EXHIBIT 12.2
EPR PROPERTIES
COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(Dollars in thousands)
Three Months Ended | Year Ended December 31, | |||||||||||||||||||||||
March 31, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before equity in income from joint ventures, noncontrolling interests and discontinued operations (1) | $ | 40,293 | $ | 137,274 | $ | 116,287 | $ | 113,367 | $ | 30,641 | $ | 123,237 | ||||||||||||
Fixed charges before preferred dividends | 20,335 | 77,582 | 71,898 | 69,620 | 63,035 | 64,776 | ||||||||||||||||||
Distributions from equity investments | 223 | 1,046 | 2,848 | 2,482 | 986 | 2,262 | ||||||||||||||||||
Capitalized interest | (344 | ) | (859 | ) | (498 | ) | (383 | ) | (600 | ) | (797 | ) | ||||||||||||
Adjusted Earnings | $ | 60,507 | $ | 215,043 | $ | 190,535 | $ | 185,086 | $ | 94,062 | $ | 189,478 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense, net (including amortization of deferred financing fees) | $ | 19,989 | $ | 76,656 | $ | 71,367 | $ | 69,200 | $ | 62,360 | $ | 63,069 | ||||||||||||
Interest income | 2 | 67 | 33 | 37 | 75 | 910 | ||||||||||||||||||
Capitalized interest | 344 | 859 | 498 | 383 | 600 | 797 | ||||||||||||||||||
Preferred dividends | 5,952 | 24,508 | 28,140 | 30,206 | 30,206 | 28,266 | ||||||||||||||||||
Combined Fixed Charges and Preferred Dividends | $ | 26,287 | $ | 102,090 | $ | 100,038 | $ | 99,826 | $ | 93,241 | $ | 93,042 | ||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 2.3 | x | 2.1 | x | 1.9 | x | 1.9 | x | 1.0 | x | 2.0 | x | ||||||||||||
(1) | Income before equity in income from joint ventures, noncontrolling interest and discontinued operations for the three months ended March 31, 2013 includes a $4.5 million gain on early extinguishment of debt. Income before equity in income from joint ventures, noncontrolling interests and discontinued operations for the years ended December 31, 2012 and 2011 includes $6.0 million and $12.5 million, respectively, in impairment charges for properties held and used. Income 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. Income before 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. |