Host Hotels & Resorts 10-Q 2006 Q2 Quarterly report

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED OP UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

	Year-to-date ended
	June 17, 2005			June 18, 2004
Income (loss) from continuing operations before income taxes	$	128		$	(35	)
Add (deduct):
Fixed charges		267			292
Capitalized interest		(2	)		(2	)
Amortization of capitalized interest		3			3
Minority interest in consolidated affiliates		6			3
Net losses related to certain 50% or less owned affiliates		1			8
Distributions from equity investments		1			1
Distributions on preferred OP units		(16	)		(20	)
Issuance costs of redeemed Class B preferred OP units		(4	)		—
Adjusted earnings	$	384		$	250
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	224		$	249
Capitalized interest		2			2
Distributions on preferred OP units		16			20
Portion of rents representative of the interest factor		21			21
Issuance costs of redeemed Class B preferred OP units		4			—
Total fixed charges and preferred OP unit distributions	$	267		$	292
Ratio of earning to fixed charges and preferred OP unit distributions		1.4			—
Deficiency of earnings to fixed charges and preferred OP unit distributions	$	—		$	(42	)