EX-12.1 2 hiw12312013ex121.htm EXHIBIT HIW 12.31.2013 EX.12.1
Exhibit 12.1

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


 
 
 
 
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before equity in earnings of unconsolidated affiliates
 
$
60,459

 
$
35,278

 
$
26,007

 
$
51,304

 
$
26,499

Fixed charges
 
98,240

 
98,647

 
97,535

 
95,894

 
92,589

Capitalized interest
 
(2,731
)
 
(1,031
)
 
(589
)
 
(1,419
)
 
(4,555
)
Distributions of earnings from unconsolidated affiliates
 
3,985

 
4,618

 
5,029

 
4,433

 
4,180

Total earnings
 
$
159,953

 
$
137,512

 
$
127,982

 
$
150,212

 
$
118,713

 
 
 
 
 
 
 
 
 
 
 
Fixed charges and Preferred Stock dividends:
 
 
 
 
 
 
 
 
 
 
Contractual interest expense
 
$
88,838

 
$
92,838

 
$
91,458

 
$
87,409

 
$
81,703

Amortization of deferred financing costs
 
3,802

 
3,685

 
3,312

 
3,385

 
2,760

Financing obligations interest expense
 
63

 
(409
)
 
740

 
2,157

 
1,963

Capitalized interest
 
2,731

 
1,031

 
589

 
1,419

 
4,555

Interest component of rental expense
 
2,806

 
1,502

 
1,436

 
1,524

 
1,608

Total fixed charges
 
98,240

 
98,647

 
97,535

 
95,894

 
92,589

Preferred Stock dividends
 
2,508

 
2,508

 
4,553

 
6,708

 
6,708

Total fixed charges and Preferred Stock dividends
 
$
100,748

 
$
101,155

 
$
102,088

 
$
102,602

 
$
99,297

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.63

 
1.39

 
1.31

 
1.57

 
1.28

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and Preferred Stock dividends
 
1.59

 
1.36

 
1.25

 
1.46

 
1.20