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Condensed Consolidating Financial Statements (Tables)
6 Months Ended
Jun. 30, 2014
Condensed Consolidating Financial Statements [Abstract]  
Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet
As of June 30, 2014
 
EPR Properties 
(Issuer)
 
Wholly  Owned
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Consolidated
Elimination
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Rental properties, net
$
—

 
$
1,532,241

 
$
741,228

 
$
—

 
$
2,273,469

Land held for development
—

 
—

 
203,443

 
—

 
203,443

Property under development
332

 
172,833

 
9,732

 
—

 
182,897

Mortgage notes and related accrued interest receivable
—

 
470,038

 
38,651

 
—

 
508,689

Investment in a direct financing lease, net
—

 
198,020

 
—

 
—

 
198,020

Investment in joint ventures
—

 
—

 
5,853

 
—

 
5,853

Cash and cash equivalents
4,647

 
799

 
8,143

 
—

 
13,589

Restricted cash
—

 
15,655

 
1,911

 
—

 
17,566

Deferred financing costs, net
16,245

 
4,927

 
730

 
—

 
21,902

Accounts receivable, net
96

 
26,471

 
16,263

 
—

 
42,830

Intercompany notes receivable
—

 
—

 
175,757

 
(175,757
)
 
—

Investments in subsidiaries
2,924,272

 
—

 
—

 
(2,924,272
)
 
—

Other assets
20,507

 
9,899

 
34,188

 
—

 
64,594

Total assets
$
2,966,099

 
$
2,430,883

 
$
1,235,899

 
$
(3,100,029
)
 
$
3,532,852

Liabilities and Equity
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
42,565

 
$
16,176

 
$
11,642

 
$
—

 
$
70,383

Dividends payable
21,191

 
—

 
—

 
—

 
21,191

Unearned rents and interest
750

 
23,392

 
5,365

 
—

 
29,507

Intercompany notes payable
—

 
—

 
175,757

 
(175,757
)
 
—

Debt
1,150,000

 
79,000

 
430,801

 
—

 
1,659,801

Total liabilities
1,214,506

 
118,568

 
623,565

 
(175,757
)
 
1,780,882

EPR Properties shareholders’ equity
1,751,593

 
2,312,315

 
611,957

 
(2,924,272
)
 
1,751,593

Noncontrolling interests
—

 
—

 
377

 
—

 
377

Total equity
$
1,751,593

 
$
2,312,315

 
$
612,334

 
$
(2,924,272
)
 
$
1,751,970

Total liabilities and equity
$
2,966,099

 
$
2,430,883

 
$
1,235,899

 
$
(3,100,029
)
 
$
3,532,852

 
Condensed Consolidating Balance Sheet
As of December 31, 2013
 
EPR
Properties 
(Issuer)
 
Wholly  Owned
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Consolidated
Elimination
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Rental properties, net
$
—

 
$
1,474,501

 
$
629,650

 
$
—

 
$
2,104,151

Land held for development
—

 
—

 
201,342

 
—

 
201,342

Property under development
18

 
84,397

 
5,058

 
—

 
89,473

Mortgage notes and related accrued interest receivable
—

 
460,533

 
25,804

 
—

 
486,337

Investment in a direct financing lease, net
—

 
242,212

 
—

 
—

 
242,212

Investment in joint ventures
—

 
—

 
5,275

 
—

 
5,275

Cash and cash equivalents
449

 
1,826

 
5,683

 
—

 
7,958

Restricted cash
1,150

 
6,735

 
1,829

 
—

 
9,714

Deferred financing costs, net
17,221

 
5,439

 
684

 
—

 
23,344

Accounts receivable, net
106

 
25,158

 
17,274

 
—

 
42,538

Intercompany notes receivable
—

 
—

 
175,757

 
(175,757
)
 
—

Investments in subsidiaries
2,852,543

 
—

 
—

 
(2,852,543
)
 
—

Other assets
19,292

 
11,040

 
29,600

 
—

 
59,932

Total assets
$
2,890,779

 
$
2,311,841

 
$
1,097,956

 
$
(3,028,300
)
 
$
3,272,276

Liabilities and Equity
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
43,589

 
$
20,564

 
$
8,174

 
$
—

 
$
72,327

Dividends payable
19,553

 
—

 
—

 
—

 
19,553

Unearned rents and interest
—

 
14,295

 
2,751

 
—

 
17,046

Intercompany notes payable
—

 
—

 
175,757

 
(175,757
)
 
—

Debt
1,140,000

 
—

 
335,336

 
—

 
1,475,336

Total liabilities
1,203,142

 
34,859

 
522,018

 
(175,757
)
 
