EX-12.1 3 sbraex1212013.htm STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES SBRA EX 12.1 2013




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,
 
 
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
Pre-tax net income
 
$
25,749

 
$
19,513

 
$
12,842

 
Add:
 
 
 
 
 
 
 
Fixed charges
 
40,490

 
34,364

 
30,344

 
Earnings, as adjusted
 
$
66,239

 
$
53,877

 
$
43,186

 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
37,851

 
$
31,997

 
$
28,336

 
Amortized premiums, discounts and capitalized expenses related to indebtedness
 
2,609

 
2,338

 
1,983

 
Estimate of interest within rental expense
 
30

 
29

 
25

 
Fixed charges, as adjusted
 
40,490

 
34,364

 
30,344

 
Preferred stock dividends (1)
 
7,966

 
—

 
—

 
Combined fixed charges and preferred stock dividends
 
$
48,456

 
$
34,364

 
$
30,344

 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends
 
1.37
x
 
1.57
x
 
1.42
x

(1) The Company did not have any preferred stock outstanding during the years ended December 31, 2012 and 2011.