56 unchanged sentences
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
−Removed: /s/ Deloitte & Touche LLP
+Added: /s/ Deloitte and Touche LLP
Raleigh, North Carolina
9 unchanged sentences
OTHER INFORMATION
−Removed: 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.
−Removed: To date, 757,640 shares of restricted stock have been issued and are outstanding under the plan.
−Removed: As a result, immediately prior to February 10, 2025, there were 2,242,360 shares available for future issuance under the plan.
−Removed: 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.
−Removed: 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
36 unchanged sentences
4.14 Officers’ Certificate Establishing the Terms of the 7.65% Notes, dated November 21, 2023 (filed as part of the Company’s Current Report on Form 8-K dated November 16, 2023)
+Added: 4.15 Form of 5.350% Notes due January 15, 2033 (filed as part of the Company’s Current Report on Form 8-K dated November 16, 2023)
+Added: 4.16 Officers’ Certificate Establishing the Terms of the 5.350% Notes, dated November 14, 2025 (filed as part of the Company’s Current Report on Form 8-K dated November 14, 2025)
10.1 Second Restated Agreement of Limited Partnership, dated as of January 1, 2000, of the Operating Partnership (filed as part of the Company’s Annual Report on Form 10-K for the year ended December 31, 2004)
4 unchanged sentences
10.4 * 2015 Long-Term Equity Incentive Plan (filed as part of the Company’s Current Report on Form 8-K dated May 13, 2015)
+Added: Number Description
10.5 Form of warrants to purchase Common Stock of the Company (filed as part of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997)
1 unchanged sentence
Retirement Plan, effective as of March 1, 2006 (filed as part of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007)
−Removed: Number Description
10.7 * Highwoods Properties, Inc.
12 unchanged sentences
10.13 * 2021 Long-Term Equity Incentive Plan (filed as part of the Company’s Current Report on Form 8-K dated May 11, 2021)
−Removed: 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: 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: 10.14 Fifth Amendment to Sixth Amended and Restated Credit Agreement, dated as of August 12, 2025, 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 August 14, 2025)
10.15 * Amendment No.
1, dated as of February 10, 2025, to the Highwoods Properties, Inc.
−Removed: 2021 Long-Term Equity Incentive Plan
+Added: 2021 Long-Term Equity Incentive Plan (filed as part of the Company's Annual Report on Form 10-K for the year ended December 31, 2024)
+Added: 10.16 * 2025 Long-Term Equity Incentive Plan (filed as part of the Company’s Current Report on Form 8-K dated May 13, 2025)
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)
1 unchanged sentence
23 Consent of Deloitte & Touche LLP for the Company
−Removed: 23.2 Consent of Deloitte & Touche LLP for the Operating Partnership
31.1 Certification of CEO Pursuant to Section 302 of the Sarbanes-Oxley Act for the Company
44 unchanged sentences
Our responsibility is to express an opinion on the Company’s financial statements based on our audits.
−Removed: We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
+Added: We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
13 unchanged sentences
If the carrying amount of an asset exceeds the undiscounted future cash flows, an analysis is performed to determine the fair value of the asset.
−Removed: The Company makes judgments that determine whether specific real estate assets possess indicators of impairment.
+Added: The Company makes judgments to determine whether specific real estate assets possess indicators of impairment.
Changes in those judgments could have a material impact on the real estate assets that are identified for further analysis.
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.
−Removed: 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.
+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 determination of fair value also requires management to make significant estimates and assumptions related to the current and projected trends in 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
−Removed: Our audit procedures related to the evaluation of real estate assets for possible indications of impairment and our procedures related to the undiscounted estimated future operating and residual cash flows to determine recoverability, included the following, among others:
+Added: Our audit procedures related to the evaluation of real estate assets for possible indications of impairment and our procedures related to the undiscounted estimated future operating and residual cash flows to determine recoverability and discount rate used in determining fair value, included the following, among others:
• 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.
−Removed: • We tested the effectiveness of controls over management’s determination of fair value utilized to record impairment charges.
+Added: • We tested the effectiveness of controls over management’s determination the discount rate used in the estimation 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:
4 unchanged sentences
– Comparing the projections included in management’s cash flow estimates to determine recoverability to the Company’s historical results and external market sources.
−Removed: – 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: – Evaluating 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.
• We evaluated the Company’s determination of fair value for those assets where impairment had been identified by performing the following:
35 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 shares issued and outstanding
+Added: 8.625 % Series A Cumulative Redeemable Preferred Shares (liquidation preference $ 1,000 per share), 26,691 and 28,811 shares issued and outstanding, respectively
26,691 28,811
26 unchanged sentences
Gain on deconsolidation of affiliate — — 11,778
+Added: Loss on disposition of investment in unconsolidated affiliate ( 4,700 ) — —
Equity in earnings of unconsolidated affiliates 2,369 4,158 1,107
1 unchanged sentence
Net (income) attributable to noncontrolling interests in the Operating Partnership ( 3,112 ) ( 2,040 ) ( 3,164 )
−Removed: Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 34 549 ( 1,230 )
+Added: Net loss attributable to noncontrolling interests in consolidated affiliates 74 34 549
Dividends on Preferred Stock ( 2,359 ) ( 2,485 ) ( 2,485 )
26 unchanged sentences
(in thousands, except share amounts)
−Removed: Number of Common Shares Common Stock Series A Cumulative Redeemable Preferred Shares Additional Paid-In Capital Accumulated Other Compre-hensive Income/(Loss) Non-controlling Interests in Consolidated Affiliates Distributions in Excess of Net Income Available for Common Stockholders Total
+Added: Number of Common Shares Common Stock Series A Cumulative Redeemable Preferred Shares Additional Paid-In Capital Accumulated Other Compre-hensive Loss Non-controlling Interests in Consolidated Affiliates Distributions in Excess of Net Income Available for Common Stockholders Total
Balance as of December 31, 2022 105,210,858 $ 1,052 $ 28,821 $ 3,081,330 $ ( 1,211 ) $ 22,235 $ ( 633,227 ) $ 2,499,000
6 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 — ( 10 ) — — — — ( 10 )
Share-based compensation expense, net of forfeitures ( 3,967 ) 3 — 6,981 — — — 6,984
Net (income) attributable to noncontrolling interests in the Operating Partnership — — — — — ( 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:
10 unchanged sentences
Adjustment of noncontrolling interests in the Operating Partnership to fair value — — ( 18,666 ) — — — ( 18,666 )
−Removed: Contributions from noncontrolling interests in consolidated affiliates — — — — 320 — 320
+Added: Distributions to noncontrolling interests in consolidated affiliates — — — — ( 400 ) — ( 400 )
Issuances of restricted stock 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:
6 unchanged sentences
(in thousands, except share amounts)
−Removed: Number of Common Shares Common Stock Series A Cumulative Redeemable Preferred Shares Additional Paid-In Capital Accumulated Other Compre-hensive Income/(Loss) Non-controlling Interests in Consolidated Affiliates Distributions in Excess of Net Income Available for Common Stockholders Total
+Added: Number of Common Shares Common Stock Series A Cumulative Redeemable Preferred Shares Additional Paid-In Capital Accumulated Other Compre-hensive Loss Non-controlling Interests in Consolidated Affiliates Distributions in Excess of Net Income Available for Common Stockholders Total
Balance as of December 31, 2024 107,623,777 $ 1,076 $ 28,811 $ 3,144,130 $ ( 2,246 ) $ 4,291 $ ( 810,608 ) $ 2,365,454
13 unchanged sentences
261,680 — — — — — — —
+Added: Redemptions/repurchases of Preferred Stock
+Added: — ( 2,120 ) — — — — ( 2,120 )
Share-based compensation expense, net of forfeitures
21 unchanged sentences
Share-based compensation expense 8,209 8,000 6,984
−Removed: Net credit losses on operating lease receivables 2,289 3,834 3,199
+Added: Net credit losses/(reversals) on operating lease receivables ( 118 ) 2,289 3,834
Accrued interest on mortgages and notes receivable ( 1,280 ) ( 548 ) ( 805 )
5 unchanged sentences
Net gains on disposition of property ( 107,149 ) ( 46,817 ) ( 47,773 )
+Added: Loss on disposition of investment in unconsolidated affiliate 4,700 — —
Gain on deconsolidation of affiliate — — ( 11,778 )
14 unchanged sentences
Net proceeds from disposition of real estate assets 195,162 100,934 101,829
+Added: Net proceeds from disposition of investment in unconsolidated affiliate 24,141 — —
Distributions of capital from unconsolidated affiliates 8,104 8,484 6,594
29 unchanged sentences
Net cash provided by/(used in) financing activities 90,829 ( 99,041 ) ( 205,426 )
−Removed: Net increase/(decrease) in cash and cash equivalents and restricted cash 2,108 11,850 ( 5,093 )
+Added: Net increase in cash and cash equivalents and restricted cash 9,372 2,108 11,850
Cash from deconsolidation of affiliate — — ( 6,386 )
51 unchanged sentences
If the carrying amount of an asset exceeds the undiscounted future cash flows, an analysis is performed to determine the fair value of the asset.
