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EX-31.2 - EX-31.2 - WELLTOWER INC.Ex-31.2.htm
EX-32.2 - EX-32.2 - WELLTOWER INC.Ex-32.2.htm
EX-10.4 - EX-10.4 - WELLTOWER INC.Ex-10.4.htm
EX-10.1 - EX-10.1 - WELLTOWER INC.Ex-10.1.htm
EX-31.1 - EX-31.1 - WELLTOWER INC.Ex-31.1.htm
EX-10.3 - EX-10.3 - WELLTOWER INC.Ex-10.3.htm
EX-32.1 - EX-32.1 - WELLTOWER INC.Ex-32.1.htm
EX-10.2 - EX-10.2 - WELLTOWER INC.Ex-10.2.htm
10-Q - 10-Q - WELLTOWER INC.10-Q.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,

 

Six Months Ended June 30,

(dollars in thousands)

 

2010

 

2011

 

2012

 

2013

 

2014

 

2014

 

2015

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations before adjustment for income or loss from equity investees(1)

 

$

32,976

 

$

112,203

 

$

185,912

 

$

102,245

 

$

384,213

 

$

160,154

 

$

315,637

Fixed charges

 

 

134,905

 

 

290,240

 

 

359,947

 

 

460,918

 

 

485,762

 

 

243,223

 

 

248,470

Capitalized interest

 

 

(20,792)

 

 

(13,164)

 

 

(9,777)

 

 

(6,700)

 

 

(7,150)

 

 

(3,305)

 

 

(4,446)

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

 

13,945

 

 

13,905

 

 

11,395

 

 

4,142

 

 

2,427

 

 

1,980

 

 

(4,082)

Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

 

(357)

 

 

4,894

 

 

2,415

 

 

6,770

 

 

(147)

 

 

1,502

 

 

(3,804)

Earnings

 

$

160,677

 

$

408,078

 

$

549,892

 

$

567,375

 

$

865,105

 

$

403,554

 

$

551,775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(1)

 

$

128,058

 

$

290,981

 

$

361,565

 

$

458,360

 

$

481,039

 

$

241,898

 

$

239,942

Capitalized interest

 

 

20,792

 

 

13,164

 

 

9,777

 

 

6,700

 

 

7,150

 

 

3,305

 

 

4,446

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

 

(13,945)

 

 

(13,905)

 

 

(11,395)

 

 

(4,142)

 

 

(2,427)

 

 

(1,980)

 

 

4,082

Fixed charges

 

$

134,905

 

$

290,240

 

$

359,947

 

$

460,918

 

$

485,762

 

$

243,223

 

$

248,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated ratio of earnings to fixed charges

 

 

1.19

 

 

1.41

 

 

1.53

 

 

1.23

 

 

1.78

 

 

1.66

 

 

2.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations before adjustment for income or loss from equity investees(1)

 

$

32,976

 

$

112,203

 

$

185,912

 

$

102,245

 

$

384,213

 

$

160,154

 

$

315,637

Fixed charges

 

 

134,905

 

 

290,240

 

 

359,947

 

 

460,918

 

 

485,762

 

 

243,223

 

 

248,470

Capitalized interest

 

 

(20,792)

 

 

(13,164)

 

 

(9,777)

 

 

(6,700)

 

 

(7,150)

 

 

(3,305)

 

 

(4,446)

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

 

13,945

 

 

13,905

 

 

11,395

 

 

4,142

 

 

2,427

 

 

1,980

 

 

(4,082)

Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

 

(357)

 

 

4,894

 

 

2,415

 

 

6,770

 

 

(147)

 

 

1,502

 

 

(3,804)

Earnings

 

$

160,677

 

$

408,078

 

$

549,892

 

$

567,375

 

$

865,105

 

$

403,554

 

$

551,775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(1)

 

$

128,058

 

$

290,981

 

$

361,565

 

$

458,360

 

$

481,039

 

$

241,898

 

$

239,942

Capitalized interest

 

 

20,792

 

 

13,164

 

 

9,777

 

 

6,700

 

 

7,150

 

 

3,305

 

 

4,446

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

 

(13,945)

 

 

(13,905)

 

 

(11,395)

 

 

(4,142)

 

 

(2,427)

 

 

(1,980)

 

 

4,082

Fixed charges

 

 

134,905

 

 

290,240

 

 

359,947

 

 

460,918

 

 

485,762

 

 

243,223

 

 

248,470

Preferred stock dividends

 

 

21,645

 

 

60,502

 

 

69,129

 

 

66,336

 

 

65,408

 

 

32,705

 

 

32,703

Combined fixed charges and preferred stock dividends

 

$

156,550

 

$

350,742

 

$

429,076

 

$

527,254

 

$

551,170

 

$

275,928

 

$

281,173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated ratio of earnings to combined fixed charges and preferred stock dividends

 

 

1.03

 

 

1.16

 

 

1.28

 

 

1.08

 

 

1.57

 

 

1.46

 

 

1.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at January 1, 2014 to discontinued operations.