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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended September 30, 2024
or

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from [ ] to [ ]
logotree14.jpg
HIGHWOODS PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
Maryland001-1310056-1871668
(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)

HIGHWOODS REALTY LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
North Carolina000-2173156-1869557
(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)

150 Fayetteville Street, Suite 1400
Raleigh, NC 27601
(Address of principal executive offices) (Zip Code)
919-872-4924
(Registrants’ telephone number, including area code)
___________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $.01 par value, of Highwoods Properties, Inc.HIWNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Highwoods Properties, Inc.  Yes  ☒    No ☐    Highwoods Realty Limited Partnership  Yes  ☒    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Highwoods Properties, Inc.  Yes  ☒    No ☐    Highwoods Realty Limited Partnership  Yes  ☒    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Highwoods Properties, Inc.
Large accelerated filer ☒   Accelerated filer ☐   Non-accelerated filer ☐   Smaller reporting company ☐   Emerging growth company ☐
Highwoods Realty Limited Partnership
Large accelerated filer ☐   Accelerated filer ☐   Non-accelerated filer ☒   Smaller reporting company ☐   Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Highwoods Properties, Inc.  ☐        Highwoods Realty Limited Partnership   ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Highwoods Properties, Inc.  Yes  ☐    No ☒    Highwoods Realty Limited Partnership  Yes  ☐    No ☒

The Company had 106,020,426 shares of Common Stock outstanding as of October 15, 2024.



EXPLANATORY NOTE

We refer to Highwoods Properties, Inc. as the “Company,” Highwoods Realty Limited Partnership as the “Operating Partnership,” the Company’s common stock as “Common Stock” or “Common Shares,” the Company’s preferred stock as “Preferred Stock” or “Preferred Shares,” the Operating Partnership’s common partnership interests as “Common Units” and the Operating Partnership’s preferred partnership interests as “Preferred Units.” References to “we” and “our” mean the Company and the Operating Partnership, collectively, unless the context indicates otherwise.

The Company conducts its activities through the Operating Partnership and is its sole general partner. The partnership agreement provides that the Operating Partnership will assume and pay when due, or reimburse the Company for payment of, all costs and expenses relating to the ownership and operations of, or for the benefit of, the Operating Partnership. The partnership agreement further provides that all expenses of the Company are deemed to be incurred for the benefit of the Operating Partnership.

Except as otherwise noted, all property-level operational information presented herein includes in-service wholly owned properties and in-service properties owned by consolidated and unconsolidated joint ventures (at our share). Development projects are not considered in-service properties until such projects are completed and stabilized. Stabilization occurs at the beginning of the first quarter after the earlier of: (1) the projected stabilization date; or (2) the date on which a project's occupancy generally exceeds 93%.

Certain information contained herein is presented as of October 15, 2024, the latest practicable date for financial information prior to the filing of this Quarterly Report.

This report combines the Quarterly Reports on Form 10-Q for the period ended September 30, 2024 of the Company and the Operating Partnership. We believe combining the quarterly reports into this single report results in the following benefits:

•combined reports better reflect how management and investors view the business as a single operating unit;

•combined reports enhance investors’ understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management;

•combined reports are more efficient for the Company and the Operating Partnership and result in savings in time, effort and expense; and

•combined reports are more efficient for investors by reducing duplicative disclosure and providing a single document for their review.

To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:

•Consolidated Financial Statements;

•Note 10 to Consolidated Financial Statements - Earnings Per Share and Per Unit;

•Item 4 - Controls and Procedures; and

•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
PART I - FINANCIAL INFORMATION
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS


2
PART I - FINANCIAL INFORMATION

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 improvements5,939,774 5,960,895 
Development in-process— 8,918 
Land held for development221,548 227,058 
6,694,683 6,736,921 
Less-accumulated depreciation(1,823,875)(1,743,390)
Net real estate assets4,870,808 4,993,531 
Cash and cash equivalents23,650 25,123 
Restricted cash10,283 6,446 
Accounts receivable26,088 28,094 
Mortgages and notes receivable11,084 4,795 
Accrued straight-line rents receivable315,068 310,649 
Investments in and advances to unconsolidated affiliates482,693 343,241 
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 liabilities295,191 302,180 
Total Liabilities3,590,712 3,515,386 
Commitments and contingencies
Noncontrolling interests in the Operating Partnership72,094 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 capital3,086,411 3,103,446 
Distributions in excess of net income available for common stockholders(753,404)(698,020)
Accumulated other comprehensive loss(2,184)(1,997)
Total Stockholders’ Equity2,360,694 2,433,297 
Noncontrolling interests in consolidated affiliates4,410 4,725 
Total Equity2,365,104 2,438,022 
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity$6,027,910 $6,002,928 