−Removed: The Operating Partnership makes judgments that determine whether specific real estate assets possess indicators of impairment.
+Added: The Operating Partnership makes judgments to determine whether specific real estate assets possess indicators of impairment.
Changes in those judgments could have a material impact on the real estate assets that are identified for further analysis.
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.
−Removed: 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.
+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 rates, occupancy, capitalization rates and estimated hold periods, and (3) the determination of fair value also requires management to make significant estimates and assumptions related to the current and projected trends in 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
−Removed: Our audit procedures related to the evaluation of real estate assets for possible indications of impairment and our procedures related to the undiscounted estimated future operating and residual cash flows to determine recoverability, included the following, among others:
+Added: Our audit procedures related to the evaluation of real estate assets for possible indications of impairment and our procedures related to the undiscounted estimated future operating and residual cash flows to determine recoverability and discount rate used in determining fair value, included the following, among others:
• 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.
−Removed: • We tested the effectiveness of controls over management’s determination of fair value utilized to record impairment charges.
+Added: • We tested the effectiveness of controls over management’s determination of the discount rate used in the estimation 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:
4 unchanged sentences
– Comparing the projections included in management’s cash flow estimates to determine recoverability to the Operating Partnership’s historical results and external market sources.
−Removed: – 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: – Evaluating 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.
• We evaluated the Operating Partnership’s determination of fair value for those assets where impairment had been identified by performing the following:
35 unchanged sentences
52,777 65,791
−Removed: Series A Preferred Units (liquidation preference $ 1,000 per unit), 28,811 units issued and outstanding
+Added: Series A Preferred Units (liquidation preference $ 1,000 per unit), 26,691 and 28,811 units issued and outstanding, respectively
26,691 28,811
26 unchanged sentences
Gain on deconsolidation of affiliate — — 11,778
+Added: Loss on disposition of investment in unconsolidated affiliate ( 4,700 ) — —
Equity in earnings of unconsolidated affiliates 2,369 4,158 1,107
Net income 162,650 104,254 151,330
−Removed: Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 34 549 ( 1,230 )
+Added: Net loss attributable to noncontrolling interests in consolidated affiliates 74 34 549
Distributions on Preferred Units ( 2,359 ) ( 2,485 ) ( 2,485 )
19 unchanged sentences
Total comprehensive income 162,402 104,005 150,544
−Removed: Less-comprehensive (income)/loss attributable to noncontrolling interests 34 549 ( 1,230 )
+Added: Net loss attributable to noncontrolling interests in consolidated affiliates 74 34 549
Comprehensive income attributable to common unitholders $ 162,476 $ 104,039 $ 151,093
4 unchanged sentences
Common Units Accumulated
−Removed: Comprehensive Income/(Loss) Noncontrolling
+Added: Comprehensive Loss Noncontrolling
Affiliates Total
10 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:
5 unchanged sentences
596 58,988 — — 59,584
+Added: Redemptions of Common Units
+Added: — ( 10 ) — — ( 10 )
Distributions on Common Units ($ 2.00 per unit)
25 unchanged sentences
Share-based compensation expense 8,209 8,000 6,984
−Removed: Net credit losses on operating lease receivables 2,289 3,834 3,199
+Added: Net credit losses/(reversals) on operating lease receivables ( 118 ) 2,289 3,834
Accrued interest on mortgages and notes receivable ( 1,280 ) ( 548 ) ( 805 )
5 unchanged sentences
Net gains on disposition of property ( 107,149 ) ( 46,817 ) ( 47,773 )
+Added: Loss on disposition of investment in unconsolidated affiliate 4,700 — —
Gain on deconsolidation of affiliate — — ( 11,778 )
14 unchanged sentences
Net proceeds from disposition of real estate assets 195,162 100,934 101,829
+Added: Net proceeds from disposition of investment in unconsolidated affiliate 24,141 — —
Distributions of capital from unconsolidated affiliates 8,104 8,484 6,594
27 unchanged sentences
Net cash provided by/(used in) financing activities 90,829 ( 99,041 ) ( 205,426 )
−Removed: Net increase/(decrease) in cash and cash equivalents and restricted cash 2,108 11,850 ( 5,093 )
+Added: Net increase in cash and cash equivalents and restricted cash 9,372 2,108 11,850
Cash from deconsolidation of affiliate — — ( 6,386 )
31 unchanged sentences
Highwoods Properties, Inc.
−Removed: (the “Company”) is a fully integrated real estate investment trust (“REIT”) that provides leasing, management, development, construction and other customer-related services for its properties and for third parties.
+Added: (the “Company”) is a fully integrated office real estate investment trust (“REIT”) that owns, develops, acquires, leases and manages properties primarily in the best business districts of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa.
The Company conducts its activities through Highwoods Realty Limited Partnership (the “Operating Partnership”).
6 unchanged sentences
The Common Units owned by the Company are not redeemable.
−Removed: During 2024, the Company redeemed 5,385 Common Units for a like number of shares of Common Stock.
+Added: During 2025, the Company redeemed 107,044 Common Units for a like number of shares of Common Stock and 326 common units for cash.
Basis of Presentation
5 unchanged sentences
As of December 31, 2025, 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.
+Added: In addition, during 2025, we acquired a building using a special purpose entity owned by a qualified intermediary to facilitate a potential Section 1031 reverse exchange under the Internal Revenue Code.
+Added: To realize the tax deferral available under the Section 1031 exchange, we must complete the Section 1031 exchange, and take title to the to-be-exchanged building within 180 days of the acquisition date.
+Added: We have determined that this entity is a variable interest entity of which we are the primary beneficiary and therefore, we consolidate this entity.
+Added: As of December 31, 2025, this variable interest entity had total assets and liabilities of $ 195.9 million and $ 2.7 million, respectively.
All intercompany transactions and accounts have been eliminated.
5 unchanged sentences
We use all relevant information to determine our liabilities for claims, including actuarial estimates of claim liabilities.
−Removed: When determining our liabilities, we include claims for
−Removed: incurred losses, even if they are unreported.
+Added: When determining our liabilities, we include claims for incurred losses, even if they are unreported.
As of December 31, 2025, a reserve of $ 0.4 million was recorded to cover estimated reported and unreported claims.
51 unchanged sentences
Fixed contractual payments from our leases are recognized on a straight-line basis over the terms of the respective leases.
−Removed: This means that, with respect to a particular lease, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period.
+Added: This means that, with respect to a particular lease, actual amounts billed in
+Added: accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period.
Straight-line rental revenue is commenced when the customer assumes control of the leased premises.
13 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 when the amount recorded is determined, in management’s judgement, to not be probable of collection.
