Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2017

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet As of June 30, 2017
	EPR Properties  (Issuer)		Wholly  Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Assets
Rental properties, net	$	—	$	3,394,620	$	894,265	$	—		$	4,288,885
Land held for development	—		12,400		21,272		—			33,672
Property under development	2		227,534		44,156		—			271,692
Mortgage notes and related accrued interest receivable	—		936,219		5,380		—			941,599
Investment in a direct financing lease, net	—		93,307		—		—			93,307
Investment in joint ventures	—		—		5,581		—			5,581
Cash and cash equivalents	65,428		3,858		1,586		—			70,872
Restricted cash	1,400		22,515		340		—			24,255
Accounts receivable, net	710		93,920		11,850		—			106,480
Intercompany notes receivable	—		179,589		—		(179,589		)	—
Investments in subsidiaries	5,634,271		—		—		(5,634,271		)	—
Other assets	22,804		23,861		55,878		—			102,543
Total assets	$	5,724,615	$	4,987,823	$	1,040,308	$	(5,813,860	)	$	5,938,886
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	61,349	$	64,417	$	16,760	$	—		$	142,526
Dividends payable	30,996		—		—		—			30,996
Unearned rents and interest	—		64,956		6,142		—			71,098
Intercompany notes payable	—		—		179,589		(179,589		)	—
Debt	2,730,924		—		61,996		—			2,792,920
Total liabilities	2,823,269		129,373		264,487		(179,589		)	3,037,540
Total equity	2,901,346		4,858,450		775,821		(5,634,271		)	2,901,346
Total liabilities and equity	$	5,724,615	$	4,987,823	$	1,040,308	$	(5,813,860	)	$	5,938,886

Condensed Consolidating Balance Sheet As of December 31, 2016
	EPR Properties  (Issuer)		Wholly  Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Assets
Rental properties, net	$	—	$	3,164,622	$	431,140	$	—		$	3,595,762
Land held for development	—		1,258		21,272		—			22,530
Property under development	1,010		247,239		48,861		—			297,110
Mortgage notes and related accrued interest receivable	—		612,141		1,837		—			613,978
Investment in a direct financing lease, net	—		102,698		—		—			102,698
Investment in joint ventures	—		—		5,972		—			5,972
Cash and cash equivalents	16,586		1,157		1,592		—			19,335
Restricted cash	365		8,352		1,027		—			9,744
Accounts receivable, net	556		89,145		9,238		—			98,939
Intercompany notes receivable	—		179,589		—		(179,589		)	—
Investments in subsidiaries	4,521,095		—		—		(4,521,095		)	—
Other assets	21,768		23,068		54,118		—			98,954
Total assets	$	4,561,380	$	4,429,269	$	575,057	$	(4,700,684	)	$	4,865,022
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	63,431	$	52,061	$	4,266	$	—		$	119,758
Dividends payable	26,318		—		—		—			26,318
Unearned rents and interest	—		46,647		773		—			47,420
Intercompany notes payable	—		—		179,589		(179,589		)	—
Debt	2,285,730		—		199,895		—			2,485,625
Total liabilities	2,375,479		98,708		384,523		(179,589		)	2,679,121
Total equity	2,185,901		4,330,561		190,534		(4,521,095		)	2,185,901
Total liabilities and equity	$	4,561,380	$	4,429,269	$	575,057	$	(4,700,684	)	$	4,865,022

Condensed Consolidating Statement Of Income

Condensed Consolidating Statement of Income Three Months Ended June 30, 2017
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	95,048		$	24,421		$	—		$	119,469
Tenant reimbursements	—			1,440			2,501			—			3,941
Other income	—			607			697			—			1,304
Mortgage and other financing income	232			22,771			65			—			23,068
Intercompany fee income	678			—			—			(678		)	—
Interest income on intercompany notes receivable	—			2,411			—			(2,411		)	—
Total revenue	910			122,277			27,684			(3,089		)	147,782
Equity in subsidiaries’ earnings	115,062			—			—			(115,062		)	—
Property operating expense	—			3,060			3,012			—			6,072
Intercompany fee expense	—			—			678			(678		)	—
General and administrative expense	—			8,688			1,972			—			10,660
Costs associated with loan refinancing or payoff	—			—			9			—			9
Gain on early extinguishment of debt	—			—			(977		)	—			(977		)
Interest expense, net	34,602			(2,461		)	826			—			32,967
Interest expense on intercompany notes payable	—			—			2,411			(2,411		)	—
Transaction costs	218			—			—			—			218
Impairment charges	—			10,195			—			—			10,195
Depreciation and amortization	237			25,236			7,675			—			33,148
Income before equity in income from joint ventures and other items	80,915			77,559			12,078			(115,062		)	55,490
Equity in income from joint ventures	—			—			59			—			59
Gain on sale of real estate	—			24,343			1,118			—			25,461
Income before income taxes	80,915			101,902			13,255			(115,062		)	81,010
Income tax expense	(380		)	—			(95		)	—			(475		)
Net income	80,535			101,902			13,160			(115,062		)	80,535
Preferred dividend requirements	(5,952		)	—			—			—			(5,952		)
Net income available to common shareholders of EPR Properties	$	74,583		$	101,902		$	13,160		$	(115,062	)	$	74,583
Comprehensive income	$	81,627		$	101,902		$	13,635		$	(115,537	)	$	81,627

