EXHIBIT 12
                      HIGHWOODS REALTY LIMITED PARTNERSHIP


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



<TABLE>
<CAPTION>
                                               NINE MONTHS ENDED
                                              SEPTEMBER 30, 1998       1997
                                             -------------------- -------------
<S>                                          <C>                  <C>
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



<CAPTION>
                                                 1996         1995         1994         1993
                                             ------------ ------------ ------------ -----------
<S>                                          <C>          <C>          <C>          <C>
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
</TABLE>

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