EX-12.1 3 a2065183zex-12_1.txt EXHIBIT 12.1 Exhibit 12.1 SENIOR HOUSING PROPERTIES TRUST ------------------------------------------------------------------------------- COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (dollars in thousands)
Nine Months Ended Year Ended December 31, September 30, --------------------------------------------------------- ------------------- Earnings: 1996 1997 1998 1999 2000 2000 2001 ------------------------------------------------------------------------------------------------- ------------------- Net income............................ $36,441 $44,723 $46,236 $14,834 $58,437 $19,202 $11,108 Fixed charges......................... 14,719 16,958 19,293 18,768 15,366 12,595 5,649 ------- ------- ------- ------- ------- ------- ------- Adjusted Earnings..................... $51,160 $61,681 $65,529 $33,602 $73,803 $31,797 $16,757 ======= ======= ======= ======= ======= ======= ======= Fixed Charges: Interest expense...................... $14,719 $16,958 $19,293 $18,768 $15,366 $12,595 $ 4,900 Distributions on Trust Preferred Securities.......................... -- -- -- -- -- -- 749 ------- ------- ------- ------- ------- ------- ------- Total Fixed Charges................... $14,719 $16,958 $19,293 $18,768 $15,366 $12,595 $ 5,649 ======= ======= ======= ======= ======= ======= ======= Ratios of Earnings to Fixed Charges... 3.5x 3.6x 3.4x 1.8x 4.8x 2.5x 3.0x ======= ======= ======= ======= ======= ======= =======
------------------------------------------------------------------------------- Senior Housing Properties Trust ("Senior Housing"), was organized on December 16, 1998, as a 100% owned subsidiary of HRPT Properties Trust ("HRPT"). On October 12, 1999, HRPT distributed 50.7% of its ownership interest in Senior Housing to HRPT shareholders (the "Spin-Off"). This computation of earnings to fixed charges is presented as if Senior Housing was a separate legal entity from HRPT prior to the Spin-Off. Interest expense was allocated based on HRPT's historical interest expense as a percentage of HRPT's average historical costs of real estate investments. The ratios of earnings to fixed charges presented above were computed by dividing Senior Housing's earnings by fixed charges. For this purpose, earnings have been calculated by adding fixed charges to net income. Fixed charges consist of interest costs, whether expensed or capitalized, and any interest component of capitalized lease expense, amortization of debt discounts and deferred financing costs, whether expensed or capitalized, and distributions on trust preferred securities.