Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'EPR PROPERTIES | ' |
Entity Central Index Key | '0001045450 | ' |
Trading Symbol | 'EPR | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 51,652,981 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Rental properties, net of accumulated depreciation of $398,037 and $375,684 at September 30, 2013 and December 31, 2012, respectively | $1,933,782 | $1,885,093 |
Rental properties held for sale, net | 2,788 | 2,788 |
Land held for development | 200,325 | 196,177 |
Property under development | 86,048 | 29,376 |
Mortgage notes and related accrued interest receivable | 514,071 | 455,752 |
Investment in a direct financing lease, net | 240,990 | 234,089 |
Investment in joint ventures | 13,683 | 11,971 |
Cash and cash equivalents | 24,141 | 10,664 |
Restricted cash | 18,110 | 23,991 |
Deferred financing costs, net | 24,318 | 19,679 |
Accounts receivable, net | 40,326 | 38,738 |
Other assets | 36,691 | 38,412 |
Total assets | 3,135,273 | 2,946,730 |
Liabilities: | ' | ' |
Accounts payable and accrued liabilities | 58,273 | 65,481 |
Common dividends payable | 12,636 | 35,165 |
Preferred dividends payable | 5,951 | 6,021 |
Unearned rents and interest | 18,979 | 11,333 |
Atlantic-EPR II mortgage note payable to EPR Properties (1) | 1,545,973 | 1,368,832 |
Total liabilities | 1,641,812 | 1,486,832 |
Equity: | ' | ' |
Common Shares, $.01 par value; 75,000,000 shares authorized; and 49,696,309 and 48,454,181 shares issued at September 30, 2013 and December 31, 2012, respectively | 497 | 484 |
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ' | ' |
Additional paid-in-capital | 1,825,293 | 1,769,227 |
Treasury shares at cost: 1,706,109 and 1,566,780 common shares at September 30, 2013 and December 31, 2012, respectively | -62,177 | -55,308 |
Accumulated other comprehensive income | 17,536 | 20,622 |
Distributions in excess of net income | -288,204 | -275,643 |
EPR Properties shareholders’ equity | 1,493,084 | 1,459,521 |
Noncontrolling interests | 377 | 377 |
Total equity | 1,493,461 | 1,459,898 |
Total liabilities and equity | 3,135,273 | 2,946,730 |
Series C Preferred Shares [Member] | ' | ' |
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ' | ' |
Preferred shares | 54 | 54 |
Series F Preferred Shares [Member] | ' | ' |
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ' | ' |
Preferred shares | 35 | 35 |
Series F Preferred Stock [Member] | ' | ' |
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ' | ' |
Preferred shares | $50 | $50 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Rental properties, accumulated depreciation | $398,037,000 | $375,684,000 |
Common Shares, par value | $0.01 | $0.01 |
Common Shares, shares authorized | 75,000,000 | 75,000,000 |
Common Shares, shares issued | 49,696,309 | 48,454,181 |
Preferred Shares, par value | $0.01 | $0.01 |
Preferred Shares, shares authorized | 25,000,000 | 25,000,000 |
Treasury Shares, common shares | 1,706,109 | 1,566,780 |
Series C Preferred Shares [Member] | ' | ' |
Preferred Shares, shares issued | 5,400,000 | 5,400,000 |
Preferred Shares, liquidation preference | 135,000,000 | 135,000,000 |
Series F Preferred Shares [Member] | ' | ' |
Preferred Shares, shares issued | 3,450,000 | 3,450,000 |
Preferred Shares, liquidation preference | 86,250,000 | 86,250,000 |
Series F Preferred Stock [Member] | ' | ' |
Preferred Shares, shares issued | 5,000,000 | 5,000,000 |
Preferred Shares, liquidation preference | $125,000,000 | $125,000,000 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Rental revenue | $62,209 | $59,755 | $182,758 | $174,364 |
Tenant reimbursements | 4,552 | 4,608 | 13,748 | 13,794 |
Other income | 1,441 | 203 | 1,538 | 336 |
Mortgage and other financing income | 19,639 | 16,976 | 55,670 | 46,861 |
Total revenue | 87,841 | 81,542 | 253,714 | 235,355 |
Property operating expense | 6,579 | 5,939 | 19,604 | 17,999 |
Other expense | 204 | 455 | 508 | 1,049 |
General and administrative expense | 6,764 | 5,486 | 19,468 | 17,774 |
Costs associated with loan refinancing or payoff | -223 | -477 | -6,166 | -477 |
Gain on early extinguishment of debt | 0 | 0 | -4,539 | 0 |
Interest expense, net | 20,435 | 19,994 | 60,424 | 56,594 |
Transaction costs | 317 | 184 | 859 | 373 |
Non-cash impairment charges | 0 | 0 | 0 | 1,914 |
Depreciation and amortization | 13,141 | 11,733 | 39,140 | 34,497 |
Income before equity in income from joint ventures and discontinued operations | 40,178 | 37,274 | 112,084 | 104,678 |
Equity in income from joint ventures | 351 | 342 | 1,168 | 666 |
Income from continuing operations | 40,529 | 37,616 | 113,252 | 105,344 |
Discontinued operations: | ' | ' | ' | ' |
Income (loss) from discontinued operations | -195 | -355 | 198 | 334 |
Impairment charges | 0 | -3,086 | 0 | -14,015 |
Gain on sale or acquisition of real estate | 3,168 | 0 | 3,733 | 720 |
Net income | 43,502 | 34,175 | 117,183 | 92,383 |
Add: Net income attributable to noncontrolling interests | 0 | -24 | 0 | -61 |
Net income attributable to EPR Properties | 43,502 | 34,151 | 117,183 | 92,322 |
Preferred dividend requirements | -5,951 | -6,002 | -17,855 | -18,005 |
Net income available to common shareholders of EPR Properties | $37,551 | $28,149 | $99,328 | $74,317 |
Basic earnings per share data: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.73 | $0.67 | $2.03 | $1.87 |
Income (loss) from discontinued operations (in dollars per share) | $0.06 | ($0.07) | $0.08 | ($0.28) |
Net income available to common shareholders (in dollars per share) | $0.79 | $0.60 | $2.11 | $1.59 |
Diluted earnings per share data: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.73 | $0.67 | $2.02 | $1.86 |
Income (loss) from discontinued operations (in dollars per share) | $0.06 | ($0.07) | $0.08 | ($0.28) |
Net income available to common shareholders (in dollars per share) | $0.79 | $0.60 | $2.10 | $1.58 |
Shares used for computation (in thousands): | ' | ' | ' | ' |
Basic (in shares) | 47,349 | 46,840 | 47,097 | 46,781 |
Diluted (in shares) | 47,524 | 47,090 | 47,290 | 47,035 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $43,502 | $34,175 | $117,183 | $92,383 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | 4,548 | 4,979 | -6,139 | 4,855 |
Change in unrealized gain (loss) on derivatives | -7,404 | -5,030 | 3,053 | -7,689 |
Comprehensive income | 40,646 | 34,124 | 114,097 | 89,549 |
Comprehensive income attributable to the noncontrolling interests | 0 | -24 | 0 | -61 |
Comprehensive income attributable to EPR Properties | $40,646 | $34,100 | $114,097 | $89,488 |
Consolidated_Statement_Of_Chan
Consolidated Statement Of Changes In Equity (USD $) | Total | Common Stock [Member] | Preferred Stock [Member] | Additional paid-in capital [Member] | Treasury shares [Member] | Accumulated other comprehensive income (loss) [Member] | Distributions in excess of net income [Member] | Noncontrolling Interests [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||||
Balance at Dec. 31, 2012 | $1,459,898 | $484 | $139 | $1,769,227 | ($55,308) | $20,622 | ($275,643) | $377 |
Balance (in shares) at Dec. 31, 2012 | ' | 48,454,181 | 13,850,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Other Changes During Period Shares | ' | 16,038 | ' | ' | ' | ' | ' | ' |
Stockholders' Equity, Other | ' | ' | ' | 1,024 | ' | ' | ' | ' |
Issuance of nonvested shares, net | ' | 196,928 | ' | ' | ' | ' | ' | ' |
Issuance of nonvested shares, net | -835 | 2 | ' | 2,588 | -3,425 | ' | ' | ' |
Amortization of nonvested shares | 3,619 | ' | ' | 3,619 | ' | ' | ' | ' |
Share option expense | 647 | ' | ' | 647 | ' | ' | ' | ' |
Foreign currency translation adjustment | -6,139 | ' | ' | ' | ' | -6,139 | ' | ' |
Change in unrealized gain/loss on derivatives | 3,053 | ' | ' | ' | ' | 3,053 | ' | ' |
Net income | 117,183 | ' | ' | ' | ' | ' | 117,183 | ' |
Issuances of common shares (in shares) | ' | 885,890 | ' | ' | ' | ' | ' | ' |
Issuances of common shares | 43,808 | 9 | ' | 43,799 | ' | ' | ' | ' |
Stock option exercises, net (in shares) | 143,272 | 143,272 | ' | ' | ' | ' | ' | ' |
Stock option exercises, net | 947 | -2 | ' | -4,389 | -3,444 | ' | ' | ' |
Dividends to common and preferred shareholders | -129,744 | ' | ' | ' | ' | ' | -129,744 | ' |
Balance at Sep. 30, 2013 | $1,493,461 | $497 | $139 | $1,825,293 | ($62,177) | $17,536 | ($288,204) | $377 |
Balance (in shares) at Sep. 30, 2013 | ' | 49,696,309 | 13,850,000 | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net Income (Loss) Available to Common Stockholders, Diluted | $99,328 | $74,317 |
Net Income Loss From Discontinuing Operation Available To Common Stockholders Diluted | 3,931 | -12,961 |
Net Income Loss From Continuing Operation Available To Common Stockholders Diluted | 95,397 | 87,278 |
Operating activities: | ' | ' |
Net income | 117,183 | 92,383 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Gain on early extinguishment of debt | -4,539 | 0 |
Non-cash impairment charges | 0 | 1,914 |
Loss (income) from discontinued operations | -3,931 | 12,961 |
Costs associated with loan refinancing or payoff | -6,166 | -477 |
Equity in income from joint ventures | 1,168 | 666 |
Distributions from joint ventures | 630 | 827 |
Depreciation and amortization | 39,140 | 34,497 |
Amortization of deferred financing costs | 2,997 | 3,224 |
Share-based compensation expense to management and trustees | 4,825 | 4,416 |
Decrease (increase) in restricted cash | 12,638 | -2,695 |
Increase in mortgage notes accrued interest receivable | -1,240 | -828 |
Increase in accounts receivable, net | -4,542 | -4,652 |
Increase in direct financing lease receivable | -3,638 | -3,730 |
Decrease (increase) in other assets | 1,400 | -803 |
Decrease in accounts payable and accrued liabilities | -9,327 | -2,692 |
Increase (decrease) in unearned rents and interest | -441 | 2,478 |
Net operating cash provided by continuing operations | 156,153 | 137,111 |
Net operating cash provided by discontinued operations | 2,222 | 8,330 |
Net cash provided by operating activities | 158,375 | 145,441 |
Investing activities: | ' | ' |
Payments to Acquire Real Estate | 27,199 | 42,094 |
Proceeds from sale of real estate | 796 | 0 |
Investment in unconsolidated joint ventures | -1,021 | -1,131 |
Investment in mortgage notes receivable | -56,864 | -71,908 |
Proceeds from mortgage note receivable paydown | 1,835 | 0 |
Investment in promissory notes receivable | 1,278 | 0 |
Proceeds from promissory note receivable paydown | 1,026 | 0 |
Investment in a direct financing lease, net | 3,262 | 0 |
Proceeds from sale of investment in a direct financing lease, net | 0 | 4,494 |
Additions to properties under development | -144,525 | -88,965 |
Net cash used by investing activities of continuing operations | -230,492 | -199,604 |
Net proceeds from sale of real estate from discontinued operations | 46,490 | 12,969 |
Net cash used by investing activities | -184,002 | -186,635 |
Financing activities: | ' | ' |
Proceeds from long-term debt facilities | 549,000 | 798,000 |
Principal payments on long-term debt | -384,831 | -616,400 |
Deferred financing fees paid | -8,106 | -5,797 |
Costs associated with loan refinancing or payoff (cash portion) | -5,790 | -38 |
Net proceeds from issuance of common shares | 43,659 | 179 |
Impact of stock option exercises, net | 947 | -485 |
Purchase of common shares for treasury | -3,246 | -3,232 |
Dividends paid to shareholders | -152,195 | -120,856 |
