Sabra Health Care REIT (SBRA) 10-Q 2015 Q2 Quarterly report

Exhibit 12.1

SABRA HEALTH CARE REIT, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(dollars in thousands)

		Three Months Ended June 30,						Six Months Ended June 30,
		2015			2014			2015			2014
Earnings
	Pre-tax net income	$	16,826		$	14,796		$	36,265		$	7,475
	Add:
	Fixed charges	14,060			11,002			27,949			22,144
	Noncontrolling interest	9			5			20			23
Earnings, as adjusted		$	30,895		$	25,803		$	64,234		$	29,642
Fixed charges
	Interest expensed and capitalized	$	12,758		$	10,067		$	25,352		$	20,289
	Amortized premiums, discounts and capitalized expenses related to indebtedness	1,294			927			2,580			1,839
	Estimate of interest within rental expense	8			8			17			16
Fixed charges, as adjusted		14,060			11,002			27,949			22,144
Preferred stock dividends		2,560			2,560			5,121			5,121
Combined fixed charges and preferred stock dividends		$	16,620		$	13,562		$	33,070		$	27,265
Ratio of earnings to fixed charges		2.20		x	2.35		x	2.30		x	1.34		x
Ratio of earnings to combined fixed charges and preferred stock dividends		1.86		x	1.90		x	1.94		x	1.09		x