68 unchanged sentences
OTHER INFORMATION
+Added: Our current long-term equity incentive plan, pursuant to which our compensation and governance committee may grant stock options, shares of restricted stock and restricted stock units, originally authorized the issuance of up to 3,000,000 shares of common stock, of which not more than 1,000,000 shares could be issued in the form of restricted stock or restricted stock unit awards.
+Added: To date, 757,640 shares of restricted stock have been issued and are outstanding under the plan.
+Added: As a result, immediately prior to February 10, 2025, there were 2,242,360 shares available for future issuance under the plan.
+Added: On February 10, 2025, our board approved an amendment to the plan to reduce the shares available for future issuance from 3,000,000 shares, of which not more than 1,000,000 shares could be issued in the form of restricted stock or restricted stock unit awards, to 1,035,000 shares in the aggregate.
+Added: As a result, there are now 277,360 shares available for future issuance under our plan, all of which may be issued in the form of restricted stock or restricted stock unit awards.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
15 unchanged sentences
Information about fees paid to and services provided by our independent registered public accounting firm is incorporated herein by reference to the Company’s Proxy Statement to be filed in connection with its annual meeting of stockholders to be held on May 13, 2025.
−Removed: EXHIBITS AND FINANCIAL STATEMENT SCHEDULES - KJA/JDM Review
+Added: EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
Reference is made to the Index to Consolidated Financial Statements on page 53 for a list of the Consolidated Financial Statements of Highwoods Properties, Inc.
43 unchanged sentences
10.14 Third Amendment to Sixth Amended and Restated Credit Agreement, dated as of January 25, 2024, by and among the Company, the Operating Partnership, Bank of America, N.A., as Administrative Agent, and the Other Lenders named therein (filed as part of the Company’s Current Report on Form 8-K) dated January 25, 2024)
−Removed: 19 Insider Trading Policy and Procedures
+Added: 10.15 Fourth Amendment to Sixth Amended and Restated Credit Agreement, dated as of May 23, 2024, by and among the Company, the Operating Partnership, Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Co-Syndication Agent, PNC Bank, National Association, as Co-Syndication Agent, and the Other Lenders named therein (filed as part of the Company's Current Report on Form 8-K dated May 23, 2024)
+Added: 10.16 * Amendment No.
+Added: 1, dated as of February 10, 2025, to the Highwoods Properties, Inc.
+Added: 2021 Long-Term Equity Incentive Plan
+Added: 19 Insider Trading Policy and Procedures (filed as part of the Company's Annual Report on Form 10-K for the year ended December 31, 2023)
21 Schedule of Subsidiaries
9 unchanged sentences
32.4 Certification of CFO Pursuant to Section 906 of the Sarbanes-Oxley Act for the Operating Partnership
−Removed: 97 Policy Relating to Recovery of Erroneously Awarded Compensation
+Added: 97 Policy Relating to Recovery of Erroneously Awarded Compensation (filed as part of the Company's Annual Report on Form 10-K for the year ended December 31, 2023)
101.INS Inline XBRL Instance Document (the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document)
29 unchanged sentences
We have audited the accompanying consolidated balance sheets of Highwoods Properties, Inc.
−Removed: and subsidiaries (the “Company”) as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and the schedule listed in the Index at Item 15 (collectively, the “financial statements”).
+Added: and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the “financial statements”).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
21 unchanged sentences
Changes in those judgments could have a material impact on the real estate assets that are identified for further analysis.
−Removed: Given (1) the Company’s evaluation of possible indications of impairment of real estate assets requires management to make judgments, and (2), the undiscounted estimated future operating and residual cash flows to determine recoverability require management to make significant estimates and assumptions related to current and projected trends in rental, occupancy, capitalization rates and estimated hold periods, performing audit procedures to evaluate (a) whether management appropriately identified events or changes in circumstances indicating that the carrying amounts of real estate assets may not be recoverable and (b) the reasonableness of managements undiscounted future cash flow analysis, required a high degree of auditor judgment and an increased extent of effort.
+Added: For those real estate assets where impairment has been identified, the Company makes significant estimates and assumptions to determine the fair value using discounted future cash flows expected to be generated over the life of the asset.
+Added: Given (1) the Company’s evaluation of possible indications of impairment of real estate assets requires management to make judgments, (2), the undiscounted estimated future operating and residual cash flows to determine recoverability require management to make significant estimates and assumptions related to current and projected trends in rental, occupancy, capitalization rates and estimated hold periods, and (3), the discounted estimated future operating and residual cash flows to determine fair value also require management to make significant estimates and assumptions related to the current and projected trends discount rates, performing audit procedures to evaluate (a) whether management appropriately identified events or changes in circumstances indicating that the carrying amounts of real estate assets may not be recoverable, (b) the reasonableness of managements undiscounted future cash flow analysis, and (c) the reasonableness of managements discounted future cash flow analysis, required a high degree of auditor judgment and an increased extent of effort.
How the Critical Audit Matter Was Addressed in the Audit
1 unchanged sentence
• We tested the effectiveness of controls over management’s identification of possible circumstances that may indicate that the carrying amounts of real estate assets are no longer recoverable, including controls over management’s designation of an asset as core or non-core, occupancy and management’s controls over undiscounted estimated future operating and residual cash flows to determine recoverability.
+Added: • We tested the effectiveness of controls over management’s determination of fair value utilized to record impairment charges.
• We evaluated management’s identification of impairment indicators by developing an independent determination if properties exhibit an indicator of impairment by:
5 unchanged sentences
– We evaluated the reasonableness of the significant assumptions used in the undiscounted estimated future operating and residual cash flows, including the estimated hold period, rental rates, growth rates, and capitalization rate assumptions.
+Added: • We evaluated the Company’s determination of fair value for those assets where impairment had been identified by performing the following:
+Added: – With the assistance of our fair value specialists, we evaluated the reasonableness of the valuation methodology and the market prices for comparable properties, and we developed a range of independent estimates of fair value and compared our estimates to those used by management.
/s/ Deloitte & Touche LLP
14 unchanged sentences
Net real estate assets 4,821,351 4,993,531
+Added: Real estate and other assets, net, held for sale 55,409 —
Cash and cash equivalents 22,412 25,123
16 unchanged sentences
Preferred Stock, $ 0.01 par value, 50,000,000 authorized shares;
−Removed: 8.625 % Series A Cumulative Redeemable Preferred Shares (liquidation preference $ 1,000 per share), 28,811 and 28,821 shares issued and outstanding
+Added: 8.625 % Series A Cumulative Redeemable Preferred Shares (liquidation preference $ 1,000 per share), 28,811 shares issued and outstanding
28,811 28,811
49 unchanged sentences
Settlement of cash flow hedges — ( 493 ) —
−Removed: Unrealized losses on cash flow hedges — — ( 19 )
Amortization of cash flow hedges ( 249 ) ( 293 ) ( 238 )
−Removed: Total other comprehensive income/(loss) ( 786 ) ( 238 ) 489
+Added: Total other comprehensive loss ( 249 ) ( 786 ) ( 238 )
Total comprehensive income 104,005 150,544 163,720
16 unchanged sentences
Issuances of restricted stock 181,807 — — — — — — —
−Removed: Redemptions/repurchases of Preferred Stock — ( 5 ) — — — — ( 5 )
Share-based compensation expense, net of forfeitures ( 779 ) 2 — 7,550 — — — 7,552
3 unchanged sentences
Net income — — — — — 163,958 163,958
−Removed: Other comprehensive income — — — 489 — — 489
+Added: Other comprehensive loss — — — ( 238 ) — — ( 238 )
Total comprehensive income 163,720
7 unchanged sentences
Adjustment of noncontrolling interests in the Operating Partnership to fair value — — 10,152 — — — 10,152
−Removed: Distributions to noncontrolling interests in consolidated affiliates — — — — ( 1,411 ) — ( 1,411 )
+Added: Contributions from noncontrolling interests in consolidated affiliates — — — — 320 — 320
Issuances of restricted stock 282,453 — — — — — — —
+Added: Redemptions/repurchases of Preferred Stock
+Added: — ( 10 ) — — — — ( 10 )
Share-based compensation expense, net of forfeitures
2 unchanged sentences
— — — — — ( 3,164 ) ( 3,164 )
−Removed: Net (income) attributable to noncontrolling interests in consolidated affiliates — — — — 1,230 ( 1,230 ) —
+Added: Net loss attributable to noncontrolling interests in consolidated affiliates — — — — ( 549 ) 549 —
+Added: Deconsolidation of affiliate — — — — ( 17,281 ) — ( 17,281 )
Comprehensive income:
18 unchanged sentences
— — ( 18,666 ) — — — ( 18,666 )
−Removed: Contributions from noncontrolling interests in consolidated affiliates
+Added: Distributions to noncontrolling interests in consolidated affiliates
— — — — ( 400 ) — ( 400 )
1 unchanged sentence
324,532 — — — — — — —
−Removed: Redemptions/repurchases of Preferred Stock
−Removed: — ( 10 ) — — — — ( 10 )
Share-based compensation expense, net of forfeitures
3 unchanged sentences
Net loss attributable to noncontrolling interests in consolidated affiliates — — — — ( 34 ) 34 —
−Removed: Deconsolidation of affiliate — — — — ( 17,281 ) — ( 17,281 )
Comprehensive income:
39 unchanged sentences
Investments in building improvements ( 41,005 ) ( 64,312 ) ( 76,415 )
−Removed: Investment in acquired controlling interest in unconsolidated affiliate — — ( 127,339 )
Net proceeds from disposition of real estate assets 100,934 101,829 130,038
54 unchanged sentences
Adjustment of noncontrolling interests in the Operating Partnership to fair value 18,666 ( 10,152 ) ( 39,502 )
−Removed: Assumption of mortgages and notes payable related to acquisition activities — — 403,000
−Removed: Initial recognition of lease liabilities related to right of use assets — — 5,310
−Removed: Future consideration in connection with the acquisition of land — — 16,000
+Added: Derecognition of lease liabilities related to right of use assets ( 4,027 ) — —
(1) Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of December 31, 2024, 2023 and 2022 were $ 52.9 million, $ 55.7 million and $ 53.2 million, respectively.
3 unchanged sentences
Opinion on the Financial Statements
−Removed: We have audited the accompanying consolidated balance sheets of Highwoods Realty Limited Partnership and subsidiaries (the “Operating Partnership”) as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive income, capital, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and the schedule listed in the Index at Item 15 (collectively, the “financial statements”).