+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 judgment, to not be probable of collection.
Such amounts are recognized as a reduction to rental and other revenues.
7 unchanged sentences
Investments in Unconsolidated Affiliates
−Removed: We account for our joint venture investments using the equity method of accounting when our interests represent a general partnership interest but substantive participating rights or substantive kick out rights have been granted to the limited partners or when our interests do not represent a general partnership interest and we do not control the major operating and financial policies of the investment.
+Added: We account for our joint venture investments using the equity method of accounting when we have significant influence over the joint venture but do not control the partnership.
These investments are initially recorded at cost as investments in unconsolidated affiliates and are subsequently adjusted for our share of earnings and cash contributions and distributions.
3 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
−Removed: 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 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 contracts for trading or speculative purposes.
+Added: We generally do not hold or issue these derivative
+Added: 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
−Removed: 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 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.
7 unchanged sentences
Recently Issued Accounting Standards
−Removed: The Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) that provides temporary optional expedients and exceptions to ease the financial reporting burdens related to the market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”).
−Removed: These optional expedients and exceptions provide guidance on contract modifications and hedge accounting.
−Removed: 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 requires enhanced segment disclosures, primarily regarding significant segment expenses.
−Removed: We have adopted this ASU and applied the new requirements retrospectively to all prior periods presented in the financial statements.
−Removed: Accordingly, our segment disclosures now include rental property and other expenses for each of our reportable segments.
−Removed: The FASB issued an ASU that requires disaggregated disclosure of income statement expenses.
+Added: The Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) that requires disaggregated disclosure of income statement expenses.
Certain expense captions will be disaggregated into specified categories in disclosures within the Notes to Consolidated Financial Statements.
10 unchanged sentences
The monthly payments on a pre-determined schedule are recognized on a straight-line basis over the terms of the respective leases.
−Removed: Changes in the CPI are not estimated as part of our measurement of straight-line rental expense.
−Removed: 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 .
+Added: Changes in the CPI are not estimated as part of our
+Added: measurement of straight-line rental expense.
+Added: We recognized $ 2.4 million, $ 2.6 million and $ 2.6 million of ground lease expense during the years ended December 31, 2025, 2024, and 2023, respectively, and we paid $ 2.4 million, $ 2.5 million and $ 2.4 million in cash during 2025, 2024 and 2023, respectively .
The following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments on operating ground leases as of December 31, 2025 and a reconciliation of those cash flows to the operating lease liability as of December 31, 2025:
3 unchanged sentences
Real Estate Assets
+Added: During 2025, we acquired 6HUNDRED, a 411,000 square foot office building in Uptown Charlotte.
+Added: Our total purchase price, net of closing credits, was $ 193.4 million, including capitalized acquisition costs.
+Added: The assets acquired and liabilities assumed were recorded at relative fair value as determined by management based on information available at the acquisition date and on current assumptions as to future operations.
+Added: During 2025, we acquired the Legacy Union parking garage located at 720 South Church Street in Uptown Charlotte for a total purchase price, including capitalized acquisition costs, of $ 110.2 million.
+Added: This 3,057 -space garage supports the parking needs for 1.2 million square feet of Highwoods-owned office at Legacy Union, which consists of Bank of America Tower and SIX50 at Legacy Union, and is connected to these office buildings via a skybridge.
+Added: The assets acquired and liabilities assumed were recorded at relative fair value as determined by management based on information available at the acquisition date and on current assumptions as to future operations.
+Added: During 2025, we acquired Advance Auto Parts Tower, a 346,000 square foot office building in Raleigh, for a total purchase price, including capitalized acquisition costs, of $ 137.9 million.
+Added: The assets acquired and liabilities assumed were recorded at relative fair value as determined by management based on information available at the acquisition date and on current assumptions as to future operations.
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.
1 unchanged sentence
During 2023, we acquired land in Raleigh for a purchase price, including capitalized acquisition costs, of $ 2.7 million.
−Removed: During 2022, we acquired SIX50 at Legacy Union, a 367,000 square foot trophy office building in Charlotte’s Uptown CBD submarket, for a net purchase price of $ 198.0 million.
−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: During 2022, we also acquired land in Charlotte for an aggregate purchase price, including capitalized acquisition costs, of $ 27.0 million.
+Added: During 2025, we sold a total of seven buildings in Atlanta, Richmond, Tampa and Raleigh and land in Pittsburgh, Orlando and Raleigh for an aggregate sales price of $ 205.7 million and recorded aggregate net gains on disposition of property of $ 107.1 million.
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.
1 unchanged sentence
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.
−Removed: 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.
Seller Financed Transaction
5 unchanged sentences
The cash received at closing is recorded as a nonrefundable deposit in accounts payable, accrued expenses and other liabilities on our Consolidated Balance Sheets.
−Removed: 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.
−Removed: During 2022, we recorded the following impairment charges:
−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;
−Removed: • 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.
+Added: During 2025, the buyer exercised its extension option on this interest-only first mortgage.
+Added: In connection with this extension, we received additional cash of $ 1.0 million.
+Added: The loan will bear interest at SOFR plus 150 basis points during the one-year extension period.
+Added: The disposition still does not meet the contract criteria to be recognized as a sale.
+Added: We will continue to account for the land parcel as land held for development on our Consolidated Balance Sheets, and the mortgage associated with
+Added: the seller financing will not be recorded on our Consolidated Balance Sheets.
+Added: The cash received for the extension is recorded as a nonrefundable deposit in accounts payable, accrued expenses and other liabilities on our Consolidated Balance Sheets.
+Added: During 2025, we recorded an impairment charge of $ 8.8 million to lower the carrying amount of two non-core, out-of-service assets at Century Center in Atlanta to their estimated fair values.
+Added: During 2024, we recorded an impairment charge of $ 24.6 million to lower the carrying amount of 625 Liberty (formerly known as EQT Plaza), a 616,000 square foot non-core building in CBD Pittsburgh, to its estimated fair value.
Investments in and Advances to Affiliates
4 unchanged sentences
Joint Venture Location Ownership
−Removed: Highwoods-Markel Associates, LLC Richmond 50.0 %
Granite Park Six JV, LLC Dallas 50.0 %
6 unchanged sentences
- Highwoods-Markel Associates, LLC (“Markel joint venture”)
−Removed: In 1999, we formed a joint venture with Markel Corporation in which we own a 50.0 % interest.
+Added: In 1999, we formed a joint venture with Markel Corporation (“Markel”) in which we owned a 50.0 % interest.
The Markel joint venture was consolidated as of December 31, 2022 because we controlled the major operating and financial policies of the entity.
Effective January 1, 2023, the agreement governing the joint venture was modified to require the consent of both partners for major operating and financial policies of the entity.
−Removed: As a result, the Markel joint venture was deconsolidated effective January 1, 2023, and this joint venture is now accounted for using the equity method of accounting.
−Removed: We recognized a gain on deconsolidation of $ 11.8 million related to adjusting our retained interest in the joint venture to fair value.
−Removed: 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: - Granite Park Six JV, LLC/ GPI 23 Springs JV, LLC (“Granite Park Six joint venture”/“23Springs joint venture”)
−Removed: During 2022, we entered the Dallas market through the formation of two joint ventures with Granite Properties (“Granite”) to develop Granite Park Six and 23Springs.
−Removed: In connection with the formation, we agreed to contribute our 50.0 % share of the equity required to fund each development project.
−Removed: 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, 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.
−Removed: 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 were not sufficient to finance the planned investments and operations.
−Removed: 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.
−Removed: Accordingly, the entities are not consolidated.
−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.
+Added: As a result, the Markel joint venture was deconsolidated effective January 1, 2023, and this joint venture began being accounted for using the equity method of accounting.
+Added: We recognized a gain on deconsolidation of $ 11.8 million in 2023 related to adjusting our retained interest in the joint venture to fair value.
