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 March 31, | |||||||||
2016 | 2015 | ||||||||
Earnings | |||||||||
Pre-tax net (loss) income | $ | (15,743 | ) | $ | 19,439 | ||||
Add: | |||||||||
Fixed charges | 16,932 | 13,888 | |||||||
Noncontrolling interest | 32 | 11 | |||||||
Earnings, as adjusted | $ | 1,221 | $ | 33,338 | |||||
Fixed charges | |||||||||
Interest expensed and capitalized | $ | 15,670 | $ | 12,594 | |||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 1,248 | 1,286 | |||||||
Estimate of interest within rental expense | 14 | 8 | |||||||
Fixed charges, as adjusted | 16,932 | 13,888 | |||||||
Preferred stock dividends | 2,561 | 2,561 | |||||||
Combined fixed charges and preferred stock dividends | $ | 19,493 | $ | 16,449 | |||||
Ratio of earnings to fixed charges (1) | 0.07 | x | 2.40 | x | |||||
Ratio of earnings to combined fixed charges and preferred stock dividends (1) | 0.06 | x | 2.03 | x |
(1) The ratio coverages during the three months ended March 31, 2016 were less than 1:1. In order to achieve a fixed charges and combined fixed charges and preferred stock dividend coverage of 1:1, the registrant would have needed to generate additional earnings of $15.7 million and $18.3 million, respectively, during the three months ended March 31, 2016.