Net cash provided by financing activities | 39,438 | 51,371 |
Effect of exchange rate changes on cash | -334 | 205 |
Net increase in cash and cash equivalents | 13,477 | 10,382 |
Cash and cash equivalents at beginning of the year | 10,664 | 14,625 |
Cash and cash equivalents at end of the year | 24,141 | 25,007 |
Supplemental schedule of non-cash activity: | ' | ' |
Transfer of property under development to rental property | 83,685 | 75,172 |
Acquisiton of real estate in exchange for assumption of debt at fair value | 19,710 | 0 |
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses | 10,398 | 7,181 |
Conversion of equity to mortgage loan related to atlantic-EPR I | 0 | 14,852 |
Adjustment of noncontrolling interest to additional paid in capital | 0 | 27,785 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid during the year for interest | 66,494 | 56,566 |
Cash received during the year for income taxes | ($116) | ($521) |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Organization [Abstract] | ' |
Organization | ' |
Organization | |
Description of Business | |
EPR Properties (the Company) is a specialty real estate investment trust (REIT) organized on August 29, 1997 in Maryland. Effective November 12, 2012, the Company updated its name from Entertainment Properties Trust to EPR Properties. The Company develops, owns, leases and finances properties in select market segments primarily related to entertainment, education and recreation. The Company’s properties are located in the United States and Canada. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the nine month period ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE), as defined in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic on Consolidation. The Topic on Consolidation requires the consolidation of VIEs in which an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. This topic requires an ongoing reassessment. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the Consolidation Topic of the FASB ASC, or does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. | |
The Company reports its noncontrolling interests as required by the Consolidation Topic of the FASB ASC. Noncontrolling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company's equity. On the consolidated statements of income, revenues, expenses and net income or loss from less-than-wholly-owned subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Consolidated statements of changes in shareholders' equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for equity, noncontrolling interests and total equity. The Company does not have any redeemable noncontrolling interests. | |
The consolidated balance sheet as of December 31, 2012 has been derived from the audited consolidated balance sheet at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission (SEC) on February 27, 2013. | |
Operating Segments | |
For financial reporting purposes, the Company groups its investments into four reportable operating segments: entertainment, education, recreation and other. See Note 16 for financial information related to these operating segments. | |
Rental Properties | |
Rental properties are carried at cost less accumulated depreciation. Costs incurred for the acquisition and development of the properties are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally are estimated to be 40 years for buildings and 3 to 25 years for furniture, fixtures and equipment. Tenant improvements, including allowances, are depreciated over the shorter of the base term of the lease or the estimated useful life. Expenditures for ordinary maintenance and repairs are charged to operations in the period incurred. Significant renovations and improvements that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful life. | |
Management reviews a property for impairment whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. The review of recoverability is based on an estimate of undiscounted future cash flows expected to result from its use and eventual disposition. If impairment exists due to the inability to recover the carrying value of the property, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. | |
The Company evaluates the held-for-sale classification of its real estate as of the end of each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less costs to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment that is expected to close within one year. The results of operations of these real estate properties are reflected as discontinued operations in all periods reported. On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance. | |
Allowance for Doubtful Accounts | |
The Company makes estimates of the collectability of its accounts receivable related to base rents, tenant escalations (straight-line rents), reimbursements and other revenue or income. The Company specifically analyzes trends in accounts receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of its allowance for doubtful accounts. When evaluating customer creditworthiness, management reviews the periodic financial statements for significant tenants and specifically evaluates the strength and material changes in net operating income, coverage ratios, leverage and other factors to assess the tenant's credit quality. In addition, when customers are in bankruptcy, the Company makes estimates of the expected recovery of pre-petition administrative and damage claims. These estimates have a direct impact on the Company's net income. | |
Revenue Recognition | |
Rents that are fixed and determinable are recognized on a straight-line basis over the minimum terms of the leases. Base rent escalation on leases that are dependent upon increases in the Consumer Price Index (CPI) is recognized when known. In addition, most of the Company's tenants are subject to additional rents if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents as well as participating interest for those mortgage agreements that contain similar such clauses are recognized at the time when specific triggering events occur as provided by the lease or mortgage agreements. Rental revenue included percentage rents of $2.2 million and $1.1 million for the nine months ended September 30, 2013 and 2012, respectively. Mortgage and | |
other financing income included participating interest income of $0.9 million and $0.8 million for the nine months ended September 30, 2013 and 2012, respectively. Lease termination fees are recognized when the related leases are canceled and the Company has no obligation to provide services to such former tenants. Termination fees of $8 thousand and $105 thousand were recognized during the nine months ended September 30, 2013 and 2012, respectively. | |
Direct financing lease income is recognized on the effective interest method to produce a level yield on funds not yet recovered. Estimated unguaranteed residual values at the date of lease inception represent management's initial estimates of fair value of the leased assets at the expiration of the lease, not to exceed original cost. Significant assumptions used in estimating residual values include estimated net cash flows over the remaining lease term and expected future real estate values. The Company evaluates on an annual basis (or more frequently, if necessary) the collectability of its direct financing lease receivable and unguaranteed residual value to determine whether they are impaired. A direct financing lease receivable is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a direct financing lease receivable is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the direct financing lease receivable's effective interest rate or to the fair value of the underlying collateral, less costs to sell, if such receivable is collateralized. | |
Mortgage Notes and Other Notes Receivable | |
Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower and the Company defers certain loan origination and commitment fees, net of certain origination costs, and amortizes them over the term of the related loan. Interest income on performing loans is accrued as earned. The Company evaluates the collectability of both interest and principal of each of its loans to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines that it is probable that it will be unable to collect all amounts due according to the existing contractual terms. An insignificant delay or shortfall in amounts of payments does not necessarily result in the loan being identified as impaired. When a loan is considered to be impaired, the amount of loss, if any, is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the Company’s interest in the underlying collateral, less costs to sell, if the loan is collateral dependent. For impaired loans, interest income is recognized on a cash basis, unless the Company determines based on the loan to estimated fair value ratio the loan should be on the cost recovery method, and any cash payments received would then be reflected as a reduction of principal. Interest income recognition is recommenced if and when the impaired loan becomes contractually current and performance is demonstrated to be resumed. | |
Concentrations of Risk | |
American Multi-Cinema, Inc. (AMC) was the lessee of a substantial portion (30%) of the megaplex theatre rental properties held by the Company (including joint venture properties) at September 30, 2013 as a result of a series of sale leaseback transactions pertaining to AMC megaplex theatres. A substantial portion of the Company’s total revenues (approximately $63.6 million or 25% and $73.1 million or 31%, for the nine months ended September 30, 2013 and 2012, respectively) result from the revenue from AMC under the leases, or from its parent, AMC Entertainment, Inc. (AMCE), as the guarantor of AMC’s obligations under the leases. AMCE is wholly owned by Dalian Wanda Group Co. Ltd. and has publicly held debt and the following financial information was reported in its consolidated financial information which is publicly available. AMCE publicly reported total assets of $4.3 billion and $3.6 billion and total stockholders' equity of $774.1 million and $154.3 million at December 31, 2012 and March 29, 2012, respectively. Additionally, AMCE publicly reported total liabilities of $3.5 billion at both December 31, 2012 and March 29, 2012. AMCE publicly reported net earnings of $57.3 million for the transition period beginning on March 30, 2012 and ending December 31, 2012, a net loss of $82.0 million for the fifty-two weeks ended March 29, 2012 and a net loss of $122.9 million for the fifty-two weeks ended March 31, 2011. In addition, AMCE reported net earnings of $45.8 million for the six months ended June 30, 2013. | |
For the nine months ended September 30, 2013 and 2012, approximately $31.7 million or 13%, and $32.0 million or 14%, respectively, of total revenue was derived from the Company's four entertainment retail centers in Ontario, Canada. The Company's wholly owned subsidiaries that hold the four Canadian entertainment retail centers represent approximately $223.4 million or 15% of the Company's net assets at September 30, 2013. The third party debt held by these subsidiaries was repaid during the three months ended June 30, 2013. See Note 8 for further details. The Company's wholly owned subsidiaries that hold the four Canadian entertainment retail centers and third party debt represented approximately $147.3 million or 10%, of the Company's net assets as of December 31, 2012. | |
