EPR Properties (EPR) 10-K 2012 FY Annual report

EXHIBIT 12.2

EPR PROPERTIES

COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

(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 before preferred dividends	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
Preferred dividends	24,508			28,140			30,206			30,206			28,266
Combined Fixed Charges and Preferred Dividends	$	102,090		$	100,152		$	100,960		$	94,397		$	93,356
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends	2.1		x	1.8		x	1.9		x	1.0		x	2.0		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.