1,584,262

EPR Properties shareholders’ equity
1,687,637

 
2,276,982

 
575,561

 
(2,852,543
)
 
1,687,637

Noncontrolling interests
—

 
—

 
377

 
—

 
377

Total equity
$
1,687,637

 
$
2,276,982

 
$
575,938

 
$
(2,852,543
)
 
$
1,688,014

Total liabilities and equity
$
2,890,779

 
$
2,311,841

 
$
1,097,956

 
$
(3,028,300
)
 
$
3,272,276

 
Condensed Consolidating Statement Of Income
Condensed Consolidating Statement of Income
Three Months Ended June 30, 2014
 
EPR Properties 
(Issuer)
 
Wholly  Owned
Subsidiary
Guarantors
 
Non-
Guarantors
Subsidiaries
 
Consolidated
Elimination
 
Consolidated
Rental revenue
$
—

 
$
46,455

 
$
23,463

 
$
—

 
$
69,918

Tenant reimbursements
—

 
819

 
3,462

 
—

 
4,281

Other income
107

 
—

 
80

 
—

 
187

Mortgage and other financing income
187

 
16,522

 
692

 
—

 
17,401

Intercompany fee income
799

 
—

 
—

 
(799
)
 
—

Interest income on intercompany notes receivable
—

 
—

 
6,043

 
(6,043
)
 
—

Total revenue
1,093

 
63,796

 
33,740

 
(6,842
)
 
91,787

Equity in subsidiaries’ earnings
55,831

 
—

 
—

 
(55,831
)
 
—

Property operating expense
—

 
1,871

 
3,668

 
—

 
5,539

Intercompany fee expense
—

 
—

 
799

 
(799
)
 
—

Other expense
—

 
—

 
219

 
—

 
219

General and administrative expense
—

 
4,591

 
2,488

 
—

 
7,079

Interest expense, net
15,746

 
(661
)
 
5,470

 
—

 
20,555

Interest expense on intercompany notes payable
—

 
—

 
6,043

 
(6,043
)
 
—

Transaction costs
—

 
—

 
756

 
—

 
756

Depreciation and amortization
274

 
10,590

 
5,138

 
—

 
16,002

Income before equity in income from joint ventures and other items
40,904

 
47,405

 
9,159

 
(55,831
)
 
41,637

Equity in income from joint ventures
—

 
—

 
267

 
—

 
267

Gain on sale of investment in a direct financing lease
—

 
220

 
—

 
—

 
220

Income before income taxes
40,904

 
47,625

 
9,426

 
(55,831
)
 
42,124

Income tax expense
144

 
—

 
1,216

 
—

 
1,360

Income from continuing operations
$
40,760

 
$
47,625

 
$
8,210

 
$
(55,831
)
 
$
40,764

Discontinued operations:
 
 
 
 
 
 
 
 
 
Loss from discontinued operations
—

 
(4
)
 
—

 
—

 
(4
)
Net income attributable to EPR Properties
40,760

 
47,621

 
8,210

 
(55,831
)
 
40,760

Preferred dividend requirements
(5,952
)
 
—

 
—

 
—

 
(5,952
)
Net income available to common shareholders of EPR Properties
$
34,808

 
$
47,621

 
$
8,210

 
$
(55,831
)
 
$
34,808

Comprehensive income attributable to EPR Properties
$
39,856

 
$
47,621

 
$
8,291

 
$
(55,912
)
 
$
39,856

 
Condensed Consolidating Statement of Income
Three Months Ended June 30, 2013
 
EPR
Properties 
(Issuer)
 
Wholly  Owned
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Consolidated
Elimination
 
Consolidated
Rental revenue
$
—

 
$
38,749

 
$
21,411

 
$
—

 
$
60,160

Tenant reimbursements
—

 
855

 
3,597

 
—

 
4,452

Other income
26

 
—

 
78

 
—

 
104

Mortgage and other financing income
252

 
16,885

 
1,099

 
—

 
18,236

Intercompany fee income
658

 
—

 
—

 
(658
)
 
—

Interest income on intercompany notes receivable
4,233

 
—

 
95

 
(4,328
)
 
—

Total revenue
5,169

 
56,489

 
26,280

 
(4,986
)
 
82,952

Equity in subsidiaries’ earnings
40,167

 
—

 
—

 
(40,167
)
 
—

Property operating expense
—

 
2,028

 
3,962

 
—

 
5,990

Intercompany fee expense
—

 
—

 
658

 
(658
)
 