+Added: In 2025, we sold our 50.0 % interest in the Markel joint venture to Markel.
+Added: As a result, we recognized a loss on disposition of investment in unconsolidated affiliate of $ 4.7 million.
+Added: Additionally, the Markel joint venture distributed a parcel of development land to a newly formed joint venture in which we and Markel each retained a 50.0 % interest.
+Added: - Granite Park Six JV, LLC (“Granite Park Six joint venture”)
+Added: We own the Granite Park Six building in Dallas as part of a joint venture with Granite Properties (“Granite”).
+Added: We own a 50.0 % interest in this joint venture.
+Added: The Granite Park Six joint venture has an anticipated total investment of $ 200.0 million.
+Added: As of December 31, 2025, we have funded $ 76.8 million of our share of the equity for the Granite Park Six joint venture.
+Added: We determined that we have a variable interest in the Granite Park Six 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.
+Added: The 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 Granite were not sufficient to finance the planned
+Added: 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.
+Added: Accordingly, the entity is not consolidated.
+Added: The Granite Park Six joint venture obtained a construction loan for up to $ 115.0 million, with an interest rate of SOFR plus 394 basis points and a maturity date of January 2026.
+Added: This loan was paid off in full at maturity.
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 %.
−Removed: The initial contract capped the rate with respect to $ 95.2 million of any outstanding amounts and expired in July 2024.
−Removed: The new contract caps the rate with respect to $ 38.8 million of any outstanding amounts and expires in July 2025.
−Removed: During 2024, we and Granite each contributed $ 35.5
−Removed: million to the Granite Park Six joint venture to pay down the outstanding $ 70.9 million balance of the construction loan.
+Added: During 2024, we and Granite each contributed $ 35.5 million to the Granite Park Six joint venture to pay down the outstanding $ 70.9 million balance of the construction loan.
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.
1 unchanged sentence
As of December 31, 2025, $ 16.2 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.
+Added: As of December 31, 2025, our risk of loss with respect to this arrangement was limited to the carrying value of our investment balance of $ 75.3 million.
+Added: The assets of the Granite Park Six joint venture can only be used to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.
+Added: - GPI 23 Springs JV, LLC (“23Springs joint venture”)
+Added: We own the 23Springs building in Dallas as part of a joint venture with Granite.
+Added: We own a 50.0 % interest in this joint venture.
+Added: The 23Springs joint venture has an anticipated total investment of $ 460.0 million.
+Added: As of December 31, 2025, we have funded $ 95.2 million of our share of the equity for the 23Springs joint venture.
+Added: We determined that we have a variable interest in the 23Springs 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.
+Added: The 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 Granite were not sufficient to finance the 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.
+Added: Accordingly, the entity is not consolidated.
+Added: The 23Springs joint venture obtained a construction loan for up to $ 265.0 million, with an interest rate of SOFR plus 355 basis points and a maturity date of March 2026, which can be extended for up to two additional years at our option.
In connection with this loan, the 23Springs joint venture obtained interest rate hedge contracts that effectively cap the underlying SOFR rate at 3.5 %.
−Removed: The initial contract capped the rate with respect to $ 83.0 million of any outstanding amounts and expired in April 2024.
−Removed: The new contract caps the rate with respect to $ 134.0 million of any outstanding amounts and expires in April 2025.
+Added: The current contract caps the rate with respect to $ 223.9 million of any outstanding amounts and expires in April 2026.
As of December 31, 2025, $ 161.3 million was drawn on this loan.
−Removed: As of December 31, 2024, our risk of loss with respect to these arrangements was limited to the carrying value of each investment balance.
−Removed: Our investment balances were $ 76.8 million and $ 101.5 million as of December 31, 2024 for the Granite Park Six and 23Springs joint ventures, respectively.
−Removed: The assets of the Granite Park Six and 23Springs joint ventures can only be used to settle obligations of the respective joint venture, and their creditors have no recourse to our wholly owned assets.
+Added: As of December 31, 2025, our risk of loss with respect to this arrangement was limited to the carrying value of our investment balance of $ 104.5 million.
+Added: The assets of the 23Springs joint venture can only be used to settle obligations of the joint venture, and its creditors have no recourse to our wholly owned assets.
- M+O JV, LLC (“McKinney & Olive joint venture”)
−Removed: 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: 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 %.
+Added: We own the McKinney & Olive building in Dallas as part of a joint venture with Granite in which we own a 50.0 % interest.
+Added: As part of the original acquisition of McKinney & Olive, 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.
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, were 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 required 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.
10 unchanged sentences
- Midtown East Tampa, LLC (“Midtown East joint venture”)
−Removed: During 2022, we formed a joint venture with The Bromley Companies (“Bromley”) in which we own a 50.0 % interest to construct Midtown East, a multi-customer office development project located in the mixed-use Midtown Tampa project in Tampa’s Westshore submarket.
−Removed: Upon completion, the Midtown East joint venture will own 143,000 square feet of an overall 432,000 square foot tower.
−Removed: The rest of Midtown East will be owned by and serve as the future headquarters of Tampa Electric and Peoples Gas.
+Added: We own the Midtown East building in Tampa as part of a joint venture with The Bromley Companies (“Bromley”) in which we own a 50.0 % interest.
+Added: Midtown East is a multi-customer office development project located in the mixed-use Midtown Tampa project in Tampa’s Westshore submarket.
+Added: The Midtown East joint venture owns 143,000 square feet of an overall 432,000 square foot tower.
+Added: The rest of Midtown East is owned by and serves as the headquarters of Tampa Electric and Peoples Gas.
The total anticipated investment for the Midtown East joint venture’s share of the overall project is $ 83.0 million.
In connection with the formation, we agreed to contribute our 50.0 % share of the equity required to fund the development project, $ 14.1 million of which was funded as of December 31, 2025.
−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
−Removed: 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 in March 2028.
The loan bears interest at SOFR plus 450 basis points.
8 unchanged sentences
- Brand/HRLP 2827 Peachtree LLC (“2827 Peachtree joint venture”)
−Removed: During 2021, we formed a joint venture with Brand Properties, LLC (“Brand”) to construct 2827 Peachtree, a 135,000 square foot, multi-customer office building located in Atlanta’s Buckhead submarket.
+Added: We own the 2827 Peachtree building in Atlanta as part of a joint venture with Brand Properties, LLC (“Brand”) in which we own a 50.0 % interest.
The 2827 Peachtree joint venture has an anticipated total investment of $ 79.0 million.
−Removed: At closing, we agreed to contribute cash of $ 13.3 million, which has been fully funded, in exchange for a 50.0 % interest in the 2827 Peachtree joint venture.
−Removed: Brand contributed land valued at $ 7.7 million and cash of $ 5.6 million in exchange for the remaining 50.0 % interest.
+Added: In connection with the formation, we agreed to contribute cash of $ 13.3 million, which has been fully funded.
+Added: Brand contributed land valued at $ 7.7 million and cash of $ 5.6 million.
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.
−Removed: During 2024, the joint venture exercised the option to extend the loan for one year .
+Added: During 2024, the joint venture exercised the option to extend the loan for one year and during 2025, we agreed to extend the loan for two additional years.
+Added: The loan is now scheduled to mature in December 2027.
The loan bears interest at SOFR plus 310 basis points.
11 unchanged sentences
During the years ended December 31, 2025, 2024 and 2023, we recognized $ 0.5 million, $ 0.9 million and $ 1.0 million, respectively, of development/construction, management and leasing fees from our unconsolidated joint ventures.
−Removed: Consolidated Affiliate
+Added: Consolidated Affiliates
- HRLP MTW, LLC (“Midtown West joint venture”)
−Removed: In 2019, we and Bromley formed a joint venture to construct Midtown West, a 152,000 square foot, multi-customer office building located in the mixed-use Midtown Tampa project in Tampa’s Westshore submarket.
