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, 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
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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: |
| $ | 317,903 |
| $ | 288,657 |
| $ | 298,898 |
| $ | 349,313 |
| $ | 358,834 |
| $ | 213,331 |
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Rental Expense |
| 4,686 |
| 5,939 |
| 6,039 |
| 6,008 |
| 8,151 |
| 4,212 |
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Capitalized Interest |
| 19,395 |
| 21,664 |
| 25,917 |
| 27,490 |
| 12,346 |
| 895 |
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Fixed Charges |
| $ | 341,984 |
| $ | 316,260 |
| $ | 330,854 |
| $ | 382,811 |
| $ | 379,331 |
| $ | 218,438 |
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Earnings: |
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Pretax Income from Continuing Operations before Minority Interest and Income from Equity Investees |
| $ | 451,199 |
| $ | 388,927 |
| $ | 99,581 |
| $ | 225,404 |
| $ | 124,799 |
| $ | 33,208 |
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Add Back Fixed Charges |
| 341,984 |
| 316,260 |
| 330,854 |
| 382,811 |
| 379,331 |
| 218,438 |
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Add Distributed Income from Equity Investees |
| 2,462 |
| 5,373 |
| 7,273 |
| 6,745 |
| 5,264 |
| 8,331 |
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Less Capitalized Interest |
| (19,395 | ) | (21,664 | ) | (25,917 | ) | (27,490 | ) | (12,346 | ) | (895 | ) | ||||||
Less Minority Interest from Subsidiaries without Fixed Charges |
| (9,529 | ) | (15,517 | ) | (13,049 | ) | (17,996 | ) | (20,110 | ) | (19,895 | ) | ||||||
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Total |
| $ | 766,721 |
| $ | 673,379 |
| $ | 398,742 |
| $ | 569,474 |
| $ | 476,938 |
| $ | 239,187 |
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Ratio of Earnings to Fixed Charges |
| 2.24 |
| 2.13 |
| 1.21 |
| 1.49 |
| 1.26 |
| 1.09 |
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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: |
| $ | 317,903 |
| $ | 288,657 |
| $ | 298,898 |
| $ | 349,313 |
| $ | 358,834 |
| $ | 213,331 |
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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 |
| 4,686 |
| 5,939 |
| 6,039 |
| 6,008 |
| 8,151 |
| 4,212 |
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Capitalized Interest |
| 19,395 |
| 21,664 |
| 25,917 |
| 27,490 |
| 12,346 |
| 895 |
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Fixed Charges |
| $ | 357,832 |
| $ | 337,390 |
| $ | 351,984 |
| $ | 403,941 |
| $ | 400,461 |
| $ | 239,568 |
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Earnings (see above) |
| $ | 766,721 |
| $ | 673,379 |
| $ | 398,742 |
| $ | 569,474 |
| $ | 476,938 |
| $ | 239,187 |
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Ratio of Earnings to Fixed Charges |
| 2.14 |
| 2.00 |
| 1.13 |
| 1.41 |
| 1.19 |
| — | (1) | ||||||
(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 $381,000.
