Exhibit 12.1
HCP
RATIO OF EARNINGS TO FIXED CHARGES
and RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
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| YTD SEP-06 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
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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: |
| 102,701 |
| 107,201 |
| 87,561 |
| 88,297 |
| 74,951 |
| 75,526 |
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Rental Expense |
| 2,384 |
| 2,614 |
| 1,306 |
| 625 |
| 510 |
| 461 |
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Capitalized Interest |
| 588 |
| 637 |
| 1,650 |
| 1,210 |
| 1,323 |
| 243 |
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Fixed Charges |
| 105,673 |
| 110,452 |
| 90,517 |
| 90,132 |
| 76,784 |
| 76,230 |
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Earnings: |
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Pretax Income from Continuing Operations before Minority Interest and Income from Equity Investees |
| 124,733 |
| 157,895 |
| 149,556 |
| 132,715 |
| 118,322 |
| 95,397 |
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Add Back Fixed Charges |
| 105,673 |
| 110,452 |
| 90,517 |
| 90,132 |
| 76,784 |
| 76,230 |
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Add Distributed Income from Equity Investees |
| 7,580 |
| — |
| 2,157 |
| 1,195 |
| 920 |
| 944 |
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Add Losses from Equity Investees for which charges arising from guarantees are included in fixed charges |
| (40 | ) | (2,159 | ) | (79 | ) | (439 | ) | (348 | ) | (458 | ) |
Less Capitalized Interest |
| (588 | ) | (637 | ) | (1,650 | ) | (1,210 | ) | (1,323 | ) | (243 | ) |
Less Minority Interest from Subsidiaries without Fixed Charges |
| (3,729 | ) | (4,489 | ) | (5,369 | ) | (4,568 | ) | (3,072 | ) | (3,109 | ) |
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Total |
| 233,629 |
| 261,062 |
| 235,132 |
| 217,825 |
| 191,283 |
| 168,761 |
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Ratio of Earnings to Fixed Charges |
| 2.21 |
| 2.36 |
| 2.60 |
| 2.42 |
| 2.49 |
| 2.21 |
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RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS |
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Fixed Charges: |
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Interest Expense and Debt Amortization: |
| 102,701 |
| 107,201 |
| 87,561 |
| 88,297 |
| 74,951 |
| 75,526 |
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Preferred Stock Dividend |
| 15,848 |
| 21,130 |
| 21,130 |
| 36,736 |
| 24,900 |
| 24,900 |
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Rental Expense |
| 2,384 |
| 2,614 |
| 1,306 |
| 625 |
| 510 |
| 461 |
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Capitalized Interest |
| 588 |
| 637 |
| 1,650 |
| 1,210 |
| 1,323 |
| 243 |
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Fixed Charges |
| 121,521 |
| 131,582 |
| 111,647 |
| 126,868 |
| 101,684 |
| 101,130 |
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Earnings (see above) |
| 233,629 |
| 261,062 |
| 235,132 |
| 217,825 |
| 191,283 |
| 168,761 |
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Ratio of Earnings to Fixed Charges |
| 1.92 |
| 1.98 |
| 2.11 |
| 1.72 |
| 1.88 |
| 1.67 |
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