EXHIBIT 12.1

EPR PROPERTIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Three Months Ended March 31,			Year Ended December 31,
	2018			2017			2016			2015			2014			2013
Earnings:
Income before equity in income from joint ventures and other items (1)	$	30,507		$	223,353		$	219,601		$	170,017		$	177,278		$	152,193
Fixed charges	36,729			143,532			108,068			98,672			88,996			83,988
Distributions from equity investments	116			442			816			540			810			985
Capitalized interest	(2,244		)	(9,879		)	(10,697		)	(18,547		)	(7,525		)	(2,763		)
Adjusted Earnings	$	65,108		$	357,448		$	317,788		$	250,682		$	259,559		$	234,403
Fixed Charges:
Interest expense, net (including amortization of deferred financing fees)	$	34,337		$	133,124		$	97,144		$	79,915		$	81,270		$	81,056
Interest within rental expense (2)	83			337			227			185			174			145
Interest income	65			192			—			25			27			24
Capitalized interest	2,244			9,879			10,697			18,547			7,525			2,763
Total Fixed Charges	$	36,729		$	143,532		$	108,068		$	98,672		$	88,996		$	83,988
Ratio of Earnings to Fixed Charges	1.8		x	2.5		x	2.9		x	2.5		x	2.9		x	2.8		x

(1)

Earnings before equity in income from joint ventures for the three months ended March 31, 2018 includes $31.9 million in costs associated with loan refinancing or payoff. Earnings before equity in income from joint ventures for the year ended December 31, 2017 includes $10.2 million in impairment charges, $1.5 million in costs associated with loan refinancing or payoff, and a $1.0 million gain on early extinguishment of debt. Earnings before equity in income from joint ventures for the year ended December 31, 2016 includes $0.9 million in costs associated with loan refinancing or payoff. Earnings before equity in income from joint ventures and other items for the year ended December 31, 2015 includes $18.6 million of retirement severance expense and $0.3 million in costs associated with loan refinancing or payoff. 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 refinancing or 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 or payoff and a $4.5 million gain on early extinguishment of debt.

(2)

Interest within rental expense represents one-third of rental expense (the approximate portion of rental expense representing interest).