See accompanying notes to consolidated financial statements.
3

HIGHWOODS PROPERTIES, INC.
Consolidated Statements of Income
(Unaudited and in thousands, except per share amounts)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Rental and other revenues$204,323 $207,095 $620,336 $627,138 
Operating expenses:
Rental property and other expenses65,706 67,193 200,700 199,231 
Depreciation and amortization79,116 74,765 226,532 220,416 
General and administrative9,898 8,873 31,754 30,668 
Total operating expenses154,720 150,831 458,986 450,315 
Interest expense37,472 34,247 109,928 101,408 
Other income1,872 754 10,559 3,082 
Gains on disposition of property350 — 42,581 19,818 
Gain on deconsolidation of affiliate— — — 11,778 
Equity in earnings of unconsolidated affiliates1,116 400 2,890 1,902 
Net income15,469 23,171 107,452 111,995 
Net (income) attributable to noncontrolling interests in the Operating Partnership(297)(453)(2,111)(2,386)
Net loss attributable to noncontrolling interests in consolidated affiliates8 5 15 488 
Dividends on Preferred Stock(622)(622)(1,864)(1,864)
Net income available for common stockholders$14,558 $22,101 $103,492 $108,233 
Earnings per Common Share – basic:
Net income available for common stockholders$0.14 $0.21 $0.98 $1.03 
Weighted average Common Shares outstanding – basic106,010 105,671 105,937 105,473 
Earnings per Common Share – diluted:
Net income available for common stockholders$0.14 $0.21 $0.98 $1.03 
Weighted average Common Shares outstanding – diluted108,161 107,832 108,089 107,762 

See accompanying notes to consolidated financial statements.
4
HIGHWOODS PROPERTIES, INC.
Consolidated Statements of Comprehensive Income
(Unaudited and in thousands)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Comprehensive income:
Net income$15,469 $23,171 $107,452 $111,995 
Other comprehensive loss:
Amortization of cash flow hedges(63)(74)(187)(223)
Total other comprehensive loss(63)(74)(187)(223)
Total comprehensive income15,406 23,097 107,265 111,772 
Less-comprehensive (income) attributable to noncontrolling interests(289)(448)(2,096)(1,898)
Comprehensive income attributable to common stockholders$15,117 $22,649 $105,169 $109,874 

See accompanying notes to consolidated financial statements.


5
HIGHWOODS PROPERTIES, INC.
Consolidated Statements of Equity
(Unaudited and in thousands, except share amounts)

Three Months Ended September 30, 2024
Number of Common SharesCommon StockSeries A Cumulative Redeemable Preferred SharesAdditional Paid-In CapitalAccumulated Other Compre-hensive LossNon-controlling Interests in Consolidated AffiliatesDistributions in Excess of Net Income Available for Common StockholdersTotal
Balance as of June 30, 2024106,010,262 $1,060 $28,811 $3,101,381 $(2,121)$4,618 $(714,956)$2,418,793 
Issuances of Common Stock, net of issuance costs and tax withholdings
10,164 — — 342 — — — 342 
Dividends on Common Stock ($0.50 per share)
— — — — — (53,006)(53,006)
Dividends on Preferred Stock ($21.5625 per share)
— — — — — (622)(622)
Adjustment of noncontrolling interests in the Operating Partnership to fair value
— — (16,355)— — — (16,355)
Distributions to noncontrolling interests in consolidated affiliates
— — — — (200)— (200)
Share-based compensation expense, net of forfeitures— — — 1,043 — — — 1,043 
Net (income) attributable to noncontrolling interests in the Operating Partnership
— — — — — (297)(297)
Net loss attributable to noncontrolling interests in consolidated affiliates— — — — (8)8 — 
Comprehensive income:
Net income— — — — — 15,469 15,469 
Other comprehensive loss— — — (63)— — (63)
Total comprehensive income15,406 
Balance as of September 30, 2024106,020,426 $1,060 $28,811 $3,086,411 $(2,184)$4,410 $(753,404)$2,365,104 

