EXHIBIT 12.1

EPR PROPERTIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

 

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

 

(1)	Earnings before equity in income from joint ventures and other items 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 and other items for the year ended December 31, 2016 includes $0.9 million in costs associated with loan 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 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.
(2)	Interest within rental expense represents one-third of rental expense (the approximate portion of rental expense representing interest).