
Gains on disposition of property 7,012 36,238 10,581 42,185
Gain on disposition of investment in unconsolidated affiliate 4,155 0 4,155 0
Equity in earnings of unconsolidated affiliates 780 248 4,367 886
Income from continuing operations 31,617 54,299 79,343 92,003
Discontinued operations:        
Net gains on disposition of discontinued operations 0 0 0 384
Total discontinued operations 0 0 0 384
Net income 31,617 54,299 79,343 92,387
Net (income) attributable to noncontrolling interests in consolidated affiliates (324) (291) (948) (1,152)
Distributions on Preferred Units (626) (627) (1,879) (1,881)
Net income available for common unitholders $ 30,667 $ 53,381 $ 76,516 $ 89,354
Earnings per Common Unit - basic:        
Income from continuing operations available for common unitholders (in dollars per share) $ 0.32 $ 0.57 $ 0.79 $ 0.96
Income from discontinued operations available for common unitholders (in dollars per share) 0.00 0.00 0.00 0.00
Net income available for common unitholders (in dollars per share) $ 0.32 $ 0.57 $ 0.79 $ 0.96
Weighted average Common Units outstanding - basic (in shares) 97,194 93,196 96,505 92,828
Earnings per Common Unit - diluted:        
Income from continuing operations available for common unitholders (in dollars per share) $ 0.32 $ 0.57 $ 0.79 $ 0.96
Income from discontinued operations available for common unitholders (in dollars per share) 0.00 0.00 0.00 0.00
Net income available for common unitholders (in dollars per share) $ 0.32 $ 0.57 $ 0.79 $ 0.96
Weighted average Common Units outstanding - diluted (in shares) [3],[4] 97,252 93,314 96,594 92,949
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 $ 30,667 $ 53,381 $ 76,516 $ 88,970
Income from discontinued operations available for common unitholders 0 0 0 384
Net income available for common unitholders $ 30,667 $ 53,381 $ 76,516 $ 89,354
[1] Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.
[2] There were 0.2 million options outstanding during both the three and nine months ended September 30, 2015 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.
[3] Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.
[4] There were 0.2 million options outstanding during both the three and nine months ended September 30, 2015 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.