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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income $ 163,958 $ 323,310 $ 357,914
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 287,610 259,255 241,585
Amortization of lease incentives and acquisition-related intangible assets and liabilities (42) (1,903) (2,537)
Share-based compensation expense 7,552 8,646 6,210
Net credit losses on operating lease receivables 3,199 425 5,458
Accrued interest on mortgages and notes receivable (88) (103) (118)
Amortization of debt issuance costs 4,324 4,451 3,092
Amortization of cash flow hedges (238) 508 247
Amortization of mortgages and notes payable fair value adjustments (70) 862 1,681
Impairments of real estate assets 36,515 0 1,778
Losses on debt extinguishment 0 286 3,674
Net gains on disposition of property (63,546) (174,059) (215,897)
Equity in earnings of unconsolidated affiliates (1,535) (1,947) (4,005)
Distributions of earnings from unconsolidated affiliates 614 1,417 1,533
Changes in operating assets and liabilities:      
Accounts receivable (10,955) 5,744 437
Prepaid expenses and other assets 1,685 1,575 (365)
Accrued straight-line rents receivable (29,421) (22,100) (36,576)
Accounts payable, accrued expenses and other liabilities 22,217 8,191 (5,951)
Net cash provided by operating activities 421,779 414,558 358,160
Investing activities:      
Investments in acquired real estate and related intangible assets, net of cash acquired (224,934) (305,291) (2,363)
Investments in development in-process (44,352) (77,854) (160,612)
Investments in tenant improvements and deferred leasing costs (120,739) (93,654) (137,997)
Investments in building improvements (76,415) (48,405) (62,154)
Investment in acquired controlling interest in unconsolidated affiliate 0 (127,339) 0
Net proceeds from disposition of real estate assets 130,038 374,016 484,311
Distributions of capital from unconsolidated affiliates 0 0 72
Investments in mortgages and notes receivable (24) (84) (32)
Repayments of mortgages and notes receivable 288 301 310
Investments in and advances to unconsolidated affiliates (261,772) (6,079) 0
Payments of earnest money deposits (15,500) 0 0
Changes in other investing activities (1,389) (3,289) (10,853)
Net cash provided by/(used in) investing activities (614,799) (287,678) 110,682
Financing activities:      
Dividends on Common Stock (210,183) (204,182) (199,331)
Redemptions/repurchases of Preferred Stock 0 (5) (33)
Redemptions of Common Units (3,763) 0 0
Dividends on Preferred Stock (2,486) (2,486) (2,488)
Distributions to noncontrolling interests in the Operating Partnership (4,866) (5,516) (5,456)
Distributions to noncontrolling interests in consolidated affiliates (1,411) (1,342) (1,138)
Proceeds from the issuance of Common Stock 7,570 23,917 3,571
Costs paid for the issuance of Common Stock (247) (535) (215)
Repurchase of shares related to tax withholdings (2,156) (1,718) (1,160)
Borrowings on revolving credit facility 675,000 380,000 129,000
Repayments of revolving credit facility (359,000) (310,000) (350,000)
Borrowings on mortgages and notes payable 550,000 200,000 398,364
Repayments of mortgages and notes payable (456,444) (353,780) (251,952)
Payments of debt extinguishment costs 0 0 (3,193)
Payments for debt issuance costs and other financing activities (4,087) (9,279) (10,309)
Net cash provided by/(used in) financing activities 187,927 (284,926) (294,340)
Net increase/(decrease) in cash and cash equivalents and restricted cash (5,093) (158,046) 174,502
Cash and cash equivalents and restricted cash at beginning of the period 31,198 189,244 14,742
Cash and cash equivalents and restricted cash at end of the period 26,105 31,198 189,244
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents at end of the period 21,357 23,152 109,322
Restricted cash at end of the period 4,748 8,046 79,922
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amounts capitalized 102,501 79,474 72,350
Supplemental disclosure of non-cash investing and financing activities:      
Unrealized losses on cash flow hedges 0 19 1,238
Conversions of Common Units to Common Stock 1,251 15,076 145
Changes in accrued capital expenditures (1) [1] (1,426) (9,843) (1,913)
Write-off of fully depreciated real estate assets 58,905 68,307 46,656
Write-off of fully amortized leasing costs 29,083 43,648 25,618
Write-off of fully amortized debt issuance costs 3,292 5,200 1,438
Adjustment of noncontrolling interests in the Operating Partnership to fair value (39,502) 11,461 (30,617)
Assumption of mortgages and notes payable related to acquisition activities 0 403,000 0
Issuances of Common Units to acquire real estate assets 0 0 6,163
Initial recognition of lease liabilities related to right of use assets 0 5,310 0
Future consideration in connection with the acquisition of land 0 16,000 0
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities 53,200 56,100 66,000
Highwoods Realty Limited Partnership [Member]      
