EXHIBIT 12.1

EPR PROPERTIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(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	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
Total Fixed Charges	$20,335	$	77,582		$	71,898		$	69,620		$	63,035		$	64,776
Ratio of Earnings to Fixed Charges	3.0x	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 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.