HIGHWOODS/FORSYTH LIMITED PARTNERSHIP

                        RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                              AND PREFERRED STOCK DIVIDENDS
               





                                                 Nine Months Ended        
                                                 September 30, 1996    1995          1994         1993        1992       1991
                                                                                                       
Earnings (1)(2)
Income (loss) from continuing operations.....    $32,262               $28,934        $ 8,159      $  (155)    $ (239)    $  ($26)
Interest.....................................     12,715                18,101          4,955        5,185      5,059       3,909
Amortization of loan costs...................      1,255                 1,619            738         --           --         --
Total Earnings...............................    $46,232               $42,654        $13,852      $ 5,030     $4,820     $ 3,482

Fixed charges and preferred stock 
dividends (2)
Interest.....................................    $12,715                $12,101        $4,955      $ 5,185     $5,059      $ 3,482
Interest capitalized.........................      1,255                    507            17           16         --          487
Amortization of loan costs expensed..........      1,946                  1,619           738           --         --           --
Amortization of loan costs capitalized.......         --                     --            --           --         --           --
Total fixed charges..........................    $15,916                $14,227        $5,720       $ 5,201    $5,059      $ 4,395
Ratio of earnings to fixed charges...........       2.91                   3.00          2.43          0.97      0.95         0.79


(1) The calculation does not include amortization of previously capitalized 
interest.
(2) To date no preferred stock has been issued.