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Condensed Consolidating Financial Statements | 9 Months Ended
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Sep. 30, 2016
Condensed Consolidating Financial Statements [Abstract] |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements A portion of the Company's subsidiaries have guaranteed the Company’s indebtedness under the Company's unsecured credit facilities and existing senior unsecured notes. The guarantees are joint and several, full and unconditional and subject to customary release provisions. The following summarizes the Company’s condensed consolidating information as of September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 and 2015 (in thousands):
Condensed Consolidating Balance Sheet As of September 30, 2016
| EPR Properties (Issuer) |  | Wholly Owned Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Consolidated Elimination |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Rental properties, net | $ | — |  |  | $ | 3,057,994 |  |  | $ | 433,004 |  |  | $ | — |  |  | $ | 3,490,998 |
Land held for development | — |  |  | 1,258 |  |  | 21,272 |  |  | — |  |  | 22,530 |
Property under development | 181 |  |  | 216,637 |  |  | 46,208 |  |  | — |  |  | 263,026 |
Mortgage notes and related accrued interest receivable | — |  |  | 438,166 |  |  | 2,712 |  |  | — |  |  | 440,878 |
Investment in a direct financing lease, net | — |  |  | 189,152 |  |  | — |  |  | — |  |  | 189,152 |
Investment in joint ventures | — |  |  | — |  |  | 6,159 |  |  | — |  |  | 6,159 |
Cash and cash equivalents | 4,551 |  |  | 737 |  |  | 2,023 |  |  | — |  |  | 7,311 |
Restricted cash | 370 |  |  | 19,037 |  |  | 1,056 |  |  | — |  |  | 20,463 |
Accounts receivable, net | 135 |  |  | 72,418 |  |  | 8,664 |  |  | — |  |  | 81,217 |
Intercompany notes receivable | — |  |  | 179,589 |  |  | — |  |  | (179,589 | ) |  | — |
Investments in subsidiaries | 4,278,472 |  |  | — |  |  | — |  |  | (4,278,472 | ) |  | — |
Other assets | 22,477 |  |  | 24,174 |  |  | 52,585 |  |  | — |  |  | 99,236 |
Total assets | $ | 4,306,186 |  |  | $ | 4,199,162 |  |  | $ | 573,683 |  |  | $ | (4,458,061 | ) |  | $ | 4,620,970 |
Liabilities and Equity |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 44,253 |  |  | $ | 53,461 |  |  | $ | 3,305 |  |  | $ | — |  |  | $ | 101,019 |
Dividends payable | 26,312 |  |  | — |  |  | — |  |  | — |  |  | 26,312 |
Unearned rents and interest | — |  |  | 54,894 |  |  | 742 |  |  | — |  |  | 55,636 |
Intercompany notes payable | — |  |  | — |  |  | 179,589 |  |  | (179,589 | ) |  | — |
Debt | 2,046,194 |  |  | — |  |  | 202,382 |  |  | — |  |  | 2,248,576 |
Total liabilities | 2,116,759 |  |  | 108,355 |  |  | 386,018 |  |  | (179,589 | ) |  | 2,431,543 |
Total equity | 2,189,427 |  |  | 4,090,807 |  |  | 187,665 |  |  | (4,278,472 | ) |  | 2,189,427 |
Total liabilities and equity | $ | 4,306,186 |  |  | $ | 4,199,162 |  |  | $ | 573,683 |  |  | $ | (4,458,061 | ) |  | $ | 4,620,970 |
Condensed Consolidating Balance Sheet As of December 31, 2015
| EPR Properties (Issuer) |  | Wholly Owned Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Consolidated Elimination |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Rental properties, net | $ | — |  |  | $ | 2,590,158 |  |  | $ | 435,041 |  |  | $ | — |  |  | $ | 3,025,199 |
Land held for development | — |  |  | 1,258 |  |  | 22,352 |  |  | — |  |  | 23,610 |
Property under development | — |  |  | 324,360 |  |  | 54,560 |  |  | — |  |  | 378,920 |
