Exhibit 12.4
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 | $ | 32,389 | $ | 4,548 | $ | 38,992 | $ | 26,046 | $ | 13,830 | ||||||
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 | $ | 124,972 | $ | 110,485 | $ | 144,917 | $ | 134,919 | $ | 129,684 | ||||||
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 | 1.34 | 1.02 | 1.30 | 1.27 | 1.18 | |||||||||||
Ratio of earnings to combined fixed charges and Preferred Unit distributions | 1.25 | 0.94 | 1.16 | 1.09 | 0.94 |