
                                                                      EXHIBIT 12
                           HIGHWOODS PROPERTIES, INC.


            RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS
            TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS



<TABLE>
<CAPTION>
                                               NINE MONTHS ENDED
                                              SEPTEMBER 30, 1998       1997
                                             -------------------- -------------
<S>                                          <C>                  <C>
Earnings (1)
Income (loss) from continuing
  operations ...............................      $ 111,597         $  92,584
Interest ...................................         62,835            45,138
Amortization of loan costs .................          1,915             2,256
Total earnings .............................      $ 176,347         $ 139,978
Fixed charges and preferred stock
  dividends
Interest ...................................      $  62,835         $  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 ........................      $  75,847         $  54,632
Preferred stock dividends ..................         21,946            13,117
Ratio of earnings to fixed charges .........           2.33              2.56
Ratio of earnings to combined fixed
  charges and preferred stock
  dividends ................................           1.80              2.07



<CAPTION>
                                                 1996         1995         1994         1993
                                             ------------ ------------ ------------ -----------
<S>                                          <C>          <C>          <C>          <C>
Earnings (1)
Income (loss) from continuing
  operations ...............................   $ 48,242     $ 28,934     $  8,159     $  (155)
Interest ...................................     24,699       12,101        4,955       5,185
Amortization of loan costs .................      1,911        1,619          738          --
Total earnings .............................   $ 74,852     $ 42,654     $ 13,852     $ 5,030
Fixed charges and preferred stock
  dividends
Interest ...................................   $ 24,699     $ 12,101     $  4,955     $ 5,185
Interest capitalized .......................      2,935          507           17          16
Amortization of loan costs
  expensed .................................      1,911        1,619          738          --
Amortization of loan costs
  capitalized ..............................         --           --           --          --
Total fixed charges ........................   $ 29,545     $ 14,227     $  5,710     $ 5,201
Preferred stock dividends ..................         --           --           --          --
Ratio of earnings to fixed charges .........       2.53         3.00         2.43        0.97
Ratio of earnings to combined fixed
  charges and preferred stock
  dividends ................................       2.53         3.00         2.43        0.97
</TABLE>

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(1) The calculation does not include amortization of previously capitalized
    interest.
