Highwoods Realty Limited Partnership 10-K 2009 FY Annual 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

	Years Ended December 31,
	2009			2008			2007			2006			2005
Earnings:
Income from continuing operations before equity in earnings of unconsolidated affiliates	$	32,389		$	4,608		$	38,945		$	25,829		$	13,725
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	$	125,049		$	110,561		$	145,142		$	135,151		$	130,028
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
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			111,478			106,576			110,238
Preferred Stock dividends		6,708			9,804			13,477			17,063			27,238
Total fixed charges and Preferred Stock dividends	$	99,743		$	118,075		$	124,955		$	123,639		$	137,476
Ratio of earnings to fixed charges		1.34			1.02			1.30			1.27			1.18
Ratio of earnings to combined fixed charges and Preferred Stock dividends		1.25			0.94			1.16			1.09			0.95