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, | ||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||
Earnings: | ||||||||||||||||
Income from continuing operations before equity in earnings of unconsolidated affiliates | $ | 42,012 | $ | 32,699 | $ | 37,059 | $ | 21,748 | $ | 8,568 | ||||||
Fixed charges | 93,035 | 108,271 | 111,397 | 106,540 | 110,238 | |||||||||||
Capitalized interest | (4,555 | ) | (8,312 | ) | (9,743 | ) | (5,002 | ) | (2,900 | ) | ||||||
Distributions of earnings from unconsolidated affiliates | 4,103 | 5,978 | 4,271 | 7,335 | 8,516 | |||||||||||
Total earnings | $ | 134,595 | $ | 138,636 | $ | 142,984 | $ | 130,621 | $ | 124,422 | ||||||
Fixed charges and Preferred Unit distributions: | ||||||||||||||||
Contractual interest expense | $ | 81,982 | $ | 92,858 | $ | 93,894 | $ | 93,598 | $ | 97,431 | ||||||
Amortization of deferred financing costs | 2,760 | 2,716 | 2,415 | 2,375 | 3,372 | |||||||||||
Financing obligations interest expense | 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 | 111,397 | 106,540 | 110,238 | |||||||||||
Preferred Unit distributions | 6,708 | 9,804 | 13,477 | 17,063 | 27,238 | |||||||||||
Total fixed charges and Preferred Unit distributions | $ | 99,743 | $ | 118,075 | $ | 124,874 | $ | 123,603 | $ | 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 Preferred Unit distributions | 1.35 | 1.17 | 1.15 | 1.06 | 0.91 |