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Exhibit 12.1
HEALTH CARE REIT, INC.
STATEMENT REGARDING COMPUTATION OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31
2002 2001 2000 1999 1998
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(IN THOUSANDS)
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CONSOLIDATED EARNINGS:
Income from continuing operations
before extraordinary item 68,062 60,669 67,965 75,550 62,221
Add:
Interest Expense 42,101 32,028 34,622 26,916 18,030
Amortization of Loan Expenses 2,373 1,775 1,165 909 685
Equity earnings in less than 50% subsidiary (299) (333) (318) (270) (375)
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CONSOLIDATED EARNINGS 112,237 94,139 103,434 103,105 80,561
CONSOLIDATED FIXED CHARGES:
Interest Expense 42,101 32,028 34,622 26,916 18,030
Capitalized Interest 170 841 3,079 8,578 7,740
Amortization of Loan Expenses 2,373 1,775 1,165 909 685
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CONSOLIDATED FIXED CHARGES 44,644 34,644 38,866 36,403 26,455
RATIO 2.51 2.72 2.66 2.83 3.05