—

Other expense
—

 
—

 
187

 
—

 
187

General and administrative expense
—

 
4,071

 
1,980

 
—

 
6,051

Costs associated with loan refinancing
—

 
1,765

 
4,178

 
—

 
5,943

Interest expense, net
12,527

 
1,404

 
6,069

 
—

 
20,000

Interest expense on intercompany notes payable
—

 
—

 
4,328

 
(4,328
)
 
—

Transaction costs
224

 
—

 
—

 
—

 
224

Depreciation and amortization
272

 
8,338

 
4,566

 
—

 
13,176

Income before equity in income from joint ventures and other items
32,313

 
38,883

 
352

 
(40,167
)
 
31,381

Equity in income from joint ventures
163

 
—

 
303

 
—

 
466

Income from continuing operations
$
32,476

 
$
38,883

 
$
655

 
$
(40,167
)
 
$
31,847

Discontinued operations:
 
 
 
 
 
 
 
 
 
Income (loss) from discontinued operations
—

 
711

 
(82
)
 
—

 
629

Net income attributable to EPR Properties
32,476

 
39,594

 
573

 
(40,167
)
 
32,476

Preferred dividend requirements
(5,952
)
 
—

 
—

 
—

 
(5,952
)
Net income available to common shareholders of EPR Properties
$
26,524

 
$
39,594

 
$
573

 
$
(40,167
)
 
$
26,524

Comprehensive income (loss) attributable to EPR Properties
$
32,753

 
$
39,713

 
$
(492
)
 
$
(39,221
)
 
$
32,753




Condensed Consolidating Statement of Income
Six Months Ended June 30, 2014
 
EPR Properties 
(Issuer)
 
Wholly  Owned
Subsidiary
Guarantors
 
Non-
Guarantors
Subsidiaries
 
Consolidated
Elimination
 
Consolidated
Rental revenue
$
—

 
$
91,565

 
$
44,784

 
$
—

 
$
136,349

Tenant reimbursements
—

 
1,802

 
7,067

 
—

 
8,869

Other income
280

 
—

 
81

 
—

 
361

Mortgage and other financing income
374

 
34,317

 
1,373

 
—

 
36,064

Intercompany fee income
1,579

 
—

 
—

 
(1,579
)
 
—

Interest income on intercompany notes receivable
—

 
—

 
13,106

 
(13,106
)
 
—

Total revenue
2,233

 
127,684

 
66,411

 
(14,685
)
 
181,643

Equity in subsidiaries’ earnings
114,296

 
—

 
—

 
(114,296
)
 
—

Property operating expense
(1
)
 
4,267

 
7,722

 
—

 
11,988

Intercompany fee expense
—

 
—

 
1,579

 
(1,579
)
 
—

Other expense
—

 
—

 
318

 
—

 
318

General and administrative expense
—

 
9,500

 
5,041

 
—

 
14,541

Costs associated with loan refinancing
—

 
—

 
—

 
—

 
—

Interest expense, net
31,435

 
(1,073
)
 
10,091

 
—

 
40,453

Interest expense on intercompany notes payable
—

 
—

 
13,106

 
(13,106
)
 
—

Transaction costs
—

 
—

 
952

 
—

 
952

Depreciation and amortization
550

 
21,093

 
9,686

 
—

 
31,329

Income before equity in income from joint ventures and other items
84,545

 
93,897

 
17,916

 
(114,296
)
 
82,062

Equity in income from joint ventures
—

 
—

 
578

 
—

 
578

Gain on sale of land
—

 
—

 
330

 
—

 
330

Gain on sale of investment in a direct financing lease
—

 
220

 
—

 
—

 
220

Income before income taxes
84,545

 
94,117

 
18,824

 
(114,296
)
 
83,190

Income tax expense
253

 
—

 
2,032

 
—

 
2,285

Income from continuing operations
$
84,292

 
$
94,117

 
$
16,792

 
$
(114,296
)
 
$
80,905

Discontinued operations:
 
 
 
 
 
 
 
 
 
Income (loss) from discontinued operations
—

 
(7
)
 
18

 
—

 
11

Transaction costs (benefit)
—

 
3,376

 
—

 
—

 
3,376

Net income attributable to EPR Properties
84,292

 
97,486

 
16,810

 
(114,296
)
 
84,292

Preferred dividend requirements
(11,904
)
 
—

 
—

 
—

 
(11,904
)
Net income available to common shareholders of EPR Properties
$
72,388

 
$
97,486

 
$
16,810

 
$
(114,296
)
 
$
72,388

Comprehensive income attributable to EPR Properties
$
81,324

 
$
97,629

 
$
14,848

 
$
(112,477
)
 
