Host Hotels & Resorts 10-Q 2008 Q3 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
	September 7, 2007			September 8, 2006
Income from continuing operations before income taxes	$	303		$	170
Add (deduct):
Fixed charges		359			350
Capitalized interest		(6	)		(2	)
Amortization of capitalized interest		4			4
Minority interest in consolidated affiliates		5			7
Equity in (earnings) losses related to certain 50% or less owned affiliates		(5	)		8
Distributions from equity investments		4			3
Distributions on preferred OP units		(6	)		(12	)
Issuance costs of redeemed preferred units		—			(6	)
Adjusted earnings	$	658		$	522
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	312		$	298
Capitalized interest		6			2
Distributions on preferred OP units		6			12
Portion of rents representative of the interest factor		35			32
Issuance costs of redeemed preferred units		—			6
Total fixed charges and preferred OP unit distributions	$	359		$	350
Ratio of earning to fixed charges and preferred OP unit distributions		1.8			1.5