Mortgage notes and related accrued interest receivable | — |  |  | 400,935 |  |  | 22,845 |  |  | — |  |  | 423,780 |
Investment in a direct financing lease, net | — |  |  | 190,880 |  |  | — |  |  | — |  |  | 190,880 |
Investment in joint ventures | — |  |  | — |  |  | 6,168 |  |  | — |  |  | 6,168 |
Cash and cash equivalents | 1,089 |  |  | 1,289 |  |  | 1,905 |  |  | — |  |  | 4,283 |
Restricted cash | 475 |  |  | 9,059 |  |  | 1,044 |  |  | — |  |  | 10,578 |
Accounts receivable, net | 285 |  |  | 49,237 |  |  | 9,579 |  |  | — |  |  | 59,101 |
Intercompany notes receivable | — |  |  | 177,526 |  |  | — |  |  | (177,526 | ) |  | — |
Investments in subsidiaries | 3,825,897 |  |  | — |  |  | — |  |  | (3,825,897 | ) |  | — |
Other assets | 23,053 |  |  | 10,589 |  |  | 61,109 |  |  | — |  |  | 94,751 |
Total assets | $ | 3,850,799 |  |  | $ | 3,755,291 |  |  | $ | 614,603 |  |  | $ | (4,003,423 | ) |  | $ | 4,217,270 |
Liabilities and Equity |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 49,671 |  |  | $ | 39,228 |  |  | $ | 3,279 |  |  | $ | — |  |  | $ | 92,178 |
Dividends payable | 24,352 |  |  | — |  |  | — |  |  | — |  |  | 24,352 |
Unearned rents and interest | — |  |  | 44,012 |  |  | 940 |  |  | — |  |  | 44,952 |
Intercompany notes payable | — |  |  | — |  |  | 177,526 |  |  | (177,526 | ) |  | — |
Debt | 1,702,908 |  |  | 63,682 |  |  | 215,330 |  |  | — |  |  | 1,981,920 |
Total liabilities | 1,776,931 |  |  | 146,922 |  |  | 397,075 |  |  | (177,526 | ) |  | 2,143,402 |
Total equity | 2,073,868 |  |  | 3,608,369 |  |  | 217,528 |  |  | (3,825,897 | ) |  | 2,073,868 |
Total liabilities and equity | $ | 3,850,799 |  |  | $ | 3,755,291 |  |  | $ | 614,603 |  |  | $ | (4,003,423 | ) |  | $ | 4,217,270 |
Condensed Consolidating Statement of Income Three Months Ended September 30, 2016
| EPR Properties (Issuer) |  | Wholly Owned Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Consolidated Elimination |  | Consolidated
Rental revenue | $ | — |  |  | $ | 89,178 |  |  | $ | 13,104 |  |  | $ | — |  |  | $ | 102,282 |
Tenant reimbursements | — |  |  | 1,338 |  |  | 2,483 |  |  | — |  |  | 3,821 |
Other income | — |  |  | 1,829 |  |  | 647 |  |  | — |  |  | 2,476 |
Mortgage and other financing income | 286 |  |  | 16,692 |  |  | 53 |  |  | — |  |  | 17,031 |
Intercompany fee income | 677 |  |  | — |  |  | — |  |  | (677 | ) |  | — |
Interest income on intercompany notes receivable | — |  |  | 2,460 |  |  | — |  |  | (2,460 | ) |  | — |
Total revenue | 963 |  |  | 111,497 |  |  | 16,287 |  |  | (3,137 | ) |  | 125,610 |
Equity in subsidiaries’ earnings | 84,755 |  |  | — |  |  | — |  |  | (84,755 | ) |  | — |
Property operating expense | — |  |  | 2,916 |  |  | 2,710 |  |  | — |  |  | 5,626 |
Intercompany fee expense | — |  |  | — |  |  | 677 |  |  | (677 | ) |  | — |
General and administrative expense | — |  |  | 7,927 |  |  | 1,164 |  |  | — |  |  | 9,091 |
Costs associated with loan refinancing or payoff | — |  |  | 14 |  |  | — |  |  | — |  |  | 14 |
Interest expense, net | 24,414 |  |  | (2,395 | ) |  | 2,246 |  |  | — |  |  | 24,265 |
Interest expense on intercompany notes payable | — |  |  | — |  |  | 2,460 |  |  | (2,460 | ) |  | — |
Transaction costs | 2,947 |  |  | — |  |  | — |  |  | — |  |  | 2,947 |
Depreciation and amortization | 449 |  |  | 23,768 |  |  | 3,384 |  |  | — |  |  | 27,601 |
Income before equity in income from joint ventures and other items | 57,908 |  |  | 79,267 |  |  | 3,646 |  |  | (84,755 | ) |  | 56,066 |
