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TABLE OF CONTENTSPagePART I - FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTS (unaudited)HIGHWOODS PROPERTIES, INC.:Consolidated Balance Sheets at June 30, 2012 and December 31, 2011Consolidated Statements of Income for the Three and Six Months Ended June 30, 2012 and 2011Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2012 and 2011Consolidated Statements of Equity for the Six Months Ended June 30, 2012 and 2011Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2012 and 2011Notes to Consolidated Financial StatementsHIGHWOODS REALTY LIMITED PARTNERSHIP:Consolidated Statements of Income for the Three and Six Months Ended June 30, 2012 and 2011Consolidated Statements of Capital for the Six Months Ended June 30, 2012 and 2011ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSDisclosure Regarding Forward-Looking StatementsExecutive SummaryResults of OperationsLiquidity and Capital ResourcesCritical Accounting EstimatesNon-GAAP InformationITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKITEM 4. CONTROLS AND PROCEDURESPART II - OTHER INFORMATIONITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDSITEM 5. OTHER EVENTSITEM 6. EXHIBITSConsolidated Balance SheetsJune 30,
2012December 31,
2011Assets:Real estate assets, at cost:LandBuildings and tenant improvementsDevelopment in process—Land held for developmentLess-accumulated depreciationNet real estate assetsFor-sale residential condominiumsReal estate and other assets, net, held for saleCash and cash equivalentsRestricted cashAccounts receivable, net of allowance of $3,262 and $3,548, respectivelyMortgages and notes receivable, net of allowance of $118 and $61, respectivelyAccrued straight-line rents receivable, net of allowance of $866 and $1,294, respectivelyInvestments in and advances to unconsolidated affiliatesDeferred financing and leasing costs, net of accumulated amortization of $70,572 and $62,319, respectivelyPrepaid expenses and other assetsTotal AssetsLiabilities, Noncontrolling Interests in the Operating Partnership and Equity:Mortgages and notes payableAccounts payable, accrued expenses and other liabilitiesFinancing obligationsTotal LiabilitiesCommitments and contingenciesNoncontrolling interests in the Operating PartnershipEquity:Preferred Stock, $.01 par value, 50,000,000 authorized shares;8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 29,077 shares issued and outstandingCommon Stock, $.01 par value, 200,000,000 authorized shares;75,619,288 and 72,647,697 shares issued and outstanding, respectivelyAdditional paid-in capitalDistributions in excess of net income available for common stockholdersAccumulated other comprehensive lossTotal Stockholders’ EquityNoncontrolling interests in consolidated affiliatesTotal EquityTotal Liabilities, Noncontrolling Interests in the Operating Partnership and EquityConsolidated Statements of IncomeThree Months Ended June 30,Six Months Ended June 30,20122011Rental and other revenuesOperating expenses:Rental property and other expensesDepreciation and amortizationGeneral and administrativeTotal operating expensesInterest expense:ContractualAmortization of deferred financing costsOther income:Interest and other incomeLosses on debt extinguishmentIncome from continuing operations before disposition of property and condominiums and equity in earnings of unconsolidated affiliatesGains on disposition of propertyGains on for-sale residential condominiumsEquity in earnings of unconsolidated affiliatesIncome from continuing operationsDiscontinued operations:Income from discontinued operationsNet gains on disposition of discontinued operationsNet incomeNet (income) attributable to noncontrolling interests in the Operating PartnershipNet (income) attributable to noncontrolling interests in consolidated affiliatesDividends on Preferred StockExcess of Preferred Stock redemption/repurchase cost over carrying valueNet income available for common stockholdersEarnings per Common Share – basic:Income from continuing operations available for common stockholdersIncome from discontinued operations available for common stockholdersWeighted average Common Shares outstanding – basicEarnings per Common Share – diluted:Weighted average Common Shares outstanding – dilutedDividends declared per Common ShareNet income available for common stockholders:Consolidated Statements of Comprehensive IncomeComprehensive income/(loss):Other comprehensive income/(loss):Unrealized gains/(losses) on tax increment financing bondUnrealized losses on cash flow hedgesAmortization of cash flow hedgesTotal other comprehensive lossTotal comprehensive incomeLess-comprehensive (income) attributable to noncontrolling interestsComprehensive income attributable to the CompanyConsolidated Statements of EquityNumber of Common SharesCommon StockSeries A Cumulative Redeemable Preferred SharesAdditional Paid-In CapitalAccumulated Other Compre-hensive LossNon-Controlling Interests in Consolidated AffiliatesDistributions in Excess of Net Income Available for Common StockholdersTotalBalance at December 31, 2011Issuances of Common Stock, netConversions of Common Units to Common StockDividends on Common StockAdjustment of noncontrolling interests in the Operating Partnership to fair valueDistributions to noncontrolling interests in consolidated affiliatesIssuances of restricted stockShare-based compensation expenseComprehensive income:Other comprehensive lossBalance at June 30, 2012Series B Cumulative Redeemable Preferred SharesBalance at December 31, 2010Redemptions/repurchases of Preferred StockBalance at June 30, 2011$—Consolidated Statements of Cash FlowsOperating activities:Adjustments to reconcile net income to net cash provided by operating activities:Amortization of lease incentives