Healthpeak Properties (DOC) 8-K Other Events

Exhibit 12.1

HCP, Inc.

RATIO OF EARNINGS TO FIXED CHARGES

	Six Months Ended		Year ended December 31,
	June 30, 2014		2013		2012		2011		2010		2009
RATIO OF EARNINGS TO FIXED CHARGES
Fixed Charges:
Interest Expense and Debt Amortization:	$213,480		$435,828		$419,066		$419,336		$288,657		$298,898
Rental Expense	4,252		7,918		6,794		6,186		5,939		6,039
Capitalized Interest	5,983		13,494		23,360		26,402		21,664		25,917
Fixed Charges	$223,715		$457,240		$449,220		$451,924		$316,260		$330,854
Earnings:
Pretax Income from Continuing Operations before Noncontrolling Interest and Income from Equity Investees	$429,721		$852,015		745,081		$490,681		$371,172		$85,745
Add Back Fixed Charges	223,715		457,240		449,220		451,924		316,260		330,854
Add Distributed Income from Equity Investees	2,655		3,989		3,384		3,273		5,373		7,273
Less Capitalized Interest	(5,983	)	(13,494	)	(23,360	)	(26,402	)	(21,664	)	(25,917	)
Less Noncontrolling Interest from Subsidiaries without Fixed Charges	(4,482	)	(9,338	)	(10,954	)	(16,466	)	(15,517	)	(13,049	)
Total	$645,626		$1,290,412		$1,163,371		$903,010		$655,624		384,906
Ratio of Earnings to Fixed Charges	2.89		2.82		2.59		2.00		2.07		1.16