EXHIBIT 12.1
EPR PROPERTIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
| Earnings: | ||||||||||||||||||||
| Income before equity in income from joint ventures and other items (1) | $ | 177,278 | $ | 152,193 | $ | 140,881 | $ | 127,241 | $ | 114,793 | ||||||||||
| Fixed charges | 88,996 | 83,988 | 77,738 | 71,980 | 69,018 | |||||||||||||||
| Distributions from equity investments | 810 | 985 | 1,046 | 2,848 | 2,482 | |||||||||||||||
| Capitalized interest | (7,525 | ) | (2,763 | ) | (859 | ) | (498 | ) | (383 | ) | ||||||||||
| Adjusted Earnings | $ | 259,559 | $ | 234,403 | $ | 218,806 | $ | 201,571 | $ | 185,910 | ||||||||||
| Fixed Charges: | ||||||||||||||||||||
| Interest expense, net (including amortization of deferred financing fees) | $ | 81,270 | $ | 81,056 | $ | 76,656 | $ | 71,295 | $ | 68,462 | ||||||||||
Interest within rental expense (2) | 174 | 145 | 156 | 154 | 136 | |||||||||||||||
| Interest income | 27 | 24 | 67 | 33 | 37 | |||||||||||||||
| Capitalized interest | 7,525 | 2,763 | 859 | 498 | 383 | |||||||||||||||
| Total Fixed Charges | $ | 88,996 | $ | 83,988 | $ | 77,738 | $ | 71,980 | $ | 69,018 | ||||||||||
| Ratio of Earnings to Fixed Charges | 2.9 | x | 2.8 | x | 2.8 | x | 2.8 | x | 2.7 | x | ||||||||||
| (1) | Earnings before equity in income from joint ventures and other items for the year ended December 31, 2014 includes $3.8 million in provision for loan losses and $0.3 million in costs associated with loan payoff. Earnings before equity in income from joint ventures and other items for the year ended December 31, 2013 includes $6.2 million in costs associated with loan refinancing and a $4.5 million gain on early extinguishment of debt. Earnings before equity in income from joint ventures and other items for the year ended December 31, 2012 includes $3.1 million in impairment charges for properties held and used and $0.6 million in costs associated with loan refinancing. Earnings before equity in income from joint ventures and other items for the year ended December 31, 2011 includes $2.5 million in impairment charges for properties held and used and $1.9 million in costs associated with loan refinancing. Earnings before equity in income from joint ventures and other items for the year ended December 31, 2010 includes a $0.5 million impairment charge for other assets, $0.7 million in provision for loan losses and $11.4 million in costs associated with loan refinancing. |
| (2) | Interest within rental expense represents one-third of rental expense (the approximate portion of rental expense representing interest). |