EX-12.1 4 hiw12312015ex121.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1

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


 
 
 
 
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before equity in earnings of unconsolidated affiliates
 
$
80,443

 
$
95,160

 
$
40,377

 
$
16,543

 
$
20,745

Fixed charges
 
96,367

 
93,889

 
97,423

 
97,739

 
86,605

Capitalized interest
 
(6,888
)
 
(5,310
)
 
(2,731
)
 
(1,031
)
 
(589
)
Distributions of earnings from unconsolidated affiliates
 
4,901

 
2,687

 
3,985

 
4,618

 
5,029

Total earnings
 
$
174,823

 
$
186,426

 
$
139,054

 
$
117,869

 
$
111,790

 
 
 
 
 
 
 
 
 
 
 
Fixed charges and Preferred Stock dividends:
 
 
 
 
 
 
 
 
 
 
Contractual interest expense
 
$
82,245

 
$
82,287

 
$
88,838

 
$
92,838

 
$
81,596

Amortization of deferred financing costs
 
3,645

 
3,082

 
3,802

 
3,685

 
3,232

Financing obligation interest expense/(income)
 
162

 
(242
)
 
(754
)
 
(1,317
)
 
(248
)
Capitalized interest
 
6,888

 
5,310

 
2,731

 
1,031

 
589

Interest component of rental expense
 
3,427

 
3,452

 
2,806

 
1,502

 
1,436

Total fixed charges
 
96,367

 
93,889

 
97,423

 
97,739

 
86,605

Preferred Stock dividends
 
2,506

 
2,507

 
2,508

 
2,508

 
4,553

Total fixed charges and Preferred Stock dividends
 
$
98,873

 
$
96,396

 
$
99,931

 
$
100,247

 
$
91,158

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.81

 
1.99

 
1.43

 
1.21

 
1.29

Ratio of earnings to combined fixed charges and Preferred Stock dividends
 
1.77

 
1.93

 
1.39

 
1.18

 
1.23