ElderTrust Operating Limited Partnership S-4 Registration of securities issued in business combination transactions

Exhibit 12.1

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO

FIXED CHARGES

	Year Ended December 31,															Nine Months Ended September 30, 2004
	1999			2000			2001			2002			2003
Income (loss) before gain on disposal of real estate assets, discontinued operations, provision for income taxes and extraordinary loss	$	38,347		$	(69,669	)	$	49,071		$	35,090		$	96,734		$	74,226
Interest expense
Notes payable and other debt, net of capitalized interests		81,533			87,557			80,197			71,027			61,790			49,266
United States Settlement		—			—			4,592			5,461			4,943			—
Earnings	$	119,880		$	17,888		$	133,860		$	111,578		$	163,467		$	123,492
Interest expense
Notes payable and other debt	$	81,533		$	87,557		$	80,197		$	71,027		$	61,790		$	49,266
United States Settlement		—			—			4,592			5,461			4,943			—
Interest expense portion of rental expense		—			—			—			—			—			—
Fixed charges	$	81,533		$	87,557		$	84,789		$	76,488		$	66,733		$	49,266
Ratio of earnings to fixed charges (a)		1.47	x		—			1.58	x		1.46	x		2.45	x		2.51	x

(a) Earnings were insufficient to cover fixed charges by $69.7 million in 2000. Earnings in 2000 were reduced by $96.5 million for the United States Settlement.