+Added: We have audited the accompanying consolidated balance sheets of Highwoods Realty Limited Partnership and subsidiaries (the “Operating Partnership”) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, capital, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the “financial statements”).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Operating Partnership as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
23 unchanged sentences
Changes in those judgments could have a material impact on the real estate assets that are identified for further analysis.
−Removed: Given (1) the Operating Partnership’s evaluation of possible indications of impairment of real estate assets requires management to make judgments, and (2), the undiscounted estimated future operating and residual cash flows to determine recoverability require management to make significant estimates and assumptions related to current and projected trends in rental, occupancy, capitalization rates and estimated hold periods, performing audit procedures to evaluate (a) whether management appropriately identified events or changes in circumstances indicating that the carrying amounts of real estate assets may not be recoverable and (b) the reasonableness of managements undiscounted future cash flow analysis, required a high degree of auditor judgment and an increased extent of effort.
+Added: For those real estate assets where impairment has been identified, the Operating Partnership makes significant estimates and assumptions to determine the fair value using discounted future cash flows expected to be generated over the life of the asset.
+Added: Given (1) the Operating Partnership’s evaluation of possible indications of impairment of real estate assets requires management to make judgments, (2), the undiscounted estimated future operating and residual cash flows to determine recoverability require management to make significant estimates and assumptions related to current and projected trends in rental, occupancy, capitalization rates and estimated hold periods, and (3), the discounted estimated future operating and residual cash flows to determine fair value also require management to make significant estimates and assumptions related to the current and projected trends discount rates, performing audit procedures to evaluate (a) whether management appropriately identified events or changes in circumstances indicating that the carrying amounts of real estate assets may not be recoverable, (b) the reasonableness of managements undiscounted future cash flow analysis, and (c) the reasonableness of managements discounted future cash flow analysis, required a high degree of auditor judgment and an increased extent of effort.
How the Critical Audit Matter Was Addressed in the Audit
1 unchanged sentence
• We tested the effectiveness of controls over management’s identification of possible circumstances that may indicate that the carrying amounts of real estate assets are no longer recoverable, including controls over management’s designation of an asset as core or non-core, occupancy and management’s controls over undiscounted estimated future operating and residual cash flows to determine recoverability.
+Added: • We tested the effectiveness of controls over management’s determination of fair value utilized to record impairment charges.
• We evaluated management’s identification of impairment indicators by developing an independent determination if properties exhibit an indicator of impairment by:
5 unchanged sentences
– We evaluated the reasonableness of the significant assumptions used in the undiscounted estimated future operating and residual cash flows, including the estimated hold period, rental rates, growth rates, and capitalization rate assumptions.
+Added: • We evaluated the Operating Partnership’s determination of fair value for those assets where impairment had been identified by performing the following:
+Added: – With the assistance of our fair value specialists, we evaluated the reasonableness of the valuation methodology and the market prices for comparable properties, and we developed a range of independent estimates of fair value and compared our estimates to those used by management.
/s/ Deloitte & Touche LLP
13 unchanged sentences
Net real estate assets 4,821,351 4,993,531
+Added: Real estate and other assets, net, held for sale 55,409 —
Cash and cash equivalents 22,412 25,123
17 unchanged sentences
65,791 49,520
−Removed: Series A Preferred Units (liquidation preference $ 1,000 per unit), 28,811 and 28,821 units issued and outstanding
+Added: Series A Preferred Units (liquidation preference $ 1,000 per unit), 28,811 units issued and outstanding
28,811 28,811
47 unchanged sentences
Settlement of cash flow hedges — ( 493 ) —
−Removed: Unrealized losses on cash flow hedges — — ( 19 )
Amortization of cash flow hedges ( 249 ) ( 293 ) ( 238 )
−Removed: Total other comprehensive income/(loss) ( 786 ) ( 238 ) 489
+Added: Total other comprehensive loss ( 249 ) ( 786 ) ( 238 )
Total comprehensive income 104,005 150,544 163,720
12 unchanged sentences
52 5,115 — — 5,167
+Added: Redemptions of Common Units
+Added: ( 38 ) ( 3,725 ) — — ( 3,763 )
Distributions on Common Units ($ 2.00 per unit)
6 unchanged sentences
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner
+Added: 449 44,445 — — 44,894
Net (income) attributable to noncontrolling interests in consolidated affiliates
2 unchanged sentences
Net income 1,640 162,318 — — 163,958
−Removed: Other comprehensive income — — 489 — 489
+Added: Other comprehensive loss — — ( 238 ) — ( 238 )
Total comprehensive income 163,720
9 unchanged sentences
Share-based compensation expense, net of forfeitures 70 6,914 — — 6,984
−Removed: Distributions to noncontrolling interests in consolidated affiliates
+Added: Contributions from noncontrolling interests in consolidated affiliates
— — — 320 320
1 unchanged sentence
156 15,483 — — 15,639
−Removed: Net (income) attributable to noncontrolling interests in consolidated affiliates
−Removed: ( 12 ) ( 1,218 ) — 1,230 —
+Added: Net loss attributable to noncontrolling interests in consolidated affiliates 5 544 — ( 549 ) —
+Added: Deconsolidation of affiliate — — — ( 17,281 ) ( 17,281 )
Comprehensive income:
5 unchanged sentences
512 50,725 — — 51,237
−Removed: Redemptions of Common Units
−Removed: ( 2 ) ( 161 ) — — ( 163 )
Distributions on Common Units ($ 2.00 per unit)
3 unchanged sentences
Share-based compensation expense, net of forfeitures 80 7,920 — — 8,000
−Removed: Contributions from noncontrolling interests in consolidated affiliates
+Added: Distributions to noncontrolling interests in consolidated affiliates
— — — ( 400 ) ( 400 )
2 unchanged sentences
Net loss attributable to noncontrolling interests in consolidated affiliates — 34 — ( 34 ) —
−Removed: Deconsolidation of affiliate — — — ( 17,281 ) ( 17,281 )
Comprehensive income:
38 unchanged sentences
Investments in building improvements ( 41,005 ) ( 64,312 ) ( 76,415 )
−Removed: Investment in acquired controlling interest in unconsolidated affiliate — — ( 127,339 )
Net proceeds from disposition of real estate assets 100,934 101,829 130,038
51 unchanged sentences
Adjustment of Redeemable Common Units to fair value 16,271 ( 16,457 ) ( 45,712 )
−Removed: Assumption of mortgages and notes payable related to acquisition activities — — 403,000
−Removed: Initial recognition of lease liabilities related to right of use assets — — 5,310
−Removed: Future consideration in connection with the acquisition of land — — 16,000
+Added: Derecognition of lease liabilities related to right of use assets ( 4,027 ) — —
(1) Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities as of December 31, 2024, 2023 and 2022 were $ 52.9 million, $ 55.7 million and $ 53.2 million, respectively.
17 unchanged sentences
The Common Units owned by the Company are not redeemable.
−Removed: During 2023, the Company redeemed 193,907 Common Units for a like number of shares of Common Stock and 7,294 Common Units for cash.
−Removed: These redemptions increased the percentage of Common Units owned by the Company from 97.8 % as of December 31, 2022 to 98.0 % as of December 31, 2023.
+Added: During 2024, the Company redeemed 5,385 Common Units for a like number of shares of Common Stock.
Basis of Presentation
5 unchanged sentences
As of December 31, 2024, we are involved with six entities we determined to be variable interest entities, one of which we are the primary beneficiary and is consolidated and five of which we are not the primary beneficiary and are not consolidated.
−Removed: We also own three properties through a joint venture investment that were deconsolidated effective January 1, 2023 (see Note 4).
All intercompany transactions and accounts have been eliminated.
3 unchanged sentences
We are primarily self-insured for health care claims for participating employees.
−Removed: We have stop-loss coverage to limit our exposure to significant claims on a per claim and annual aggregate basis.
−Removed: We determine our liabilities for claims, including incurred but not reported losses, based on all relevant information, including actuarial estimates of claim liabilities.
+Added: To limit our exposure to significant claims, we have stop-loss coverage on a per claim and annual aggregate basis.
+Added: We use all relevant information to determine our liabilities for claims, including actuarial estimates of claim liabilities.
+Added: When determining our liabilities, we include claims for
+Added: incurred losses, even if they are unreported.
As of December 31, 2024, a reserve of $ 0.5 million was recorded to cover estimated reported and unreported claims.
53 unchanged sentences
Straight-line rental revenue is commenced when the customer assumes control of the leased premises.
−Removed: Accrued straight-
−Removed: line rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements.
+Added: Accrued straight-line rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements.
Some of our leases are subject to annual changes in the Consumer Price Index (“CPI”).
11 unchanged sentences
Lease incentive costs, which are payments made to or on behalf of a customer as an incentive to sign a lease, are capitalized in deferred leasing costs and amortized on a straight-line basis over the respective lease terms as a reduction of rental revenues.
−Removed: Lease related receivables, which include accounts receivable and accrued straight-line rents receivable, are reduced for credit losses.
+Added: Lease related receivables, which include accounts receivable and accrued straight-line rents receivable, are reduced for credit losses when the amount recorded is determined, in management’s judgement, to not be probable of collection.
Such amounts are recognized as a reduction to rental and other revenues.
13 unchanged sentences
Restricted Cash
−Removed: Restricted cash represents cash deposits that are legally restricted or held by third parties on our behalf, such as construction-related escrows, property disposition proceeds set aside and designated or intended to fund future tax-deferred exchanges of qualifying real estate investments and escrows and reserves for debt service, real estate taxes and property insurance established pursuant to certain mortgage financing arrangements.
+Added: Restricted cash represents cash deposits that are legally restricted or held by third parties on our behalf, such as construction-related escrows, property disposition proceeds set aside and designated or intended to fund future tax-deferred
+Added: exchanges of qualifying real estate investments and escrows and reserves for debt service, real estate taxes and property insurance established pursuant to certain mortgage financing arrangements.
Redeemable Common Units and Preferred Units
26 unchanged sentences
To achieve these objectives, from time to time, we enter into interest rate hedge contracts such as collars, swaps, caps and treasury lock agreements in order to mitigate our interest rate risk with respect to existing and prospective debt instruments.
−Removed: We generally do not hold or issue these derivative
−Removed: contracts for trading or speculative purposes.
+Added: We generally do not hold or issue these derivative contracts for trading or speculative purposes.
The interest rate on all of our variable rate debt is generally adjusted at one or three month intervals, subject to settlements under these interest rate hedge contracts.
