EXHIBIT 12.2
HUDSON PACIFIC PROPERTIES, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited; in thousands, except ratios)
Consolidated | Historical Combined | |||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Earnings Available for Fixed Charges: | ||||||||||||||||||||
Net income (loss) from continuing operations | $ | 23,686 | $ | 1,415 | $ | (5,457 | ) | $ | (5,599 | ) | $ | (3,954 | ) | |||||||
Plus fixed charges: | ||||||||||||||||||||
Interest expense (including amortization of loan fees) | $ | 25,932 | $ | 25,470 | $ | 19,071 | $ | 17,480 | $ | 8,831 | ||||||||||
Capitalized interest and loan fees | 6,938 | 4,562 | 1,461 | 189 | 165 | |||||||||||||||
Estimate of interest within rental expense | 174 | 144 | 153 | 124 | 46 | |||||||||||||||
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Fixed Charges | $ | 33,044 | $ | 30,176 | $ | 20,685 | $ | 17,793 | $ | 9,042 | ||||||||||
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Plus: | ||||||||||||||||||||
Amortization of capitalized interest | $ | 232 | $ | 115 | $ | 73 | $ | 73 | $ | 73 | ||||||||||
Less: | ||||||||||||||||||||
Capitalized interest and loan fees | (6,938 | ) | (4,562 | ) | (1,461 | ) | (189 | ) | (165 | ) | ||||||||||
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Earnings | $ | 50,024 | $ | 27,144 | $ | 13,840 | $ | 12,078 | $ | 4,996 | ||||||||||
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Ratio of earnings to combined fixed charges | 1.51 | 0.90 | 0.67 | 0.68 | 0.55 | |||||||||||||||
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Deficiency | $ | — | $ | 3,032 | $ | 6,845 | $ | 5,715 | $ | 4,046 | ||||||||||
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