EX-12.1 3 a201610kex121computationof.htm EXHIBIT 12.1
Exhibit 12.1
HUDSON PACIFIC PROPERTIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED DIVIDENDS
(Unaudited; in thousands, except ratios)

| Consolidated
| For the year ended December 31,
| 2016 |  | 2015 |  | 2014 |  | 2013 |  | 2012
Earnings Available for Fixed Charges and Preferred Dividends: |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 43,758 |  |  | $ | (16,082 | ) |  | $ | 23,522 |  |  | $ | (2,594 | ) |  | $ | (5,006 | )
Plus fixed charges: |  |  |  |  |  |  |  |  |
Interest expense (including amortization of loan fees) | 76,044 |  |  | 50,667 |  |  | 25,932 |  |  | 25,470 |  |  | 19,071 |
Capitalized interest and loan fees | 11,307 |  |  | 6,516 |  |  | 6,938 |  |  | 4,562 |  |  | 1,461 |
Estimate of interest within rental expense | 1,769 |  |  | 1,134 |  |  | 174 |  |  | 144 |  |  | 153 |
Distributions on redemption of Series B preferred stock | — |  |  | 5,970 |  |  | — |  |  | — |  |  | — |
Fixed Charges | 89,120 |  |  | 64,287 |  |  | 33,044 |  |  | 30,176 |  |  | 20,685 |
Plus: |  |  |  |  |  |  |  |  |
Amortization of capitalized interest | 577 |  |  | 410 |  |  | 232 |  |  | 115 |  |  | 73 |
Less: |  |  |  |  |  |  |  |  |
Capitalized interest and loan fees | (11,307 | ) |  | (6,516 | ) |  | (6,938 | ) |  | (4,562 | ) |  | (1,461 | )
Distributions on redemption of Series B preferred stock | — |  |  | (5,970 | ) |  | — |  |  | — |  |  | — |
Earnings | $ | 122,148 |  |  | $ | 36,129 |  |  | $ | 49,860 |  |  | $ | 23,135 |  |  | $ | 14,291 |
Combined Fixed Charges and Preferred Dividends: |  |  |  |  |  |  |  |  |
Fixed charges (from above) | $ | 89,120 |  |  | $ | 64,287 |  |  | $ | 33,044 |  |  | $ | 30,176 |  |  | $ | 20,685 |
Preferred dividends | 636 |  |  | 12,105 |  |  | 12,785 |  |  | 12,893 |  |  | 12,924 |
Combined fixed charges and preferred dividends: | 89,756 |  |  | 76,392 |  |  | 45,829 |  |  | 43,069 |  |  | 33,609 |
Ratio of earnings to combined fixed charges and preferred dividends | 1.36 |  |  | 0.47 |  |  | 1.09 |  |  | 0.54 |  |  | 0.43 |
Deficiency | $ | — |  |  | $ | 40,263 |  |  | $ | — |  |  | $ | 19,934 |  |  | $ | 19,318 |