EX-12.2 5 exh12_2.htm STATEMENT RE: COMPUTATION OF RATIOS OF THE OPERATING PARTNERSHIP
Exhibit 12.2
HIGHWOODS REALTY LIMITED PARTNERSHIP
RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED UNIT DISTRIBUTIONS

|  | Years Ended December 31, |
|  | 2010 |  | 2009 |  | 2008 |  | 2007 |  | 2006 |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations before equity in earnings of unconsolidated affiliates |  | $ | 68,157 |  | $ | 42,010 |  | $ | 32,670 |  | $ | 37,065 |  | $ | 21,747 |
Fixed charges |  |  | 96,315 |  |  | 92,968 |  |  | 108,271 |  |  | 111,397 |  |  | 106,540 |
Capitalized interest |  |  | (1,419 | ) |  | (4,555 | ) |  | (8,312 | ) |  | (9,743 | ) |  | (5,002 | )
Distributions of earnings from unconsolidated affiliates |  |  | 4,377 |  |  | 4,103 |  |  | 5,978 |  |  | 4,271 |  |  | 7,335 |
Total earnings |  | $ | 167,430 |  | $ | 134,526 |  | $ | 138,607 |  | $ | 142,990 |  | $ | 130,620 |
Fixed charges and Preferred Unit distributions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractual interest expense |  | $ | 87,726 |  | $ | 81,982 |  | $ | 92,858 |  | $ | 93,894 |  | $ | 93,598 |
Amortization of deferred financing costs |  |  | 3,385 |  |  | 2,760 |  |  | 2,716 |  |  | 2,415 |  |  | 2,375 |
Financing obligations interest expense |  |  | 2,261 |  |  | 2,063 |  |  | 2,918 |  |  | 3,930 |  |  | 4,162 |
Capitalized interest |  |  | 1,419 |  |  | 4,555 |  |  | 8,312 |  |  | 9,743 |  |  | 5,002 |
Interest component of rental expense |  |  | 1,524 |  |  | 1,608 |  |  | 1,467 |  |  | 1,415 |  |  | 1,403 |
Total fixed charges |  |  | 96,315 |  |  | 92,968 |  |  | 108,271 |  |  | 111,397 |  |  | 106,540 |
Preferred Unit distributions |  |  | 6,708 |  |  | 6,708 |  |  | 9,804 |  |  | 13,477 |  |  | 17,063 |
Total fixed charges and Preferred Unit distributions |  | $ | 103,023 |  | $ | 99,676 |  | $ | 118,075 |  | $ | 124,874 |  | $ | 123,603 |
Ratio of earnings to fixed charges |  |  | 1.74 |  |  | 1.45 |  |  | 1.28 |  |  | 1.28 |  |  | 1.23 |
Ratio of earnings to combined fixed charges and Preferred Unit distributions |  |  | 1.63 |  |  | 1.35 |  |  | 1.17 |  |  | 1.15 |  |  | 1.06 |