Welltower (WELL) 10-Q2012 Q1 Quarterly report

Filed: 10 May 12, 12:00am

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New words: abuse, ACO, acute, advance, Advisory, Affordable, agency, AKS, altering, ancillary, apportioned, bad, basket, Belmont, billing, bipartisan, burden, buyout, calendar, call, called, calling, Canada, Canadian, cancer, Center, Chartwell, civil, claim, classification, CMP, Codification, comment, complaint, composition, congregate, constitutionality, contractor, Court, creation, criminal, currency, cut, Deferral, Deficit, delay, delayed, delivery, demonstration, denominated, Department, discretionary, disproportionate, Dollar, drug, DSH, easier, Education, efficient, effort, enforcement, enrolling, ensure, examination, excise, factor, false, FCA, food, foreign, formula, fraud, fraudulent, growing, heard, high, higher, home, hospice, housekeeping, Human, imaging, implement, implementation, implemented, implementing, incidental, inclusive, incremental, indemnification, indirectly, Innovation, innovative, Instance, integrity, investigate, IPAB, Job, jointly, Label, law, legislation, liable, licensed, Lifestyle, light, Linkbase, lower, LP, main, mandated, mandating, Middle, million, misrepresentation, moderate, modifier, monetary, month, movement, narrowed, notably, notify, Obama, OIG, onward, outcome, overhaul, overlapping, overpayment, pair, passed, Patient, payer, payroll, penalty, person, personal, PPACA, preceding, prescription, President, prevent, procedure, professional, proposed, prosecute, prospective, psychiatric, published, quality, rata, readmission, reduction, refused, rehabilitation, rejected, released, reliable, Relief, repeal, repealed, retiree, retroactively, robust, RUG, rulemaking, saving, Schema, SCHIP, screening, Senate, sequestration, SGR, shifted, sixty, spending, spike, spot, SSCNOI, Stark, Statute, statutory, store, subsidiary, subsidy, successful, supplier, Supreme, surgical, suspend, suspension, Sustainable, sustained, system, target, Taxonomy, technical, thousand, threshold, Title, traditional, transparency, treated, treble, TRS, ultimate, Uncertainty, undesirable, undistributed, unfavorable, uniformly, uninsured, unintended, unrelated, Version, VI, violation, virtually, waive, waste, whichever, wholly, work, writing

Removed: adhere, amounted, Arizona, award, awarded, calculated, California, carefully, closed, closing, commenced, commercial, compete, complying, consideration, consulting, converted, Creditor, deal, England, established, exercised, expired, Farrar, fifteen, fluctuate, formation, Frederick, GPT, guaranteed, increasingly, intrinsic, KeyBank, lack, leasing, leaving, Likewise, MA, metric, noted, permitted, preliminary, prepaid, prepayment, preserve, pursued, restructuring, retrospectively, rounding, selective, September, sourcing, spite, strict, tendered, triple, underlying, Unrealized, unvested, Utah, Windrose, withholding

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EXHIBIT 12

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (UNAUDITED)

	Year Ended December 31,										Three Months Ended March 31,
	2007		2008		2009		2010		2011		2011		2012

	(dollars in thousands)
Earnings:
Pretax income from continuing operations before adjustment for income or loss from equity investees⁽¹⁾	$	85,368	$	117,258	$	133,774	$	63,084	$	144,180	$	521	$	53,539
Fixed charges		118,177		127,881		121,862		153,658		313,213		57,851		91,439
Capitalized interest		(12,526)		(25,029)		(41,170)		(20,792)		(13,164)		(4,665)		(2,420)
Amortized premiums, discounts and capitalized expenses related to indebtedness		8,413		11,231		11,898		13,945		13,905		3,716		3,693
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges		(238)		(126)		342		(357)		4,894		242		1,056
Earnings	$	199,194	$	231,215	$	226,706	$	209,538	$	463,028	$	57,665	$	147,307

Fixed charges:
Interest expense⁽¹⁾	$	114,064	$	114,083	$	92,590	$	146,811	$	313,954	$	56,902	$	92,712
Capitalized interest		12,526		25,029		41,170		20,792		13,164		4,665		2,420
Amortized premiums, discounts and capitalized expenses related to indebtedness		(8,413)		(11,231)		(11,898)		(13,945)		(13,905)		(3,716)		(3,693)
Fixed charges	$	118,177	$	127,881	$	121,862	$	153,658	$	313,213	$	57,851	$	91,439

Consolidated ratio of earnings to fixed charges		1.69		1.81		1.86		1.36		1.48		1.00		1.61

Earnings:
Pretax income from continuing operations before adjustment for income or loss from equity investees⁽¹⁾	$	85,368	$	117,258	$	133,774	$	63,084	$	144,180	$	521	$	53,539
Fixed charges		118,177		127,881		121,862		153,658		313,213		57,851		91,439
Capitalized interest		(12,526)		(25,029)		(41,170)		(20,792)		(13,164)		(4,665)		(2,420)
Amortized premiums, discounts and capitalized expenses related to indebtedness		8,413		11,231		11,898		13,945		13,905		3,716		3,693
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges		(238)		(126)		342		(357)		4,894		242		1,056
Earnings	$	199,194	$	231,215	$	226,706	$	209,538	$	463,028	$	57,665	$	147,307

Fixed charges:
Interest expense⁽¹⁾	$	114,064	$	114,083	$	92,590	$	146,811	$	313,954	$	56,902	$	92,712
Capitalized interest		12,526		25,029		41,170		20,792		13,164		4,665		2,420
Amortized premiums, discounts and capitalized expenses related to indebtedness		(8,413)		(11,231)		(11,898)		(13,945)		(13,905)		(3,716)		(3,693)
Fixed charges		118,177		127,881		121,862		153,658		313,213		57,851		91,439
Preferred stock dividends		25,130		23,201		22,079		21,645		60,502		8,680		19,207
Combined fixed charges and preferred stock dividends	$	143,307	$	151,082	$	143,941	$	175,303	$	373,715	$	66,531	$	110,646

Consolidated ratio of earnings to combined fixed charges and preferred stock dividends		1.39		1.53		1.57		1.20		1.24		0.87		1.33


(1) We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at March 31, 2012 to discontinued operations.