Exhibit 12.1
HCP, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
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| Nine Months |
| Year ended December 31, |
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| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
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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: |
| $ | 324,755 |
| $ | 435,828 |
| $ | 419,066 |
| $ | 419,336 |
| $ | 288,657 |
| $ | 298,898 |
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Rental Expense |
| 6,331 |
| 7,918 |
| 6,794 |
| 6,186 |
| 5,939 |
| 6,039 |
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Capitalized Interest |
| 8,185 |
| 13,494 |
| 23,360 |
| 26,402 |
| 21,664 |
| 25,917 |
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Fixed Charges |
| $ | 339,271 |
| $ | 457,240 |
| $ | 449,220 |
| $ | 451,924 |
| $ | 316,260 |
| $ | 330,854 |
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Earnings: |
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Pretax Income from Continuing Operations before Noncontrolling Interest and Income from Equity Investees |
| $ | 670,667 |
| $ | 852,015 |
| 745,081 |
| $ | 490,681 |
| $ | 371,172 |
| $ | 85,745 |
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Add Back Fixed Charges |
| 339,271 |
| 457,240 |
| 449,220 |
| 451,924 |
| 316,260 |
| 330,854 |
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Add Distributed Income from Equity Investees |
| 3,895 |
| 3,989 |
| 3,384 |
| 3,273 |
| 5,373 |
| 7,273 |
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Less Capitalized Interest |
| (8,185 | ) | (13,494 | ) | (23,360 | ) | (26,402 | ) | (21,664 | ) | (25,917 | ) | ||||||
Less Noncontrolling Interest from Subsidiaries without Fixed Charges |
| (7,055 | ) | (9,338 | ) | (10,954 | ) | (16,466 | ) | (15,517 | ) | (13,049 | ) | ||||||
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Total |
| $ | 998,593 |
| $ | 1,290,412 |
| $ | 1,163,371 |
| $ | 903,010 |
| $ | 655,624 |
| 384,906 |
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Ratio of Earnings to Fixed Charges |
| 2.94 |
| 2.82 |
| 2.59 |
| 2.00 |
| 2.07 |
| 1.16 |
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