Sabra Health Care REIT (SBRA) 10-K 2015 FY Annual report

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