10-Q 1 hiw-20220331.htm 10-Q hiw-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended March 31, 2022
or

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from [ ] to [ ]
hiw-20220331_g1.jpg
HIGHWOODS PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
Maryland001-1310056-1871668
(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)

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

3100 Smoketree Court, Suite 600
Raleigh, NC 27604
(Address of principal executive offices) (Zip Code)
919-872-4924
(Registrants’ telephone number, including area code)
___________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $.01 par value, of Highwoods Properties, Inc.HIWNew York Stock Exchange

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

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

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

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

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

The Company had 105,153,984 shares of Common Stock outstanding as of April 19, 2022.




EXPLANATORY NOTE

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

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

Certain information contained herein is presented as of April 19, 2022, the latest practicable date for financial information prior to the filing of this Quarterly Report.

This report combines the Quarterly Reports on Form 10-Q for the period ended March 31, 2022 of the Company and the Operating Partnership. We believe combining the quarterly reports into this single report results in the following benefits:

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

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

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

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

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

Consolidated Financial Statements;

Note 13 to Consolidated Financial Statements - Earnings Per Share and Per Unit;

Item 4 - Controls and Procedures; and

Item 6 - Certifications of CEO and CFO Pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act.





HIGHWOODS PROPERTIES, INC.
HIGHWOODS REALTY LIMITED PARTNERSHIP

QUARTERLY REPORT FOR THE PERIOD ENDED MARCH 31, 2022

TABLE OF CONTENTS

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


2

PART I - FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

HIGHWOODS PROPERTIES, INC.
Consolidated Balance Sheets
(Unaudited and in thousands, except share and per share data)
March 31,
2022
December 31,
2021
Assets:
Real estate assets, at cost:
Land$548,190 $549,228 
Buildings and tenant improvements5,735,759 5,718,169 
Development in-process11,928 6,890 
Land held for development211,512 215,257 
6,507,389 6,489,544 
Less-accumulated depreciation(1,502,901)(1,457,511)
Net real estate assets5,004,488 5,032,033 
Real estate and other assets, net, held for sale6,031 3,518 
Cash and cash equivalents18,669 23,152 
Restricted cash14,070 8,046 
Accounts receivable17,888 14,002 
Mortgages and notes receivable1,203 1,227 
Accrued straight-line rents receivable275,133 268,324 
Investments in and advances to unconsolidated affiliates14,275 7,383 
Deferred leasing costs, net of accumulated amortization of $149,486 and $143,111, respectively
252,207 258,902 
Prepaid expenses and other assets, net of accumulated depreciation of $19,515 and $21,408, respectively
81,153 78,551 
Total Assets$5,685,117 $5,695,138 
Liabilities, Noncontrolling Interests in the Operating Partnership and Equity:
Mortgages and notes payable, net$2,827,898 $2,788,915 
Accounts payable, accrued expenses and other liabilities250,128 294,976 
Total Liabilities3,078,026 3,083,891 
Commitments and contingencies
Noncontrolling interests in the Operating Partnership114,570 111,689 
Equity:
Preferred Stock, $.01 par value, 50,000,000 authorized shares;
8.625% Series A Cumulative Redeemable Preferred Shares (liquidation preference $1,000 per share), 28,821 shares issued and outstanding
28,821 28,821 
Common Stock, $.01 par value, 200,000,000 authorized shares;
105,143,984 and 104,892,780 shares issued and outstanding, respectively
1,051 1,049 
Additional paid-in capital3,034,155 3,027,861 
Distributions in excess of net income available for common stockholders(591,780)(579,616)
Accumulated other comprehensive loss(988)(973)
Total Stockholders’ Equity2,471,259 2,477,142 
Noncontrolling interests in consolidated affiliates21,262 22,416 
Total Equity2,492,521 2,499,558 
Total Liabilities, Noncontrolling Interests in the Operating Partnership and Equity$5,685,117 $5,695,138 

