EX-12.1 2 sbraex1212014.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES SBRA EX 12.1 2014




SABRA HEALTH CARE REIT, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)

 
 
 
Year Ended December 31,
 
 
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
Pre-tax net income
 
$
46,909

 
$
33,715

 
$
19,513

 
Add:
 
 
 
 
 
 
 
Fixed charges
 
46,990

 
40,490

 
34,364

 
Noncontrolling interests
 
43

 
—

 
—

 
Earnings, as adjusted
 
$
93,942

 
$
74,205

 
$
53,877

 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
42,923

 
$
37,851

 
$
31,997

 
Amortized premiums, discounts and capitalized expenses related to indebtedness
 
4,035

 
2,609

 
2,338

 
Estimate of interest within rental expense
 
32

 
30

 
29

 
Fixed charges, as adjusted
 
46,990

 
40,490

 
34,364

 
Preferred stock dividends (1)
 
10,242

 
7,966

 
—

 
Combined fixed charges and preferred stock dividends
 
$
57,232

 
$
48,456

 
$
34,364

 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.00
x
 
1.83
x
 
1.57
x
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends
 
1.64
x
 
1.53
x
 
1.57
x

(1) The Company did not have any preferred stock outstanding during the year ended December 31, 2012.