Exhibit 12.1
HOST MARRIOTT, L.P. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED LIMITED PARTNER UNIT DISTRIBUTIONS
(in millions, except ratio amounts)
| Quarter ended | ||||||||||||||||||||||||||||
March 25, 2005 | March 26, 2004 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||||||
Income (loss) from operations before income taxes | $ | (6 | ) | $ | (41 | ) | $ | (75 | ) | $ | (251 | ) | $ | (70 | ) | $ | 20 | $ | 22 | |||||||||
Add (deduct): | ||||||||||||||||||||||||||||
Fixed charges | 130 | 139 | 575 | 612 | 583 | 577 | 545 | |||||||||||||||||||||
Capitalized interest | (1 | ) | (1 | ) | (3 | ) | (2 | ) | (2 | ) | (8 | ) | (8 | ) | ||||||||||||||
Amortization of capitalized interest | 1 | 1 | 6 | 6 | 6 | 7 | 6 | |||||||||||||||||||||
Minority interest in consolidated affiliates | 4 | 6 | 4 | 4 | 8 | 15 | 29 | |||||||||||||||||||||
Net (gains) losses related to certain 50% or less owned affiliates | 4 | 5 | 17 | 22 | 9 | (3 | ) | (27 | ) | |||||||||||||||||||
Distributions from equity investments | 1 | — | 6 | 3 | 6 | 9 | 1 | |||||||||||||||||||||
Distributions on preferred limited partner units | (8 | ) | (9 | ) | (37 | ) | (37 | ) | (37 | ) | (32 | ) | (20 | ) | ||||||||||||||
Issuance costs of redeemed Class A preferred units | — | — | (4 | ) | — | — | — | — | ||||||||||||||||||||
Adjusted earnings | $ | 125 | $ | 100 | $ | 489 | $ | 357 | $ | 503 | $ | 585 | $ | 548 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest on indebtedness and amortization of deferred financing costs | $ | 109 | $ | 118 | $ | 484 | $ | 526 | $ | 497 | $ | 491 | $ | 470 | ||||||||||||||
Capitalized interest | 1 | 1 | 3 | 2 | 2 | 8 | 8 | |||||||||||||||||||||
Distributions on preferred limited partner units | 8 | 9 | 37 | 37 | 37 | 32 | 20 | |||||||||||||||||||||
Issuance costs of redeemed Class A preferred units | — | — | 4 | — | — | — | — | |||||||||||||||||||||
Portion of rents representative of the interest factor | 12 | 11 | 47 | 47 | 47 | 46 | 47 | |||||||||||||||||||||
Total fixed charges and preferred limited partner unit distributions | $ | 130 | $ | 139 | $ | 575 | $ | 612 | $ | 583 | $ | 577 | $ | 545 | ||||||||||||||
Ratio of earnings to fixed charges and preferred limited partner unit distributions | — | — | — | — | — | 1.01 | 1.01 | |||||||||||||||||||||
Deficiency of earnings to fixed charges and preferred limited partner unit distributions | $ | (5 | ) | $ | (39 | ) | $ | (86 | ) | $ | (255 | ) | $ | (80 | ) | — | — | |||||||||||