Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Balance Sheet

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, net	—		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
Deferred financing costs, net	4,894		—		—		—			4,894
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	18,159		10,589		61,109		—			89,857
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
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 Balance Sheet As of December 31, 2014
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Assets
Rental properties, net	$	—		$	1,979,530	$	472,004	$	—		$	2,451,534
Land held for development	—			134,044		71,957		—			206,001
Property under development	—			175,439		6,359		—			181,798
Mortgage notes and related accrued interest receivable, net	—			412,625		95,330		—			507,955
Investment in a direct financing lease, net	—			199,332		—		—			199,332
Investment in joint ventures	—			—		5,738		—			5,738
Cash and cash equivalents	(1,234		)	2,074		2,496		—			3,336
Restricted cash	1,000			10,989		1,083		—			13,072
Deferred financing costs, net	—			4,136		—		—			4,136
Accounts receivable, net	90			36,386		10,806		—			47,282
Intercompany notes receivable	—			—		175,757		(175,757		)	—
Investments in subsidiaries	3,115,572			—		—		(3,115,572		)	—
Other assets	21,272			9,207		35,612		—			66,091
Total assets	$	3,136,700		$	2,963,762	$	877,142	$	(3,291,329	)	$	3,686,275
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	42,829		$	33,146	$	6,205	$	—		$	82,180
Dividends payable	22,233			—		—		—			22,233
Unearned rents and interest	750			24,045		828		—			25,623
Intercompany notes payable	—			—		175,757		(175,757		)	—
Debt	1,144,776			261,533		223,441		—			1,629,750
Total liabilities	1,210,588			318,724		406,231		(175,757		)	1,759,786
EPR Properties shareholders’ equity	1,926,112			2,645,038		470,534		(3,115,572		)	1,926,112
Noncontrolling interests	—			—		377		—			377
Equity	$	1,926,112		$	2,645,038	$	470,911	$	(3,115,572	)	$	1,926,489
Total liabilities and equity	$	3,136,700		$	2,963,762	$	877,142	$	(3,291,329	)	$	3,686,275

Condensed Consolidating Statement Of Income

Condensed Consolidating Statement of Income For the Year Ended December 31, 2015
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantors Subsidiaries		Consolidated Elimination			Consolidated
Rental revenue	$	—		$	275,105		$	55,781	$	—		$	330,886
Tenant reimbursements	—			5,243			11,077		—			16,320
Other income	—			3			3,626		—			3,629
Mortgage and other financing income	848			61,900			7,434		—			70,182
Intercompany fee income	2,717			—			—		(2,717		)	—
Interest income on intercompany notes receivable	111			9,787			—		(9,898		)	—
Total revenue	3,676			352,038			77,918		(12,615		)	421,017
Equity in subsidiaries’ earnings	298,657			—			—		(298,657		)	—
Property operating expense	—			11,280			12,153		—			23,433
Intercompany fee expense	—			—			2,717		(2,717		)	—
Other expense	—			—			648		—			648
General and administrative expense	—			25,315			5,706		—			31,021
Retirement severance expense	18,578			—			—		—			18,578
Costs associated with loan refinancing or payoff	243			27			—		—			270
Interest expense, net	78,217			(8,115		)	9,813		—			79,915
Interest expense on intercompany notes payable	—			—			9,898		(9,898		)	—
Transaction costs	7,182			—			336		—			7,518
Depreciation and amortization	1,629			74,430			13,558		—			89,617
Income before equity in income from joint ventures and other items	196,484			249,101			23,089		(298,657		)	170,017
Equity in income from joint ventures	—			—			969		—			969
Gain on sale or acquisition, net	—			23,653			176		—			23,829
Income before income taxes	196,484			272,754			24,234		(298,657		)	194,815
Income tax benefit (expense)	(1,952		)	—			1,470		—			(482		)
Income from continuing operations	194,532			272,754			25,704		(298,657		)	194,333
Discontinued operations:
Income from discontinued operations	—			199			—		—			199
Net income attributable to EPR Properties	194,532			272,953			25,704		(298,657		)	194,532
Preferred dividend requirements	(23,806		)	—			—		—			(23,806		)
Net income available to common shareholders of EPR Properties	$	170,726		$	272,953		$	25,704	$	(298,657	)	$	170,726
Comprehensive income attributable to EPR Properties	$	187,588		$	272,730		$	19,559	$	(292,289	)	$	187,588

