EXHIBIT 12.1
Highwoods Properties, Inc.
Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Combined Fixed Charge and
Preferred Stock Dividends
(In thousands, except per share amounts)
Three Months Ended March 31, | Year Ended December 31, | |||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||
Earnings: | ||||||||||||
Income from continuing operations before minority interest | 1,893 | 26,118 | 68,254 | 122,996 | 126,129 | 141,448 | ||||||
Interest expense | 26,057 | 111,193 | 109,512 | 105,491 | 113,306 | 121,652 | ||||||
Amortization of deferred financing costs | 855 | 3,078 | 1,393 | 2,005 | 2,512 | 2,823 | ||||||
Total earnings | 28,805 | 140,389 | 179,159 | 230,492 | 241,947 | 265,923 | ||||||
Fixed charges and preferred stock dividends: | ||||||||||||
Interest expense | 26,057 | 111,193 | 109,512 | 105,491 | 113,306 | 121,652 | ||||||
Interest capitalized | 115 | 1,195 | 7,017 | 16,947 | 23,669 | 29,147 | ||||||
Amortization of deferred financing costs | 855 | 3,078 | 1,393 | 2,005 | 2,512 | 2,823 | ||||||
Total fixed charges | 27,027 | 115,466 | 117,922 | 124,443 | 139,487 | 153,622 | ||||||
Preferred stock dividends | 7,713 | 30,852 | 30,852 | 31,500 | 32,580 | 32,580 | ||||||
Total fixed charges and preferred stock dividends | 34,740 | 146,318 | 148,774 | 155,943 | 172,067 | 186,202 | ||||||
Ratio of earnings to fixed charges | 1.07 | 1.22 | 1.52 | 1.85 | 1.73 | 1.73 | ||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 0.83 | 0.96 | 1.20 | 1.48 | 1.41 | 1.43 |