EXHIBIT 12.1
EPR PROPERTIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Year Ended December 31, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before equity in income from joint ventures, noncontrolling interests and discontinued operations (1) | $ | 132,841 | $ | 110,595 | $ | 114,327 | $ | 31,795 | $ | 123,239 | ||||||||||
Fixed charges | 77,582 | 72,012 | 70,754 | 64,191 | 65,090 | |||||||||||||||
Distributions from equity investments | 1,046 | 2,848 | 2,482 | 986 | 2,262 | |||||||||||||||
Capitalized interest | (859 | ) | (498 | ) | (383 | ) | (600 | ) | (797 | ) | ||||||||||
Adjusted Earnings | $ | 210,610 | $ | 184,957 | $ | 187,180 | $ | 96,372 | $ | 189,794 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense, net (including amortization of deferred financing fees) | $ | 76,656 | $ | 71,481 | $ | 70,334 | $ | 63,516 | $ | 63,383 | ||||||||||
Interest income | 67 | 33 | 37 | 75 | 910 | |||||||||||||||
Capitalized interest | 859 | 498 | 383 | 600 | 797 | |||||||||||||||
Total Fixed Charges | $ | 77,582 | $ | 72,012 | $ | 70,754 | $ | 64,191 | $ | 65,090 | ||||||||||
Ratio of Earnings to Fixed Charges | 2.7 | x | 2.6 | x | 2.6 | x | 1.5 | x | 2.9 | x | ||||||||||
(1) | Earnings before equity in income from joint ventures, noncontrolling interests and discontinued operations for the years ended December 31, 2012 and 2011 includes $10.9 million and $18.7 million, respectively, in impairment charges for properties held and used. Earnings before equity in income from joint ventures, noncontrolling interests and discontinued operations for the year ended December 31, 2010 includes a $0.5 million impairment charge for other assets and $0.7 million in provision for loan losses. Earnings before gain on sale of land, equity in income from joint ventures, noncontrolling interests and discontinued operations for the year ended December 31, 2009 includes $2.1 million in impairment charges for properties held and used and $71.0 million in provision for loan losses. |