Condensed Consolidating Financial Statements | 9 Months Ended |
Sep. 30, 2013 |
Condensed Consolidating Financial Statements [Abstract] | ' |
Condensed Consolidating Financial Statements | ' |
Condensed Consolidating Financial Statements |
|
A portion of the Company's subsidiaries have guaranteed the Company’s indebtedness under the Company's unsecured senior notes, unsecured revolving credit facility and unsecured term loan facility. The guarantees are joint and several, full and unconditional and subject to customary release provisions. The following summarizes the Company’s condensed consolidating information as of September 30, 2013 and December 31, 2012 and for the three and nine months ended September 30, 2013 and 2012 (in thousands): |
Condensed Consolidating Balance Sheet |
As of September 30, 2013 |
| | | | | | | | | | | | | | | | | | | |
| EPR Properties | | Wholly Owned | | Non- | | Consolidated | | Consolidated |
(Issuer) | Subsidiary | Guarantor | Elimination |
| Guarantors | Subsidiaries | |
Assets | | | | | | | | | |
Rental properties, net | $ | — | | | $ | 1,217,832 | | | $ | 715,950 | | | $ | — | | | $ | 1,933,782 | |
|
Rental properties held for sale, net | — | | | — | | | 2,788 | | | — | | | 2,788 | |
|
Land held for development | — | | | — | | | 200,325 | | | — | | | 200,325 | |
|
Property under development | — | | | 81,459 | | | 4,589 | | | — | | | 86,048 | |
|
Mortgage notes and related accrued interest receivable | 11,796 | | | 458,833 | | | 43,442 | | | — | | | 514,071 | |
|
Investment in a direct financing lease, net | — | | | 240,990 | | | — | | | — | | | 240,990 | |
|
Investment in joint ventures | 8,291 | | | — | | | 5,392 | | | — | | | 13,683 | |
|
Cash and cash equivalents | 16,915 | | | 147 | | | 7,079 | | | — | | | 24,141 | |
|
Restricted cash | 150 | | | 15,813 | | | 2,147 | | | — | | | 18,110 | |
|
Deferred financing costs, net | 17,774 | | | 5,793 | | | 751 | | | — | | | 24,318 | |
|
Accounts receivable, net | 131 | | | 20,581 | | | 19,614 | | | — | | | 40,326 | |
|
Intercompany notes receivable | 191,187 | | | — | | | 4,433 | | | (195,620 | ) | | — | |
|
Investments in subsidiaries | 2,416,840 | | | — | | | — | | | (2,416,840 | ) | | — | |
|
Other assets | 18,822 | | | 5,517 | | | 12,352 | | | — | | | 36,691 | |
|
Total assets | $ | 2,681,906 | | | $ | 2,046,965 | | | $ | 1,018,862 | | | $ | (2,612,460 | ) | | $ | 3,135,273 | |
|
Liabilities and Equity | | | | | | | | | |
Liabilities: | | | | | | | | | |
Accounts payable and accrued liabilities | $ | 30,235 | | | $ | 20,670 | | | $ | 7,368 | | | $ | — | | | $ | 58,273 | |
|
Dividends payable | 18,587 | | | — | | | — | | | — | | | 18,587 | |
|
Unearned rents and interest | — | | | 17,812 | | | 1,167 | | | — | | | 18,979 | |
|
Intercompany notes payable | — | | | — | | | 195,620 | | | (195,620 | ) | | — | |
|
Long-term debt | 1,140,000 | | | 68,000 | | | 337,973 | | | — | | | 1,545,973 | |
|
Total liabilities | 1,188,822 | | | 106,482 | | | 542,128 | | | (195,620 | ) | | 1,641,812 | |
|
EPR Properties shareholders’ equity | 1,493,084 | | | 1,940,483 | | | 476,357 | | | (2,416,840 | ) | | 1,493,084 | |
|
Noncontrolling interests | — | | | — | | | 377 | | | — | | | 377 | |
|
Total equity | $ | 1,493,084 | | | $ | 1,940,483 | | | $ | 476,734 | | | $ | (2,416,840 | ) | | $ | 1,493,461 | |
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Total liabilities and equity | $ | 2,681,906 | | | $ | 2,046,965 | | | $ | 1,018,862 | | | $ | (2,612,460 | ) | | $ | 3,135,273 | |
