EXHIBIT 12
LTC PROPERTIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
(unaudited)
NINE MONTHS ENDED YEARS ENDED
SEPTEMBER 30, DECEMBER 31,
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1997 1996 1996 1995 1994 1993 1992(1)
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Net income $21,750 $22,373 $28,710 $18,384 $17,210 $ 6,847 $ 763
Add Fixed Charges:
Interest expense including
amortization of debt issue 17,465 14,990 20,604 9,407 6,563 6,400 2,597
costs
Minority interest (2) 901 597 898 57 - - -
------- ------- ------- ------- ------- ------- ------
Earnings 40,116 37,960 50,212 27,848 23,773 13,247 3,360
Interest expense including
amortization of debt issue costs 17,465 14,990 20,604 9,407 6,563 6,400 2,597
Minority interest (2) 901 597 898 57 - - -
------- ------- ------- ------- ------- ------- ------
Fixed charges 18,366 15,587 21,502 9,464 6,563 6,400 2,597
Ratio of earnings to fixed charges 2.18x 2.44x 2.34x 2.94x 3.62x 2.07x 1.29x
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1) From August 25, 1992 (commencement of operations) to December 31, 1992
2) Fixed distribution to minority interests
4