XML 30 R15.htm IDEA: XBRL DOCUMENT v3.22.2
HRLP - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net income $ 94,705 $ 118,699
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 139,409 122,876
Amortization of lease incentives and acquisition-related intangible assets and liabilities (166) (1,439)
Share-based compensation expense 6,136 4,855
Net credit losses/(reversals) on operating lease receivables 2,625 (489)
Accrued interest on mortgages and notes receivable (46) (54)
Amortization of debt issuance costs 2,040 1,661
Amortization of cash flow hedges (89) 248
Amortization of mortgages and notes payable fair value adjustments (41) 776
Impairments of real estate assets 35,000 0
Losses on debt extinguishment 0 134
Net gains on disposition of property (54,144) (41,799)
Equity in earnings of unconsolidated affiliates (626) (1,068)
Distributions of earnings from unconsolidated affiliates 598 1,402
Changes in operating assets and liabilities:    
Accounts receivable (3,758) 6,694
Prepaid expenses and other assets (6,534) (5,642)
Accrued straight-line rents receivable (13,053) (7,638)
Accounts payable, accrued expenses and other liabilities (158) (1,801)
Net cash provided by operating activities 201,898 197,415
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired (26,977) (120)
Investments in development in-process (20,869) (54,365)
Investments in tenant improvements and deferred leasing costs (60,661) (44,827)
Investments in building improvements (26,528) (24,109)
Investment in acquired controlling interest in unconsolidated affiliate 0 (127,339)
Net proceeds from disposition of real estate assets 107,362 71,501
Investments in mortgages and notes receivable (24) (23)
Repayments of mortgages and notes receivable 144 154
Investments in and advances to unconsolidated affiliates (7,500) 0
Payments of earnest money deposits (37,500) (55,000)
Changes in other investing activities 2,684 5,711
Net cash used in investing activities (69,869) (228,417)
Financing activities:    
Distributions to noncontrolling interests in consolidated affiliates (1,411) (782)
Borrowings on revolving credit facility 145,000 230,000
Repayments of revolving credit facility (125,000) (75,000)
Borrowings on mortgages and notes payable 200,000 0
Repayments of mortgages and notes payable (203,187) (151,006)
Changes in debt issuance costs and other financing activities (2,657) (5,166)
Net cash used in financing activities (91,559) (99,809)
Net increase/(decrease) in cash and cash equivalents and restricted cash 40,470 (130,811)
Cash and cash equivalents and restricted cash at beginning of the period 31,198 189,244
Cash and cash equivalents and restricted cash at end of the period 71,668 58,433
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 25,045 6,535
Restricted cash at end of the period 46,623 51,898
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 47,762 36,071
Supplemental disclosure of non-cash investing and financing activities:    
Unrealized losses on cash flow hedges 0 (11)
Changes in accrued capital expenditures [1] (20,066) (23,599)
Write-off of fully depreciated real estate assets 21,827 36,798
Write-off of fully amortized leasing costs 11,628 28,575
Write-off of fully amortized debt issuance costs 1,216 4,158
Future consideration in connection with the acquisition of land 0 16,000
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities 34,500 42,300
Highwoods Realty Limited Partnership [Member]    
Operating activities:    
Net income 94,705 118,699
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 139,409 122,876
Amortization of lease incentives and acquisition-related intangible assets and liabilities (166) (1,439)
Share-based compensation expense 6,136 4,855
Net credit losses/(reversals) on operating lease receivables 2,625 (489)
Accrued interest on mortgages and notes receivable (46) (54)
Amortization of debt issuance costs 2,040 1,661
Amortization of cash flow hedges (89) 248
Amortization of mortgages and notes payable fair value adjustments (41) 776
Impairments of real estate assets 35,000 0
Losses on debt extinguishment 0 134
Net gains on disposition of property (54,144) (41,799)
Equity in earnings of unconsolidated affiliates (626) (1,068)
Distributions of earnings from unconsolidated affiliates 598 1,402
Changes in operating assets and liabilities:    
Accounts receivable (3,758) 6,694
Prepaid expenses and other assets (6,534) (5,642)
Accrued straight-line rents receivable (13,053) (7,638)
Accounts payable, accrued expenses and other liabilities (158) (1,801)
Net cash provided by operating activities 201,898 197,415
Investing activities:    
Investments in acquired real estate and related intangible assets, net of cash acquired (26,977) (120)
Investments in development in-process (20,869) (54,365)
Investments in tenant improvements and deferred leasing costs (60,661) (44,827)
Investments in building improvements (26,528) (24,109)
Investment in acquired controlling interest in unconsolidated affiliate 0 (127,339)
Net proceeds from disposition of real estate assets 107,362 71,501
Investments in mortgages and notes receivable (24) (23)
Repayments of mortgages and notes receivable 144 154
Investments in and advances to unconsolidated affiliates (7,500) 0
Payments of earnest money deposits (37,500) (55,000)
Changes in other investing activities 2,684 5,711
Net cash used in investing activities (69,869) (228,417)
Financing activities:    
Distributions on Common Units (107,087) (102,112)
Redemptions/repurchases of Preferred Units 0 (5)
Distributions on Preferred Units (1,243) (1,243)
Distributions to noncontrolling interests in consolidated affiliates (1,411) (782)
Proceeds from the issuance of Common Units 6,839 7,763
Costs paid for the issuance of Common Units (248) (185)
Repurchase of units related to tax withholdings (2,156) (1,681)
Borrowings on revolving credit facility 145,000 230,000
Repayments of revolving credit facility (125,000) (75,000)
Borrowings on mortgages and notes payable 200,000 0
Repayments of mortgages and notes payable (203,187) (151,006)
Changes in debt issuance costs and other financing activities (3,066) (5,558)
Net cash used in financing activities (91,559) (99,809)
Net increase/(decrease) in cash and cash equivalents and restricted cash 40,470 (130,811)
Cash and cash equivalents and restricted cash at beginning of the period 31,198 189,244
Cash and cash equivalents and restricted cash at end of the period 71,668 58,433
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents at end of the period 25,045 6,535
Restricted cash at end of the period 46,623 51,898
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 47,762 36,071
Supplemental disclosure of non-cash investing and financing activities:    
Unrealized losses on cash flow hedges 0 (11)
Changes in accrued capital expenditures [1] (20,066) (23,599)
Write-off of fully depreciated real estate assets 21,827 36,798
Write-off of fully amortized leasing costs 11,628 28,575
Write-off of fully amortized debt issuance costs 1,216 4,158
Adjustment of Redeemable Common Units to fair value (27,106) 15,681
Future consideration in connection with the acquisition of land 0 16,000
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 34,500 $ 42,300
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities at June 30, 2022 and 2021 were $34.5 million and $42.3 million, respectively.