Host Hotels & Resorts (HST) 10-Q 2006 Q2 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
	June 16, 2006			June 17, 2005
Income (loss) from continuing operations before income taxes	$	133		$	113
Add (deduct):
Fixed charges		237			265
Capitalized interest		(2	)		(2	)
Amortization of capitalized interest		3			3
Minority interest in consolidated affiliates		29			12
Equity in (earnings) losses related to certain 50% or less owned affiliates		5			1
Distributions from equity investments		2			1
Dividends on preferred stock		(10	)		(15	)
Issuance costs of redeemed preferred stock		(6	)		(4	)
Adjusted earnings	$	391		$	374
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	198		$	223
Capitalized interest		2			2
Dividends on preferred stock		10			15
Portion of rents representative of the interest factor		21			21
Issuance costs of redeemed preferred stock		6			4
Total fixed charges and preferred stock dividends	$	237		$	265
Ratio of earning to fixed charges and preferred stock dividends		1.6			1.4