Interest rate swaps involve the receipt of variable rate amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
−Removed: Changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income/(loss) and are subsequently reclassified into interest expense as interest payments are made on our debt.
+Added: Changes in the fair value of
+Added: derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income/(loss) and are subsequently reclassified into interest expense as interest payments are made on our debt.
We account for terminated derivative instruments by recognizing the related accumulated other comprehensive income/(loss) balance in current earnings, unless the hedged forecasted transaction continues as originally planned, in which case we continue to amortize the accumulated other comprehensive income/(loss) into interest expense over the originally designated hedge period.
10 unchanged sentences
We have completed the transition to SOFR rates for our applicable outstanding debt instruments with no material impact to our Consolidated Financial Statements.
−Removed: The FASB issued an ASU that will require enhanced segment disclosures, primarily regarding significant segment expenses.
−Removed: The ASU is required to be adopted in our 2024 Annual Report and applied retrospectively to all prior periods presented in the financial statements.
−Removed: We do not expect such adoption to have a material effect on our Notes to Consolidated Financial Statements.
+Added: The FASB issued an ASU that requires enhanced segment disclosures, primarily regarding significant segment expenses.
+Added: We have adopted this ASU and applied the new requirements retrospectively to all prior periods presented in the financial statements.
+Added: Accordingly, our segment disclosures now include rental property and other expenses for each of our reportable segments.
+Added: The FASB issued an ASU that requires disaggregated disclosure of income statement expenses.
+Added: Certain expense captions will be disaggregated into specified categories in disclosures within the Notes to Consolidated Financial Statements.
+Added: The ASU is required to be adopted in our 2027 Annual Report.
+Added: We do not expect this adoption to have a material effect on our Consolidated Financial Statements.
Information as Lessor
4 unchanged sentences
Information as Lessee
−Removed: We have office assets encompassing 2.8 million rentable square feet subject to operating ground leases in Atlanta, Nashville, Orlando, Raleigh and Tampa with a weighted average remaining term of 49 years.
+Added: We have office assets encompassing 1.2 million rentable square feet subject to operating ground leases in Nashville, Orlando, Raleigh and Tampa with a weighted average remaining term of 50 years.
Rental payments on these leases are adjusted periodically based on either the CPI or on a pre-determined schedule.
1 unchanged sentence
Changes in the CPI are not estimated as part of our measurement of straight-line rental expense.
−Removed: Upon initial adoption of Accounting Standards Codification (“ASC”) 842, we recognized a lease liability of $ 35.3 million ( in accounts payable, accrued expenses and other liabilities ) and a related right of use asset of $ 29.7 million ( in prepaid expenses and other assets ) on our Consolidated Balance Sheets equal to the present value of the minimum lease payments required under each ground lease.
−Removed: The difference between the recorded lease liability and right of use asset represents the accrued straight-line rent liability previously recognized under ASC 840.
−Removed: We used a discount rate of approximately 4.5 %, which was derived from our assessment of the credit quality of the Company and adjusted to reflect secured borrowing, estimated yield curves and long-term spread adjustments over appropriate tenors at the time of adoption.
−Removed: Some of our ground leases contain extension options.
−Removed: However, these did not impact our calculation of the right of use asset and liability as they extend beyond the useful life of the properties subject to the operating ground leases.
We recognized $ 2.6 million of ground lease expense during each of the years ended December 31, 2024, 2023, and 2022, and we paid $ 2.5 million, $ 2.4 million and $ 2.4 million in cash during 2024, 2023 and 2022, respectively .
3 unchanged sentences
Lease liability $ 27,822
−Removed: Acquired Finance Lease
−Removed: During 2021, we acquired a portfolio of real estate assets from Preferred Apartment Communities, Inc.
−Removed: (“PAC”) (see Note 3).
−Removed: In conjunction with the acquisition, we assumed the ground leasehold interest to land underneath a parking garage.
−Removed: Under the ground lease, we have an obligation to acquire fee simple title to the land at our discretion any time, but no later than October 31, 2029.
−Removed: We determined this lease to be a finance lease.
−Removed: As such, we recognized a lease liability (in accounts payable, accrued expenses and other liabilities) and a corresponding right of use asset (in prepaid expenses and other assets ) of $ 5.3
−Removed: million on our Consolidated Balance Sheet on the date of acquisition equal to the present value of the minimum lease payments required under the ground lease.
−Removed: Through October 31, 2029, the expected date at which we estimate we will satisfy the obligation and acquire fee simple title to the land, we will recognize interest expense equal to the lease liability times our incremental borrowing rate, which reflects the fixed rate at which we could borrow a similar amount for the same term and with similar collateral.
−Removed: We determined this rate to be approximately 2.6 % at the time of acquisition.
−Removed: We also recorded an additional $ 3.1 million right of use asset ( in prepaid expenses and other assets ) to reflect favorable terms of the ground lease when compared with market terms.
−Removed: No amortization will be recorded for the right of use assets because they are comprised of land.
Real Estate Assets
+Added: During 2024, we acquired fee simple title to the land underneath our Century Center assets in Atlanta for a purchase price, including capitalized acquisition costs, of $ 50.8 million.
+Added: We previously held most of our buildings in Century Center, a 12 -building office park encompassing 1.7 million square feet and 13 acres of developable land, pursuant to a long-term ground lease with a third party who owned fee simple title to the land.
During 2023, we acquired land in Raleigh for a purchase price, including capitalized acquisition costs, of $ 2.7 million.
2 unchanged sentences
During 2022, we also acquired land in Charlotte for an aggregate purchase price, including capitalized acquisition costs, of $ 27.0 million.
−Removed: During 2021, we acquired a portfolio of real estate assets from PAC.
−Removed: The portfolio consists of the following assets:
−Removed: Asset Market Submarket/BBD Square Footage
−Removed: 150 Fayetteville Raleigh CBD 560,000
−Removed: CAPTRUST Towers Raleigh North Hills 300,000
−Removed: Capitol Towers Charlotte SouthPark 479,000
−Removed: Morrocroft Centre Charlotte SouthPark 291,000
−Removed: Galleria 75 Redevelopment Site Atlanta Cumberland/Galleria
−Removed: Our total purchase price, net of closing credits and cash acquired, was $ 653.6 million, including $ 4.5 million of capitalized acquisition costs.
−Removed: The acquisition included the assumption of four secured loans (see Note 6).
−Removed: The assets acquired and liabilities assumed were recorded at relative fair value as determined by management, with the assistance of third party specialists, based on information available at the acquisition date and on current assumptions as to future operations.
−Removed: The following table sets forth a summary of the relative fair value of the material assets acquired and liabilities assumed relating to this acquisition:
−Removed: Amount Recorded at Acquisition
−Removed: Real estate assets (1)
−Removed: Acquisition-related intangible assets (in deferred financing and leasing costs) (1)
−Removed: Right of use asset (in prepaid expenses and other assets) (1)
−Removed: Mortgages and notes payable $ ( 403,000 )
−Removed: Debt issuance costs (in mortgages and notes payable) (1)
−Removed: Acquisition-related intangible liabilities (in accounts payable, accrued expenses and other liabilities) (1)
−Removed: Lease liability (in accounts payable, accrued expenses and other liabilities) (1)
−Removed: (1) Included in purchase price.
−Removed: During 2021, we acquired various development land parcels in Nashville for an aggregate purchase price, including capitalized acquisition costs, of $ 74.1 million.
−Removed: The $ 16.0 million purchase price for one of the acquired parcels was fully paid in or prior to the second quarter of 2023.
−Removed: Duri ng 2021, we also acquired our joint venture partner’s 75.0 % interest in our Highwoods DLF Forum, LLC joint venture (the “Forum”), which owned five buildings in Raleigh encompassing 636,000 rentable square feet, for a purchase price of
−Removed: $ 131.3 million.
−Removed: We previously accounted for our 25.0 % interest in this joint venture using the equity method of accounting.
−Removed: The assets and liabilities of the joint venture are now wholly owned and we have determined the acquisition constitutes an asset purchase.
−Removed: As such, because the Forum is not a variable interest entity, we allocated our previously held equity interest at historical cost along with the consideration paid and acquisition costs to the assets acquired and liabilities assumed.
−Removed: The assets acquired and liabilities assumed were recorded at relative fair value as determined by management, with the assistance of third party specialists, based on information available at the acquisition date and on current assumptions as to future operations.
+Added: During 2024, we sold a total of 10 buildings in Raleigh and land in Greensboro for an aggregate sales price of $ 105.3 million and recorded aggregate gains on disposition of property of $ 46.8 million.
+Added: The land sale completed our exit from the Greensboro market.
During 2023, we sold a total of four buildings and various land parcels in Nashville, Raleigh and Tampa for an aggregate sales price of $ 103.8 million and recorded aggregate gains on disposition of property of $ 47.8 million.
During 2022, we sold a total of five office buildings and various land parcels in Atlanta, Greensboro, Richmond and Tampa for an aggregate sales price of $ 133.5 million (before closing credits to buyers of $ 1.1 million) and recorded aggregate gains on disposition of property of $ 63.5 million.
−Removed: During 2021, we sold a total of 13 office buildings and various land parcels in Atlanta, Memphis, Raleigh, Richmond and Tampa for an aggregate sales price of $ 384.6 million (before closing credits to buyers of $ 6.9 million) and recorded aggregate gains on disposition of property of $ 172.8 million.
Seller Financed Transaction
4 unchanged sentences
Until such time as the contract criteria are met, we will continue to account for the land parcel as land held for development on our Consolidated Balance Sheets, and the mortgage associated with the seller financing will not be recorded on our Consolidated Balance Sheets.
−Removed: The cash received at closing is recorded as a nonrefundable deposit in accounts payable, accrued expenses and other liabilities on our Consolidated Balance Sheets as of December 31, 2023.
−Removed: We recorded the following impairment charges in 2022:
−Removed: • During the third quarter of 2022, we recorded an impairment charge of $ 1.5 million to lower the carrying amount of a land parcel to its estimated fair value less costs to sell;
−Removed: • During the second quarter of 2022, we recorded an impairment charge of $ 35.0 million to lower the carrying amount of EQT Plaza (including accrued straight-line rents receivable and deferred leasing costs) to its estimated fair value less costs to sell.
−Removed: EQT Plaza is a 616,000 square foot office building located in the heart of Pittsburgh’s CBD.
−Removed: EQT Corporation’s lease of 317,000 square feet at EQT Plaza is scheduled to expire in September 2024.
