Exhibit 12.1
HIGHWOODS PROPERTIES, INC.
RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before equity in earnings of unconsolidated affiliates | $ | 39,623 | $ | 67,089 | $ | 41,037 | $ | 31,640 | $ | 35,808 | ||||||||||
Fixed charges | 98,024 | 96,315 | 92,968 | 108,271 | 111,478 | |||||||||||||||
Capitalized interest | (589 | ) | (1,419 | ) | (4,555 | ) | (8,312 | ) | (9,743 | ) | ||||||||||
Distributions of earnings from unconsolidated affiliates | 5,029 | 4,433 | 4,180 | 5,994 | 4,462 | |||||||||||||||
Total earnings | $ | 142,087 | $ | 166,418 | $ | 133,630 | $ | 137,593 | $ | 142,005 | ||||||||||
Fixed charges and Preferred Stock dividends: | ||||||||||||||||||||
Contractual interest expense | $ | 91,838 | $ | 87,726 | $ | 81,982 | $ | 92,858 | $ | 93,975 | ||||||||||
Amortization of deferred financing costs | 3,312 | 3,385 | 2,760 | 2,716 | 2,415 | |||||||||||||||
Financing obligations interest expense | 849 | 2,261 | 2,063 | 2,918 | 3,930 | |||||||||||||||
Capitalized interest | 589 | 1,419 | 4,555 | 8,312 | 9,743 | |||||||||||||||
Interest component of rental expense | 1,436 | 1,524 | 1,608 | 1,467 | 1,415 | |||||||||||||||
Total fixed charges | 98,024 | 96,315 | 92,968 | 108,271 | 111,478 | |||||||||||||||
Preferred Stock dividends | 4,553 | 6,708 | 6,708 | 9,804 | 13,477 | |||||||||||||||
Total fixed charges and Preferred Stock dividends | $ | 102,577 | $ | 103,023 | $ | 99,676 | $ | 118,075 | $ | 124,955 | ||||||||||
Ratio of earnings to fixed charges | 1.45 | 1.73 | 1.44 | 1.27 | 1.27 | |||||||||||||||
Ratio of earnings to combined fixed charges and Preferred Stock dividends | 1.39 | 1.62 | 1.34 | 1.17 | 1.14 |