Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2015

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet As of June 30, 2015
	EPR Properties  (Issuer)		Wholly  Owned Subsidiary Guarantors		Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Assets
Rental properties, net	$	—	$	1,893,791	$	642,748	$	—		$	2,536,539
Land held for development	—		2,274		28,221		—			30,495
Property under development	4		309,182		184,880		—			494,066
Mortgage notes and related accrued interest receivable	—		416,572		129,673		—			546,245
Investment in a direct financing lease, net	—		189,203		—		—			189,203
Investment in joint ventures	—		—		6,101		—			6,101
Cash and cash equivalents	711		837		4,598		—			6,146
Restricted cash	1,085		12,019		2,185		—			15,289
Deferred financing costs, net	24,971		—		366		—			25,337
Accounts receivable, net	40		37,579		26,874		—			64,493
Intercompany notes receivable	—		175,757		—		(175,757		)	—
Investments in subsidiaries	3,487,933		—		—		(3,487,933		)	—
Other assets	19,354		10,162		47,962		—			77,478
Total assets	$	3,534,098	$	3,047,376	$	1,073,608	$	(3,663,690	)	$	3,991,392
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	49,072	$	26,154	$	5,629	$	—		$	80,855
Dividends payable	23,260		—		—		—			23,260
Unearned rents and interest	—		31,934		7,336		—			39,270
Intercompany notes payable	—		—		175,757		(175,757		)	—
Debt	1,560,000		—		385,864		—			1,945,864
Total liabilities	1,632,332		58,088		574,586		(175,757		)	2,089,249
EPR Properties shareholders’ equity	1,901,766		2,989,288		498,645		(3,487,933		)	1,901,766
Noncontrolling interests	—		—		377		—			377
Total equity	$	1,901,766	$	2,989,288	$	499,022	$	(3,487,933	)	$	1,902,143
Total liabilities and equity	$	3,534,098	$	3,047,376	$	1,073,608	$	(3,663,690	)	$	3,991,392

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	$	—		$	1,786,622	$	664,912	$	—		$	2,451,534
Land held for development	—			—		206,001		—			206,001
Property under development	—			175,439		6,359		—			181,798
Mortgage notes and related accrued interest receivable	—			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		)	840		3,730		—			3,336
Restricted cash	1,000			10,215		1,857		—			13,072
Deferred financing costs, net	15,224			4,147		538		—			19,909
Accounts receivable, net	90			32,693		14,499		—			47,282
Intercompany notes receivable	—			—		175,757		(175,757		)	—
Investments in subsidiaries	3,115,572			—		—		(3,115,572		)	—
Other assets	21,272			8,817		36,002		—			66,091
Total assets	$	3,151,924		$	2,630,730	$	1,210,723	$	(3,291,329	)	$	3,702,048
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	42,829		$	32,269	$	7,082	$	—		$	82,180
Dividends payable	22,233			—		—		—			22,233
Unearned rents and interest	750			20,148		4,725		—			25,623
Intercompany notes payable	—			—		175,757		(175,757		)	—
Debt	1,160,000			92,508		393,015		—			1,645,523
Total liabilities	1,225,812			144,925		580,579		(175,757		)	1,775,559
EPR Properties shareholders’ equity	1,926,112			2,485,805		629,767		(3,115,572		)	1,926,112
Noncontrolling interests	—			—		377		—			377
Total equity	$	1,926,112		$	2,485,805	$	630,144	$	(3,115,572	)	$	1,926,489
Total liabilities and equity	$	3,151,924		$	2,630,730	$	1,210,723	$	(3,291,329	)	$	3,702,048

Condensed Consolidating Statement Of Income

Condensed Consolidating Statement of Income Three Months Ended June 30, 2015
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantors Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	56,273		$	21,587		$	—		$	77,860
Tenant reimbursements	—			1,265			2,700			—			3,965
Other income	—			1			1,147			—			1,148
Mortgage and other financing income	212			15,175			2,898			—			18,285
Intercompany fee income	708			—			—			(708		)	—
Interest income on intercompany notes receivable	—			2,558			—			(2,558		)	—
Total revenue	920			75,272			28,332			(3,266		)	101,258
Equity in subsidiaries’ earnings	73,172			—			—			(73,172		)	—
Property operating expense	—			2,759			3,011			—			5,770
Intercompany fee expense	—			—			708			(708		)	—
Other expense	—			—			210			—			210
General and administrative expense	—			5,612			2,144			—			7,756
Costs associated with loan refinancing or payoff	243			—			—			—			243
Interest expense, net	19,824			(2,667		)	2,850			—			20,007
Interest expense on intercompany notes payable	—			—			2,558			(2,558		)	—
Transaction costs	4,238			—			191			—			4,429
Depreciation and amortization	386			16,845			4,618			—			21,849
Income before equity in income from joint ventures and other items	49,401			52,723			12,042			(73,172		)	40,994
Equity in income from joint ventures	—			—			198			—			198
Income before income taxes	49,401			52,723			12,240			(73,172		)	41,192
Income tax expense (benefit)	635			—			(8,141		)	—			(7,506		)
Income from continuing operations	48,766			52,723			20,381			(73,172		)	48,698
Discontinued operations:
Income from discontinued operations	—			68			—			—			68
Net income attributable to EPR Properties	48,766			52,791			20,381			(73,172		)	48,766
Preferred dividend requirements	(5,952		)	—			—			—			(5,952		)
Net income available to common shareholders of EPR Properties	$	42,814		$	52,791		$	20,381		$	(73,172	)	$	42,814
Comprehensive income attributable to EPR Properties	$	48,344		$	52,790		$	19,803		$	(72,593	)	$	48,344

