EX-12.1 6 sbraex1212016.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,
 
 
 
2016
 
2015
 
2014
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
Pre-tax net income
 
$
70,205

 
$
79,383

 
$
46,909

 
Add:
 
 
 
 
 
 
 
Fixed charges
 
64,933

 
59,251

 
46,990

 
Noncontrolling interests
 
71

 
30

 
43

 
Earnings, as adjusted
 
$
135,209

 
$
138,664

 
$
93,942

 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
59,724

 
$
53,972

 
$
42,923

 
Amortized premiums, discounts and capitalized expenses related to indebtedness
 
5,149

 
5,246

 
4,035

 
Estimate of interest within rental expense
 
60

 
33

 
32

 
Fixed charges, as adjusted
 
64,933

 
59,251

 
46,990

 
Preferred stock dividends
 
10,242

 
10,242

 
10,242

 
Combined fixed charges and preferred stock dividends
 
$
75,175

 
$
69,493

 
$
57,232

 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.08
x
 
2.34
x
 
2.00
x
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends
 
1.80
x
 
2.00
x
 
1.64
x