EX-12.1 3 a201410kex121.htm EXHIBIT 12.1 2014 10K EX 12.1
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,
 
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings Available for Fixed Charges
 
 
 
 
 
 
 
 
 
and Preferred Dividends:
 
 
 
 
 
 
 
 
 
Net loss
$
23,522

 
$
(2,594
)
 
$
(5,006
)
 
$
(2,238
)
 
$
(2,682
)
 
 
 
 
 
 
 
 
 
 
Plus fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense (including amortization of loan fees)
$
25,932

 
$
25,470

 
$
19,071

 
$
17,480

 
$
8,831

Capitalized interest and loan fees
6,938

 
4,562

 
1,461

 
189

 
165

Estimate of interest within rental expense
174

 
144

 
153

 
124

 
46

Fixed Charges
$
33,044

 
$
30,176

 
$
20,685

 
$
17,793

 
$
9,042

 
 
 
 
 
 
 
 
 
 
Plus:
 
 
 
 
 
 
 
 
 
Amortization of capitalized interest
$
232

 
$
115

 
$
73

 
$
73

 
$
73

Less:
 
 
 
 
 
 
 
 
 
Capitalized interest and loan fees
(6,938
)
 
(4,562
)
 
(1,461
)
 
(189
)
 
(165
)
Earnings
$
49,860

 
$
23,135

 
$
14,291

 
$
15,439

 
$
6,268

 
 
 
 
 
 
 
 
 
 
Combined Fixed Charges and
 
 
 
 
 
 
 
 
 
Preferred Dividends:
 
 
 
 
 
 
 
 
 
Fixed charges (from above)
$
33,044

 
$
30,176

 
$
20,685

 
$
17,793

 
$
9,042

Preferred dividends
12,785

 
12,924

 
12,924

 
8,108

 
817

Combined fixed charges and
preferred dividends:
$
45,829

 
$
43,100

 
$
33,609

 
$
25,901

 
$
9,859

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends
1.09

 
0.54

 
0.43

 
0.60

 
0.64

Deficiency
$
—

 
$
19,919

 
$
19,318

 
$
10,462

 
$
3,591