EX-12.2 3 exhibit122-63013x10q.htm COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS Exhibit 12.2-6.30.13-10Q

EXHIBIT 12.2
EPR PROPERTIES
COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(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 before preferred dividends
 
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

Preferred dividends
 
11,904

 
24,508

 
28,140

 
30,206

 
30,206

 
28,266

 
 
 
 
 
 
 
 
 
 
 
 
 
Combined Fixed Charges and Preferred Dividends
 
$
52,871

 
$
102,090

 
$
100,038

 
$
99,826

 
$
93,241

 
$
93,042

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
 
2.1
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 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.