Host Hotels & Resorts (HST) 10-K 2012 FY Annual report

EXHIBIT 12.1

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(in millions, except ratio amounts)

	2012			2011			2010			2009			2008
Income (loss) from operations before income taxes	$	44		$	(11	)	$	(158	)	$	(233	)	$	376
Add (deduct):
Fixed charges		428			421			443			440			446
Capitalized interest		(6	)		(4	)		(3	)		(5	)		(10	)
Amortization of capitalized interest		7			7			7			6			6
Net (earnings)/losses related to certain 50% or less owned affiliates		(2	)		(4	)		1			32			10
Distributions from equity investments		3			—			2			1			3
Dividends on preferred stock		—			—			(4	)		(9	)		(9	)
Issuance costs of redeemed preferred stock		—			—			(4	)		—			—
Adjusted earnings	$	474		$	409		$	284		$	232		$	822
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	373		$	371		$	383		$	378		$	374
Capitalized interest		6			4			3			5			10
Dividends on preferred stock		—			—			4			9			9
Issuance costs of redeemed preferred stock		—			—			4			—			—
Portion of rents representative of the interest factor		49			46			49			48			53
Total fixed charges and preferred stock dividends	$	428		$	421		$	443		$	440		$	446
Ratio of earnings to fixed charges and preferred stock dividends		1.1												1.8
Deficiency of earnings to fixed charges and preferred stock dividends		—		$	(12	)	$	(159	)	$	(208	)		—