$
81,324

 
 
 
 
 
 
 
 
 
 




Condensed Consolidating Statement of Income
Six Months Ended June 30, 2013
 
EPR Properties 
(Issuer)
 
Wholly  Owned
Subsidiary
Guarantors
 
Non-
Guarantors
Subsidiaries
 
Consolidated
Elimination
 
Consolidated
Rental revenue
$
—

 
$
77,841

 
$
42,707

 
$
—

 
$
120,548

Tenant reimbursements
—

 
1,869

 
7,327

 
—

 
9,196

Other income
49

 
—

 
79

 
 
 
128

Mortgage and other financing income
504

 
33,338

 
2,189

 
—

 
36,031

Intercompany fee income
1,326

 
—

 
—

 
(1,326
)
 
—

Interest income on intercompany notes receivable
8,498

 
—

 
188

 
(8,686
)
 
—

Total revenue
10,377

 
113,048

 
52,490

 
(10,012
)
 
165,903

Equity in subsidiaries’ earnings
88,501

 
—

 
—

 
(88,501
)
 
—

Property operating expense
—

 
5,524

 
7,501

 
—

 
13,025

Intercompany fee expense
—

 
—

 
1,326

 
(1,326
)
 
—

Other expense
—

 
—

 
336

 
—

 
336

General and administrative expense
—

 
8,570

 
4,133

 
—

 
12,703

Costs associated with loan refinancing or payoff
—

 
1,765

 
4,178

 
—

 
5,943

Gain on early extinguishment of debt
—

 
(4,539
)
 
—

 
—

 
(4,539
)
Interest expense, net
24,455

 
3,163

 
12,371

 
—

 
39,989

Interest expense on intercompany notes payable
—

 
—

 
8,686

 
(8,686
)
 
—

Transaction costs
542

 
—

 
—

 
—

 
542

Depreciation and amortization
545

 
16,159

 
9,294

 
—

 
25,998

Income before equity in income from joint ventures and other items
73,336

 
82,406

 
4,665

 
(88,501
)
 
71,906

Equity in income from joint ventures
346

 
—

 
471

 
—

 
817

Income from continuing operations
$
73,682

 
$
82,406

 
$
5,136

 
$
(88,501
)
 
$
72,723

Discontinued operations:
 
 
 
 
 
 
 
 
 
Income (loss) from discontinued operations
—

 
690

 
(296
)
 
—

 
394

Gain on sale of acquisition of real estate
—

 
—

 
565

 
—

 
565

Net income attributable to EPR Properties
73,682

 
83,096

 
5,405

 
(88,501
)
 
73,682

Preferred dividend requirements
(11,904
)
 
—

 
—

 
—

 
(11,904
)
Net income available to common shareholders of EPR Properties
$
61,778

 
$
83,096

 
$
5,405

 
$
(88,501
)
 
$
61,778

Comprehensive income attributable to EPR Properties
$
73,452

 
$
83,298

 
$
3,532

 
$
(86,830
)
 
$
73,452




Condensed Consolidating Statement Of Cash Flows
Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2014
 
EPR
Properties 
(Issuer)
 
Wholly  Owned
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Consolidated
Intercompany fee income (expense)
$
1,579

 
$
—

 
$
(1,579
)
 
$
—

Interest income (expense) on intercompany receivable/payable
—

 
—

 
—

 
—

Net cash provided (used) by other operating activities
(32,070
)
 
111,987

 
34,317

 
114,234

Net cash provided (used) by operating activities of continuing operations
(30,491
)
 
111,987

 
32,738

 
114,234

Net cash provided by operating activities of discontinued operations
—

 
52

 
68

 
120

Net cash provided (used) by operating activities
(30,491
)
 
112,039

 
32,806

 
114,354

Investing activities:
 
 
 
 
 
 

Acquisition of rental properties and other assets
(130
)
 
(18,312
)
 
(25,898
)
 
(44,340
)
Proceeds from sale of real estate
—

 
—

 
3,293

 
3,293

Proceed from settlement of derivative
—

—

—

 
5,725

 
5,725

Investment in mortgage notes receivable
—

 
(9,631
)
 
(12,662
)
 
(22,293
)
Proceeds from mortgage note receivable paydown
—

 
176

 
—

 
176

Investment in promissory notes receivable
—

 
(721
)
 
(3,236
)
 
(3,957
)
Proceeds from sale of investments in a direct financing lease, net
—

 
46,092

 
—

 
46,092

Additions to property under development
(314
)
 
(144,073
)
 
(6,956
)
 
(151,343
)
Advances to subsidiaries, net
49,798

 
(65,371
)
 
