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 |
|
