EX-12.1 3 exhibit121.htm Ex. 12.1
Exhibit 12.1

HUDSON PACIFIC PROPERTIES

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED DIVIDENDS
(Unaudited; in thousands, expect ratios)

 
Consolidated
 
Historical Combined
 
For the year ended December 31,
 
2011
 
2010
 
2009
 
2008
 
2007
Earnings Available for Fixed Charges
 
 
 
 
 
 
 
 
 
and Preferred Dividends:
 
 
 
 
 
 
 
 
 
Net loss
(2,238
)
 
(2,682
)
 
(644
)
 
(2,622
)
 
(4,014
)
 
 
 
 
 
 
 
 
 
 
Plus fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense (including amortization of loan fees)
17,480

 
8,831

 
8,792

 
12,029

 
6,096

Capitalized interest and loan fees
189

 
165

 
544

 
1,054

 
1,075

Estimate of interest within rental expense
124

 
46

 
16

 
16

 
6

Fixed Charges
17,793

 
9,042

 
9,352

 
13,099

 
7,177

 
 
 
 
 
 
 
 
 
 
Plus:
 
 
 
 
 
 
 
 
 
Amortization of capitalized interest
73

 
73

 
55

 
55

 
—

Less:
 
 
 
 
 
 
 
 
 
Capitalized interest and loan fees
(189
)
 
(165
)
 
(544
)
 
(1,054
)
 
(1,075
)
Earnings
$
15,439

 
$
6,268

 
$
8,219

 
$
9,478

 
$
2,088

 
 
 
 
 
 
 
 
 
 
Combined Fixed Charges and
 
 
 
 
 
 
 
 
 
Preferred Dividends:
 
 
 
 
 
 
 
 
 
Fixed charges (from above)
17,793

 
9,042

 
9,352

 
13,099

 
7,177

Preferred dividends
8,108

 
817

 
—

 
—

 
—

Combined fixed charges and
preferred dividends:
$
25,901

 
$
9,859

 
$
9,352

 
$
13,099

 
$
7,177

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends
0.60

 
0.64

 
0.88

 
0.72

 
0.29

Deficiency
$
10,462

 
$
3,591

 
$
1,133

 
$
3,621

 
$
5,089