and acquisition-related intangible assets and liabilitiesAllowance for losses on accounts and accrued straight-line rents receivableNet gains on disposition of propertyChanges in financing obligationsDistributions of earnings from unconsolidated affiliatesChanges in operating assets and liabilities:Accounts receivableAccrued straight-line rents receivableNet cash provided by operating activitiesInvesting activities:Investment in acquired real estate and related intangible assets, net of cash acquiredInvestment in development in processInvestment in tenant improvements and deferred leasing costsInvestment in building improvementsNet proceeds from disposition of real estate assetsNet proceeds from disposition of for-sale residential condominiumsDistributions of capital from unconsolidated affiliatesRepayments of mortgages and notes receivableChanges in restricted cash and other investing activitiesNet cash used in investing activitiesFinancing activities:Distributions to noncontrolling interests in the Operating PartnershipProceeds from the issuance of Common StockCosts paid for the issuance of Common StockRepurchase of shares related to tax withholdingsBorrowings on revolving credit facilityRepayments of revolving credit facilityBorrowings on mortgages and notes payableRepayments of mortgages and notes payablePayments on financing obligationsAdditions to deferred financing costs and other financing activitiesNet cash used in financing activitiesNet decrease in cash and cash equivalentsCash and cash equivalents at beginning of the periodCash and cash equivalents at end of the periodSupplemental disclosure of non-cash investing and financing activities:Conversion of Common Units to Common StockChanges in accrued capital expendituresWrite-off of fully depreciated real estate assetsWrite-off of fully amortized deferred financing and leasing costsUnrealized gains on marketable securities of non-qualified deferred compensation planReduction of advances to unconsolidated affiliates related to acquisition activitiesHIGHWOODS PROPERTIES, INC.Seller financing (first mortgages)Less allowancePromissory notesMortgages and notes receivable, netBeginning notes receivable allowanceBad debt expenseRecoveries/write-offs/otherTotal notes receivable allowanceUnconsolidated AffiliatesIncome Statements:Expenses:Impairment of real estate assetsInterest expenseTotal expensesIncome/(loss) before disposition of propertiesGains on disposition of propertiesOur share of:Depreciation and amortization of real estate assetsOur share of net incomeManagement and other fees adjustmentsDeferred financing costsLess accumulated amortizationDeferred leasing costs (including lease incentives and acquisition-related intangible assets)Deferred financing and leasing costs, netLiabilities (in accounts payable, accrued expenses and other liabilities):Acquisition-related below market lease liabilitiesAmortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)Amortization of lease incentives (in rental and other revenues)Amortization of acquisition-related intangible assets (in rental and other revenues)Amortization of acquisition-related below market lease liabilities (in rental and other revenues)Amortization of Deferred Financing CostsAmortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization)Amortization of Lease Incentives (in Rental and Other Revenues)Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues)Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues)July 1, 2012 through December 31, 20122013201420152016Thereafter6. Mortgages and Notes PayableSecured indebtednessUnsecured indebtednessTotal mortgages and notes payableDerivatives Designated as Cash Flow Hedges:Amount of unrealized losses recognized in AOCL on derivatives (effective portion):Interest rate swapsAmount of (gains)/losses reclassified out of AOCL into contractual interest expense (effective portion):Noncontrolling Interests in the Operating PartnershipBeginning noncontrolling interests in the Operating PartnershipAdjustments of noncontrolling interests in the Operating Partnership to fair valueNet income attributable to noncontrolling interests in the Operating PartnershipTotal noncontrolling interests in the Operating PartnershipIncrease in additional paid in capital from conversion of Common Units to Common StockChange from net income available for common stockholders and transfers from noncontrolling interestsLevel 3.Level 1Level 2Level 3June 30, 2012Quoted Prices in Active Markets for Identical Assets or LiabilitiesSignificant Observable InputsSignificant Unobservable InputsMortgages and notes receivable, at fair value (1)Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets)Tax increment financing bond (in prepaid expenses and other assets)Liabilities:Mortgages and notes payable, at fair value (1)Interest rate swaps (in accounts payable, accrued expenses and other liabilities)Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities)Financing obligations, at fair value (1)December 31, 2011Impaired real estate assets and for-sale residential condominiums__________Asset:Tax Increment Financing Bond:Beginning balanceUnrealized gains/(losses) (in AOCL)Ending balanceTax increment financing bond:Cash flow hedges:Total accumulated other comprehensive lossTotal discontinued operationsAccumulated depreciationAccrued straight line rents receivableDeferred leasing costs, netTenant security deposits, deferred rents and accrued costs (1)Earnings per Common Share - basic:Numerator:Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operationsNet (income) attributable to noncontrolling interests in consolidated affiliates from continuing operationsNet (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operationsDenominator:Denominator for basic earnings per Common Share – weighted average shares (1) (2)Earnings per Common Share - diluted:Income from continuing operations available for common stockholders before net (income) attributable to noncontrolling interests in the Operating PartnershipNet income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating PartnershipDenominator for basic earnings per Common Share –weighted average shares (1) (2)Add:Stock options using the treasury methodNoncontrolling interests Common UnitsDenominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1)Rental and Other Revenues: (1)Office:Atlanta, GAGreenville, SCKansas City, MOMemphis, TNNashville, TNOrlando, FLPiedmont Triad, NCPittsburgh, PARaleigh, NCRichmond, VATampa, FLTotal Office SegmentIndustrial:Total Industrial SegmentRetail:Total Retail SegmentTotal Rental and Other RevenuesNet Operating Income: (1)Total Net Operating IncomeReconciliation to income from continuing operations before disposition of property and condominiums and equity in earnings of unconsolidated affiliates:General and administrative expenseOther incomeLiabilities, Redeemable Operating Partnership Units and Equity:Redeemable Operating Partnership Units:Common Units, 3,711,152 and 3,729,518 outstanding, respectivelySeries A Preferred Units (liquidation preference $1,000 per unit), 29,077 units issued and outstandingTotal Redeemable Operating Partnership UnitsCommon Units:General partner Common Units, 789,216 and 759,684 outstanding, respectivelyLimited partner Common Units, 74,421,263 and 71,479,204 outstanding, respectivelyTotal Liabilities, Redeemable Operating Partnership Units and EquityDistributions on Preferred UnitsExcess of Preferred Unit redemption/repurchase cost over carrying valueNet income available for common unitholdersEarnings per Common Unit – basic:Income from continuing operations available for common unitholdersIncome from discontinued operations available for common unitholdersWeighted average Common Units outstanding – basicEarnings per Common Unit – diluted:Weighted average Common Units outstanding – dilutedDistributions declared per Common UnitNet income available for common unitholders:Comprehensive income attributable to the Operating PartnershipConsolidated Statements of CapitalCommon UnitsAccumulated Other Comprehensive LossNoncontrolling Interests in Consolidated AffiliatesTotal Partners’ CapitalGeneral Partners’ CapitalLimited Partners’ CapitalIssuances of Common Units, netDistributions paid on Common UnitsDistributions paid on Preferred UnitsDistribution to noncontrolling interests in consolidated affiliatesAdjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General PartnerDistributions on Common UnitsRedemptions/repurchases of Preferred UnitsProceeds from the issuance of Common UnitsCosts paid for the issuance of Common UnitsRepurchase of units related to tax withholdingsAdjustment of Redeemable Common Units to fair valueHIGHWOODS REALTY LIMITED PARTNERSHIPEarnings per Common Unit - basic:Denominator for basic earnings per Common Unit – weighted average units (1) (2)Earnings per Common Unit - diluted:Denominator for basic earnings per Common Unit –weighted average units (1) (2)Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1)Statements of Cash FlowsChangeNet Cash Provided By Operating ActivitiesNet Cash Used In Investing ActivitiesNet Cash Used In Financing ActivitiesTotal Cash FlowsCapitalizationMortgages and notes payable, at recorded book valuePreferred Stock, at liquidation valueCommon Stock outstandingCommon Units outstanding (not owned by the Company)Per share stock price at period endMarket value of Common Stock and Common UnitsTotal market capitalizationFunds from operations:Unconsolidated affiliates:Impairment of depreciable properties(Gains) on disposition of depreciable propertiesFunds from operationsFunds from operations available for common stockholdersFunds from operations available for common stockholders per shareWeighted average shares outstanding (1)Other (income)Depreciation and amortization expenseNet operating income from continuing operationsLess – non same property and other net operating incomeTotal same property net operating income from continuing operationsTotal net operating income from continuing operationsLess – straight line rent and lease termination feesSame property cash net operating income from continuing operationsITEM 5. OTHER EVENTSYear Ended December 31,20102009Unrealized gains/(losses) on cash flow hedgesSale of cash flow hedge related to disposition of investment in unconsolidated affiliateTotal other comprehensive income/(loss)PREFERRED STOCK DIVIDENDSSix Months EndedJune 30, 2012Earnings:Income from continuing operations before equity in earnings of unconsolidated affiliatesFixed chargesCapitalized interestTotal earningsFixed charges and Preferred Stock dividends:Contractual interest expenseFinancing obligations interest expenseInterest component of rental expenseTotal fixed chargesPreferred Stock dividendsTotal fixed charges and Preferred Stock dividendsRatio of earnings to fixed chargesRatio of earnings to combined fixed charges and Preferred Stock dividendsPREFERRED UNIT DISTRIBUTIONSSix Months Ended June 30, 2012Fixed charges and Preferred Unit distributions:Preferred Unit distributionsTotal fixed charges and Preferred Unit distributionsRatio of earnings to combined fixed charges and Preferred Unit distributionsHighwoods Properties INC/s/ Edward J. FritschEdward J. FritschPresident and Chief Executive Officer/s/ Terry L. StevensTerry L. StevensSenior Vice President and Chief Financial OfficerEdward J. FritschPresident and Chief Executive Officer of the General PartnerTerry L. StevensSenior Vice President and Chief Financial Officer of the General PartnerJuly 26, 2012PK ! v.
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