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Exhibit 12.1
HEALTH CARE REIT, INC.
STATEMENT REGARDING COMPUTATION OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31
SIX MONTH PERIOD ENDED 2000 1999 1998 1997 1996
JUNE 30, 2001 ---- ---- ---- ---- ----
(IN THOUSANDS) (IN THOUSANDS)
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CONSOLIDATED EARNINGS:
Net Income 30,326 68,056 75,638 62,309 46,477 30,676
Add:
Interest Expense 16,089 34,622 26,916 18,030 15,366 14,635
Amortization of Loan Expenses 764 1,165 909 685 720 808
Equity earnings in less than 50% subsidiary (166) (318) (270) (375)
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CONSOLIDATED EARNINGS 47,013 103,525 103,193 80,649 62,563 46,119
CONSOLIDATED FIXED CHARGES:
Interest Expense 16,089 34,622 26,916 18,030 15,366 14,635
Capitalized Interest 539 3,079 8,578 7,740 2,305 287
Amortization of Loan Expenses 764 1,165 909 685 720 808
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CONSOLIDATED FIXED CHARGES 17,392 38,866 36,403 26,455 18,391 15,730
RATIO 2.70 2.66 2.83 3.05 3.40 2.93