EX-12.2 7 a07-26564_1ex12d2.htm EX-12.2

Exhibit 12.2

 

HCP, Inc.

PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES AND PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

 

 

YTD JUN-07

 

YTD DEC-06

 

PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES

 

(In thousands, except ratios)

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

Interest Expense and Debt Amortization

 

$

237,699

 

$

552,548

 

Rental Expense

 

3,030

 

6,110

 

Capitalized Interest

 

9,992

 

21,404

 

 

 

 

 

 

 

Fixed Charges

 

$

250,721

 

$

580,062

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

Pretax Income (Loss) from Continuing Operations before minority Interest and Income from Equity investees

 

16,337

 

(114,968

)

Add Back Fixed Charges

 

250,721

 

580,062

 

Add Distributed Income from Equity Investees

 

3,110

 

10,565

 

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

 

(532

)

(69

)

Less Capitalized Interest

 

(9,992

)

(21,404

)

Less Minority Interest from Subsidiaries without fixed charges

 

(3,641

)

(9,474

)

 

 

 

 

 

 

Total

 

$

256,003

 

$

444,712

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (1)

 

1.02

 

—

 

 

 

 

 

 

 

PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

Interest Expense and Debt Amortization

 

$

237,699

 

$

552,548

 

Preferred Stock Dividend

 

10,566

 

21,130

 

Rental Expense

 

3,030

 

6,110

 

Capitalized Interest

 

9,992

 

21,404

 

 

 

 

 

 

 

Fixed Charges

 

$

261,287

 

$

601,192

 

 

 

 

 

 

 

Earnings (see above)

 

$

256,003

 

$

444,712

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (2)

 

—

 

—

 

 

(1)          For the Pro Forma Ratio of Earnings to Fixed Charges for Year Ended December 31, 2006, pro forma fixed charges exceeded pro forma earnings resulting in a deficiency of $135 million.

 

(2)          For the Pro Forma Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends for Year Ended December 31, 2006 and for the Six Months ended June 30, 2007, pro forma fixed charges exceeded pro forma earnings resulting in deficiencies of $156 million and $5 million, respectively.