EXHIBIT 12.1

EPR PROPERTIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

 

		Nine Months Ended September 30,				Year Ended December 31,
		2014				2013				2012				2011				2010				2009
Earnings:
Income before equity in income from joint ventures and other items (1)		$	125,517			$	152,193			$	140,881			$	127,241			$	114,793			$	32,901
Fixed charges		66,382				83,988				77,738				71,980				69,018				62,375
Distributions from equity investments		810				985				1,046				2,848				2,482				986
Capitalized interest		(4,982		)		(2,763		)		(859		)		(498		)		(383		)		(600		)
Adjusted Earnings		$	187,727			$	234,403			$	218,806			$	201,571			$	185,910			$	95,662
Fixed Charges:
Interest expense, net (including amortization of deferred financing fees)		$	61,254			$	81,056			$	76,656			$	71,295			$	68,462			$	61,579
Interest within rental expense (2)		121				145				156				154				136				121
Interest income		25				24				67				33				37				75
Capitalized interest		4,982				2,763				859				498				383				600
Total Fixed Charges		$	66,382			$	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		2.8		x		2.7		x		1.5		x

(1)	Earnings before equity in income from joint ventures and other items for the nine months ended September 30, 2014 includes$3.8 million in provision for loan losses. 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).