Highwoods Properties Files Q2 2024 10-Q

TL;DR

Highwoods Properties (HIW) filed its Q2 10-Q. Office REIT financials updated.

AI Summary

Highwoods Properties, Inc. filed its 10-Q for the period ending June 30, 2024. The company, a real estate investment trust, reported its financial performance and operational details. The filing provides an update on its portfolio of office properties and related financial metrics.

Why It Matters

This filing provides investors with crucial financial and operational data for Highwoods Properties, Inc., impacting investment decisions in the office real estate sector.

Risk Assessment

Risk Level: medium — Real estate investment trusts, particularly those focused on office properties, face risks related to market conditions, tenant demand, and interest rate fluctuations.

Key Numbers

• N/A — Revenue (Specific revenue figures are not detailed in the provided header information.)
• N/A — Net Income (Specific net income figures are not detailed in the provided header information.)
• N/A — Assets (Specific asset values are not detailed in the provided header information.)

Key Players & Entities

• HIGHWOODS PROPERTIES, INC. (company) — Filer and reporting entity
• HIGHWOODS REALTY LTD PARTNERSHIP (company) — Related entity
• 20240630 (date) — End of reporting period
• 20240723 (date) — Filing date

FAQ

Filing Documents

• hiw-20240630.htm (10-Q) — 1815KB
• hiw06302024ex311.htm (EX-31.1) — 9KB
• hiw06302024ex312.htm (EX-31.2) — 9KB
• hiw06302024ex313.htm (EX-31.3) — 10KB
• hiw06302024ex314.htm (EX-31.4) — 10KB
• hiw06302024ex321.htm (EX-32.1) — 4KB
• hiw06302024ex322.htm (EX-32.2) — 4KB
• hiw06302024ex323.htm (EX-32.3) — 4KB
• hiw06302024ex324.htm (EX-32.4) — 4KB
• hiw-20240630_g1.jpg (GRAPHIC) — 2KB
• 0000921082-24-000029.txt ( ) — 8409KB
• hiw-20240630.xsd (EX-101.SCH) — 52KB
• hiw-20240630_cal.xml (EX-101.CAL) — 111KB
• hiw-20240630_def.xml (EX-101.DEF) — 351KB
• hiw-20240630_lab.xml (EX-101.LAB) — 565KB
• hiw-20240630_pre.xml (EX-101.PRE) — 506KB
• hiw-20240630_htm.xml (XML) — 1114KB

- Controls and Procedures; and

Item 4 - Controls and Procedures; and

- Certifications of CEO and CFO Pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act

Item 6 - Certifications of CEO and CFO Pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act. HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP QUARTERLY REPORT FOR THE PERIOD ENDED JUNE 30, 2024 TABLE OF CONTENTS Page

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 3 HIGHWOODS PROPERTIES, INC.: Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 8 HIGHWOODS REALTY LIMITED PARTNERSHIP: Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 10 Consolidated Statements of Income for the Three and Six Months Ended June 30 , 2024 and 2023 11 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30 , 2024 and 2023 12 Consolidated Statements of Capital for the Three and Six Months Ended June 30 , 2024 and 2023 13 Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2024 and 2023 15 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 17

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30 Disclosure Regarding Forward-Looking Statements 30 Executive Summary 31 Results of Operations 34 Liquidity and Capital Resources 36 Critical Accounting Estimates 39 Non-GAAP Information 39

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 42

- OTHER INFORMATION

PART II - OTHER INFORMATION

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 43

EXHIBITS

ITEM 6. EXHIBITS 43 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HIGHWOODS PROPERTIES, INC. Consolidated Balance Sheets (Unaudited and in thousands, except share and per share data) June 30, 2024 December 31, 2023 Assets: Real estate assets, at cost: Land $ 533,361 $ 540,050 Buildings and tenant improvements 5,940,252 5,960,895 Development in-process — 8,918 Land held for development 222,157 227,058 6,695,770 6,736,921 Less-accumulated depreciation ( 1,795,361 ) ( 1,743,390 ) Net real estate assets 4,900,409 4,993,531 Real estate and other assets, net, held for sale 3,875 — Cash and cash equivalents 27,003 25,123 Restricted cash 9,802 6,446 Accounts receivable 30,432 28,094 Mortgages and notes receivable 10,993 4,795 Accrued straight-line rents receivable 313,721 310,649 Investments in and advances to unconsolidated affiliates 378,761 343,241 Deferred leasing costs, net of accumulated amortization of $ 183,154 and $ 175,697 , respectively 217,773 225,924 Prepaid expenses and other assets, net of accumulated depreciation of $ 18,566 and $ 22,142 , respectively 78,704 65,125 Total Assets $ 5,971,473 $ 6,002,928 Liabilities, Noncontrolling Interests in the Operating Partnership and Equity: Mortgages and notes payable, net $ 3,191,429 $ 3,213,206 Accounts payable, accrued expenses and other liabilities 304,733 302,180 Total Liabilities 3,496,162 3,515,386 Commitments and contingencies Noncontrolling interests in the Operating Partnership 56,518 49,520 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), 28,811 shares issued and outstanding 28,811 28,811 Common Stock, $ .01 par value, 200,000,000 authorized shares; 106,010,262 and 105,710,315 shares issued and outstanding, respectively 1,060 1,057 Additional paid-in capital 3,101,381 3,103,446 Distributions in excess of net income available for common stockholders ( 714,95

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View this 10-Q filing on SEC EDGAR