Share-Based Compensation | |
Share-based compensation to employees of the Company is granted pursuant to the Company's Annual Incentive Program and Long-Term Incentive Plan. Share-based compensation to non-employee Trustees of the Company is granted pursuant to the Company's Trustee compensation program and shares are issued under the 2007 Equity Incentive Plan. | |
Share-based compensation expense consists of share option expense, amortization of nonvested share grants, and amortization of share units issued to non-employee Trustees for payment of their annual retainers. Share-based compensation is included in general and administrative expense in the accompanying consolidated statements of income, and totaled $4.8 million and $4.4 million for the nine months ended September 30, 2013 and 2012, respectively. | |
Share Options | |
Share options are granted to employees pursuant to the Long-Term Incentive Plan and to non-employee Trustees for their service to the Company. The fair value of share options granted is estimated at the date of grant using the Black-Scholes option pricing model. Share options granted to employees vest over a period of four years and share option expense for these options is recognized on a straight-line basis over the vesting period. Share options granted to non-employee Trustees vest immediately but may not be exercised for a period of one year from the grant date. Share option expense for non-employee Trustees is recognized on a straight-line basis over the year of service by the non-employee Trustees. Total expense recognized related to share options was $647 thousand and $709 thousand for the nine months ended September 30, 2013 and 2012, respectively. | |
Nonvested Shares Issued to Employees | |
The Company grants nonvested shares to employees pursuant to both the Annual Incentive Program and the Long-Term Incentive Plan. The Company amortizes the expense related to the nonvested shares awarded to employees under the Long-Term Incentive Plan and the premium awarded under the nonvested share alternative of the Annual Incentive Program on a straight-line basis over the future vesting period (three to four years). Total expense recognized related to all nonvested shares was $3.6 million and $3.3 million for the nine months ended September 30, 2013 and 2012, respectively. | |
Restricted Share Units Issued to Non-Employee Trustees | |
The Company issues restricted share units to non-employee Trustees for payment of their annual retainers. The fair value of the share units granted was based on the share price at the date of grant. The share units vest upon the earlier of the day preceding the next annual meeting of shareholders or a change of control. The settlement date for the shares is selected by the non-employee Trustee, and ranges from one year from the grant date to upon termination of service. This expense is amortized by the Company on a straight-line basis over the year of service by the non-employee Trustees. Total expense recognized related to shares issued to non-employee Trustees was $559 thousand, and $372 thousand for the nine months ended September 30, 2013 and 2012, respectively. | |
Derivative Instruments | |
The Company has acquired certain derivative instruments to reduce exposure to fluctuations in foreign currency exchange rates and variable interest rates. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. These derivatives consist of foreign currency forward contracts, cross-currency swaps and interest rate swaps. | |
The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. | |
In conjunction with the FASB's fair value measurement guidance in FASB ASU 2011-04 (Amendments to ASC 820), the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. | |
Reclassifications | |
Certain reclassifications have been made to the prior period amounts to conform to the current period presentation for asset groups that qualify for presentation as discontinued operations. |
Rental_Properties
Rental Properties | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Rental Properties | ' | |||||||
Rental Properties | ||||||||
The following table summarizes the carrying amounts of rental properties as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Buildings and improvements | $ | 1,817,815 | $ | 1,734,300 | ||||
Furniture, fixtures & equipment | 18,271 | 34,028 | ||||||
Land | 495,733 | 492,449 | ||||||
2,331,819 | 2,260,777 | |||||||
Accumulated depreciation | (398,037 | ) | (375,684 | ) | ||||
Total | $ | 1,933,782 | $ | 1,885,093 | ||||
Depreciation expense on rental properties was $36.8 million and $32.3 million for the nine months ended September 30, 2013 and 2012, respectively. |
Investments_and_Dispositions
Investments and Dispositions | 9 Months Ended |
Sep. 30, 2013 | |
Investments And Dispositions [Abstract] | ' |
Investments and Dispositions | ' |
Investments and Dispositions | |
The Company's investment spending during the nine months ended September 30, 2013 totaled $252.8 million, and included investments in each of its four operating segments. | |
Entertainment investment spending during the nine months ended September 30, 2013 totaled $90.4 million, and was related primarily to investments in build-to-suit construction of eight megaplex theatres and two family entertainment centers that are subject to long-term triple net leases or long-term mortgage agreements. In addition, the Company's $90.4 million investment spending included the acquisition of three megaplex theatres located in Louisiana and Alabama, which are leased under long-term triple net lease agreements. | |
Education investment spending during the nine months ended September 30, 2013 totaled $116.0 million, and was related to investments in build-to-suit construction of 16 public charter schools and five early childhood education centers, as well as the acquisition of one early childhood education center located in Peoria, Arizona, each of which is subject to a long-term triple net lease or long-term mortgage agreement. In addition, the Company's $116.0 million investment spending included the acquisition of a public charter school in Columbia, South Carolina for $3.3 million that is leased under the master lease to Imagine Schools, Inc. (Imagine). See Note 6 for further details on this acquisition. | |
Recreation investment spending during the nine months ended September 30, 2013 totaled $42.2 million, and was related to fundings under the Company's mortgage notes for improvements at existing ski and water-park properties. In addition, the Company's $42.2 million recreation investment spending related to build-to-suit construction of six TopGolf golf entertainment facilities, as well as funding improvements at the Company's ski property located in Maryland. | |
Other investment spending during the nine months ended September 30, 2013 totaled $4.2 million and was related to the land held for development in Sullivan County, New York. | |
During the nine months ended September 30, 2013, the Company sold four winery and vineyard properties located in California. The total proceeds for these sales were $46.5 million and the Company recognized a net gain of $3.7 million. The results of operations of these properties have been classified within discontinued operations. | |
Additionally, during the nine months ended September 30, 2013, the Company extended the maturity of its mortgage loan agreement with Peak Resorts, Inc. from April 1, 2013 to April 1, 2016. The loan is secured by 696 acres of development land at Mt. Snow. |
Accounts_Receivable_Net
Accounts Receivable, Net | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||
Accounts Receivable, Net | ' | |||||||
Accounts Receivable, Net | ||||||||
The following table summarizes the carrying amounts of accounts receivable, net as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Receivable from tenants | $ | 9,778 | $ | 9,379 | ||||
Receivable from non-tenants | 125 | 1,527 | ||||||
Receivable from Canada Revenue Agency | 844 | 793 | ||||||
Straight-line rent receivable | 32,384 | 30,891 | ||||||
Allowance for doubtful accounts | (2,805 | ) | (3,852 | ) | ||||
Total | $ | 40,326 | $ | 38,738 | ||||
Investments_In_Direct_Financin
Investments In Direct Financing Lease | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ' | |||||||
Investments in a Direct Financing Lease | ' | |||||||
Investment in a Direct Financing Lease | ||||||||
The Company’s investment in a direct financing lease relates to the Company’s master lease of 27 and 26 public charter school properties as of September 30, 2013 and December 31, 2012, respectively, with affiliates of Imagine. Investment in a direct financing lease, net represents estimated unguaranteed residual values of leased assets and net unpaid rentals, less related deferred income. The following table summarizes the carrying amounts of investment in a direct financing lease, net as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||
September 30, 2013 | 31-Dec-12 | |||||||
Total minimum lease payments receivable | $ | 639,413 | $ | 648,632 | ||||
Estimated unguaranteed residual value of leased assets | 215,207 | 211,944 | ||||||
Less deferred income (1) | (613,630 | ) | (626,487 | ) | ||||
Investment in a direct financing lease, net | $ | 240,990 | $ | 234,089 | ||||
(1) Deferred income is net of $1.7 million of initial direct costs at September 30, 2013 and December 31, 2012. | ||||||||
Additionally, the Company has determined that no allowance for losses was necessary at September 30, 2013 and December 31, 2012. | ||||||||
On May 17, 2013, per the terms of the master lease of public charter schools with Imagine, the Company exchanged three St. Louis, Missouri schools for one located in Columbus, Ohio, one located in Dayton, Ohio and another located in Toledo, Ohio. In conjunction with this exchange, the Company completed the acquisition of a public charter school in Columbia, South Carolina for $3.3 million that is leased under the master lease to Imagine. Additionally, subsequent to September 30, 2013, the Company exchanged one St. Louis, Missouri school for one located in Columbus, Ohio. There was no impact on the Company's investment in direct financing lease as a result of these exchanges. | ||||||||
The Company’s direct financing lease has expiration dates ranging from approximately 19 to 22 years. Future minimum rentals receivable on this direct financing lease at September 30, 2013 are as follows (in thousands): | ||||||||
Amount | ||||||||
Year: | ||||||||
2013 | $ | 6,029 | ||||||
2014 | 24,609 | |||||||
2015 | 25,343 | |||||||
2016 | 26,104 | |||||||
2017 | 26,887 | |||||||
Thereafter | 530,441 | |||||||
Total | $ | 639,413 | ||||||
Unconsolidated_Real_Estate_Joi
Unconsolidated Real Estate Joint Ventures | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Unconsolidated Real Estate Joint Ventures [Abstract] | ' | |||||||
Unconsolidated Real Estate Joint Ventures | ' | |||||||
Unconsolidated Real Estate Joint Ventures | ||||||||
At September 30, 2013, the Company had a 48.5% and 32.7% investment interest in two unconsolidated real estate joint ventures, Atlantic-EPR I and Atlantic-EPR II, respectively, and the remaining interests in these joint ventures were held by the Company's partner, Atlantic of Hamburg, Germany (Atlantic). Subsequent to September 30, 2013, the Company purchased Atlantic's interests in each of these joint ventures. The Company accounted for its investment in these joint ventures under the equity method of accounting. | ||||||||
