Host Hotels & Resorts (HST) 10-K 2008 FY Annual report

EXHIBIT 12

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(in millions, except ratio amounts)

	2008			2007			2006			2005			2004
Income (loss) from operations before income taxes	$	399		$	549		$	296		$	136		$	(101	)
Add (deduct):
Fixed charges		413			493			526			525			574
Capitalized interest		(10	)		(10	)		(5	)		(5	)		(3	)
Amortization of capitalized interest		6			6			6			6			6
Minority interest in consolidated affiliates		21			32			41			16			4
Net (earnings)/losses related to certain 50% or less owned affiliates		10			(11	)		6			1			16
Distributions from equity investments		3			4			3			2			6
Dividends on preferred stock		(9	)		(9	)		(14	)		(27	)		(37	)
Issuance costs of redeemed preferred stock		—			—			(6	)		(4	)		(4	)
Adjusted earnings	$	833		$	1,054		$	853		$	650		$	461
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	341		$	422		$	450		$	443		$	483
Capitalized interest		10			10			5			5			3
Dividends on preferred stock		9			9			14			27			37
Issuance costs of redeemed preferred stock		—			—			6			4			4
Portion of rents representative of the interest factor		53			52			51			46			47
Total fixed charges and preferred stock dividends	$	413		$	493		$	526		$	525		$	574
Ratio of earnings to fixed charges and preferred stock dividends		2.0			2.1			1.6			1.2			—
Deficiency of earnings to fixed charges and preferred stock dividends	$	—		$	—		$	—		$	—		$	(113	)