EXHIBIT 12.1

HUDSON PACIFIC PROPERTIES, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

(Unaudited; in thousands, except ratios)

	Consolidated												Historical Combined
	For the year ended December 31,
	2014			2013			2012			2011			2010
Earnings Available for Fixed Charges and Preferred Dividends:
Net income (loss) from continuing operations	$	23,686		$	1,415		$	(5,457	)	$	(5,599	)	$	(3,954	)
Plus fixed charges:
Interest expense (including amortization of loan fees)	$	25,932		$	25,470		$	19,071		$	17,480		$	8,831
Series A preferred units		641			749			780			780			390
Capitalized interest and loan fees		6,938			4,562			1,461			189			165
Estimate of interest within rental expense		174			144			153			124			46
Fixed Charges	$	33,685		$	30,925		$	21,465		$	18,573		$	9,432
Plus:
Amortization of capitalized interest	$	232		$	115		$	73		$	73		$	73
Less:
Capitalized interest and loan fees		(6,938	)		(4,562	)		(1,461	)		(189	)		(165	)
Series A preferred units		(641	)		(749	)		(780	)		(780	)		(390	)
Earnings	$	50,024		$	27,144		$	13,840		$	12,078		$	4,996
Ratio of earnings to fixed charges		1.49			0.88			0.64			0.65			0.53
Fixed charges in excess of earnings	$	—		$	3,781		$	7,625		$	6,495		$	4,436
Combined Fixed Charges and Preferred Dividends:
Fixed charges (from above)	$	33,685		$	30,925		$	21,465		$	18,573		$	9,432
Preferred dividends		12,144			12,144			12,144			7,328			427
Combined fixed charges and preferred dividends:	$	45,829		$	43,069		$	33,609		$	25,901		$	9,859
Ratio of earnings to combined fixed charges and preferred dividends		1.09			0.63			0.41			0.47			0.51
Deficiency	$	—		$	15,925		$	19,769		$	13,823		$	4,863