Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2013

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet As of June 30, 2013
	EPR Properties  (Issuer)		Wholly  Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Assets
Rental properties, net	$	—	$	1,133,028	$	727,642	$	—		$	1,860,670
Rental properties held for sale, net	—		—		2,788		—			2,788
Land held for development	—		—		199,001		—			199,001
Property under development	—		73,261		4,231		—			77,492
Mortgage notes and related accrued interest receivable	—		440,924		41,338		—			482,262
Investment in a direct financing lease, net	—		239,803		—		—			239,803
Investment in joint ventures	7,770		—		5,192		—			12,962
Cash and cash equivalents	9,136		282		10,612		—			20,030
Restricted cash	—		13,320		3,710		—			17,030
Deferred financing costs, net	16,449		3,920		818		—			21,187
Accounts receivable, net	104		18,531		20,719		—			39,354
Intercompany notes receivable	197,384		—		4,335		(201,719		)	—
Investments in subsidiaries	2,385,041		—		—		(2,385,041		)	—
Other assets	21,766		4,081		17,859		—			43,706
Total assets	$	2,637,650	$	1,927,150	$	1,038,245	$	(2,586,760	)	$	3,016,285
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	35,020	$	11,217	$	5,485	$	—		$	51,722
Dividends payable	18,370		—		—		—			18,370
Unearned rents and interest	—		15,270		1,551		—			16,821
Intercompany notes payable	—		—		201,719		(201,719		)	—
Long-term debt	1,130,000		24,000		320,735		—			1,474,735
Total liabilities	1,183,390		50,487		529,490		(201,719		)	1,561,648
EPR Properties shareholders’ equity	1,454,260		1,876,663		508,378		(2,385,041		)	1,454,260
Noncontrolling interests	—		—		377		—			377
Total equity	1,454,260		1,876,663		508,755		(2,385,041		)	1,454,637
Total liabilities and equity	$	2,637,650	$	1,927,150	$	1,038,245	$	(2,586,760	)	$	3,016,285

Condensed Consolidating Balance Sheet As of December 31, 2012
	EPR Properties  (Issuer)		Wholly  Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Assets
Rental properties, net	$	—	$	1,113,658	$	771,435	$	—		$	1,885,093
Rental properties held for sale, net	—		—		2,788		—			2,788
Land held for development	—		—		196,177		—			196,177
Property under development	—		25,419		3,957		—			29,376
Mortgage notes and related accrued interest receivable	—		414,075		41,677		—			455,752
Investment in a direct financing lease, net	—		234,089		—		—			234,089
Investment in joint ventures	7,250		—		4,721		—			11,971
Cash and cash equivalents	1,531		651		8,482		—			10,664
Restricted cash	—		9,715		14,276		—			23,991
Deferred financing costs, net	13,563		4,812		1,304		—			19,679
Accounts receivable, net	139		16,830		21,769		—			38,738
Intercompany notes receivable	103,104		—		4,147		(107,251		)	—
Investments in subsidiaries	2,231,079		—		—		(2,231,079		)	—
Other assets	21,482		3,956		12,974		—			38,412
Total assets	$	2,378,148	$	1,823,205	$	1,083,707	$	(2,338,330	)	$	2,946,730
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	37,441	$	16,662	$	11,378	$	—		$	65,481
Dividends payable	41,186		—		—		—			41,186
Unearned rents and interest	—		7,393		3,940		—			11,333
Intercompany notes payable	—		—		107,251		(107,251		)	—
Long-term debt	840,000		53,315		475,517		—			1,368,832
Total liabilities	918,627		77,370		598,086		(107,251		)	1,486,832
EPR Properties shareholders’ equity	1,459,521		1,745,835		485,244		(2,231,079		)	1,459,521
Noncontrolling interests	—		—		377		—			377
Total equity	$	1,459,521	$	1,745,835	$	485,621	$	(2,231,079	)	$	1,459,898
Total liabilities and equity	$	2,378,148	$	1,823,205	$	1,083,707	$	(2,338,330	)	$	2,946,730