See accompanying notes to consolidated financial statements.
3


HIGHWOODS PROPERTIES, INC.
Consolidated Statements of Income
(Unaudited and in thousands, except per share amounts)
Three Months Ended March 31,
20222021
Rental and other revenues$206,378 $183,805 
Operating expenses:
Rental property and other expenses61,422 56,189 
Depreciation and amortization69,667 60,927 
General and administrative13,556 9,952 
Total operating expenses144,645 127,068 
Interest expense24,393 19,768 
Other income363 312 
Gains on disposition of property4,100 18,937 
Equity in earnings of unconsolidated affiliates300 637 
Net income42,103 56,855 
Net (income) attributable to noncontrolling interests in the Operating Partnership(965)(1,493)
Net (income) attributable to noncontrolling interests in consolidated affiliates(257)(281)
Dividends on Preferred Stock(621)(622)
Net income available for common stockholders$40,260 $54,459 
Earnings per Common Share – basic:
Net income available for common stockholders$0.38 $0.52 
Weighted average Common Shares outstanding – basic104,933 103,963 
Earnings per Common Share – diluted:
Net income available for common stockholders$0.38 $0.52 
Weighted average Common Shares outstanding – diluted107,453 106,810 

See accompanying notes to consolidated financial statements.
4

HIGHWOODS PROPERTIES, INC.
Consolidated Statements of Comprehensive Income
(Unaudited and in thousands)
Three Months Ended March 31,
20222021
Comprehensive income:
Net income$42,103 $56,855 
Other comprehensive income/(loss):
Amortization of cash flow hedges(15)122 
Total other comprehensive income/(loss)(15)122 
Total comprehensive income42,088 56,977 
Less-comprehensive (income) attributable to noncontrolling interests(1,222)(1,774)
Comprehensive income attributable to common stockholders$40,866 $55,203 

See accompanying notes to consolidated financial statements.


5

HIGHWOODS PROPERTIES, INC.
Consolidated Statements of Equity
(Unaudited and in thousands, except share amounts)
Three Months Ended March 31, 2022
Number of Common SharesCommon StockSeries A Cumulative Redeemable Preferred SharesAdditional Paid-In CapitalAccumulated Other Compre-hensive LossNon-controlling Interests in Consolidated AffiliatesDistributions in Excess of Net Income Available for Common StockholdersTotal
Balance at December 31, 2021104,892,780 $1,049 $28,821 $3,027,861 $(973)$22,416 $(579,616)$2,499,558 
Issuances of Common Stock, net of issuance costs and tax withholdings69,821  — 4,173 — — — 4,173 
Dividends on Common Stock ($0.50 per share)
— — — — — (52,424)(52,424)
Dividends on Preferred Stock ($21.5625 per share)
— — — — — (621)(621)
Adjustment of noncontrolling interests in the Operating Partnership to fair value— — (3,168)— — — (3,168)
Distributions to noncontrolling interests in consolidated affiliates— — — — (1,411)— (1,411)
Issuances of restricted stock181,383 — — — — — —  
Share-based compensation expense, net of forfeitures 2 — 5,289 — — — 5,291 
Net (income) attributable to noncontrolling interests in the Operating Partnership— — — — — (965)(965)
Net (income) attributable to noncontrolling interests in consolidated affiliates— — — — 257 (257) 
Comprehensive income:
Net income— — — — — 42,103 42,103 
Other comprehensive loss— — — (15)— — (15)
Total comprehensive income42,088 
Balance at March 31, 2022105,143,984 $1,051 $28,821 $3,034,155 $(988)$21,262 $(591,780)$2,492,521 


Three Months Ended March 31, 2021
Number of Common SharesCommon StockSeries A Cumulative Redeemable Preferred SharesAdditional Paid-In CapitalAccumulated Other Compre-hensive LossNon-controlling Interests in Consolidated AffiliatesDistributions in Excess of Net Income Available for Common StockholdersTotal
Balance at December 31, 2020103,921,546 $1,039 $28,826 $2,993,946 $(1,462)$22,046 $(686,225)$2,358,170 
Issuances of Common Stock, net of issuance costs and tax withholdings(49,058)— — (1,198)— — — (1,198)
Dividends on Common Stock ($0.48 per share)
— — — — — (49,847)(49,847)
Dividends on Preferred Stock ($21.5625 per share)
— — — — — (622)(622)
Adjustment of noncontrolling interests in the Operating Partnership to fair value— — (9,266)— — — (9,266)
Distributions to noncontrolling interests in consolidated affiliates— — — — (782)— (782)
Issuances of restricted stock183,100 — — — — — —  
Share-based compensation expense, net of forfeitures(436)2 — 2,980 — — — 2,982 
Net (income) attributable to noncontrolling interests in the Operating Partnership— — — — — (1,493)(1,493)
Net (income) attributable to noncontrolling interests in consolidated affiliates— — — — 281 (281) 
Comprehensive income:
Net income— — — — — 56,855 56,855 
Other comprehensive income— — — 122 — — 122 
Total comprehensive income56,977 
Balance at March 31, 2021104,055,152 $1,041 $28,826 $2,986,462 $(1,340)$21,545 $(681,613)$2,354,921 

