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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