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|
Condensed Consolidating Balance Sheet |
As of December 31, 2012 |
| | | | | | | | | | | | | | | | | | | |
| EPR | | Wholly Owned | | Non- | | Consolidated | | Consolidated |
Properties | Subsidiary | Guarantor | Elimination |
(Issuer) | Guarantors | Subsidiaries | |
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 | ) | | — | |
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Other assets | 21,482 | | | 3,956 | | | 12,974 | | | — | | | 38,412 | |
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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 | |
|
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Condensed Consolidating Statement of Income |
Three Months Ended September 30, 2013 |
| | | | | | | | | | | | | | | | | | | |
| EPR Properties | | Wholly Owned | | Non- | | Consolidated | | Consolidated |
(Issuer) | Subsidiary | Guarantors | Elimination |
| Guarantors | Subsidiaries | |
Rental revenue | $ | — | | | $ | 38,644 | | | $ | 23,565 | | | $ | — | | | $ | 62,209 | |
|
Tenant reimbursements | — | | | 419 | | | 4,133 | | | — | | | 4,552 | |
|
Other income | 23 | | | (1 | ) | | 1,419 | | | — | | | 1,441 | |
|
Mortgage and other financing income | 287 | | | 18,288 | | | 1,064 | | | — | | | 19,639 | |
|
Intercompany fee income | 656 | | | — | | | — | | | (656 | ) | | — | |
|
Interest income on intercompany notes receivable | 4,834 | | | — | | | 98 | | | (4,932 | ) | | — | |
|
Total revenue | 5,800 | | | 57,350 | | | 30,279 | | | (5,588 | ) | | 87,841 | |
|
Equity in subsidiaries’ earnings | 53,758 | | | — | | | — | | | (53,758 | ) | | — | |
|
Property operating expense | (88 | ) | | 1,555 | | | 5,112 | | | — | | | 6,579 | |
|
Intercompany fee expense | — | | | — | | | 656 | | | (656 | ) | | — | |
|
Other expense | — | | | — | | | 204 | | | — | | | 204 | |
|
General and administrative expense | — | | | 4,326 | | | 2,438 | | | — | | | 6,764 | |
|
Costs associated with loan refinancing or payoff | — | | | 188 | | | 35 | | | — | | | 223 | |
|
Interest expense, net | 15,706 | | | — | | | 4,729 | | | — | | | 20,435 | |
|
Interest expense on intercompany notes payable | — | | | — | | | 4,932 | | | (4,932 | ) | | — | |
|
Transaction costs | 317 | | | — | | | — | | | — | | | 317 | |
|
Depreciation and amortization | 273 | | | 7,731 | | | 5,137 | | | — | | | 13,141 | |
|
Income before equity in income from joint ventures and discontinued operations | 43,350 | | | 43,550 | | | 7,036 | | | (53,758 | ) | | 40,178 | |
|
Equity in income from joint ventures | 152 | | | — | | | 199 | | | — | | | 351 | |
|
Income from continuing operations | $ | 43,502 | | | $ | 43,550 | | | $ | 7,235 | | | $ | (53,758 | ) | | $ | 40,529 | |
|
Discontinued operations: | | | | | | | | | |
Loss from discontinued operations | — | | | (66 | ) | | (129 | ) | | — | | | (195 | ) |
|
Gain on sale or acquisition of real estate | — | | | — | | | 3,168 | | | — | | | 3,168 | |
|
Net income | 43,502 | | | 43,484 | | | 10,274 | | | (53,758 | ) | | 43,502 | |
|
Preferred dividend requirements | (5,951 | ) | | — | | | — | | | — | | | (5,951 | ) |
|
Net income available to common shareholders of EPR Properties | $ | 37,551 | | | $ | 43,484 | | | $ | 10,274 | | | $ | (53,758 | ) | | $ | 37,551 | |
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Comprehensive income attributable to EPR Properties | $ | 40,646 | | | $ | 43,418 | | | $ | 10,027 | | | $ | (53,445 | ) | | $ | 40,646 | |
