Welltower (WELL) 8-K Other Events

EXHIBIT 12

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

																Nine Months
																Ended
	Year Ended December 31,															September 30,
	2001			2002			2003			2004			2005			2005			2006
Earnings:
Pretax income from continuing operations before extraordinary items (1)	$	48,597		$	55,732		$	69,661		$	79,877		$	77,303		$	50,035		$	76,002
Fixed charges		34,644			44,644			59,833			76,824			85,999			64,090			76,292
Capitalized interest		(841	)		(170	)		(1,535	)		(875	)		(665	)		(626	)		(2,494	)
Equity (earnings) losses in less than 50% owned subsidiary		(332	)		(15	)		(270	)
Earnings	$	82,068		$	100,191		$	127,689		$	155,826		$	162,637		$	113,499		$	149,800
Fixed charges:
Interest expense (2)	$	32,028		$	42,101		$	55,377		$	72,556		$	82,624		$	61,255		$	71,599
Capitalized interest		841			170			1,535			875			665			626			2,494
Amortization of loan expenses		1,775			2,373			2,921			3,393			2,710			2,209			2,199
Fixed charges	$	34,644		$	44,644		$	59,833		$	76,824		$	85,999		$	64,090		$	76,292
Consolidated ratio of earnings to fixed charges		2.37			2.24			2.13			2.03			1.89			1.77			1.96

(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 and attributable to properties held for sale at September 30, 2006 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.