EXHIBIT 12.1

HCPI

RATIO OF EARNINGS TO FIXED CHARGES

and RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	2002		2001		2000		1999		1998
RATIO OF EARNINGS TO FIXED CHARGES
Fixed Charges:
Interest Expense and Debt Amortization:	77,952		78,489		86,747		58,458		37,625
Pro-Rata Share of Unconsolidated Partnerships' Fixed Charges	727		530		441		414		777
Rental Expense	164		152		138		119		111
Capitalized Interest	1,323		243		514		1,223		1,800
Fixed Charges	80,166		79,414		87,840		60,214		40,313
Earnings:
Net Income from Operations	145,614		130,289		124,531		88,547		76,819
Add Back Fixed Charges	80,166		79,414		87,840		60,214		40,313
Less Capitalized Interest	(1,323	)	(243	)	(514	)	(1,223	)	(1,800	)
Total	224,457		209,460		211,857		147,538		115,332
Ratio of Earnings to Fixed Charges	2.80		2.64		2.41		2.45		2.86
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Fixed Charges:
Interest Expense and Debt Amortization:	77,952		78,489		86,747		58,458		37,625
Pro-Rata Share of Unconsolidated Partnerships' Fixed Charges	727		530		441		414		777
Preferred Stock Dividend	24,900		24,900		24,900		17,775		8,532
Rental Expense	164		152		138		119		111
Capitalized Interest	1,323		243		514		1,223		1,800
Fixed Charges	105,066		104,314		112,740		77,989		48,845
Earnings (see above)	224,457		209,460		211,857		147,538		115,332
Ratio of Earnings to Fixed Charges	2.14		2.01		1.88		1.89		2.36