EX-12.1 10 a2194431zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1


HCP, Inc.

RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Thousands)

 
   Six Months
Ended
June 30,
2009 		  Years Ended December 31,  
 
   2008   2007   2006   2005   2004  

RATIO OF EARNINGS TO FIXED CHARGES

                                      

Fixed Charges:

                                      
 

Interest Expense and Debt Amortization

   $ 152,014   $ 348,402   $ 355,479   $ 211,494   $ 106,023   $ 85,834  
 

Rental Expense

     2,413     4,865     5,109     4,212     2,614     1,306  
 

Capitalized Interest

     12,347     27,490     12,346     895     637     1,650  
                           
   

Fixed Charges

   $ 166,774   $ 380,757   $ 372,934   $ 216,601   $ 109,274   $ 88,790  
                           

Earnings:

                                      
 

Pretax Income from Continuing Operations before Income from Equity Investees

   $ 121,149   $ 233,252   $ 133,334   $ 39,767   $ 59,321   $ 60,844  
 

Add Back Fixed Charges

     166,774     380,757     372,934     216,601     109,274     88,790  
 

Add Distributed Income from Equity Investees

     2,589     6,745     5,264     8,331     —     2,157  
 

Add Losses from Equity Investees for which charges arising from guarantees are included in fixed charges

     —     —     —     —     —     —  
 

Less Capitalized Interest

     (12,347 )   (27,490 )   (12,346 )   (895 )   (637 )   (1,650 )
 

Less Noncontrolling Interest from Subsidiaries without Fixed Charges

     (6,698 )   (17,996 )   (20,110 )   (19,895 )   (13,644 )   (14,175 )
                           
   

Earnings

   $ 271,467   $ 575,268   $ 479,076   $ 243,909   $ 154,314   $ 135,966  
                           

Ratio of Earnings to Fixed Charges

     1.63     1.51     1.28     1.13     1.41     1.53  
                           

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

                                      

Fixed Charges:

                                      
 

Interest Expense and Debt Amortization

   $ 152,014   $ 348,402   $ 355,479   $ 211,494   $ 106,023   $ 85,834  
 

Preferred Stock Dividend

     10,566     21,130     21,130     21,130     21,130     21,130  
 

Rental Expense

     2,413     4,865     5,109     4,212     2,614     1,306  
 

Capitalized Interest

     12,347     27,490     12,346     895     637     1,650  
                           
   

Fixed Charges

   $ 177,340   $ 401,887   $ 394,064   $ 237,731   $ 130,404   $ 109,920  
                           

Earnings (see above)

     271,467   $ 575,268   $ 479,076   $ 243,909   $ 154,314   $ 135,966  
                           

Ratio of Earnings to Fixed Charges

     1.53     1.43     1.22     1.03     1.18     1.24  
                           



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HCP, Inc. RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Dollars in Thousands)