EX-12.1 6 sbraex1212015.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit




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,
 
 
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
Pre-tax net income
 
$
79,383

 
$
46,909

 
$
33,715

 
Add:
 
 
 
 
 
 
 
Fixed charges
 
59,251

 
46,990

 
40,490

 
Noncontrolling interests
 
30

 
43

 
—

 
Earnings, as adjusted
 
$
138,664

 
$
93,942

 
$
74,205

 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
53,972

 
$
42,923

 
$
37,851

 
Amortized premiums, discounts and capitalized expenses related to indebtedness
 
5,246

 
4,035

 
2,609

 
Estimate of interest within rental expense
 
33

 
32

 
30

 
Fixed charges, as adjusted
 
59,251

 
46,990

 
40,490

 
Preferred stock dividends
 
10,242

 
10,242

 
7,966

 
Combined fixed charges and preferred stock dividends
 
$
69,493

 
$
57,232

 
$
48,456

 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.34
x
 
2.00
x
 
1.83
x
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends
 
2.00
x
 
1.64
x
 
1.53
x