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 | ) | — | — | ||||||||||||||
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Adjusted earnings | $ | 474 | $ | 409 | $ | 284 | $ | 232 | $ | 822 | ||||||||||
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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 | |||||||||||||||
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Total fixed charges and preferred stock dividends | $ | 428 | $ | 421 | $ | 443 | $ | 440 | $ | 446 | ||||||||||
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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 | ) | $ | — | |||||||
