Exhibit 12.1

Parkway Properties, Inc.

Ratio of Earnings to Combined Fixed Charges & Preferred Dividends

(in 000s)

	Year Ended December 31, 2008			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2011			Year Ended December 31, 2012			Quarter Ended September 30, 2013
Earnings:
Income (loss) from continuing operations, pretax	$	(20,058	)	$	(16,336	)	$	(13,054	)	$	(36,687	)	$	(56,803	)	$	(15,902	)
Less: equity in earnings		(771	)		(445	)		(326	)		(57	)		—			(393	)
Interest expense		23,572			17,890			19,037			30,417			34,920			11,663
Income distributions from unconsolidated joint ventures		1,042			392			—			507			—			—
Earnings	$	3,785		$	1,501		$	5,657		$	(5,820	)	$	(21,883	)	$	(4,632	)
Fixed charges and preferred dividends:
Interest expense	$	23,572		$	17,890		$	19,037		$	30,417		$	34,920		$	11,663
Capitalized interest		836			—			—			—			—			—
Preferred stock dividends		4,800			4,800			6,325			10,052			11,854			—
Total fixed charges and preferred dividends	$	29,208		$	22,690		$	25,362		$	40,469		$	46,774		$	11,663
Ratio of earnings to combined fixed charges and preferred stock dividends		0.13			0.07			0.22			(0.14	)		(0.47	)		(0.40	)
Deficiency (if ratio less than 1.00)		(25,423	)		(21,189	)		(19,705	)		(46,289	)		(68,657	)		(16,295	)