Attached files
| file | filename |
|---|---|
| EX-32.2 - EXHIBIT 32.2 - EPR PROPERTIES | exhibit322630201810-q.htm |
| EX-32.1 - EXHIBIT 32.1 - EPR PROPERTIES | exhibit321630201810-q.htm |
| EX-31.2 - EXHIBIT 31.2 - EPR PROPERTIES | exhibit312630201810-q.htm |
| EX-31.1 - EXHIBIT 31.1 - EPR PROPERTIES | exhibit311630201810-q.htm |
| EX-12.2 - EXHIBIT 12.2 - EPR PROPERTIES | exhibit122630201810-q.htm |
| EX-10.1 - EXHIBIT 10.1 - EPR PROPERTIES | exhibit101630201810-q.htm |
| EX-3.1 - EXHIBIT 3.1 - EPR PROPERTIES | exhibit31630201810-q.htm |
| 10-Q - 10-Q - EPR PROPERTIES | epr630201810-q.htm |
EXHIBIT 12.1
EPR PROPERTIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before equity in income from joint ventures and other items (1) | $ | 122,345 | $ | 223,353 | $ | 219,601 | $ | 170,017 | $ | 177,278 | $ | 152,193 | ||||||||||||
Fixed charges | 73,280 | 143,532 | 108,068 | 98,672 | 88,996 | 83,988 | ||||||||||||||||||
Distributions from equity investments | 567 | 442 | 816 | 540 | 810 | 985 | ||||||||||||||||||
Capitalized interest | (4,538 | ) | (9,879 | ) | (10,697 | ) | (18,547 | ) | (7,525 | ) | (2,763 | ) | ||||||||||||
Adjusted Earnings | $ | 191,654 | $ | 357,448 | $ | 317,788 | $ | 250,682 | $ | 259,559 | $ | 234,403 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense, net (including amortization of deferred financing fees) | $ | 68,416 | $ | 133,124 | $ | 97,144 | $ | 79,915 | $ | 81,270 | $ | 81,056 | ||||||||||||
Interest within rental expense (2) | 166 | 337 | 227 | 185 | 174 | 145 | ||||||||||||||||||
Interest income | 160 | 192 | — | 25 | 27 | 24 | ||||||||||||||||||
Capitalized interest | 4,538 | 9,879 | 10,697 | 18,547 | 7,525 | 2,763 | ||||||||||||||||||
Total Fixed Charges | $ | 73,280 | $ | 143,532 | $ | 108,068 | $ | 98,672 | $ | 88,996 | $ | 83,988 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.6 | x | 2.5 | x | 2.9 | x | 2.5 | x | 2.9 | x | 2.8 | x | ||||||||||||
(1) | Earnings before equity in income from joint ventures for the six months ended June 30, 2018 includes $16.5 million in impairment charges and $32.0 million in costs associated with loan refinancing or payoff. Earnings before equity in income from joint ventures 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 for the year ended December 31, 2016 includes $0.9 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, 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. |
(2) | Interest within rental expense represents one-third of rental expense (the approximate portion of rental expense representing interest). |