−Removed: 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
−Removed: $ 46.3 million interest-only secured construction loan to the Midtown West joint venture.
+Added: We own the Midtown West building in Tampa as part of a joint venture with Bromley in which we own an 80.0 % interest.
+Added: In connection with the formation, we agreed to contribute cash of $ 20.0 million, which has been fully funded.
+Added: Bromley contributed land valued at $ 5.0 million in exchange for the remaining 20.0 % interest.
+Added: We also provided a $ 46.3 million interest-only secured construction loan to the Midtown West joint venture.
All of the amounts outstanding under this loan were repaid in 2023.
12 unchanged sentences
Cash and cash equivalents $ 1,361 $ 1,530
−Removed: Restricted cash $ — $ 2,260
+Added: Accounts receivable $ 203 $ 42
Accrued straight-line rents receivable $ 5,254 $ 5,192
30 unchanged sentences
Amortization of lease incentives (in rental and other revenues) $ 2,851 $ 2,577 $ 2,816
−Removed: Amortization of acquisition-related intangible assets (in rental and other revenues)
−Removed: $ 3,076 $ 3,338 $ 3,320
+Added: Amortization of acquisition-related above market lease intangible assets (in rental and other revenues) $ 2,470 $ 3,076 $ 3,338
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)
4 unchanged sentences
of Lease Incentives (in Rental and Other Revenues) Amortization
−Removed: of Acquisition-Related Intangible Assets (in Rental and Other Revenues) Amortization
+Added: of Acquisition-Related Above Market Lease Intangible Assets (in Rental and Other Revenues) Amortization
of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues)
7 unchanged sentences
Weighted average remaining amortization periods as of December 31, 2025 (in years) 7.5 7.6 7.5 8.1
+Added: The following table sets forth the intangible assets acquired as a result of the acquisitions of Advance Auto Parts Tower in Raleigh, the Legacy Union parking garage in Charlotte and 6HUNDRED in Charlotte in 2025:
+Added: Acquisition-Related Above Market Lease Intangible Assets (amortized in Rental and Other Revenues) Acquisition-Related Intangible Assets (amortized in Depreciation and Amortization) Acquisition-Related Below Market Lease Liabilities (amortized in Rental and Other Revenues)
+Added: Amount recorded at acquisition $ 4,665 $ 39,867 $ ( 2,096 )
+Added: Weighted average remaining amortization periods as of December 31, 2025 (in years) 10.3 10.2 12.2
Mortgages and Notes Payable
26 unchanged sentences
5.350% (5.431% effective rate) notes due 2033 (12)
+Added: 7.650% (7.836% effective rate) notes due 2034 (13)
346,318 345,862
Variable rate term loan due 2026 (14)
−Removed: 200,000 200,000
Variable rate term loan due 2027 (15)
150,000 150,000
+Added: Variable rate term loan due 2029 (16)
Revolving credit facility due 2028 (16)
15 unchanged sentences
(11) Net of unamortized original issuance discount of $ 0.8 million and $ 1.0 million as of December 31, 2025 and 2024, respectively.
+Added: (12) Net of unamortized original issuance discount of $ 1.7 million as of December 31, 2025.
(13) Net of unamortized original issuance discount of $ 3.7 million and $ 4.1 million as of December 31, 2025 and 2024, respectively.
+Added: (14) This loan was repaid as of December 31, 2025.
(15) The interest rate was 4.69 % as of December 31, 2025.
4 unchanged sentences
Less-unamortized debt issuance costs ( 15,976 )
−Removed: 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: During 2024, our $ 750.0 million unsecured revolving credit facility was modified 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).
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.
6 unchanged sentences
As a result, the unused capacity of our revolving credit facility as of December 31, 2025 and January 30, 2026 was $ 724.9 million and $ 579.9 million, respectively.
+Added: During 2025, the Operating Partnership issued $ 350.0 million aggregate principal amount of 5.350 % notes due January 2033, less original issuance discount of $ 1.7 million.
+Added: These notes were priced to yield 5.431 %.
+Added: Underwriting fees and other expenses totaled $ 3.1 million and will be amortized over the term of the notes.
+Added: The net proceeds from the issuance were used to repay amounts outstanding under our revolving credit facility and for general corporate purposes.
+Added: During 2025, we modified our $ 200.0 million unsecured bank term loan to extend the maturity date from May 2026 to January 2029.
+Added: The term can be extended for two additional years at our option, assuming no defaults have occurred.
+Added: The interest rate, based on current credit ratings, is SOFR plus 95 basis points.
+Added: 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 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: We incurred $ 2.0 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, and recorded $ 0.1 million of loss on debt extinguishment.
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.
12 unchanged sentences
We incurred $ 1.3 million of debt issuance costs, which will be amortized over the term of the loan.
−Removed: During 2022, we obtained a $ 200.0 million, two-year unsecured bank term loan that was originally scheduled to mature in October 2024.
−Removed: This loan was prepaid in full without penalty during the fourth quarter of 2023.
−Removed: The interest rate, based on current credit ratings, was SOFR plus a related spread adjustment of 10 basis points and a borrowing spread of 95 basis points.
−Removed: The interest rate was 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 met certain sustainability goals with respect to the ongoing reduction of greenhouse gas emissions.
−Removed: We used the additional $ 200.0 million of borrowings, together with available cash and borrowings under our revolving credit facility, to prepay without penalty $ 250.0 million principal amount of 3.625 % unsecured notes that were scheduled to mature in January 2023.
−Removed: During 2022, we modified our other $ 200.0 million unsecured bank term loan to extend the maturity date from November 2022 to May 2026.
−Removed: As part of this modification, we also obtained a $ 150.0 million delayed-draw term loan, which was drawn in its entirety in the third quarter of 2022, that is scheduled to mature in May 2027.
−Removed: 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
−Removed: 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.
−Removed: 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: 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.
−Removed: These swaps effectively fixed the underlying one-month LIBOR rate at a weighted average rate of 1.693 %.
−Removed: During 2022, these interest rate swaps expired.
We are currently in compliance with financial covenants with respect to our consolidated debt.
11 unchanged sentences
• issuance of debt securities by the Operating Partnership;
−Removed: • issuance of secured debt;
+Added: • secured debt;
• bank term loans;
9 unchanged sentences
Contingent Consideration
−Removed: 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 agreement are met.
+Added: As of December 31, 2024, we had $ 0.8 million of contingent consideration related to a parcel of acquired development land.
+Added: The contingent consideration was payable in cash to a third party if and to the extent future development milestones as outlined in the purchase agreement were met.
+Added: During 2025, the land parcel was sold to a third party.
+Added: As a result, the contingent consideration is no longer recorded as a liability on our Consolidated Balance Sheets as of December 31, 2025.
Environmental Matters
59 unchanged sentences
1,396 1,396 — —
−Removed: Impaired real estate assets
−Removed: 26,740 — — 26,740
Total Assets $ 13,624 $ 1,396 $ 12,228 $ —
10 unchanged sentences
2,295 2,295 — —
+Added: Impaired real estate assets 26,740 — — 26,740
Total Assets $ 40,099 $ 2,295 $ 11,064 $ 26,740
6 unchanged sentences
(1) Amounts are not recorded at fair value on our Consolidated Balance Sheets as of December 31, 2025 and 2024.
−Removed: 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: The Level 3 impaired real estate assets measured at a fair value of $ 19.6 million in the third quarter of 2025 consisted of two non-core, out-of-service assets at Century Center in Atlanta.
+Added: For one of the Century Center assets, the impairment resulted from a change in our assumptions about the use of the asset.
+Added: We determined that the highest and best use of this asset is residential and that the existing out-of-service office building will ultimately be demolished, either by us or an eventual buyer of the site.
+Added: We estimated the fair value of this asset by using the sales comparison method, net of estimated demolition costs from construction bids received, as observable inputs were not available.
