Welltower (WELL) 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

Exhibit 12

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

																Three Months
																Ended
	Year Ended December 31,															March 31,
	2002			2003			2004			2005			2006			2006			2007
	(dollars in thousdands)
Earnings:
Income from continuing operations before extraordinary items (1)	$	54,500		$	69,602		$	82,208		$	79,846		$	103,504		$	23,723		$	28,509
Fixed charges		44,644			59,833			76,824			86,000			104,559			25,151			35,593
Capitalized interest		(170	)		(1,535	)		(875	)		(665	)		(4,470	)		(202	)		(2,327	)
Equity (earnings) losses in less than 50% owned subsidiary		(15	)		(270	)		0			0			0			0			0
Earnings	$	98,959		$	127,630		$	158,157		$	165,181		$	203,593		$	48,672		$	61,775
Fixed charges:
Interest expense (2)	$	42,101		$	55,377		$	72,556		$	82,625		$	96,834		$	24,238		$	31,999
Capitalized interest		170			1,535			875			665			4,470			202			2,327
Amortization of loan expenses		2,373			2,921			3,393			2,710			3,255			711			1,267
Fixed charges	$	44,644		$	59,833		$	76,824		$	86,000		$	104,559		$	25,151		$	35,593
Consolidated ratio of earnings to fixed charges		2.22			2.13			2.06			1.92			1.95			1.94			1.74

(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 March 31, 2007 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.