EX-12.1 2 dex121.htm EXHIBIT 12.1 EXHIBIT 12.1

EXHIBIT 12.1

 

HOST MARRIOTT, L.P. AND SUBSIDIARIES

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

 

     Year-to-date ended
  
    

June 18,

2004

    

June 20,

2003

  

Income (loss) from continuing operations before income taxes

    $ (30 )   $ (61 )

Add (deduct):

                 

Fixed charges

      291       272  

Capitalized interest

      (2 )     (1 )

Amortization of capitalized interest

      3       3  

Minority interest in consolidated affiliates

      3       3  

Net (gains) losses related to certain 50% or less owned affiliates

      8       9  

Distributions from equity investments

      1       3  

Distributions on preferred units

      (19 )     (18 )
    
 

Adjusted earnings

    $ 255     $ 210  
    
 

Fixed charges:

                 

Interest on indebtedness and amortization of deferred financing costs

    $ 249     $ 232  

Capitalized interest

      2       1  

Dividends on convertible preferred securities of subsidiary trust

      —       —    

Distributions on preferred units

      19       18  

Portion of rents representative of the interest factor

      21       21  
    
 

Total fixed charges and preferred unit distributions

    $ 291     $ 272  
    
 

Deficiency of earnings to fixed charges and preferred unit distributions (1)

    $ (36 )   $ (62 )
    
 

 

(1) For year-to-date June 18, 2004 and June 20, 2003, deficiency of earnings to fixed charges and preferred stock dividends includes depreciation expense of $165 million for both periods, respectively.