EX-12.1 5 a2235873zex-12_1.htm EX-12.1

Exhibit 12.1

 

HCP, Inc.

RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

 

 

 

Three Months
Ended
March 31,

 

Year Ended December 31,

 

 

 

2018

 

2017

 

2016

 

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax Income from Continuing Operations(1)

 

$

37,331

 

$

410,400

 

$

367,284

 

$

136,271

 

$

274,414

 

$

249,857

 

Plus: Fixed Charges

 

79,461

 

327,796

 

478,898

 

491,565

 

452,878

 

451,935

 

Plus: Amortization of Capitalized Interest(2)

 

1,743

 

6,629

 

6,161

 

5,829

 

5,511

 

5,114

 

Plus: Distributed Income from Equity Investees

 

5,336

 

44,142

 

26,492

 

15,111

 

5,045

 

3,989

 

Less: Capitalized Interest

 

(3,578

)

(16,937

)

(11,108

)

(8,798

)

(10,362

)

(13,494

)

Less: Noncontrolling Interest from Subsidiaries without Fixed Charges

 

(1,917

)

(7,481

)

(11,028

)

(10,612

)

(8,780

)

(9,338

)

Earnings

 

$

118,376

 

$

764,549

 

$

856,699

 

$

629,366

 

$

718,706

 

$

688,063

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense(3)

 

$

75,102

 

$

307,716

 

$

464,403

 

$

479,596

 

$

439,742

 

$

435,828

 

Estimated Interest Within Rental Expense

 

781

 

3,143

 

3,387

 

3,171

 

2,774

 

2,613

 

Capitalized Interest

 

3,578

 

16,937

 

11,108

 

8,798

 

10,362

 

13,494

 

Fixed Charges

 

$

79,461

 

$

327,796

 

$

478,898

 

$

491,565

 

$

452,878

 

$

451,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.49

 

2.33

 

1.79

 

1.28

 

1.59

 

1.52

 

 

(1)         Excludes income tax benefit (expense) and equity income (loss) from unconsolidated joint ventures.

(2)         Amounts represent an estimate of capitalized interest that has been amortized each year based on our depreciation and amortization policy and an analysis of capitalized interest costs.

(3)         Includes amortization of debt issuance costs and discounts/premiums on indebtedness.