Condensed Consolidating Statement of Income Three Months Ended June 30, 2016
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	82,393		$	13,662		$	—		$	96,055
Tenant reimbursements	—			1,372			2,519			—			3,891
Other income	—			1,329			797			—			2,126
Mortgage and other financing income	212			15,659			90			—			15,961
Intercompany fee income	688			—			—			(688		)	—
Interest income on intercompany notes receivable	—			2,500			—			(2,500		)	—
Total revenue	900			103,253			17,068			(3,188		)	118,033
Equity in subsidiaries’ earnings	78,883			—			—			(78,883		)	—
Property operating expense	—			2,555			3,025			—			5,580
Intercompany fee expense	—			—			688			(688		)	—
Other expense	—			—			—			—			—
General and administrative expense	—			7,718			1,282			—			9,000
Costs associated with loan refinancing or payoff	—			339			—			—			339
Interest expense, net	22,437			(1,954		)	2,273			—			22,756
Interest expense on intercompany notes payable	—			—			2,500			(2,500		)	—
Transaction costs	1,394			—			96			—			1,490
Depreciation and amortization	446			21,674			3,546			—			25,666
Income before equity in income from joint ventures and other items	55,506			72,921			3,658			(78,883		)	53,202
Equity in income from joint ventures	—			—			86			—			86
Gain on sale of real estate	—			2,270			—			—			2,270
Income before income taxes	55,506			75,191			3,744			(78,883		)	55,558
Income tax expense	(371		)	—			(52		)	—			(423		)
Net income	55,135			75,191			3,692			(78,883		)	55,135
Preferred dividend requirements	(5,952		)	—			—			—			(5,952		)
Net income available to common shareholders of EPR Properties	$	49,183		$	75,191		$	3,692		$	(78,883	)	$	49,183
Comprehensive income	$	54,912		$	75,191		$	3,900		$	(79,091	)	$	54,912

Condensed Consolidating Statement of Income

Six Months Ended June 30, 2017

	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	188,579		$	37,927		$	—		$	226,506
Tenant reimbursements	—			2,681			5,009			—			7,690
Other income	—			613			1,383			—			1,996
Mortgage and other financing income	464			40,143			95			—			40,702
Intercompany fee income	1,362			—			—			(1,362		)	—
Interest income on intercompany notes receivable	—			4,855			—			(4,855		)	—
Total revenue	1,826			236,871			44,414			(6,217		)	276,894
Equity in subsidiaries’ earnings	200,104			—			—			(200,104		)	—
Property operating expense	—			6,322			6,100			—			12,422
Intercompany fee expense	—			—			1,362			(1,362		)	—
General and administrative expense	—			18,278			3,439			—			21,717
Costs associated with loan refinancing or payoff	—			—			14			—			14
Gain on early extinguishment of debt	—			—			(977		)	—			(977		)
Interest expense, net	66,060			(5,114		)	2,713			—			63,659
Interest expense on intercompany notes payable	—			—			4,855			(4,855		)	—
Transaction costs	275			—			—			—			275
Impairment charges	—			10,195			—			—			10,195
Depreciation and amortization	430			49,961			10,834			—			61,225
Income before equity in income from joint ventures and other items	135,165			157,229			16,074			(200,104		)	108,364
Equity in income from joint ventures	—			—			51			—			51
Gain on sale of real estate	—			26,347			1,118			—			27,465
Income before income taxes	135,165			183,576			17,243			(200,104		)	135,880
Income tax expense	(714		)	—			(715		)	—			(1,429		)
Net income	134,451			183,576			16,528			(200,104		)	134,451
Preferred dividend requirements	(11,904		)	—			—			—			(11,904		)
Net income available to common shareholders of EPR Properties	$	122,547		$	183,576		$	16,528		$	(200,104	)	$	122,547
Comprehensive income	$	136,415		$	183,576		$	16,299		$	(199,875	)	$	136,415