Nine Months Ended September 30, 2024
Number of Common SharesCommon StockSeries A Cumulative Redeemable Preferred SharesAdditional Paid-In CapitalAccumulated Other Compre-hensive LossNon-controlling Interests in Consolidated AffiliatesDistributions in Excess of Net Income Available for Common StockholdersTotal
Balance at December 31, 2023105,710,315 $1,057 $28,811 $3,103,446 $(1,997)$4,725 $(698,020)$2,438,022 
Issuances of Common Stock, net of issuance costs and tax withholdings
(19,806)— — (343)— — — (343)
Conversions of Common Units to Common Stock5,385 132 132 
Dividends on Common Stock ($1.50 per share)
— — — — — (158,876)(158,876)
Dividends on Preferred Stock ($64.6875 per share)
— — — — — (1,864)(1,864)
Adjustment of noncontrolling interests in the Operating Partnership to fair value
— — (23,822)— — — (23,822)
Distributions to noncontrolling interests in consolidated affiliates
— — — — (300)— (300)
Issuances of restricted stock324,532 — — — — — — — 
Share-based compensation expense, net of forfeitures— 3 — 6,998 — — — 7,001 
Net (income) attributable to noncontrolling interests in the Operating Partnership
— — — — — (2,111)(2,111)
Net loss attributable to noncontrolling interests in consolidated affiliates— — — — (15)15 — 
Comprehensive income:
Net income— — — — — 107,452 107,452 
Other comprehensive loss— — — (187)— — (187)
Total comprehensive income107,265 
Balance as of September 30, 2024106,020,426 $1,060 $28,811 $3,086,411 $(2,184)$4,410 $(753,404)$2,365,104 

See accompanying notes to consolidated financial statements.

6
HIGHWOODS PROPERTIES, INC.
Consolidated Statements of Equity - Continued
(Unaudited and in thousands, except share amounts)

Three Months Ended September 30, 2023
Number of Common SharesCommon StockSeries A Cumulative Redeemable Preferred SharesAdditional Paid-In CapitalAccumulated Other Compre-hensive LossNon-controlling Interests in Consolidated AffiliatesDistributions in Excess of Net Income Available for Common StockholdersTotal
Balance as of June 30, 2023105,472,213 $1,055 $28,811 $3,095,272 $(1,360)$4,471 $(652,436)$2,475,813 
Issuances of Common Stock, net of issuance costs and tax withholdings
17,521 2 — 359 — — — 361 
Conversions of Common Units to Common Stock193,907 4,795 4,795 
Dividends on Common Stock ($0.50 per share)
— — — — — (52,836)(52,836)
Dividends on Preferred Stock ($21.5625 per share)
— — — — — (622)(622)
Adjustment of noncontrolling interests in the Operating Partnership to fair value
— — 6,334 — — — 6,334 
Issuances of restricted stock9,620 — — — — — — — 
Share-based compensation expense, net of forfeitures— — — 833 — — — 833 
Net (income) attributable to noncontrolling interests in the Operating Partnership— — — — — (453)(453)
Net loss attributable to noncontrolling interests in consolidated affiliates— — — — (5)5 — 
Comprehensive income:
Net income— — — — — 23,171 23,171 
Other comprehensive loss— — — (74)— — (74)
Total comprehensive income23,097 
Balance as of September 30, 2023105,693,261 $1,057 $28,811 $3,107,593 $(1,434)$4,466 $(683,171)$2,457,322 

Nine Months Ended September 30, 2023
Number of Common SharesCommon StockSeries A Cumulative Redeemable Preferred SharesAdditional Paid-In CapitalAccumulated Other Compre-hensive LossNon-controlling Interests in Consolidated AffiliatesDistributions in Excess of Net Income Available for Common StockholdersTotal
Balance at December 31, 2022105,210,858 $1,052 $28,821 $3,081,330 $(1,211)$22,235 $(633,227)$2,499,000 
Issuances of Common Stock, net of issuance costs and tax withholdings
10,010 2 — (204)— — — (202)
Conversions of Common Units to Common Stock193,907 4,795 4,795 
Dividends on Common Stock ($1.50 per share)
— — — — — (158,177)(158,177)
Dividends on Preferred Stock ($64.6875 per share)
— — — — — (1,864)(1,864)
Adjustment of noncontrolling interests in the Operating Partnership to fair value
— — 15,521 — — — 15,521 
Issuances of restricted stock282,453 — — — — — — — 
Redemptions/repurchases of Preferred Stock— (10)— — — — (10)
Share-based compensation expense, net of forfeitures(3,967)3 — 6,151 — — — 6,154 
Net (income) attributable to noncontrolling interests in the Operating Partnership
— — — — — (2,386)(2,386)
Net loss attributable to noncontrolling interests in consolidated affiliates— — — — (488)488 — 
Deconsolidation of affiliate— — — — (17,281)— (17,281)
Comprehensive income:
Net income— — — — — 111,995 111,995 
Other comprehensive loss— — — (223)— — (223)
Total comprehensive income111,772 
Balance as of September 30, 2023105,693,261 $1,057 $28,811 $3,107,593 $(1,434)$4,466 $(683,171)$2,457,322 

