Sabra Health Care REIT (SBRA) 10-Q 2016 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,
		2016			2015			2016			2015
Earnings
	Pre-tax net income	$	37,466		$	16,826		$	21,723		$	36,265
	Add:
	Fixed charges	16,442			14,060			33,375			27,949
	Noncontrolling interest	9			9			41			20
Earnings, as adjusted		$	53,917		$	30,895		$	55,139		$	64,234
Fixed charges
	Interest expensed and capitalized	$	15,127		$	12,758		$	30,797		$	25,352
	Amortized premiums, discounts and capitalized expenses related to indebtedness	1,300			1,294			2,548			2,580
	Estimate of interest within rental expense	15			8			30			17
Fixed charges, as adjusted		16,442			14,060			33,375			27,949
Preferred stock dividends		2,560			2,560			5,121			5,121
Combined fixed charges and preferred stock dividends		$	19,002		$	16,620		$	38,496		$	33,070
Ratio of earnings to fixed charges		3.28		x	2.20		x	1.65		x	2.30		x
Ratio of earnings to combined fixed charges and preferred stock dividends		2.84		x	1.86		x	1.43		x	1.94		x