Condensed Consolidating Statement of Income

Six Months Ended June 30, 2016

	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Rental revenue	$	—		$	162,722		$	27,111	$	—		$	189,833
Tenant reimbursements	—			2,721			5,035		—			7,756
Other income	—			1,820			1,516		—			3,336
Mortgage and other financing income	424			31,678			3,774		—			35,876
Intercompany fee income	1,341			—			—		(1,341		)	—
Interest income on intercompany notes receivable	—			4,836			—		(4,836		)	—
Total revenue	1,765			203,777			37,436		(6,177		)	236,801
Equity in subsidiaries’ earnings	155,670			—			—		(155,670		)	—
Property operating expense	—			5,218			5,843		—			11,061
Intercompany fee expense	—			—			1,341		(1,341		)	—
Other expense	—			—			5		—			5
General and administrative expense	—			15,378			2,840		—			18,218
Costs associated with loan refinancing or payoff	—			339			552		—			891
Interest expense, net	44,627			(3,200		)	4,618		—			46,045
Interest expense on intercompany notes payable	—			—			4,836		(4,836		)	—
Transaction costs	1,837			—			97		—			1,934
Depreciation and amortization	889			43,748			6,984		—			51,621
Income before equity in income from joint ventures and other items	110,082			142,294			10,320		(155,670		)	107,026
Equity in income from joint ventures	—			—			298		—			298
Gain on sale of real estate	—			2,270			—		—			2,270
Income before income taxes	110,082			144,564			10,618		(155,670		)	109,594
Income tax (expense) benefit	(767		)	—			488		—			(279		)
Net income	109,315			144,564			11,106		(155,670		)	109,315
Preferred dividend requirements	(11,904		)	—			—		—			(11,904		)
Net income available to common shareholders of EPR Properties	$	97,411		$	144,564		$	11,106	$	(155,670	)	$	97,411
Comprehensive income	$	107,178		$	144,564		$	12,943	$	(157,507	)	$	107,178

Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2017
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	1,362		$	—		$	(1,362	)	$	—
Interest income (expense) on intercompany receivable/payable	—			4,855			(4,855		)	—
Net cash (used) provided by other operating activities	(58,920		)	211,488			27,702			180,270
Net cash (used) provided by operating activities	(57,558		)	216,343			21,485			180,270
Investing activities:
Acquisition of rental properties and other assets	(942		)	(141,528		)	(54,627		)	(197,097		)
Proceeds from sale of real estate	203			101,281			29,242			130,726
Investment in mortgage notes receivable	—			(97,958		)	(3,763		)	(101,721		)
Proceeds from mortgage note receivable paydown	—			15,610			—			15,610
Investment in promissory notes receivable	—			(1,387		)	—			(1,387		)
Proceeds from promissory notes receivable paydown	—			1,599			—			1,599
Additions to property under development	(727		)	(186,284		)	(9,343		)	(196,354		)
Advances to subsidiaries, net	(248,870		)	95,025			153,845			—
Net cash (used) provided by investing activities	(250,336		)	(213,642		)	115,354			(348,624		)
Financing activities:
Proceeds from debt facilities and senior unsecured notes	915,000			—			—			915,000
Principal payments on debt	(465,000		)	—			(136,962		)	(601,962		)
Deferred financing fees paid	(7,042		)	—			—			(7,042		)
Costs associated with loan refinancing or payoff (cash portion)	—			—			(6		)	(6		)
Net proceeds from issuance of common shares	68,352			—			—			68,352
Purchase of common shares for treasury for vesting	(6,729		)	—			—			(6,729		)
Dividends paid to shareholders	(147,845		)	—			—			(147,845		)
Net cash provided (used) by financing activities	356,736			—			(136,968		)	219,768
Effect of exchange rate changes on cash	—			—			123			123
Net increase (decrease) in cash and cash equivalents	48,842			2,701			(6		)	51,537
Cash and cash equivalents at beginning of the period	16,586			1,157			1,592			19,335
Cash and cash equivalents at end of the period	$	65,428		$	3,858		$	1,586		$	70,872