+Added: For the other Century Center asset, the impairment resulted from a decrease in our estimate of fair value based on the market approach, as observable inputs were not available.
+Added: The Level 3 impaired real estate assets measured at a fair value of $ 26.7 million in the fourth quarter of 2024 included 625 Liberty, a non-core office building in CBD Pittsburgh.
This impairment resulted from a change in our assumptions about the use of the asset.
5 unchanged sentences
During 2025, the Company issued 1.9 million shares of Common Stock under its equity distribution agreements at an average gross sales price of $ 31.86 per share and received net proceeds, after sales commissions, of $ 60.7 million.
−Removed: There were no shares issued under these agreements in 2023.
+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.
As of December 31, 2025, the Company had 90.1 million remaining shares of Common Stock authorized to be issued under its charter.
10 unchanged sentences
Preferred Stock
−Removed: The following table sets forth the Company’s outstanding Preferred Stock as of both December 31, 2024 and 2023 :
+Added: The following table sets forth the Company’s outstanding Preferred Stock:
Issue Date Number of Shares Outstanding Carrying Value Liquidation Preference Per Share Optional Redemption Date Annual Dividends Payable Per Share
(in thousands)
+Added: December 31, 2025
8.625% Series A Cumulative Redeemable 2/12/1997 27 $ 26,691 $ 1,000 2/12/2027 $ 86.25
+Added: December 31, 2024
+Added: 8.625% Series A Cumulative Redeemable 2/12/1997 29 $ 28,811 $ 1,000 2/12/2027 $ 86.25
The following table sets forth the Company’s estimated taxability to the preferred stockholders of dividends per share for federal income tax purposes:
17 unchanged sentences
Preferred Units
−Removed: The following table sets forth the Operating Partnership’s outstanding Preferred Units as of both December 31, 2024 and 2023:
+Added: The following table sets forth the Operating Partnership’s outstanding Preferred Units:
Issue Date Number of
4 unchanged sentences
(in thousands)
+Added: December 31, 2025
8.625% Series A Cumulative Redeemable 2/12/1997 27 $ 26,691 $ 1,000 2/12/2027 $ 86.25
+Added: December 31, 2024
+Added: 8.625% Series A Cumulative Redeemable 2/12/1997 29 $ 28,811 $ 1,000 2/12/2027 $ 86.25
Employee Benefit Plans
6 unchanged sentences
Amounts under our annual non-equity incentive plan are accrued and expensed in the year earned, but are typically paid early in the following year.
+Added: For payouts, if any, under our annual non-equity incentive program for 2025 that will be made on about March 1, 2026, in lieu of receiving cash payments, executive officers were provided the option to receive all or a portion of their payout in the form of time-based restricted stock that vests ratably on an annual basis over a three-year term.
+Added: If an executive officer who makes such an election leaves our company, unvested shares would be immediately forfeited except in the event of death or disability.
+Added: Our chief executive officer and our chief financial officer both elected to receive all of their payout, if any, under our annual non-equity incentive program for 2025 in the form of time-based restricted stock.
Certain other employees participate in a similar annual non-equity incentive program.
14 unchanged sentences
1,580,818 2,709,651
−Removed: Of the possible future issuance under the Company’s long-term equity incentive plans as of December 31, 2024, no more than an additional 0.2 million shares can be in the form of restricted stock.
+Added: Of the possible future issuance under the Company’s long-term equity incentive plans as of December 31, 2025, all will be in the form of restricted stock.
During the years ended December 31, 2025, 2024 and 2023, we recognized share-based compensation expense of $ 8.2 million, $ 8.0 million and $ 7.0 million, respectively.
11 unchanged sentences
Expired ( 59,776 ) 37.71
+Added: Stock options outstanding as of December 31, 2024 452,291 47.30
+Added: Expired ( 116,681 ) 45.61
Stock options outstanding at December 31, 2025 (2)
335,610 $ 47.89
−Removed: (1) There were no options granted, canceled, exercised, expired or forfeited during the years ended December 31, 2023 and 2022.
+Added: (1) There were no options granted, canceled, exercised, expired or forfeited during the year ended December 31, 2023.
(2) The Company had 335,610 options exercisable as of December 31, 2025 with a weighted average exercise price of $ 47.89 and a weighted average remaining life of 0.6 years.
4 unchanged sentences
- Time-Based Restricted Stock
−Removed: Shares of time-based restricted stock granted to employees vest ratably on an annual basis generally over four years .
−Removed: Beginning in 2019, shares of time-based restricted stock granted to non-employee directors vest on the first anniversary of the grant date.
+Added: Except for shares of time-based restricted stock to be issued to our chief executive officer and our chief financial officer in lieu of receiving cash payments, if any, under our annual non-equity incentive program for 2025 as described above, shares of time-based restricted stock granted to employees vest ratably on an annual basis generally over four years .
+Added: Shares of time-based restricted stock granted to non-employee directors vest on the first anniversary of the grant date.
The value of grants of time-based restricted stock is based on the market value of Common Stock as of the date of grant and is amortized to expense over the respective vesting period or the service period, if shorter, for employees who are or will become eligible under the Company’s retirement plan.
4 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
9 unchanged sentences
The amount subject to vesting ranges from zero to 150 %.
−Removed: For total return-based restricted stock issued prior to 2022, notwithstanding the Company’s absolute total return, if the Company’s total return exceeds 100 % of the average peer group total return index, 100 % of total return-based restricted stock issued will vest at the end of the applicable period.
−Removed: For total return-based restricted stock issued since 2022, notwithstanding the Company’s absolute total return, if the Company’s total return is in the 50th percentile or greater as compared to all of the companies included in the FTSE NAREIT Equity Office Index, 100 % of total return-based restricted stock issued will vest at the end of the applicable period.
+Added: Notwithstanding the Company’s absolute total return, if the Company’s total return is in the 50th percentile or greater as compared to all of the companies included in the FTSE NAREIT Equity Office Index, 100 % of total return-based restricted stock issued will vest at the end of the applicable period.
The weighted average grant date fair value of such shares of total return-based restricted stock issued in 2025, 2024 and 2023 was determined to be $ 30.42 , $ 25.22 and $ 27.06 , respectively, and is amortized over the respective three-year period or the service period, if shorter, for employees who are or will become eligible under the Company’s retirement plan.
15 unchanged sentences
126,736 27.06
−Removed: Forfeited (3)
( 65,140 ) 44.88
+Added: Forfeited ( 2,148 ) 35.83
Restricted shares outstanding as of December 31, 2023 286,592 34.03
2 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
6 unchanged sentences
Vested shares include those shares surrendered by employees to satisfy tax withholding obligations in connection with such vesting.
−Removed: (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.
−Removed: No such shares were forfeited in 2023.
401(k) Retirement Savings Plan
5 unchanged sentences
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.
−Removed: 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.
+Added: 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, except as set forth herein, time-based restricted stock would be non-forfeitable and vest according to the terms of their original grants.
Eligible retirees would also be entitled to retain any total return-based restricted stock that subsequently vests after the retirement date according to the terms of their original grants.
−Removed: For employees who meet the age and service eligibility requirements, 100 % of their annual grants are expensed at the grant date as if fully vested.
+Added: Except as set forth herein, for employees who meet the age and service eligibility requirements, 100 % of their annual grants are expensed at the grant date as if fully vested.
For employees who will meet the age and service eligibility requirements within the normal vesting periods, the grants are amortized over the shorter service period.
+Added: Notwithstanding the foregoing, shares of time-based restricted stock to be issued on or about March 1, 2026 to our chief executive officer and our chief financial officer in lieu of receiving cash payments, if any, under our annual non-equity incentive program for 2025 as described above would not become non-forfeitable and vest according to the terms of their original grant in the event of a retirement by such participant.
Deferred Compensation
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 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.
+Added: These investments are recorded at fair value, which aggregated $ 1.4 million and $ 2.3 million as of December 31, 2025 and December 31, 2024, 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.
