Exhibit 12.1
HEALTH AND RETIREMENT PROPERTIES TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands, except ratio amounts)
For the Years Ended December 31,
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1997 1996 1995 1994 1993
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Income before gain on sale of properties
and extraordinary items $112,204 $77,164 $61,760 $57,878 $37,738
Fixed charges 38,564 23,279 26,218 10,096 6,529
Adjusted Earnings $150,768 $100,443 $87,978 $67,974 $44,267
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Fixed Charges:
Interest expense $36,766 $22,545 $24,274 $8,965 $6,217
Amortization of deferred financing costs 1,798 734 1,944 1,131 312
Total Fixed Charges $38,564 $23,279 $26,218 $10,096 $6,529
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Ratio of Earnings to Fixed Charges 3.9x 4.3x 3.4x 6.7x 6.8x
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