Exhibit 12.1

HUDSON PACIFIC PROPERTIES, INC.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND

CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED DIVIDENDS

(Unaudited; in thousands, except ratios)

	Consolidated
	For the year ended December 31,
	2017			2016			2015			2014			2013
Earnings:
Net income (loss) from continuing operations before income from unconsolidated joint ventures		91,492			42,106			(16,082	)		23,686			1,415
Plus:
Fixed Charges (see below)		103,023			89,668			58,951			33,685			30,925
Distributions from unconsolidated entities		3,329			1,188			—			—			—
Amortization of capitalized interest		867			577			410			232			115
Less:
Capitalized interest		(10,655	)		(11,307	)		(6,516	)		(6,938	)		(4,562	)
Preferred distributions of consolidated subsidiaries		(636	)		(636	)		(636	)		(641	)		(749	)
Noncontrolling interest in income of subsidiaries that have not incurred fixed charges		(12,191	)		(9,577	)		(5,837	)		—			—
Total Earnings		175,229			112,019			30,290			50,024			27,144
Fixed Charges
Interest expense (including amortization of loan fees and discounts)		90,037			76,044			50,667			25,932			25,470
Capitalized interest		10,655			11,307			6,516			6,938			4,562
Preferred distributions of consolidated subsidiaries		636			636			636			641			749
Estimate of interest within rental expense		1,695			1,681			1,132			174			144
Total Fixed Charges		103,023			89,668			58,951			33,685			30,925
Preferred Dividends		—			—			11,469			12,144			12,144
Distributions on redemption of preferred units		—			—			5,970			—			—
Combined fixed charges and preferred dividends		103,023			89,668			76,390			45,829			43,069
Earnings to Fixed Charges
Ratio		1.70			1.25						1.49
Deficiency							$	28,661					$	3,781
Earnings to Combined Fixed Charges
Ratio		1.70			1.25						1.09
Deficiency							$	46,100					$	15,925