Deferred amounts ultimately payable to the participants are based on the value of the related mutual fund investments.
33 unchanged sentences
Net (income) attributable to noncontrolling interests in the Operating Partnership ( 3,112 ) ( 2,040 ) ( 3,164 )
−Removed: Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 34 549 ( 1,230 )
+Added: Net loss attributable to noncontrolling interests in consolidated affiliates 74 34 549
Dividends on Preferred Stock ( 2,359 ) ( 2,485 ) ( 2,485 )
5 unchanged sentences
Net income $ 162,650 $ 104,254 $ 151,330
−Removed: Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 34 549 ( 1,230 )
+Added: Net loss attributable to noncontrolling interests in consolidated affiliates 74 34 549
Dividends on Preferred Stock ( 2,359 ) ( 2,485 ) ( 2,485 )
2 unchanged sentences
108,454 106,167 105,529
−Removed: Stock options using the treasury method — — 5
Noncontrolling interests Common Units 2,116 2,152 2,256
7 unchanged sentences
Net income $ 162,650 $ 104,254 $ 151,330
−Removed: Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 34 549 ( 1,230 )
+Added: Net loss attributable to noncontrolling interests in consolidated affiliates 74 34 549
Distributions on Preferred Units ( 2,359 ) ( 2,485 ) ( 2,485 )
5 unchanged sentences
Net income $ 162,650 $ 104,254 $ 151,330
−Removed: Net (income)/loss attributable to noncontrolling interests in consolidated affiliates 34 549 ( 1,230 )
+Added: Net loss attributable to noncontrolling interests in consolidated affiliates 74 34 549
Distributions on Preferred Units ( 2,359 ) ( 2,485 ) ( 2,485 )
2 unchanged sentences
110,161 107,910 107,376
−Removed: Stock options using the treasury method — — 5
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions 110,161 107,910 107,376
68 unchanged sentences
Gain on deconsolidation of affiliate — — 11,778
+Added: Loss on disposition of investment in unconsolidated affiliate ( 4,700 ) — —
Equity in earnings of unconsolidated affiliates 2,369 4,158 1,107
12 unchanged sentences
Subsequent Events
+Added: On January 9, 2026, we acquired Bloc 83, a two -building, 492,000 square foot mixed-use asset in CBD Raleigh, through the formation of a joint venture (“Bloc 83 joint venture”) with the North Carolina Investment Authority in which we initially own a 10.0 % interest.
+Added: We retained an option to increase our ownership interest to 50.0 %.
+Added: The Bloc 83 joint venture has an anticipated total investment of $ 210.5 million, which includes planned near-term building improvements and transaction costs.
+Added: The joint venture’s planned total investment will be funded with $ 21.0 million of common equity contributed by us and $ 189.5 million of common equity contributed by the North Carolina Investment Authority.
+Added: The North Carolina Investment Authority has the right to sell to us its interest in the joint venture under certain circumstances for fair market value at any time after the fifth anniversary of the formation date.
+Added: On January 9, 2026, we expanded our Dallas market presence by acquiring The Terraces, a 173,000 square foot office building in the Preston Center BBD of Dallas, through the formation of a joint venture (“The Terraces joint venture”) with Granite in which we own an 80.0 % interest.
+Added: The Terraces joint venture has an anticipated total investment of $ 109.3 million, which includes planned near-term building improvements and transaction costs.
+Added: The joint venture’s planned total investment will be funded with $ 64.3 million of preferred equity contributed by us, $ 36.0 million of common equity contributed by us and $ 9.0 million of common equity contributed by Granite.
+Added: The preferred equity contributed by us will be entitled to receive monthly distributions at a rate of 5.75 %.
+Added: We have a right to buy, and Granite has a right to sell to us, Granite’s interest in the joint venture under certain circumstances for fair market value at any time after the third anniversary of the formation date.
+Added: On January 12, 2026, we contributed $ 16.2 million of preferred equity to the Granite Park Six joint venture, in which we own a 50.0 % interest, which used such funds to pay off at maturity the $ 16.2 million outstanding balance of an up to $ 115.0 million construction loan.
+Added: The preferred equity contributed by us will be entitled to receive monthly distributions at a rate of 8.0 %.
On January 29, 2026, the Company declared a cash dividend of $ 0.50 per share of Common Stock, which is payable on March 10, 2026 to stockholders of record as of February 17, 2026.
−Removed: 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.
+Added: On February 6, 2026, we sold three buildings in Richmond for a sales price of $ 42.3 million and expect to record a gain on disposition of property of $ 17.0 million.
HIGHWOODS PROPERTIES, INC.
39 unchanged sentences
Depreciation Date of
−Removed: 1700 Century Circle Office $ — $ 2,482 $ 823 $ 816 $ 823 $ 3,298 $ 4,121 $ 1,784 1983 5-40 yrs.
1825 Century Boulevard Office 864 — 3,422 19,513 4,286 19,513 23,799 8,291 2002 5-40 yrs.
1 unchanged sentence
1900 Century Boulevard Office — 4,744 12,536 340 12,536 5,084 17,620 5,084 1971 5-40 yrs.
−Removed: 1900 Century Boulevard Office — 4,744 13,036 340 13,036 5,084 18,120 5,084 1971 5-40 yrs.
2200 Century Parkway Office — 14,432 4,433 7,826 4,433 22,258 26,691 14,771 1971 5-40 yrs.
23 unchanged sentences
Three Morrocroft Office (2) 3,566 30,505 ( 192 ) 135 3,374 30,640 34,014 4,098 2000 5-40 yrs.
+Added: Capitol Towers North Office (3) 8,642 96,254 — 464 8,642 96,718 105,360 13,190 2017 5-40 yrs.
+Added: Capitol Towers South Office (3) 9,095 95,458 — 1,166 9,095 96,624 105,719 13,167 2015 5-40 yrs.
HIGHWOODS PROPERTIES, INC.
10 unchanged sentences
Depreciation Date of
−Removed: Capitol Towers North Office (3) 8,642 96,254 — 1,112 8,642 97,366 106,008 10,390 2017 5-40 yrs.
−Removed: Capitol Towers South Office (3) 9,095 95,458 — 810 9,095 96,268 105,363 10,273 2015 5-40 yrs.
+Added: Construction Life on
Tryon - Land Office 26,702 — ( 1,280 ) — 25,422 — 25,422 — N/A N/A
1 unchanged sentence
Four Morrocroft Office (2) 837 8,993 — 9 837 9,002 9,839 536 2024 5-40 yrs.
+Added: 720 Parking Garage Office — — 24,178 82,248 24,178 82,248 106,426 749 2019 5-40 yrs.
+Added: 6HUNDRED Office — — 20,011 152,921 20,011 152,921 172,932 540 2025 5-40 yrs.
Nashville, TN
40 unchanged sentences
Depreciation Date of
+Added: Construction Life on
Virginia Springs I Office 4,534 25,632 — 308 4,534 25,940 30,474 6,707 2018 5-40 yrs.
4 unchanged sentences
YMCA Site - Land Office 16,121 — ( 28 ) — 16,093 — 16,093 — N/A N/A
−Removed: Capital Plaza Three - Land Office 2,994 — 18 — 3,012 — 3,012 — N/A N/A
1800 Eller Drive Office — 9,851 — 1,889 — 11,740 11,740 8,850 1983 5-40 yrs.
13 unchanged sentences
Six PPG Place Office 3,353 25,602 — 18,047 3,353 43,649 47,002 18,993 1983-1985 5-40 yrs.
−Removed: EQT Plaza Office 16,457 83,812 ( 11,000 ) ( 35,444 ) 5,457 48,368 53,825 30,597 1987 5-40 yrs.
