Highwoods Properties Files Q3 2024 10-Q

TL;DR

**Highwoods Properties Q3 2024 10-Q filed. REIT financials and operations detailed.**

AI Summary

Highwoods Properties, Inc. filed its 10-Q for the period ending September 30, 2024. The company, a real estate investment trust, reported its financial performance and operational details. Key financial metrics and business activities for the third quarter of 2024 are detailed within this filing.

Why It Matters

This filing provides investors with a detailed look at Highwoods Properties' financial health and operational status as of the end of the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Highwoods Properties is subject to market fluctuations, interest rate changes, and tenant default risks inherent in the commercial real estate sector.

Key Numbers

• Q3 2024 — Reporting Period (Financial and operational data pertains to this quarter.)
• 1231 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• HIGHWOODS PROPERTIES, INC. (company) — Filer of the 10-Q
• HIGHWOODS REALTY LTD PARTNERSHIP (company) — Related entity
• 20240930 (date) — Period of report
• 20241022 (date) — Filing date
• RALEIGH (location) — City of business and mail address

FAQ

Filing Documents

• hiw-20240930.htm (10-Q) — 1801KB
• hiw09302024ex311.htm (EX-31.1) — 9KB
• hiw09302024ex312.htm (EX-31.2) — 9KB
• hiw09302024ex313.htm (EX-31.3) — 10KB
• hiw09302024ex314.htm (EX-31.4) — 10KB
• hiw09302024ex321.htm (EX-32.1) — 4KB
• hiw09302024ex322.htm (EX-32.2) — 4KB
• hiw09302024ex323.htm (EX-32.3) — 4KB
• hiw09302024ex324.htm (EX-32.4) — 4KB
• hiw-20240930_g1.jpg (GRAPHIC) — 2KB
• 0000921082-24-000033.txt ( ) — 8246KB
• hiw-20240930.xsd (EX-101.SCH) — 49KB
• hiw-20240930_cal.xml (EX-101.CAL) — 107KB
• hiw-20240930_def.xml (EX-101.DEF) — 348KB
• hiw-20240930_lab.xml (EX-101.LAB) — 555KB
• hiw-20240930_pre.xml (EX-101.PRE) — 496KB
• hiw-20240930_htm.xml (XML) — 1081KB

- 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 SEPTEMBER 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 September 30, 2024 and December 31, 2023 3 Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 8 HIGHWOODS REALTY LIMITED PARTNERSHIP: Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 10 Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 11 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 12 Consolidated Statements of Capital for the Three and Nine Months Ended September 30, 2024 and 2023 13 Consolidated Statements of Cash Flows for the Nine Months Ended September 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 29 Disclosure Regarding Forward-Looking Statements 29 Executive Summary 30 Results of Operations 33 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) September 30, 2024 December 31, 2023 Assets: Real estate assets, at cost: Land $ 533,361 $ 540,050 Buildings and tenant improvements 5,939,774 5,960,895 Development in-process — 8,918 Land held for development 221,548 227,058 6,694,683 6,736,921 Less-accumulated depreciation ( 1,823,875 ) ( 1,743,390 ) Net real estate assets 4,870,808 4,993,531 Cash and cash equivalents 23,650 25,123 Restricted cash 10,283 6,446 Accounts receivable 26,088 28,094 Mortgages and notes receivable 11,084 4,795 Accrued straight-line rents receivable 315,068 310,649 Investments in and advances to unconsolidated affiliates 482,693 343,241 Deferred leasing costs, net of accumulated amortization of $ 172,702 and $ 175,697 , respectively 213,409 225,924 Prepaid expenses and other assets, net of accumulated depreciation of $ 19,596 and $ 22,142 , respectively 74,827 65,125 Total Assets $ 6,027,910 $ 6,002,928 Liabilities, Noncontrolling Interests in the Operating Partnership and Equity: Mortgages and notes payable, net $ 3,295,521 $ 3,213,206 Accounts payable, accrued expenses and other liabilities 295,191 302,180 Total Liabilities 3,590,712 3,515,386 Commitments and contingencies Noncontrolling interests in the Operating Partnership 72,094 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; 106,020,426 and 105,710,315 shares issued and outstanding, respectively 1,060 1,057 Additional paid-in capital 3,086,411 3,103,446 Distributions in excess of net income available for common stockholders ( 753,404 ) ( 698,020 ) Accumulated other comprehensive lo

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