EX-12.1 3 hpp20121231ex121.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES & PREFERRED DIVIDEND HPP 2012.12.31 EX 12.1
Exhibit 12.1

HUDSON PACIFIC PROPERTIES

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

 
Consolidated
 
Historical Combined
 
For the year ended December 31,
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings Available for Fixed Charges
 
 
 
 
 
 
 
 
 
and Preferred Dividends:
 
 
 
 
 
 
 
 
 
Net loss
(5,006
)
 
(2,238
)
 
(2,682
)
 
(644
)
 
(2,622
)
 
 
 
 
 
 
 
 
 
 
Plus fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense (including amortization of loan fees)
19,071

 
17,480

 
8,831

 
8,774

 
12,029

Capitalized interest and loan fees
1,461

 
189

 
165

 
544

 
1,054

Estimate of interest within rental expense
153

 
124

 
46

 
16

 
16

Fixed Charges
20,685

 
17,793

 
9,042

 
9,334

 
13,099

 
 
 
 
 
 
 
 
 
 
Plus:
 
 
 
 
 
 
 
 
 
Amortization of capitalized interest
73

 
73

 
73

 
55

 
55

Less:
 
 
 
 
 
 
 
 
 
Capitalized interest and loan fees
(1,461
)
 
(189
)
 
(165
)
 
(544
)
 
(1,054
)
Earnings
$
14,291

 
$
15,439

 
$
6,268

 
$
8,201

 
$
9,478

 
 
 
 
 
 
 
 
 
 
Combined Fixed Charges and
 
 
 
 
 
 
 
 
 
Preferred Dividends:
 
 
 
 
 
 
 
 
 
Fixed charges (from above)
20,685

 
17,793

 
9,042

 
9,334

 
13,099

Preferred dividends
12,924

 
8,108

 
817

 
—

 
—

Combined fixed charges and
preferred dividends:
$
33,609

 
$
25,901

 
$
9,859

 
$
9,334

 
$
13,099

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends
0.43

 
0.60

 
0.64

 
0.88

 
0.72

Deficiency
$
19,341

 
$
10,462

 
$
3,591

 
$
1,133

 
$
3,621