+Added: The cash received at closing is recorded as a nonrefundable deposit in accounts payable, accrued expenses and other liabilities on our Consolidated Balance Sheets.
+Added: During 2024, we recorded an impairment charge of $ 24.6 million to lower the carrying amount of EQT Plaza, a 616,000 square foot non-core building in CBD Pittsburgh, to its estimated fair value.
+Added: During 2022, we recorded the following impairment charges:
+Added: • During the third quarter of 2022, we recorded an impairment charge of $ 1.5 million to lower the carrying amount of a land parcel to its estimated fair value;
+Added: • During the second quarter of 2022, we recorded an impairment charge of $ 35.0 million to lower the carrying amount of EQT Plaza to its estimated fair value.
Investments in and Advances to Affiliates
19 unchanged sentences
The assets of the Markel joint venture can only be used to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.
−Removed: During 2021, prior to the deconsolidation, the Markel joint venture sold land in Richmond for a sale price of $ 3.0 million and recorded gain on disposition of property of $ 1.3 million.
- Granite Park Six JV, LLC/ GPI 23 Springs JV, LLC (“Granite Park Six joint venture”/“23Springs joint venture”)
2 unchanged sentences
The Granite Park Six joint venture has an anticipated total investment of $ 200.0 million and the 23Springs joint venture has an anticipated total investment of $ 460.0 million.
−Removed: As of December 31, 2023, we have fully funded our share of the equity for the Granite Park Six joint venture and have funded $ 75.6 million of our share of the equity for the 23Springs joint venture.
−Removed: The Granite Park Six joint venture obtained a construction loan for $ 115.0 million, with an interest rate of SOFR plus 394 basis points and a maturity date of January 2026.
−Removed: In connection with this loan, the Granite Park Six joint venture obtained an interest rate hedge contract that effectively caps the underlying SOFR rate at 3.5 % with respect to $ 95.2 million of any outstanding amounts.
−Removed: The cap expires in July 2024.
−Removed: As of December 31, 2023, $ 54.9 million was drawn on this loan.
−Removed: The 23Springs joint venture obtained a construction loan for $ 265.0 million, with an interest rate of SOFR plus 355 basis points and a maturity date of March 2026.
−Removed: In connection with this loan, the 23Springs joint venture obtained an interest rate hedge contract that effectively caps the underlying SOFR rate at 3.5 % with respect to $ 83.0 million of any outstanding amounts.
−Removed: The cap expires in April 2024.
−Removed: As of December 31, 2023, no amounts were drawn on this loan.
+Added: As of December 31, 2024, we have funded $ 76.2 million of our share of the equity for the Granite Park Six joint venture and $ 94.0 million of our share of the equity for the 23Springs joint venture.
We determined that we have a variable interest in both the Granite Park Six and 23Springs joint ventures primarily because the entities were designed to pass along interest rate risk, equity price risk and operation risk to us and Granite as equity holders.
−Removed: The joint ventures were further determined to be variable interest entities as they require additional subordinated financial support in the form of loans because the initial equity investments provided by us and Granite are not sufficient to finance the planned investments and operations.
+Added: The joint ventures were further determined to be variable interest entities as they require additional subordinated financial support in the form of loans because the initial equity investments provided by us and Granite were not sufficient to finance the planned investments and operations.
We concluded we do not have the power to direct matters that most significantly impact the activities of either entity and therefore do not qualify as the primary beneficiary.
Accordingly, the entities are not consolidated.
+Added: The Granite Park Six joint venture obtained a construction loan for $ 115.0 million, with an interest rate of SOFR plus 394 basis points and a maturity date of January 2026.
+Added: In connection with this loan, the Granite Park Six joint venture obtained interest rate hedge contracts that effectively cap the underlying SOFR rate at 3.5 %.
+Added: The initial contract capped the rate with respect to $ 95.2 million of any outstanding amounts and expired in July 2024.
+Added: The new contract caps the rate with respect to $ 38.8 million of any outstanding amounts and expires in July 2025.
+Added: During 2024, we and Granite each contributed $ 35.5
+Added: million to the Granite Park Six joint venture to pay down the outstanding $ 70.9 million balance of the construction loan.
+Added: This reconsideration event did not change our initial conclusion that the Granite Park Six joint venture is a variable interest entity of which we are not the primary beneficiary.
+Added: As such, the entity remains unconsolidated.
+Added: As of December 31, 2024, $ 1.9 million was drawn on this loan.
+Added: The 23Springs joint venture obtained a construction loan for $ 265.0 million, with an interest rate of SOFR plus 355 basis points and a maturity date of March 2026.
+Added: In connection with this loan, the 23Springs joint venture obtained interest rate hedge contracts that effectively cap the underlying SOFR rate at 3.5 %.
+Added: The initial contract capped the rate with respect to $ 83.0 million of any outstanding amounts and expired in April 2024.
+Added: The new contract caps the rate with respect to $ 134.0 million of any outstanding amounts and expires in April 2025.
+Added: As of December 31, 2024, $ 94.6 million was drawn on this loan.
As of December 31, 2024, our risk of loss with respect to these arrangements was limited to the carrying value of each investment balance.
3 unchanged sentences
During 2022, we expanded our Dallas market presence by acquiring McKinney & Olive through the formation of another joint venture with Granite in which we own a 50.0 % interest.
−Removed: The McKinney & Olive joint venture has an anticipated total investment of $ 394.7 million.
−Removed: As part of the transaction, the McKinney & Olive joint venture assumed a secured loan recorded at fair value of $ 137.0 million, with a stated interest rate of 4.5 % and an effective interest rate of 5.3 %, that is scheduled to mature in July 2024.
+Added: As part of the transaction, the McKinney & Olive joint venture assumed a secured loan recorded at fair value of $ 137.0 million, with a stated interest rate of 4.5 % and an effective interest rate of 5.3 %.
The remainder of the purchase price paid by the McKinney & Olive joint venture was funded with $ 80.0 million of short-term preferred equity contributed by us and $ 86.4 million of common equity contributed by each of Granite and us.
−Removed: During 2023, we and Granite each contributed an additional $ 40.0 million of common equity to the McKinney & Olive joint venture.
−Removed: Such proceeds were then used by the joint venture to redeem our $ 80.0 million short-term preferred equity investment in full.
−Removed: Prior to the redemption, we received monthly distributions on the preferred equity at a rate of SOFR plus 350 basis points.
We determined that we have a variable interest in the McKinney & Olive joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us and Granite as equity holders.
−Removed: The McKinney & Olive joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments by us and Granite, including the additional preferred equity provided by us, are not sufficient to finance its planned investments and operations.
+Added: The McKinney & Olive joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments by us and Granite, including the additional preferred equity provided by us, were not sufficient to finance its planned investments and operations.
We concluded we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary.
Accordingly, the entity is not consolidated.
−Removed: As of December 31, 2023, our risk of loss with respect to this arrangement was $ 118.6 million, which represents the carrying value of our investment balance.
−Removed: The redemption of the preferred equity during 2023 was a reconsideration event that did not change our initial conclusion that the McKinney & Olive joint venture is a variable interest entity of which were are not the primary beneficiary.
+Added: During 2024, the McKinney & Olive joint venture paid off at maturity the remaining $ 134.3 million balance on the secured mortgage loan.
+Added: In connection with this loan payoff, we and Granite each contributed $ 62.1 million to the joint venture.
+Added: During 2023, we and Granite each contributed an additional $ 40.0 million of common equity to the McKinney & Olive joint venture.
+Added: Such proceeds were then used by the joint venture to redeem our $ 80.0 million short-term preferred equity investment in full.
+Added: Prior to the redemption, we received monthly distributions on the preferred equity at a rate of SOFR plus 350 basis points.
+Added: These reconsideration events did not change our initial conclusion that the McKinney & Olive joint venture is a variable interest entity of which we are not the primary beneficiary.
As such, the entity remains unconsolidated.
+Added: As of December 31, 2024, our risk of loss with respect to this arrangement was limited to the carrying value of our investment balance of $ 182.1 million.
The assets of the McKinney & Olive joint venture can only be used to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.
5 unchanged sentences
In connection with the formation, we agreed to contribute our 50.0 % share of the equity required to fund the development project, $ 14.2 million of which was funded as of December 31, 2024.
−Removed: We also committed to provide a $ 52.3 million interest-only secured construction loan to the Midtown East joint venture that is scheduled to mature on the third anniversary of completion.
+Added: We also committed to provide a $ 52.3 million interest-only secured construction loan to the Midtown East joint venture that is scheduled to mature on the third
+Added: anniversary of completion.
The loan bears interest at SOFR plus 450 basis points.
−Removed: As of December 31, 2023, no amounts were drawn on this loan.
−Removed: We determined that we have a variable interest in the Midtown East joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us, both as a debt and an equity holder, and to Bromley as an equity holder.
−Removed: The Midtown East joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Bromley are not sufficient to finance its planned investments and operations.
−Removed: We concluded we do not have the power to direct matters that most
−Removed: significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary.
+Added: As of December 31, 2024, $ 21.4 million was drawn on this loan.
+Added: We determined that we have a variable interest in the Midtown East joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us as both a debt and equity holder and to Bromley as an equity holder.
+Added: The Midtown East joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Bromley were not sufficient to finance its planned investments and operations.
+Added: We concluded we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary.
Accordingly, the entity is not consolidated.
−Removed: As of December 31, 2023, our risk of loss with respect to this arrangement was limited to the carrying value of the investment balance of $ 13.6 million as no amounts were outstanding under the loan.
+Added: As of December 31, 2024, our risk of loss with respect to this arrangement was $ 35.5 million, which consists of the $ 14.1 million carrying value of our investment balance plus the $ 21.4 million outstanding balance of the loan we have provided to the joint venture.
+Added: The outstanding balance on the loan is recorded in investments in and advances to unconsolidated affiliates on our Consolidated Balance Sheets.
The assets of the Midtown East joint venture can only be used to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.
4 unchanged sentences
Brand contributed land valued at $ 7.7 million and cash of $ 5.6 million in exchange for the remaining 50.0 % interest.
−Removed: We have provided a $ 52.8 million interest-only secured construction loan to the 2827 Peachtree joint venture that is scheduled to mature in December 2024 with an option to extend for one year .
+Added: We also committed to provide a $ 52.8 million interest-only secured construction loan to the 2827 Peachtree joint venture that was originally scheduled to mature in December 2024 with an option to extend for one year.
