Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Hudson Pacific Properties, Inc. | d426407d8k.htm |
Exhibit 99.1
HUDSON PACIFIC PROPERTIES, INC.
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED DIVIDENDS
(Unaudited; in thousands, except ratios)
| Consolidated | ||||||||||||||||||||||||
| Six months ended June 30, 2017 |
For the year ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
| Earnings |
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| Net income (loss) from continuing operations before income from unconsolidated joint ventures |
$ | 29,703 | $ | 42,106 | $ | (16,082 | ) | $ | 23,686 | $ | 1,415 | $ | (5,457 | ) | ||||||||||
| Plus: |
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| Fixed charges (see below) |
$ | 49,740 | $ | 89,668 | $ | 58,951 | $ | 33,685 | $ | 30,925 | $ | 21,465 | ||||||||||||
| Distributions from unconsolidated joint ventures |
$ | 16,491 | $ | 1,188 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Amortization of capitalized interest |
$ | 433 | $ | 577 | $ | 410 | $ | 232 | $ | 115 | $ | 73 | ||||||||||||
| Less: |
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| Capitalized interest and loan fees |
$ | (4,986 | ) | $ | (11,307 | ) | $ | (6,516 | ) | $ | (6,938 | ) | $ | (4,562 | ) | $ | (1,461 | ) | ||||||
| Preferred distributions of consolidated subsidiaries |
$ | (318 | ) | $ | (636 | ) | $ | (636 | ) | $ | (641 | ) | $ | (749 | ) | $ | (780 | ) | ||||||
| Noncontrolling interests in income of subsidiaries that have not incurred fixed charges |
$ | (6,184 | ) | $ | (9,577 | ) | $ | (5,837 | ) | $ | — | $ | — | $ | — | |||||||||
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| Total Earnings |
$ | 84,879 | $ | 112,019 | $ | 30,290 | $ | 50,024 | $ | 27,144 | $ | 13,840 | ||||||||||||
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| Fixed Charges |
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| Interest expense (including amortization of loan fees) |
$ | 43,625 | $ | 76,044 | $ | 50,667 | $ | 25,932 | $ | 25,470 | $ | 19,071 | ||||||||||||
| Capitalized interest and loan fees |
$ | 4,986 | $ | 11,307 | $ | 6,516 | $ | 6,938 | $ | 4,562 | $ | 1,461 | ||||||||||||
| Preferred distributions of consolidated subsidiaries |
$ | 318 | $ | 636 | $ | 636 | $ | 641 | $ | 749 | $ | 780 | ||||||||||||
| Estimate of interest within rental expense |
$ | 811 | $ | 1,681 | $ | 1,132 | $ | 174 | $ | 144 | $ | 153 | ||||||||||||
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| Total Fixed Charges |
$ | 49,740 | $ | 89,668 | $ | 58,951 | $ | 33,685 | $ | 30,925 | $ | 21,465 | ||||||||||||
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| Preferred dividends |
$ | — | $ | — | $ | 11,469 | $ | 12,144 | $ | 12,144 | $ | 12,144 | ||||||||||||
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| Distributions on redemption of preferred units |
$ | — | $ | — | $ | 5,970 | $ | — | $ | — | $ | — | ||||||||||||
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| Combined fixed charges and preferred dividends |
$ | 49,740 | $ | 89,668 | $ | 76,390 | $ | 45,829 | $ | 43,069 | $ | 33,609 | ||||||||||||
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| Earnings to Fixed Charges |
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| Ratio |
1.71 | 1.25 | 1.49 | |||||||||||||||||||||
| Deficiency |
— | — | $ | 28,661 | — | $ | 3,781 | $ | 7,625 | |||||||||||||||
| Earnings to Combined Fixed Charges |
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| Ratio |
1.71 | 1.25 | 1.09 | |||||||||||||||||||||
| Deficiency |
— | — | $ | 46,100 | $ | 15,925 | $ | 19,769 | ||||||||||||||||
HUDSON PACIFIC PROPERTIES, L.P.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Unaudited; in thousands, except ratios)
| Six months ended June 30, |
For the year ended December 31, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| Earnings |
||||||||||||||||||||||||
| Net income (loss) from continuing operations before income from unconsolidated joint ventures |
$ | 29,703 | $ | 42,106 | $ | (16,082 | ) | $ | 23,686 | $ | 1,415 | $ | (5,457 | ) | ||||||||||
| Plus: |
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| Fixed charges (see below) |
$ | 49,422 | $ | 89,032 | $ | 58,315 | $ | 33,044 | $ | 30,176 | $ | 20,685 | ||||||||||||
| Distributions from unconsolidated joint ventures |
$ | 16,491 | $ | 1,188 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Amortization of capitalized interest |
$ | 433 | $ | 577 | $ | 410 | $ | 232 | $ | 115 | $ | 73 | ||||||||||||
| Less: |
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| Capitalized interest and loan fees |
$ | (4,986 | ) | $ | (11,307 | ) | $ | (6,516 | ) | $ | (6,938 | ) | $ | (4,562 | ) | $ | (1,461 | ) | ||||||
| Preferred distributions of consolidated subsidiaries |
$ | (6,184 | ) | $ | (9,577 | ) | $ | (5,837 | ) | $ | — | $ | — | $ | — | |||||||||
| Total Earnings |
$ | 84,879 | $ | 112,019 | $ | 30,290 | $ | 50,024 | $ | 27,144 | $ | 13,840 | ||||||||||||
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| Fixed Charges |
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| Interest expense (including amortization of loan fees) |
$ | 43,625 | $ | 76,044 | $ | 50,667 | $ | 25,932 | $ | 25,470 | $ | 19,071 | ||||||||||||
| Capitalized interest and loan fees |
$ | 4,986 | $ | 11,307 | $ | 6,516 | $ | 6,938 | $ | 4,562 | $ | 1,461 | ||||||||||||
| Estimate of interest within rental expense |
$ | 811 | $ | 1,681 | $ | 1,132 | $ | 174 | $ | 144 | $ | 153 | ||||||||||||
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| Total Fixed Charges |
$ | 49,422 | $ | 89,032 | $ | 58,315 | $ | 33,044 | $ | 30,176 | $ | 20,685 | ||||||||||||
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| Earnings to Fixed Charges |
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| Ratio |
1.72 | 1.26 | 1.51 | |||||||||||||||||||||
| Deficiency |
— | — | $ | 28,025 | — | $ | 3,032 | $ | 6,845 | |||||||||||||||