Equity in income from joint ventures | — |  |  | — |  |  | 203 |  |  | — |  |  | 203 |
Gain on sale of real estate | — |  |  | 1,615 |  |  | — |  |  | — |  |  | 1,615 |
Income before income taxes | 57,908 |  |  | 80,882 |  |  | 3,849 |  |  | (84,755 | ) |  | 57,884 |
Income tax benefit (expense) | (382 | ) |  | — |  |  | 24 |  |  | — |  |  | (358 | )
Net income attributable to EPR Properties | 57,526 |  |  | 80,882 |  |  | 3,873 |  |  | (84,755 | ) |  | 57,526 |
Preferred dividend requirements | (5,951 | ) |  | — |  |  | — |  |  | — |  |  | (5,951 | )
Net income available to common shareholders of EPR Properties | $ | 51,575 |  |  | $ | 80,882 |  |  | $ | 3,873 |  |  | $ | (84,755 | ) |  | $ | 51,575 |
Comprehensive income attributable to EPR Properties | $ | 58,739 |  |  | $ | 80,882 |  |  | $ | 2,440 |  |  | $ | (83,322 | ) |  | $ | 58,739 |
Condensed Consolidating Statement of Income Three Months Ended September 30, 2015
| EPR Properties (Issuer) |  | Wholly Owned Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Consolidated Elimination |  | Consolidated
Rental revenue | $ | — |  |  | $ | 72,001 |  |  | $ | 13,705 |  |  | $ | — |  |  | $ | 85,706 |
Tenant reimbursements | — |  |  | 1,254 |  |  | 2,464 |  |  | — |  |  | 3,718 |
Other income | — |  |  | 1 |  |  | 717 |  |  | — |  |  | 718 |
Mortgage and other financing income | 212 |  |  | 16,526 |  |  | 1,455 |  |  | — |  |  | 18,193 |
Intercompany fee income | 665 |  |  | — |  |  | — |  |  | (665 | ) |  | — |
Interest income on intercompany notes receivable | — |  |  | 2,390 |  |  | — |  |  | (2,390 | ) |  | — |
Total revenue | 877 |  |  | 92,172 |  |  | 18,341 |  |  | (3,055 | ) |  | 108,335 |
Equity in subsidiaries’ earnings | 71,740 |  |  | — |  |  | — |  |  | (71,740 | ) |  | — |
Property operating expense | — |  |  | 2,636 |  |  | 2,860 |  |  | — |  |  | 5,496 |
Intercompany fee expense | — |  |  | — |  |  | 665 |  |  | (665 | ) |  | — |
Other expense | — |  |  | — |  |  | 221 |  |  | — |  |  | 221 |
General and administrative expense | — |  |  | 6,201 |  |  | 1,281 |  |  | — |  |  | 7,482 |
Costs associated with loan refinancing or payoff | — |  |  | 18 |  |  | — |  |  | — |  |  | 18 |
Interest expense, net | 20,843 |  |  | (2,754 | ) |  | 2,440 |  |  | — |  |  | 20,529 |
Interest expense on intercompany notes payable | — |  |  | — |  |  | 2,390 |  |  | (2,390 | ) |  | — |
Transaction costs | 746 |  |  | — |  |  | 37 |  |  | — |  |  | 783 |
Depreciation and amortization | 422 |  |  | 19,834 |  |  | 3,242 |  |  | — |  |  | 23,498 |
Income before equity in income from joint ventures and other items | 50,606 |  |  | 66,237 |  |  | 5,205 |  |  | (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 |  |  | 66,142 |  |  | 5,544 |  |  | (71,740 | ) |  | 50,552 |
Income tax expense | (411 | ) |  | — |  |  | (87 | ) |  | — |  |  | (498 | )
Income from continuing operations | 50,195 |  |  | 66,142 |  |  | 5,457 |  |  | (71,740 | ) |  | 50,054 |
Discontinued operations: |  |  |  |  |  |  |  |  |
Income from discontinued operations | — |  |  | 141 |  |  | — |  |  | — |  |  | 141 |
Net income attributable to EPR Properties | 50,195 |  |  | 66,283 |  |  | 5,457 |  |  | (71,740 | ) |  | 50,195 |
Preferred dividend requirements | (5,951 | ) |  | — |  |  | — |  |  | — |  |  | (5,951 | )
Net income available to common shareholders of EPR Properties | $ | 44,244 |  |  | $ | 66,283 |  |  | $ | 5,457 |  |  | $ | (71,740 | ) |  | $ | 44,244 |
Comprehensive income attributable to EPR Properties | $ | 47,315 |  |  | $ | 66,280 |  |  | $ | 5,359 |  |  | $ | (71,639 | ) |  | $ | 47,315 |
