EXHIBIT 12.1
HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND PREFERRED LIMITED PARTNER UNIT DISTRIBUTIONS
(in millions, except ratio amounts)
| Year-to-date Ended | Year Ended December 31, | |||||||||||||||||||||||||||
| September 8, 2006 | September 9, 2005 | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||||||||
Income (loss) from operations before income taxes | $ | 185 | $ | 96 | $ | 159 | $ | (91 | ) | $ | (264 | ) | $ | (87 | ) | $ | 3 | |||||||||||
Add (deduct): | ||||||||||||||||||||||||||||
Fixed charges | 350 | 378 | 526 | 575 | 607 | 578 | 570 | |||||||||||||||||||||
Capitalized interest | (2 | ) | (3 | ) | (5 | ) | (3 | ) | (2 | ) | (2 | ) | (8 | ) | ||||||||||||||
Amortization of capitalized interest | 4 | 4 | 6 | 6 | 6 | 6 | 7 | |||||||||||||||||||||
Minority interest in consolidated affiliates | 7 | 6 | 7 | 4 | 4 | 8 | 15 | |||||||||||||||||||||
Net (gains) losses related to certain 50% or less owned affiliates | 8 | 1 | 1 | 16 | 22 | 9 | (3 | ) | ||||||||||||||||||||
Distributions from equity investments | 3 | 2 | 2 | 6 | 3 | 6 | 9 | |||||||||||||||||||||
Distributions on preferred limited partner units | (12 | ) | (21 | ) | (27 | ) | (37 | ) | (37 | ) | (37 | ) | (32 | ) | ||||||||||||||
Issuance costs of redeemed preferred units units | (6 | ) | (4 | ) | (4 | ) | (4 | ) | — | — | — | |||||||||||||||||
Adjusted earnings | $ | 537 | $ | 459 | $ | 665 | $ | 472 | $ | 339 | $ | 481 | $ | 561 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest on indebtedness and amortization of deferred financing costs | $ | 298 | $ | 318 | $ | 444 | $ | 484 | $ | 521 | $ | 492 | $ | 484 | ||||||||||||||
Capitalized interest | 2 | 3 | 5 | 3 | 2 | 2 | 8 | |||||||||||||||||||||
Distributions on preferred limited partner units | 12 | 21 | 27 | 37 | 37 | 37 | 32 | |||||||||||||||||||||
Issuance costs of redeemed preferred units units | 6 | 4 | 4 | 4 | — | — | — | |||||||||||||||||||||
Portion of rents representative of the interest factor | 32 | 32 | 46 | 47 | 47 | 47 | 46 | |||||||||||||||||||||
Total fixed charges and preferred limited partner unit distributions | $ | 350 | $ | 378 | $ | 526 | $ | 575 | $ | 607 | $ | 578 | $ | 570 | ||||||||||||||
Ratio of earnings to fixed charges and preferred limited partner unit distributions | 1.5 | 1.2 | 1.3 | — | — | — | — | |||||||||||||||||||||
Deficiency of earnings to fixed charges and preferred limited partner unit distributions | — | — | — | $ | (103 | ) | $ | (268 | ) | $ | (97 | ) | $ | (9 | ) | |||||||||||||