EX-12.1 5 a07-16668_1ex12d1.htm EX-12.1

Exhibit 12.1

LTC PROPERTIES, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO FIXED
CHARGES AND PREFERRED DIVIDENDS

(Dollars in Thousands)

(Unaudited)

 

 

Year Ended

 

Three Months Ended

 

 

 

2002

 

2003

 

2004

 

2005

 

2006

 

March 31, 2007

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before minority interests

 

$

17,951

 

$

20,376

 

$

33,148

 

$

50,986

 

$

45,828

 

$

12,322

 

Add: Fixed charges (interest expense, amortization of debt issue costs and minority interest expense)

 

21,091

 

19,487

 

12,419

 

8,659

 

7,371

 

1,334

 

Amortization of capitalized interest

 

—

 

—

 

—

 

—

 

—

 

—

 

Distributed income of equity investees

 

—

 

—

 

—

 

—

 

—

 

—

 

Share of pre-tax losses of equity investees

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

—

 

—

 

—

 

—

 

—

 

—

 

Minority interest expense on consolidated subsidiaries

 

(1,308

)

(1,300

)

(896

)

(349

)

(343

)

(86

)

Minority interest in pre-tax income that have not incurred fixed charges (equity method investees)

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earnings

 

$

37,734

 

$

38,563

 

$

44,671

 

$

59,296

 

$

52,856

 

$

13,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (includes amortization of debt issue costs)

 

$

19,783

 

$

18,187

 

$

11,523

 

$

8,310

 

$

7,028

 

$

1,248

 

Estimated interest in rental expense

 

—

 

—

 

—

 

—

 

—

 

—

 

Minority interest expense on consolidated subsidiaries

 

1,308

 

1,300

 

896

 

349

 

343

 

86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

21,091

 

$

19,487

 

$

12,419

 

$

8,659

 

$

7,371

 

$

1,334

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Dividends

 

$

15,042

 

$

16,596

 

$

17,356

 

$

17,343

 

$

17,157

 

$

4,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.79

 

1.98

 

3.60

 

6.85

 

7.17

 

10.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred dividends

 

1.04

 

1.07

 

1.50

 

2.28

 

2.15

 

2.43