EXHIBIT 12.1
HUDSON PACIFIC PROPERTIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED DIVIDENDS
(Unaudited; in thousands, except ratios)
Historical Consolidated Three Months Ended March 31, 2014 | Historical Consolidated | Historical Combined | ||||||||||||||||||||||
For the year ended December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Earnings Available for Fixed Charges and Preferred Dividends: | ||||||||||||||||||||||||
Net loss | $ | 4,533 | $ | (2,594 | ) | $ | (5,006 | ) | $ | (2,238 | ) | $ | (2,682 | ) | $ | (644 | ) | |||||||
Plus fixed charges: | ||||||||||||||||||||||||
Interest expense (including amortization of loan fees) | $ | 6,524 | $ | 25,470 | $ | 19,071 | $ | 17,480 | $ | 8,831 | $ | 8,774 | ||||||||||||
Capitalized interest and loan fees | 1,580 | 4,562 | 1,461 | 189 | 165 | 544 | ||||||||||||||||||
Estimate of interest within rental expense | 48 | 144 | 153 | 124 | 46 | 16 | ||||||||||||||||||
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Fixed Charges | $ | 8,152 | $ | 30,176 | $ | 20,685 | $ | 17,793 | $ | 9,042 | $ | 9,334 | ||||||||||||
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Plus: | ||||||||||||||||||||||||
Amortization of capitalized interest | $ | 58 | $ | 115 | $ | 73 | $ | 73 | $ | 73 | $ | 55 | ||||||||||||
Less: | ||||||||||||||||||||||||
Capitalized interest and loan fees | (1,580 | ) | (4,562 | ) | (1,461 | ) | (189 | ) | (165 | ) | (544 | ) | ||||||||||||
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Earnings | $ | 11,163 | $ | 23,135 | $ | 14,291 | $ | 15,439 | $ | 6,268 | $ | 8.201 | ||||||||||||
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Combined Fixed Charges and Preferred Dividends: | ||||||||||||||||||||||||
Fixed charges (from above) | $ | 8,152 | $ | 30,176 | $ | 20,685 | $ | 17,793 | $ | 9,042 | $ | 9,334 | ||||||||||||
Preferred dividends | 3,200 | 12,893 | 12,924 | 8,108 | 817 | — | ||||||||||||||||||
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Combined fixed charges and preferred dividends: | $ | 11,352 | $ | 43,069 | $ | 33,609 | $ | 25,901 | $ | 9,859 | $ | 9,334 | ||||||||||||
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Ratio of earnings to combined fixed charges and preferred dividends | 0.98 | 0.54 | 0.43 | 0.60 | 0.64 | 0.88 | ||||||||||||||||||
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Deficiency | $ | 189 | $ | 19.919 | $ | 19,318 | $ | 10,462 | $ | 3,591 | $ | 1,133 | ||||||||||||
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