See accompanying notes to consolidated financial statements.
6

HIGHWOODS PROPERTIES, INC.
Consolidated Statements of Cash Flows
(Unaudited and in thousands)
Three Months Ended March 31,
20222021
Operating activities:
Net income$42,103 $56,855 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization69,667 60,927 
Amortization of lease incentives and acquisition-related intangible assets and liabilities(87)(704)
Share-based compensation expense5,291 2,982 
Net credit losses on operating lease receivables366 237 
Accrued interest on mortgages and notes receivable(24)(27)
Amortization of debt issuance costs942 792 
Amortization of cash flow hedges(15)122 
Amortization of mortgages and notes payable fair value adjustments(20)411 
Losses on debt extinguishment 76 
Net gains on disposition of property(4,100)(18,937)
Equity in earnings of unconsolidated affiliates(300)(637)
Distributions of earnings from unconsolidated affiliates591 395 
Changes in operating assets and liabilities:
Accounts receivable(1,038)6,658 
Prepaid expenses and other assets(4,529)(5,544)
Accrued straight-line rents receivable(7,224)(4,245)
Accounts payable, accrued expenses and other liabilities(27,545)(16,381)
Net cash provided by operating activities74,078 82,980 
Investing activities:
Investments in development in-process(13,315)(19,789)
Investments in tenant improvements and deferred leasing costs(30,273)(22,939)
Investments in building improvements(15,413)(14,422)
Investment in acquired controlling interest in unconsolidated affiliate (127,339)
Net proceeds from disposition of real estate assets9,469 30,242 
Investments in mortgages and notes receivable(24) 
Repayments of mortgages and notes receivable72 76 
Investments in and advances to unconsolidated affiliates(7,378) 
Changes in other investing activities(2,555)(746)
Net cash used in investing activities(59,417)(154,917)
Financing activities:
Dividends on Common Stock(52,424)(49,847)
Dividends on Preferred Stock(621)(622)
Distributions to noncontrolling interests in the Operating Partnership(1,252)(1,363)
Distributions to noncontrolling interests in consolidated affiliates(1,411)(782)
Proceeds from the issuance of Common Stock6,501 493 
Costs paid for the issuance of Common Stock(183)(10)
Repurchase of shares related to tax withholdings(2,145)(1,681)
Borrowings on revolving credit facility70,000  
Repayments of revolving credit facility(30,000) 
Repayments of mortgages and notes payable(1,585)(501)
Changes in debt issuance costs and other financing activities (4,616)
Net cash used in financing activities(13,120)(58,929)
Net increase/(decrease) in cash and cash equivalents and restricted cash$1,541 $(130,866)

See accompanying notes to consolidated financial statements.
7

HIGHWOODS PROPERTIES, INC.
Consolidated Statements of Cash Flows – Continued
(Unaudited and in thousands)
Three Months Ended March 31,
20222021
Net increase/(decrease) in cash and cash equivalents and restricted cash$1,541 $(130,866)
Cash and cash equivalents and restricted cash at beginning of the period31,198 189,244 
Cash and cash equivalents and restricted cash at end of the period$32,739 $58,378 

Reconciliation of cash and cash equivalents and restricted cash:

Three Months Ended March 31,
20222021
Cash and cash equivalents at end of the period$18,669 $49,279 
Restricted cash at end of the period14,070 9,099 
Cash and cash equivalents and restricted cash at end of the period$32,739 $58,378 

Supplemental disclosure of cash flow information:
Three Months Ended March 31,
20222021
Cash paid for interest, net of amounts capitalized$34,380 $27,646 

Supplemental disclosure of non-cash investing and financing activities:
Three Months Ended March 31,
20222021
Changes in accrued capital expenditures (1)
(17,115)(454)
Write-off of fully depreciated real estate assets12,183 15,468 
Write-off of fully amortized leasing costs6,150 12,848 
Write-off of fully amortized debt issuance costs 2,983 
Adjustment of noncontrolling interests in the Operating Partnership to fair value3,168 9,266 
__________

(1)Accrued capital expenditures included in accounts payable, accrued expenses and other liabilities at March 31, 2022 and 2021 were $37.5 million and $65.5 million, respectively.