Condensed Consolidating Statement Of Income

Condensed Consolidating Statement of Income Three Months Ended June 30, 2013
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors		Non- Guarantors Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	36,035	$	24,730		$	—		$	60,765
Tenant reimbursements	—			440		4,012			—			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			53,360		30,014			(4,986		)	83,557
Equity in subsidiaries’ earnings	40,167			—		—			(40,167		)	—
Property operating expense	—			1,511		4,479			—			5,990
Intercompany fee expense	—			—		658			(658		)	—
Other expense	—			—		243			—			243
General and administrative expense	—			3,811		2,240			—			6,051
Costs associated with loan refinancing or payoff	—			—		5,943			—			5,943
Interest expense, net	12,527			653		6,820			—			20,000
Interest expense on intercompany notes payable	—			—		4,328			(4,328		)	—
Transaction costs	224			—		—			—			224
Depreciation and amortization	272			7,629		5,875			—			13,776
Income (loss) before equity in income from joint ventures and discontinued operations	32,313			39,756		(572		)	(40,167		)	31,330
Equity in income from joint ventures	163			—		303			—			466
Income (loss) from continuing operations	$	32,476		$	39,756	$	(269	)	$	(40,167	)	$	31,796
Discontinued operations:
Income (loss) from discontinued operations	—			711		(31		)	—			680
Net income (loss)	32,476			40,467		(300		)	(40,167		)	32,476
Preferred dividend requirements	(5,952		)	—		—			—			(5,952		)
Net income (loss) available to common shareholders of EPR Properties	$	26,524		$	40,467	$	(300	)	$	(40,167	)	$	26,524
Comprehensive income (loss) attributable to EPR Properties	$	32,753		$	40,586	$	(1,365	)	$	(39,221	)	$	32,753

Condensed Consolidating Statement of Income Three Months Ended June 30, 2012
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	34,032		$	24,273		$	—		$	58,305
Tenant reimbursements	—			322			4,043			—			4,365
Other income	23			(7		)	91			—			107
Mortgage and other financing income	109			14,276			827			—			15,212
Intercompany fee income	667			—			—			(667		)	—
Interest income on intercompany notes receivable	4,165			—			87			(4,252		)	—
Total revenue	4,964			48,623			29,321			(4,919		)	77,989
Equity in subsidiaries’ earnings	38,783			—			—			(38,783		)	—
Property operating expense	—			947			4,740			—			5,687
Intercompany fee expense	—			—			667			(667		)	—
Other expense	—			—			339			—			339
General and administrative expense	—			3,563			2,258			—			5,821
Interest expense, net	6,800			4,255			7,404			—			18,459
Interest expense on intercompany notes payable	—			—			4,252			(4,252		)	—
Transaction costs	31			—			—			—			31
Depreciation and amortization	253			6,124			5,692			—			12,069
Income before equity in income from joint ventures and discontinued operations	36,663			33,734			3,969			(38,783		)	35,583
Equity in income from joint ventures	136			—			142			—			278
Income from continuing operations	$	36,799		$	33,734		$	4,111		$	(38,783	)	$	35,861
Discontinued operations:
Income (loss) from discontinued operations	—			(3		)	522			—			519
Gain on sale or acquisition of real estate	—			—			438			—			438
Net income	36,799			33,731			5,071			(38,783		)	36,818
Net income attributable to noncontrolling interests	—			—			(19		)	—			(19		)
Net income attributable to EPR Properties	36,799			33,731			5,052			(38,783		)	36,799
Preferred dividend requirements	(6,002		)	—			—			—			(6,002		)
Net income available to common shareholders of EPR Properties	$	30,797		$	33,731		$	5,052		$	(38,783	)	$	30,797
Comprehensive income attributable to EPR Properties	$	33,718		$	33,801		$	4,055		$	(37,856	)	$	33,718