+Added: During 2024, the joint venture exercised the option to extend the loan for one year .
The loan bears interest at SOFR plus 310 basis points.
As of December 31, 2024, $ 48.2 million was drawn on this loan.
−Removed: We determined that we have a variable interest in the 2827 Peachtree joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us, both as a debt and an equity holder, and to Brand as an equity holder.
−Removed: The 2827 Peachtree joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Brand are not sufficient to finance its planned investments and operations.
+Added: We determined that we have a variable interest in the 2827 Peachtree joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us as both a debt and equity holder and to Brand as an equity holder.
+Added: The 2827 Peachtree joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Brand were not sufficient to finance its planned investments and operations.
We concluded we do not have the power to direct matters that most significantly impact the activities of the entity and therefore do not qualify as the primary beneficiary.
Accordingly, the entity is not consolidated.
−Removed: As of December 31, 2023, our risk of loss with respect to this arrangement was $ 60.3 million, which consists of the $ 13.4 million carrying value of our investment balance plus the $ 46.9 million outstanding balance of the loan.
+Added: As of December 31, 2024, our risk of loss with respect to this arrangement was $ 60.7 million, which consists of the $ 12.5 million carrying value of our investment balance plus the $ 48.2 million outstanding balance of the loan we have provided to the joint venture.
The outstanding balance on the loan is recorded in investments in and advances to unconsolidated affiliates on our Consolidated Balance Sheets.
8 unchanged sentences
At closing, we agreed to contribute cash of $ 20.0 million, which has been fully funded, in exchange for an 80.0 % interest in the Midtown West joint venture, and Bromley contributed land valued at $ 5.0 million in exchange for the remaining 20.0 % interest.
−Removed: We also provided a $ 46.3 million interest-only secured construction loan to the Midtown West joint venture.
−Removed: All of the amounts outstanding under this loan were repaid in the fourth quarter of 2023.
+Added: We also provided a
+Added: $ 46.3 million interest-only secured construction loan to the Midtown West joint venture.
+Added: All of the amounts outstanding under this loan were repaid in 2023.
+Added: We determined that we have a variable interest in the Midtown West joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us and Bromley as equity holders.
+Added: The Midtown West joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Bromley were not sufficient to finance its planned investments and operations.
+Added: We, as majority owner and managing member and through our control rights as set forth in the joint venture’s governance documents, were determined to be the primary beneficiary as we have both the power to direct the activities that most significantly affect the entity (primarily lease rates, property operations and capital expenditures) and significant economic exposure through our equity investment.
+Added: As such, the Midtown West joint venture is consolidated and all intercompany transactions and accounts are eliminated.
During 2023, the Midtown West joint venture obtained a $ 45.0 million, five-year secured mortgage loan from a third party lender, with an effective fixed rate of 7.29 %.
2 unchanged sentences
The net proceeds were used by the joint venture to repay in full the secured construction loan we provided, as discussed above.
−Removed: We determined that we have a variable interest in the Midtown West joint venture primarily because the entity was designed to pass along interest rate risk, equity price risk and operation risk to us, both as a debt and an equity holder, and to Bromley as an equity holder.
−Removed: The Midtown West joint venture was further determined to be a variable interest entity as it requires additional subordinated financial support in the form of a loan because the initial equity investments provided by us and Bromley are not sufficient to finance its planned investments and operations.
−Removed: We, as majority owner and managing member and through our control rights as set forth in the joint venture’s governance documents, were determined to be the primary beneficiary as we have both the power to direct the activities that most significantly affect the entity (primarily lease rates,
−Removed: property operations and capital expenditures) and significant economic exposure through our equity investment.
−Removed: The joint venture obtaining a loan from a third party during 2023, as discussed above, was a reconsideration event that did not change our initial conclusion that the Midtown West joint venture is a variable interest entity of which we are the primary beneficiary.
+Added: This reconsideration event did not change our initial conclusion that the Midtown West joint venture is a variable interest entity of which we are the primary beneficiary.
As such, the entity remains consolidated and all intercompany transactions and accounts are eliminated
3 unchanged sentences
Restricted cash $ — $ 2,260
−Removed: Accounts receivable $ 31 $ 1,490
Accrued straight-line rents receivable $ 5,192 $ 5,041
5 unchanged sentences
Joint Venture Rights and Obligations
−Removed: With respect to some of our joint ventures, we have a right to buy, and our joint venture partner has a right to sell to us, such joint venture partner’s interest under certain circumstances for fair market value (less estimated costs to sell) during various timeframes in the future.
+Added: With respect to some of our joint ventures, we have a right to buy, and our joint venture partner has a right to sell to us, such joint venture partner’s interest under certain circumstances for fair market value during various timeframes in the future.
For our Granite Park Six joint venture, such rights are exercisable during the two-year period commencing on the 10th anniversary of the completion date.
45 unchanged sentences
7.29% mortgage loan due 2028 (2)
+Added: 44,965 45,000
4.27% (3.61% effective rate) mortgage loan due 2028 (3)
20 unchanged sentences
7.650% (7.836% effective rate) notes due 2034 (12)
−Removed: Variable rate term loan due 2026 (13)
345,862 345,407
2 unchanged sentences
Variable rate term loan due 2027 (13)
+Added: 150,000 150,000
Revolving credit facility due 2028 (14)
8 unchanged sentences
(4) Net of unamortized fair market value premium of $ 1.4 million and $ 1.7 million as of December 31, 2024 and 2023, respectively.
−Removed: (5) Net of unamortized fair market value discount of $ 0.5 million as of both December 31, 2023 and 2022.
+Added: (5) Net of unamortized fair market value discount of $ 0.4 million and $ 0.5 million as of December 31, 2024 and 2023, respectively.
(6) Net of unamortized fair market value premium of $ 8.0 million and $ 8.6 million as of December 31, 2024 and 2023, respectively.
4 unchanged sentences
(11) Net of unamortized original issuance discount of $ 1.0 million and $ 1.1 million as of December 31, 2024 and 2023, respectively.
−Removed: (12) Net of unamortized original issuance discount of $ 4.6 million as of December 31, 2023.
+Added: (12) Net of unamortized original issuance discount of $ 4.1 million and $ 4.6 million as of December 31, 2024 and 2023, respectively.
(13) The interest rate was 5.35 % as of December 31, 2024.
−Removed: (14) This loan was repaid in full as of December 31, 2023.
(14) The interest rate was 5.25 % as of December 31, 2024.
3 unchanged sentences
Less-unamortized debt issuance costs ( 14,442 )
−Removed: As of December 31, 2023,our $ 750.0 million unsecured revolving credit facility was scheduled to mature in March 2025.
−Removed: The interest rate on our revolving credit facility was SOFR plus a related spread adjustment of 10 basis points and a borrowing spread of 85 basis points, based on current credit ratings.
−Removed: The annual facility fee was 20 basis points.
−Removed: The interest rate and facility fee were based on the higher of the publicly announced ratings from Moody’s Investors Service or Standard & Poor’s Ratings Services.
−Removed: We were entitled to a temporary reduction in the interest rate of one basis point provided we meet certain sustainability goals with respect to the ongoing reduction of greenhouse gas emissions.
−Removed: As of December 31, 2023, there was $ 20.0 million outstanding under our revolving credit facility and $ 0.9 million of outstanding letters of credit, which reduces the availability on our revolving credit facility.
−Removed: As a result, the unused capacity of our revolving credit facility as of December 31, 2023 was $ 729.1 million.
+Added: Our $ 750.0 million unsecured revolving credit facility was modified during the first quarter of 2024 and is now scheduled to mature in January 2028 (but can be extended for two additional six -month periods at our option assuming no defaults have occurred).
+Added: The interest rate on our revolving credit facility is SOFR plus a related spread adjustment of 10 basis points and a borrowing spread of 85 basis points, based on current credit ratings.
+Added: The annual facility fee is 20 basis points.
+Added: The interest rate and facility fee are based on the higher of the publicly announced ratings from Moody’s Investors Service or Standard & Poor’s Ratings Services.
+Added: We incurred $ 7.7 million of debt issuance costs during the first quarter of 2024, which will be amortized along with certain existing unamortized debt issuance costs over the remaining term of our new revolving credit facility and recorded $ 0.2 million of loss on debt extinguishment.
+Added: During the second quarter of 2024, we modified the revolving credit facility to provide that the interest rate may be adjusted upward or downward by 2.5 basis points depending upon whether or not we achieve certain pre-determined sustainability goals with respect to the ongoing reduction of greenhouse gas emissions.
+Added: There was $ 104.0 million and $ 119.0 million outstanding under our revolving credit facility as of December 31, 2024 and January 31, 2025, respectively.
+Added: As of both December 31, 2024 and January 31, 2025, we had $ 0.1 million of outstanding letters of credit, which reduce the availability on our revolving credit facility.
+Added: As a result, the unused capacity of our revolving credit facility as of December 31, 2024 and January 31, 2025 was $ 645.9 million and $ 630.9 million, respectively.
During 2023, the Operating Partnership issued $ 350.0 million aggregate principal amount of 7.650 % notes due February 2034, less original issuance discount of $ 4.6 million.
These notes were priced to yield 7.836 %.
−Removed: Previously during 2023, we obtained an aggregate of $ 200.0 million notional amount of forward-starting swaps that effectively locked the underlying 10-year treasury rate at 4.498 %.
+Added: During 2023, we obtained an aggregate of $ 200.0 million notional amount of forward-starting swaps that effectively locked the underlying 10-year treasury rate at 4.498 %.
Upon the subsequent issuance of the notes, we terminated the forward-starting swaps and paid cash upon settlement.
18 unchanged sentences
The interest rate, based on current credit ratings, is SOFR plus a related spread adjustment of 10 basis points and a borrowing spread of 95 basis points.
−Removed: The interest rate is based on the higher of the publicly announced ratings from Moody’s Investors Service or Standard & Poor’s Ratings Services.
+Added: The interest rate is based on the higher of the publicly announced ratings from Moody’s Investors Service or Standard & Poor’s Ratings
Subject to written consent of the lenders, we may elect to amend this term loan no later than May 15, 2024 to provide that the interest rate may be adjusted upward or downward by up to 2.5 basis points subject to satisfaction of certain to-be-determined sustainability goals with respect to the ongoing reduction of greenhouse gas emissions.
We incurred $ 2.7 million of debt issuance costs, which are being amortized along with certain existing unamortized debt issuance costs over the remaining term of our modified term loan.
