Exhibit 12.2 HIGHWOODS/FORSYTH LIMITED PARTNERSHIP RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED UNIT DIVIDENDS Three Months Ended March 31, 1998 1997 1996 1995 1994 1993 ---------------- ------------- ------------ ------------ ------------ ---------- Earnings (1) Income (loss) from continuing operations .................................... $ 33,981 $ 91,552 $ 46,674 $ 28,934 $ 8,159 $ (155) Interest ....................................... 17,162 45,138 23,360 12,101 4,955 5,185 Amortization of loan costs ..................... 616 2,256 1,870 1,619 738 -- Total earnings ................................. $ 51,759 $ 138,946 $ 71,904 $ 42,654 $ 13,852 $5,030 Fixed charges and preferred unit dividends Interest ....................................... $ 17,162 $ 45,138 $ 23,360 $ 12,101 $ 4,955 $5,185 Interest capitalized ........................... 2,829 7,238 2,935 507 17 16 Amortization of loan costs expensed ............ 616 2,256 1,870 1,619 738 -- Amortization of loan costs capitalized ......... -- -- -- -- -- -- Total fixed charges ............................ $ 20,607 $ 54,632 $ 28,165 $ 14,227 $ 5,710 $5,201 Preferred unit dividends ....................... 6,845 13,117 -- -- -- -- Ratio of earnings to fixed charges ............. 2.51x 2.54x 2.55x 3.00x 2.43x 0.97x Ratio of earnings to combined fixed charges and preferred unit dividends .......... 1.93x 2.05x 2.55x 3.00x 2.43x 0.97x - ---------- (1) The calculation does not include amortization of previously capitalized interest.