Host Hotels & Resorts (HST) 10-Q 2005 Q3 Quarterly report

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(in millions, except ratio amounts)

	Year-to-date ended
	September 9, 2005			September 10, 2004
Income (loss) from continuing operations before income taxes	$	102		$	(91	)
Add (deduct):
Fixed charges		377			423
Capitalized interest		(3	)		(2	)
Amortization of capitalized interest		4			4
Minority interest in consolidated affiliates		12			(2	)
Net losses related to certain 50% or less owned affiliates		1			12
Distributions from equity investments		2			2
Dividends on preferred stock		(21	)		(28	)
Issuance costs of redeemed preferred stock		(4	)		(4	)
Adjusted earnings	$	470		$	314
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	317		$	356
Capitalized interest		3			2
Dividends on preferred stock		21			28
Portion of rents representative of the interest factor		32			33
Issuance costs of redeemed preferred stock		4			4
Total fixed charges and preferred stock dividends	$	377		$	423
Ratio of earning to fixed charges and preferred stock dividends		1.2			—
Deficiency of earnings to fixed charges and preferred stock dividends	$	—		$	(109	)