On August 30, 2013, the Company entered into an $11.8 million secured first mortgage loan agreement with an interest rate of 6.50% with Tampa Veterans, LP, the entity that holds title to the underlying assets in the Atlantic-EPR II joint venture, to pay off the partnership's loan at maturity. The loan was subsequently settled with the Company's acquisition of Atlantic's interest in this joint venture. | ||||||||
The Company recognized income of $498 thousand and $371 thousand during the nine months ended September 30, 2013 and 2012, respectively, from its equity investments in the Atlantic-EPR I and Atlantic-EPR II joint ventures. The Company also received distributions from Atlantic-EPR I and Atlantic-EPR II of $630 thousand and $828 thousand on its equity investment during the nine months ended September 30, 2013 and 2012, respectively. Condensed consolidated financial information for Atlantic-EPR I and Atlantic-EPR II is as follows as of and for the nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||
2013 | 2012 | |||||||
Rental properties, net | $ | 44,667 | $ | 45,772 | ||||
Cash | 221 | 255 | ||||||
Atlantic-EPR II mortgage note payable to EPR Properties (1) | 11,796 | 117 | ||||||
Mortgage note payable (2) | — | 11,929 | ||||||
Atlantic-EPR I mortgage note payable to EPR Properties (1) | 21,293 | 16,262 | ||||||
Partners’ equity | 18,395 | 18,794 | ||||||
Rental revenue | 4,253 | 4,204 | ||||||
Net income | 1,408 | 1,354 | ||||||
(1) Atlantic-EPR I and Atlantic-EPR II mortgage notes payable to EPR Properties were settled with the Company's acquisition of Atlantic's interests in each of these joint ventures subsequent to September 30, 2013. | ||||||||
(2) Atlantic-EPR II mortgage note payable was paid in full on September 1, 2013. | ||||||||
The partnership agreements for Atlantic-EPR I and Atlantic-EPR II allowed the Company’s partner, Atlantic, to exchange up to a maximum of 10% of its ownership interest per year in each of the joint ventures for common shares of the Company or, at the Company's discretion, the cash value of those shares as defined in each of the partnership agreements. During 2012, the Company paid Atlantic cash of $1.3 million and $490 thousand in exchange for additional ownership of 6.0% and 3.8% for Atlantic-EPR I and Atlantic-EPR II, respectively. During 2013, prior to the Company's acquisition of Atlantic's remaining interests in each of these joint ventures on October 8, 2013, the Company paid Atlantic cash of $1.2 million and $424 thousand in exchange for additional ownership of 6.4% and 3.2% for Atlantic-EPR I and Atlantic-EPR II, respectively. These exchanges did not impact total partners’ equity in either Atlantic-EPR I or Atlantic-EPR II. | ||||||||
In addition, as of September 30, 2013 and December 31, 2012, the Company had invested $5.4 million and $4.7 million, respectively, in unconsolidated joint ventures for three theatre projects located in China. The Company recognized income of $670 thousand and $295 thousand from its investment in these joint ventures for the nine months ended September 30, 2013 and 2012, respectively. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2013 | |
Long-term Debt, Unclassified [Abstract] | ' |
Long-Term Debt | ' |
Long-Term Debt | |
On March 4, 2013, the Company entered into a Discounted Payoff and Settlement Agreement (the Agreement) regarding one of its loan agreements secured by a theatre property located in Omaha, Nebraska. Pursuant to the Agreement, the Company made a cash payment of $9.7 million that included a forfeited restricted cash account with a balance of $1.2 million in full satisfaction of the loan. Accordingly, the Company recorded a gain on early extinguishment of debt of $4.5 million during the nine months ended September 30, 2013. | |
On June 18, 2013, the Company issued $275.0 million in senior notes due on July 15, 2023. The notes bear interest at 5.25%. Interest is payable on January 15 and July 15 of each year beginning on January 15, 2014 until the stated maturity date of July 15, 2023. The notes were issued at 99.546% of their face value and are unsecured and guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt which would cause the ratio of the Company’s debt to adjusted total assets to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times and (iv) the maintenance at all times of the Company's total unencumbered assets such that they are not less than 150% of the Company’s outstanding unsecured debt. | |
The Company used the proceeds from the note offering to (i) repay $89.5 million CAD ($87.9 million US) of outstanding fixed rate mortgage debt secured by four entertainment retail centers located in Ontario, Canada, (ii) repay $56.4 million of outstanding fixed rate mortgage debt secured by the Company's entertainment retail center located in New Rochelle, New York and (iii) partially pay down the Company's unsecured revolving credit facility. In connection with the repayment in full of the mortgage notes, $239 thousand of deferred financing costs (net of accumulated amortization) were written off and $5.7 million of additional costs associated with loan payoff were incurred. | |
On March 5, 2013, the Company increased the size of its unsecured term loan facility from $240.0 million to $255.0 million. Additionally, on July 23, 2013, the Company amended and restated both its unsecured revolving credit facility as well as its unsecured term loan facility. | |
The amendments to the unsecured revolving credit facility (i) increase the initial amount from $400.0 million to $440.0 million and increase the accordion such that the maximum borrowing amount available under the facility increased from $500.0 million to $600.0 million , (ii) extend the maturity date from October 13, 2015, to July 23, 2017 (with the Company having the same right as before to extend the loan for one additional year, subject to certain terms and conditions), (iii) lower the interest rate and facility fee pricing based on a grid related to the Company's senior unsecured credit ratings which was LIBOR plus 1.40% and 0.30%, respectively, at closing, (iv) revise certain definitions to broaden the types of properties eligible for consideration in the borrowing base, (v) increase borrowing base availability by increasing the values assigned to the Company's properties and (vi) add four new subsidiary borrowers. The Company subsequently exercised a portion of the accordion under its new unsecured revolving credit facility to increase the initial borrowing amount available under the facility from $440.0 million to $475.0 million. At September 30, 2013, the Company had $68.0 million debt outstanding under this facility. | |
The amendments to the unsecured term loan facility (i) increase the initial amount from $255.0 million to $265.0 million and increase the accordion such that the maximum amount available under the facility increased from $350.0 million to $400.0 million, (ii) extend the maturity date from January 5, 2017, to July 23, 2018, (iii) lower the interest rate in all but the lowest senior unsecured credit rating tiers which was LIBOR plus 1.60% at closing and (iv) add four new subsidiary borrowers. | |
On August 20, 2013, the Company assumed $14.4 million in economic development revenue bonds in conjunction with the acquisition of two theatre properties. The bonds have a stated maturity date of October 1, 2037 and bear interest at a variable rate which resets on a weekly basis and was 0.08% at September 30, 2013. The bonds require monthly interest only payments with principal due at maturity. | |
On September 25, 2013, the Company assumed a mortgage note payable of $5.4 million in conjunction with the acquisition of a theatre property. The note bears interest at a fixed rate of 5.39% and matures on November 1, 2015. The note requires monthly principal and interest payments of approximately $50 thousand with a final principal payment at maturity of $4.7 million. Upon acquisition, the carrying value of the note approximated fair value. |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2013 | |
Variable Interest Entities [Abstract] | ' |
Variable Interest Entities | ' |
Variable Interest Entities | |
The Company’s variable interest in VIEs currently are in the form of equity ownership and loans provided by the Company to a VIE or other partner. The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE and therefore required to consolidate the investments. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, and level of economic disproportionality between the Company and the other partner(s). | |
Consolidated VIEs | |
As of September 30, 2013, the Company had invested in one 50% joint venture which is a VIE. This joint venture did not have any significant assets and liabilities at September 30, 2013 and was established to explore certain investment opportunities. | |
Unconsolidated VIE | |
At September 30, 2013, the Company’s recorded investment in SVVI, a VIE that is unconsolidated, was $184.3 million. The Company’s maximum exposure to loss associated with SVVI is limited to the Company’s outstanding mortgage note and related accrued interest receivable of $184.3 million. While this entity is a VIE, the Company has determined that the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance is not held by the Company. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | |||||||||||||||
Derivative Instruments | ' | |||||||||||||||
Derivative Instruments | ||||||||||||||||
All derivatives are recognized at fair value in the consolidated balance sheets within the line items "Other assets" and "Accounts payable and accrued liabilities" as applicable. The Company's derivatives are subject to a master netting arrangement and the Company has elected not to offset its derivative position for purposes of balance sheet presentation and disclosure. The Company had derivative liabilities of $5.7 million and $8.1 million recorded in “Accounts payable and accrued liabilities” and derivative assets of $0.7 million and $0.1 million recorded in “Other assets” in the consolidated balance sheet at September 30, 2013 and December 31, 2012, respectively. Had the Company elected to offset derivatives in the consolidated balance sheet pursuant to ASU 210-20-45, the Company would have had derivative assets of approximately $0.7 million and derivative assets of $0.1 million that would have been offset against the respective derivative liabilities of $5.7 million and liabilities of $8.1 million, resulting in a net derivative liability of $5.0 million (with no derivative asset) at September 30, 2013, and a net derivative liability of $8.0 million (with no derivative asset) at December 31, 2012. The Company has not posted or received collateral with its derivative counterparties as of September 30, 2013 or December 31, 2012. See Note 11 for disclosures relating to the fair value of the derivative instruments as of September 30, 2013 and December 31, 2012. | ||||||||||||||||
Risk Management Objective of Using Derivatives | ||||||||||||||||
