EX-12.1 2 exhibit121-123113x10k.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1-12.31.13-10K

EXHIBIT 12.1
EPR PROPERTIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
 
 
 
Year Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings:
 
 
 
 
 
 
 
 
 
 
Income before equity in income from joint ventures and other items (1)
 
$
152,193

 
$
140,881

 
$
127,241

 
$
114,793

 
$
32,901

Fixed charges
 
83,988

 
77,738

 
71,980

 
69,018

 
62,375

Distributions from equity investments
 
985

 
1,046

 
2,848

 
2,482

 
986

Capitalized interest
 
(2,763
)
 
(859
)
 
(498
)
 
(383
)
 
(600
)
 
 
 
 
 
 
 
 
 
 
 
Adjusted Earnings
 
$
234,403

 
$
218,806

 
$
201,571

 
$
185,910

 
$
95,662

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense, net (including amortization of deferred financing fees)
 
$
81,056

 
$
76,656

 
$
71,295

 
$
68,462

 
$
61,579

Interest within rental expense (2)
 
145

 
156

 
154

 
136

 
121

Interest income
 
24

 
67

 
33

 
37

 
75

Capitalized interest
 
2,763

 
859

 
498

 
383

 
600

 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
$
83,988

 
$
77,738

 
$
71,980

 
$
69,018

 
$
62,375

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.8
x
 
2.8
x
 
2.8
x
 
2.7
x
 
1.5
x
 
 
 
 
 
 
 
 
 
 
 
 
(1)
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.  Earnings before equity in income from joint ventures and other items for the year ended December 31, 2009 includes $71.0 million in provision for loan losses and $0.1 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).