Condensed Consolidating Statement of Income Nine Months Ended September 30, 2016
| EPR Properties (Issuer) |  | Wholly Owned Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Consolidated Elimination |  | Consolidated
Rental revenue | $ | — |  |  | $ | 251,900 |  |  | $ | 40,215 |  |  | $ | — |  |  | $ | 292,115 |
Tenant reimbursements | — |  |  | 4,059 |  |  | 7,518 |  |  | — |  |  | 11,577 |
Other income | — |  |  | 3,648 |  |  | 2,164 |  |  | — |  |  | 5,812 |
Mortgage and other financing income | 710 |  |  | 48,370 |  |  | 3,827 |  |  | — |  |  | 52,907 |
Intercompany fee income | 2,018 |  |  | — |  |  | — |  |  | (2,018 | ) |  | — |
Interest income on intercompany notes receivable | — |  |  | 7,297 |  |  | — |  |  | (7,297 | ) |  | — |
Total revenue | 2,728 |  |  | 315,274 |  |  | 53,724 |  |  | (9,315 | ) |  | 362,411 |
Equity in subsidiaries’ earnings | 240,420 |  |  | — |  |  | — |  |  | (240,420 | ) |  | — |
Property operating expense | — |  |  | 8,135 |  |  | 8,552 |  |  | — |  |  | 16,687 |
Intercompany fee expense | — |  |  | — |  |  | 2,018 |  |  | (2,018 | ) |  | — |
Other expense | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
General and administrative expense | — |  |  | 23,318 |  |  | 3,991 |  |  | — |  |  | 27,309 |
Costs associated with loan refinancing or payoff | — |  |  | 353 |  |  | 552 |  |  | — |  |  | 905 |
Interest expense, net | 69,042 |  |  | (5,596 | ) |  | 6,864 |  |  | — |  |  | 70,310 |
Interest expense on intercompany notes payable | — |  |  | — |  |  | 7,297 |  |  | (7,297 | ) |  | — |
Transaction costs | 4,778 |  |  | — |  |  | 103 |  |  | — |  |  | 4,881 |
Depreciation and amortization | 1,338 |  |  | 67,516 |  |  | 10,368 |  |  | — |  |  | 79,222 |
Income before equity in income from joint ventures and other items | 167,990 |  |  | 221,548 |  |  | 13,974 |  |  | (240,420 | ) |  | 163,092 |
Equity in income from joint ventures | — |  |  | — |  |  | 501 |  |  | — |  |  | 501 |
Gain on sale of real estate | — |  |  | 3,885 |  |  | — |  |  | — |  |  | 3,885 |
Income before income taxes | 167,990 |  |  | 225,433 |  |  | 14,475 |  |  | (240,420 | ) |  | 167,478 |
Income tax benefit (expense) | (1,149 | ) |  | — |  |  | 512 |  |  | — |  |  | (637 | )
Net income attributable to EPR Properties | 166,841 |  |  | 225,433 |  |  | 14,987 |  |  | (240,420 | ) |  | 166,841 |
Preferred dividend requirements | (17,855 | ) |  | — |  |  | — |  |  | — |  |  | (17,855 | )
Net income available to common shareholders of EPR Properties | $ | 148,986 |  |  | $ | 225,433 |  |  | $ | 14,987 |  |  | $ | (240,420 | ) |  | $ | 148,986 |
Comprehensive income attributable to EPR Properties | $ | 165,917 |  |  | $ | 225,433 |  |  | $ | 15,391 |  |  | $ | (240,824 | ) |  | $ | 165,917 |
Condensed Consolidating Statement of Income Nine Months Ended September 30, 2015
| EPR Properties (Issuer) |  | Wholly Owned Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Consolidated Elimination |  | Consolidated
Rental revenue | $ | — |  |  | $ | 198,040 |  |  | $ | 42,266 |  |  | $ | — |  |  | $ | 240,306 |
Tenant reimbursements | — |  |  | 3,928 |  |  | 8,058 |  |  | — |  |  | 11,986 |
Other income | — |  |  | 3 |  |  | 2,413 |  |  | — |  |  | 2,416 |
Mortgage and other financing income | 636 |  |  | 46,830 |  |  | 6,855 |  |  | — |  |  | 54,321 |
Intercompany fee income | 2,062 |  |  | — |  |  | — |  |  | (2,062 | ) |  | — |
Interest income on intercompany notes receivable | 111 |  |  | 7,339 |  |  | — |  |  | (7,450 | ) |  | — |
