WELLTOWER INC. - FORM 10-K - EX-12 - February 25, 2011

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10-K - FORM 10-K - WELLTOWER INC.l41762e10vk.htm
EX-23 - EX-23 - WELLTOWER INC.l41762exv23.htm
EX-21 - EX-21 - WELLTOWER INC.l41762exv21.htm
EX-32.2 - EX-32.2 - WELLTOWER INC.l41762exv32w2.htm
EX-24.6 - EX-24.6 - WELLTOWER INC.l41762exv24w6.htm
EX-24.2 - EX-24.2 - WELLTOWER INC.l41762exv24w2.htm
EX-31.2 - EX-31.2 - WELLTOWER INC.l41762exv31w2.htm
EX-24.4 - EX-24.4 - WELLTOWER INC.l41762exv24w4.htm
EX-31.1 - EX-31.1 - WELLTOWER INC.l41762exv31w1.htm
EX-32.1 - EX-32.1 - WELLTOWER INC.l41762exv32w1.htm
EX-24.5 - EX-24.5 - WELLTOWER INC.l41762exv24w5.htm
EX-24.8 - EX-24.8 - WELLTOWER INC.l41762exv24w8.htm
EX-24.3 - EX-24.3 - WELLTOWER INC.l41762exv24w3.htm
EX-24.7 - EX-24.7 - WELLTOWER INC.l41762exv24w7.htm
EX-24.1 - EX-24.1 - WELLTOWER INC.l41762exv24w1.htm
EX-24.9 - EX-24.9 - WELLTOWER INC.l41762exv24w9.htm
EX-24.12 - EX-24.12 - WELLTOWER INC.l41762exv24w12.htm
EX-24.10 - EX-24.10 - WELLTOWER INC.l41762exv24w10.htm
EX-24.11 - EX-24.11 - WELLTOWER INC.l41762exv24w11.htm
EX-10.17 - EX-10.17 - WELLTOWER INC.l41762exv10w17.htm
EXHIBIT 12
 
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS (UNAUDITED)
 
                                         
    Year Ended December 31,  
    2006     2007     2008     2009     2010  
          (Dollars in thousands)        
 
Earnings:
                                       
Pretax income from continuing operations before adjustment for income or loss from equity investees(1)
  $ 76,980     $ 95,384     $ 129,893     $ 149,292     $ 78,043  
Fixed charges
    101,263       149,439       154,857       139,044       167,807  
Capitalized interest
    (4,470 )     (12,526 )     (25,029 )     (41,170 )     (20,792 )
Amortized premiums, discounts and capitalized expenses related to indebtedness
    3,403       8,413       11,231       11,898       13,945  
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
    (13 )     (238 )     (126 )     342       (357 )
                                         
Earnings
    177,163       240,472       270,826       259,406       238,646  
                                         
Fixed charges:
                                       
Interest expense(1)
  $ 100,196     $ 145,326     $ 141,059     $ 109,772     $ 160,960  
Capitalized interest
    4,470       12,526       25,029       41,170       20,792  
Amortized premiums, discounts and capitalized expenses related to indebtedness
    (3,403 )     (8,413 )     (11,231 )     (11,898 )     (13,945 )
                                         
Fixed charges
  $ 101,263     $ 149,439     $ 154,857     $ 139,044     $ 167,807  
                                         
Consolidated ratio of earnings to fixed charges
    1.75       1.61       1.75       1.87       1.42  
Earnings:
                                       
Pretax income from continuing operations before adjustment for income or loss from equity investees(1)
  $ 76,980     $ 95,384     $ 129,893     $ 149,292     $ 78,043  
Fixed charges
    101,263       149,439       154,857       139,044       167,807  
Capitalized interest
    (4,470 )     (12,526 )     (25,029 )     (41,170 )     (20,792 )
Amortized premiums, discounts and capitalized expenses related to indebtedness
    3,403       8,413       11,231       11,898       13,945  
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
    (13 )     (238 )     (126 )     342       (357 )
                                         
Earnings
  $ 177,163     $ 240,472     $ 270,826     $ 259,406     $ 238,646  
                                         
Fixed charges:
                                       
Interest expense(1)
  $ 100,196     $ 145,326     $ 141,059     $ 109,772     $ 160,960  
Capitalized interest
    4,470       12,526       25,029       41,170       20,792  
Amortized premiums, discounts and capitalized expenses related to indebtedness
    (3,403 )     (8,413 )     (11,231 )     (11,898 )     (13,945 )
                                         
Fixed charges
    101,263       149,439       154,857       139,044       167,807  
Preferred stock dividends
    21,463       25,130       23,201       22,079       21,645  
                                         
Combined fixed charges and preferred stock dividends
  $ 122,726     $ 174,569     $ 178,058     $ 161,123     $ 189,452  
                                         
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends
    1.44       1.38       1.52       1.61       1.26  
 
 
(1) We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at December 31, 2010 to discontinued operations.

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