EX-12.1 4 exh12_1.htm STATEMENT RE: COMPUTATION OF RATIOS OF THE COMPANY exh12_1.htm
Exhibit 12.1


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


   
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
  
$
32,730
  
$
37,018
  
$
21,530
  
Fixed charges
    
96,315
    
92,968
    
108,271
    
111,478
    
106,576
  
Capitalized interest
    
(1,419
)
  
(4,555
)
  
(8,312
)
  
(9,743
)
  
(5,002
)
Distributions of earnings from unconsolidated affiliates
    
4,433
    
4,180
    
5,994
    
4,462
    
7,748
  
Total earnings
  
$
167,486
  
$
134,603
  
$
138,683
  
$
143,215
  
$
130,852
  
                                 
Fixed charges and Preferred Stock dividends:
                                
Contractual interest expense
  
$
87,726
  
$
81,982
  
$
92,858
  
$
93,975
  
$
93,634
  
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
    
111,478
    
106,576
  
Preferred Stock dividends
    
6,708
    
6,708
    
9,804
    
13,477
    
17,063
  
Total fixed charges and Preferred Stock dividends
  
$
103,023
  
$
99,676
  
$
118,075
  
$
124,955
  
$
123,639
  
                                 
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 Stock dividends
    
1.63
    
1.35
    
1.17
    
1.15
    
1.06