Hudson Pacific Properties (HPP) 10-K 2013 FY Annual report

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,
	2013			2012			2011			2010			2009
Earnings Available for Fixed Charges
and Preferred Dividends:
Net loss	$	(2,594	)	$	(5,006	)	$	(2,238	)	$	(2,682	)	$	(644	)
Plus fixed charges:
Interest expense (including amortization of loan fees)	$	25,470		$	19,071		$	17,480		$	8,831		$	8,774
Capitalized interest and loan fees	4,562			1,461			189			165			544
Estimate of interest within rental expense	144			153			124			46			16
Fixed Charges	$	30,176		$	20,685		$	17,793		$	9,042		$	9,334
Plus:
Amortization of capitalized interest	$	115		$	73		$	73		$	73		$	55
Less:
Capitalized interest and loan fees	(4,562		)	(1,461		)	(189		)	(165		)	(544		)
Earnings	$	23,135		$	14,291		$	15,439		$	6,268		$	8,201
Combined Fixed Charges and
Preferred Dividends:
Fixed charges (from above)	$	30,176		$	20,685		$	17,793		$	9,042		$	9,334
Preferred dividends	12,893			12,924			8,108			817			—
Combined fixed charges and preferred dividends:	$	43,069		$	33,609		$	25,901		$	9,859		$	9,334
Ratio of earnings to combined fixed charges and preferred dividends	0.54			0.43			0.60			0.64			0.88
Deficiency	$	19,919		$	19,318		$	10,462		$	3,591		$	1,133