See accompanying notes to consolidated financial statements.
8

HIGHWOODS REALTY LIMITED PARTNERSHIP
Consolidated Balance Sheets
(Unaudited and in thousands, except unit and per unit data)
March 31,
2022
December 31,
2021
Assets:
Real estate assets, at cost:
Land$548,190 $549,228 
Buildings and tenant improvements5,735,759 5,718,169 
Development in-process11,928 6,890 
Land held for development211,512 215,257 
6,507,389 6,489,544 
Less-accumulated depreciation(1,502,901)(1,457,511)
Net real estate assets5,004,488 5,032,033 
Real estate and other assets, net, held for sale6,031 3,518 
Cash and cash equivalents18,669 23,152 
Restricted cash14,070 8,046 
Accounts receivable17,888 14,002 
Mortgages and notes receivable1,203 1,227 
Accrued straight-line rents receivable275,133 268,324 
Investments in and advances to unconsolidated affiliates14,275 7,383 
Deferred leasing costs, net of accumulated amortization of $149,486 and $143,111, respectively
252,207 258,902 
Prepaid expenses and other assets, net of accumulated depreciation of $19,515 and $21,408, respectively
81,153 78,551 
Total Assets$5,685,117 $5,695,138 
Liabilities, Redeemable Operating Partnership Units and Capital:
Mortgages and notes payable, net$2,827,898 $2,788,915 
Accounts payable, accrued expenses and other liabilities250,128 294,976 
Total Liabilities3,078,026 3,083,891 
Commitments and contingencies
Redeemable Operating Partnership Units:
Common Units, 2,504,805 outstanding
114,570 111,689 
Series A Preferred Units (liquidation preference $1,000 per unit), 28,821 units issued and outstanding
28,821 28,821 
Total Redeemable Operating Partnership Units143,391 140,510 
Capital:
Common Units:
General partner Common Units, 1,072,400 and 1,069,888 outstanding, respectively
24,433 24,492 
Limited partner Common Units, 103,662,775 and 103,414,083 outstanding, respectively
2,418,993 2,424,802 
Accumulated other comprehensive loss(988)(973)
Noncontrolling interests in consolidated affiliates21,262 22,416 
Total Capital2,463,700 2,470,737 
Total Liabilities, Redeemable Operating Partnership Units and Capital$5,685,117 $5,695,138 

See accompanying notes to consolidated financial statements.
9

HIGHWOODS REALTY LIMITED PARTNERSHIP
Consolidated Statements of Income
(Unaudited and in thousands, except per unit amounts)
Three Months Ended March 31,
20222021
Rental and other revenues$206,378 $183,805 
Operating expenses:
Rental property and other expenses61,422 56,189 
Depreciation and amortization69,667 60,927 
General and administrative13,556 9,952 
Total operating expenses144,645 127,068 
Interest expense24,393 19,768 
Other income363 312 
Gains on disposition of property4,100 18,937 
Equity in earnings of unconsolidated affiliates300 637 
Net income42,103 56,855 
Net (income) attributable to noncontrolling interests in consolidated affiliates(257)(281)
Distributions on Preferred Units(621)(622)
Net income available for common unitholders$41,225 $55,952 
Earnings per Common Unit – basic:
Net income available for common unitholders$0.39 $0.53 
Weighted average Common Units outstanding – basic107,029 106,393 
Earnings per Common Unit – diluted:
Net income available for common unitholders$0.39 $0.53 
Weighted average Common Units outstanding – diluted107,044 106,401 

See accompanying notes to consolidated financial statements.
10

HIGHWOODS REALTY LIMITED PARTNERSHIP
Consolidated Statements of Comprehensive Income
(Unaudited and in thousands)
Three Months Ended March 31,
20222021
Comprehensive income:
Net income$42,103 $56,855 
Other comprehensive income/(loss):
Amortization of cash flow hedges(15)122 
Total other comprehensive income/(loss)(15)122 
Total comprehensive income42,088 56,977 
Less-comprehensive (income) attributable to noncontrolling interests(257)(281)
Comprehensive income attributable to common unitholders$41,831 $56,696 

See accompanying notes to consolidated financial statements.