Operating activities:      
Net income 163,958 323,310 357,914
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 287,610 259,255 241,585
Amortization of lease incentives and acquisition-related intangible assets and liabilities (42) (1,903) (2,537)
Share-based compensation expense 7,552 8,646 6,210
Net credit losses on operating lease receivables 3,199 425 5,458
Accrued interest on mortgages and notes receivable (88) (103) (118)
Amortization of debt issuance costs 4,324 4,451 3,092
Amortization of cash flow hedges (238) 508 247
Amortization of mortgages and notes payable fair value adjustments (70) 862 1,681
Impairments of real estate assets 36,515 0 1,778
Losses on debt extinguishment 0 286 3,674
Net gains on disposition of property (63,546) (174,059) (215,897)
Equity in earnings of unconsolidated affiliates (1,535) (1,947) (4,005)
Distributions of earnings from unconsolidated affiliates 614 1,417 1,533
Changes in operating assets and liabilities:      
Accounts receivable (10,955) 5,744 437
Prepaid expenses and other assets 1,685 1,575 (365)
Accrued straight-line rents receivable (29,421) (22,100) (36,576)
Accounts payable, accrued expenses and other liabilities 22,217 8,191 (5,951)
Net cash provided by operating activities 421,779 414,558 358,160
Investing activities:      
Investments in acquired real estate and related intangible assets, net of cash acquired (224,934) (305,291) (2,363)
Investments in development in-process (44,352) (77,854) (160,612)
Investments in tenant improvements and deferred leasing costs (120,739) (93,654) (137,997)
Investments in building improvements (76,415) (48,405) (62,154)
Investment in acquired controlling interest in unconsolidated affiliate 0 (127,339) 0
Net proceeds from disposition of real estate assets 130,038 374,016 484,311
Distributions of capital from unconsolidated affiliates 0 0 72
Investments in mortgages and notes receivable (24) (84) (32)
Repayments of mortgages and notes receivable 288 301 310
Investments in and advances to unconsolidated affiliates (261,772) (6,079) 0
Payments of earnest money deposits (15,500) 0 0
Changes in other investing activities (1,389) (3,289) (10,853)
Net cash provided by/(used in) investing activities (614,799) (287,678) 110,682
Financing activities:      
Distributions on Common Units (214,231) (208,896) (204,002)
Redemptions/repurchases of Preferred Units 0 (5) (33)
Redemptions of Common Units (3,763) 0 0
Distributions on Preferred Units (2,486) (2,486) (2,488)
Distributions to noncontrolling interests in consolidated affiliates (1,411) (1,342) (1,138)
Proceeds from the issuance of Common Units 7,570 23,917 3,571
Costs paid for the issuance of Common Units (247) (535) (215)
Repurchase of units related to tax withholdings (2,156) (1,718) (1,160)
Borrowings on revolving credit facility 675,000 380,000 129,000
Repayments of revolving credit facility (359,000) (310,000) (350,000)
Borrowings on mortgages and notes payable 550,000 200,000 398,364
Repayments of mortgages and notes payable (456,444) (353,780) (251,952)
Payments of debt extinguishment costs 0 0 (3,193)
Payments for debt issuance costs and other financing activities (4,905) (10,081) (11,094)
Net cash provided by/(used in) financing activities 187,927 (284,926) (294,340)
Net increase/(decrease) in cash and cash equivalents and restricted cash (5,093) (158,046) 174,502
Cash and cash equivalents and restricted cash at beginning of the period 31,198 189,244 14,742
Cash and cash equivalents and restricted cash at end of the period 26,105 31,198 189,244
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents at end of the period 21,357 23,152 109,322
Restricted cash at end of the period 4,748 8,046 79,922
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amounts capitalized 102,501 79,474 72,350
Supplemental disclosure of non-cash investing and financing activities:      
Unrealized losses on cash flow hedges 0 19 1,238
Changes in accrued capital expenditures (1) [2] (1,426) (9,843) (1,913)
Write-off of fully depreciated real estate assets 58,905 68,307 46,656
Write-off of fully amortized leasing costs 29,083 43,648 25,618
Write-off of fully amortized debt issuance costs 3,292 5,200 1,438
Assumption of mortgages and notes payable related to acquisition activities 0 403,000 0
Adjustment of Redeemable Common Units to fair value (45,712) (810) (26,880)
Issuances of Common Units to acquire real estate assets 0 0 6,163
Initial recognition of lease liabilities related to right of use assets 0 5,310 0
Future consideration in connection with the acquisition of land 0 16,000 0
Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities $ 53,200 $ 56,100 $ 66,000
[1] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of December 31, 2022, 2021 and 2020 were $53.2 million, $56.1 million and $66.0 million, respectively.
[2] Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of December 31, 2022, 2021 and 2020 were $53.2 million, $56.1 million and $66.0 million, respectively.