Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2015

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Balance Sheet As of September 30, 2015

	EPR Properties (Issuer)		Wholly Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Assets
Rental properties, net	$	—	$	2,394,449	$	544,430	$	—		$	2,938,879
Land held for development	—		2,274		28,227		—			30,501
Property under development	5		166,431		208,097		—			374,533
Mortgage notes and related accrued interest receivable	—		435,024		20,306		—			455,330
Investment in a direct financing lease, net	—		190,029		—		—			190,029
Investment in joint ventures	—		—		6,439		—			6,439
Cash and cash equivalents	11,378		719		2,517		—			14,614
Restricted cash	1,277		18,752		1,920		—			21,949
Deferred financing costs, net	23,986		—		275		—			24,261
Accounts receivable, net	183		44,347		11,476		—			56,006
Intercompany notes receivable	—		175,757		—		(175,757		)	—
Investments in subsidiaries	3,718,967		—		—		(3,718,967		)	—
Other assets	18,988		11,303		58,273		—			88,564
Total assets	$	3,774,784	$	3,439,085	$	881,960	$	(3,894,724	)	$	4,201,105
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	41,243	$	52,579	$	4,914	$	—		$	98,736
Dividends payable	23,847		—		—		—			23,847
Unearned rents and interest	—		44,077		7,919		—			51,996
Intercompany notes payable	—		—		175,757		(175,757		)	—
Debt	1,721,000		—		316,455		—			2,037,455
Total liabilities	1,786,090		96,656		505,045		(175,757		)	2,212,034
EPR Properties shareholders’ equity	1,988,694		3,342,429		376,538		(3,718,967		)	1,988,694
Noncontrolling interests	—		—		377		—			377
Total equity	$	1,988,694	$	3,342,429	$	376,915	$	(3,718,967	)	$	1,989,071
Total liabilities and equity	$	3,774,784	$	3,439,085	$	881,960	$	(3,894,724	)	$	4,201,105

Condensed Consolidating Balance Sheet As of December 31, 2014

	EPR Properties (Issuer)			Wholly Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Assets
Rental properties, net	$	—		$	1,872,053	$	579,481	$	—		$	2,451,534
Land held for development	—			—		206,001		—			206,001
Property under development	—			175,439		6,359		—			181,798
Mortgage notes and related accrued interest receivable	—			412,625		95,330		—			507,955
Investment in a direct financing lease, net	—			199,332		—		—			199,332
Investment in joint ventures	—			—		5,738		—			5,738
Cash and cash equivalents	(1,234		)	1,487		3,083		—			3,336
Restricted cash	1,000			10,466		1,606		—			13,072
Deferred financing costs, net	15,224			4,199		486		—			19,909
Accounts receivable, net	90			34,414		12,778		—			47,282
Intercompany notes receivable	—			—		175,757		(175,757		)	—
Investments in subsidiaries	3,115,572			—		—		(3,115,572		)	—
Other assets	21,272			9,151		35,668		—			66,091
Total assets	$	3,151,924		$	2,719,166	$	1,122,287	$	(3,291,329	)	$	3,702,048
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	42,829		$	32,613	$	6,738	$	—		$	82,180
Dividends payable	22,233			—		—		—			22,233
Unearned rents and interest	750			20,295		4,578		—			25,623
Intercompany notes payable	—			—		175,757		(175,757		)	—
Debt	1,160,000			160,310		325,213		—			1,645,523
Total liabilities	1,225,812			213,218		512,286		(175,757		)	1,775,559
EPR Properties shareholders’ equity	1,926,112			2,505,948		609,624		(3,115,572		)	1,926,112
Noncontrolling interests	—			—		377		—			377
Total equity	$	1,926,112		$	2,505,948	$	610,001	$	(3,115,572	)	$	1,926,489
Total liabilities and equity	$	3,151,924		$	2,719,166	$	1,122,287	$	(3,291,329	)	$	3,702,048

Condensed Consolidating Statement Of Income

Condensed Consolidating Statement of Income Three Months Ended September 30, 2015

