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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Rental and other revenues $ 161,136 $ 152,722 $ 318,446 $ 301,175
Operating expenses:        
Rental property and other expenses 57,278 55,275 114,791 111,665
Depreciation and amortization 51,240 50,443 101,548 98,608
Impairments of real estate assets 0 588 0 588
General and administrative 8,892 8,733 20,329 19,447
Total operating expenses 117,410 115,039 236,668 230,308
Interest expense:        
Contractual 20,857 20,640 41,299 41,390
Amortization of deferred financing costs 828 799 1,628 1,451
Financing obligation 317 (226) 498 (266)
Total interest expense 22,002 21,213 43,425 42,575
Other income:        
Interest and other income 1,199 1,410 2,437 2,809
Gains/(losses) on debt extinguishment (220) 18 (220) 18
Total other income 979 1,428 2,217 2,827
Income from continuing operations before disposition of investment properties and activity in unconsolidated affiliates 22,703 17,898 40,570 31,119
Gains on disposition of property 2,412 5,947 3,569 5,947
Equity in earnings of unconsolidated affiliates 1,776 667 3,587 638
Income from continuing operations 26,891 24,512 47,726 37,704
Discontinued operations:        
Net gains on disposition of discontinued operations 0 0 0 384
Total discontinued operations 0 0 0 384
Net income 26,891 24,512 47,726 38,088
Net (income) attributable to noncontrolling interests in the Operating Partnership (782) (742) (1,378) (1,140)
Net (income) attributable to noncontrolling interests in consolidated affiliates (328) (438) (624) (861)
Dividends on Preferred Stock (626) (627) (1,253) (1,254)
Net income available for common stockholders $ 25,155 $ 22,705 $ 44,471 $ 34,833
Earnings per Common Share – basic:        
Income from continuing operations available for common stockholders (in dollars per share) $ 0.27 $ 0.25 $ 0.47 $ 0.38
Income from discontinued operations available for common stockholders (in dollars per share) 0.00 0.00 0.00 0.01
Net income available for common stockholders (in dollars per share) $ 0.27 $ 0.25 $ 0.47 $ 0.39
Weighted average Common Shares outstanding - basic (in shares) 94,055 90,254 93,641 90,111
Earnings per Common Share - diluted:        
Income from continuing operations available for common stockholders (in dollars per share) $ 0.27 $ 0.25 $ 0.47 $ 0.38
Income from discontinued operations available for common stockholders (in dollars per share) 0.00 0.00 0.00 0.01
Net income available for common stockholders (in dollars per share) $ 0.27 $ 0.25 $ 0.47 $ 0.39
Weighted average Common Shares outstanding - diluted (in shares) [1],[2] 97,049 93,312 96,666 93,172
Dividends declared per Common Share (in dollars per share) $ 0.425 $ 0.425 $ 0.850 $ 0.850
Net income available for common stockholders:        
Income from continuing operations available for common stockholders $ 25,155 $ 22,705 $ 44,471 $ 34,461
Income from discontinued operations available for common stockholders 0 0 0 372
Net income available for common stockholders 25,155 22,705 44,471 34,833
Highwoods Realty Limited Partnership [Member]        
Rental and other revenues 161,136 152,722 318,446 301,175
Operating expenses:        
Rental property and other expenses 57,278 55,258 114,791 111,632
Depreciation and amortization 51,240 50,443 101,548 98,608
Impairments of real estate assets 0 588 0 588
General and administrative 8,892 8,750 20,329 19,480
Total operating expenses 117,410 115,039 236,668 230,308
Interest expense:        
Contractual 20,857 20,640 41,299 41,390
Amortization of deferred financing costs 828 799 1,628 1,451
Financing obligation 317 (226) 498 (266)
Total interest expense 22,002 21,213 43,425 42,575
Other income:        
Interest and other income 1,199 1,410 2,437 2,809
Gains/(losses) on debt extinguishment (220) 18 (220) 18
Total other income 979 1,428 2,217 2,827
Income from continuing operations before disposition of investment properties and activity in unconsolidated affiliates 22,703 17,898 40,570 31,119
Gains on disposition of property 2,412 5,947 3,569 5,947
Equity in earnings of unconsolidated affiliates 1,776 667 3,587 638
Income from continuing operations 26,891 24,512 47,726 37,704
Discontinued operations:        
Net gains on disposition of discontinued operations 0 0 0 384
Total discontinued operations 0 0 0 384
Net income 26,891 24,512 47,726 38,088
Net (income) attributable to noncontrolling interests in consolidated affiliates (328) (438) (624) (861)
Distributions on Preferred Units (626) (627) (1,253) (1,254)
Net income available for common unitholders $ 25,937 $ 23,447 $ 45,849 $ 35,973
Earnings per Common Unit - basic:        
Income from continuing operations available for common unitholders (in dollars per share) $ 0.27 $ 0.25 $ 0.48 $ 0.38
Income from discontinued operations available for common unitholders (in dollars per share) 0.00 0.00 0.00 0.01
Net income available for common unitholders (in dollars per share) $ 0.27 $ 0.25 $ 0.48 $ 0.39
Weighted average Common Units outstanding - basic (in shares) 96,556 92,782 96,153 92,640
Earnings per Common Unit - diluted:        
Income from continuing operations available for common unitholders (in dollars per share) $ 0.27 $ 0.25 $ 0.48 $ 0.38
Income from discontinued operations available for common unitholders (in dollars per share) 0.00 0.00 0.00 0.01
Net income available for common unitholders (in dollars per share) $ 0.27 $ 0.25 $ 0.48 $ 0.39
Weighted average Common Units outstanding - diluted (in shares) [3],[4] 96,640 92,903 96,257 92,763
Distributions declared per Common Unit (in dollars per unit) $ 0.425 $ 0.425 $ 0.850 $ 0.850
Net income available for common unitholders:        
Income from continuing operations available for common unitholders $ 25,937 $ 23,447 $ 45,849 $ 35,589
Income from discontinued operations available for common unitholders 0 0 0 384
Net income available for common unitholders $ 25,937 $ 23,447 $ 45,849 $ 35,973
[1] Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.
[2] There were 0.2 million options outstanding during each of the three and six months ended June 30, 2015 and the six months ended June 30, 2014 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 the three months ended June 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 each of the three and six months ended June 30, 2015 and the six months ended June 30, 2014 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 the three months ended June 30, 2014.