EXHIBIT 12.1

EPR PROPERTIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

 

		Year Ended December 31,
		2015				2014				2013				2012				2011
Earnings:
Income before equity in income from joint ventures and other items (1)		$	170,017			$	177,278			$	152,193			$	140,881			$	127,241
Fixed charges		98,672				88,996				83,988				77,738				71,980
Distributions from equity investments		540				810				985				1,046				2,848
Capitalized interest		(18,547		)		(7,525		)		(2,763		)		(859		)		(498		)
Adjusted Earnings		$	250,682			$	259,559			$	234,403			$	218,806			$	201,571
Fixed Charges:
Interest expense, net (including amortization of deferred financing fees)		$	79,915			$	81,270			$	81,056			$	76,656			$	71,295
Interest within rental expense (2)		185				174				145				156				154
Interest income		25				27				24				67				33
Capitalized interest		18,547				7,525				2,763				859				498
Total Fixed Charges		$	98,672			$	88,996			$	83,988			$	77,738			$	71,980
Ratio of Earnings to Fixed Charges		2.5		x		2.9		x		2.8		x		2.8		x		2.8		x

 

(1)	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 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 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 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.
(2)	Interest within rental expense represents one-third of rental expense (the approximate portion of rental expense representing interest).