EX-12.1 6 a07-26564_1ex12d1.htm EX-12.1

Exhibit 12.1

 

HCP, INC.

RATIO OF EARNINGS TO FIXED CHARGES

AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

 

 

Year ended December 31,

 

 

 

YTD JUN-07

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 

(In thousands, except ratios)

 

RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense and Debt Amortization:

 

$

151,337

 

$

212,188

 

$

106,545

 

$

85,721

 

$

87,645

 

$

76,163

 

Rental Expense

 

2,875

 

4,212

 

2,614

 

1,306

 

625

 

510

 

Capitalized Interest

 

173

 

895

 

637

 

1,650

 

1,210

 

1,323

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

$

154,385

 

$

217,295

 

$

109,796

 

$

88,677

 

$

89,480

 

$

77,996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

90,658

 

88,516

 

106,098

 

105,182

 

95,801

 

80,748

 

Add Back Fixed Charges

 

154,385

 

217,295

 

109,796

 

88,677

 

89,490

 

77,996

 

Add Distributed Income from Equity Investees

 

2,067

 

8,331

 

—

 

2,157

 

1,195

 

920

 

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

 

(532

)

(69

)

(2,159

)

(79

)

(439

)

(348

)

Less Capitalized Interest

 

(173

)

(895

)

(637

)

(1,650

)

(1,210

)

(1,323

)

Less Minority Interest from Subsidiaries without Fixed Charges

 

(3,641

)

(9,474

)

(4,489

)

(5,369

)

(4,568

)

(3,072

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

242,764

 

$

303,704

 

$

208,609

 

$

188,918

 

$

180,259

 

$

154,921

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.57

 

1.40

 

1.90

 

2.13

 

2.01

 

1.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense and Debt Amortization:

 

$

151,337

 

$

212,188

 

$

106,545

 

$

85,721

 

$

87,645

 

$

76,163

 

Preferred Stock Dividend

 

10,566

 

21,130

 

21,130

 

21,130

 

36,736

 

24,900

 

Rental Expense

 

2,875

 

4,212

 

2,614

 

1,306

 

625

 

510

 

Capitalized Interest

 

173

 

895

 

637

 

1,650

 

1,210

 

1,323

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

$

164,951

 

$

238,425

 

$

130,926

 

$

109,807

 

$

126,216

 

$

102,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (see above)

 

$

242,764

 

$

303,704

 

$

208,609

 

$

188,918

 

$

180,259

 

$

154,921

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.47

 

1.27

 

1.59

 

1.72

 

1.43

 

1.51