Exhibit 12.1
HEALTH CARE REIT, INC.
STATEMENT REGARDING COMPUTATION OF EARNINGS TO FIXED CHARGES
SIX MONTHS ENDED
JUNE 30 YEAR ENDED DECEMBER 31
2002 2001 2001 2000 1999 1998 1997
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(IN THOUSANDS)
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CONSOLIDATED EARNINGS:
Income from continuing operations
before extraordinary item 32,922 30,254 60,669 67,965 75,550 62,221 46,392
Add:
Interest Expense 20,032 16,089 32,028 34,622 26,916 18,030 15,366
Amortization of Loan Expenses 1,157 764 1,775 1,165 909 685 720
Equity earnings in less than 50% subsidiary (144) (166) (333) (318) (270) (375)
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CONSOLIDATED EARNINGS 53,967 46,941 94,139 103,434 103,105 80,561 62,478
CONSOLIDATED FIXED CHARGES:
Interest Expense 20,032 16,089 32,028 34,622 26,916 18,030 15,366
Capitalized Interest 0 539 841 3,079 8,578 7,740 2,305
Amortization of Loan Expenses 1,157 764 1,775 1,165 909 685 720
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CONSOLIDATED FIXED CHARGES 21,189 17,392 34,644 38,866 36,403 26,455 18,391
RATIO 2.55 2.70 2.72 2.66 2.83 3.05 3.40