Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2016

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Balance Sheet

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

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

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