EX-12.1 3 hiw12312017ex121.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


 
 
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before equity in earnings of unconsolidated affiliates
 
$
184,259

 
$
116,753

 
$
80,443

 
$
95,160

 
$
40,377

Fixed charges
 
80,394

 
87,825

 
96,367

 
93,889

 
97,423

Capitalized interest
 
(8,757
)
 
(8,202
)
 
(6,888
)
 
(5,310
)
 
(2,731
)
Distributions of earnings from unconsolidated affiliates
 
5,078

 
4,424

 
4,901

 
2,687

 
3,985

Total earnings
 
$
260,974

 
$
200,800

 
$
174,823

 
$
186,426

 
$
139,054

 
 
 
 
 
 
 
 
 
 
 
Fixed charges and Preferred Stock dividends:
 
 
 
 
 
 
 
 
 
 
Contractual interest expense
 
$
65,939

 
$
73,142

 
$
82,245

 
$
82,287

 
$
88,838

Amortization of debt issuance costs
 
3,166

 
3,506

 
3,645

 
3,082

 
3,802

Financing obligation interest expense/(income)
 
—

 
—

 
162

 
(242
)
 
(754
)
Capitalized interest
 
8,757

 
8,202

 
6,888

 
5,310

 
2,731

Interest component of rental expense
 
2,532

 
2,975

 
3,427

 
3,452

 
2,806

Total fixed charges
 
80,394

 
87,825

 
96,367

 
93,889

 
97,423

Preferred Stock dividends
 
2,492

 
2,501

 
2,506

 
2,507

 
2,508

Total fixed charges and Preferred Stock dividends
 
$
82,886

 
$
90,326

 
$
98,873

 
$
96,396

 
$
99,931

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
3.25

 
2.29

 
1.81

 
1.99

 
1.43

Ratio of earnings to combined fixed charges and Preferred Stock dividends
 
3.15

 
2.22

 
1.77

 
1.93

 
1.39