Attached files
| file | filename |
|---|---|
| EX-31.2 - EXHIBIT 31.2 - EPR PROPERTIES | exhibit312331201610-q.htm |
| EX-12.2 - EXHIBIT 12.2 - EPR PROPERTIES | exhibit122331201610-q.htm |
| EX-32.2 - EXHIBIT 32.2 - EPR PROPERTIES | exhibit322331201610-q.htm |
| EX-32.1 - EXHIBIT 32.1 - EPR PROPERTIES | exhibit321331201610-q.htm |
| 10-Q - 10-Q - EPR PROPERTIES | epr331201610-q.htm |
| EX-31.1 - EXHIBIT 31.1 - EPR PROPERTIES | exhibit311331201610-q.htm |
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, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before equity in income from joint ventures and other items (1) | $ | 53,824 | $ | 170,017 | $ | 177,278 | $ | 152,193 | $ | 140,881 | $ | 127,241 | ||||||||||||
Fixed charges | 25,628 | 98,672 | 88,996 | 83,988 | 77,738 | 71,980 | ||||||||||||||||||
Distributions from equity investments | 511 | 540 | 810 | 985 | 1,046 | 2,848 | ||||||||||||||||||
Capitalized interest | (2,291 | ) | (18,547 | ) | (7,525 | ) | (2,763 | ) | (859 | ) | (498 | ) | ||||||||||||
Adjusted Earnings | $ | 77,672 | $ | 250,682 | $ | 259,559 | $ | 234,403 | $ | 218,806 | $ | 201,571 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense, net (including amortization of deferred financing fees) | $ | 23,289 | $ | 79,915 | $ | 81,270 | $ | 81,056 | $ | 76,656 | $ | 71,295 | ||||||||||||
Interest within rental expense (2) | 48 | 185 | 174 | 145 | 156 | 154 | ||||||||||||||||||
Interest income | — | 25 | 27 | 24 | 67 | 33 | ||||||||||||||||||
Capitalized interest | 2,291 | 18,547 | 7,525 | 2,763 | 859 | 498 | ||||||||||||||||||
Total Fixed Charges | $ | 25,628 | $ | 98,672 | $ | 88,996 | $ | 83,988 | $ | 77,738 | $ | 71,980 | ||||||||||||
Ratio of Earnings to Fixed Charges | 3.0 | x | 2.5 | x | 2.9 | x | 2.8 | x | 2.8 | x | 2.8 | x | ||||||||||||
(1) | Earnings before equity in income in joint ventures and other items for the three months ended March 31, 2016 includes $0.5 million in costs associated with loan refinancing or payoff. Earnings before equity in income in 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. 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 or payoff. 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 or payoff. |
(2) | Interest within rental expense represents one-third of rental expense (the approximate portion of rental expense representing interest). |