Healthpeak Properties (DOC) 8-K Other Events

Exhibit 12.1

HCP, Inc.

RATIO OF EARNINGS TO FIXED CHARGES

and RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Year ended December 31,
	2013			2012			2011			2010			2009
RATIO OF EARNINGS TO FIXED CHARGES
Fixed Charges:
Interest Expense and Debt Amortization:	$	435,828		$	419,066		$	419,336		$	288,657		$	298,898
Rental Expense	7,918			6,794			6,186			5,939			6,039
Capitalized Interest	13,494			23,360			26,402			21,664			25,917
Fixed Charges	$	457,240		$	449,220		$	451,924		$	316,260		$	330,854
Earnings:
Pretax Income from Continuing Operations before Noncontrolling Interest and Income from Equity Investees	$	852,015		745,081			$	490,681		$	371,172		$	85,745
Add Back Fixed Charges	457,240			449,220			451,924			316,260			330,854
Add Distributed Income from Equity Investees	3,989			3,384			3,273			5,373			7,273
Less Capitalized Interest	(13,494		)	(23,360		)	(26,402		)	(21,664		)	(25,917		)
Less Noncontrolling Interest from Subsidiaries without Fixed Charges	(9,338		)	(10,954		)	(16,466		)	(15,517		)	(13,049		)
Total	$	1,290,412		$	1,163,371		$	903,010		$	655,624		384,906
Ratio of Earnings to Fixed Charges	2.82			2.59			2.00			2.07			1.16