Exhibit 12.1
HCP, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
|
| Six Months |
| 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 |
|