EXHIBIT 12.1
HUDSON PACIFIC PROPERTIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(Unaudited; in thousands, except ratios)
| Consolidated | Historical Combined | |||||||||||||||||||
| For the year ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Earnings Available for Fixed Charges and Preferred Dividends: | ||||||||||||||||||||
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 | ||||||||||
Series A preferred units | 641 | 749 | 780 | 780 | 390 | |||||||||||||||
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 | $ | 33,685 | $ | 30,925 | $ | 21,465 | $ | 18,573 | $ | 9,432 | ||||||||||
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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 | ) | ||||||||||
Series A preferred units | (641 | ) | (749 | ) | (780 | ) | (780 | ) | (390 | ) | ||||||||||
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Earnings | $ | 50,024 | $ | 27,144 | $ | 13,840 | $ | 12,078 | $ | 4,996 | ||||||||||
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Ratio of earnings to fixed charges | 1.49 | 0.88 | 0.64 | 0.65 | 0.53 | |||||||||||||||
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Fixed charges in excess of earnings | $ | — | $ | 3,781 | $ | 7,625 | $ | 6,495 | $ | 4,436 | ||||||||||
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Combined Fixed Charges and Preferred Dividends: | ||||||||||||||||||||
Fixed charges (from above) | $ | 33,685 | $ | 30,925 | $ | 21,465 | $ | 18,573 | $ | 9,432 | ||||||||||
Preferred dividends | 12,144 | 12,144 | 12,144 | 7,328 | 427 | |||||||||||||||
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Combined fixed charges and preferred dividends: | $ | 45,829 | $ | 43,069 | $ | 33,609 | $ | 25,901 | $ | 9,859 | ||||||||||
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Ratio of earnings to combined fixed charges and preferred dividends | 1.09 | 0.63 | 0.41 | 0.47 | 0.51 | |||||||||||||||
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Deficiency | $ | — | $ | 15,925 | $ | 19,769 | $ | 13,823 | $ | 4,863 | ||||||||||
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