Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - WELLTOWER INC. | d307232dex991.htm |
| 8-K - 8-K - WELLTOWER INC. | d307232d8k.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, | ||||||||||||||||||||
| 2007 | 2008 | 2009 | 2010 | 2011 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Earnings: |
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| Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
$ | 94,232 | $ | 127,505 | $ | 145,180 | $ | 74,604 | $ | 156,429 | ||||||||||
| Fixed charges |
124,323 | 133,077 | 126,128 | 158,143 | 317,654 | |||||||||||||||
| Capitalized interest |
(12,526 | ) | (25,029 | ) | (41,170 | ) | (20,792 | ) | (13,164 | ) | ||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness |
8,413 | 11,231 | 11,898 | 13,945 | 13,905 | |||||||||||||||
| Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
(238 | ) | (126 | ) | 342 | (357 | ) | 4,894 | ||||||||||||
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| Earnings |
$ | 214,204 | $ | 246,658 | $ | 242,378 | $ | 225,543 | $ | 479,718 | ||||||||||
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| Fixed charges: |
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| Interest expense(1) |
$ | 120,210 | $ | 119,279 | $ | 96,856 | $ | 151,296 | $ | 318,395 | ||||||||||
| Capitalized interest |
12,526 | 25,029 | 41,170 | 20,792 | 13,164 | |||||||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness |
(8,413 | ) | (11,231 | ) | (11,898 | ) | (13,945 | ) | (13,905 | ) | ||||||||||
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| Fixed charges |
$ | 124,323 | $ | 133,077 | $ | 126,128 | $ | 158,143 | $ | 317,654 | ||||||||||
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| Consolidated ratio of earnings to fixed charges |
1.72 | 1.85 | 1.92 | 1.43 | 1.51 | |||||||||||||||
| Earnings: |
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| Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
$ | 94,232 | $ | 127,505 | $ | 145,180 | $ | 74,604 | $ | 156,429 | ||||||||||
| Fixed charges |
124,323 | 133,077 | 126,128 | 158,143 | 317,654 | |||||||||||||||
| Capitalized interest |
(12,526 | ) | (25,029 | ) | (41,170 | ) | (20,792 | ) | (13,164 | ) | ||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness |
8,413 | 11,231 | 11,898 | 13,945 | 13,905 | |||||||||||||||
| Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
(238 | ) | (126 | ) | 342 | (357 | ) | 4,894 | ||||||||||||
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| Earnings |
$ | 214,204 | $ | 246,658 | $ | 242,378 | $ | 225,543 | $ | 479,718 | ||||||||||
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| Fixed charges: |
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| Interest expense(1) |
$ | 120,210 | $ | 119,279 | $ | 96,856 | $ | 151,296 | $ | 318,395 | ||||||||||
| Capitalized interest |
12,526 | 25,029 | 41,170 | 20,792 | 13,164 | |||||||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness |
(8,413 | ) | (11,231 | ) | (11,898 | ) | (13,945 | ) | (13,905 | ) | ||||||||||
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| Fixed charges |
124,323 | 133,077 | 126,128 | 158,143 | 317,654 | |||||||||||||||
| Preferred stock dividends |
25,130 | 23,201 | 22,079 | 21,645 | 60,502 | |||||||||||||||
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| Combined fixed charges and preferred stock dividends |
$ | 149,453 | $ | 156,278 | $ | 148,207 | $ | 179,788 | $ | 378,156 | ||||||||||
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| Consolidated ratio of earnings to combined fixed charges and preferred stock dividends |
1.43 | 1.58 | 1.64 | 1.25 | 1.27 | |||||||||||||||
| (1) | We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at December 31, 2011 to discontinued operations. |