WELLTOWER INC. - FORM 10-K - EX-12 - February 26, 2010

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EX-31.2 - EX-31.2 - WELLTOWER INC.l38660exv31w2.htm
10-K - FORM 10-K - WELLTOWER INC.l38660e10vk.htm
EX-23 - EX-23 - WELLTOWER INC.l38660exv23.htm
EX-21 - EX-21 - WELLTOWER INC.l38660exv21.htm
EX-24.1 - EX-24.1 - WELLTOWER INC.l38660exv24w1.htm
EX-24.8 - EX-24.8 - WELLTOWER INC.l38660exv24w8.htm
EX-24.7 - EX-24.7 - WELLTOWER INC.l38660exv24w7.htm
EX-24.5 - EX-24.5 - WELLTOWER INC.l38660exv24w5.htm
EX-32.1 - EX-32.1 - WELLTOWER INC.l38660exv32w1.htm
EX-24.3 - EX-24.3 - WELLTOWER INC.l38660exv24w3.htm
EX-24.4 - EX-24.4 - WELLTOWER INC.l38660exv24w4.htm
EX-24.6 - EX-24.6 - WELLTOWER INC.l38660exv24w6.htm
EX-24.9 - EX-24.9 - WELLTOWER INC.l38660exv24w9.htm
EX-24.2 - EX-24.2 - WELLTOWER INC.l38660exv24w2.htm
EX-24.10 - EX-24.10 - WELLTOWER INC.l38660exv24w10.htm
EX-24.11 - EX-24.11 - WELLTOWER INC.l38660exv24w11.htm
EX-24.12 - EX-24.12 - WELLTOWER INC.l38660exv24w12.htm
EX-32.2 - EX-32.2 - WELLTOWER INC.l38660exv32w2.htm
EX-31.1 - EX-31.1 - WELLTOWER INC.l38660exv31w1.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,  
    2005     2006     2007     2008     2009  
            (dollars in thousands)          
Earnings:
                                        
Pretax income from continuing operations before adjustment for income or loss from equity investees (1)
   $ 61,344     $ 85,069     $ 104,189     $ 140,672     $ 161,738  
Fixed charges
     84,262       101,263       149,439       154,857       139,044  
Capitalized interest
     (665 )     (4,470 )     (12,526 )     (25,029 )     (41,170 )
Amortized premiums, discounts and capitalized expenses related to indebtedness
     1,738       3,403       8,413       11,231       11,898  
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
     0       (13 )     (238 )     (126 )     342  
     
Earnings
   $ 146,679     $ 185,252     $ 249,277     $ 281,605     $ 271,852  
     
Fixed charges:
                                        
Interest expense (1)
   $ 85,335     $ 100,196     $ 145,326     $ 141,059     $ 109,772  
Capitalized interest
     665       4,470       12,526       25,029       41,170  
Amortized premiums, discounts and capitalized expenses related to indebtedness
     (1,738 )     (3,403 )     (8,413 )     (11,231 )     (11,898 )
     
Fixed charges
   $ 84,262     $ 101,263     $ 149,439     $ 154,857     $ 139,044  
     
Consolidated ratio of earnings to fixed charges
     1.74       1.83       1.67       1.82       1.96  
Earnings:
                                        
Pretax income from continuing operations before adjustment for income or loss from equity investees (1)
   $ 61,344     $ 85,069     $ 104,189     $ 140,672     $ 161,738  
Fixed charges
     84,262       101,263       149,439       154,857       139,044  
Capitalized interest
     (665 )     (4,470 )     (12,526 )     (25,029 )     (41,170 )
Amortized premiums, discounts and capitalized expenses related to indebtedness
     1,738       3,403       8,413       11,231       11,898  
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
     0       (13 )     (238 )     (126 )     342  
     
Earnings
   $ 146,679     $ 185,252     $ 249,277     $ 281,605     $ 271,852  
     
Fixed charges:
                                        
Interest expense (1)
   $ 85,335     $ 100,196     $ 145,326     $ 141,059     $ 109,772  
Capitalized interest
     665       4,470       12,526       25,029       41,170  
Amortized premiums, discounts and capitalized expenses related to indebtedness
     (1,738 )     (3,403 )     (8,413 )     (11,231 )     (11,898 )
     
Fixed charges
     84,262       101,263       149,439       154,857       139,044  
Preferred stock dividends
     21,594       21,463       25,130       23,201       22,079  
     
Combined fixed charges and preferred stock dividends
   $ 105,856     $ 122,726     $ 174,569     $ 178,058     $ 161,123  
     
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends
     1.39       1.51       1.43       1.58       1.69  
 
(1)   We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at December 31, 2009 to discontinued operations.

WELLTOWER INC. Reports