Exhibit 12.1
HIGHWOODS PROPERTIES, INC.
RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before equity in earnings of unconsolidated affiliates | $ | 60,459 | $ | 35,278 | $ | 26,007 | $ | 51,304 | $ | 26,499 | ||||||||||
Fixed charges | 98,240 | 98,647 | 97,535 | 95,894 | 92,589 | |||||||||||||||
Capitalized interest | (2,731 | ) | (1,031 | ) | (589 | ) | (1,419 | ) | (4,555 | ) | ||||||||||
Distributions of earnings from unconsolidated affiliates | 3,985 | 4,618 | 5,029 | 4,433 | 4,180 | |||||||||||||||
Total earnings | $ | 159,953 | $ | 137,512 | $ | 127,982 | $ | 150,212 | $ | 118,713 | ||||||||||
Fixed charges and Preferred Stock dividends: | ||||||||||||||||||||
Contractual interest expense | $ | 88,838 | $ | 92,838 | $ | 91,458 | $ | 87,409 | $ | 81,703 | ||||||||||
Amortization of deferred financing costs | 3,802 | 3,685 | 3,312 | 3,385 | 2,760 | |||||||||||||||
Financing obligations interest expense | 63 | (409 | ) | 740 | 2,157 | 1,963 | ||||||||||||||
Capitalized interest | 2,731 | 1,031 | 589 | 1,419 | 4,555 | |||||||||||||||
Interest component of rental expense | 2,806 | 1,502 | 1,436 | 1,524 | 1,608 | |||||||||||||||
Total fixed charges | 98,240 | 98,647 | 97,535 | 95,894 | 92,589 | |||||||||||||||
Preferred Stock dividends | 2,508 | 2,508 | 4,553 | 6,708 | 6,708 | |||||||||||||||
Total fixed charges and Preferred Stock dividends | $ | 100,748 | $ | 101,155 | $ | 102,088 | $ | 102,602 | $ | 99,297 | ||||||||||
Ratio of earnings to fixed charges | 1.63 | 1.39 | 1.31 | 1.57 | 1.28 | |||||||||||||||
Ratio of earnings to combined fixed charges and Preferred Stock dividends | 1.59 | 1.36 | 1.25 | 1.46 | 1.20 |