−Removed: East Liberty - Land Office 2,478 — ( 1,204 ) — 1,274 — 1,274 — N/A N/A
+Added: 625 Liberty Office 16,457 83,812 ( 11,000 ) ( 35,141 ) 5,457 48,671 54,128 32,163 1987 5-40 yrs.
3600 Glenwood Avenue Office — 10,994 — 3,873 — 14,867 14,867 10,043 1986 5-40 yrs.
6 unchanged sentences
1000 CentreGreen Office 1,280 — 55 13,274 1,335 13,274 14,609 5,269 2008 5-40 yrs.
−Removed: GlenLake - Land Office 13,003 — ( 12,382 ) 114 621 114 735 68 2001 5-40 yrs.
+Added: GlenLake One Office 924 — 1,324 24,984 2,248 24,984 27,232 13,892 2002 5-40 yrs.
+Added: GlenLake Four Office 1,659 — 493 21,409 2,152 21,409 23,561 10,091 2006 5-40 yrs.
+Added: GlenLake Six Office 941 — ( 365 ) 24,985 576 24,985 25,561 10,258 2008 5-40 yrs.
HIGHWOODS PROPERTIES, INC.
10 unchanged sentences
Depreciation Date of
−Removed: GlenLake One Office 924 — 1,324 24,855 2,248 24,855 27,103 12,824 2002 5-40 yrs.
−Removed: GlenLake Four Office 1,659 — 493 20,969 2,152 20,969 23,121 9,665 2006 5-40 yrs.
−Removed: GlenLake Six Office 941 — ( 365 ) 24,841 576 24,841 25,417 9,060 2008 5-40 yrs.
+Added: Construction Life on
701 Corporate Center Office 1,304 — 540 21,932 1,844 21,932 23,776 12,618 1996 5-40 yrs.
−Removed: 7001 Weston Parkway Office 531 — ( 267 ) 7,524 264 7,524 7,788 4,831 1998 5-40 yrs.
−Removed: Inveresk Parcel 2 - Land Office 657 — 38 103 695 103 798 24 2015 5-40 yrs.
−Removed: 4620 Creekstone Drive Office 149 — 107 5,901 256 5,901 6,157 2,530 2001 5-40 yrs.
+Added: Lakeside Parcel 2 - Land Office 657 — 38 103 695 103 798 27 2015 5-40 yrs.
751 Corporate Center Office 2,665 16,939 — ( 818 ) 2,665 16,121 18,786 4,576 2018 5-40 yrs.
12 unchanged sentences
One City Plaza Office 11,288 68,375 — 23,777 11,288 92,152 103,440 34,030 1986 5-40 yrs.
−Removed: Edison - Land Office 5,984 — 1,244 — 7,228 — 7,228 — N/A N/A
Charter Square Office 7,267 65,881 — 6,104 7,267 71,985 79,252 18,495 2015 5-40 yrs.
10 unchanged sentences
GlenLake III Office 3,981 65,660 29 12,913 4,010 78,573 82,583 4,966 2023 5-40 yrs.
+Added: 2205 Evans Road - Land Office 2,676 — — — 2,676 — 2,676 — N/A N/A
+Added: Advance Auto Parts Tower Office — — 4,764 115,015 4,764 115,015 119,779 3,759 2021 5-40 yrs.
+Added: Other Property Other 29,235 49,949 ( 10,925 ) 24,990 18,310 74,939 93,249 44,172 N/A 5-40 yrs.
+Added: 4900 Cox Road Office 1,324 5,311 15 3,576 1,339 8,887 10,226 5,218 1991 5-40 yrs.
+Added: Colonnade Building Office 1,364 6,105 — 3,951 1,364 10,056 11,420 5,048 2003 5-40 yrs.
HIGHWOODS PROPERTIES, INC.
10 unchanged sentences
Depreciation Date of
−Removed: 2205 Evans Road - Land Office 2,676 — — — 2,676 — 2,676 — N/A N/A
−Removed: Other Property Other 27,260 20,868 ( 13,375 ) 103,939 13,885 124,807 138,692 70,766 N/A 5-40 yrs.
−Removed: 4900 Cox Road Office 1,324 5,311 15 3,285 1,339 8,596 9,935 4,878 1991 5-40 yrs.
−Removed: Colonnade Building Office 1,364 6,105 — 3,833 1,364 9,938 11,302 4,540 2003 5-40 yrs.
+Added: Construction Life on
Highwoods Commons Office 521 — 458 5,239 979 5,239 6,218 2,930 1999 5-40 yrs.
12 unchanged sentences
Highwoods Three Office 1,918 — 358 14,455 2,276 14,455 16,731 6,300 2005 5-40 yrs.
−Removed: Stony Point I Office 1,384 11,630 ( 267 ) 4,867 1,117 16,497 17,614 10,274 1990 5-40 yrs.
−Removed: Stony Point II Office 1,240 — 103 14,679 1,343 14,679 16,022 8,338 1999 5-40 yrs.
−Removed: Stony Point III Office 995 — — 10,718 995 10,718 11,713 5,947 2002 5-40 yrs.
−Removed: Stony Point IV Office 955 — — 13,735 955 13,735 14,690 5,712 2006 5-40 yrs.
4480 Cox Road Office 1,301 6,036 15 3,481 1,316 9,517 10,833 5,370 1996 5-40 yrs.
9 unchanged sentences
Pavilion Office — 16,394 — 4,624 — 21,018 21,018 14,357 1982 5-40 yrs.
−Removed: HIGHWOODS PROPERTIES, INC.
−Removed: HIGHWOODS REALTY LIMITED PARTNERSHIP
−Removed: SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
−Removed: Initial Costs Costs Capitalized
−Removed: Subsequent to
−Removed: Acquisition Gross Value at Close of Period Life on
−Removed: Description Property
−Removed: Encumbrance Land Bldg &
−Removed: Improv Land Bldg &
−Removed: Improv Land Bldg &
−Removed: Assets (1) Accumulated
−Removed: Depreciation Date of
Pavilion Parking Garage Office — — — 5,930 — 5,930 5,930 3,837 1999 5-40 yrs.
Tower Place Office 3,218 19,898 — 11,369 3,218 31,267 34,485 18,161 1988 5-40 yrs.
−Removed: Westshore Square Office 1,126 5,186 — 1,467 1,126 6,653 7,779 4,369 1976 5-40 yrs.
Meridian One Office 1,849 22,363 — 6,944 1,849 29,307 31,156 10,707 1984 5-40 yrs.
5 unchanged sentences
$ 769,431 $ 4,258,249 $ 57,349 $ 1,928,571 $ 826,780 $ 6,186,820 $ 7,013,600 $ 1,927,744
+Added: HIGHWOODS PROPERTIES, INC.
+Added: HIGHWOODS REALTY LIMITED PARTNERSHIP
+Added: SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
(1) The cost basis for income tax purposes of aggregate land and buildings and tenant improvements as of December 31, 2025 is $ 6.7 billion.
13 unchanged sentences
Anderson Director February 10, 2026
−Removed: Anderson Director February 11, 2025
−Removed: /s/ Thomas P.
−Removed: Anderson Director February 11, 2025
Gadis Director February 10, 2026
6 unchanged sentences
/s/ Daniel L.
−Removed: Clemmens Vice President and Chief Accounting Officer February 11, 2025
+Added: Clemmens Senior Vice President and Chief Accounting Officer February 10, 2026
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Raleigh, State of North Carolina, on February 10, 2026.
11 unchanged sentences
Anderson Director of the General Partner February 10, 2026
−Removed: Anderson Director of the General Partner February 11, 2025
−Removed: /s/ Thomas P.
−Removed: Anderson Director of the General Partner February 11, 2025
Gadis Director of the General Partner February 10, 2026
6 unchanged sentences
/s/ Daniel L.
−Removed: Clemmens Vice President and Chief Accounting Officer of the General Partner February 11, 2025
+Added: Clemmens Senior Vice President and Chief Accounting Officer of the General Partner February 10, 2026
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.