Condensed Consolidating Statement Of Cash Flows

Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2017
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	1,362		$	—		$	(1,362	)	$	—
Interest income (expense) on intercompany receivable/payable	—			4,855			(4,855		)	—
Net cash (used) provided by other operating activities	(58,920		)	211,488			27,702			180,270
Net cash (used) provided by operating activities	(57,558		)	216,343			21,485			180,270
Investing activities:
Acquisition of rental properties and other assets	(942		)	(141,528		)	(54,627		)	(197,097		)
Proceeds from sale of real estate	203			101,281			29,242			130,726
Investment in mortgage notes receivable	—			(97,958		)	(3,763		)	(101,721		)
Proceeds from mortgage note receivable paydown	—			15,610			—			15,610
Investment in promissory notes receivable	—			(1,387		)	—			(1,387		)
Proceeds from promissory notes receivable paydown	—			1,599			—			1,599
Additions to property under development	(727		)	(186,284		)	(9,343		)	(196,354		)
Advances to subsidiaries, net	(248,870		)	95,025			153,845			—
Net cash (used) provided by investing activities	(250,336		)	(213,642		)	115,354			(348,624		)
Financing activities:
Proceeds from debt facilities and senior unsecured notes	915,000			—			—			915,000
Principal payments on debt	(465,000		)	—			(136,962		)	(601,962		)
Deferred financing fees paid	(7,042		)	—			—			(7,042		)
Costs associated with loan refinancing or payoff (cash portion)	—			—			(6		)	(6		)
Net proceeds from issuance of common shares	68,352			—			—			68,352
Purchase of common shares for treasury for vesting	(6,729		)	—			—			(6,729		)
Dividends paid to shareholders	(147,845		)	—			—			(147,845		)
Net cash provided (used) by financing activities	356,736			—			(136,968		)	219,768
Effect of exchange rate changes on cash	—			—			123			123
Net increase (decrease) in cash and cash equivalents	48,842			2,701			(6		)	51,537
Cash and cash equivalents at beginning of the period	16,586			1,157			1,592			19,335
Cash and cash equivalents at end of the period	$	65,428		$	3,858		$	1,586		$	70,872

Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2016
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	1,341		$	—		$	(1,341	)	$	—
Interest income (expense) on intercompany receivable/payable	—			4,836			(4,836		)	—
Net cash (used) provided by other operating activities	(43,623		)	171,721			24,434			152,532
Net cash (used) provided by operating activities	(42,282		)	176,557			18,257			152,532
Investing activities:
Acquisition of rental properties and other assets	(107		)	(138,578		)	(103		)	(138,788		)
Proceeds from sale of real estate	—			11,652			1,477			13,129
Investment in mortgage note receivable	—			(65,508		)	—			(65,508		)
Proceeds from mortgage note receivable paydown	—			44,365			19,320			63,685
Proceeds from sale of infrastructure related to issuance of revenue bonds	—			43,462			—			43,462
Proceeds from insurance recovery	—			1,810			401			2,211
Proceeds from sale of investments in a direct financing lease, net	—			825			—			825
Additions to property under development	(25		)	(184,213		)	(2,978		)	(187,216		)
Advances to subsidiaries, net	(110,593		)	134,876			(24,283		)	—
Net cash used by investing activities	(110,725		)	(151,309		)	(6,166		)	(268,200		)
Financing activities:
Proceeds from debt facilities	318,000			—			—			318,000
Principal payments on debt	(167,000		)	(25,455		)	(10,661		)	(203,116		)
Deferred financing fees paid	(161		)	—			(8		)	(169		)
Costs associated with loan refinancing or payoff (cash portion)	—			—			(472		)	(472		)
Net proceeds from issuance of common shares	142,279			—			—			142,279
Impact of stock option exercises, net	(717		)	—			—			(717		)
Purchase of common shares for treasury for vesting	(4,208		)	—			—			(4,208		)
Dividends paid to shareholders	(131,701		)	—			—			(131,701		)
Net cash provided (used) by financing activities	156,492			(25,455		)	(11,141		)	119,896
Effect of exchange rate changes on cash	—			—			(49		)	(49		)
Net increase (decrease) in cash and cash equivalents	3,485			(207		)	901			4,179
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	$	4,574		$	1,082		$	2,806		$	8,462