Exhibit 12.1



Highwoods Realty Limited Partnership

Ratio of Earnings to Fixed Charges

and Ratio of Earnings to Combined Fixed

Charges and Preferred Stock Dividends



|                                                                             |  |                                  |      |                         |      |         |      |         |      |         |      |        
|---------------------------------------------------------------------------- |  | -------------------------------- | ---- | ----------------------- | ---- | ------- | ---- | ------- | ---- | ------- | ---- | -------
|                                                                             |  | Three MonthsEnded March 31, 2004 |      | Year Ended December 31,
|                                                                             |  |                                  | 2003 |                         | 2002 |         | 2001 |         | 2000 |         | 1999
|Earnings:                                                                    |  |                                  |      |                         |      |         |      |         |      |         |      |        
|Income from continuing operations                                            |  | 2,239                            |      | 26,807                  |      | 69,578  |      | 122,615 |      | 126,843 |      | 141,653
|Interest expense                                                             |  | 26,008                           |      | 110,832                 |      | 108,881 |      | 103,182 |      | 111,015 |      | 115,903
|Amortization of deferred financing costs                                     |  | 855                              |      | 3,078                   |      | 1,394   |      | 2,005   |      | 2,512   |      | 2,823  
|                                                                             |  |                                  |      |                         |      |         |      |         |      |         |      |        
|Total earnings                                                               |  | 29,102                           |      | 140,717                 |      | 179,853 |      | 227,802 |      | 240,370 |      | 260,379
|                                                                             |  |                                  |      |                         |      |         |      |         |      |         |      |        
|Fixed charges and preferred unit distributions:                              |  |                                  |      |                         |      |         |      |         |      |         |      |        
|Interest expense                                                             |  | 26,008                           |      | 110,832                 |      | 108,881 |      | 103,182 |      | 111,015 |      | 115,903
|Interest capitalized                                                         |  | 115                              |      | 1,195                   |      | 7,017   |      | 16,947  |      | 23,669  |      | 29,147 
|Amortization of deferred financing costs                                     |  | 855                              |      | 3,078                   |      | 1,394   |      | 2,005   |      | 2,512   |      | 2,823  
|                                                                             |  |                                  |      |                         |      |         |      |         |      |         |      |        
|Total fixed charges                                                          |  | 26,978                           |      | 115,105                 |      | 117,292 |      | 122,134 |      | 137,196 |      | 147,873
|                                                                             |  |                                  |      |                         |      |         |      |         |      |         |      |        
|Preferred unit distributions                                                 |  | 7,713                            |      | 30,852                  |      | 30,852  |      | 31,500  |      | 32,580  |      | 32,580 
|                                                                             |  |                                  |      |                         |      |         |      |         |      |         |      |        
|Total fixed charges and preferred unit distributions                         |  | 34,691                           |      | 145,957                 |      | 148,144 |      | 153,634 |      | 169,776 |      | 180,453
|                                                                             |  |                                  |      |                         |      |         |      |         |      |         |      |        
|Ratio of earnings to fixed charges                                           |  | 1.08                             |      | 1.22                    |      | 1.53    |      | 1.87    |      | 1.75    |      | 1.76   
|Ratio of earnings to combined fixed charges and preferred unit distributions |  | 0.84                             |      | 0.96                    |      | 1.21    |      | 1.48    |      | 1.42    |      | 1.44