EXHIBIT 12.2

EPR PROPERTIES

COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

(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 before preferred dividends		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
Preferred dividends		5,952				24,508				28,140				30,206				30,206				28,266
Combined Fixed Charges and Preferred Dividends		$	26,287			$	102,090			$	100,038			$	99,826			$	93,241			$	93,042
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends		2.3		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 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.