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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| Year ended December 31, |
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| Nine Months |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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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 |
| $326,225 |
| $419,066 |
| $419,336 |
| $288,657 |
| $298,898 |
| $349,313 |
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Rental Expense |
| 5,974 |
| 6,794 |
| 6,186 |
| 5,939 |
| 6,039 |
| 6,008 |
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Capitalized Interest |
| 10,852 |
| 23,360 |
| 26,402 |
| 21,664 |
| 25,917 |
| 27,490 |
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Fixed Charges |
| $343,051 |
| $449,220 |
| $451,924 |
| $316,260 |
| $330,854 |
| $382,811 |
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Earnings: |
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Pretax Income from Continuing Operations before Noncontrolling Interest and Income from Equity Investees |
| $621,593 |
| $756,793 |
| $501,838 |
| $382,681 |
| $96,131 |
| $223,917 |
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Add Back Fixed Charges |
| 343,051 |
| 449,220 |
| 451,924 |
| 316,260 |
| 330,854 |
| 382,811 |
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Add Distributed Income from Equity Investees |
| 2,724 |
| 3,384 |
| 3,273 |
| 5,373 |
| 7,273 |
| 6,745 |
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Less Capitalized Interest |
| (10,852 | ) | (23,360 | ) | (26,402 | ) | (21,664 | ) | (25,917 | ) | (27,490 | ) |
Less Noncontrolling Interest from Subsidiaries without Fixed Charges |
| (6,226 | ) | (10,954 | ) | (16,466 | ) | (15,517 | ) | (13,049 | ) | (17,996 | ) |
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Total |
| $950,290 |
| $1,175,083 |
| $914,167 |
| $667,133 |
| 395,292 |
| $567,987 |
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Ratio of Earnings to Fixed Charges |
| 2.77 |
| 2.62 |
| 2.02 |
| 2.11 |
| 1.19 |
| 1.48 |
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