The Company is exposed to the effect of changes in foreign currency exchange rates and interest rates on its LIBOR based borrowings. The Company limits this risk by following established risk management policies and procedures including the use of derivatives. The Company’s objective in using derivatives is to add stability to reported earnings and to manage its exposure to foreign exchange and interest rate movements or other identified risks. To accomplish this objective, the Company primarily uses interest rate swaps, cross-currency swaps and foreign currency forwards. | ||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements on its LIBOR based borrowings. To accomplish this objective, the Company currently uses interest rate swaps as its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | ||||||||||||||||
On January 5, 2012, the Company entered into three interest rate swap agreements to fix the interest rate on a $240.0 million unsecured term loan facility that closed on the same day. These agreements have a combined outstanding notional amount of $240.0 million, a termination date of January 5, 2016 and provide for a fixed rate on this debt of 2.51%. On September 6, 2013, the Company entered into three interest rate swap agreements to further fix the interest rate on $240.0 million of the unsecured term loan facility at 2.38% from January 5, 2016 to July 5, 2017. | ||||||||||||||||
The effective portion of changes in the fair value of interest rate derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the nine months ended September 30, 2013 and 2012, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. No hedge ineffectiveness on cash flow hedges was recognized during the nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of September 30, 2013, the Company estimates that during the twelve months ending September 30, 2014, $1.7 million will be reclassified from AOCI to interest expense. | ||||||||||||||||
Cash Flow Hedges of Foreign Exchange Risk | ||||||||||||||||
The Company is exposed to foreign currency exchange risk against its functional currency, the U.S. dollar, on its four Canadian properties. The Company uses cross currency swaps and foreign currency forwards to mitigate its exposure to fluctuations in the CAD to U.S. dollar exchange rate on its Canadian properties. These foreign currency derivatives should hedge a significant portion of the Company's expected CAD denominated cash flow of the Canadian properties as their impact on the Company's cash flow when settled should move in the opposite direction of the exchange rates used to translate revenues and expenses of these properties. | ||||||||||||||||
As of September 30, 2013, the Company had cross-currency swaps with a fixed original notional value of $76.0 million CAD and $71.5 million U.S. The net effect of these swaps is to lock in an exchange rate of $1.05 CAD per U.S. dollar on approximately $13.0 million of annual CAD denominated cash flows on the properties through February 2014. Additionally, on June 19, 2013, the Company entered into cross-currency swaps that will be effective March 1, 2014 with a fixed original notional value of $100.0 million CAD and $98.1 million U.S. The net effect of these swaps is to lock in an exchange rate of $1.05 CAD per U.S. dollar on approximately $13.5 million of annual CAD denominated cash flows on the properties through June 2018. | ||||||||||||||||
The Company entered into foreign currency forward agreements to further hedge the currency fluctuations related to the cash flows of these properties. The agreements settled or settle at the end of each month from January to December 2013. These agreements lock in an exchange rate of $0.98 CAD to $0.99 CAD per U.S. dollar on approximately $500 thousand of monthly CAD denominated cash flows. | ||||||||||||||||
The effective portion of changes in the fair value of foreign currency derivatives designated and that qualify as cash flow hedges of foreign exchange risk is recorded in AOCI and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivative, as well as amounts excluded from the assessment of hedge effectiveness, is recognized directly in earnings. No hedge ineffectiveness on foreign currency derivatives has been recognized for the nine months ended September 30, 2013 and 2012. As of September 30, 2013, the Company estimates that during the twelve months ending September 30, 2014, $0.1 million will be reclassified from AOCI to other income. | ||||||||||||||||
Net Investment Hedges | ||||||||||||||||
As discussed above, the Company is exposed to fluctuations in foreign exchange rates on its four Canadian properties. As such, the Company uses currency forward agreements to hedge its exposure to changes in foreign exchange rates. Currency forward agreements involve fixing the CAD to U.S. dollar exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in US dollars for their fair value at or close to their settlement date. In order to hedge the net investment in four of the Canadian properties, the Company entered into a forward contract with a fixed notional value of $100.0 million CAD and $96.1 million U.S. with a February 2014 settlement. The exchange rate of this forward contract is approximately $1.04 CAD per U.S. dollar. Additionally, on June 19, 2013, the Company entered into a forward contract with a fixed notional value of $100.0 million CAD and $94.3 million U.S. with a July 2018 settlement date. The exchange rate of this forward contract is approximately $1.06 CAD per U.S. dollar. These forward contracts should hedge a significant portion of the Company’s CAD denominated net investment in these four centers through July 2018 as the impact on AOCI from marking the derivative to market should move in the opposite direction of the translation adjustment on the net assets of these four Canadian properties. | ||||||||||||||||
For foreign currency derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in AOCI as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. No hedge ineffectiveness on net investment hedges has been recognized for nine months ended September 30, 2013 and 2012. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. | ||||||||||||||||
See Note 11 for disclosure relating to the fair value of the Company’s derivative instruments. Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Three and Nine Months Ended September 30, 2013 and 2012 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Description | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest Rate Swaps | ||||||||||||||||
Amount of Loss Recognized in AOCI on Derivative (Effective Portion) | $ | (2,985 | ) | $ | (1,540 | ) | $ | (2,399 | ) | $ | (5,466 | ) | ||||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) | (442 | ) | (410 | ) | (1,296 | ) | (1,188 | ) | ||||||||
Cross Currency Swaps | ||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (1,333 | ) | (737 | ) | 746 | (851 | ) | |||||||||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (2) | (34 | ) | (179 | ) | (185 | ) | (454 | ) | ||||||||
Currency Forward Agreements | ||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (3,489 | ) | (3,363 | ) | 3,417 | (3,019 | ) | |||||||||
Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) | 73 | (21 | ) | 192 | (5 | ) | ||||||||||
Total | ||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ | (7,807 | ) | $ | (5,640 | ) | $ | 1,764 | $ | (9,336 | ) | |||||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) | (403 | ) | (610 | ) | (1,289 | ) | (1,647 | ) | ||||||||
-1 | Included in "Interest expense, net" in the accompanying consolidated statements of income for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||
-2 | Included in "Other income" and “Other expense” in the accompanying consolidated statements of income for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||
Credit-risk-related Contingent Features | ||||||||||||||||
The Company has agreements with each of its interest rate derivative counterparties that contain a provision where if the Company defaults on any of its obligations for borrowed money or credit in an amount exceeding $25.0 million and such default is not waived or cured within a specified period of time, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its interest rate derivative obligations. | ||||||||||||||||
As of September 30, 2013, the fair value of the Company’s derivatives in a liability position related to these agreements was $5.7 million. If the Company breached any of the contractual provisions of the derivative contracts, it would be required to settle its obligations under the agreements at their termination value of $5.9 million. |
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||
Fair Value Disclosures | ||||||||||||||||
The Company has certain financial instruments that are required to be measured under the FASB’s Fair Value Measurements and Disclosures guidance. The Company currently does not have any non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis. | ||||||||||||||||
As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs use quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | ||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||
The Company uses interest rate swaps, foreign currency forwards and cross-currency swaps to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the FASB's fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. | ||||||||||||||||
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives also use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of September 30, 2013, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives and therefore, has classified its derivatives as Level 2 within the fair value reporting hierarchy. | ||||||||||||||||
The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis at | ||||||||||||||||
September 30, 2013 and December 31, 2012 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Description | Quoted Prices in | Significant | Significant | Balance at | ||||||||||||
Active Markets | Other | Unobservable | end of period | |||||||||||||
for Identical | Observable | Inputs (Level 3) | ||||||||||||||
Assets (Level I) | Inputs (Level 2) | |||||||||||||||
September 30, 2013: | ||||||||||||||||
Cross-Currency Swaps* | $ | — | $ | 300 | $ | — | $ | 300 | ||||||||
Cross-Currency Swaps** | — | (78 | ) | — | (78 | ) | ||||||||||
Currency Forward Agreements* | $ | — | $ | 448 | $ | — | $ | 448 | ||||||||
Currency Forward Agreements** | — | (675 | ) | — | (675 | ) | ||||||||||
Interest Rate Swap Agreements** | $ | — | $ | (4,951 | ) | $ | — | $ | (4,951 | ) | ||||||
December 31, 2012: | ||||||||||||||||
Cross-Currency Swaps** | $ | — | $ | (709 | ) | $ | — | $ | (709 | ) | ||||||
Currency Forward Agreements** | $ | — | $ | (3,453 | ) | $ | — | $ | (3,453 | ) | ||||||
Interest Rate Swap Agreements** | $ | — | $ | (3,848 | ) | $ | — | $ | (3,848 | ) | ||||||
*Included in "Other assets" in the accompanying consolidated balance sheet. | ||||||||||||||||
**Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheet. | ||||||||||||||||
Non-recurring fair value measurements | ||||||||||||||||
There were no assets or liabilities measured at fair value on a non-recurring basis during the nine months ended September 30, 2013. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
Management compares the carrying value to the estimated fair value of the Company’s financial instruments. The following methods and assumptions were used by the Company to estimate the fair value of each class of financial instruments at September 30, 2013 and December 31, 2012: | ||||||||||||||||
