Exhibit 12.2
HUDSON PACIFIC PROPERTIES, L.P.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited; in thousands, except ratios)
Consolidated | ||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Net income (loss) from continuing operations before income from unconsolidated joint ventures | $ | 91,492 | $ | 42,106 | $ | (16,082 | ) | $ | 23,686 | $ | 1,415 | |||||||||
Plus: | ||||||||||||||||||||
Fixed Charges (see below) | 102,387 | 89,032 | 58,315 | 33,044 | 30,176 | |||||||||||||||
Distributions from unconsolidated entities | 3,329 | 1,188 | — | — | — | |||||||||||||||
Amortization of capitalized interest | 867 | 577 | 410 | 232 | 115 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | (10,655 | ) | (11,307 | ) | (6,516 | ) | (6,938 | ) | (4,562 | ) | ||||||||||
Preferred distributions of consolidated subsidiaries | (12,191 | ) | (9,577 | ) | (5,837 | ) | — | — | ||||||||||||
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Total Earnings | $ | 175,229 | $ | 112,019 | $ | 30,290 | $ | 50,024 | $ | 27,144 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Interest expense (including amortization of loan fees and discounts) | 90,037 | 76,044 | 50,667 | 25,932 | 25,470 | |||||||||||||||
Capitalized interest | 10,655 | 11,307 | 6,516 | 6,938 | 4,562 | |||||||||||||||
Estimate of interest within rental expense | 1,695 | 1,681 | 1,132 | 174 | 144 | |||||||||||||||
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Total Fixed Charges | $ | 102,387 | $ | 89,032 | $ | 58,315 | $ | 33,044 | $ | 30,176 | ||||||||||
Earnings to Fixed Charges | ||||||||||||||||||||
Ratio | 1.71 | 1.26 | 1.51 | |||||||||||||||||
Deficiency | $ | 28,025 | $ | 3,032 |