Condensed Consolidating Statement of Income For the Year Ended December 31, 2014
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	228,847	$	57,826		$	—		$	286,673
Tenant reimbursements	—			5,103		12,560			—			17,663
Other income	—			1		1,008			—			1,009
Mortgage and other financing income	765			71,535		7,406			—			79,706
Intercompany fee income	3,124			—		—			(3,124		)	—
Interest income on intercompany notes receivable	—			—		23,509			(23,509		)	—
Total revenue	3,889			305,486		102,309			(26,633		)	385,051
Equity in subsidiaries’ earnings	241,921			—		—			(241,921		)	—
Property operating expense	—			11,422		13,475			—			24,897
Intercompany fee expense	—			—		3,124			(3,124		)	—
Other expense	—			—		771			—			771
General and administrative expense	—			20,545		7,021			—			27,566
Costs associated with loan refinancing or payoff	—			285		16			—			301
Interest expense, net	63,056			9,132		9,082			—			81,270
Interest expense on intercompany notes payable	—			—		23,509			(23,509		)	—
Transaction costs	1,319			54		1,079			—			2,452
Provision for loan losses	—			—		3,777			—			3,777
Depreciation and amortization	1,224			51,271		14,244			—			66,739
Income before equity in income from joint ventures and other items	180,211			212,777		26,211			(241,921		)	177,278
Equity in income from joint ventures	—			—		1,273			—			1,273
Gain on sale or acquisition, net	—			—		1,209			—			1,209
Gain on sale of investment in a direct financing lease	—			220		—			—			220
Income before income taxes	180,211			212,997		28,693			(241,921		)	179,980
Income tax benefit (expense)	(578		)	—		(3,650		)	—			(4,228		)
Income from continuing operations	179,633			212,997		25,043			(241,921		)	175,752
Discontinued operations:
Income from discontinued operations	—			487		18			—			505
Transaction (costs) benefit	—			3,376		—			—			3,376
Net income attributable to EPR Properties	179,633			216,860		25,061			(241,921		)	179,633
Preferred dividend requirements	(23,807		)	—		—			—			(23,807		)
Net income available to common shareholders of EPR Properties	$	155,826		$	216,860	$	25,061		$	(241,921	)	$	155,826
Comprehensive income attributable to EPR Properties	$	175,006		$	217,000	$	20,919		$	(237,919	)	$	175,006

Condensed Consolidating Statement of Income For the Year Ended December 31, 2013
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	197,229		$	51,480		$	—		$	248,709
Tenant reimbursements	—			5,235			13,166			—			18,401
Other income	75			1,480			127			—			1,682
Mortgage and other financing income	994			66,886			6,392			—			74,272
Intercompany fee income	2,629			—			—			(2,629		)	—
Interest income on intercompany notes receivable	17,848			—			386			(18,234		)	—
Total revenue	21,546			270,830			71,551			(20,863		)	343,064
Equity in subsidiaries’ earnings	212,634			—			—			(212,634		)	—
Property operating expense	(88		)	12,600			13,504			—			26,016
Intercompany fee expense	—			—			2,629			(2,629		)	—
Other expense	—			658			—			—			658
General and administrative expense	—			20,070			5,543			—			25,613
Costs associated with loan refinancing or payoff	—			1,987			4,179			—			6,166
Gain on early extinguishment of debt	—			(4,539		)	—			—			(4,539		)
Interest expense, net	55,856			15,772			9,428			—			81,056
Interest expense on intercompany notes payable	—			—			18,234			(18,234		)	—
Transaction costs	1,813			—			142			—			1,955
Depreciation and amortization	1,093			40,503			12,350			—			53,946
Income before equity in income from joint ventures and other items	175,506			183,779			5,542			(212,634		)	152,193
Equity in income from joint ventures	505			—			893			—			1,398
Gain (loss) on sale or acquisition, net	(150		)	3,167			—			—			3,017
Gain on previously held equity interest	4,853			—			—			—			4,853
Income before income taxes	$	180,714		$	186,946		$	6,435		$	(212,634	)	$	161,461
Income tax benefit (expense)	(488		)	—			14,664			—			14,176
Income from continuing operations	180,226			186,946			21,099			(212,634		)	175,637
Discontinued operations:
Income (loss) from discontinued operations	—			638			(305		)	—			333
Gain on sale, net from discontinued opeartions	—			—			4,256			—			4,256
Net income attributable to EPR Properties	180,226			187,584			25,050			(212,634		)	180,226
Preferred dividend requirements	(23,806		)	—			—			—			(23,806		)
Net income available to common shareholders of EPR Properties	$	156,420		$	187,584		$	25,050		$	(212,634	)	$	156,420
Comprehensive income attributable to EPR Properties	$	176,797		$	187,820		$	22,008		$	(209,828	)	$	176,797

