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EXHIBIT 12.1
HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(in millions, except ratio amounts)
|
| 2014 |
|
| 2013 |
|
| 2012 |
|
| 2011 |
|
| 2010 |
| |||||
Income from continuing operations before income taxes |
| $ | 761 |
|
| $ | 231 |
|
| $ | 23 |
|
| $ | (28 | ) |
| $ | (168 | ) |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
|
| 247 |
|
|
| 337 |
|
|
| 428 |
|
|
| 421 |
|
|
| 442 |
|
Capitalized interest |
|
| (7 | ) |
|
| (6 | ) |
|
| (6 | ) |
|
| (4 | ) |
|
| (3 | ) |
Amortization of capitalized interest |
|
| 10 |
|
|
| 6 |
|
|
| 7 |
|
|
| 7 |
|
|
| 7 |
|
Distributions from equity investments |
|
| — |
|
|
| — |
|
|
| 3 |
|
|
| — |
|
|
| 2 |
|
Dividends on preferred stock |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (4 | ) |
Issuance costs of redeemed preferred stock |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (4 | ) |
Equity in earnings related to equity method investees |
|
| (26 | ) |
|
| 17 |
|
|
| (2 | ) |
|
| (4 | ) |
|
| 1 |
|
Adjusted earnings |
| $ | 985 |
|
| $ | 585 |
|
| $ | 453 |
|
| $ | 392 |
|
| $ | 273 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on indebtedness and amortization of deferred financing costs |
| $ | 214 |
|
| $ | 304 |
|
| $ | 373 |
|
| $ | 371 |
|
| $ | 382 |
|
Capitalized interest |
|
| 7 |
|
|
| 6 |
|
|
| 6 |
|
|
| 4 |
|
|
| 3 |
|
Dividends on preferred stock |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 4 |
|
Issuance costs of redeemed preferred stock |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 4 |
|
Portion of rents representative of the interest factor |
|
| 26 |
|
|
| 27 |
|
|
| 49 |
|
|
| 46 |
|
|
| 49 |
|
Total fixed charges and preferred stock dividends |
| $ | 247 |
|
| $ | 337 |
|
| $ | 428 |
|
| $ | 421 |
|
| $ | 442 |
|
Ratio of earnings to fixed charges and preferred stock dividends |
|
| 4.0 |
|
|
| 1.7 |
|
|
| 1.1 |
|
|
|
|
|
|
|
|
|
Deficiency of earnings to fixed charges and preferred stock dividends |
|
| — |
|
|
| — |
|
|
| — |
|
| $ | (29 | ) |
| $ | (169 | ) |