EXHIBIT 12
HIGHWOODS REALTY LIMITED PARTNERSHIP
RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS
TO COMBINED FIXED CHARGES AND PREFERRED UNIT DIVIDENDS
NINE MONTHS ENDED
SEPTEMBER 30, 1998 1997
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Earnings (1)
Income (loss) from continuing
operations ............................... $ 111,611 $ 91,552
Interest ................................... 61,724 45,138
Amortization of loan costs ................. 1,915 2,256
Total earnings ............................. 175,250 $ 138,946
Fixed charges and preferred unit
dividends
Interest ................................... $ 61,724 $ 45,138
Interest capitalized ....................... 11,097 7,238
Amortization of loan costs
expensed ................................. 1,915 2,256
Amortization of loan costs
capitalized .............................. -- --
Total fixed charges ........................ $ 74,736 $ 54,632
Preferred unit dividends ................... 21,946 13,117
Ratio of earnings to fixed charges ......... 2.34 2.54
Ratio of earnings to combined fixed
charges and preferred unit
dividends ................................ 1.81 2.05
1996 1995 1994 1993
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Earnings (1)
Income (loss) from continuing
operations ............................... $ 46,674 $ 28,934 $ 8,159 $ (155)
Interest ................................... 23,360 12,101 4,955 5,185
Amortization of loan costs ................. 1,870 1,619 738 --
Total earnings ............................. $ 71,904 $ 42,654 $ 13,852 $ 5,030
Fixed charges and preferred unit
dividends
Interest ................................... $ 23,360 $ 12,101 $ 4,955 $ 5,185
Interest capitalized ....................... 2,935 507 17 16
Amortization of loan costs
expensed ................................. 1,870 1,619 738 --
Amortization of loan costs
capitalized .............................. -- -- -- --
Total fixed charges ........................ $ 28,165 $ 14,227 $ 5,710 $ 5,201
Preferred unit dividends ................... -- -- -- --
Ratio of earnings to fixed charges ......... 2.55 3.00 2.43 0.97
Ratio of earnings to combined fixed
charges and preferred unit
dividends ................................ 2.55 3.00 2.43 0.97
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(1) The calculation does not include amortization of previously capitalized
interest.