Condensed Consolidating Statement Of Cash Flows

Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	2,717		$	—		$	(2,717	)	$	—
Interest income (expense) on intercompany receivable/payable	111			9,787			(9,898		)	—
Net cash provided (used) by other operating activities	(91,731		)	324,760			44,923			277,952
Net cash provided (used) by operating activities by continuing operations	(88,903		)	334,547			32,308			277,952
Net cash provided by operating activities of discontinued operations	—			508			—			508
Net cash provided (used) by operating activities	(88,903		)	335,055			32,308			278,460
Investing activities:
Acquisition of rental properties and other assets	(618		)	(178,964		)	(238		)	(179,820		)
Proceeds from sale of real estate	—			45,637			1,081			46,718
Investment in mortgage notes receivable	—			(27,835		)	(44,863		)	(72,698		)
Proceeds from mortgage note receivable paydown	—			38,456			2,500			40,956
Proceeds from sale of investment in a direct financing lease, net	—			4,741			—			4,741
Additions to property under development	(112		)	(404,289		)	(4,035		)	(408,436		)
Investment in intercompany notes payable	—			(1,769		)	1,769			—
Advances to subsidiaries, net	(406,389		)	386,222			20,167			—
Net cash used by investing activities	(407,119		)	(137,801		)	(23,619		)	(568,539		)
Financing activities:
Proceeds from debt facilities	701,914			155,000			—			856,914
Principal payments on debt	(142,000		)	(353,024		)	(8,290		)	(503,314		)
Deferred financing fees paid	(7,038		)	(9		)	—			(7,047		)
Net proceeds from issuance of common shares	190,158			—			—			190,158
Impact of stock option exercises, net	(3,394		)	—			—			(3,394		)
Purchase of common shares for treasury	(8,222		)	—			—			(8,222		)
Dividends paid to shareholders	(233,073		)	—			—			(233,073		)
Net cash provided (used) by financing activities	498,345			(198,033		)	(8,290		)	292,022
Effect of exchange rate changes on cash	—			(6		)	(990		)	(996		)
Net increase (decrease) in cash and cash equivalents	2,323			(785		)	(591		)	947
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	$	1,089		$	1,289		$	1,905		$	4,283

Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	3,124		$	—		$	(3,124	)	$	—
Interest income (expense) on intercompany receivable/payable	—			—			—			—
Net cash provided (used) by other operating activities	(60,684		)	262,860			47,976			250,152
Net cash provided (used) by operating activities of continuing operations	(57,560		)	262,860			44,852			250,152
Net cash provided by operating activities of discontinued operations	—			47			96			143
Net cash provided (used) by operating activities	(57,560		)	262,907			44,948			250,295
Investing activities:
Acquisition of rental properties and other assets	(438		)	(58,918		)	(25,849		)	(85,205		)
Proceeds from sale of real estate	—			—			12,055			12,055
Proceeds from settlement of derivative	—			—			5,725			5,725
Investment in mortgage note receivable	—			(26,716		)	(67,161		)	(93,877		)
Proceeds from mortgage note receivable paydown	—			52,834			23,422			76,256
Investment in promissory notes receivable	—			(721		)	(3,666		)	(4,387		)
Proceeds from promissory note paydown	—			—			1,750			1,750
Proceeds from sale of investment in a direct financing lease, net	—			46,092			—			46,092
Additions to property under development	(821		)	(325,624		)	(8,190		)	(334,635		)
Advances to subsidiaries, net	(16,206		)	(7,078		)	23,284			—
Net cash used in investing activities	(17,465		)	(320,131		)	(38,630		)	(376,226		)
Financing activities:
Proceeds from debt facilities	20,000			359,000			—			379,000
Principal payments on debt	—			(303,544		)	(6,709		)	(310,253		)
Deferred financing fees paid	(337		)	(279		)	(198		)	(814		)
Costs associated with loan refinancing or payoff (cash portion)	—			(25		)	—			(25		)
Net proceeds from issuance of common shares	264,158			—			—			264,158
Impact of stock option exercises, net	50			—			—			50
Purchase of common shares for treasury	(2,892		)	—			—			(2,892		)
Dividends paid to shareholders	(207,637		)	—			—			(207,637		)
Net cash provided (used) by financing activities	73,342			55,152			(6,907		)	121,587
Effect of exchange rate changes on cash	—			39			(317		)	(278		)
Net decrease in cash and cash equivalents	(1,683		)	(2,033		)	(906		)	(4,622		)
Cash and cash equivalents at beginning of the period	449			4,107			3,402			7,958
Cash and cash equivalents at end of the period	$	(1,234	)	$	2,074		$	2,496		$	3,336

Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2013
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	2,629		$	—		$	(2,629	)	$	—
Interest income (expense) on intercompany receivable/payable	17,848			—			(17,848		)	—
Net cash provided (used) by other operating activities	(44,752		)	226,356			49,835			231,439
Net cash provided (used) by operating activities of continuing operations	(24,275		)	226,356			29,358			231,439
Net cash provided by operating activities of discontinued operations	—			286			2,395			2,681
Net cash provided (used) by operating activities	(24,275		)	226,642			31,753			234,120
Investing activities:
Acquisition of rental properties and other assets	(1,358		)	(118,233		)	(3,906		)	(123,497		)
Proceeds from sale of real estate	—			—			797			797
Investment in unconsolidated joint ventures	(1,607		)	—			—			(1,607		)
Investment in mortgage notes receivable	(11,797		)	(46,375		)	(2,396		)	(60,568		)
Proceeds from mortgage note receivable paydown	—			202			1,698			1,900
Investment in promissory notes receivable	—			(1,278		)	—			(1,278		)
Proceeds from promissory note receivable paydown	117			—			910			1,027
Investment in a direct financing lease, net	—			(3,262		)	—			(3,262		)
Additions to property under development	(18		)	(130,693		)	(66,560		)	(197,271		)
Investment in intercompany notes payable	103,104			—			(103,104		)	—
Advances to subsidiaries, net	(380,190		)	189,577			190,613			—
Net cash provided (used) by investing activities of continuing operations	(291,749		)	(110,062		)	18,052			(383,759		)
Net proceeds from sale of real estate from discontinued operations	—			—			47,301			47,301
Net cash provided (used) by investing activities	(291,749		)	(110,062		)	65,353			(336,458		)
Financing activities:
Proceeds from debt facilities	300,000			346,000			—			646,000
Principal payments on debt	—			(457,763		)	(94,705		)	(552,468		)
Deferred financing fees paid	(5,620		)	(2,494		)	(19		)	(8,133		)
Costs associated with loan refinancing or payoff (cash portion)	—			(1,753		)	(4,037		)	(5,790		)
Net proceeds from issuance of common shares	220,785			—			—			220,785
Impact of stock option exercises, net	947			—			—			947
Purchase of common shares for treasury	(3,246		)	—			—			(3,246		)
Dividends paid to shareholders	(197,924		)	—			—			(197,924		)
Net cash provided (used) by financing activities	314,942			(116,010		)	(98,761		)	100,171
Effect of exchange rate changes on cash	—			(13		)	(526		)	(539		)
Net increase (decrease) in cash and cash equivalents	(1,082		)	557			(2,181		)	(2,706		)
Cash and cash equivalents at beginning of the period	1,531			3,550			5,583			10,664
Cash and cash equivalents at end of the period	$	449		$	4,107		$	3,402		$	7,958