See accompanying notes to consolidated financial statements.
7
HIGHWOODS PROPERTIES, INC.
Consolidated Statements of Cash Flows
(Unaudited and in thousands)
Nine Months Ended
September 30,
20242023
Operating activities:
Net income$107,452 $111,995 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization226,532 220,416 
Amortization of lease incentives and acquisition-related intangible assets and liabilities866 712 
Share-based compensation expense7,001 6,154 
Net credit losses/(reversals) on operating lease receivables1,831 1,850 
Accrued interest on mortgages and notes receivable(321)(750)
Amortization of debt issuance costs4,214 3,645 
Amortization of cash flow hedges(187)(223)
Amortization of mortgages and notes payable fair value adjustments84 (257)
Losses on debt extinguishment173 — 
Net gains on disposition of property(42,581)(19,818)
Gain on deconsolidation of affiliate— (11,778)
Equity in earnings of unconsolidated affiliates(2,890)(1,902)
Distributions of earnings from unconsolidated affiliates4,282 1,153 
Changes in operating assets and liabilities:
Accounts receivable1,162 1,182 
Prepaid expenses and other assets(961)(4,376)
Accrued straight-line rents receivable(7,735)(20,196)
Accounts payable, accrued expenses and other liabilities936 (3,636)
Net cash provided by operating activities299,858 284,171 
Investing activities:
Investments in acquired real estate and related intangible assets, net of cash acquired— (18,544)
Investments in development in-process(4,149)(26,179)
Investments in tenant improvements and deferred leasing costs(102,791)(68,625)
Investments in building improvements(27,827)(55,155)
Net proceeds from disposition of real estate assets81,659 51,538 
Distributions of capital from unconsolidated affiliates6,254 3,864 
Investments in mortgages and notes receivable(6,229)(9,763)
Repayments of mortgages and notes receivable47 200 
Investments in and advances to unconsolidated affiliates(147,452)(100,052)
Repayments of preferred equity from unconsolidated affiliates— 80,000 
Changes in earnest money deposits— 15,500 
Changes in other investing activities(4,475)(3,751)
Net cash used in investing activities(204,963)(130,967)
Financing activities:
Dividends on Common Stock(158,876)(158,177)
Redemptions/repurchases of Preferred Stock— (10)
Redemptions of Common Units— (163)
Dividends on Preferred Stock(1,864)(1,864)
Distributions to noncontrolling interests in the Operating Partnership(3,227)(3,432)
Distributions to noncontrolling interests in consolidated affiliates(300)— 
Proceeds from the issuance of Common Stock1,094 1,349 
Costs paid for the issuance of Common Stock— (226)
Repurchase of shares related to tax withholdings(1,437)(1,325)
Borrowings on revolving credit facility228,000 219,000 
Repayments of revolving credit facility(143,000)(400,000)
Borrowings on mortgages and notes payable— 200,000 
Repayments of mortgages and notes payable(5,238)(5,018)
Payments for debt issuance costs and other financing activities(7,683)(2,347)
Net cash used in financing activities(92,531)(152,213)
Net increase in cash and cash equivalents and restricted cash$2,364 $991 
See accompanying notes to consolidated financial statements.
8
HIGHWOODS PROPERTIES, INC.
Consolidated Statements of Cash Flows – Continued
(Unaudited and in thousands)
Nine Months Ended
September 30,
20242023
Net increase in cash and cash equivalents and restricted cash$2,364 $991 
Cash from deconsolidation of affiliate— (6,386)
Cash and cash equivalents and restricted cash at beginning of the period31,569 26,105 
Cash and cash equivalents and restricted cash at end of the period$33,933 $20,710 

Reconciliation of cash and cash equivalents and restricted cash:

Nine Months Ended
September 30,
20242023
Cash and cash equivalents at end of the period$23,650 $16,901 
Restricted cash at end of the period10,283 3,809 
Cash and cash equivalents and restricted cash at end of the period$33,933 $20,710 

