Highwoods Properties (HIW) 10-Q 2014 Q1 Quarterly report

Exhibit 12.1

HIGHWOODS PROPERTIES, INC.

RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS

	Three Months Ended March 31, 2014
Earnings:
Income from continuing operations before equity in earnings/(losses) of unconsolidated affiliates	$	13,221
Fixed charges	22,795
Capitalized interest	(566		)
Distributions of earnings from unconsolidated affiliates	788
Total earnings	$	36,238
Fixed charges and Preferred Stock dividends:
Contractual interest expense	$	20,750
Amortization of deferred financing costs	652
Financing obligations interest income	(40		)
Capitalized interest	566
Interest component of rental expense	867
Total fixed charges	22,795
Preferred Stock dividends	627
Total fixed charges and Preferred Stock dividends	$	23,422
Ratio of earnings to fixed charges	1.59
Ratio of earnings to combined fixed charges and Preferred Stock dividends	1.55