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 |