XML 79 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Financing Arrangements | 12 Months Ended
--- | ---
Dec. 31, 2013
Financing Arrangements [Abstract] |
Financing Arrangements | Financing Arrangements Our financing obligations consist of the following:
| December 31,
| 2013 |  | 2012
Harborview financing obligation | $ | 16,242 |  |  | $ | 17,571 |
Tax increment financing bond | 10,422 |  |  | 11,787 |
Total | $ | 26,664 |  |  | $ | 29,358 |
Harborview In 2002, we contributed Harborview Plaza, a 205,000 rentable square foot office building to our Harborview joint venture. We retained a 20.0% equity interest in the joint venture. Our joint venture partner has the right to put its 80.0% equity interest in the joint venture to us in exchange for cash at any time during the one-year period commencing September 11, 2014. The value of the 80.0% equity interest will be determined at the time that our partner elects to exercise its put right, if ever, based upon the then fair market value of the joint venture's assets and liabilities. The fair value of the real estate assets will be reduced by 3.0%, which is intended to represent the hypothetical costs of a sale transaction. Because of the put option, this transaction has been accounted for as a financing transaction. Accordingly, the assets, liabilities and operations of Harborview Plaza, which is the sole property owned by Harborview, remain in our Consolidated Financial Statements. As a result, we initially established a gross financing obligation equal to the $12.7 million equity contributed by our joint venture partner. During 2012, our joint venture partner contributed an additional $1.8 million of equity to the joint venture. During each period, we increase the gross financing obligation for 80.0% of the net income before depreciation of Harborview Plaza, which is recorded as interest expense on financing obligation, and decrease the gross financing obligation for distributions made to our joint venture partner. At the end of each reporting period, the balance of the gross financing obligation is adjusted to equal the greater of the equity contributed by our joint venture partner or the current fair value of the put option, which is recorded as a valuation allowance. The valuation allowance is amortized on a straight-line basis prospectively through September 2014 as interest expense on financing obligation. The fair value of the put option was $12.8 million and $12.7 million at December 31, 2013 and 2012, respectively. We continue to depreciate Harborview Plaza and record all of the depreciation on our books. At such time as the put option expires or is otherwise terminated, we will record the transaction as a partial sale and recognize gain accordingly. Tax Increment Financing Bond In connection with tax increment financing for a parking garage we constructed in 1999, we are obligated to pay fixed special assessments over a 20-year period ending in 2019. The net present value of these assessments, discounted at the 6.93% interest rate on the underlying tax increment financing, is recorded as a financing obligation. We receive special tax revenues and property tax rebates recorded in interest and other income, which are intended, but not guaranteed, to provide funds to pay the special assessments. We acquired the related tax increment financing bond, which is recorded in prepaid and other assets, in a privately negotiated transaction in 2007. For additional information about this tax increment financing bond, see Note 11.

X
- Details
Name: | hiw_FinancingArrangementsAbstract
Namespace Prefix: | hiw_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of obligations incurred as part of real estate transactions that are, in substance, a financing arrangement rather than a sale. + References No definition available. + Details
Name: | hiw_FinancingArrangementsTextBlock
Namespace Prefix: | hiw_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration