EXHIBIT 12.1
EPR PROPERTIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||
June 30, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before equity in income from joint ventures, noncontrolling interests and discontinued operations (1) | $ | 71,623 | $ | 137,274 | $ | 116,287 | $ | 113,367 | $ | 30,641 | $ | 123,237 | ||||||||||||
Fixed charges | 40,967 | 77,582 | 71,898 | 69,620 | 63,035 | 64,776 | ||||||||||||||||||
Distributions from equity investments | 414 | 1,046 | 2,848 | 2,482 | 986 | 2,262 | ||||||||||||||||||
Capitalized interest | (970 | ) | (859 | ) | (498 | ) | (383 | ) | (600 | ) | (797 | ) | ||||||||||||
Adjusted Earnings | $ | 112,034 | $ | 215,043 | $ | 190,535 | $ | 185,086 | $ | 94,062 | $ | 189,478 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense, net (including amortization of deferred financing fees) | $ | 39,989 | $ | 76,656 | $ | 71,367 | $ | 69,200 | $ | 62,360 | $ | 63,069 | ||||||||||||
Interest income | 8 | 67 | 33 | 37 | 75 | 910 | ||||||||||||||||||
Capitalized interest | 970 | 859 | 498 | 383 | 600 | 797 | ||||||||||||||||||
Total Fixed Charges | $ | 40,967 | $ | 77,582 | $ | 71,898 | $ | 69,620 | $ | 63,035 | $ | 64,776 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.7 | x | 2.8 | x | 2.7 | x | 2.7 | x | 1.5 | x | 2.9 | x | ||||||||||||
(1) | Income before equity in income from joint ventures, noncontrolling interest and discontinued operations for the six months ended June 30, 2013 includes a $4.5 million gain on early extinguishment of debt and $5.9 million in costs associated with loan refinancing or payoff. 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. |