Mortgage notes receivable and related accrued interest receivable: | ||||||||||||||||
The fair value of the Company’s mortgage notes and related accrued interest receivable is estimated by discounting the future cash flows of each instrument using current market rates. At September 30, 2013, the Company had a carrying value of $514.1 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 9.01%. The fixed rate mortgage notes bear interest at rates of 6.50% to 11.31%. Discounting the future cash flows for fixed rate mortgage notes receivable using rates of 9.00% to 11.31%, management estimates the fair value of the fixed rate mortgage notes receivable to be approximately $491.0 million with an estimated weighted average market rate of 10.07% at September 30, 2013. | ||||||||||||||||
At December 31, 2012, the Company had a carrying value of $455.8 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 8.96%. The fixed rate mortgage notes bear interest at rates of 7.00% to 11.31%. Discounting the future cash flows for fixed rate mortgage notes receivable using rates of 9.00% to 11.31%, management estimates the fair value of the fixed rate mortgage notes receivable to be $431.2 million with an estimated weighted average market rate of 10.07% at December 31, 2012. | ||||||||||||||||
Investment in a direct financing lease, net: | ||||||||||||||||
The fair value of the Company’s investment in a direct financing lease is estimated by discounting the future cash flows of the instrument using current market rates. At September 30, 2013 and December 31, 2012, the Company had an investment in a direct financing lease with a carrying value of $241.0 million and $234.1 million, respectively, and a weighted average effective interest rate of 12.01% and 12.02%, respectively. The investment in direct financing lease bears interest at effective interest rates of 11.74% to 12.38%. The carrying value of the investment in a direct financing lease approximates the fair market value at September 30, 2013 and December 31, 2012. | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Derivative instruments are carried at their fair market value. | ||||||||||||||||
Debt instruments: | ||||||||||||||||
The fair value of the Company's debt is estimated by discounting the future cash flows of each instrument using current market rates. At September 30, 2013, the Company had a carrying value of $358.0 million in variable rate debt outstanding with a weighted average interest rate of approximately 1.62%. The carrying value of the variable rate debt outstanding approximates the fair market value at September 30, 2013. | ||||||||||||||||
At December 31, 2012, the Company had a carrying value of $289.6 million in variable rate debt outstanding with an average weighted interest rate of approximately 1.88%. The carrying value of the variable rate debt outstanding approximates the fair market value at December 31, 2012. | ||||||||||||||||
At September 30, 2013 and December 31, 2012, $240.0 million of variable rate debt outstanding under the Company's unsecured term loan facility had been effectively converted to a fixed rate through July 5, 2017 by interest rate swap agreements. | ||||||||||||||||
At September 30, 2013, the Company had a carrying value of $1.19 billion in fixed rate long-term debt outstanding with a weighted average interest rate of approximately 6.10%. Discounting the future cash flows for fixed rate debt using rates of 3.33% to 5.65%, management estimates the fair value of the fixed rate debt to be approximately $1.24 billion with an estimated weighted average market rate of 4.94% at September 30, 2013. | ||||||||||||||||
At December 31, 2012, the Company had a carrying value of $1.08 billion in fixed rate long-term debt outstanding with an average weighted interest rate of approximately 6.35%. Discounting the future cash flows for fixed rate debt using rates of 3.41% to 5.17%, management estimates the fair value of the fixed rate debt to be approximately $1.17 billion with an estimated weighted average market rate of 4.46% at December 31, 2012. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||
The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three and nine months ended September 30, 2013 and 2012 (amounts in thousands except per share information): | ||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
(numerator) | (denominator) | Amount | (numerator) | (denominator) | Amount | |||||||||||||||||
Basic EPS: | ||||||||||||||||||||||
Income from continuing operations | $ | 40,529 | $ | 113,252 | ||||||||||||||||||
Less: preferred dividend requirements | (5,951 | ) | (17,855 | ) | ||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 34,578 | 47,349 | $ | 0.73 | $ | 95,397 | 47,097 | $ | 2.03 | ||||||||||||
Income from discontinued operations available to common shareholders | $ | 2,973 | 47,349 | $ | 0.06 | $ | 3,931 | 47,097 | $ | 0.08 | ||||||||||||
Net income available to common shareholders | $ | 37,551 | 47,349 | $ | 0.79 | $ | 99,328 | 47,097 | $ | 2.11 | ||||||||||||
Diluted EPS: | ||||||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 34,578 | 47,349 | $ | 95,397 | 47,097 | ||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||
Share options | — | 175 | — | 193 | ||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 34,578 | 47,524 | $ | 0.73 | $ | 95,397 | 47,290 | $ | 2.02 | ||||||||||||
Income from discontinued operations available to common shareholders | $ | 2,973 | 47,524 | $ | 0.06 | $ | 3,931 | 47,290 | $ | 0.08 | ||||||||||||
Net income available to common shareholders | $ | 37,551 | 47,524 | $ | 0.79 | $ | 99,328 | 47,290 | $ | 2.1 | ||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||
Income | Shares | Per Share | Income (loss) | Shares | Per Share | |||||||||||||||||
(numerator) | (denominator) | Amount | (numerator) | (denominator) | Amount | |||||||||||||||||
Basic EPS: | ||||||||||||||||||||||
Income from continuing operations | $ | 37,616 | $ | 105,344 | ||||||||||||||||||
Less: preferred dividend requirements | (6,002 | ) | (18,005 | ) | ||||||||||||||||||
Noncontrolling interest adjustments | (24 | ) | (61 | ) | ||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 31,590 | 46,840 | $ | 0.67 | $ | 87,278 | 46,781 | $ | 1.87 | ||||||||||||
Loss from discontinued operations available to common shareholders | $ | (3,441 | ) | 46,840 | $ | (0.07 | ) | $ | (12,961 | ) | 46,781 | $ | (0.28 | ) | ||||||||
Net income available to common shareholders | $ | 28,149 | 46,840 | $ | 0.6 | $ | 74,317 | 46,781 | $ | 1.59 | ||||||||||||
Diluted EPS: | ||||||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 31,590 | 46,840 | $ | 87,278 | 46,781 | ||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||
Share options | — | 250 | — | 254 | ||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 31,590 | 47,090 | $ | 0.67 | $ | 87,278 | 47,035 | $ | 1.86 | ||||||||||||
Loss from discontinued operations available to common shareholders | $ | (3,441 | ) | 47,090 | $ | (0.07 | ) | $ | (12,961 | ) | 47,035 | $ | (0.28 | ) | ||||||||
Net income available to common shareholders | $ | 28,149 | 47,090 | $ | 0.6 | $ | 74,317 | 47,035 | $ | 1.58 | ||||||||||||
The additional 1.9 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion of the Company’s 9.0% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted earnings per share for the three and nine months ended September 30, 2013 and 2012 because the effect is anti-dilutive. | ||||||||||||||||||||||
The dilutive effect of potential common shares from the exercise of share options is included in diluted earnings per share for the three and nine months ended September 30, 2013 and 2012. For the three and nine months ended September 30, 2013 and 2012, options to purchase 331 thousand and 368 thousand shares of common shares, respectively, at per share prices ranging from $45.20 to $65.50 and $44.62 to $65.50, respectively, were not included in the computation of diluted earnings per share because the options were anti-dilutive. |
Equity_Incentive_Plans
Equity Incentive Plans | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||
Equity Incentive Plans | ' | |||||||||||||||||
Equity Incentive Plan | ||||||||||||||||||
All grants of common shares and options to purchase common shares are issued under the Company's 2007 Equity Incentive Plan and an aggregate of 3,650,000 common shares, options to purchase common shares and restricted share units, subject to adjustment in the event of certain capital events, may be granted. At September 30, 2013, there were 1,942,628 shares available for grant under the 2007 Equity Incentive Plan. | ||||||||||||||||||
Share Options | ||||||||||||||||||
Share options granted under the 2007 Equity Incentive Plan have exercise prices equal to the fair market value of a common share at the date of grant. The options may be granted for any reasonable term, not to exceed 10 years, and for employees typically become exercisable at a rate of 25% per year over a four-year period. For non-employee Trustees, share options are vested upon issuance, however, the share options may not be exercised for a one year period subsequent to the grant date. The Company generally issues new common shares upon option exercise. A summary of the Company’s share option activity and related information is as follows: | ||||||||||||||||||
Number of | Option price | Weighted avg. | ||||||||||||||||
shares | per share | exercise price | ||||||||||||||||
Outstanding at December 31, 2012 | 881,338 | $ | 18.18 | — | $ | 65.5 | $ | 38.51 | ||||||||||
Exercised | (143,272 | ) | 18.18 | — | 47.2 | 30.64 | ||||||||||||
Granted | 115,257 | 46.86 | — | 58.09 | 47.86 | |||||||||||||
Forfeited | (12,658 | ) | 36.56 | — | 60.42 | 56.9 | ||||||||||||
Outstanding at September 30, 2013 | 840,665 | $ | 18.18 | — | $ | 65.5 | $ | 40.85 | ||||||||||
The weighted average fair value of options granted was $12.35 and $12.08 during the nine months ended September 30, 2013 and 2012, respectively. The intrinsic value of stock options exercised was $2.9 million and $1.5 million during the nine months ended September 30, 2013 and 2012, respectively. Additionally, the Company repurchased 66,632 shares into treasury shares in conjunction with the stock options exercised during the nine months ended September 30, 2013 with a total value of $3.4 million. At September 30, 2013, stock-option expense to be recognized in future periods was $2.0 million. | ||||||||||||||||||
The expense related to share options included in the determination of net income for the nine months ended September 30, 2013 and 2012 was $647 thousand and $709 thousand, respectively. The following assumptions were used in applying the Black-Scholes option pricing model at the grant dates: risk-free interest rate of 1.0% and 1.1% to 1.4% for the nine months ended September 30, 2013 and 2012, respectively, dividend yield of 5.4% to 6.5% for the nine months ended September 30, 2013 and 6.3% to 6.7% for the nine months ended September 30, 2012, volatility factors in the expected market price of the Company’s common shares of 50.7% for the nine months ended September 30, 2013 and 51.3% to 51.4% for the nine months ended September 30, 2012, 0.23% to 0.29% and 0.25% expected forfeiture rate for the nine months ended September 30, 2013 and 2012, respectively, and an expected life of approximately six years for both the nine months ended September 30, 2013 and 2012. The Company uses historical data to estimate the expected life of the option and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Additionally, expected volatility is computed based on the average historical volatility of the Company’s publicly traded shares. | ||||||||||||||||||