Total revenue | 2,809 |  |  | 256,140 |  |  | 59,592 |  |  | (9,512 | ) |  | 309,029 |
Equity in subsidiaries’ earnings | 224,052 |  |  | — |  |  | — |  |  | (224,052 | ) |  | — |
Property operating expense | — |  |  | 8,412 |  |  | 9,211 |  |  | — |  |  | 17,623 |
Intercompany fee expense | — |  |  | — |  |  | 2,062 |  |  | (2,062 | ) |  | — |
Other expense | — |  |  | — |  |  | 533 |  |  | — |  |  | 533 |
General and administrative expense | — |  |  | 18,510 |  |  | 4,410 |  |  | — |  |  | 22,920 |
Retirement severance expense | 18,578 |  |  | — |  |  | — |  |  | — |  |  | 18,578 |
Costs associated with loan refinancing or payoff | 243 |  |  | 18 |  |  | — |  |  | — |  |  | 261 |
Interest expense, net | 57,027 |  |  | (5,254 | ) |  | 7,350 |  |  | — |  |  | 59,123 |
Interest expense on intercompany notes payable | — |  |  | — |  |  | 7,450 |  |  | (7,450 | ) |  | — |
Transaction costs | 6,482 |  |  | — |  |  | 336 |  |  | — |  |  | 6,818 |
Depreciation and amortization | 1,200 |  |  | 53,592 |  |  | 9,910 |  |  | — |  |  | 64,702 |
Income before equity in income from joint ventures and other items | 143,331 |  |  | 180,862 |  |  | 18,330 |  |  | (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 |  |  | 204,515 |  |  | 19,207 |  |  | (224,052 | ) |  | 143,001 |
Income tax benefit (expense) | (1,549 | ) |  | — |  |  | 131 |  |  | — |  |  | (1,418 | )
Income from continuing operations | 141,782 |  |  | 204,515 |  |  | 19,338 |  |  | (224,052 | ) |  | 141,583 |
Discontinued operations: |  |  |  |  |  |  |  |  |
Income from discontinued operations | — |  |  | 199 |  |  | — |  |  | — |  |  | 199 |
Net income attributable to EPR Properties | 141,782 |  |  | 204,714 |  |  | 19,338 |  |  | (224,052 | ) |  | 141,782 |
Preferred dividend requirements | (17,855 | ) |  | — |  |  | — |  |  | — |  |  | (17,855 | )
Net income available to common shareholders of EPR Properties | $ | 123,927 |  |  | $ | 204,714 |  |  | $ | 19,338 |  |  | $ | (224,052 | ) |  | $ | 123,927 |
Comprehensive income attributable to EPR Properties | $ | 134,626 |  |  | $ | 204,663 |  |  | $ | 15,913 |  |  | $ | (220,576 | ) |  | $ | 134,626 |
Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2016
| EPR Properties (Issuer) |  | Wholly Owned Subsidiary Guarantors |  | Non-Guarantor Subsidiaries |  | Consolidated
Intercompany fee income (expense) | $ | 2,018 |  |  | $ | — |  |  | $ | (2,018 | ) |  | $ | — |
Interest income (expense) on intercompany receivable/payable | — |  |  | 7,297 |  |  | (7,297 | ) |  | — |
Net cash provided (used) by other operating activities | (74,550 | ) |  | 254,721 |  |  | 35,602 |  |  | 215,773 |
Net cash provided (used) by operating activities | (72,532 | ) |  | 262,018 |  |  | 26,287 |  |  | 215,773 |
Investing activities: |  |  |  |  |  |  |
Acquisition of rental properties and other assets | (180 | ) |  | (175,075 | ) |  | (2,107 | ) |  | (177,362 | )
Proceeds from sale of real estate | — |  |  | 19,175 |  |  | 1,476 |  |  | 20,651 |
Investment in mortgage notes receivable | — |  |  | (80,786 | ) |  | — |  |  | (80,786 | )
Proceeds from mortgage note receivable paydown | — |  |  | 44,556 |  |  | 19,320 |  |  | 63,876 |
Proceeds from sale of infrastructure related to issuance of revenue bonds | — |  |  | 43,462 |  |  | — |  |  | 43,462 |
Investment in promissory notes receivable | — |  |  | (66 | ) |  | — |  |  | (66 | )
Proceeds from insurance recovery | — |  |  | 2,635 |  |  | 401 |  |  | 3,036 |
Proceeds from sale of investments in a direct financing lease, net | — |  |  | 825 |  |  | — |  |  | 825 |
