Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2013

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet As of December 31, 2013
	EPR Properties  (Issuer)		Wholly  Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Assets
Rental properties, net	$	—	$	1,341,770	$	762,381	$	—		$	2,104,151
Land held for development	—		—		201,342		—			201,342
Property under development	18		77,283		12,172		—			89,473
Mortgage notes and related accrued interest receivable, net	—		460,533		25,804		—			486,337
Investment in a direct financing lease, net	—		242,212		—		—			242,212
Investment in joint ventures	—		—		5,275		—			5,275
Cash and cash equivalents	449		705		6,804		—			7,958
Restricted cash	1,150		6,735		1,829		—			9,714
Deferred financing costs, net	17,221		5,439		684		—			23,344
Accounts receivable, net	106		22,555		19,877		—			42,538
Intercompany notes receivable	—		—		175,757		(175,757		)	—
Investments in subsidiaries	2,852,543		—		—		(2,852,543		)	—
Other assets	19,292		5,725		34,915		—			59,932
Total assets	$	2,890,779	$	2,162,957	$	1,246,840	$	(3,028,300	)	$	3,272,276
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	43,589	$	19,793	$	8,945	$	—		$	72,327
Dividends payable	19,553		—		—		—			19,553
Unearned rents and interest	—		13,528		3,518		—			17,046
Intercompany notes payable	—		—		175,757		(175,757		)	—
Debt	1,140,000		—		335,336		—			1,475,336
Total liabilities	1,203,142		33,321		523,556		(175,757		)	1,584,262
EPR Properties shareholders’ equity	1,687,637		2,129,636		722,907		(2,852,543		)	1,687,637
Noncontrolling interests	—		—		377		—			377
Equity	$	1,687,637	$	2,129,636	$	723,284	$	(2,852,543	)	$	1,688,014
Total liabilities and equity	$	2,890,779	$	2,162,957	$	1,246,840	$	(3,028,300	)	$	3,272,276

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, net	—		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		)	—
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
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 For the Year Ended December 31, 2013
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantors Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	153,335		$	95,374		$	—		$	248,709
Tenant reimbursements	—			1,853			16,548			—			18,401
Other income	75			2			1,605			—			1,682
Mortgage and other financing income	994			69,327			3,951			—			74,272
Intercompany fee income	2,629			—			—			(2,629		)	—
Interest income on intercompany notes receivable	17,848			—			386			(18,234		)	—
Total revenue	21,546			224,517			117,864			(20,863		)	343,064
Equity in subsidiaries’ earnings	212,634			—			—			(212,634		)	—
Property operating expense	(88		)	6,694			19,410			—			26,016
Intercompany fee expense	—			—			2,629			(2,629		)	—
Other expense	—			—			658			—			658
General and administrative expense	—			16,612			9,001			—			25,613
Costs associated with loan refinancing or payoff	—			188			5,978			—			6,166
Gain on early extinguishment of debt	—			(4,539		)	—			—			(4,539		)
Interest expense, net	55,856			1,733			23,467			—			81,056
Interest expense on intercompany notes payable	—			—			18,234			(18,234		)	—
Transaction costs	1,813			—			142			—			1,955
Depreciation and amortization	1,093			31,447			21,406			—			53,946
Income before equity in income from joint ventures and other items	175,506			172,382			16,939			(212,634		)	152,193
Equity in income from joint ventures	505			—			893			—			1,398
Gain 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			172,382			20,999			(212,634		)	161,461
Income tax benefit (expense)	(488		)	—			14,664			—			14,176
Income from continuing operations	180,226			172,382			35,663			(212,634		)	175,637
Discontinued operations:
Income (loss) from discontinued operations	—			638			(305		)	—			333
Gain on sale or acquisition of real estate	—			—			4,256			—			4,256
Net income attributable to EPR Properties	180,226			173,020			39,614			(212,634		)	180,226
Preferred dividend requirements	(23,806		)	—			—			—			(23,806		)
Net income available to common shareholders of EPR Properties	$	156,420		$	173,020		$	39,614		$	(212,634	)	$	156,420
Comprehensive income attributable to EPR Properties	$	176,797		$	173,120		$	38,692		$	(211,812	)	$	176,797