−Removed: During 2021, in conjunction with the acquisition of real estate assets from PAC, we assumed four secured mortgage loans recorded at fair value of $ 403 million in the aggregate, with a weighted average effective interest rate of 3.54 % and a weighted average maturity of 10.7 years.
−Removed: We incurred $ 3.5 million of debt issuance costs related to these assumptions, which will be amortized over the remaining terms of the loans.
−Removed: During 2021, we also obtained a $ 200.0 million, six -month unsecured bridge facility.
−Removed: The bridge facility was originally scheduled to mature in January 2022.
−Removed: The bridge facility bore interest at LIBOR plus 85 basis points, had a commitment fee of 20 basis points.
−Removed: We incurred $ 1.0 million of debt issuance costs related to this bridge facility which were being amortized over the six -month term.
−Removed: This bridge facility was prepaid in full without penalty prior to December 31, 2021.
−Removed: We recorded $ 0.2 million of loss on debt extinguishment related to this prepayment.
−Removed: During 2021, we prepaid without penalty the remaining $ 150.0 million principal amount of 3.20 % unsecured notes that was scheduled to mature in June 2021.
−Removed: We recorded $ 0.1 million of loss on debt extinguishment related to this prepayment.
We previously entered into floating-to-fixed interest rate swaps through January 2022 with respect to an aggregate of $ 50.0 million LIBOR-based borrowings.
5 unchanged sentences
In addition, certain of our unsecured debt agreements contain cross-default provisions giving the unsecured lenders the right to declare a default if we are in default under more than $ 35.0 million with respect to other loans in some circumstances.
−Removed: The Operating Partnership has $ 2,140.2 million carrying amount of various notes outstanding as detailed in the table above.
+Added: The Operating Partnership had $ 2,141.8 million carrying amount of various notes outstanding as of December 31, 2024, as detailed in the table above.
The indenture that governs these outstanding notes requires us to comply with customary operating covenants and various financial ratios.
15 unchanged sentences
Lease and Contractual Commitments
−Removed: We have $ 204.3 million of lease and contractual commitments as of December 31, 2023.
−Removed: Lease and contractual commitments represent commitments under signed leases and contracts for operating properties (excluding tenant-funded tenant improvements), contracts for development/redevelopment projects and unfunded joint venture equity contributions agreed to at formation, of which $ 50.7 million was recorded on our Consolidated Balance Sheet as of December 31, 2023.
+Added: We had $ 232.6 million of lease and contractual commitments as of December 31, 2024.
+Added: Lease and contractual commitments represent commitments under signed leases and contracts for operating properties (excluding tenant-funded tenant improvements), contracts for development/redevelopment projects and unfunded joint venture equity contributions agreed to at formation, of which $ 59.7 million was recorded on our Consolidated Balance Sheets as of December 31, 2024.
Contingent Consideration
We had $ 0.8 million of contingent consideration related to a parcel of acquired development land as of both December 31, 2024 and 2023.
−Removed: The contingent consideration is payable in cash to a third party if and to the extent future development milestones as outlined in the purchase agreements are met.
+Added: The contingent consideration is payable in cash to a third party if and to the extent future development milestones as outlined in the purchase agreement are met.
Environmental Matters
8 unchanged sentences
Joint Venture Buyout Rights and Obligations
−Removed: With respect to certain of our joint ventures, we have a right to buy, and our joint venture partner has a right to sell to us, such joint venture partner's interest under certain circumstances for fair market value (less estimated costs to sell) at various timeframes in the future.
+Added: With respect to certain of our joint ventures, we have a right to buy, and our joint venture partner has a right to sell to us, such joint venture partner's interest under certain circumstances for fair market value at various timeframes in the future.
In addition, with respect to certain of our joint ventures, our joint venture partner has a right to receive additional consideration from us or the joint venture under certain circumstances if and to the extent the internal rate of return on the applicable development project exceeds certain thresholds.
1 unchanged sentence
Noncontrolling Interests in Consolidated Affiliates
−Removed: As of December 31, 2023, our noncontrolling interests in consolidated affiliates relate to our joint venture partner’s 20.0 % interest in the Midtown West joint venture.
+Added: As of December 31, 2024, our noncontrolling interest in consolidated affiliates relates to our joint venture partner’s 20.0 % interest in the Midtown West joint venture.
Our joint venture partner is an unrelated third party.
36 unchanged sentences
The following table sets forth our assets and liabilities and the Company’s noncontrolling interests in the Operating Partnership that are measured or disclosed at fair value within the fair value hierarchy:
−Removed: Level 1 Level 2
+Added: Level 1 Level 2 Level 3
Total Quoted Prices
−Removed: Markets for Identical Assets or Liabilities Significant Observable Inputs
+Added: Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs
Fair Value as of December 31, 2024:
3 unchanged sentences
2,295 2,295 — —
+Added: Impaired real estate assets
+Added: 26,740 — — 26,740
Total Assets $ 40,099 $ 2,295 $ 11,064 $ 26,740
18 unchanged sentences
(1) Amounts are not recorded at fair value on our Consolidated Balance Sheets as of December 31, 2024 and 2023.
−Removed: At various points throughout 2022, there were Level 3 impaired real estate assets resulting from the shortened hold period assumptions for certain assets in Pittsburgh, which included the following:
−Removed: • a land parcel measured at a fair value of $ 1.7 million in the third quarter of 2022.
−Removed: This impairment resulted from the changes in our assumptions about the use of the asset as a result of our plan to exit the Pittsburgh market and was calculated using broker opinions of value, as observable inputs were not available;
−Removed: • EQT Plaza, an in-service office building measured at a fair value of $ 57.4 million in the second quarter of 2022.
−Removed: This impairment resulted from the shortened hold period assumptions for the asset as a result of our plan to exit the Pittsburgh market.
−Removed: The estimated fair value was calculated using broker opinions of value, which incorporate an income approach, as observable inputs were not available.
−Removed: Key assumptions used in the impairment calculation were estimated selling costs of 3.5 % (including seller’s share of anticipated transfer taxes), the high end of an estimated discount rate ranging from 13.2 % to 16.2 % and an estimated terminal capitalization rate of 8.0 %.
+Added: The Level 3 impaired real estate assets measured at a fair value of $ 26.7 million in the fourth quarter of 2024 included EQT Plaza, a non-core office building in CBD Pittsburgh.
+Added: This impairment resulted from a change in our assumptions about the use of the asset.
+Added: We estimated the fair value using a discounted cash flow analysis.
+Added: We also used information from a broker’s opinion of value, which incorporates an income approach, as observable inputs were not available.
+Added: Key assumptions used in the impairment calculation were an estimated discount rate ranging from 16.7 % to 19.9 % and an estimated terminal capitalization rate of 9.5 %.
Common Stock Issuances
During 2023, we entered into separate equity distribution agreements in which the Company may offer and sell up to $ 300.0 million in aggregate gross sales price of shares of Common Stock.
+Added: During 2024, the Company issued 1.6 million shares of Common Stock under its equity distribution agreements at an average gross sales price of $ 32.71 per share and received net proceeds, after sales commissions, of $ 51.3 million.
There were no shares issued under these agreements in 2023.
−Removed: During 2022, the Company issued 130,011 shares of Common Stock under its equity distribution agreements at an average gross sales price of $ 46.50 per share and received net proceeds, after sales commissions, of $ 6.0 million.
As of December 31, 2024, the Company had 92.4 million remaining shares of Common Stock authorized to be issued under its charter.
Common Stock Dividends
−Removed: Dividends of the Company declared per share of Common Stock were $ 2.00 , $ 2.00 and $ 1.96 for the years ended December 31, 2023, 2022 and 2021, respectively.
+Added: Dividends of the Company declared per share of Common Stock were $ 2.00 for each of the years ended December 31, 2024, 2023 and 2022.
The following table sets forth the Company’s estimated taxability to the common stockholders of dividends per share for federal income tax purposes:
3 unchanged sentences
Capital gains 0.18 0.42 0.18
+Added: Return of capital 0.15 — —
Total $ 2.00 $ 2.00 $ 2.00
14 unchanged sentences
As of both December 31, 2024 and 2023, we had 15,000 warrants outstanding with an exercise price of $ 32.50 per share.
−Removed: Upon exercise of a warrant, the Company will contribute the exercise price to the Operating Partnership in exchange for
−Removed: Common Units.
+Added: Upon exercise of a warrant, the Company will contribute the exercise price to the Operating Partnership in exchange for Common Units.
Therefore, the Operating Partnership accounts for such warrants as if issued by the Operating Partnership.
1 unchanged sentence
Common Unit Distributions
−Removed: Distributions of the Operating Partnership declared per Common Unit were $ 2.00 , $ 2.00 and $ 1.96 for the years ended December 31, 2023, 2022 and 2021, respectively.
+Added: Distributions of the Operating Partnership declared per Common Unit were $ 2.00 for each of the years ended December 31, 2024, 2023 and 2022.
Redeemable Common Units
47 unchanged sentences
Stock options outstanding as of December 31, 2023 (1)
−Removed: Exercised ( 25,306 ) 43.76
−Removed: Stock options outstanding as of December 31, 2021 (1)
512,067 $ 46.18
−Removed: (1) There were no options granted, canceled, exercised or forfeited during the years ended December 31, 2023 and 2022.
−Removed: The Company had 512,067 options exercisable as of December 31, 2023, 2022 and 2021, respectively, with a weighted average exercise price of $ 46.18 at each date.
−Removed: As of December 31, 2023 and 2022, these options had a weighted average remaining life of 2.0 years and 3.0 years, respectively, and all had exercise prices higher than the market price of our common stock.
−Removed: No options were exercised during the years ended December 31, 2023 and 2022 , respectively .
−Removed: Cash received or receivable from options exercised was $ 1.1 million for the year ended December 31, 2021.
−Removed: The total intrinsic value of options exercised during the year ended December 31, 2021 was $ 0.1 million.
−Removed: The total intrinsic value of options outstanding as of December 31, 2021 was $ 0.6 million.
+Added: Expired ( 59,776 ) 37.71
+Added: Stock options outstanding at December 31, 2024 (2)
+Added: 452,291 $ 47.30
+Added: (1) There were no options granted, canceled, exercised, expired or forfeited during the years ended December 31, 2023 and 2022.
+Added: (2) The Company had 452,291 options exercisable as of December 31, 2024 with a weighted average exercise price of $ 47.30 and a weighted average remaining life of 1.3 years.
