Host Hotels & Resorts 10-Q 2005 Q2 Quarterly report

EXHIBIT 12.1

HOST MARRIOTT, L.P. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

	Year-to-date ended
	June 18, 2004			June 20, 2003
Income (loss) from continuing operations before income taxes	$	(30	)	$	(61	)
Add (deduct):
Fixed charges		291			272
Capitalized interest		(2	)		(1	)
Amortization of capitalized interest		3			3
Minority interest in consolidated affiliates		3			3
Net (gains) losses related to certain 50% or less owned affiliates		8			9
Distributions from equity investments		1			3
Distributions on preferred units		(19	)		(18	)
Adjusted earnings	$	255		$	210
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	249		$	232
Capitalized interest		2			1
Dividends on convertible preferred securities of subsidiary trust		—			—
Distributions on preferred units		19			18
Portion of rents representative of the interest factor		21			21
Total fixed charges and preferred unit distributions	$	291		$	272
Deficiency of earnings to fixed charges and preferred unit distributions(1)	$	(36	)	$	(62	)

⁽¹⁾ For year-to-date June 18, 2004 and June 20, 2003, deficiency of earnings to fixed charges and preferred stock dividends includes depreciation expense of $165 million for both periods, respectively.