	EPR Properties (Issuer)			Wholly Owned Subsidiary Guarantors			Non- Guarantors Subsidiaries		Consolidated Elimination			Consolidated
Rental revenue	$	—		$	67,640		$	18,066	$	—		$	85,706
Tenant reimbursements	—			1,254			2,464		—			3,718
Other income	—			1			717		—			718
Mortgage and other financing income	212			16,558			1,423		—			18,193
Intercompany fee income	665			—			—		(665		)	—
Interest income on intercompany notes receivable	—			2,390			—		(2,390		)	—
Total revenue	877			87,843			22,670		(3,055		)	108,335
Equity in subsidiaries’ earnings	71,740			—			—		(71,740		)	—
Property operating expense	—			2,694			2,802		—			5,496
Intercompany fee expense	—			—			665		(665		)	—
Other expense	—			—			221		—			221
General and administrative expense	—			5,910			1,572		—			7,482
Costs associated with loan refinancing or payoff	—			18			—		—			18
Interest expense, net	20,843			(2,227		)	1,913		—			20,529
Interest expense on intercompany notes payable	—			—			2,390		(2,390		)	—
Transaction costs	746			—			37		—			783
Depreciation and amortization	422			19,151			3,925		—			23,498
Income before equity in income from joint ventures and other items	50,606			62,297			9,145		(71,740		)	50,308
Equity in income from joint ventures	—			—			339		—			339
Loss on sale of real estate	—			(95		)	—		—			(95		)
Income before income taxes	50,606			62,202			9,484		(71,740		)	50,552
Income tax expense	411			—			87		—			498
Income from continuing operations	50,195			62,202			9,397		(71,740		)	50,054
Discontinued operations:
Income from discontinued operations	—			141			—		—			141
Net income attributable to EPR Properties	50,195			62,343			9,397		(71,740		)	50,195
Preferred dividend requirements	(5,951		)	—			—		—			(5,951		)
Net income available to common shareholders of EPR Properties	$	44,244		$	62,343		$	9,397	$	(71,740	)	$	44,244
Comprehensive income attributable to EPR Properties	$	47,315		$	62,340		$	9,299	$	(71,639	)	$	47,315

Condensed Consolidating Statement of Income Three Months Ended September 30, 2014

	EPR Properties (Issuer)			Wholly Owned Subsidiary Guarantors			Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Rental revenue	$	—		$	54,798		$	19,612	$	—		$	74,410
Tenant reimbursements	—			1,405			3,081		—			4,486
Other income	—			—			345		—			345
Mortgage and other financing income	187			17,539			1,771		—			19,497
Intercompany fee income	788			—			—		(788		)	—
Interest income on intercompany notes receivable	—			—			5,961		(5,961		)	—
Total revenue	975			73,742			30,770		(6,749		)	98,738
Equity in subsidiaries’ earnings	58,203			—			—		(58,203		)	—
Property operating expense	—			2,618			3,330		—			5,948
Intercompany fee expense	—			—			788		(788		)	—
Other expense	—			—			248		—			248
General and administrative expense	—			4,726			1,993		—			6,719
Interest expense, net	15,787			838			4,176		—			20,801
Interest expense on intercompany notes payable	—			—			5,961		(5,961		)	—
Transaction costs	292			—			77		—			369
Provision for loan loss	—			—			3,777		—			3,777
Depreciation and amortization	274			12,541			4,606		—			17,421
Income before equity in income from joint ventures and other items	42,825			53,019			5,814		(58,203		)	43,455
Equity in income from joint ventures	—			—			300		—			300
Income before income taxes	42,825			53,019			6,114		(58,203		)	43,755
Income tax expense	120			—			927		—			1,047
Income from continuing operations	42,705			53,019			5,187		(58,203		)	42,708
Discontinued operations:
Loss from discontinued operations	—			(3		)	—		—			(3		)
Net income attributable to EPR Properties	42,705			53,016			5,187		(58,203		)	42,705
Preferred dividend requirements	(5,952		)	—			—		—			(5,952		)
Net income available to common shareholders of EPR Properties	$	36,753		$	53,016		$	5,187	$	(58,203	)	$	36,753
Comprehensive income attributable to EPR Properties	$	42,036		$	53,016		$	3,336	$	(56,352	)	$	42,036

