  Given a finitely aligned $k$-graph $\Lambda$, we let $\Lambda^i$ denote the
$(k-1)$-graph formed by removing all edges of degree $e_i$ from $\Lambda$. We
show that the Toeplitz-Cuntz-Krieger algebra of $\Lambda$, denoted by
$\mathcal{T}C^*(\Lambda)$, may be realised as the Toeplitz algebra of a Hilbert
$\mathcal{T}C^*(\Lambda^i)$-bimodule. When $\Lambda$ is locally-convex, we show
that the Cuntz-Krieger algebra of $\Lambda$, which we denote by $C^*(\Lambda)$,
may be realised as the Cuntz-Pimsner algebra of a Hilbert
$C^*(\Lambda^i)$-bimodule. Consequently, $\mathcal{T}C^*(\Lambda)$ and
$C^*(\Lambda)$ may be viewed as iterated Toeplitz and iterated Cuntz-Pimsner
algebras over $c_0(\Lambda^0)$ respectively.
