Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2014

Condensed Consolidating Financial Statements [Abstract]

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