Supplemental disclosure of cash flow information:
Nine Months Ended
September 30,
20242023
Cash paid for interest, net of amounts capitalized$112,667 $105,342 

Supplemental disclosure of non-cash investing and financing activities:
Nine Months Ended
September 30,
20242023
Conversions of Common Units to Common Stock132 4,795 
Changes in accrued capital expenditures (1)
(4,273)17,275 
Write-off of fully depreciated real estate assets79,956 54,489 
Write-off of fully amortized leasing costs37,032 25,605 
Write-off of fully amortized debt issuance costs4,083 — 
Adjustment of noncontrolling interests in the Operating Partnership to fair value23,822 (15,521)
__________

(1)Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of September 30, 2024 and 2023 were $51.3 million and $70.7 million, respectively.

See accompanying notes to consolidated financial statements.
9
HIGHWOODS REALTY LIMITED PARTNERSHIP
Consolidated Balance Sheets
(Unaudited and in thousands, except unit and per unit data)
September 30,
2024		December 31,
2023
Assets:
Real estate assets, at cost:
Land$533,361 $540,050 
Buildings and tenant improvements5,939,774 5,960,895 
Development in-process— 8,918 
Land held for development221,548 227,058 
6,694,683 6,736,921 
Less-accumulated depreciation(1,823,875)(1,743,390)
Net real estate assets4,870,808 4,993,531 
Cash and cash equivalents23,650 25,123 
Restricted cash10,283 6,446 
Accounts receivable26,088 28,094 
Mortgages and notes receivable11,084 4,795 
Accrued straight-line rents receivable315,068 310,649 
Investments in and advances to unconsolidated affiliates482,693 343,241 
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, Redeemable Operating Partnership Units and Capital:
Mortgages and notes payable, net$3,295,521 $3,213,206 
Accounts payable, accrued expenses and other liabilities295,191 302,180 
Total Liabilities3,590,712 3,515,386 
Commitments and contingencies
Redeemable Operating Partnership Units:
Common Units, 2,151,423 and 2,156,808 outstanding, respectively
72,094 49,520 
Series A Preferred Units (liquidation preference $1,000 per unit), 28,811 units issued and outstanding
28,811 28,811 
Total Redeemable Operating Partnership Units100,905 78,331 
Capital:
Common Units:
General partner Common Units, 1,077,630 and 1,074,583 outstanding, respectively
23,340 24,064 
Limited partner Common Units, 104,533,987 and 104,226,923 outstanding, respectively
2,310,727 2,382,419 
Accumulated other comprehensive loss(2,184)(1,997)
Noncontrolling interests in consolidated affiliates4,410 4,725 
Total Capital2,336,293 2,409,211 
Total Liabilities, Redeemable Operating Partnership Units and Capital$6,027,910 $6,002,928 

See accompanying notes to consolidated financial statements.
10
HIGHWOODS REALTY LIMITED PARTNERSHIP
Consolidated Statements of Income
(Unaudited and in thousands, except per unit amounts)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Rental and other revenues$204,323 $207,095 $620,336 $627,138 
Operating expenses:
Rental property and other expenses65,706 67,193 200,700 199,231 
Depreciation and amortization79,116 74,765 226,532 220,416 
General and administrative9,898 8,873 31,754 30,668 
Total operating expenses154,720 150,831 458,986 450,315 
Interest expense37,472 34,247 109,928 101,408 
Other income1,872 754 10,559 3,082 
Gains on disposition of property350 — 42,581 19,818 
Gain on deconsolidation of affiliate— — — 11,778 
Equity in earnings of unconsolidated affiliates1,116 400 2,890 1,902 
Net income15,469 23,171 107,452 111,995 
Net loss attributable to noncontrolling interests in consolidated affiliates8 5 15 488 
Distributions on Preferred Units(622)(622)(1,864)(1,864)
Net income available for common unitholders$14,855 $22,554 $105,603 $110,619 
Earnings per Common Unit – basic:
Net income available for common unitholders$0.14 $0.21 $0.98 $1.03 
Weighted average Common Units outstanding – basic107,752 107,423 107,680 107,353 
Earnings per Common Unit – diluted:
Net income available for common unitholders$0.14 $0.21 $0.98 $1.03 
Weighted average Common Units outstanding – diluted107,752 107,423 107,680 107,353 

See accompanying notes to consolidated financial statements.
11
HIGHWOODS REALTY LIMITED PARTNERSHIP
Consolidated Statements of Comprehensive Income
(Unaudited and in thousands)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Comprehensive income:
Net income$15,469 $23,171 $107,452 $111,995 
Other comprehensive loss:
Amortization of cash flow hedges(63)(74)(187)(223)
Total other comprehensive loss(63)(74)(187)(223)
Total comprehensive income15,406 23,097 107,265 111,772 
Net loss attributable to noncontrolling interests in consolidated affiliates8 5 15 488 
Comprehensive income attributable to common unitholders$15,414 $23,102 $107,280 $112,260 

See accompanying notes to consolidated financial statements.

