EX-12.1 2 hiw12312016ex121.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


 
 
 
 
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before equity in earnings of unconsolidated affiliates
 
$
116,753

 
$
80,443

 
$
95,160

 
$
40,377

 
$
16,543

Fixed charges
 
87,825

 
96,367

 
93,889

 
97,423

 
97,739

Capitalized interest
 
(8,202
)
 
(6,888
)
 
(5,310
)
 
(2,731
)
 
(1,031
)
Distributions of earnings from unconsolidated affiliates
 
4,424

 
4,901

 
2,687

 
3,985

 
4,618

Total earnings
 
$
200,800

 
$
174,823

 
$
186,426

 
$
139,054

 
$
117,869

 
 
 
 
 
 
 
 
 
 
 
Fixed charges and Preferred Stock dividends:
 
 
 
 
 
 
 
 
 
 
Contractual interest expense
 
$
73,142

 
$
82,245

 
$
82,287

 
$
88,838

 
$
92,838

Amortization of debt issuance costs
 
3,506

 
3,645

 
3,082

 
3,802

 
3,685

Financing obligation interest expense/(income)
 
—

 
162

 
(242
)
 
(754
)
 
(1,317
)
Capitalized interest
 
8,202

 
6,888

 
5,310

 
2,731

 
1,031

Interest component of rental expense
 
2,975

 
3,427

 
3,452

 
2,806

 
1,502

Total fixed charges
 
87,825

 
96,367

 
93,889

 
97,423

 
97,739

Preferred Stock dividends
 
2,501

 
2,506

 
2,507

 
2,508

 
2,508

Total fixed charges and Preferred Stock dividends
 
$
90,326

 
$
98,873

 
$
96,396

 
$
99,931

 
$
100,247

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.29

 
1.81

 
1.99

 
1.43

 
1.21

Ratio of earnings to combined fixed charges and Preferred Stock dividends
 
2.22

 
1.77

 
1.93

 
1.39

 
1.18