Welltower (WELL) 10-K2013 Q4 Annual report

Filed: 21 Feb 14, 12:00am

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New words: absent, accommodation, adult, Airport, Alameda, Alma, Apple, attack, Ave, Bagley, Barbara, Barrett, Beech, Belmont, belong, Ben, Berkshire, blending, Blv, Blvd, Boone, Brightwater, Brinker, Broadway, Brown, Bryan, Bryant, Buena, Camelot, Canal, CareMatrix, category, Cautionary, Changebridge, Chapa, Cherry, Chillicothe, Cholla, Church, Cleveland, Club, Clyde, Coconino, Cold, Cole, College, Columbine, compromise, compulsory, confidential, congressional, content, contested, contravention, conviction, Corrupt, Council, counterparty, CQC, Cranbury, Crawford, Crest, Creston, Cristland, Crown, Ct, custodian, cyber, cybersecurity, Daly, Dickinson, disability, dismissal, dismissed, disrupt, Dorn, Dovecrest, downgrade, Dr, Drawer, Duncan, effort, Eisenhaur, employ, empowered, entry, enumerated, explained, fall, Ferry, fine, finite, fire, fit, Fitzgerald, flexibility, forty, Foxpointe, Franklin, Freshley, FY, Garden, Glenn, Green, Grove, guilty, Hannah, Hartford, Hartley, heading, Hickory, Highbridge, Highland, Highway, Hill, Hillcrest, Hinch, Hoffman, Hollow, Holt, Hope, Hwy, imprisonment, Indian, indictment, infection, info, injury, Jack, Jacksonville, Johnson, Kadlec, Karl, Knoedler, La, Lake, Lakeview, Lanark, Lane, Laurel, Lawndale, Lazelle, Lear, left, Leitchfield, licensee, lifted, Lilly, Limekiln, Lincoln, Litchfield, Locust, LTC, Lyon, mandatory, Mansell, marked, Martin, McElroy, McIntosh, McLean, meal, Mebane, Memorial, mentally, metropolitan, Ministry, Miracle, multifactor, municipal, Naughton, NE, Neck, nominate, nominated, North, Northgate, Norvell, notification, nutritional, NW, Oak, objective, offense, Olympia, Ontario, Oregon, Osprey, outsourcing, Overlook, Parkway, Parrish, Patterson, Peachtree, Pecan, people, permissible, permission, Perry, pest, piece, Pike, Pinebrook, Piney, Pkwy, Plantation, Plaza, Polo, poverty, Powell, Prairie, prejudice, processed, province, Quebec, Radcliffe, Ranch, rank, regime, registrar, reinstituted, reliance, restrained, Revera, revoke, revoking, Reynolda, RHRA, Ridge, Road, Roane, Robinwood, Rock, Rockport, Rocky, Rolling, roughly, Royalton, safe, Safeguarding, safely, Santa, Scofield, SE, sequester, sharply, Silver, Simpson, Skeet, Slaughter, sophisticated, sought, South, Southpointe, Spanson, Spring, Stanfield, Statesville, statutorily, stemming, Stonefield, stopping, Suffield, Summit, sunset, Switzer, temperature, tenancy, thereunto, threaten, Timothy, Town, Tribunal, Trotwood, Tyree, unannounced, unsafe, unsuccessful, user, validly, Valley, Valleyview, Valparaiso, Van, Vance, Victoria, vision, Vista, volume, voluntarily, Walden, warning, Warren, Washington, Water, weather, Westchester, Woodham, Yale, Yellowstone, Yorkland

Removed: acceptance, adapt, CCRC, comment, consulting, Controller, DRIP, ending, eventually, expensive, extinguished, Farrar, FASB, financially, Frederick, hereunto, manufactured, marketed, notional, patent, phase, repeal, Senate, situated, spend, Tennessee, troubled, turbulence, unpredictable, updating, vacant, viable

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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,
	2009		2010		2011		2012		2013
	(dollars in thousands)
Earnings:
Pretax income from continuing operations before adjustment for income or loss from equity investees⁽¹⁾	$	102,612	$	32,976	$	112,203	$	185,912	$	102,245
Fixed charges		104,824		134,905		290,240		359,947		460,918
Capitalized interest		(41,170)		(20,792)		(13,164)		(9,777)		(6,700)
Amortized premiums, discounts and capitalized expenses related to indebtedness		11,898		13,945		13,905		11,395		4,142
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges		342		(357)		4,894		2,415		6,770
Earnings	$	178,506	$	160,677	$	408,078	$	549,892	$	567,375

Fixed charges:
Interest expense⁽¹⁾	$	75,552	$	128,058	$	290,981	$	361,565	$	458,360
Capitalized interest		41,170		20,792		13,164		9,777		6,700
Amortized premiums, discounts and capitalized expenses related to indebtedness		(11,898)		(13,945)		(13,905)		(11,395)		(4,142)
Fixed charges	$	104,824	$	134,905	$	290,240	$	359,947	$	460,918

Consolidated ratio of earnings to fixed charges		1.70		1.19		1.41		1.53		1.23

Earnings:
Pretax income from continuing operations before adjustment for income or loss from equity investees⁽¹⁾	$	102,612	$	32,976	$	112,203	$	185,912	$	102,245
Fixed charges		104,824		134,905		290,240		359,947		460,918
Capitalized interest		(41,170)		(20,792)		(13,164)		(9,777)		(6,700)
Amortized premiums, discounts and capitalized expenses related to indebtedness		11,898		13,945		13,905		11,395		4,142
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges		342		(357)		4,894		2,415		6,770
Earnings	$	178,506	$	160,677	$	408,078	$	549,892	$	567,375

Fixed charges:
Interest expense⁽¹⁾	$	75,552	$	128,058	$	290,981	$	361,565	$	458,360
Capitalized interest		41,170		20,792		13,164		9,777		6,700
Amortized premiums, discounts and capitalized expenses related to indebtedness		(11,898)		(13,945)		(13,905)		(11,395)		(4,142)
Fixed charges		104,824		134,905		290,240		359,947		460,918
Preferred stock dividends		22,079		21,645		60,502		69,129		66,336
Combined fixed charges and preferred stock dividends	$	126,903	$	156,550	$	350,742	$	429,076	$	527,254

Consolidated ratio of earnings to combined fixed charges and preferred stock dividends		1.41		1.03		1.16		1.28		1.08


(1) We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at December 31, 2013 to discontinued operations.