EX-12.1 7 dex121.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

Health Care Property Investors, Inc.

 

RATIO OF EARNINGS TO FIXED CHARGES

AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in thousands)

 

     2004
     2003
     2002
     2001
     2000
  
RATIO OF EARNINGS TO FIXED CHARGES(1)                                         

Fixed Charges:

                                         

Interest Expense and Debt Amortization

    $ 88,138     $ 88,297     $ 74,951     $ 75,526     $ 84,684  

Rental Expense

      431       130       164       152       138  

Capitalized Interest

      1,650       1,210       1,323       243       514  
    
 
 
 
 

Fixed Charges

    $ 90,219     $ 89,637     $ 76,438     $ 75,921     $ 85,336  
    
 
 
 
 

Earnings:

                                         

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

    $ 166,260     $ 149,833     $ 134,919     $ 111,001     $ 103,342  

Add Back Fixed Charges

      90,219       89,637       76,438       75,921       85,336  

Add Distributed Income from Equity Investees

      2,157       1,195       920       944       1,412  

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

      (79 )     (439 )     (348 )     (458 )     (638 )

Less Capitalized Interest

      (1,650 )     (1,210 )     (1,323 )     (243 )     (514 )

Less Minority Interest from Subsidiaries without Fixed Charges

      (5,370 )     (4,568 )     (3,072 )     (3,109 )     (3,485 )
    
 
 
 
 

Total

    $ 251,538     $ 234,448     $ 207,534     $ 184,056     $ 185,453  
    
 
 
 
 
Ratio of Earnings to Fixed Charges(1)      2.79       2.62       2.72       2.42       2.17  
    
 
 
 
 

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(1)

                                         

Fixed Charges:

                                         

Interest Expense and Debt Amortization

      88,138       88,297       74,951       75,526       84,684  

Preferred Stock Dividend

      21,130       36,736       24,900       24,900       24,900  

Rental Expense

      431       130       164       152       138  

Capitalized Interest

      1,650       1,210       1,323       243       514  
    
 
 
 
 

Fixed Charges

    $ 111,349     $ 126,373     $ 101,338     $ 100,821     $ 110,236  
    
 
 
 
 

Earnings (see above)

    $ 251,538     $ 234,448     $ 207,534     $ 184,056     $ 185,453  
    
 
 
 
 

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends(1)

      2.26       1.86       2.05       1.83       1.68  
    
 
 
 
 
(1) The ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends have been revised from those presented in Exhibit 12 to the Registration Statement on Form S-3 filed on December 15, 2003, to reflect reclassifications of discontinued operations pursuant to Statement of Financial Accounting Standard No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets” (FAS 144).