The following table summarizes outstanding options at September 30, 2013: | ||||||||||||||||||
Exercise price range | Options | Weighted avg. | Weighted avg. | Aggregate intrinsic | ||||||||||||||
outstanding | life remaining | exercise price | value (in thousands) | |||||||||||||||
$ 18.18 - 19.99 | 201,859 | 5.4 | ||||||||||||||||
20.00 - 29.99 | — | 0 | ||||||||||||||||
30.00 - 39.99 | 25,731 | 4.5 | ||||||||||||||||
40.00 - 49.99 | 502,222 | 5.9 | ||||||||||||||||
50.00 - 59.99 | 17,500 | 6.7 | ||||||||||||||||
60.00 - 65.50 | 93,353 | 3.3 | ||||||||||||||||
840,665 | 5.5 | $ | 40.85 | $ | 8,231 | |||||||||||||
The following table summarizes exercisable options at September 30, 2013: | ||||||||||||||||||
Exercise price range | Options | Weighted avg. | Weighted avg. | Aggregate intrinsic | ||||||||||||||
outstanding | life remaining | exercise price | value (in thousands) | |||||||||||||||
$ 18.18 - 19.99 | 201,859 | 5.4 | ||||||||||||||||
20.00 - 29.99 | — | 0 | ||||||||||||||||
30.00 - 39.99 | 18,460 | 3.8 | ||||||||||||||||
40.00 - 49.99 | 292,290 | 4 | ||||||||||||||||
50.00 - 59.99 | 10,000 | 4.6 | ||||||||||||||||
60.00 - 65.50 | 93,353 | 3.3 | ||||||||||||||||
615,962 | 4.3 | $ | 38.78 | $ | 7,667 | |||||||||||||
Nonvested Shares | ||||||||||||||||||
A summary of the Company’s nonvested share activity and related information is as follows: | ||||||||||||||||||
Number of | Weighted avg. | Weighted avg. | ||||||||||||||||
shares | grant date | life remaining | ||||||||||||||||
fair value | ||||||||||||||||||
Outstanding at December 31, 2012 | 322,808 | $ | 42.52 | |||||||||||||||
Granted | 198,833 | 47.15 | ||||||||||||||||
Vested | (145,570 | ) | 39.88 | |||||||||||||||
Forfeited | (4,207 | ) | 45.39 | |||||||||||||||
Outstanding at September 30, 2013 | 371,864 | $ | 46 | 1.24 | ||||||||||||||
The holders of nonvested shares have voting rights and receive dividends from the date of grant. These shares vest ratably over a period of three to four years. The fair value of the nonvested shares that vested was $6.7 million and $7.7 million for the nine months ended September 30, 2013 and 2012, respectively. At September 30, 2013, unamortized share-based compensation expense related to nonvested shares was $9.5 million. | ||||||||||||||||||
Restricted Share Units | ||||||||||||||||||
A summary of the Company’s restricted share unit activity and related information is as follows: | ||||||||||||||||||
Number of | Weighted | Weighted | ||||||||||||||||
Shares | Average | Average | ||||||||||||||||
Grant Date | Life | |||||||||||||||||
Fair Value | Remaining | |||||||||||||||||
Outstanding at December 31, 2012 | 10,925 | $ | 44.62 | |||||||||||||||
Granted | 17,530 | 58.38 | ||||||||||||||||
Vested | (10,925 | ) | 44.62 | |||||||||||||||
Outstanding at September 30, 2013 | 17,530 | $ | 58.38 | 0.61 | ||||||||||||||
The holders of restricted share units receive dividend equivalents from the date of grant. The share units vest upon the earlier of the day preceding the next annual meeting of shareholders or a change of control. The settlement date for the shares is selected by the non-employee Trustee, and ranges from one year from the grant date to upon termination of service. At September 30, 2013, unamortized share-based compensation expense related to restricted share units was $627 thousand. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
Included in discontinued operations for the three and nine months ended September 30, 2013 are the operations of the Pope Valley winery, which was held for sale as of September 30, 2013, as well as the operations of a winery and a portion of related vineyards located in Sonoma County, California that was sold on March 18, 2013 and an additional portion of vineyards at the same property that was sold on August 9, 2013 for a total net gain of $0.4 million, one winery located in located in Linden, California that was sold on July 19, 2013 for a gain of $0.08 million, one vineyard and winery property located in Lockeford, California that was sold on July 24, 2013 for a gain of $0.04 million and one vineyard and winery property located in Hopland, California that was sold on August 9, 2013 for a gain of $3.2 million. Included in discontinued operations for the three and nine months ended September 30, 2012 are the operations of the prior mentioned properties as well as the operations of the Carneros custom crush facility and the Buena Vista winery and vineyards, including a gain on sale or acquisition of real estate of $0.4 million (both were sold during 2012). Additionally, included in discontinued operations for the nine months ended September 30, 2013 are certain operations that relate to the settlement of escrow reserves established with the sale of Toronto Dundas Square and, for the nine months ended September 30, 2012, a gain on sale or acquisition of real estate of $0.3 million was recognized related to escrow reserve settlement. | ||||||||||||||||
The operating results relating to discontinued operations are as follows (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Rental revenue | $ | 163 | $ | 1,294 | $ | 1,623 | $ | 4,179 | ||||||||
Tenant reimbursements | — | — | 554 | — | ||||||||||||
Mortgage and other financing income | — | — | — | 112 | ||||||||||||
Total revenue | 163 | 1,294 | 2,177 | 4,291 | ||||||||||||
Property operating expense (benefit) | 66 | 3 | 38 | (720 | ) | |||||||||||
Other expense | 87 | 103 | 241 | 560 | ||||||||||||
Interest income, net | — | — | (28 | ) | (12 | ) | ||||||||||
Impairment charges | — | 3,086 | — | 14,015 | ||||||||||||
Depreciation and amortization | 205 | 1,543 | 1,728 | 4,129 | ||||||||||||
Income (loss) before gain on sale or acquisition of real estate | (195 | ) | (3,441 | ) | 198 | (13,681 | ) | |||||||||
Gain on sale or acquisition of real estate | 3,168 | — | 3,733 | 720 | ||||||||||||
Net income (loss) | $ | 2,973 | $ | (3,441 | ) | $ | 3,931 | $ | (12,961 | ) | ||||||
Other_Commitments_And_Continge
Other Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Other Commitments And Contingencies | ' |
Other Commitments and Contingencies | |
As of September 30, 2013, the Company had 13 entertainment development projects under construction or under redevelopment for which it has commitments to fund approximately $52.5 million, nine education development project under construction for which it has commitments to fund approximately $49.0 million and five recreation development projects under construction for which it has commitments to fund approximately $43.1 million. Development costs are advanced by the Company in periodic draws. If the Company determines that construction is not being completed in accordance with the terms of the development agreement, it can discontinue funding construction draws. The Company has agreed to lease the properties to the operators at pre-determined rates upon completion of construction. | |
The Company has certain commitments related to its mortgage note investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of its direct control. As of September 30, 2013, the Company had nine mortgage notes receivable with commitments totaling approximately $16.4 million. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. | |
The Company has provided guarantees of the payment of certain economic development revenue bonds totaling $20.4 million related to two theatres in Louisiana for which the Company earns a fee at annual rates of 2.88% to 4.00% over the 30-year terms of the related bonds. The Company has recorded $8.7 million as a deferred asset included in other assets and $8.7 million included in other liabilities in the accompanying consolidated balance sheet as of September 30, 2013 related to these guarantees. No amounts have been accrued as a loss contingency related to these guarantees because payment by the Company is not probable. | |
On September 18, 2013, the United States District Court for the Southern District of New York dismissed the complaint filed by Concord Associates, L.P. and six other companies affiliated with Louis Cappelli (the Cappelli group) against the Company and certain of its subsidiaries, Empire Resorts, Inc. and Monticello Raceway Management, Inc. (collectively Empire), and Kien Huat Realty III Limited and Genting New York LLC (collectively, Genting). The complaint alleged, among other things, that the Company and its subsidiaries had conspired with Empire to monopolize the racing and gaming market in the Catskills by entering into exclusivity and development agreements to develop a comprehensive resort destination in Sullivan County, New York. The plaintiffs are seeking $500 million in damages (trebled to $1.5 billion under antitrust law), punitive damages, and injunctive relief. The District Court dismissed plaintiffs’ federal antitrust claims against all defendants with prejudice, and dismissed the pendent state law claims against Empire and Genting without prejudice, meaning they could be further pursued in state court. The plaintiffs have filed a motion for reconsideration with the District Court, seeking permission to file a Second Amended Complaint, and also have filed a Notice of Appeal. | |
The Company has not determined that losses related to these matters are probable. Because of the favorable ruling from the District Court and the pending appeal, together with the inherent difficulty of predicting the outcome of litigation generally, the Company does not have sufficient information to determine the amount or range of reasonably possible loss with respect to these matters. The Company's assessments are based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause the Company to change those estimates and assumptions. The Company intends to vigorously defend the claims asserted against the Company and certain of its subsidiaries by the Cappelli Group, for which the Company believes it has meritorious defenses, but there can be no assurances as to its outcome. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Segment Information | ||||||||||||||||||||
The Company groups investments into four reportable operating segments: entertainment, education, recreation and other. The financial information summarized below is presented by reportable operating segment, consistent with how the Company regularly reviews and manages its business: | ||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Total Assets | $ | 1,851,592 | $ | 504,223 | $ | 477,132 | $ | 209,924 | $ | 92,402 | $ | 3,135,273 | ||||||||
As of December 31, 2012 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Total Assets | $ | 1,818,712 | $ | 376,048 | $ | 427,977 | $ | 252,444 | $ | 71,549 | $ | 2,946,730 | ||||||||
Operating Data: | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 54,800 | $ | 4,422 | $ | 2,682 | $ | 305 | $ | — | $ | 62,209 | ||||||||
Tenant reimbursements | 4,552 | — | — | — | — | 4,552 | ||||||||||||||
Other income | 29 | — | — | 1,373 | 39 | 1,441 | ||||||||||||||
