EX-12.1 5 a2224916zex-12_1.htm EX-12.1

Exhibit 12.1

 

HCP, Inc.

RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Three Months
Ended
March 31,

 

Year ended December 31,

 

 

 

2015(1)

 

2014

 

2013

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense and Debt Amortization:

 

$

116,780

 

$

439,742

 

$

435,828

 

$

419,066

 

$

419,336

 

$

288,657

 

Rental Expense

 

2,115

 

8,407

 

7,918

 

6,794

 

6,186

 

5,939

 

Capitalized Interest

 

1,698

 

10,314

 

13,494

 

23,360

 

26,402

 

21,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

$

120,593

 

$

458,463

 

$

457,240

 

$

449,220

 

$

451,924

 

$

316,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax Income from Continuing Operations before Noncontrolling Interest and Income from Equity Investees

 

$

(251,181

)

$

893,438

 

852,015

 

$

745,081

 

$

490,681

 

$

371,172

 

Add Back Fixed Charges

 

120,593

 

458,463

 

457,240

 

449,220

 

451,924

 

316,260

 

Add Distributed Income from Equity Investees

 

1,159

 

5,045

 

3,989

 

3,384

 

3,273

 

5,373

 

Less Capitalized Interest

 

(1,698

)

(10,314

)

(13,494

)

(23,360

)

(26,402

)

(21,664

)

Less Noncontrolling Interest from Subsidiaries without Fixed Charges

 

(1,745

)

(8,780

)

(9,338

)

(10,954

)

(16,466

)

(15,517

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

(132,872

)

$

1,337,852

 

$

1,290,412

 

$

1,163,371

 

$

903,010

 

655,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

—

 

2.92

 

2.82

 

2.59

 

2.00

 

2.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense and Debt Amortization:

 

$

116,780

 

$

439,742

 

$

435,828

 

$

419,066

 

$

419,336

 

$

288,657

 

Preferred Stock Dividend

 

—

 

—

 

—

 

17,006

 

21,130

 

21,130

 

Rental Expense

 

2,115

 

8,407

 

7,918

 

6,794

 

6,186

 

5,939

 

Capitalized Interest

 

1,698

 

10,314

 

13,494

 

23,360

 

26,402

 

21,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

$

120,593

 

$

458,463

 

$

457,240

 

$

466,226

 

$

473,054

 

$

337,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (see above)

 

$

(132,872

)

$

1,337,852

 

$

1,290,412

 

$

1,163,371

 

$

903,010

 

655,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends(2)

 

—

 

2.92

 

2.82

 

2.50

 

1.91

 

1.94

 

 

(1)       Earnings did not cover fixed charges during the three months ended March 31, 2015. The amount of fixed charges during the three months ended March 31, 2015 of $121 million was in excess of earnings by $254 million. Earnings of ($133) million for the three months ended March 31, 2015 included a non-cash impairment charge of $478 million.

(2)       Beginning in the year 2013, we had no outstanding shares of preferred stock. Therefore, the ratios of earnings to combined fixed charges and preferred stock dividends are identical to the ratios of earnings to fixed charges for the three months ended March 31, 2015 and the years ended December 31, 2014 and 2013.