EX-12.1 2 exh12_1.htm STATEMENT RE COMPUTATION OF RATIOS exh12_1.htm
 
 
 
Exhibit 12.1


HIGHWOODS PROPERTIES, INC.
 
RATIO OF EARNINGS TO FIXED CHARGES AND
 
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
 
PREFERRED STOCK DIVIDENDS


   
Years Ended December 31,
  
   
2009
  
2008
  
2007
  
2006
  
2005
  
Earnings:
                                
Income from continuing operations before equity in earnings of unconsolidated affiliates
  
$
32,389
  
$
4,608
  
$
38,945
  
$
25,829
  
$
13,725
  
Fixed charges
    
93,035
    
108,271
    
111,478
    
106,576
    
110,238
  
Capitalized interest
    
(4,555
)
  
(8,312
)
  
(9,743
)
  
(5,002
)
  
(2,900
)
Distributions of earnings from unconsolidated affiliates
    
4,180
    
5,994
    
4,462
    
7,748
    
8,965
  
Total earnings
  
$
125,049
  
$
110,561
  
$
145,142
  
$
135,151
  
$
130,028
  
                                 
Fixed charges and Preferred Stock dividends:
                                
Contractual interest expense
  
$
81,982
  
$
92,858
  
$
93,975
  
$
93,634
  
$
97,431
  
Amortization of deferred financing costs
    
2,760
    
2,716
    
2,415
    
2,375
    
3,372
  
Financing obligations interest expense
    
2,130
    
2,918
    
3,930
    
4,162
    
5,032
  
Capitalized interest
    
4,555
    
8,312
    
9,743
    
5,002
    
2,900
  
Interest component of rental expense
    
1,608
    
1,467
    
1,415
    
1,403
    
1,503
  
Total fixed charges
    
93,035
    
108,271
    
111,478
    
106,576
    
110,238
  
Preferred Stock dividends
    
6,708
    
9,804
    
13,477
    
17,063
    
27,238
  
Total fixed charges and Preferred Stock dividends
  
$
99,743
  
$
118,075
  
$
124,955
  
$
123,639
  
$
137,476
  
                                 
Ratio of earnings to fixed charges
    
1.34
    
1.02
    
1.30
    
1.27
    
1.18
  
                                 
Ratio of earnings to combined fixed charges and Preferred Stock dividends
    
1.25
    
0.94
    
1.16
    
1.09
    
0.95