Healthpeak Properties (DOC) 8-K Health Care Property Investors Announces Pricing of Preferred Stock Offering

EXHIBIT 12.1

HCPI

RATIO OF EARNINGS TO FIXED CHARGES

and RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	YTD 2003		2002		2001		2000		1999		1998
RATIO OF EARNINGS TO FIXED CHARGES
Fixed Charges:
Interest Expense and Debt Amortization:	45,142		77,891		78,489		86,747		58,458		37,836
Pro-Rata Share of Unconsolidated Partnerships’ Fixed Charges	775		727		530		441		414		777
Rental Expense	84		164		152		138		119		111
Capitalized Interest	281		1,323		243		514		1,223		1,800
Fixed Charges	46,282		80,105		79,414		87,840		60,214		40,524
Earnings:
Net Income from Operations	77,147		151,021		127,129		121,536		83,189		73,733
Add Back Fixed Charges	46,282		80,105		79,414		87,840		60,214		40,524
Less Capitalized Interest	(281	)	(1,323	)	(243	)	(514	)	(1,223	)	(1,800	)
Total	123,148		229,803		206,300		208,862		142,180		112,457
Ratio of Earnings to Fixed Charges	2.66		2.87		2.60		2.38		2.36		2.78
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Fixed Charges:
Interest Expense and Debt Amortization:	45,142		77,891		78,489		86,747		58,458		37,836
Pro-Rata Share of Unconsolidated Partnerships’ Fixed Charges	775		727		530		441		414		777
Preferred Stock Dividend	22,844		24,900		24,900		24,900		17,775		8,532
Rental Expense	84		164		152		138		119		111
Capitalized Interest	281		1,323		243		514		1,223		1,800
Fixed Charges	69,126		105,005		104,314		112,740		77,989		49,056
Earnings (see above)	123,148		229,803		206,300		208,862		142,180		112,457
Ratio of Earnings to Fixed Charges	1.78		2.19		1.98		1.85		1.82		2.29