Exhibit 12.1
HCP, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
and RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
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| Nine Months Ended |
| Year ended December 31, |
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| September 30, 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
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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: |
| $ | 220,303 |
| $ | 298,898 |
| $ | 349,313 |
| $ | 358,834 |
| $ | 213,331 |
| $ | 107,201 |
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Rental Expense |
| 4,391 |
| 6,039 |
| 6,008 |
| 8,151 |
| 4,212 |
| 2,614 |
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Capitalized Interest |
| 15,514 |
| 25,917 |
| 27,490 |
| 12,346 |
| 895 |
| 637 |
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Fixed Charges |
| $ | 240,208 |
| $ | 330,854 |
| $ | 382,811 |
| $ | 379,331 |
| $ | 218,438 |
| $ | 110,452 |
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Earnings: |
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Pretax Income from Continuing Operations before Minority Interest and Income from Equity Investees |
| $ | 261,734 |
| $ | 99,711 |
| $ | 225,559 |
| $ | 124,927 |
| $ | 33,331 |
| $ | 52,887 |
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Add Back Fixed Charges |
| 240,208 |
| 330,854 |
| 382,811 |
| 379,331 |
| 218,438 |
| 110,452 |
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Add Distributed Income from Equity Investees |
| 5,441 |
| 7,273 |
| 6,745 |
| 5,264 |
| 8,331 |
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Less Capitalized Interest |
| (15,514 | ) | (25,917 | ) | (27,490 | ) | (12,346 | ) | (895 | ) | (637 | ) | ||||||
Less Minority Interest from Subsidiaries without Fixed Charges |
| (9,174 | ) | (13,049 | ) | (17,996 | ) | (20,110 | ) | (19,895 | ) | (13,644 | ) | ||||||
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Total |
| $ | 482,695 |
| $ | 398,872 |
| $ | 569,629 |
| $ | 477,066 |
| $ | 239,310 |
| $ | 149,058 |
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Ratio of Earnings to Fixed Charges |
| 2.01 |
| 1.21 |
| 1.49 |
| 1.26 |
| 1.10 |
| 1.35 |
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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: |
| $ | 220,303 |
| $ | 298,898 |
| $ | 349,313 |
| $ | 358,834 |
| $ | 213,331 |
| $ | 107,201 |
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Preferred Stock Dividend |
| 15,848 |
| 21,130 |
| 21,130 |
| 21,130 |
| 21,130 |
| 21,130 |
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Rental Expense |
| 4,391 |
| 6,039 |
| 6,008 |
| 8,151 |
| 4,212 |
| 2,614 |
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Capitalized Interest |
| 15,514 |
| 25,917 |
| 27,490 |
| 12,346 |
| 895 |
| 637 |
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Fixed Charges |
| $ | 256,056 |
| $ | 351,984 |
| $ | 403,941 |
| $ | 400,461 |
| $ | 239,568 |
| $ | 131,582 |
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Earnings (see above) |
| $ | 482,695 |
| $ | 398,872 |
| $ | 569,629 |
| $ | 477,066 |
| $ | 239,310 |
| $ | 149,058 |
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Ratio of Earnings to Fixed Charges |
| 1.89 |
| 1.13 |
| 1.41 |
| 1.19 |
| — | (1) | 1.13 |
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(1) For the Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends for Year Ended December 31, 2006, fixed charges exceeded earnings resulting in a deficiency of $258,000.