EX-12.2 12 a11-3301_5ex12d2.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

 

 

 

Nine Months Ended

 

Year Ended

 

 

 

September 30, 2010

 

December 31, 2009

 

 

 

(In thousands, except ratios)

 

PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

Interest Expense and Debt Amortization

 

$

347,344

 

$

481,361

 

Rental Expense

 

4,506

 

6,192

 

Capitalized Interest

 

15,514

 

25,917

 

 

 

 

 

 

 

Fixed Charges

 

$

367,364

 

$

513,470

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

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

 

$

550,541

 

$

495,458

 

Add Back Fixed Charges

 

367,364

 

513,470

 

Add Distributed Income from Equity Investees

 

5,441

 

7,273

 

Less Capitalized Interest

 

(15,514

)

(25,917

)

Less Minority Interest from Subsidiaries without fixed charges

 

(9,174

)

(13,049

)

 

 

 

 

 

 

Total

 

$

898,658

 

$

977,235

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.45

 

1.90

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

Interest Expense and Debt Amortization

 

$

347,344

 

$

481,361

 

Preferred Stock Dividend

 

15,848

 

21,130

 

Rental Expense

 

4,506

 

6,192

 

Capitalized Interest

 

15,514

 

25,917

 

 

 

 

 

 

 

Fixed Charges

 

$

383,212

 

$

534,600

 

 

 

 

 

 

 

Earnings (see above)

 

$

898,658

 

$

977,235

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.35

 

1.83