EXHIBIT 12.1
LTC PROPERTIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO FIXED
CHARGES AND PREFERRED DIVIDENDS
(Dollars in Thousands)
(Unaudited)
Year Ended
----------------------------------------------------
EARNINGS 1999 2000 2001 2002 2003
------- ------- ------- ------- -------
Income before minority interests and other $28,288 $30,471 $8,278 $19,166 $21,182
Add: Fixed charges (interest expense, amortization of
debt issue costs and minority interest expense 22,734 27,853 22,408 22,630 22,177
Amortization of capitalized interest -- -- -- -- --
Distributed income of equity investees -- -- -- -- --
Share of pre-tax losses of equity investees -- -- -- -- --
Less:
Capitalized interest -- -- -- -- --
Minority interest expense on consolidated
subsidiaries (1,018) (982) (973) (1,308) (1,300)
Minority interest in pre-tax income that have not
incurred fixed charges (equity method investees) -- -- -- -- --
------- ------- ------- ------- -------
Total Earnings 50,004 57,342 29,713 40,488 42,059
------- ------- ------- ------- -------
FIXED CHARGES
Interest expense (includes amortization
of debt issue costs 21,716 26,871 21,435 21,322 20,877
Estimated interest in rental expense -- -- -- -- --
Minority interest expense on consolidated
subsidiaries 1,018 982 973 1,308 1,300
------- ------- ------- ------- -------
Total Fixed Charges 22,734 27,853 22,408 22,630 22,177
------- ------- ------- ------- -------
PREFERRED DIVIDENDS $15,087 $15,087 $15,077 $15,042 $16,596
RATIO OF EARNINGS TO FIXED CHARGES 2.20 2.06 1.33 1.79 1.90
RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS 1.32 1.34 0.79 1.07 1.08