+Added: As of December 31, 2024, all of these options had exercise prices higher than the market price of our common stock.
+Added: No options were exercised during the years ended December 31, 2024, 2023 and 2022.
The Company generally does not permit the net cash settlement of exercised stock options, but does permit net share settlement so long as the shares received are held for at least a year.
1 unchanged sentence
- Time-Based Restricted Stock
−Removed: Shares of time-based restricted stock vest ratably on an annual basis generally over four years .
+Added: Shares of time-based restricted stock granted to employees vest ratably on an annual basis generally over four years .
Beginning in 2019, shares of time-based restricted stock granted to non-employee directors vest on the first anniversary of the grant date.
5 unchanged sentences
( 101,082 ) 42.80
−Removed: ( 89,264 ) 45.90
Forfeited ( 779 ) 42.37
2 unchanged sentences
155,717 26.42
+Added: ( 95,423 ) 43.57
Forfeited ( 1,819 ) 34.11
3 unchanged sentences
( 114,233 ) 34.79
−Removed: Forfeited ( 1,819 ) 34.11
Restricted shares outstanding as of December 31, 2024 343,615 $ 28.30
29 unchanged sentences
126,736 27.06
+Added: ( 65,140 ) 44.88
Forfeited (3)
4 unchanged sentences
( 79,588 ) 39.98
−Removed: Forfeited (3)
−Removed: ( 2,148 ) 35.83
Restricted shares outstanding as of December 31, 2024 349,996 $ 29.80
2 unchanged sentences
Vested shares include those shares surrendered by employees to satisfy tax withholding obligations in connection with such vesting.
−Removed: (3) The 2022 and 2021 amounts include 20,995 and 18,484 shares, respectively, that were forfeited at the end of the applicable measurement period because the applicable total return did not meet targeted levels.
−Removed: No shares were forfeited in 2023.
+Added: (3) The 2022 amount includes 20,995 shares that were forfeited at the end of the applicable measurement period because the applicable total return did not meet targeted levels.
+Added: No such shares were forfeited in 2023.
401(k) Retirement Savings Plan
1 unchanged sentence
We contribute amounts for each participant at a rate of 75 % of the employee’s contribution (up to 6 % of each employee’s bi-weekly salary and cash incentives, subject to statutory limits).
−Removed: During the years ended December 31, 2023, 2022 and 2021, we contributed $ 1.4 million, $ 1.4 million and $ 1.3 million, respectively, to the 401(k) savings plan.
+Added: During each of the years ended December 31, 2024, 2023 and 2022, we contributed $ 1.4 million to the 401(k) savings plan.
The assets of this qualified plan are not included in our Consolidated Financial Statements since the assets are not owned by us.
Retirement Plan
−Removed: The Company has a retirement plan for employees with at least 30 years of continuous service or are at least 55 years old with at least 10 years of continuous service.
+Added: The Company has a retirement plan for employees with at least 30 years of continuous service or who are at least 55 years old with at least 10 years of continuous service.
Subject to advance written notice and a non-compete agreement, eligible retirees would be entitled to receive a pro rata amount of any annual non-equity incentive compensation earned during the year of retirement and stock options and time-based restricted stock would be non-forfeitable and vest according to the terms of their original grants.
4 unchanged sentences
Prior to 2010, officers could elect to defer all or a portion of their cash compensation, which was then invested in unrelated mutual funds under a non-qualified deferred compensation plan.
−Removed: These investments are recorded at fair value, which aggregated $ 2.3 million and $ 2.6 million as of December 31, 2023 and 2022, respectively, and are included in prepaid expenses and other assets, with an offsetting deferred compensation liability recorded in accounts payable, accrued expenses and other liabilities.
+Added: These investments are recorded at fair value, which aggregated $ 2.3 million as of both December 31, 2024 and 2023, and are included in prepaid expenses and other assets, with an offsetting deferred compensation liability recorded in accounts payable, accrued expenses and other liabilities.
Deferred amounts ultimately payable to the participants are based on the value of the related mutual fund investments.
16 unchanged sentences
The Company satisfies its ESPP obligations by issuing additional shares of Common Stock.
+Added: Real Estate and Other Assets Held For Sale
+Added: The following table sets forth the assets held for sale as of December 31, 2024 and 2023, which are considered non-core:
+Added: Land $ 6,232 $ —
+Added: Buildings and tenant improvements 98,081 —
+Added: Less-accumulated depreciation ( 58,511 ) —
+Added: Net real estate assets 45,802 —
+Added: Accrued straight-line rents receivable 6,581 —
+Added: Deferred leasing costs, net 2,784 —
+Added: Prepaid expenses and other assets 242 —
+Added: Real estate and other assets, net, held for sale $ 55,409 $ —
Earnings Per Share and Per Unit
53 unchanged sentences
The Company had no net deferred tax asset or liability as of December 31, 2024 or December 31, 2023.
−Removed: For the years ended December 31, 2023 and 2022, there were no unrecognized tax benefits.
+Added: For each of the years ended December 31, 2024 and 2023, there were no unrecognized tax benefits.
The Company is subject to federal, state and local income tax examinations by taxing authorities for 2021 through 2024.
2 unchanged sentences
Our principal business is the operation, acquisition and development of rental office properties.
−Removed: We evaluate our business by geographic location.
+Added: We evaluate our business by geographic location, which is why our primary geographic locations are included as reportable segments below.
The operating results by geographic grouping are regularly reviewed by our chief operating decision maker for assessing performance and other purposes.
+Added: Our chief executive officer is our chief operating decision maker.
There are no material inter-segment transactions.
1 unchanged sentence
All operations are within the United States.
−Removed: The following tables summarize rental and other revenues, net operating income and total assets for our office properties.
+Added: The following tables summarize rental and other revenues, rental property and other expenses, net operating income and total assets for each of our reportable segments.
Net operating income is the primary industry property-level performance metric used by our chief operating decision maker and is defined as rental and other revenues less rental property and other expenses.
+Added: Our chief operating decision maker uses net operating income to help assess segment performance and decide how to allocate resources accordingly.
Year Ended December 31,
8 unchanged sentences
Tampa 98,887 99,421 94,726
−Removed: Total Office Segment 776,827 767,568 699,924
+Added: Rental and other revenues for reportable segments 769,079 776,827 767,568
Other 56,783 57,170 61,361
Total rental and other revenues 825,862 833,997 828,929
+Added: Rental property and other expenses:
+Added: Atlanta 57,453 54,041 51,607
+Added: Charlotte 24,419 22,063 18,032
+Added: Nashville 45,143 46,380 45,124
+Added: Orlando 23,094 22,840 22,471
+Added: Raleigh 47,046 49,702 48,086
+Added: Richmond 11,140 11,162 14,205
+Added: Tampa 37,603 37,039 35,035
+Added: Rental property and other expenses for reportable segments 245,898 243,227 234,560
+Added: Other 26,275 25,555 25,246
+Added: Total rental property and other expenses 272,173 272173000 268,782 259,806
Net operating income:
6 unchanged sentences
Tampa 61,284 62,382 59,691
−Removed: Total Office Segment 533,600 533,008 491,053
+Added: Net operating income for reportable segments 523,181 533,600 533,008
Other 30,508 31,615 36,115
Total net operating income $ 553,689 $ 565,215 $ 569,123
+Added: Year Ended December 31,
+Added: 2024 2023 2022
Reconciliation to net income:
16 unchanged sentences
Tampa 463,884 473,800
−Removed: Total Office Segment 5,315,397 5,470,529
+Added: Total assets for reportable segments 5,219,711 5,315,397
Other 809,644 687,531
1 unchanged sentence
Subsequent Events
−Removed: Our $ 750.0 million unsecured revolving credit facility was modified on January 25, 2024 and is now scheduled to mature in January 2028 (but can be extended for two additional six-month periods at our option assuming no defaults have occurred).
−Removed: The interest rate on our newly modified revolving credit facility remains SOFR plus a related spread adjustment of 10 basis points and a borrowing spread of 85 basis points, based on current credit ratings and the annual facility fee remains 20 basis points.
−Removed: The interest rate and facility fee are based on the higher of the publicly announced ratings from Moody’s Investors Service or Standard & Poor’s Ratings Services.
−Removed: Subject to written consent of the lenders, we may elect to amend the newly modified revolving credit facility no later than May 15, 2024 to provide that the interest rate may be adjusted upward or downward by up to 2.5 basis points subject to satisfaction of certain to-be-determined sustainability goals with respect to the ongoing reduction of greenhouse gas emissions.
−Removed: The financial and other covenants under our newly modified facility are substantially similar to our previous credit facility.
−Removed: We expect to incur $ 7.9 million of debt issuance costs, which will be amortized along with certain existing unamortized debt issuance costs over the remaining term of our new revolving credit facility.
−Removed: We expect to record $ 0.2 million of loss on debt extinguishment.
−Removed: As of January 26, 2024, there was $ 36.0 million outstanding under our revolving credit facility and $ 0.9 million of outstanding letters of credit, which reduces the availability on our revolving credit facility.
−Removed: As a result, the unused capacity of our revolving credit facility as of January 26, 2024 was $ 713.1 million.
On January 29, 2025, the Company declared a cash dividend of $ 0.50 per share of Common Stock, which is payable on March 11, 2025 to stockholders of record as of February 18, 2025.
+Added: On February 3, 2025, we sold three buildings in Tampa for a sales price of $ 145.0 million and expect to record a gain on disposition of property of $ 82.3 million.
HIGHWOODS PROPERTIES, INC.
83 unchanged sentences
Capitol Towers South Office (3) 9,095 95,458 — 810 9,095 96,268 105,363 10,273 2015 5-40 yrs.
−Removed: Tryon - Land Office 26,702 — ( 421 ) — 26,281 — 26,281 — N/A 5-40 yrs.
+Added: Tryon - Land Office 26,702 — ( 825 ) — 25,877 — 25,877 — N/A N/A
SIX50 at Legacy Union Office 16,504 166,305 — 4,068 16,504 170,373 186,877 13,657 2020 5-40 yrs.
+Added: Four Morrocroft Office (2) — — 837 8,993 837 8,993 9,830 252 2024 5-40 yrs.
Nashville, TN
20 unchanged sentences
100 Winners Circle Office 1,497 7,258 — 8,296 1,497 15,554 17,051 6,977 1987 5-40 yrs.
−Removed: The Pinnacle at Symphony Place Office 87,003 — 141,469 — 6,181 — 147,650 147,650 51,151 2010 5-40 yrs.