Condensed Consolidating Statement of Income For the Year Ended December 31, 2012
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	140,635		$	93,882		$	—		$	234,517
Tenant reimbursements	—			1,650			16,925			—			18,575
Other income	93			(3		)	648			—			738
Mortgage and other financing income	494			60,089			3,394			—			63,977
Intercompany fee income	2,706			—			—			(2,706		)	—
Interest income on intercompany notes receivable	16,967			—			353			(17,320		)	—
Total revenue	20,260			202,371			115,202			(20,026		)	317,807
Equity in subsidiaries’ earnings	137,443			—			—			(137,443		)	—
Property operating expense	—			4,860			20,055			—			24,915
Intercompany fee expense	—			—			2,706			(2,706		)	—
Other expense	—			4			1,378			—			1,382
General and administrative expense	—			14,555			8,615			—			23,170
Costs associated with loan refinancing or payoff	—			477			150			—			627
Interest expense, net	35,240			11,645			29,771			—			76,656
Interest expense on intercompany notes payable	—			—			17,320			(17,320		)	—
Transaction costs	404			—			—			—			404
Impairment charges	—			—			3,074			—			3,074
Depreciation and amortization	1,039			25,529			20,130			—			46,698
Income before equity in income from joint ventures and other items	121,020			145,301			12,003			(137,443		)	140,881
Equity in income from joint ventures	536			—			489			—			1,025
Income from continuing operations	$	121,556		$	145,301		$	12,492		$	(137,443	)	$	141,906
Discontinued operations:
Income (loss) from discontinued operations	—			(2		)	622			—			620
Impairment charges	—			—			(20,835		)				(20,835		)
Gain on sale or acquisition of real estate	—			282			(309		)	—			(27		)
Net income (loss)	121,556			145,581			(8,030		)	(137,443		)	121,664
Add: Net loss attributable to noncontrolling interests	—			—			(108		)	—			(108		)
Net income (loss) attributable to EPR Properties	121,556			145,581			(8,138		)	(137,443		)	121,556
Preferred dividend requirements	(24,508		)	—			—			—			(24,508		)
Preferred share redemption costs	(3,888		)	—			—			—			(3,888		)
Net income (loss) available to common shareholders of EPR Properties	$	93,160		$	145,581		$	(8,138	)	$	(137,443	)	$	93,160
Comprehensive income (loss) attributable to EPR Properties	$	118,715		$	145,504		$	(7,054	)	$	(138,450	)	$	118,715

Condensed Consolidating Statement of Income For the Year Ended December 31, 2011
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantor Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	126,809		$	92,924		$	—		$	219,733
Tenant reimbursements	—			1,778			16,187			—			17,965
Other income	94			8			272			—			374
Mortgage and other financing income	416			54,689			459			—			55,564
Intercompany fee income	2,726			—			—			(2,726		)	—
Interest income on intercompany notes receivable	16,665			—			2,365			(19,030		)	—
Total revenue	19,901			183,284			112,207			(21,756		)	293,636
Equity in subsidiaries’ earnings	111,301			—			—			(111,301		)	—
Property operating expense	—			4,028			20,176			—			24,204
Intercompany fee expense	—			—			2,726			(2,726		)	—
Other expense	—			21			1,592			—			1,613
General and administrative expense	—			12,491			7,682			—			20,173
Costs associated with loan refinancing or payoff, net	—			—			1,877			—			1,877
Interest expense, net	20,069			20,425			30,801			—			71,295
Interest expense on intercompany notes payable	—			—			19,030			(19,030		)	—
Transaction costs	1,403			—			324			—			1,727
Impairment charges	—			—			2,531			—			2,531
Depreciation and amortization	1,062			22,163			19,750			—			42,975
Income before equity in income from joint ventures and other items	108,668			124,156			5,718			(111,301		)	127,241
Equity in income from joint ventures	2,805			—			42			—			2,847
Income from continuing operations	$	111,473		$	124,156		$	5,760		$	(111,301	)	$	130,088
Discontinued operations:
Interest income on intercompany notes receivable	3,755			—			—			(3,755		)	—
Interest expense on intercompany notes payable	—			(3,755		)	—			3,755			—
Income from discontinued operations	—			1,888			1,391			—			3,279
Impairment charges	—			—			(33,525		)				(33,525		)
Costs associated with loan refinancing	—			—			(4,121		)	—			(4,121		)
Gain on sale or acquisition of real estate	—			19,530			15			—			19,545
Net income (loss)	115,228			141,819			(30,480		)	(111,301		)	115,266
Add: Net loss attributable to noncontrolling interests	—			—			(38		)	—			(38		)
Net income (loss) attributable to EPR Properties	115,228			141,819			(30,518		)	(111,301		)	115,228
Preferred dividend requirements	(28,140		)	—			—			—			(28,140		)
Preferred share redemption costs	(2,769		)	—			—			—			(2,769		)
Net income (loss) available to common shareholders of EPR Properties	$	84,319		$	141,819		$	(30,518	)	$	(111,301	)	$	84,319
Comprehensive income (loss) attributable to EPR Properties	$	118,499		$	143,470		$	(28,897	)	$	(114,573	)	$	118,499