11

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

Three Months Ended March 31, 2022
Common UnitsAccumulated
Other
Comprehensive Loss
Noncontrolling
Interests in
Consolidated
Affiliates
Total
General
Partners’
Capital
Limited
Partners’
Capital
Balance at December 31, 2021$24,492 $2,424,802 $(973)$22,416 $2,470,737 
Issuances of Common Units, net of issuance costs and tax withholdings42 4,131 — — 4,173 
Distributions on Common Units ($0.50 per unit)
(535)(52,936)— — (53,471)
Distributions on Preferred Units ($21.5625 per unit)
(6)(615)— — (621)
Share-based compensation expense, net of forfeitures53 5,238 — — 5,291 
Distributions to noncontrolling interests in consolidated affiliates— — — (1,411)(1,411)
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner(31)(3,055)— — (3,086)
Net (income) attributable to noncontrolling interests in consolidated affiliates(3)(254)— 257  
Comprehensive income:
Net income421 41,682 — — 42,103 
Other comprehensive loss— — (15)— (15)
Total comprehensive income42,088 
Balance at March 31, 2022$24,433 $2,418,993 $(988)$21,262 $2,463,700 


Three Months Ended March 31, 2021
Common UnitsAccumulated
Other
Comprehensive Loss
Noncontrolling
Interests in
Consolidated
Affiliates
Total
General
Partners’
Capital
Limited
Partners’
Capital
Balance at December 31, 2020$23,087 $2,285,673 $(1,462)$22,046 $2,329,344 
Issuances of Common Units, net of issuance costs and tax withholdings(12)(1,186)— — (1,198)
Distributions on Common Units ($0.48 per unit)
(510)(50,504)— — (51,014)
Distributions on Preferred Units ($21.5625 per unit)
(6)(616)— — (622)
Share-based compensation expense, net of forfeitures30 2,952 — — 2,982 
Distributions to noncontrolling interests in consolidated affiliates— — — (782)(782)
Adjustment of Redeemable Common Units to fair value and contributions/distributions from/to the General Partner(96)(9,496)— — (9,592)
Net (income) attributable to noncontrolling interests in consolidated affiliates(3)(278)— 281  
Comprehensive income:
Net income569 56,286 — — 56,855 
Other comprehensive income— — 122 — 122 
Total comprehensive income56,977 
Balance at March 31, 2021$23,059 $2,282,831 $(1,340)$21,545 $2,326,095 

See accompanying notes to consolidated financial statements.
12

HIGHWOODS REALTY LIMITED PARTNERSHIP
Consolidated Statements of Cash Flows
(Unaudited and in thousands)
Three Months Ended March 31,
20222021
Operating activities:
Net income$42,103 $56,855 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization69,667 60,927 
Amortization of lease incentives and acquisition-related intangible assets and liabilities(87)(704)
Share-based compensation expense5,291 2,982 
Net credit losses on operating lease receivables366 237 
Accrued interest on mortgages and notes receivable(24)(27)
Amortization of debt issuance costs942 792 
Amortization of cash flow hedges(15)122 
Amortization of mortgages and notes payable fair value adjustments(20)411 
Losses on debt extinguishment 76 
Net gains on disposition of property(4,100)(18,937)
Equity in earnings of unconsolidated affiliates(300)(637)
Distributions of earnings from unconsolidated affiliates591 395 
Changes in operating assets and liabilities:
Accounts receivable(1,038)6,658 
Prepaid expenses and other assets(4,529)(5,544)
Accrued straight-line rents receivable(7,224)(4,245)
Accounts payable, accrued expenses and other liabilities(27,545)(16,381)
Net cash provided by operating activities74,078 82,980 
Investing activities: