EX-12.2 6 d547931dex122.htm EX-12.2 EX-12.2

Exhibit 12.2

HUDSON PACIFIC PROPERTIES, L.P.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(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)

      102,387       89,032       58,315       33,044       30,176  

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

      (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  

Estimate of interest within rental expense

      1,695       1,681       1,132       174       144  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

    $ 102,387     $ 89,032     $ 58,315     $ 33,044     $ 30,176  

Earnings to Fixed Charges

           

Ratio

      1.71       1.26         1.51    

Deficiency

        $ 28,025       $ 3,032