Exhibit 12.1
Sunstone Hotel Investors, Inc.
Statement Regarding Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(in thousands, except ratio amounts)
| Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 | Year Ended December 31, 2008 | ||||||||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 16,342 | $ | (8,123 | ) | $ | 1,147 | $ | 40,846 | $ | (30,689 | ) | $ | (14,506 | ) | $ | 17,334 | |||||||||||
Continuing operations: | ||||||||||||||||||||||||||||
Equity in net (earnings) losses of unconsolidated joint ventures | — | — | — | (21 | ) | (555 | ) | 27,801 | 1,445 | |||||||||||||||||||
Distributions from unconsolidated joint ventures | — | — | — | — | 900 | 500 | 5,675 | |||||||||||||||||||||
Interest expense and amortization of deferred financing fees | 53,540 | 58,100 | 76,821 | 74,195 | 58,931 | 62,137 | 69,203 | |||||||||||||||||||||
Interest portion of rental expense | 4,856 | 4,951 | 6,602 | 6,125 | 3,218 | 3,226 | 3,235 | |||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing fees | 99 | 6,103 | 6,490 | 9,337 | 29,071 | 37,100 | 32,591 | |||||||||||||||||||||
Interest portion of rental expense | — | — | — | — | 133 | 163 | 165 | |||||||||||||||||||||
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Total earnings | $ | 74,837 | $ | 61,031 | $ | 91,060 | $ | 130,482 | $ | 61,009 | $ | 116,421 | $ | 129,648 | ||||||||||||||
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Combined Fixed Charges and Preferred Stock Dividends: | ||||||||||||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing fees | $ | 53,540 | $ | 58,100 | $ | 76,821 | $ | 74,195 | $ | 58,931 | $ | 62,137 | $ | 69,203 | ||||||||||||||
Interest portion of rental expense | 4,856 | 4,951 | 6,602 | 6,125 | 3,218 | 3,226 | 3,235 | |||||||||||||||||||||
Preferred stock dividends and redemption charges | 16,713 | 22,311 | 29,748 | 27,321 | 20,652 | 20,749 | 20,884 | |||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing fees | 99 | 6,103 | 6,490 | 9,337 | 29,071 | 37,100 | 32,591 | |||||||||||||||||||||
Interest portion of rental expense | — | — | — | — | 133 | 163 | 165 | |||||||||||||||||||||
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Total combined fixed charges and preferred stock dividends | $ | 75,208 | $ | 91,465 | $ | 119,661 | $ | 116,978 | $ | 112,005 | $ | 123,375 | $ | 126,078 | ||||||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividends | — | — | — | 1.12 | — | — | 1.03 | |||||||||||||||||||||
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Deficiency of earnings to combined fixed charges and preferred stock dividends | $ | (371 | ) | $ | (30,434 | ) | $ | (28,601 | ) | $ | — | $ | (50,996 | ) | $ | (6,954 | ) | $ | — | |||||||||
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