Exhibit 12.2
HCP, Inc.
PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES AND PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
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| Nine Months Ended |
| Year Ended |
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| September 30, 2010 |
| December 31, 2009 |
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| (In thousands, except ratios) |
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PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES |
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Fixed Charges: |
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Interest Expense and Debt Amortization |
| $ | 347,344 |
| $ | 481,361 |
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Rental Expense |
| 4,506 |
| 6,192 |
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Capitalized Interest |
| 15,514 |
| 25,917 |
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Fixed Charges |
| $ | 367,364 |
| $ | 513,470 |
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Earnings: |
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Pretax Income (Loss) from Continuing Operations before minority Interest and Income from Equity investees |
| $ | 550,541 |
| $ | 495,458 |
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Add Back Fixed Charges |
| 367,364 |
| 513,470 |
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Add Distributed Income from Equity Investees |
| 5,441 |
| 7,273 |
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Less Capitalized Interest |
| (15,514 | ) | (25,917 | ) | ||
Less Minority Interest from Subsidiaries without fixed charges |
| (9,174 | ) | (13,049 | ) | ||
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Total |
| $ | 898,658 |
| $ | 977,235 |
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Ratio of Earnings to Fixed Charges |
| 2.45 |
| 1.90 |
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PRO FORMA 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 |
| $ | 347,344 |
| $ | 481,361 |
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Preferred Stock Dividend |
| 15,848 |
| 21,130 |
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Rental Expense |
| 4,506 |
| 6,192 |
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Capitalized Interest |
| 15,514 |
| 25,917 |
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Fixed Charges |
| $ | 383,212 |
| $ | 534,600 |
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Earnings (see above) |
| $ | 898,658 |
| $ | 977,235 |
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Ratio of Earnings to Fixed Charges |
| 2.35 |
| 1.83 |
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