HIGHWOODS REALTY LTD PARTNERSHIP

CIK:0000941713|SEC Filings

HPI - Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Rental and other revenues	$ 216,379	$ 200,600	$ 430,413	$ 400,983
Operating expenses:
Rental property and other expenses	70,155	63,655	141,273	128,689
Depreciation and amortization	79,054	74,679	156,591	146,084
General and administrative	9,897	10,319	23,331	22,776
Total operating expenses	159,106	148,653	321,195	297,549
Interest expense	41,694	37,665	83,390	74,307
Other income	2,568	4,629	5,736	6,254
Gains on disposition of property	79,024	0	95,987	82,215
Equity in earnings of unconsolidated affiliates	(414)	310	2,571	1,625
Net income	96,757	19,221	130,122	119,221
Net (income) attributable to noncontrolling interests in the Operating Partnership	(1,716)	(365)	(2,295)	(2,321)
Net (income)/loss attributable to noncontrolling interests in consolidated affiliates	(993)	0	(1,842)	26
Dividends on Preferred Stock	(574)	(586)	(1,148)	(1,207)
Net income available for common stockholders	$ 93,474	$ 18,270	$ 124,837	$ 115,719
Earnings per Common Share – basic:
Net income available for common stockholders (in dollars per share)	$ 0.85	$ 0.17	$ 1.13	$ 1.07
Weighted average Common Shares outstanding - basic (in shares)	110,284	107,825	110,162	107,754
Earnings per Common Share - diluted:
Net income available for common stockholders (in dollars per share)	$ 0.85	$ 0.17	$ 1.13	$ 1.07
Weighted average Common Shares outstanding - diluted (in shares)	112,301	109,976	112,182	109,905

HPI - Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Operating activities:

Net income

$ 130,122

$ 119,221

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

156,591

146,084

Amortization of lease incentives and acquisition-related intangible assets and liabilities

1,648

1,122

Share-based compensation expense

7,400

6,277

Net credit losses on operating lease receivables

1,857

139

Accrued interest on mortgages and notes receivable

(816)

(496)

Amortization of debt issuance costs

3,081

2,821

Amortization of cash flow hedges

(131)

(124)

Amortization of mortgages and notes payable fair value adjustments

175

Losses on debt extinguishment

Net gains on disposition of property

(95,987)

(82,215)

Equity in earnings of unconsolidated affiliates

(2,571)

(1,625)

Distributions of earnings from unconsolidated affiliates

4,104

3,516

Changes in operating assets and liabilities:

Accounts receivable

710

2,841

Prepaid expenses and other assets

260

(4,904)

Accrued straight-line rents receivable

(16,769)

(6,004)

Accounts payable, accrued expenses and other liabilities

(1,658)

(23,854)

Net cash provided by operating activities

188,076

162,855

Investing activities:

Investments in acquired real estate and related intangible assets, net of cash acquired

(309,838)

(137,828)

Investments in development in-process

(1,731)

(593)

Investments in tenant improvements and deferred leasing costs

(84,601)

(61,919)

Investments in building improvements

(26,785)

(21,551)

Net proceeds from disposition of real estate assets

297,533

137,779

Distributions of capital from unconsolidated affiliates

55,948

3,742

Investments in mortgages and notes receivable

(1,577)

Repayments of mortgages and notes receivable

6,333

Investments in and advances to unconsolidated affiliates

(33,646)

(16,681)

Changes in earnest money deposits

10,000

Changes in other investing activities

1,422

139

Net cash used in investing activities

(101,698)

(82,156)

Financing activities:

Dividends on Common Stock

(110,112)

(107,738)

Redemptions/repurchases of Preferred Stock

(60)

(2,095)

Redemptions of Common Units

(24)

(10)

Dividends on Preferred Stock

(1,148)

(1,207)

Distributions to noncontrolling interests in the Operating Partnership

(2,017)

(2,151)