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Condensed Consolidating Statement of Income |
Three Months Ended September 30, 2012 |
| | | | | | | | | | | | | | | | | | | |
| EPR | | Wholly Owned | | Non- | | Consolidated | | Consolidated |
Properties | Subsidiary | Guarantor | Elimination |
(Issuer) | Guarantors | Subsidiaries | |
Rental revenue | $ | — | | | $ | 35,957 | | | $ | 23,798 | | | $ | — | | | $ | 59,755 | |
|
Tenant reimbursements | — | | | 492 | | | 4,116 | | | — | | | 4,608 | |
|
Other income | 23 | | | 2 | | | 178 | | | — | | | 203 | |
|
Mortgage and other financing income | 110 | | | 15,985 | | | 881 | | | — | | | 16,976 | |
|
Intercompany fee income | 683 | | | — | | | — | | | (683 | ) | | — | |
|
Interest income on intercompany notes receivable | 4,283 | | | — | | | 89 | | | (4,372 | ) | | — | |
|
Total revenue | 5,099 | | | 52,436 | | | 29,062 | | | (5,055 | ) | | 81,542 | |
|
Equity in subsidiaries’ earnings | 39,101 | | | — | | | — | | | (39,101 | ) | | — | |
|
Property operating expense | — | | | 1,091 | | | 4,848 | | | — | | | 5,939 | |
|
Intercompany fee expense | — | | | — | | | 683 | | | (683 | ) | | — | |
|
Other expense | — | | | 4 | | | 451 | | | — | | | 455 | |
|
General and administrative expense | — | | | 3,470 | | | 2,016 | | | — | | | 5,486 | |
|
Costs associated with loan refinancing or payoff | 1 | | | 476 | | | — | | | — | | | 477 | |
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Interest expense, net | 9,791 | | | 2,652 | | | 7,551 | | | — | | | 19,994 | |
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Interest expense on intercompany notes payable | — | | | — | | | 4,372 | | | (4,372 | ) | | — | |
|
Transaction costs | 184 | | | — | | | | | | — | | | 184 | |
|
Depreciation and amortization | 259 | | | 6,454 | | | 5,020 | | | — | | | 11,733 | |
|
Income before equity in income from joint ventures and discontinued operations | 33,965 | | | 38,289 | | | 4,121 | | | (39,101 | ) | | 37,274 | |
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Equity in income from joint ventures | 186 | | | — | | | 156 | | | — | | | 342 | |
|
Income from continuing operations | $ | 34,151 | | | $ | 38,289 | | | $ | 4,277 | | | $ | (39,101 | ) | | $ | 37,616 | |
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Discontinued operations: | | | | | | | | | |
Loss from discontinued operations | — | | | (3 | ) | | (352 | ) | | — | | | (355 | ) |
|
Impairment charges | — | | | — | | | (3,086 | ) | | — | | | (3,086 | ) |
|
Net income | 34,151 | | | 38,286 | | | 839 | | | (39,101 | ) | | 34,175 | |
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Net income attributable to noncontrolling interests | — | | | — | | | (24 | ) | | — | | | (24 | ) |
|
Net income attributable to EPR Properties | 34,151 | | | 38,286 | | | 815 | | | (39,101 | ) | | 34,151 | |
|
Preferred dividend requirements | (6,002 | ) | | — | | | — | | | — | | | (6,002 | ) |
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Net income available to common shareholders of EPR Properties | $ | 28,149 | | | $ | 38,286 | | | $ | 815 | | | $ | (39,101 | ) | | $ | 28,149 | |
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Comprehensive income attributable to EPR Properties | $ | 34,100 | | | $ | 38,147 | | | $ | 2,034 | | | $ | (40,181 | ) | | $ | 34,100 | |
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Condensed Consolidating Statement of Income |
Nine Months Ended September 30, 2013 |
