Exhibit 12.1
HUDSON PACIFIC PROPERTIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED DIVIDENDS
(Unaudited; in thousands, except ratios)
Consolidated | Historical Combined | ||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Earnings Available for Fixed Charges | |||||||||||||||||||
and Preferred Dividends: | |||||||||||||||||||
Net loss | (5,006 | ) | (2,238 | ) | (2,682 | ) | (644 | ) | (2,622 | ) | |||||||||
Plus fixed charges: | |||||||||||||||||||
Interest expense (including amortization of loan fees) | 19,071 | 17,480 | 8,831 | 8,774 | 12,029 | ||||||||||||||
Capitalized interest and loan fees | 1,461 | 189 | 165 | 544 | 1,054 | ||||||||||||||
Estimate of interest within rental expense | 153 | 124 | 46 | 16 | 16 | ||||||||||||||
Fixed Charges | 20,685 | 17,793 | 9,042 | 9,334 | 13,099 | ||||||||||||||
Plus: | |||||||||||||||||||
Amortization of capitalized interest | 73 | 73 | 73 | 55 | 55 | ||||||||||||||
Less: | |||||||||||||||||||
Capitalized interest and loan fees | (1,461 | ) | (189 | ) | (165 | ) | (544 | ) | (1,054 | ) | |||||||||
Earnings | $ | 14,291 | $ | 15,439 | $ | 6,268 | $ | 8,201 | $ | 9,478 | |||||||||
Combined Fixed Charges and | |||||||||||||||||||
Preferred Dividends: | |||||||||||||||||||
Fixed charges (from above) | 20,685 | 17,793 | 9,042 | 9,334 | 13,099 | ||||||||||||||
Preferred dividends | 12,924 | 8,108 | 817 | — | — | ||||||||||||||
Combined fixed charges and preferred dividends: | $ | 33,609 | $ | 25,901 | $ | 9,859 | $ | 9,334 | $ | 13,099 | |||||||||
Ratio of earnings to combined fixed charges and preferred dividends | 0.43 | 0.60 | 0.64 | 0.88 | 0.72 | ||||||||||||||
Deficiency | $ | 19,341 | $ | 10,462 | $ | 3,591 | $ | 1,133 | $ | 3,621 |