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:	67,748		77,891		78,489		86,747		58,458		37,836
Unconsolidated Partnerships’ Fixed Charges Related to Guaranteed Debt	583		864		1,141		928		828		1,554
Rental Expense	130		164		152		138		119		111
Capitalized Interest	464		1,323		243		514		1,223		1,800
Fixed Charges	68,925		80,242		80,025		88,327		60,628		41,301
Earnings:
Pretax Income from Continuing Operations before Minority Interest and Income from Equity Investees	121,829		149,751		125,997		121,266		81,415		71,800
Add Back Fixed Charges	68,925		80,242		80,025		88,327		60,628		41,301
Add Distributed Income from Equity Investees	2,061		1,023		944		1,412		2,501		2,110
Add Losses from Equity Investees for which charges arising from guarantees are included in fixed charges	(411	)	(348	)	(467	)	(884	)	(425	)	(24	)
Less Capitalized Interest	(464	)	(1,323	)	(243	)	(514	)	(1,223	)	(1,800	)
Less Minority Interest from Subsidiaries without Fixed Charges	(2,424	)	(3,072	)	(3,109	)	(3,441	)	(401	)	(594	)
Total	189,516		226,273		203,147		206,166		142,495		112,793
Ratio of Earnings to Fixed Charges	2.75		2.82		2.54		2.33		2.35		2.73
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Fixed Charges:
Interest Expense and Debt Amortization:	67,748		77,891		78,489		86,747		58,458		37,836
Unconsolidated Partnerships’ Fixed Charges Related to Guaranteed Debt	583		864		1,141		928		828		1,554
Preferred Stock Dividend	33,773		24,900		24,900		24,900		17,775		8,532
Rental Expense	130		164		152		138		119		111
Capitalized Interest	464		1,323		243		514		1,223		1,800
Fixed Charges	102,698		105,142		104,925		113,227		78,403		49,833
Earnings (see above)	189,516		226,273		203,147		206,166		142,495		112,793
Ratio of Earnings to Fixed Charges	1.85		2.15		1.94		1.82		1.82		2.26