| | | | | | | | | | | | | | | | | | | |
| EPR | | Wholly Owned | | Non- | | Consolidated | | Consolidated |
Properties | Subsidiary | Guarantor | Elimination |
(Issuer) | Guarantors | Subsidiaries | |
Rental revenue | $ | — | | | $ | 112,234 | | | $ | 70,524 | | | $ | — | | | $ | 182,758 | |
|
Tenant reimbursements | — | | | 1,396 | | | 12,352 | | | — | | | 13,748 | |
|
Other income | 71 | | | — | | | 1,467 | | | — | | | 1,538 | |
|
Mortgage and other financing income | 790 | | | 51,626 | | | 3,254 | | | — | | | 55,670 | |
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Intercompany fee income | 1,982 | | | — | | | — | | | (1,982 | ) | | — | |
|
Interest income on intercompany notes receivable | 13,332 | | | — | | | 286 | | | (13,618 | ) | | — | |
|
Total revenue | 16,175 | | | 165,256 | | | 87,883 | | | (15,600 | ) | | 253,714 | |
|
Equity in subsidiaries’ earnings | 142,259 | | | — | | | — | | | (142,259 | ) | | — | |
|
Property operating expense | (87 | ) | | 5,292 | | | 14,399 | | | — | | | 19,604 | |
|
Intercompany fee expense | — | | | — | | | 1,982 | | | (1,982 | ) | | — | |
|
Other expense | — | | | — | | | 508 | | | — | | | 508 | |
|
General and administrative expense | — | | | 12,497 | | | 6,971 | | | — | | | 19,468 | |
|
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 | 40,159 | | | 1,607 | | | 18,658 | | | — | | | 60,424 | |
|
Interest expense on intercompany notes payable | — | | | — | | | 13,618 | | | (13,618 | ) | | — | |
|
Transaction costs | 859 | | | — | | | — | | | — | | | 859 | |
|
Depreciation and amortization | 818 | | | 22,657 | | | 15,665 | | | — | | | 39,140 | |
|
Income before equity in income from joint ventures and discontinued operations | 116,685 | | | 127,554 | | | 10,104 | | | (142,259 | ) | | 112,084 | |
|
Equity in income from joint ventures | 498 | | | — | | | 670 | | | — | | | 1,168 | |
|
Income from continuing operations | $ | 117,183 | | | $ | 127,554 | | | $ | 10,774 | | | $ | (142,259 | ) | | $ | 113,252 | |
|
Discontinued operations: | | | | | | | | | |
Income (loss) from discontinued operations | — | | | 623 | | | (425 | ) | | — | | | 198 | |
|
Gain on sale or acquisition of real estate | — | | | — | | | 3,733 | | | — | | | 3,733 | |
|
Net income attributable to EPR Properties | 117,183 | | | 128,177 | | | 14,082 | | | (142,259 | ) | | 117,183 | |
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Preferred dividend requirements | (17,855 | ) | | — | | | — | | | — | | | (17,855 | ) |
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Net income available to common shareholders of EPR Properties | $ | 99,328 | | | $ | 128,177 | | | $ | 14,082 | | | $ | (142,259 | ) | | $ | 99,328 | |
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Comprehensive income attributable to EPR Properties | $ | 114,097 | | | $ | 128,313 | | | $ | 11,963 | | | $ | (140,276 | ) | | $ | 114,097 | |
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Condensed Consolidating Statement of Income |
Nine Months Ended September 30, 2012 |
| | | | | | | | | | | | | | | | | | | |
| EPR | | Wholly Owned | | Non- | | Consolidated | | Consolidated |
Properties | Subsidiary | Guarantor | Elimination |
(Issuer) | Guarantors | Subsidiaries | |
Rental revenue | $ | — | | | $ | 103,991 | | | $ | 70,373 | | | $ | — | | | $ | 174,364 | |
|
Tenant reimbursements | — | | | 1,098 | | | 12,696 | | | — | | | 13,794 | |
|
Other income | 69 | | | (4 | ) | | 271 | | | — | | | 336 | |
|