Condensed Consolidating Statement of Income Six Months Ended June 30, 2013
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	72,419		$	49,133		$	—		$	121,552
Tenant reimbursements	—			977			8,219			—			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			—			93			(8,591		)	—
Total revenue	10,377			106,734			59,713			(9,917		)	166,907
Equity in subsidiaries’ earnings	88,501			—			—			(88,501		)	—
Property operating expense	—			3,737			9,258			—			12,995
Intercompany fee expense	—			—			1,326			(1,326		)	—
Other expense	—			—			437			—			437
General and administrative expense	—			8,036			4,667			—			12,703
Costs associated with loan refinancing or payoff	—			—			5,943			—			5,943
Gain on early extinguishment of debt	—			(4,539		)	—			—			(4,539		)
Interest expense, net	24,455			1,605			13,929			—			39,989
Interest expense on intercompany notes payable	—			—			8,591			(8,591		)	—
Transaction costs	542			—			—			—			542
Depreciation and amortization	545			14,736			11,933			—			27,214
Income before equity in income from joint ventures and discontinued operations	73,336			83,159			3,629			(88,501		)	71,623
Equity in income from joint ventures	346			—			471			—			817
Income from continuing operations	$	73,682		$	83,159		$	4,100		$	(88,501	)	$	72,440
Discontinued operations:
Income (loss) from discontinued operations	—			690			(13		)	—			677
Gain on sale or acquisition of real estate	—			—			565			—			565
Net income attributable to EPR Properties	73,682			83,849			4,652			(88,501		)	73,682
Preferred dividend requirements	(11,904		)	—			—			—			(11,904		)
Net income available to common shareholders of EPR Properties	$	61,778		$	83,849		$	4,652		$	(88,501	)	$	61,778
Comprehensive income attributable to EPR Properties	$	73,452		$	84,051		$	2,779		$	(86,830	)	$	73,452

Condensed Consolidating Statement of Income Six Months Ended June 30, 2012
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	66,864		$	48,699		$	—		$	115,563
Tenant reimbursements	—			606			8,580			—			9,186
Other income	46			(6		)	93			—			133
Mortgage and other financing income	204			28,251			1,430			—			29,885
Intercompany fee income	1,343			—			—			(1,343		)	—
Interest income on intercompany notes receivable	8,380			—			172			(8,552		)	—
Total revenue	9,973			95,715			58,974			(9,895		)	154,767
Equity in subsidiaries’ earnings	62,232			—			—			(62,232		)	—
Property operating expense	—			2,010			10,051			—			12,061
Intercompany fee expense	—			—			1,343			(1,343		)	—
Other expense	—			—			689			—			689
General and administrative expense	—			7,502			4,786			—			12,288
Interest expense, net	13,521			8,252			14,827			—			36,600
Interest expense on intercompany notes payable	—			—			8,552			(8,552		)	—
Transaction costs	189			—			—			—			189
Impairment charges	—			—			3,998			—			3,998
Depreciation and amortization	509			12,001			11,298			—			23,808
Income before equity in income from joint ventures and discontinued operations	57,986			65,950			3,430			(62,232		)	65,134
Equity in income from joint ventures	185			—			139			—			324
Income from continuing operations	$	58,171		$	65,950		$	3,569		$	(62,232	)	$	65,458
Discontinued operations:
Income from discontinued operations	—			4			871			—			875
Impairment charges	—			—			(8,845		)	—			(8,845		)
Gain on sale or acquisition of real estate	—			282			438			—			720
Net income (loss)	58,171			66,236			(3,967		)	(62,232		)	58,208
Net income attributable to noncontrolling interests	—			—			(37		)	—			(37		)
Net income (loss) attributable to EPR Properties	58,171			66,236			(4,004		)	(62,232		)	58,171
Preferred dividend requirements	(12,003		)	—			—			—			(12,003		)
Net income (loss) available to common shareholders of EPR Properties	$	46,168		$	66,236		$	(4,004	)	$	(62,232	)	$	46,168
Comprehensive income (loss) attributable to EPR Properties	$	55,388		$	66,251		$	(3,653	)	$	(62,598	)	$	55,388