Condensed Consolidating Statement of Income Nine Months Ended September 30, 2015

	EPR Properties (Issuer)			Wholly Owned Subsidiary Guarantors			Non- Guarantors Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	184,790		$	55,516		$	—		$	240,306
Tenant reimbursements	—			3,928			8,058			—			11,986
Other income	—			3			2,413			—			2,416
Mortgage and other financing income	636			46,862			6,823			—			54,321
Intercompany fee income	2,062			—			—			(2,062		)	—
Interest income on intercompany notes receivable	111			7,339			—			(7,450		)	—
Total revenue	2,809			242,922			72,810			(9,512		)	309,029
Equity in subsidiaries’ earnings	224,052			—			—			(224,052		)	—
Property operating expense	—			8,612			9,011			—			17,623
Intercompany fee expense	—			—			2,062			(2,062		)	—
Other expense	—			—			533			—			533
General and administrative expense	—			17,554			5,366			—			22,920
Retirement severance expense	18,578			—			—			—			18,578
Costs associated with loan refinancing or payoff	243			18			—			—			261
Interest expense, net	57,027			(3,608		)	5,704			—			59,123
Interest expense on intercompany notes payable	—			—			7,450			(7,450		)	—
Transaction costs	6,482			—			336			—			6,818
Depreciation and amortization	1,200			51,544			11,958			—			64,702
Income before equity in income from joint ventures and other items	143,331			168,802			30,390			(224,052		)	118,471
Equity in income from joint ventures	—			—			701			—			701
Gain on sale of real estate	—			23,653			176			—			23,829
Income before income taxes	143,331			192,455			31,267			(224,052		)	143,001
Income tax expense (benefit)	1,549			—			(131		)	—			1,418
Income from continuing operations	141,782			192,455			31,398			(224,052		)	141,583
Discontinued operations:
Income from discontinued operations	—			199			—			—			199
Net income attributable to EPR Properties	141,782			192,654			31,398			(224,052		)	141,782
Preferred dividend requirements	(17,855		)	—			—			—			(17,855		)
Net income available to common shareholders of EPR Properties	$	123,927		$	192,654		$	31,398		$	(224,052	)	$	123,927
Comprehensive income attributable to EPR Properties	$	134,626		$	192,603		$	27,973		$	(220,576	)	$	134,626

Condensed Consolidating Statement of Income Nine Months Ended September 30, 2014

	EPR Properties (Issuer)			Wholly Owned Subsidiary Guarantors			Non- Guarantors Subsidiaries		Consolidated Elimination			Consolidated
Rental revenue	$	—		$	155,279		$	55,480	$	—		$	210,759
Tenant reimbursements	—			3,958			9,397		—			13,355
Other income	—			1			705		—			706
Mortgage and other financing income	562			50,622			4,377		—			55,561
Intercompany fee income	2,366			—			—		(2,366		)	—
Interest income on intercompany notes receivable	—			—			19,067		(19,067		)	—
Total revenue	2,928			209,860			89,026		(21,433		)	280,381
Equity in subsidiaries’ earnings	172,970			—			—		(172,970		)	—
Property operating expense	(1		)	7,701			10,236		—			17,936
Intercompany fee expense	—			—			2,366		(2,366		)	—
Other expense	—			—			566		—			566
General and administrative expense	—			14,842			6,418		—			21,260
Interest expense, net	47,222			2,686			11,346		—			61,254
Interest expense on intercompany notes payable	—			—			19,067		(19,067		)	—
Transaction costs	483			—			838		—			1,321
Provision for loan loss	—			—			3,777		—			3,777
Depreciation and amortization	823			35,386			12,541		—			48,750
Income before equity in income from joint ventures and other items	127,371			149,245			21,871		(172,970		)	125,517
Equity in income from joint ventures	—			—			878		—			878
Gain on sale of land	—			—			330		—			330
Gain on sale of investment in a direct financing lease	—			220			—		—			220
Income before income taxes	127,371			149,465			23,079		(172,970		)	126,945
Income tax expense	374			—			2,958		—			3,332
Income from continuing operations	126,997			149,465			20,121		(172,970		)	123,613
Discontinued operations:
Income (loss) from discontinued operations	—			(10		)	18		—			8
Transaction costs (benefit)	—			3,376			—		—			3,376
Net income attributable to EPR Properties	126,997			152,831			20,139		(172,970		)	126,997
Preferred dividend requirements	(17,856		)	—			—		—			(17,856		)
Net income available to common shareholders of EPR Properties	$	109,141		$	152,831		$	20,139	$	(172,970	)	$	109,141
Comprehensive income attributable to EPR Properties	$	123,361		$	152,974		$	16,326	$	(169,300	)	$	123,361

Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2015

	EPR Properties (Issuer)			Wholly Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	2,062		$	—		$	(2,062	)	$	—
Interest income (expense) on intercompany receivable/payable	111			7,339			(7,450		)	—
Net cash provided (used) by other operating activities	(83,543		)	217,884			49,967			184,308
Net cash provided (used) by operating activities of continuing operations	(81,370		)	225,223			40,455			184,308
Net cash provided by operating activities of discontinued operations	—			514			—			514
Net cash provided (used) by operating activities	(81,370		)	225,737			40,455			184,822
Investing activities:
Acquisition of rental properties and other assets	(392		)	(135,627		)	(10		)	(136,029		)
Proceeds from sale of real estate	—			44,911			1,081			45,992
Investment in mortgage notes receivable	—			(18,073		)	(44,863		)	(62,936		)
Proceeds from mortgage note receivable paydown	—			975			—			975
Proceeds from sale of investments in a direct financing lease, net	—			4,741			—			4,741
Additions to property under development	(5		)	(300,270		)	(24,584		)	(324,859		)
Advances to subsidiaries, net	(374,011		)	337,166			36,845			—
Net cash used by investing activities	(374,408		)	(66,177		)	(31,531		)	(472,116		)
Financing activities:
Proceeds from long-term debt facilities	648,914			155,000			—			803,914
Principal payments on long-term debt	(89,000		)	(315,310		)	(8,759		)	(413,069		)
Deferred financing fees paid	(6,944		)	(6		)	(2		)	(6,952		)
Net proceeds from issuance of common shares	99,760			—			—			99,760
Impact of stock option exercises, net	(3,192		)	—			—			(3,192		)
Purchase of common shares for treasury	(8,222		)	—			—			(8,222		)
Dividends paid to shareholders	(172,926		)	—			—			(172,926		)
Net cash provided (used) by financing activities	468,390			(160,316		)	(8,761		)	299,313
Effect of exchange rate changes on cash	—			(12		)	(729		)	(741		)
Net increase (decrease) in cash and cash equivalents	12,612			(768		)	(566		)	11,278
Cash and cash equivalents at beginning of the period	(1,234		)	1,487			3,083			3,336
Cash and cash equivalents at end of the period	$	11,378		$	719		$	2,517		$	14,614