Mortgage and other financing income | 313 | | | 44,236 | | | 2,312 | | | — | | | 46,861 | |
|
Intercompany fee income | 2,026 | | | — | | | — | | | (2,026 | ) | | — | |
|
Interest income on intercompany notes receivable | 12,663 | | | — | | | 262 | | | (12,925 | ) | | — | |
|
Total revenue | 15,071 | | | 149,321 | | | 85,914 | | | (14,951 | ) | | 235,355 | |
|
Equity in subsidiaries’ earnings | 101,333 | | | — | | | — | | | (101,333 | ) | | — | |
|
Property operating expense | — | | | 3,101 | | | 14,898 | | | — | | | 17,999 | |
|
Intercompany fee expense | — | | | — | | | 2,026 | | | (2,026 | ) | | — | |
|
Other expense | — | | | 4 | | | 1,045 | | | — | | | 1,049 | |
|
General and administrative expense | — | | | 11,120 | | | 6,654 | | | — | | | 17,774 | |
|
Costs associated with loan refinancing or payoff | 1 | | | 476 | | | — | | | — | | | 477 | |
|
Interest expense, net | 23,312 | | | 10,905 | | | 22,377 | | | — | | | 56,594 | |
|
Interest expense on intercompany notes payable | — | | | — | | | 12,925 | | | (12,925 | ) | | — | |
|
Transaction costs | 373 | | | — | | | | | | — | | | 373 | |
|
Impairment charges | — | | | — | | | 1,914 | | | — | | | 1,914 | |
|
Depreciation and amortization | 767 | | | 18,644 | | | 15,086 | | | — | | | 34,497 | |
|
Income before equity in income from joint ventures and discontinued operations | 91,951 | | | 105,071 | | | 8,989 | | | (101,333 | ) | | 104,678 | |
|
Equity in income from joint ventures | 371 | | | | | | 295 | | | — | | | 666 | |
|
Income from continuing operations | $ | 92,322 | | | $ | 105,071 | | | $ | 9,284 | | | $ | (101,333 | ) | | $ | 105,344 | |
|
Discontinued operations: | | | | | | | | | |
Income from discontinued operations | — | | | 1 | | | 333 | | | — | | | 334 | |
|
Impairment charges | — | | | — | | | (14,015 | ) | | — | | | (14,015 | ) |
|
Gain on sale or acquisition of real estate | — | | | 282 | | | 438 | | | — | | | 720 | |
|
Net income (loss) | 92,322 | | | 105,354 | | | (3,960 | ) | | (101,333 | ) | | 92,383 | |
|
Net income attributable to noncontrolling interests | — | | | — | | | (61 | ) | | — | | | (61 | ) |
|
Net income (loss) attributable to EPR Properties | 92,322 | | | 105,354 | | | (4,021 | ) | | (101,333 | ) | | 92,322 | |
|
Preferred dividend requirements | (18,005 | ) | | — | | | — | | | — | | | (18,005 | ) |
|
Net income (loss) available to common shareholders of EPR Properties | $ | 74,317 | | | $ | 105,354 | | | $ | (4,021 | ) | | $ | (101,333 | ) | | $ | 74,317 | |
|
Comprehensive income (loss) attributable to EPR Properties | $ | 89,488 | | | $ | 105,230 | | | $ | (2,451 | ) | | $ | (102,779 | ) | | $ | 89,488 | |
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Condensed Consolidating Statement of Cash Flows | | | | |
Nine Months Ended September 30, 2013 | | | | |
| | | | | | | | | | | | | | | | | | | |
| EPR | | Wholly Owned | | Non-Guarantor | | Consolidated | | | | |
Properties | Subsidiary | Subsidiaries | | | | |
(Issuer) | Guarantors | | | | | |
Intercompany fee income (expense) | $ | 1,982 | | | $ | — | | | $ | (1,982 | ) | | $ | — | | | | | |
| | | |
Interest income (expense) on intercompany receivable/payable | 13,332 | | | — | | | (13,332 | ) | | — | | | | | |
| | | |
Net cash provided (used) by other operating activities | (41,066 | ) | | 142,864 | | | 54,355 | | | 156,153 | | | | | |
| | | |
Net cash provided (used) by operating activities of continuing operations | (25,752 | ) | | 142,864 | | | 39,041 | | | 156,153 | | | | | |
