Exhibit 12.1
HCP, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)
| | Six Months Ended June 30, 2009 | Years Ended December 31, | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||||||
Fixed Charges: | |||||||||||||||||||||
Interest Expense and Debt Amortization | $ | 152,014 | $ | 348,402 | $ | 355,479 | $ | 211,494 | $ | 106,023 | $ | 85,834 | |||||||||
Rental Expense | 2,413 | 4,865 | 5,109 | 4,212 | 2,614 | 1,306 | |||||||||||||||
Capitalized Interest | 12,347 | 27,490 | 12,346 | 895 | 637 | 1,650 | |||||||||||||||
Fixed Charges | $ | 166,774 | $ | 380,757 | $ | 372,934 | $ | 216,601 | $ | 109,274 | $ | 88,790 | |||||||||
Earnings: | |||||||||||||||||||||
Pretax Income from Continuing Operations before Income from Equity Investees | $ | 121,149 | $ | 233,252 | $ | 133,334 | $ | 39,767 | $ | 59,321 | $ | 60,844 | |||||||||
Add Back Fixed Charges | 166,774 | 380,757 | 372,934 | 216,601 | 109,274 | 88,790 | |||||||||||||||
Add Distributed Income from Equity Investees | 2,589 | 6,745 | 5,264 | 8,331 | — | 2,157 | |||||||||||||||
Add Losses from Equity Investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | |||||||||||||||
Less Capitalized Interest | (12,347 | ) | (27,490 | ) | (12,346 | ) | (895 | ) | (637 | ) | (1,650 | ) | |||||||||
Less Noncontrolling Interest from Subsidiaries without Fixed Charges | (6,698 | ) | (17,996 | ) | (20,110 | ) | (19,895 | ) | (13,644 | ) | (14,175 | ) | |||||||||
Earnings | $ | 271,467 | $ | 575,268 | $ | 479,076 | $ | 243,909 | $ | 154,314 | $ | 135,966 | |||||||||
Ratio of Earnings to Fixed Charges | 1.63 | 1.51 | 1.28 | 1.13 | 1.41 | 1.53 | |||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | |||||||||||||||||||||
Fixed Charges: | |||||||||||||||||||||
Interest Expense and Debt Amortization | $ | 152,014 | $ | 348,402 | $ | 355,479 | $ | 211,494 | $ | 106,023 | $ | 85,834 | |||||||||
Preferred Stock Dividend | 10,566 | 21,130 | 21,130 | 21,130 | 21,130 | 21,130 | |||||||||||||||
Rental Expense | 2,413 | 4,865 | 5,109 | 4,212 | 2,614 | 1,306 | |||||||||||||||
Capitalized Interest | 12,347 | 27,490 | 12,346 | 895 | 637 | 1,650 | |||||||||||||||
Fixed Charges | $ | 177,340 | $ | 401,887 | $ | 394,064 | $ | 237,731 | $ | 130,404 | $ | 109,920 | |||||||||
Earnings (see above) | 271,467 | $ | 575,268 | $ | 479,076 | $ | 243,909 | $ | 154,314 | $ | 135,966 | ||||||||||
Ratio of Earnings to Fixed Charges | 1.53 | 1.43 | 1.22 | 1.03 | 1.18 | 1.24 | |||||||||||||||
