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EXHIBIT 12.1
HEALTH CARE PROPERTY INVESTORS, INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Amounts in thousands, except ratios)
(UNAUDITED)
Six Months
Year Ended December 31, Ended
------------------------------------------------------------- June
1994 1995 1996 1997 1998 1999
-------- -------- -------- -------- --------- ----------
Fixed Charges:
Interest Expense $ 20,133 $ 19,339 $ 26,401 $ 28,592 $ 36,753 $ 25,743
Capitalized Interest 332 594 1,017 1,469 1,800 964
Pro-Rata Share of Unconsolidated Partnerships'
Fixed Charges 1,404 1,442 737 850 777 311
Preferred Stock Dividend* 1,247 8,532 8,219
Amortization of debt expense, debt discounts
and interest factor in rental expense 767 985 949 1,033 983 584
-------- -------- -------- -------- --------- --------
Total $ 22,636 $ 22,360 $ 29,104 $ 33,191 $ 48,845 $ 35,821
======== ======== ======== ======== ========= ========
Earnings:
Income from Operations 53,562 60,395 64,017 66,446 78,654 41,887
Add Back Fixed Charges, Excluding Preferred
Stock Dividend 22,636 22,360 29,104 31,944 40,313 27,602
Less Capitalized Interest (332) (594) (1,017) (1,469) (1,800) (964)
-------- -------- -------- -------- --------- --------
Total $ 75,866 $ 82,161 $ 92,104 $ 96,921 $ 117,167 $ 68,525
======== ======== ======== ======== ========= ========
Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends 3.35 3.67 3.16 2.92 2.40 1.91
======== ======== ======== ======== ========= ========
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* 7.875% Preferred Stock Series A issued 9/26/97; 8.70% Preferred Stock
Series B issued 9/4/98.