EXHIBIT 12
LTC PROPERTIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
(unaudited)
PERIOD ENDED DECEMBER 31,
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1996 1995 1994 1993 1992(1)
Net income $22,537 $20,040 $15,338 $ 6,847 $ 763
Add Fixed Charges:
Interest expense including amortization
of debt issue costs 20,604 9,407 6,563 6,400 2,597
Minority interest 898 57 - - -
------- ------- ------- ------- ------
Earnings 44,039 29,504 21,901 13,247 3,360
Interest expense including amortization
of debt issue costs 20,604 9,407 6,563 6,400 2,597
Minority interest 898 57 - - -
------- ------- ------- ------- ------
Fixed charges 21,502 9,464 6,563 6,400 2,597
Ratio of earnings to fixed charges 2.05x 3.12x 3.34x 2.07x 1.29x
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(1) From August 25, 1992 (commencement of operations) to December 31, 1992.