Healthpeak Properties (DOC) 8-K Other Events

Exhibit 12.1

HCP

RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(dollars in thousands)

	2005			2004			2003			2002			2001
RATIO OF EARNINGS TO FIXED CHARGES
Fixed Charges:
Interest Expense and Debt Amortization	$	107,201		$	87,561		$	88,297		$	74,951		$	75,526
Rental Expense	2,614			1,306			625			510			461
Capitalized Interest	637			1,650			1,210			1,323			243
Fixed Charges	$	110,452		$	90,517		$	90,132		$	76,784		$	76,230
Earnings:
Pretax Income from Continuing Operations before Minority Interest and Income from Equity Investees	$	173,214		$	164,228		$	147,168		$	132,149		$	108,127
Add Back Fixed Charges	110,452			90,517			90,132			76,784			76,230
Add Distributed Income from Equity Investees	—			2,157			1,195			920			944
Add Losses from Equity Investees for which charges arising from guarantees are included in fixed charges	(2,159		)	(79		)	(439		)	(348		)	(458		)
Less Capitalized Interest	(637		)	(1,650		)	(1,210		)	(1,323		)	(243		)
Less Minority Interest from Subsidiaries without Fixed Charges	(4,489		)	(5,369		)	(4,568		)	(3,072		)	(3,109		)
Total	$	276,381		$	249,804		$	232,278		$	205,110		$	181,491
Ratio of Earnings to Fixed Charges	2.50			2.76			2.58			2.67			2.38
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Fixed Charges:
Interest Expense and Debt Amortization	$	107,201		$	87,561		$	88,297		$	74,951		$	75,526
Preferred Stock Dividend	21,130			21,130			36,736			24,900			24,900
Rental Expense	2,614			1,306			625			510			461
Capitalized Interest	637			1,650			1,210			1,323			243
Fixed Charges	$	131,582		$	111,647		$	126,868		$	101,684		$	101,130
Earnings (see above)	$	276,381		$	249,804		$	232,278		$	205,110		$	181,491
Ratio of Earnings to Fixed Charges	2.10			2.24			1.83			2.02			1.79