EX-12.2 5 a201710kex122lpratio.htm EXHIBIT 12.2 Exhibit
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
)
 
—

 
—

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

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