| | | |
Net cash provided by operating activities of discontinued operations | — | | | 67 | | | 2,155 | | | 2,222 | | | | | |
| | | |
Net cash provided (used) by operating activities | (25,752 | ) | | 142,931 | | | 41,196 | | | 158,375 | | | | | |
| | | |
Investing activities: | | | | | | | | | | | |
| | | |
Acquisition of rental properties and other assets | (217 | ) | | (17,347 | ) | | (9,635 | ) | | (27,199 | ) | | | | |
Proceeds from sale of real estate | — | | | — | | | 796 | | | 796 | | | | | |
| | | |
Investment in unconsolidated joint ventures | (1,021 | ) | | — | | | — | | | (1,021 | ) | | | | |
| | | |
Investment in mortgage notes receivable | (11,797 | ) | | (43,802 | ) | | (1,265 | ) | | (56,864 | ) | | | | |
Proceeds from mortgage note receivable paydown | — | | | 137 | | | 1,698 | | | 1,835 | | | | | |
| | | |
Investment in promissory notes receivable | — | | | (1,278 | ) | | — | | | (1,278 | ) | | | | |
| | | |
Proceeds from promissory notes receivable paydown | 117 | | | — | | | 909 | | | 1,026 | | | | | |
| | | |
Investment in a direct financing lease, net | — | | | (3,262 | ) | | — | | | (3,262 | ) | | | | |
| | | |
Additions to property under development | — | | | (139,726 | ) | | (4,799 | ) | | (144,525 | ) | | | | |
| | | |
Investment in (repayment of) intercompany notes payable | (88,083 | ) | | — | | | 88,083 | | | — | | | | | |
| | | |
Advances to subsidiaries, net | (41,409 | ) | | 45,050 | | | (3,641 | ) | | — | | | | | |
| | | |
Net cash provided (used) by investing activities of continuing operations | (142,410 | ) | | (160,228 | ) | | 72,146 | | | (230,492 | ) | | | | |
| | | |
Net proceeds from sale of real estate from discontinued operations | — | | | — | | | 46,490 | | | 46,490 | | | | | |
| | | |
Net cash provided (used) by investing activities | (142,410 | ) | | (160,228 | ) | | 118,636 | | | (184,002 | ) | | | | |
| | | |
Financing activities: | | | | | | | | | | | |
Proceeds from long-term debt facilities | 300,000 | | | 249,000 | | | — | | | 549,000 | | | | | |
| | | |
Principal payments on long-term debt | — | | | (229,740 | ) | | (155,091 | ) | | (384,831 | ) | | | | |
| | | |
Deferred financing fees paid | (5,619 | ) | | (2,468 | ) | | (19 | ) | | (8,106 | ) | | | | |
Costs associated with loan refinancing or payoff (cash portion) | — | | | — | | | (5,790 | ) | | (5,790 | ) | | | | |
| | | |
Net proceeds from issuance of common shares | 43,659 | | | — | | | — | | | 43,659 | | | | | |
| | | |
Impact of stock option exercises, net | 947 | | | — | | | — | | | 947 | | | | | |
| | | |
Purchase of common shares for treasury | (3,246 | ) | | — | | | — | | | (3,246 | ) | | | | |
| | | |
Dividends paid to shareholders | (152,195 | ) | | — | | | — | | | (152,195 | ) | | | | |
| | | |
Net cash provided (used) by financing activities | 183,546 | | | 16,792 | | | (160,900 | ) | | 39,438 | | | | | |
| | | |
Effect of exchange rate changes on cash | — | | | 1 | | | (335 | ) | | (334 | ) | | | | |
| | | |
Net increase (decrease) in cash and cash equivalents | 15,384 | | | (504 | ) | | (1,403 | ) | | 13,477 | | | | | |
| | | |
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 | $ | 16,915 | | | $ | 147 | | | $ | 7,079 | | | $ | 24,141 | | | | | |
| | | |
|
Condensed Consolidating Statement of Cash Flows | | | | |
Nine Months Ended September 30, 2012 | | | | |
| | | | | | | | | | | | | | | | | | | |
| EPR | | Wholly Owned | | Non-Guarantor | | Consolidated | | | | |
