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)
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Income (loss) from operations before income taxes | $ | 580 | $ | 761 | $ | 231 | $ | 23 | $ | (28 | ) | |||||||||
Add (deduct): | ||||||||||||||||||||
Fixed charges | 265 | 247 | 337 | 428 | 421 | |||||||||||||||
Capitalized interest | (5 | ) | (7 | ) | (6 | ) | (6 | ) | (4 | ) | ||||||||||
Amortization of capitalized interest | 7 | 10 | 6 | 7 | 7 | |||||||||||||||
Distributions from equity investments | 17 | — | — | 3 | — | |||||||||||||||
Equity in earnings related to equity method investees | (70 | ) | (26 | ) | 17 | (2 | ) | (4 | ) | |||||||||||
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Adjusted earnings | $ | 794 | $ | 985 | $ | 585 | $ | 453 | $ | 392 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest on indebtedness and amortization of deferred financing costs | $ | 234 | $ | 214 | $ | 304 | $ | 373 | $ | 371 | ||||||||||
Capitalized interest | 5 | 7 | 6 | 6 | 4 | |||||||||||||||
Portion of rents representative of the interest factor | 26 | 26 | 27 | 49 | 46 | |||||||||||||||
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Total fixed charges and preferred stock dividends | $ | 265 | $ | 247 | $ | 337 | $ | 428 | $ | 421 | ||||||||||
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Ratio of earnings to fixed charges and preferred stock dividends | 3.0 | 4.0 | 1.7 | 1.1 | ||||||||||||||||
Deficiency of earnings to fixed charges and preferred stock dividends | $ | — | $ | — | $ | — | $ | — | $ | (29 | ) | |||||||||