Condensed Consolidating Statement of Income Three Months Ended June 30, 2014
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantor Subsidiaries		Consolidated Elimination			Consolidated
Rental revenue	$	—		$	47,819		$	22,099	$	—		$	69,918
Tenant reimbursements	—			1,222			3,059		—			4,281
Other income	107			—			80		—			187
Mortgage and other financing income	187			15,900			1,314		—			17,401
Intercompany fee income	799			—			—		(799		)	—
Interest income on intercompany notes receivable	—			—			6,043		(6,043		)	—
Total revenue	1,093			64,941			32,595		(6,842		)	91,787
Equity in subsidiaries’ earnings	55,831			—			—		(55,831		)	—
Property operating expense	—			2,272			3,267		—			5,539
Intercompany fee expense	—			—			799		(799		)	—
Other expense	—			—			219		—			219
General and administrative expense	—			4,673			2,406		—			7,079
Interest expense, net	15,746			(220		)	5,029		—			20,555
Interest expense on intercompany notes payable	—			—			6,043		(6,043		)	—
Transaction costs	—			—			756		—			756
Depreciation and amortization	274			10,861			4,867		—			16,002
Income before equity in income from joint ventures and other items	40,904			47,355			9,209		(55,831		)	41,637
Equity in income from joint ventures	—			—			267		—			267
Gain on sale of investment in a direct financing lease	—			220			—		—			220
Income before income taxes	40,904			47,575			9,476		(55,831		)	42,124
Income tax expense	144			—			1,216		—			1,360
Income from continuing operations	40,760			47,575			8,260		(55,831		)	40,764
Discontinued operations:
Loss from discontinued operations	—			(4		)	—		—			(4		)
Net income attributable to EPR Properties	40,760			47,571			8,260		(55,831		)	40,760
Preferred dividend requirements	(5,952		)	—			—		—			(5,952		)
Net income available to common shareholders of EPR Properties	$	34,808		$	47,571		$	8,260	$	(55,831	)	$	34,808
Comprehensive income attributable to EPR Properties	$	39,856		$	47,571		$	8,341	$	(55,912	)	$	39,856

Condensed Consolidating Statement of Income Six Months Ended June 30, 2015
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantors Subsidiaries			Consolidated Elimination			Consolidated
Rental revenue	$	—		$	111,017		$	43,583		$	—		$	154,600
Tenant reimbursements	—			2,674			5,594			—			8,268
Other income	—			2			1,696			—			1,698
Mortgage and other financing income	424			30,304			5,400			—			36,128
Intercompany fee income	1,397			—			—			(1,397		)	—
Interest income on intercompany notes receivable	111			4,949			—			(5,060		)	—
Total revenue	1,932			148,946			56,273			(6,457		)	200,694
Equity in subsidiaries’ earnings	152,312			—			—			(152,312		)	—
Property operating expense	—			5,904			6,223			—			12,127
Intercompany fee expense	—			—			1,397			(1,397		)	—
Other expense	—			—			312			—			312
General and administrative expense	—			11,163			4,275			—			15,438
Retirement severance expense	18,578			—			—			—			18,578
Costs associated with loan refinancing or payoff	243			—			—			—			243
Interest expense, net	36,184			(3,347		)	5,757			—			38,594
Interest expense on intercompany notes payable	—			—			5,060			(5,060		)	—
Transaction costs	5,736			—			299			—			6,035
Depreciation and amortization	778			31,176			9,250			—			41,204
Income before equity in income from joint ventures and other items	92,725			104,050			23,700			(152,312		)	68,163
Equity in income from joint ventures	—			—			362			—			362
Gain on sale of real estate	—			23,748			176			—			23,924
Income before income taxes	92,725			127,798			24,238			(152,312		)	92,449
Income tax expense (benefit)	1,138			—			(218		)	—			920
Income from continuing operations	91,587			127,798			24,456			(152,312		)	91,529
Discontinued operations:
Income from discontinued operations	—			58			—			—			58
Net income attributable to EPR Properties	91,587			127,856			24,456			(152,312		)	91,587
Preferred dividend requirements	(11,904		)	—			—			—			(11,904		)
Net income available to common shareholders of EPR Properties	$	79,683		$	127,856		$	24,456		$	(152,312	)	$	79,683
Comprehensive income attributable to EPR Properties	$	87,311		$	127,808		$	21,129		$	(148,937	)	$	87,311