15,573

 
—

Net cash provided (used) by investing activities
49,354

 
(191,840
)
 
(24,161
)
 
(166,647
)
Financing activities:
 
 
 
 
 
 
 
Proceeds from long-term debt facilities
10,000

 
116,000

 
—

 
126,000

Principal payments on long-term debt
—

 
(37,000
)
 
(5,976
)
 
(42,976
)
Deferred financing fees paid
(169
)
 
(266
)
 
(199
)
 
(634
)
Net proceeds from issuance of common shares
79,669

 
—

 
—

 
79,669

Impact of stock option exercises, net
(24
)
 
—

 
—

 
(24
)
Purchase of common shares for treasury
(2,892
)
 
—

 
—

 
(2,892
)
Dividends paid to shareholders
(101,249
)
 
—

 
—

 
(101,249
)
Net cash provided (used) by financing activities
(14,665
)
 
78,734

 
(6,175
)
 
57,894

Effect of exchange rate changes on cash
—

 
40

 
(10
)
 
30

Net increase (decrease) in cash and cash equivalents
4,198

 
(1,027
)
 
2,460

 
5,631

Cash and cash equivalents at beginning of the period
449

 
1,826

 
5,683

 
7,958

Cash and cash equivalents at end of the period
$
4,647

 
$
799

 
$
8,143

 
$
13,589

 





Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2013
 
EPR
Properties 
(Issuer)
 
Wholly  Owned
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Consolidated
Intercompany fee income (expense)
$
1,326

 
$
—

 
$
(1,326
)
 
$
—

Interest income (expense) on intercompany receivable/payable
8,498

 
—

 
(8,498
)
 
—

Net cash provided (used) by other operating activities
(21,699
)
 
101,141

 
30,839

 
110,281

Net cash provided (used) by operating activities of continuing operations
(11,875
)
 
101,141

 
21,015

 
110,281

Net cash provided by operating activities of discontinued operations
—

 
129

 
2,316

 
2,445

Net cash provided (used) by operating activities
(11,875
)
 
101,270

 
23,331

 
112,726

Investing activities:
 
 
 
 
 
 

Acquisition of rental properties and other assets
(148
)
 
(15,943
)
 
(2,802
)
 
(18,893
)
Proceeds from sale of real estate
—

 
—

 
796

 
796

Investment in unconsolidated joint ventures
(622
)
 
—

 
—

 
(622
)
Investment in mortgage note receivable
—

 
(26,873
)
 
(1,265
)
 
(28,138
)
Investment in a direct financing lease, net
—

 
(3,262
)
 
—

 
(3,262
)
Additions to property under development
—

 
(69,185
)
 
(3,143
)
 
(72,328
)
Investment in (repayment of) intercompany notes payable
(94,279
)
 
—

 
94,279

 
—

Advances to subsidiaries, net
(63,987
)
 
97,405

 
(33,418
)
 
—

Net cash provided (used) by investing activities of continuing operations
(159,036
)
 
(17,858
)
 
54,447

 
(122,447
)
Net proceeds from sale of real estate from discontinued operations
—

 
—

 
24,146

 
24,146

Net cash provided (used) by investing activities
(159,036
)
 
(17,858
)
 
78,593

 
(98,301
)
Financing activities:
 
 
 
 
 
 
 
Proceeds from long-term debt facilities
290,000

 
144,000

 
—

 
434,000

Principal payments on long-term debt
—

 
(225,819
)
 
(95,561
)
 
(321,380
)
Deferred financing fees paid
(3,746
)
 
(13
)
 
(18
)
 
(3,777
)
Costs associated with loan refinancing or payoff (cash portion)
—

 
(1,718
)
 
(4,037
)
 
(5,755
)
Net proceeds from issuance of common shares
5,139

 
—

 
—

 
5,139

Impact of stock option exercises, net
(662
)
 
—

 
—

 
(662
)
Purchase of common shares for treasury
(3,246
)
 
—

 
—

 
(3,246
)
Dividends paid to shareholders
(108,969
)
 
—

 
—

 
(108,969
)
Net cash provided (used) by financing activities
178,516

 
(83,550
)
 
(99,616
)
 
(4,650
)
Effect of exchange rate changes on cash
—

 
2

 
(411
)
 
(409
)
Net increase (decrease) in cash and cash equivalents
7,605

 
(136
)
 
1,897

 
9,366

Cash and cash equivalents at beginning of the period
1,531

 
832

 
8,301

 
10,664

Cash and cash equivalents at end of the period
$
9,136

 
$
696

 
$
10,198

 
$
20,030