EXHIBIT 12.2
HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND PREFERRED UNIT DISTRIBUTIONS
(in millions, except ratio amounts)
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Income (loss) from operations before income taxes | $ | (12 | ) | $ | (159 | ) | $ | (235 | ) | $ | 375 | $ | 530 | |||||||
Add (deduct): | ||||||||||||||||||||
Fixed charges | 421 | 444 | 441 | 447 | 515 | |||||||||||||||
Capitalized interest | (4 | ) | (3 | ) | (5 | ) | (10 | ) | (10 | ) | ||||||||||
Amortization of capitalized interest | 7 | 7 | 6 | 6 | 6 | |||||||||||||||
Net (earnings)/losses related to certain 50% or less owned affiliates | (4 | ) | 1 | 32 | 10 | (11 | ) | |||||||||||||
Distributions from equity investments | — | 2 | 1 | 3 | 4 | |||||||||||||||
Dividends on preferred units | — | (4 | ) | (9 | ) | (9 | ) | (9 | ) | |||||||||||
Issuance costs of redeemed preferred units | — | (4 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted earnings | $ | 408 | $ | 284 | $ | 231 | $ | 822 | $ | 1,025 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Fixed charges: | ||||||||||||||||||||
Interest on indebtedness and amortization of deferred financing costs | $ | 371 | $ | 384 | $ | 379 | $ | 375 | $ | 444 | ||||||||||
Capitalized interest | 4 | 3 | 5 | 10 | 10 | |||||||||||||||
Dividends on preferred units | — | 4 | 9 | 9 | 9 | |||||||||||||||
Issuance costs of redeemed preferred units | — | 4 | — | — | — | |||||||||||||||
Portion of rents representative of the interest factor | 46 | 49 | 48 | 53 | 52 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total fixed charges and preferred unit distributions | $ | 421 | $ | 444 | $ | 441 | $ | 447 | $ | 515 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of earnings to fixed charges and preferred unit distributions | 1.8 | 2.0 | ||||||||||||||||||
Deficiency of earnings to fixed charges and preferred unit distributions | $ | (13 | ) | $ | (160 | ) | $ | (210 | ) | — | — | |||||||||
1