Condensed Consolidating Statement Of Cash Flows

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	(21,719		)	94,748			38,203			111,232
Net cash provided (used) by operating activities of continuing operations	(11,895		)	94,748			28,379			111,232
Net cash provided by operating activities of discontinued operations	—			129			1,365			1,494
Net cash provided (used) by operating activities	(11,895		)	94,877			29,744			112,726
Investing activities:
Acquisition of rental properties and other assets	(148		)	(15,923		)	(2,822		)	(18,893		)
Proceeds from sale of real estate	—			—			796			796
Investment in unconsolidated joint ventures	(622		)	—			—			(622		)
Investment in mortgage notes 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	(63,967		)	44,748			19,219			—
Net cash provided (used) by investing activities of continuing operations	(159,016		)	(70,495		)	107,064			(122,447		)
Net proceeds from sale of real estate from discontinued operations	—			—			24,146			24,146
Net cash provided (used) by investing activities	(159,016		)	(70,495		)	131,210			(98,301		)
Financing activities:
Proceeds from long-term debt facilities	290,000			144,000			—			434,000
Principal payments on long-term debt	—			(168,740		)	(152,640		)	(321,380		)
Deferred financing fees paid	(3,746		)	(13		)	(18		)	(3,777		)
Costs associated with loan refinancing or payoff (cash portion)	—			—			(5,755		)	(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	178,516			(24,753		)	(158,413		)	(4,650		)
Effect of exchange rate changes on cash	—			2			(411		)	(409		)
Net increase (decrease) in cash and cash equivalents	7,605			(369		)	2,130			9,366
Cash and cash equivalents at beginning of the period	1,531			651			8,482			10,664
Cash and cash equivalents at end of the period	$	9,136		$	282		$	10,612		$	20,030

Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2012
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	1,343		$	—		$	(1,343	)	$	—
Interest income (expense) on intercompany receivable/payable	8,380			—			(8,380		)	—
Net cash provided (used) by other operating activities	(8,973		)	78,626			27,080			96,733
Net cash provided by operating activities of continuing operations	750			78,626			17,357			96,733
Net cash provided by operating activities of discontinued operations	—			1,066			5,641			6,707
Net cash provided by operating activities	750			79,692			22,998			103,440
Investing activities:
Acquisition of rental properties and other assets	(87		)	(39,754		)	(583		)	(40,424		)
Investment in unconsolidated joint ventures	(661		)	—			—			(661		)
Investment in mortgage note receivable	—			(48,339		)	(16,222		)	(64,561		)
Additions to property under development	—			(37,845		)	(5,752		)	(43,597		)
Investment in (repayment of) intercompany notes payable	(1,244		)	—			1,244			—
Advances to subsidiaries, net	(151,847		)	161,706			(9,859		)	—
Net cash provided (used) by investing activities of continuing operations	(153,839		)	35,768			(31,172		)	(149,243		)
Net proceeds from sale of real estate from discontinued operations	—			282			12,687			12,969
Net cash provided (used) by investing activities	(153,839		)	36,050			(18,485		)	(136,274		)
Financing activities:
Proceeds from long-term debt facilities	240,000			156,000			—			396,000
Principal payments on long-term debt	—			(271,861		)	(7,802		)	(279,663		)
Deferred financing fees paid	(2,091		)	(4		)	(6		)	(2,101		)
Net proceeds from issuance of common shares	133			—			—			133
Impact of stock option exercises, net	(480		)	—			—			(480		)
Purchase of common shares for treasury	(3,209		)	—			—			(3,209		)
Dividends paid to shareholders	(79,764		)	—			—			(79,764		)
Net cash provided (used) by financing activities	154,589			(115,865		)	(7,808		)	30,916
Effect of exchange rate changes on cash	—			—			32			32
Net increase (decrease) in cash and cash equivalents	1,500			(123		)	(3,263		)	(1,886		)
Cash and cash equivalents at beginning of the period	1,932			1,243			11,450			14,625
Cash and cash equivalents at end of the period	$	3,432		$	1,120		$	8,187		$	12,739