Exhibit 12.1
HCP, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
and RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
|
| Three Months |
|
|
| ||||||||
|
| Ended |
| Year Ended December 31, |
| ||||||||
|
| March 31, 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
|
|
| (In thousands, except ratios) |
| ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and debt amortization |
| 104,568 |
| 419,336 |
| 288,657 |
| 298,898 |
| 349,313 |
| 358,834 |
|
Rental expense |
| 1,640 |
| 6,186 |
| 5,939 |
| 6,039 |
| 6,008 |
| 8,151 |
|
Capitalized interest |
| 6,683 |
| 26,402 |
| 21,664 |
| 25,917 |
| 27,490 |
| 12,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
| 112,891 |
| 451,924 |
| 316,260 |
| 330,854 |
| 382,811 |
| 379,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes and equity income from and impairments of investments in unconsolidated JVs |
| 179,187 |
| 504,831 |
| 388,054 |
| 101,044 |
| 228,887 |
| 126,835 |
|
Add back: Fixed charges |
| 112,891 |
| 451,924 |
| 316,260 |
| 330,854 |
| 382,811 |
| 379,331 |
|
Add: Distributed income from equity investees |
| 913 |
| 3,273 |
| 5,373 |
| 7,273 |
| 6,745 |
| 5,264 |
|
Less: Capitalized interest |
| (6,683 | ) | (26,402 | ) | (21,664 | ) | (25,917 | ) | (27,490 | ) | (12,346 | ) |
Less: Noncontrolling interest from subsidiaries without fixed charges |
| (3,462 | ) | (16,466 | ) | (15,517 | ) | (13,049 | ) | (17,996 | ) | (20,110 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings |
| 282,846 |
| 917,160 |
| 672,506 |
| 400,205 |
| 572,957 |
| 478,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Earnings to Fixed Charges |
| 2.51 |
| 2.03 |
| 2.13 |
| 1.21 |
| 1.50 |
| 1.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and debt amortization |
| 104,568 |
| 419,336 |
| 288,657 |
| 298,898 |
| 349,313 |
| 358,834 |
|
Preferred stock dividends |
| 17,006 |
| 21,130 |
| 21,130 |
| 21,130 |
| 21,130 |
| 21,130 |
|
Rental expense |
| 1,640 |
| 6,186 |
| 5,939 |
| 6,039 |
| 6,008 |
| 8,151 |
|
Capitalized interest |
| 6,683 |
| 26,402 |
| 21,664 |
| 25,917 |
| 27,490 |
| 12,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
| 129,897 |
| 473,054 |
| 337,390 |
| 351,984 |
| 403,941 |
| 400,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (see above) |
| 282,846 |
| 917,160 |
| 672,506 |
| 400,205 |
| 572,957 |
| 478,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
| 2.18 |
| 1.94 |
| 1.99 |
| 1.14 |
| 1.42 |
| 1.20 |
|