1 Exhibit 12.1 HEALTH CARE REIT, INC. STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31 ---------------------- 1998 1997 1996 1995 1994 ---- ---- ---- ---- ---- (In thousands) CONSOLIDATED EARNINGS: Net Income 62,309 46,477 30,676 13,635 24,953 Add: Interest Expense 18,030 15,366 14,635 12,752 9,684 Amortization of Loan Expenses 685 720 808 752 638 Equity earnings in less than 50% subsidiary (375) ------ ------ ------ ------ ------ Consolidated Earnings 80,649 62,563 46,119 27,139 35,275 CONSOLIDATED FIXED CHARGES: Interest Expense 18,030 15,366 14,635 12,752 9,684 Capitalized Interest 7,740 2,305 287 Amortization of Loan Expenses 685 720 808 752 638 ------ ------ ------ ------ ------ Consolidated Fixed Charges 26,455 18,391 15,730 13,504 10,322 ====== ====== ====== ====== ====== Ratio 3.05 3.40 2.93 2.01 3.42