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 |