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)
Nine
Months
Year Ended
Ended
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Earnings 1998 1999 2000 2001 2002 9/30/2003
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Income before minority interests and other $46,458 $29,504 $29,284 $5,246 $19,447 $16,904
Add: Fixed charges (interest expense, amortization of
debt issue costs and minority interest expense 23,682 22,813 28,165 22,718 22,941 15,899
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 (1,415) (1,018) (982) (973) (1,308) (968)
Minority interest in pre-tax income that have not
incurred fixed charges (equity method investees) - - - - - -
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Total Earnings 68,725 51,299 56,467 26,991 41,080 31,835
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Fixed Charges
Interest expense (includes amortization
of debt issue costs 22,267 21,795 27,183 21,745 21,633 14,931
Estimated interest in rental expense - - - - - -
Minority interest expense on consolidated
subsidiaries 1,415 1,018 982 973 1,308 968
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Total Fixed Charges 23,682 22,813 28,165 22,718 22,941 15,899
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Preferred Dividends $12,896 $15,087 $15,087 $15,077 $15,042 $11,441
Ratio of earnings to fixed charges 2.90 2.25 2.00 1.19 1.79 2.00
Ratio of earnings to fixed charges
and preferred dividends 1.88 1.35 1.31 0.71 1.08 1.16