Condensed Consolidating Statement Of Cash Flows

Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2015

	EPR Properties (Issuer)			Wholly Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	2,062		$	—		$	(2,062	)	$	—
Interest income (expense) on intercompany receivable/payable	111			7,339			(7,450		)	—
Net cash provided (used) by other operating activities	(83,543		)	217,884			49,967			184,308
Net cash provided (used) by operating activities of continuing operations	(81,370		)	225,223			40,455			184,308
Net cash provided by operating activities of discontinued operations	—			514			—			514
Net cash provided (used) by operating activities	(81,370		)	225,737			40,455			184,822
Investing activities:
Acquisition of rental properties and other assets	(392		)	(135,627		)	(10		)	(136,029		)
Proceeds from sale of real estate	—			44,911			1,081			45,992
Investment in mortgage notes receivable	—			(18,073		)	(44,863		)	(62,936		)
Proceeds from mortgage note receivable paydown	—			975			—			975
Proceeds from sale of investments in a direct financing lease, net	—			4,741			—			4,741
Additions to property under development	(5		)	(300,270		)	(24,584		)	(324,859		)
Advances to subsidiaries, net	(374,011		)	337,166			36,845			—
Net cash used by investing activities	(374,408		)	(66,177		)	(31,531		)	(472,116		)
Financing activities:
Proceeds from long-term debt facilities	648,914			155,000			—			803,914
Principal payments on long-term debt	(89,000		)	(315,310		)	(8,759		)	(413,069		)
Deferred financing fees paid	(6,944		)	(6		)	(2		)	(6,952		)
Net proceeds from issuance of common shares	99,760			—			—			99,760
Impact of stock option exercises, net	(3,192		)	—			—			(3,192		)
Purchase of common shares for treasury	(8,222		)	—			—			(8,222		)
Dividends paid to shareholders	(172,926		)	—			—			(172,926		)
Net cash provided (used) by financing activities	468,390			(160,316		)	(8,761		)	299,313
Effect of exchange rate changes on cash	—			(12		)	(729		)	(741		)
Net increase (decrease) in cash and cash equivalents	12,612			(768		)	(566		)	11,278
Cash and cash equivalents at beginning of the period	(1,234		)	1,487			3,083			3,336
Cash and cash equivalents at end of the period	$	11,378		$	719		$	2,517		$	14,614

Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2014

	EPR Properties (Issuer)			Wholly Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	2,366		$	—		$	(2,366	)	$	—
Interest income (expense) on intercompany receivable/payable	—			—			—			—
Net cash provided (used) by other operating activities	(59,343		)	180,072			47,370			168,099
Net cash provided (used) by operating activities of continuing operations	(56,977		)	180,072			45,004			168,099
Net cash provided by operating activities of discontinued operations	—			41			68			109
Net cash provided (used) by operating activities	(56,977		)	180,113			45,072			168,208
Investing activities:
Acquisition of rental properties and other assets	(283		)	(30,288		)	(25,814		)	(56,385		)
Proceeds from sale of real estate	—			—			3,647			3,647
Proceeds from settlement of derivative	—			—			5,725			5,725
Investment in mortgage note receivable	—			(21,808		)	(36,114		)	(57,922		)
Proceeds from mortgage note receivable paydown	—			317			—			317
Investment in promissory notes receivable	—			(721		)	(3,666		)	(4,387		)
Proceeds from sale of investments in a direct financing lease, net	—			46,092			—			46,092
Additions to property under development	(821		)	(246,066		)	(9,641		)	(256,528		)
Advances to subsidiaries, net	(70,690		)	40,165			30,525			—
Net cash used by investing activities	(71,794		)	(212,309		)	(35,338		)	(319,441		)
Financing activities:
Proceeds from long-term debt facilities	20,000			245,000			—			265,000
Principal payments on long-term debt	—			(213,431		)	(7,135		)	(220,566		)
Deferred financing fees paid	(335		)	(275		)	(198		)	(808		)
Net proceeds from issuance of common shares	264,008			—			—			264,008
Impact of stock option exercises, net	(27		)	—			—			(27		)
Purchase of common shares for treasury	(2,892		)	—			—			(2,892		)
Dividends paid to shareholders	(152,874		)	—			—			(152,874		)
Net cash provided (used) by financing activities	127,880			31,294			(7,333		)	151,841
Effect of exchange rate changes on cash	—			47			(227		)	(180		)
Net increase (decrease) in cash and cash equivalents	(891		)	(855		)	2,174			428
Cash and cash equivalents at beginning of the period	449			2,727			4,782			7,958
Cash and cash equivalents at end of the period	$	(442	)	$	1,872		$	6,956		$	8,386