Properties | Subsidiary | Subsidiaries | | | | |
(Issuer) | Guarantors | | | | | |
Intercompany fee income (expense) | $ | 2,026 | | | $ | — | | | $ | (2,026 | ) | | $ | — | | | | | |
| | | |
Interest income (expense) on intercompany receivable/payable | 12,663 | | | — | | | (12,663 | ) | | — | | | | | |
| | | |
Net cash provided (used) by other operating activities | (20,457 | ) | | 117,996 | | | 39,572 | | | 137,111 | | | | | |
| | | |
Net cash provided (used) by operating activities of continuing operations | (5,768 | ) | | 117,996 | | | 24,883 | | | 137,111 | | | | | |
| | | |
Net cash provided by operating activities of discontinued operations | — | | | 1,050 | | | 7,280 | | | 8,330 | | | | | |
| | | |
Net cash provided (used) by operating activities | (5,768 | ) | | 119,046 | | | 32,163 | | | 145,441 | | | | | |
| | | |
Investing activities: | | | | | | | | | | | |
| | | |
Acquisition of rental properties and other assets | (309 | ) | | (40,338 | ) | | (1,447 | ) | | (42,094 | ) | | | | |
Investment in unconsolidated joint ventures | (1,131 | ) | | — | | | — | | | (1,131 | ) | | | | |
| | | |
Investment in mortgage note receivable | — | | | (51,588 | ) | | (20,320 | ) | | (71,908 | ) | | | | |
| | | |
Proceeds from sale of investment in a direct financing lease, net | — | | | 4,494 | | | — | | | 4,494 | | | | | |
| | | |
Additions to property under development | — | | | (80,122 | ) | | (8,843 | ) | | (88,965 | ) | | | | |
| | | |
Investment in (repayment of) intercompany notes payable | (1,756 | ) | | — | | | 1,756 | | | — | | | | | |
| | | |
Advances to subsidiaries, net | (434,967 | ) | | 444,285 | | | (9,318 | ) | | — | | | | | |
| | | |
Net cash provided (used) by investing activities of continuing operations | (438,163 | ) | | 276,731 | | | (38,172 | ) | | (199,604 | ) | | | | |
| | | |
Net proceeds from sale of real estate from discontinued operations | — | | | 282 | | | 12,687 | | | 12,969 | | | | | |
| | | |
Net cash provided (used) by investing activities | (438,163 | ) | | 277,013 | | | (25,485 | ) | | (186,635 | ) | | | | |
| | | |
Financing activities: | | | | | | | | | | | |
Proceeds from long-term debt facilities | 590,000 | | | 208,000 | | | | | | 798,000 | | | | | |
| | | |
Principal payments on long-term debt | — | | | (604,621 | ) | | (11,779 | ) | | (616,400 | ) | | | | |
| | | |
Deferred financing fees paid | (5,769 | ) | | — | | | (28 | ) | | (5,797 | ) | | | | |
| | | |
Costs associated with loan refinancing or payoff (cash portion) | — | | | (38 | ) | | — | | | (38 | ) | | | | |
| | | |
Net proceeds from issuance of common shares | 179 | | | — | | | — | | | 179 | | | | | |
| | | |
Impact of stock option exercises, net | (485 | ) | | — | | | — | | | (485 | ) | | | | |
| | | |
Purchase of common shares for treasury | (3,232 | ) | | — | | | — | | | (3,232 | ) | | | | |
| | | |
Dividends paid to shareholders | (120,856 | ) | | — | | | — | | | (120,856 | ) | | | | |
| | | |
Net cash provided (used) by financing activities | 459,837 | | | (396,659 | ) | | (11,807 | ) | | 51,371 | | | | | |
| | | |
Effect of exchange rate changes on cash | — | | | (3 | ) | | 208 | | | 205 | | | | | |
| | | |
Net increase (decrease) in cash and cash equivalents | 15,906 | | | (603 | ) | | (4,921 | ) | | 10,382 | | | | | |
| | | |
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 | $ | 17,838 | | | $ | 640 | | | $ | 6,529 | | | $ | 25,007 | | | | | |
| | | |
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