Condensed Consolidating Statement of Income Six Months Ended June 30, 2014
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non- Guarantors Subsidiaries		Consolidated Elimination			Consolidated
Rental revenue	$	—		$	94,304		$	42,045	$	—		$	136,349
Tenant reimbursements	—			2,553			6,316		—			8,869
Other income	280			1			80		—			361
Mortgage and other financing income	374			33,083			2,607		—			36,064
Intercompany fee income	1,579			—			—		(1,579		)	—
Interest income on intercompany notes receivable	—			—			13,106		(13,106		)	—
Total revenue	2,233			129,941			64,154		(14,685		)	181,643
Equity in subsidiaries’ earnings	114,296			—			—		(114,296		)	—
Property operating expense	(1		)	5,064			6,925		—			11,988
Intercompany fee expense	—			—			1,579		(1,579		)	—
Other expense	—			—			318		—			318
General and administrative expense	—			9,668			4,873		—			14,541
Interest expense, net	31,435			(192		)	9,210		—			40,453
Interest expense on intercompany notes payable	—			—			13,106		(13,106		)	—
Transaction costs	—			—			952		—			952
Depreciation and amortization	550			21,633			9,146		—			31,329
Income before equity in income from joint ventures and other items	84,545			93,768			18,045		(114,296		)	82,062
Equity in income from joint ventures	—			—			578		—			578
Gain on sale of land	—			—			330		—			330
Gain on sale of investment in a direct financing lease	—			220			—		—			220
Income before income taxes	84,545			93,988			18,953		(114,296		)	83,190
Income tax expense	253			—			2,032		—			2,285
Income from continuing operations	84,292			93,988			16,921		(114,296		)	80,905
Discontinued operations:
Income (loss) from discontinued operations	—			(7		)	18		—			11
Transaction costs (benefit)	—			3,376			—		—			3,376
Net income attributable to EPR Properties	84,292			97,357			16,939		(114,296		)	84,292
Preferred dividend requirements	(11,904		)	—			—		—			(11,904		)
Net income available to common shareholders of EPR Properties	$	72,388		$	97,357		$	16,939	$	(114,296	)	$	72,388
Comprehensive income attributable to EPR Properties	$	81,324		$	97,500		$	14,977	$	(112,477	)	$	81,324

Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2015
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	1,397		$	—		$	(1,397	)	$	—
Interest income (expense) on intercompany receivable/payable	111			4,949			(5,060		)	—
Net cash provided (used) by other operating activities	(52,121		)	139,850			32,152			119,881
Net cash provided (used) by operating activities of continuing operations	(50,613		)	144,799			25,695			119,881
Net cash provided by operating activities of discontinued operations	—			526			—			526
Net cash provided (used) by operating activities	(50,613		)	145,325			25,695			120,407
Investing activities:
Acquisition of rental properties and other assets	(280		)	(92,932		)	(9		)	(93,221		)
Proceeds from sale of real estate	—			42,709			1,081			43,790
Investment in mortgage notes receivable	—			(5,541		)	(30,048		)	(35,589		)
Proceeds from mortgage note receivable paydown	—			308			—			308
Proceeds from sale of investments in a direct financing lease, net	—			4,741			—			4,741
Additions to property under development	(4		)	(198,044		)	(8,907		)	(206,955		)
Advances to subsidiaries, net	(216,606		)	195,962			20,644			—
Net cash used by investing activities	(216,890		)	(52,797		)	(17,239		)	(286,926		)
Financing activities:
Proceeds from long-term debt facilities	403,914			155,000			—			558,914
Principal payments on long-term debt	(5,000		)	(247,508		)	(7,151		)	(259,659		)
Deferred financing fees paid	(6,848		)	(6		)	—			(6,854		)
Net proceeds from issuance of common shares	240			—			—			240
Impact of stock option exercises, net	(35		)	—			—			(35		)
Purchase of common shares for treasury	(8,223		)	—			—			(8,223		)
Dividends paid to shareholders	(114,600		)	—			—			(114,600		)
Net cash provided (used) by financing activities	269,448			(92,514		)	(7,151		)	169,783
Effect of exchange rate changes on cash	—			(17		)	(437		)	(454		)
Net increase (decrease) in cash and cash equivalents	1,945			(3		)	868			2,810
Cash and cash equivalents at beginning of the period	(1,234		)	840			3,730			3,336
Cash and cash equivalents at end of the period	$	711		$	837		$	4,598		$	6,146

