Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - EPR PROPERTIES | Financial_Report.xls |
| EX-31.2 - CERTIFICATION OF MARK A. PETERSON PURSUANT TO SECTION 302 - EPR PROPERTIES | exhibit312331201510-q.htm |
| EX-32.2 - CERTIFICATION OF CFO PURSUANT TO 18 USC 1350 - EPR PROPERTIES | exhibit322331201510-q.htm |
| EX-31.1 - CERTIFICATION OF GREGORY K. SILVERS PURSUANT TO SECTION 302 - EPR PROPERTIES | exhibit311331201510-q.htm |
| EX-32.1 - CERTIFICATION BY CEO PURSUANT TO 18 USC 1350 - EPR PROPERTIES | exhibit321331201510-q.htm |
| XML - IDEA: XBRL DOCUMENT - EPR PROPERTIES | R9999.htm |
| 10-Q - 10-Q - EPR PROPERTIES | epr331201510-q.htm |
| EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - EPR PROPERTIES | exhibit121331201510-q.htm |
EXHIBIT 12.2
EPR PROPERTIES
COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(Dollars in thousands)
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before equity in income from joint ventures and other items (1) | $ | 27,169 | $ | 177,278 | $ | 152,193 | $ | 140,881 | $ | 127,241 | $ | 114,793 | ||||||||||||
Fixed charges before preferred dividends | 22,992 | 88,996 | 83,988 | 77,738 | 71,980 | 69,018 | ||||||||||||||||||
Distributions from equity investments | — | 810 | 985 | 1,046 | 2,848 | 2,482 | ||||||||||||||||||
Capitalized interest | (4,348 | ) | (7,525 | ) | (2,763 | ) | (859 | ) | (498 | ) | (383 | ) | ||||||||||||
Adjusted Earnings | $ | 45,813 | $ | 259,559 | $ | 234,403 | $ | 218,806 | $ | 201,571 | $ | 185,910 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense, net (including amortization of deferred financing fees) | $ | 18,587 | $ | 81,270 | $ | 81,056 | $ | 76,656 | $ | 71,295 | $ | 68,462 | ||||||||||||
Interest within rental expense (2) | 45 | 174 | 145 | 156 | 154 | 136 | ||||||||||||||||||
Interest income | 12 | 27 | 24 | 67 | 33 | 37 | ||||||||||||||||||
Capitalized interest | 4,348 | 7,525 | 2,763 | 859 | 498 | 383 | ||||||||||||||||||
Preferred dividends | 5,952 | 23,807 | 23,806 | 24,508 | 28,140 | 30,206 | ||||||||||||||||||
Combined Fixed Charges and Preferred Dividends | $ | 28,944 | $ | 112,803 | $ | 107,794 | $ | 102,246 | $ | 100,120 | $ | 99,224 | ||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 1.6 | x | 2.3 | x | 2.2 | x | 2.1 | x | 2.0 | x | 1.9 | x | ||||||||||||
(1) | Earnings before equity in income in joint ventures and other items for the three months ended March 31, 2015 includes $18.6 million of retirement severance expense. 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. 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. |
(2) | Interest within rental expense represents one-third of rental expense (the approximate portion of rental expense representing interest). |