Host Hotels & Resorts 10-Q 2008 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 15, 2007			June 16, 2006
Income from continuing operations before income taxes	$	209		$	143
Add (deduct):
Fixed charges		262			237
Capitalized interest		(4	)		(2	)
Amortization of capitalized interest		3			3
Minority interest in consolidated affiliates		4			7
Equity in (earnings) losses related to certain 50% or less owned affiliates		(5	)		5
Distributions from equity investments		2			2
Distributions on preferred OP units		(4	)		(10	)
Issuance costs of redeemed preferred units		—			(6	)
Adjusted earnings	$	467		$	379
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	230		$	198
Capitalized interest		4			2
Distributions on preferred OP units		4			10
Portion of rents representative of the interest factor		24			21
Issuance costs of redeemed preferred units		—			6
Total fixed charges and preferred OP unit distributions	$	262		$	237
Ratio of earning to fixed charges and preferred OP unit distributions		1.8			1.6