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, | ||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||
Earnings: | ||||||||||||||||
Income from continuing operations before equity in earnings of unconsolidated affiliates | $ | 42,012 | $ | 32,729 | $ | 37,012 | $ | 21,531 | $ | 8,463 | ||||||
Fixed charges | 93,035 | 108,271 | 111,478 | 106,576 | 110,238 | |||||||||||
Capitalized interest | (4,555 | ) | (8,312 | ) | (9,743 | ) | (5,002 | ) | (2,900 | ) | ||||||
Distributions of earnings from unconsolidated affiliates | 4,180 | 5,994 | 4,462 | 7,748 | 8,965 | |||||||||||
Total earnings | $ | 134,672 | $ | 138,682 | $ | 143,209 | $ | 130,853 | $ | 124,766 | ||||||
Fixed charges and Preferred Stock dividends: | ||||||||||||||||
Contractual interest expense | $ | 81,982 | $ | 92,858 | $ | 93,975 | $ | 93,634 | $ | 97,431 | ||||||
Amortization of deferred financing costs | 2,760 | 2,716 | 2,415 | 2,375 | 3,372 | |||||||||||
Interest expense on financing obligations | 2,130 | 2,918 | 3,930 | 4,162 | 5,032 | |||||||||||
Capitalized interest | 4,555 | 8,312 | 9,743 | 5,002 | 2,900 | |||||||||||
Interest component of rental expense | 1,608 | 1,467 | 1,415 | 1,403 | 1,503 | |||||||||||
Total fixed charges | 93,035 | 108,271 | 111,478 | 106,576 | 110,238 | |||||||||||
Dividends on Preferred Stock | 6,708 | 9,804 | 13,477 | 17,063 | 27,238 | |||||||||||
Total fixed charges and Dividends on Preferred Stock | $ | 99,743 | $ | 118,075 | $ | 124,955 | $ | 123,639 | $ | 137,476 | ||||||
Ratio of earnings to fixed charges | 1.45 | 1.28 | 1.28 | 1.23 | 1.13 | |||||||||||
Ratio of earnings to combined fixed charges and Dividends on Preferred Stock | 1.35 | 1.17 | 1.15 | 1.06 | 0.91 |