EX-12.2 5 exh12_2.htm STATEMENT RE: COMPUTATION OF RATIOS OF THE OPERATING PARTNERSHIP exh12_2.htm
Exhibit 12.2


HIGHWOODS REALTY LIMITED PARTNERSHIP
 
RATIO OF EARNINGS TO FIXED CHARGES AND
 
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
 
PREFERRED UNIT DISTRIBUTIONS


   
Years Ended December 31,
 
   
2010
 
2009
 
2008
 
2007
 
2006
 
Earnings:
                               
Income from continuing operations before equity in earnings of unconsolidated affiliates
 
$
68,157
 
$
42,010
 
$
32,670
 
$
37,065
 
$
21,747
 
Fixed charges
   
96,315
   
92,968
   
108,271
   
111,397
   
106,540
 
Capitalized interest
   
(1,419
)
 
(4,555
)
 
(8,312
)
 
(9,743
)
 
(5,002
)
Distributions of earnings from unconsolidated affiliates
   
4,377
   
4,103
   
5,978
   
4,271
   
7,335
 
Total earnings
 
$
167,430
 
$
134,526
 
$
138,607
 
$
142,990
 
$
130,620
 
                                 
Fixed charges and Preferred Unit distributions:
                               
Contractual interest expense
 
$
87,726
 
$
81,982
 
$
92,858
 
$
93,894
 
$
93,598
 
Amortization of deferred financing costs
   
3,385
   
2,760
   
2,716
   
2,415
   
2,375
 
Financing obligations interest expense
   
2,261
   
2,063
   
2,918
   
3,930
   
4,162
 
Capitalized interest
   
1,419
   
4,555
   
8,312
   
9,743
   
5,002
 
Interest component of rental expense
   
1,524
   
1,608
   
1,467
   
1,415
   
1,403
 
Total fixed charges
   
96,315
   
92,968
   
108,271
   
111,397
   
106,540
 
Preferred Unit distributions
   
6,708
   
6,708
   
9,804
   
13,477
   
17,063
 
Total fixed charges and Preferred Unit distributions
 
$
103,023
 
$
99,676
 
$
118,075
 
$
124,874
 
$
123,603
 
                                 
Ratio of earnings to fixed charges
   
1.74
   
1.45
   
1.28
   
1.28
   
1.23
 
                                 
Ratio of earnings to combined fixed charges and Preferred Unit distributions
   
1.63
   
1.35
   
1.17
   
1.15
   
1.06