Additions to property under development | (181 | ) |  | (282,554 | ) |  | (6,152 | ) |  | (288,887 | )
Investment in intercompany notes payable | — |  |  | (2,063 | ) |  | 2,063 |  |  | — |
Advances to subsidiaries, net | (203,471 | ) |  | 231,048 |  |  | (27,577 | ) |  | — |
Net cash used by investing activities | (203,832 | ) |  | (198,843 | ) |  | (12,576 | ) |  | (415,251 | )
Financing activities: |  |  |  |  |  |  |
Proceeds from debt facilities and senior unsecured notes | 840,000 |  |  | — |  |  | 14,360 |  |  | 854,360 |
Principal payments on debt | (496,000 | ) |  | (63,727 | ) |  | (27,382 | ) |  | (587,109 | )
Deferred financing fees paid | (3,020 | ) |  | — |  |  | (27 | ) |  | (3,047 | )
Costs associated with loan refinancing or payoff (cash portion) | — |  |  | — |  |  | (482 | ) |  | (482 | )
Net proceeds from issuance of common shares | 142,452 |  |  | — |  |  | — |  |  | 142,452 |
Impact of stock option exercises, net | (717 | ) |  | — |  |  | — |  |  | (717 | )
Purchase of common shares for treasury for vesting | (4,211 | ) |  | — |  |  | — |  |  | (4,211 | )
Dividends paid to shareholders | (198,678 | ) |  | — |  |  | — |  |  | (198,678 | )
Net cash provided (used) by financing activities | 279,826 |  |  | (63,727 | ) |  | (13,531 | ) |  | 202,568 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | (62 | ) |  | (62 | )
Net increase (decrease) in cash and cash equivalents | 3,462 |  |  | (552 | ) |  | 118 |  |  | 3,028 |
Cash and cash equivalents at beginning of the period | 1,089 |  |  | 1,289 |  |  | 1,905 |  |  | 4,283 |
Cash and cash equivalents at end of the period | $ | 4,551 |  |  | $ | 737 |  |  | $ | 2,023 |  |  | $ | 7,311 |
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 | ) |  | 235,839 |  |  | 32,012 |  |  | 184,308 |
Net cash provided (used) by operating activities of continuing operations | (81,370 | ) |  | 243,178 |  |  | 22,500 |  |  | 184,308 |
Net cash provided by operating activities of discontinued operations | — |  |  | 514 |  |  | — |  |  | 514 |
Net cash provided (used) by operating activities | (81,370 | ) |  | 243,692 |  |  | 22,500 |  |  | 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 note 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 | ) |  | (321,559 | ) |  | (3,295 | ) |  | (324,859 | )
Advances to subsidiaries, net | (374,011 | ) |  | 343,293 |  |  | 30,718 |  |  | — |
Net cash used by investing activities | (374,408 | ) |  | (81,339 | ) |  | (16,369 | ) |  | (472,116 | )
Financing activities: |  |  |  |  |  |  |
Proceeds from debt facilities | 648,914 |  |  | 155,000 |  |  | — |  |  | 803,914 |
Principal payments on debt | (89,000 | ) |  | (317,897 | ) |  | (6,172 | ) |  | (413,069 | )
Deferred financing fees paid | (6,944 | ) |  | (8 | ) |  | — |  |  | (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 for vesting | (8,222 | ) |  | — |  |  | — |  |  | (8,222 | )
Dividends paid to shareholders | (172,926 | ) |  | — |  |  | — |  |  | (172,926 | )
Net cash provided (used) by financing activities | 468,390 |  |  | (162,905 | ) |  | (6,172 | ) |  | 299,313 |
Effect of exchange rate changes on cash | — |  |  | (12 | ) |  | (729 | ) |  | (741 | )
Net increase (decrease) in cash and cash equivalents | 12,612 |  |  | (564 | ) |  | (770 | ) |  | 11,278 |
Cash and cash equivalents at beginning of the period | (1,234 | ) |  | 2,074 |  |  | 2,496 |  |  | 3,336 |
Cash and cash equivalents at end of the period | $ | 11,378 |  |  | $ | 1,510 |  |  | $ | 1,726 |  |  | $ | 14,614 |

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