EX-12.1 4 snh_033118xexhibitx121.htm EXHIBIT 12.1
Exhibit 12.1
Senior Housing Properties Trust
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)

|  | Three Months Ended March 31, |  | Year Ended December 31,
|  | 2018 |  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations (including gains on sales of properties, if any) before income tax expense and equity in earnings of an investee |  | $ | 237,621 |  |  | $ | 151,649 |  |  | $ | 141,582 |  |  | $ | 125,474 |  |  | $ | 162,141 |  |  | $ | 183,997 |
Fixed charges |  | 43,552 |  |  | 165,019 |  |  | 167,574 |  |  | 150,881 |  |  | 135,114 |  |  | 117,819 |
Adjusted earnings |  | $ | 281,173 |  |  | $ | 316,668 |  |  | $ | 309,156 |  |  | $ | 276,355 |  |  | $ | 297,255 |  |  | $ | 301,816 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense (including net amortization of debt premiums and discounts and debt issuance costs) |  | $ | 43,552 |  |  | $ | 165,019 |  |  | $ | 167,574 |  |  | $ | 150,881 |  |  | $ | 135,114 |  |  | $ | 117,819 |
Ratio of Earnings to Fixed Charges |  | 6.5 | x |  | 1.9 | x |  | 1.8 | x |  | 1.8 | x |  | 2.2 | x |  | 2.6 | x