Condensed Consolidating Statement Of Cash Flows

Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2015
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	1,397		$	—		$	(1,397	)	$	—
Interest income (expense) on intercompany receivable/payable	111			4,949			(5,060		)	—
Net cash provided (used) by other operating activities	(52,121		)	139,850			32,152			119,881
Net cash provided (used) by operating activities of continuing operations	(50,613		)	144,799			25,695			119,881
Net cash provided by operating activities of discontinued operations	—			526			—			526
Net cash provided (used) by operating activities	(50,613		)	145,325			25,695			120,407
Investing activities:
Acquisition of rental properties and other assets	(280		)	(92,932		)	(9		)	(93,221		)
Proceeds from sale of real estate	—			42,709			1,081			43,790
Investment in mortgage notes receivable	—			(5,541		)	(30,048		)	(35,589		)
Proceeds from mortgage note receivable paydown	—			308			—			308
Proceeds from sale of investments in a direct financing lease, net	—			4,741			—			4,741
Additions to property under development	(4		)	(198,044		)	(8,907		)	(206,955		)
Advances to subsidiaries, net	(216,606		)	195,962			20,644			—
Net cash used by investing activities	(216,890		)	(52,797		)	(17,239		)	(286,926		)
Financing activities:
Proceeds from long-term debt facilities	403,914			155,000			—			558,914
Principal payments on long-term debt	(5,000		)	(247,508		)	(7,151		)	(259,659		)
Deferred financing fees paid	(6,848		)	(6		)	—			(6,854		)
Net proceeds from issuance of common shares	240			—			—			240
Impact of stock option exercises, net	(35		)	—			—			(35		)
Purchase of common shares for treasury	(8,223		)	—			—			(8,223		)
Dividends paid to shareholders	(114,600		)	—			—			(114,600		)
Net cash provided (used) by financing activities	269,448			(92,514		)	(7,151		)	169,783
Effect of exchange rate changes on cash	—			(17		)	(437		)	(454		)
Net increase (decrease) in cash and cash equivalents	1,945			(3		)	868			2,810
Cash and cash equivalents at beginning of the period	(1,234		)	840			3,730			3,336
Cash and cash equivalents at end of the period	$	711		$	837		$	4,598		$	6,146

Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2014
	EPR Properties  (Issuer)			Wholly  Owned Subsidiary Guarantors			Non-Guarantor Subsidiaries			Consolidated
Intercompany fee income (expense)	$	1,579		$	—		$	(1,579	)	$	—
Interest income (expense) on intercompany receivable/payable	—			—			—			—
Net cash provided (used) by other operating activities	(32,070		)	113,250			33,054			114,234
Net cash provided (used) by operating activities of continuing operations	(30,491		)	113,250			31,475			114,234
Net cash provided by operating activities of discontinued operations	—			52			68			120
Net cash provided (used) by operating activities	(30,491		)	113,302			31,543			114,354
Investing activities:
Acquisition of rental properties and other assets	(130		)	(18,312		)	(25,898		)	(44,340		)
Proceeds from sale of real estate	—			—			3,293			3,293
Proceeds from settlement of derivative	—			—			5,725			5,725
Investment in mortgage note receivable	—			(9,631		)	(12,662		)	(22,293		)
Proceeds from mortgage note receivable paydown	—			176			—			176
Investment in promissory notes receivable	—			(721		)	(3,236		)	(3,957		)
Proceeds from sale of investments in a direct financing lease, net	—			46,092			—			46,092
Additions to property under development	(314		)	(146,734		)	(4,295		)	(151,343		)
Advances to subsidiaries, net	49,798			(63,604		)	13,806			—
Net cash provided (used) by investing activities	49,354			(192,734		)	(23,267		)	(166,647		)
Financing activities:
Proceeds from long-term debt facilities	10,000			116,000			—			126,000
Principal payments on long-term debt	—			(37,360		)	(5,616		)	(42,976		)
Deferred financing fees paid	(169		)	(266		)	(199		)	(634		)
Net proceeds from issuance of common shares	79,669			—			—			79,669
Impact of stock option exercises, net	(24		)	—			—			(24		)
Purchase of common shares for treasury	(2,892		)	—			—			(2,892		)
Dividends paid to shareholders	(101,249		)	—			—			(101,249		)
Net cash provided (used) by financing activities	(14,665		)	78,374			(5,815		)	57,894
Effect of exchange rate changes on cash	—			40			(10		)	30
Net increase (decrease) in cash and cash equivalents	4,198			(1,018		)	2,451			5,631
Cash and cash equivalents at beginning of the period	449			1,886			5,623			7,958
Cash and cash equivalents at end of the period	$	4,647		$	868		$	8,074		$	13,589