Exhibit 12.1
HUDSON PACIFIC PROPERTIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED DIVIDENDS
(Unaudited; in thousands, except ratios)
| Consolidated | |||||||||||||||||||
| For the year ended December 31, | |||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
| Earnings Available for Fixed Charges | |||||||||||||||||||
| and Preferred Dividends: | |||||||||||||||||||
| Net loss | $ | (16,082 | ) | $ | 23,522 | $ | (2,594 | ) | $ | (5,006 | ) | $ | (2,238 | ) | |||||
| Plus fixed charges: | |||||||||||||||||||
| Interest expense (including amortization of loan fees) | $ | 50,667 | $ | 25,932 | $ | 25,470 | $ | 19,071 | $ | 17,480 | |||||||||
| Capitalized interest and loan fees | 6,516 | 6,938 | 4,562 | 1,461 | 189 | ||||||||||||||
| Estimate of interest within rental expense | 1,134 | 174 | 144 | 153 | 124 | ||||||||||||||
| Distributions on redemption of series B preferred stock | 5,970 | — | — | — | — | ||||||||||||||
| Fixed Charges | $ | 64,287 | $ | 33,044 | $ | 30,176 | $ | 20,685 | $ | 17,793 | |||||||||
| Plus: | |||||||||||||||||||
| Amortization of capitalized interest | $ | 410 | $ | 232 | $ | 115 | $ | 73 | $ | 73 | |||||||||
| Less: | |||||||||||||||||||
| Capitalized interest and loan fees | (6,516 | ) | (6,938 | ) | (4,562 | ) | (1,461 | ) | (189 | ) | |||||||||
| Distributions on redemption of series B preferred stock | (5,970 | ) | — | — | — | — | |||||||||||||
| Earnings | $ | 36,129 | $ | 49,860 | $ | 23,135 | $ | 15,067 | $ | 15,835 | |||||||||
| Combined Fixed Charges and | |||||||||||||||||||
| Preferred Dividends: | |||||||||||||||||||
| Fixed charges (from above) | $ | 64,287 | $ | 33,044 | $ | 30,176 | $ | 21,000 | $ | 18,000 | |||||||||
| Preferred dividends | 12,105 | 12,785 | 12,893 | 12,924 | 8,108 | ||||||||||||||
Combined fixed charges and preferred dividends: | $ | 76,392 | $ | 45,829 | $ | 43,069 | $ | 33,924 | $ | 26,108 | |||||||||
| Ratio of earnings to combined fixed charges and preferred dividends | 0.47 | 1.09 | 0.54 | 0.44 | 0.62 | ||||||||||||||
| Deficiency | $ | 40,263 | $ | — | $ | 19,919 | $ | 19,318 | $ | 10,462 | |||||||||