Exhibit 12.1
HCP, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
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| Year ended December 31, |
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| 2015(1) |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
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RATIO OF EARNINGS TO FIXED CHARGES |
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Fixed Charges: |
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Interest Expense and Debt Amortization: |
| $ | 116,780 |
| $ | 439,742 |
| $ | 435,828 |
| $ | 419,066 |
| $ | 419,336 |
| $ | 288,657 |
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Rental Expense |
| 2,115 |
| 8,407 |
| 7,918 |
| 6,794 |
| 6,186 |
| 5,939 |
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Capitalized Interest |
| 1,698 |
| 10,314 |
| 13,494 |
| 23,360 |
| 26,402 |
| 21,664 |
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Fixed Charges |
| $ | 120,593 |
| $ | 458,463 |
| $ | 457,240 |
| $ | 449,220 |
| $ | 451,924 |
| $ | 316,260 |
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Earnings: |
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Pretax Income from Continuing Operations before Noncontrolling Interest and Income from Equity Investees |
| $ | (251,181 | ) | $ | 893,438 |
| 852,015 |
| $ | 745,081 |
| $ | 490,681 |
| $ | 371,172 |
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Add Back Fixed Charges |
| 120,593 |
| 458,463 |
| 457,240 |
| 449,220 |
| 451,924 |
| 316,260 |
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Add Distributed Income from Equity Investees |
| 1,159 |
| 5,045 |
| 3,989 |
| 3,384 |
| 3,273 |
| 5,373 |
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Less Capitalized Interest |
| (1,698 | ) | (10,314 | ) | (13,494 | ) | (23,360 | ) | (26,402 | ) | (21,664 | ) | ||||||
Less Noncontrolling Interest from Subsidiaries without Fixed Charges |
| (1,745 | ) | (8,780 | ) | (9,338 | ) | (10,954 | ) | (16,466 | ) | (15,517 | ) | ||||||
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Total |
| $ | (132,872 | ) | $ | 1,337,852 |
| $ | 1,290,412 |
| $ | 1,163,371 |
| $ | 903,010 |
| 655,624 |
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Ratio of Earnings to Fixed Charges |
| — |
| 2.92 |
| 2.82 |
| 2.59 |
| 2.00 |
| 2.07 |
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS |
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Fixed Charges: |
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Interest Expense and Debt Amortization: |
| $ | 116,780 |
| $ | 439,742 |
| $ | 435,828 |
| $ | 419,066 |
| $ | 419,336 |
| $ | 288,657 |
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Preferred Stock Dividend |
| — |
| — |
| — |
| 17,006 |
| 21,130 |
| 21,130 |
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Rental Expense |
| 2,115 |
| 8,407 |
| 7,918 |
| 6,794 |
| 6,186 |
| 5,939 |
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Capitalized Interest |
| 1,698 |
| 10,314 |
| 13,494 |
| 23,360 |
| 26,402 |
| 21,664 |
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Fixed Charges |
| $ | 120,593 |
| $ | 458,463 |
| $ | 457,240 |
| $ | 466,226 |
| $ | 473,054 |
| $ | 337,390 |
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Earnings (see above) |
| $ | (132,872 | ) | $ | 1,337,852 |
| $ | 1,290,412 |
| $ | 1,163,371 |
| $ | 903,010 |
| 655,624 |
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Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends(2) |
| — |
| 2.92 |
| 2.82 |
| 2.50 |
| 1.91 |
| 1.94 |
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(1) Earnings did not cover fixed charges during the three months ended March 31, 2015. The amount of fixed charges during the three months ended March 31, 2015 of $121 million was in excess of earnings by $254 million. Earnings of ($133) million for the three months ended March 31, 2015 included a non-cash impairment charge of $478 million.
(2) Beginning in the year 2013, we had no outstanding shares of preferred stock. Therefore, the ratios of earnings to combined fixed charges and preferred stock dividends are identical to the ratios of earnings to fixed charges for the three months ended March 31, 2015 and the years ended December 31, 2014 and 2013.
