Healthpeak Properties (DOC) 8-K Other Events

Exhibit 12.1

HCP, INC.

RATIO OF EARNINGS TO FIXED CHARGES

AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Year ended December 31,
	YTD JUN-07			2006			2005			2004			2003			2002
	(In thousands, except ratios)
RATIO OF EARNINGS TO FIXED CHARGES
Fixed Charges:
Interest Expense and Debt Amortization:	$	151,337		$	212,188		$	106,545		$	85,721		$	87,645		$	76,163
Rental Expense	2,875			4,212			2,614			1,306			625			510
Capitalized Interest	173			895			637			1,650			1,210			1,323
Fixed Charges	$	154,385		$	217,295		$	109,796		$	88,677		$	89,480		$	77,996
Earnings:
Pretax Income from Continuing Operations before Minority Interest and Income from Equity Investees	90,658			88,516			106,098			105,182			95,801			80,748
Add Back Fixed Charges	154,385			217,295			109,796			88,677			89,490			77,996
Add Distributed Income from Equity Investees	2,067			8,331			—			2,157			1,195			920
Add Losses from Equity Investees for which charges arising from guarantees are included in fixed charges	(532		)	(69		)	(2,159		)	(79		)	(439		)	(348		)
Less Capitalized Interest	(173		)	(895		)	(637		)	(1,650		)	(1,210		)	(1,323		)
Less Minority Interest from Subsidiaries without Fixed Charges	(3,641		)	(9,474		)	(4,489		)	(5,369		)	(4,568		)	(3,072		)
Total	$	242,764		$	303,704		$	208,609		$	188,918		$	180,259		$	154,921
Ratio of Earnings to Fixed Charges	1.57			1.40			1.90			2.13			2.01			1.99
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Fixed Charges:
Interest Expense and Debt Amortization:	$	151,337		$	212,188		$	106,545		$	85,721		$	87,645		$	76,163
Preferred Stock Dividend	10,566			21,130			21,130			21,130			36,736			24,900
Rental Expense	2,875			4,212			2,614			1,306			625			510
Capitalized Interest	173			895			637			1,650			1,210			1,323
Fixed Charges	$	164,951		$	238,425		$	130,926		$	109,807		$	126,216		$	102,896
Earnings (see above)	$	242,764		$	303,704		$	208,609		$	188,918		$	180,259		$	154,921
Ratio of Earnings to Fixed Charges	1.47			1.27			1.59			1.72			1.43			1.51