Condensed Consolidating Statement Of Cash Flows

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	(38,183		)	197,152			72,470			231,439
Net cash provided (used) by operating activities	(17,706		)	197,152			51,993			231,439
Net cash provided by operating activities of discontinued operations	—			286			2,395			2,681
Net cash provided (used) by operating activities	(17,706		)	197,438			54,388			234,120
Investing activities:
Acquisition of rental properties and other assets	(1,358		)	(94,119		)	(28,020		)	(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		)	(46,402		)	(2,369		)	(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 paydown	117			—			910			1,027
Investment in a direct financing lease, net	—			(3,262		)	—			(3,262		)
Additions to property under development	(18		)	(189,736		)	(7,517		)	(197,271		)
Investment in intercompany notes payable	103,104			—			(103,104		)	—
Advances to subsidiaries, net	(386,759		)	188,458			198,301			—
Net cash provided (used) by investing activities of continuing operations	(298,318		)	(146,137		)	60,696			(383,759		)
Net proceeds from sale of real estate from discontinued operations	—			—			47,301			47,301
Net cash provided (used) by investing activities	(298,318		)	(146,137		)	107,997			(336,458		)
Financing activities:
Proceeds from debt facilities	300,000			346,000			—			646,000
Principal payments on debt	—			(394,740		)	(157,728		)	(552,468		)
Deferred financing fees paid	(5,620		)	(2,494		)	(19		)	(8,133		)
Costs associated with loan refinancing or payoff (cash portion)	—			—			(5,790		)	(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	314,942			(51,234		)	(163,537		)	100,171
Effect of exchange rate changes on cash	—			(13		)	(526		)	(539		)
Net increase (decrease) in cash and cash equivalents	(1,082		)	54			(1,678		)	(2,706		)
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	$	449		$	705		$	6,804		$	7,958

Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2012
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	2,706		$	—		$	(2,706	)	$	—
Interest income (expense) on intercompany receivable/payable	16,967			—			(16,967		)	—
Net cash provided (used) by other operating activities	(19,940		)	164,505			51,536			196,101
Net cash provided (used) by operating activities of continuing operations	(267		)	164,505			31,863			196,101
Net cash provided by operating activities of discontinued operations	—			1,036			10,307			11,343
Net cash provided (used) by operating activities	(267		)	165,541			42,170			207,444
Investing activities:
Acquisition of rental properties and other assets	(422		)	(67,890		)	(4,876		)	(73,188		)
Investment in unconsolidated joint ventures	(1,800		)	—			—			(1,800		)
Investment in mortgage note receivable	—			(90,975		)	(22,848		)	(113,823		)
Proceeds from sale of investment in a direct financing lease, net	—			4,494			—			4,494
Additions to property under development	—			(99,924		)	(13,675		)	(113,599		)
Investment in intercompany notes payable	(3,074		)	—			3,074			—
Advances to subsidiaries, net	(416,859		)	445,612			(28,753		)	—
Net cash provided (used) by investing activities of continuing operations	(422,155		)	191,317			(67,078		)	(297,916		)
Net proceeds from sale of discontinued operations	—			282			41,851			42,133
Net cash provided (used) in investing activities	(422,155		)	191,599			(25,227		)	(255,783		)
Financing activities:
Proceeds from debt facilities	590,000			281,000			—			871,000
Principal payments on debt	—			(638,684		)	(19,887		)	(658,571		)
Deferred financing fees paid	(5,770		)	(6		)	(24		)	(5,800		)
Costs associated with loan refinancing or payoff (cash portion)	—			(37		)	(152		)	(189		)
Net proceeds from issuance of common shares	231			—			—			231
Net proceeds from issuance of preferred shares	120,567			—			—			120,567
Redemption of preferred shares	(115,013		)	—			—			(115,013		)
Impact of stock option exercises, net	(1,987		)	—			—			(1,987		)
Purchase of common shares for treasury	(3,232		)	—			—			(3,232		)
Dividends paid to shareholders	(162,775		)	—			—			(162,775		)
Net cash provided (used) by financing activities	422,021			(357,727		)	(20,063		)	44,231
Effect of exchange rate changes on cash	—			(5		)	152			147
Net decrease in cash and cash equivalents	(401		)	(592		)	(2,968		)	(3,961		)
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	$	1,531		$	651		$	8,482		$	10,664

Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2011
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	2,726		$	—		$	(2,726	)	$	—
Interest income (expense) on intercompany receivable/payable	16,665			—			(16,665		)	—
Net cash provided (used) by other operating activities	(12,924		)	143,020			55,572			185,668
Net cash provided by operating activities of continuing operations	6,467			143,020			36,181			185,668
Net cash provided by operating activities of discontinued operations	—			7,947			2,301			10,248
Net cash provided by operating activities	6,467			150,967			38,482			195,916
Investing activities:
Acquisition of rental properties and other assets	(603		)	(46,822		)	(5,750		)	(53,175		)
Investment in unconsolidated joint ventures	(2,773		)	—			(1,197		)	(3,970		)
Investment in mortgage notes receivable	—			(18,391		)	(1,297		)	(19,688		)
Investment in direct financing lease, net	—			(2,113		)	—			(2,113		)
Additions to property under development	—			(53,355		)	(4,571		)	(57,926		)
Investment in intercompany notes payable	127,111			(132,074		)	4,963			—
Advances to subsidiaries, net	108,495			(172,843		)	64,348			—
Net cash provided (used) by investing activities of continuing operations	232,230			(425,598		)	56,496			(136,872		)
Net cash used by other investing activities of discontinued operations	—			(58		)	—			(58		)
Net proceeds from sale of real estate from discontinued operations	—			205,936			20,676			226,612
Net cash provided (used) by investing activities	232,230			(219,720		)	77,172			89,682
Financing activities:
Proceeds from debt facilities	—			387,000			—			387,000
Principal payments on debt	—			(315,324		)	(110,535		)	(425,859		)
Deferred financing fees paid	(396		)	(3,330		)	(5		)	(3,731		)
Costs associated with loan refinancing or payoff (cash portion)	—			—			(117		)	(117		)
Net proceeds from issuance of common shares	253			—			—			253
Redemption of preferred shares	(80,030		)	—			—			(80,030		)
Impact of stock option exercises, net	966			—			—			966
Purchase of common shares for treasury	(3,070		)	—			—			(3,070		)
Dividends paid to shareholders	(157,844		)	—			—			(157,844		)
Net cash provided (used) by financing activities	(240,121		)	68,346			(110,657		)	(282,432		)
Effect of exchange rate changes on cash	—			(166		)	(151		)	(317		)
Net increase (decrease) in cash and cash equivalents	(1,424		)	(573		)	4,846			2,849
Cash and cash equivalents at beginning of the period	3,356			1,816			6,604			11,776
Cash and cash equivalents at end of the period	$	1,932		$	1,243		$	11,450		$	14,625