Welltower (WELL) 8-K Regulation FD Disclosure

EXHIBIT 12.1

STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)

																Nine Months
																Ended
	Year Ended December 31															September 30
	2000			2001			2002			2003			2004			2004			2005
	(dollars in thousands)
Earnings:
Income from continuing operations before extraordinary items (1)	$	58,542		$	52,807		$	59,452		$	72,365		$	83,189		$	60,862		$	52,141
Fixed charges		38,866			34,644			44,644			59,833			76,824			56,971			64,090
Capitalized interest		(3,079	)		(841	)		(170	)		(1,535	)		(875	)		(590	)		(626	)
Equity (earnings) losses in less than 50% owned subsidiary		(318	)		(332	)		(15	)		(270	)		0			0			0
Earnings	$	94,011		$	86,278		$	103,911		$	130,393		$	159,138		$	117,243		$	115,605
Fixed charges:
Interest expense (2)	$	34,622		$	32,028		$	42,101		$	55,377		$	72,556		$	53,813		$	61,255
Capitalized interest		3,079			841			170			1,535			875			590			626
Amortization of loan expenses		1,165			1,775			2,373			2,921			3,393			2,568			2,209
Fixed charges	$	38,866		$	34,644		$	44,644		$	59,833		$	76,824		$	56,971		$	64,090
Consolidated ratio of earnings to fixed charges		2.42			2.49			2.33			2.18			2.07			2.06			1.80

(1) In accordance with FASB Statement No. 144, we have reclassified the income and expenses attributable to the properties sold subsequent to January 1, 2002 to discontinued operations.

(2) For purposes of this statement, interest expense consists of interest on all indebtedness including amounts allocated to discontinued operations, in accordance with FASB Statement No. 144.