Distributions to noncontrolling interest in consolidated affiliates

(4,891)

(160)

Contributions from noncontrolling interests in consolidated affiliates

197,202

Proceeds from the issuance of Common Stock

655

2,191

Costs paid for the issuance of Common Stock

(455)

(324)

Repurchase of shares related to tax withholdings

(1,865)

(2,009)

Borrowings on revolving credit facility

203,000

237,000

Repayments of revolving credit facility

(228,000)

(194,000)

Borrowings on mortgages and notes payable

20,000

Repayments of mortgages and notes payable

(34,396)

(3,865)

Payments for debt issuance costs and other financing activities

(1,286)

Net cash provided by/(used in) financing activities

36,603

(74,368)

Net increase in cash and cash equivalents and restricted cash

122,981

6,331

Cash and cash equivalents and restricted cash at beginning of the period

43,049

33,677

Cash and cash equivalents and restricted cash at end of the period

166,030

40,008

Reconciliation of cash and cash equivalents and restricted cash:

Cash and cash equivalents at end of the period

145,377

21,193

Restricted cash at end of the period

20,653

18,815

Supplemental disclosure of cash flow information:

Cash paid for interest, net of amounts capitalized

71,069

71,400

Supplemental disclosure of non-cash investing and financing activities:

Conversions of Common Units to Common Stock

700

Changes in accrued capital expenditures

^[1]

19,084

(2,218)

Write-off of fully depreciated real estate assets

44,862

54,439

Write-off of fully amortized leasing costs

15,376

25,199

Write-off of fully amortized debt issuance costs

1,097

Adjustment of noncontrolling interests in the Operating Partnership to fair value

8,509

927

Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities

$ 64,100

$ 50,700

[1]	Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of June 30, 2026 and 2025 were $64.1 million and $50.7 million, respectively.

HPI - Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate assets, at cost:
Land	$ 607,720	$ 609,177
Buildings and tenant improvements	6,216,948	6,144,697
Development in-process	0	6,248
Land held for development	197,227	214,149
Total real estate assets	7,021,895	6,974,271
Less-accumulated depreciation	(1,905,507)	(1,902,276)
Net real estate assets	5,116,388	5,071,995
Real estate and other assets, net, held for sale	53,900	23,201
Cash and cash equivalents	145,377	27,358
Restricted cash	20,653	15,691
Accounts receivable	31,548	28,263
Mortgages and notes receivable	12,228	12,228
Accrued straight-line rents receivable	304,951	318,024
Investments in and advances to unconsolidated affiliates	446,928	471,580
Deferred leasing costs, net of accumulated amortization of $174,584 and $169,972, respectively	278,222	244,258
Prepaid expenses and other assets, net of accumulated depreciation of $27,411 and $25,144, respectively	61,456	61,240
Total Assets	6,471,651	6,273,838
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity:
Mortgages and notes payable, net	3,515,608	3,554,178
Accounts payable, accrued expenses and other liabilities	305,713	284,006
Total Liabilities	3,821,321	3,838,184
Commitments and contingencies
Noncontrolling interests in the Operating Partnership	60,840	52,777
Equity:
Preferred Stock, $.01 par value, 50,000,000 authorized shares; 8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 26,631 and 26,691 shares issued and outstanding, respectively	26,631	26,691
Common Stock, $.01 par value, 200,000,000 authorized shares; 110,306,211 and 109,905,241 shares issued and outstanding, respectively	1,103	1,099
Additional paid-in capital	3,221,689	3,223,767
Distributions in excess of net income available for common stockholders	(855,358)	(870,083)
Accumulated other comprehensive loss	(2,625)	(2,494)
Total Stockholders’ Equity	2,391,440	2,378,980
Noncontrolling interests in consolidated affiliates	198,050	3,897
Total Equity/Capital	2,589,490	2,382,877
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity/Total Liabilities, Redeemable Operating Partnership Units and Capital	$ 6,471,651	$ 6,273,838