+Added: Symphony Place Office 84,712 — 141,469 — 6,045 — 147,514 147,514 54,976 2010 5-40 yrs.
Seven Springs East Office 2,525 37,587 — 528 2,525 38,115 40,640 13,373 2013 5-40 yrs.
5 unchanged sentences
MARS Campus Office 7,010 87,474 — 147 7,010 87,621 94,631 18,644 2019 5-40 yrs.
−Removed: Virginia Springs I Office 4,534 25,632 — 308 4,534 25,940 30,474 4,732 2018 5-40 yrs.
HIGHWOODS PROPERTIES, INC.
10 unchanged sentences
Depreciation Date of
+Added: Virginia Springs I Office 4,534 25,632 — 308 4,534 25,940 30,474 5,720 2018 5-40 yrs.
1100 Broadway - Land Office 29,845 — ( 259 ) — 29,586 — 29,586 — N/A N/A
23 unchanged sentences
3737 Glenwood Avenue Office — — 318 18,987 318 18,987 19,305 10,529 1999 5-40 yrs.
−Removed: 4800 Falls of Neuse Office 2,678 17,630 — 7,472 2,678 25,102 27,780 17,202 1985 5-40 yrs.
801 Raleigh Corporate Center Office 828 — 272 13,105 1,100 13,105 14,205 7,005 2002 5-40 yrs.
−Removed: 2500 Blue Ridge Road Office 722 4,606 — 1,022 722 5,628 6,350 3,969 1982 5-40 yrs.
−Removed: 2418 Blue Ridge Road Office 462 1,410 — 2,731 462 4,141 4,603 2,333 1988 5-40 yrs.
2000 CentreGreen Office 1,529 — ( 391 ) 14,074 1,138 14,074 15,212 7,317 2000 5-40 yrs.
2 unchanged sentences
3000 CentreGreen Office 1,779 — ( 397 ) 14,752 1,382 14,752 16,134 6,583 2002 5-40 yrs.
+Added: 1000 CentreGreen Office 1,280 — 55 13,574 1,335 13,574 14,909 5,974 2008 5-40 yrs.
+Added: GlenLake - Land Office 13,003 — ( 12,382 ) 114 621 114 735 68 2001 5-40 yrs.
HIGHWOODS PROPERTIES, INC.
10 unchanged sentences
Depreciation Date of
−Removed: 1000 CentreGreen Office 1,280 — 55 13,765 1,335 13,765 15,100 5,491 2008 5-40 yrs.
−Removed: GlenLake - Land Office 13,003 — ( 12,382 ) 114 621 114 735 65 2001 5-40 yrs.
GlenLake One Office 924 — 1,324 24,855 2,248 24,855 27,103 12,824 2002 5-40 yrs.
4 unchanged sentences
Inveresk Parcel 2 - Land Office 657 — 38 103 695 103 798 24 2015 5-40 yrs.
−Removed: 4201 Lake Boone Trail Office 1,450 6,311 — 1,077 1,450 7,388 8,838 2,519 1998 5-40 yrs.
4620 Creekstone Drive Office 149 — 107 5,901 256 5,901 6,157 2,530 2001 5-40 yrs.
−Removed: 4825 Creekstone Drive Office 398 — 293 10,796 691 10,796 11,487 6,327 1999 5-40 yrs.
751 Corporate Center Office 2,665 16,939 — ( 442 ) 2,665 16,497 19,162 4,488 2018 5-40 yrs.
PNC Plaza Office 1,206 — — 66,613 1,206 66,613 67,819 29,133 2008 5-40 yrs.
−Removed: 4301 Lake Boone Trail Office 878 3,730 — 3,066 878 6,796 7,674 4,547 1990 5-40 yrs.
−Removed: 4207 Lake Boone Trail Office 362 1,818 — 1,113 362 2,931 3,293 2,320 1993 5-40 yrs.
−Removed: 2301 Rexwoods Drive Office 919 2,816 — 1,709 919 4,525 5,444 3,155 1992 5-40 yrs.
−Removed: 4325 Lake Boone Trail Office 586 — — 3,894 586 3,894 4,480 2,609 1995 5-40 yrs.
−Removed: 2300 Rexwoods Drive Office 1,301 — 184 9,988 1,485 9,988 11,473 4,620 1998 5-40 yrs.
4700 Six Forks Road Office 666 2,665 — 1,965 666 4,630 5,296 2,838 1982 5-40 yrs.
14 unchanged sentences
GlenLake Seven Office 1,662 37,332 — ( 24 ) 1,662 37,308 38,970 5,406 2020 5-40 yrs.
+Added: Hargett - Land Office 9,248 — ( 833 ) — 8,415 — 8,415 — N/A N/A
+Added: Forum 1 Office 1,278 27,809 — 1,635 1,278 29,444 30,722 4,563 1985 5-40 yrs.
+Added: Forum 2 Office 1,327 18,088 — ( 518 ) 1,327 17,570 18,897 2,186 1988 5-40 yrs.
+Added: Forum 3 Office 994 23,931 — 1,517 994 25,448 26,442 4,639 1995 5-40 yrs.
+Added: Forum 4 Office 2,118 43,889 — 925 2,118 44,814 46,932 6,671 2000 5-40 yrs.
+Added: Forum 5 Office 1,552 26,263 — 1,583 1,552 27,846 29,398 4,991 2007 5-40 yrs.
+Added: Captrust Tower Office 84,054 9,670 124,530 — 4,138 9,670 128,668 138,338 12,734 2010 5-40 yrs.
+Added: 150 Fayetteville Office 107,584 7,677 130,049 — 22,978 7,677 153,027 160,704 17,817 1991 5-40 yrs.
+Added: GlenLake III Office 3,981 65,660 29 4,152 4,010 69,812 73,822 2,551 2023 5-40 yrs.
HIGHWOODS PROPERTIES, INC.
10 unchanged sentences
Depreciation Date of
−Removed: Hargett - Land Office 9,248 — ( 507 ) — 8,741 — 8,741 — N/A N/A
−Removed: Forum 1 Office 1,278 27,809 — 1,686 1,278 29,495 30,773 3,510 1985 5-40 yrs.
−Removed: Forum 2 Office 1,327 18,088 — 151 1,327 18,239 19,566 2,328 1988 5-40 yrs.
−Removed: Forum 3 Office 994 23,931 — 1,480 994 25,411 26,405 3,421 1995 5-40 yrs.
−Removed: Forum 4 Office 2,118 43,889 — 279 2,118 44,168 46,286 4,970 2000 5-40 yrs.
−Removed: Forum 5 Office 1,552 26,263 — 1,505 1,552 27,768 29,320 3,889 2007 5-40 yrs.
−Removed: Captrust Tower Office 84,360 9,670 124,530 — 3,991 9,670 128,521 138,191 9,428 2010 5-40 yrs.
−Removed: 150 Fayetteville Office 110,391 7,677 130,049 — 17,401 7,677 147,450 155,127 12,307 1991 5-40 yrs.
−Removed: GlenLake III Office — — 3,981 65,660 3,981 65,660 69,641 550 2023 5-40 yrs.
2205 Evans Road - Land Office 2,676 — — — 2,676 — 2,676 — N/A N/A
22 unchanged sentences
Innsbrook Centre Office 914 8,249 — 1,144 914 9,393 10,307 4,643 1987 5-40 yrs.
+Added: Meridian Three Office 2,673 16,470 — 7,026 2,673 23,496 26,169 10,196 1989 5-40 yrs.
+Added: Bayshore Place Office 2,276 11,817 — 3,821 2,276 15,638 17,914 9,179 1990 5-40 yrs.
+Added: Highwoods Bay Center I Office 3,565 — ( 64 ) 38,199 3,501 38,199 41,700 17,462 2007 5-40 yrs.
+Added: Horizon Office — 6,257 — 4,902 — 11,159 11,159 6,332 1980 5-40 yrs.
+Added: Lakeside Office — 7,369 — 7,126 — 14,495 14,495 9,953 1978 5-40 yrs.
+Added: Lakeside/Parkside Garage Office — — — 5,817 — 5,817 5,817 3,446 2004 5-40 yrs.
+Added: One Harbour Place Office 2,016 25,252 — 16,127 2,016 41,379 43,395 23,894 1985 5-40 yrs.
+Added: Parkside Office — 9,407 — 3,827 — 13,234 13,234 8,080 1979 5-40 yrs.
+Added: Pavilion Office — 16,394 — 5,196 — 21,590 21,590 13,917 1982 5-40 yrs.
HIGHWOODS PROPERTIES, INC.
10 unchanged sentences
Depreciation Date of
−Removed: Meridian Three Office 2,673 16,470 — 6,379 2,673 22,849 25,522 9,488 1989 5-40 yrs.
−Removed: Bayshore Place Office 2,276 11,817 — 3,891 2,276 15,708 17,984 8,721 1990 5-40 yrs.
−Removed: Highwoods Bay Center I Office 3,565 — ( 64 ) 38,207 3,501 38,207 41,708 16,401 2007 5-40 yrs.
−Removed: Horizon Office — 6,257 — 4,294 — 10,551 10,551 5,736 1980 5-40 yrs.
−Removed: LakePointe One Office 2,106 89 — 41,220 2,106 41,309 43,415 25,899 1986 5-40 yrs.
−Removed: LakePointe Two Office 2,000 15,848 672 13,455 2,672 29,303 31,975 17,383 1999 5-40 yrs.
−Removed: Lakeside Office — 7,369 — 7,126 — 14,495 14,495 9,199 1978 5-40 yrs.
−Removed: Lakeside/Parkside Garage Office — — — 5,731 — 5,731 5,731 3,197 2004 5-40 yrs.
−Removed: One Harbour Place Office 2,016 25,252 — 15,916 2,016 41,168 43,184 22,066 1985 5-40 yrs.
−Removed: Parkside Office — 9,407 — 3,758 — 13,165 13,165 7,538 1979 5-40 yrs.
−Removed: Pavilion Office — 16,394 — 7,052 — 23,446 23,446 14,425 1982 5-40 yrs.
Pavilion Parking Garage Office — — — 5,922 — 5,922 5,922 3,675 1999 5-40 yrs.
−Removed: Spectrum Office 1,454 14,502 — 6,513 1,454 21,015 22,469 12,054 1984 5-40 yrs.
Tower Place Office 3,218 19,898 — 9,818 3,218 29,716 32,934 17,897 1988 5-40 yrs.
60 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.