1 Exhibit 12.1 HEALTH CARE REIT, INC. STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31 ---------------------------------------------- 1997 1996 1995 1994 1993 ---- ---- ---- ---- ---- (in thousands) CONSOLIDATED EARNINGS: Net income 46,477 30,676 13,635 24,953 20,055 Add: Interest Expense 15,366 14,635 12,752 9,684 10,817 Amortization of Loan Expenses 720 808 752 638 328 ------ ------ ------ ------ ------ Consolidated Earnings 62,563 46,119 27,139 35,275 31,200 CONSOLIDATED FIXED CHARGES: Interest Expense 15,366 14,635 12,752 9,684 10,817 Capitalized Interest 2,305 287 Amortization of Loan Expenses 808 752 638 328 ------ ------ ------ ------ ------ Consolidated Fixed Charges 18,391 15,730 13,504 10,322 11,145 ====== ====== ====== ====== ====== Ratio 3.40 2.93 2.01 3.42 2.80