Healthpeak Properties (DOC) 8-K Other Events

Exhibit 12.1

HCPI

RATIO OF EARNINGS TO FIXED CHARGES

AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	YTD 2004		2003		2002		2001		2000		1999
RATIO OF EARNINGS TO FIXED CHARGES
Fixed Charges:
Interest Expense and Debt Amortization	42,466		88,297		74,951		75,526		84,684		58,077
Rental Expense	253		130		164		152		138		119
Capitalized Interest	881		1,210		1,323		243		514		1,223
Fixed Charges	43,600		89,637		76,438		75,921		85,336		59,419
Earnings:
Pretax Income from Continuing Operations before Minority Interest and Income from Equity Investees	83,054		154,056		139,760		117,187		112,325		76,505
Add Back Fixed Charges	43,600		89,637		76,438		75,921		85,336		59,419
Add Distributed Income from Equity Investees	2,289		3,384		1,023		944		1,412		2,501
Add Losses from Equity Investees for which charges arising from guarantees are included in fixed charges	(92	)	(439	)	(348	)	(458	)	(638	)	—
Less Capitalized Interest	(881	)	(1,210	)	(1,323	)	(243	)	(514	)	(1,223	)
Less Minority Interest from Subsidiaries without Fixed Charges	(3,482	)	(4,568	)	(3,072	)	(3,109	)	(3,485	)	(271	)
Total	124,488		240,860		212,478		190,242		194,436		136,931
Ratio of Earnings to Fixed Charges	2.86		2.69		2.78		2.51		2.28		2.30
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Fixed Charges:
Interest Expense and Debt Amortization	42,466		88,297		74,951		75,526		84,684		58,077
Preferred Stock Dividend	10,565		36,736		24,900		24,900		24,900		17,775
Rental Expense	253		130		164		152		138		119
Capitalized Interest	881		1,210		1,323		243		514		1,223
Fixed Charges	54,165		126,373		101,338		100,821		110,236		77,194
Earnings (see above)	124,488		240,860		212,478		190,242		194,436		136,931
Ratio of Earnings to Fixed Charges	2.30		1.91		2.10		1.89		1.76		1.77