12
HIGHWOODS REALTY LIMITED PARTNERSHIP
Consolidated Statements of Capital
(Unaudited and in thousands)

Three Months Ended September 30, 2024
Common UnitsAccumulated
Other
Comprehensive Loss		Noncontrolling
Interests in
Consolidated
Affiliates		Total
General
Partners’
Capital		Limited
Partners’
Capital
Balance as of June 30, 2024$23,875 $2,363,610 $(2,121)$4,618 2,389,982 
Issuances of Common Units, net of issuance costs and tax withholdings4 338 — — 342 
Distributions on Common Units ($0.50 per unit)
(539)(53,338)— — (53,877)
Distributions on Preferred Units ($21.5625 per unit)
(7)(615)— — (622)
Share-based compensation expense, net of forfeitures10 1,033 — — 1,043 
Distributions to noncontrolling interests in consolidated affiliates— — — (200)(200)
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner(158)(15,623)— — (15,781)
Net loss attributable to noncontrolling interests in consolidated affiliates— 8 — (8)— 
Comprehensive income:
Net income155 15,314 — — 15,469 
Other comprehensive loss— — (63)— (63)
Total comprehensive income15,406 
Balance as of September 30, 202423,340 2,310,727 (2,184)4,410 $2,336,293 

Nine Months Ended September 30, 2024
Common UnitsAccumulated
Other
Comprehensive Loss		Noncontrolling
Interests in
Consolidated
Affiliates		Total
General
Partners’
Capital		Limited
Partners’
Capital
Balance at December 31, 2023$24,064 $2,382,419 $(1,997)$4,725 $2,409,211 
Issuances of Common Units, net of issuance costs and tax withholdings(3)(340)— — (343)
Distributions on Common Units ($1.50 per unit)
(1,615)(159,874)— — (161,489)
Distributions on Preferred Units ($64.6875 per unit)
(19)(1,845)— — (1,864)
Share-based compensation expense, net of forfeitures70 6,931 — — 7,001 
Distributions to noncontrolling interests in consolidated affiliates— — — (300)(300)
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner(232)(22,956)— — (23,188)
Net loss attributable to noncontrolling interests in consolidated affiliates— 15 — (15)— 
Comprehensive income:
Net income1,075 106,377 — — 107,452 
Other comprehensive loss— — (187)— (187)
Total comprehensive income107,265 
Balance as of September 30, 2024$23,340 $2,310,727 $(2,184)$4,410 $2,336,293 

See accompanying notes to consolidated financial statements.
13
HIGHWOODS REALTY LIMITED PARTNERSHIP
Consolidated Statements of Capital - Continued
(Unaudited and in thousands)

Three Months Ended September 30, 2023
Common UnitsAccumulated
Other
Comprehensive Loss		Noncontrolling
Interests in
Consolidated
Affiliates		Total
General
Partners’
Capital		Limited
Partners’
Capital
Balance as of June 30, 2023$24,439 $2,419,452 $(1,360)$4,471 $2,447,002 
Issuances of Common Units, net of issuance costs and tax withholdings4 357 — — 361 
Distributions on Common Units ($0.50 per unit)
(537)(53,172)— — (53,709)
Distributions on Preferred Units ($21.5625 per unit)
(7)(615)— — (622)
Share-based compensation expense, net of forfeitures9 824 — — 833 
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner115 11,434 — — 11,549 
Net loss attributable to noncontrolling interests in consolidated affiliates— 5 — (5)— 
Comprehensive income:
Net income232 22,939 — — 23,171 
Other comprehensive loss— — (74)— (74)
Total comprehensive income23,097 
Balance as of September 30, 2023$24,255 $2,401,224 $(1,434)$4,466 $2,428,511 

Nine Months Ended September 30, 2023
Common UnitsAccumulated
Other
Comprehensive Loss		Noncontrolling
Interests in
Consolidated
Affiliates		Total
General
Partners’
Capital		Limited
Partners’
Capital
Balance at December 31, 2022$24,492 $2,424,663 $(1,211)