EX-12.1 11 a11-3301_5ex12d1.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

 

 

 

Nine Months Ended

 

Year ended December 31,

 

 

 

September 30, 2010

 

2009

 

2008

 

2007

 

2006

 

2005

 

 

 

(In thousands, except ratios)

 

RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense and Debt Amortization:

 

$

220,303

 

$

298,898

 

$

349,313

 

$

358,834

 

$

213,331

 

$

107,201

 

Rental Expense

 

4,391

 

6,039

 

6,008

 

8,151

 

4,212

 

2,614

 

Capitalized Interest

 

15,514

 

25,917

 

27,490

 

12,346

 

895

 

637

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

$

240,208

 

$

330,854

 

$

382,811

 

$

379,331

 

$

218,438

 

$

110,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

261,734

 

$

99,711

 

$

225,559

 

$

124,927

 

$

33,331

 

$

52,887

 

Add Back Fixed Charges

 

240,208

 

330,854

 

382,811

 

379,331

 

218,438

 

110,452

 

Add Distributed Income from Equity Investees

 

5,441

 

7,273

 

6,745

 

5,264

 

8,331

 

—

 

Less Capitalized Interest

 

(15,514

)

(25,917

)

(27,490

)

(12,346

)

(895

)

(637

)

Less Minority Interest from Subsidiaries without Fixed Charges

 

(9,174

)

(13,049

)

(17,996

)

(20,110

)

(19,895

)

(13,644

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

482,695

 

$

398,872

 

$

569,629

 

$

477,066

 

$

239,310

 

$

149,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.01

 

1.21

 

1.49

 

1.26

 

1.10

 

1.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense and Debt Amortization:

 

$

220,303

 

$

298,898

 

$

349,313

 

$

358,834

 

$

213,331

 

$

107,201

 

Preferred Stock Dividend

 

15,848

 

21,130

 

21,130

 

21,130

 

21,130

 

21,130

 

Rental Expense

 

4,391

 

6,039

 

6,008

 

8,151

 

4,212

 

2,614

 

Capitalized Interest

 

15,514

 

25,917

 

27,490

 

12,346

 

895

 

637

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

$

256,056

 

$

351,984

 

$

403,941

 

$

400,461

 

$

239,568

 

$

131,582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (see above)

 

$

482,695

 

$

398,872

 

$

569,629

 

$

477,066

 

$

239,310

 

$

149,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.89

 

1.13

 

1.41

 

1.19

 

—

(1)

1.13

 

 

(1)          For the Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends for Year Ended December 31, 2006, fixed charges exceeded earnings resulting in a deficiency of $258,000.