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 |
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[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. | |