Mortgage and other financing income | 2,258 | 8,507 | 8,807 | 67 | — | 19,639 | ||||||||||||||
Total revenue | 61,639 | 12,929 | 11,489 | 1,745 | 39 | 87,841 | ||||||||||||||
Property operating expense | 6,365 | — | — | 214 | — | 6,579 | ||||||||||||||
Other expense | — | — | — | 204 | — | 204 | ||||||||||||||
Total investment expenses | 6,365 | — | — | 418 | — | 6,783 | ||||||||||||||
Net operating income - before unallocated items | 55,274 | 12,929 | 11,489 | 1,327 | 39 | 81,058 | ||||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (6,764 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff | (223 | ) | ||||||||||||||||||
Interest expense, net | (20,435 | ) | ||||||||||||||||||
Transaction costs | (317 | ) | ||||||||||||||||||
Depreciation and amortization | (13,141 | ) | ||||||||||||||||||
Equity in income from joint ventures | 351 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Loss from discontinued operations | (195 | ) | ||||||||||||||||||
Gain on sale or acquisition of real estate | 3,168 | |||||||||||||||||||
Net income | 43,502 | |||||||||||||||||||
Preferred dividend requirements | (5,951 | ) | ||||||||||||||||||
Net income available to common shareholders of EPR Properties | $ | 37,551 | ||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 56,025 | $ | 2,602 | $ | 797 | $ | 331 | $ | — | $ | 59,755 | ||||||||
Tenant reimbursements | 4,608 | — | — | — | — | 4,608 | ||||||||||||||
Other income | 25 | — | — | 178 | — | 203 | ||||||||||||||
Mortgage and other financing income | 1,427 | 7,563 | 7,968 | 18 | — | 16,976 | ||||||||||||||
Total revenue | 62,085 | 10,165 | 8,765 | 527 | — | 81,542 | ||||||||||||||
Property operating expense | 5,801 | — | — | 138 | — | 5,939 | ||||||||||||||
Other expense | 4 | — | — | 250 | 201 | 455 | ||||||||||||||
Total investment expenses | 5,805 | — | — | 388 | 201 | 6,394 | ||||||||||||||
Net operating income - before unallocated items | 56,280 | 10,165 | 8,765 | 139 | (201 | ) | 75,148 | |||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (5,486 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff | (477 | ) | ||||||||||||||||||
Interest expense, net | (19,994 | ) | ||||||||||||||||||
Transaction costs | (184 | ) | ||||||||||||||||||
Depreciation and amortization | (11,733 | ) | ||||||||||||||||||
Equity in income from joint ventures | 342 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Loss from discontinued operations | (355 | ) | ||||||||||||||||||
Impairment charges | (3,086 | ) | ||||||||||||||||||
Net income | 34,175 | |||||||||||||||||||
Noncontrolling interests | (24 | ) | ||||||||||||||||||
Preferred dividend requirements | (6,002 | ) | ||||||||||||||||||
Net income available to common shareholders of EPR Properties | $ | 28,149 | ||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 164,305 | $ | 10,732 | $ | 6,373 | $ | 1,348 | $ | — | $ | 182,758 | ||||||||
Tenant reimbursements | 13,748 | — | — | — | — | 13,748 | ||||||||||||||
Other income | 77 | — | — | 1,451 | 10 | 1,538 | ||||||||||||||
Mortgage and other financing income | 6,685 | 24,609 | 24,151 | 225 | — | 55,670 | ||||||||||||||
Total revenue | 184,815 | 35,341 | 30,524 | 3,024 | 10 | 253,714 | ||||||||||||||
Property operating expense | 19,341 | — | — | 263 | — | 19,604 | ||||||||||||||
Other expense | — | — | — | 508 | — | 508 | ||||||||||||||
Total investment expenses | 19,341 | — | — | 771 | — | 20,112 | ||||||||||||||
Net operating income - before unallocated items | 165,474 | 35,341 | 30,524 | 2,253 | 10 | 233,602 | ||||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (19,468 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff | (6,166 | ) | ||||||||||||||||||
Gain on early extinguishment of debt | 4,539 | |||||||||||||||||||
Interest expense, net | (60,424 | ) | ||||||||||||||||||
Transaction costs | (859 | ) | ||||||||||||||||||
Depreciation and amortization | (39,140 | ) | ||||||||||||||||||
Equity in income from joint ventures | 1,168 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income from discontinued operations | 198 | |||||||||||||||||||
Gain on sale or acquisition of real estate | 3,733 | |||||||||||||||||||
Net income | 117,183 | |||||||||||||||||||
Preferred dividend requirements | (17,855 | ) | ||||||||||||||||||
Net income available to common shareholders of EPR Properties | $ | 99,328 | ||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 165,620 | $ | 5,742 | $ | 2,114 | $ | 888 | $ | — | $ | 174,364 | ||||||||
Tenant reimbursements | 13,794 | — | — | — | — | 13,794 | ||||||||||||||
Other income | 71 | — | — | 265 | — | 336 | ||||||||||||||
Mortgage and other financing income | 2,373 | 22,406 | 22,016 | 66 | — | 46,861 | ||||||||||||||
Total revenue | 181,858 | 28,148 | 24,130 | 1,219 | — | 235,355 | ||||||||||||||
Property operating expense | 17,238 | — | — | 761 | — | 17,999 | ||||||||||||||
Other expense | 4 | — | — | 585 | 460 | 1,049 | ||||||||||||||
Total investment expenses | 17,242 | — | — | 1,346 | 460 | 19,048 | ||||||||||||||
Net operating income - before unallocated items | 164,616 | 28,148 | 24,130 | (127 | ) | (460 | ) | 216,307 | ||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (17,774 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff | (477 | ) | ||||||||||||||||||
Interest expense, net | (56,594 | ) | ||||||||||||||||||
Transaction costs | (373 | ) | ||||||||||||||||||
Impairment charges | (1,914 | ) | ||||||||||||||||||
Depreciation and amortization | (34,497 | ) | ||||||||||||||||||
Equity in income from joint ventures | 666 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income from discontinued operations | 334 | |||||||||||||||||||
Impairment charges | (14,015 | ) | ||||||||||||||||||
Gain on sale or acquisition of real estate | 720 | |||||||||||||||||||
Net income | 92,383 | |||||||||||||||||||
Noncontrolling interests | (61 | ) | ||||||||||||||||||
Preferred dividend requirements | (18,005 | ) | ||||||||||||||||||
Net income available to common shareholders | $ | 74,317 | ||||||||||||||||||
Condensed_Consolidating_Financ
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 | |||||||||
Total liabilities and equity | $ | 2,681,906 | $ | 2,046,965 | $ | 1,018,862 | $ | (2,612,460 | ) | $ | 3,135,273 | |||||||||
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 | ) | — | ||||||||||||||
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 | ||||||||||||||||||||
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 | |||||||||
Comprehensive income attributable to EPR Properties | $ | 40,646 | $ | 43,418 | $ | 10,027 | $ | (53,445 | ) | $ | 40,646 | |||||||||
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 | |||||||||||||||
Interest expense, net | 9,791 | 2,652 | 7,551 | — | 19,994 | |||||||||||||||
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 | ||||||||||||||
Equity in income from joint ventures | 186 | — | 156 | — | 342 | |||||||||||||||
Income from continuing operations | $ | 34,151 | $ | 38,289 | $ | 4,277 | $ | (39,101 | ) | $ | 37,616 | |||||||||
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 | ||||||||||||||
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 | ) | |||||||||||||
Net income available to common shareholders of EPR Properties | $ | 28,149 | $ | 38,286 | $ | 815 | $ | (39,101 | ) | $ | 28,149 | |||||||||
Comprehensive income attributable to EPR Properties | $ | 34,100 | $ | 38,147 | $ | 2,034 | $ | (40,181 | ) | $ | 34,100 | |||||||||
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 | |||||||||||||||
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 | ||||||||||||||
Preferred dividend requirements | (17,855 | ) | — | — | — | (17,855 | ) | |||||||||||||
Net income available to common shareholders of EPR Properties | $ | 99,328 | $ | 128,177 | $ | 14,082 | $ | (142,259 | ) | $ | 99,328 | |||||||||
Comprehensive income attributable to EPR Properties | $ | 114,097 | $ | 128,313 | $ | 11,963 | $ | (140,276 | ) | $ | 114,097 | |||||||||
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 | ||||||||
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 | ||||||||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Event [Line Items] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events | |
On October 7, 2013, the Company closed on the acquisition of the Camelback Mountain Ski Resort located in Tannersville, Pennsylvania. The property was acquired for a purchase price of $69.3 million. The resort consists of 160 acres of skiable terrain and includes a waterpark, an outdoor adventure park, a 40 lane tubing facility and base lodge. The property is leased under a long-term triple net lease. In addition, the Company has agreed to finance an additional $110.7 million to construct a water-park hotel on the property. | |
On October 8, 2013, the Company completed the acquisition of its partner's interest in the Atlantic-EPR I and Atlantic-EPR II joint ventures for a net purchase price of $18.6 million. See Note 7 for details on these joint ventures. | |
During the nine months ended September 30, 2013, the Company issued 878,242 common shares pursuant to a registered public offering under the direct share purchase component of the Dividend Reinvestment and Direct Share Purchase Plan for net proceeds after expenses of $43.4 million. In addition, on October 23, 2013, the Company issued 3.6 million common shares in a registered public offering for total net proceeds, after the underwriting discount and offering expenses, of approximately $174.0 million. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the nine month period ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE), as defined in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic on Consolidation. The Topic on Consolidation requires the consolidation of VIEs in which an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. This topic requires an ongoing reassessment. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the Consolidation Topic of the FASB ASC, or does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. | |
The Company reports its noncontrolling interests as required by the Consolidation Topic of the FASB ASC. Noncontrolling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company's equity. On the consolidated statements of income, revenues, expenses and net income or loss from less-than-wholly-owned subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Consolidated statements of changes in shareholders' equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for equity, noncontrolling interests and total equity. The Company does not have any redeemable noncontrolling interests. | |
The consolidated balance sheet as of December 31, 2012 has been derived from the audited consolidated balance sheet at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission (SEC) on February 27, 2013. | |
Operating Segments | ' |
Operating Segments | |
For financial reporting purposes, the Company groups its investments into four reportable operating segments: entertainment, education, recreation and other. See Note 16 for financial information related to these operating segments. | |
Rental Properties | ' |
Rental Properties | |
Rental properties are carried at cost less accumulated depreciation. Costs incurred for the acquisition and development of the properties are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally are estimated to be 40 years for buildings and 3 to 25 years for furniture, fixtures and equipment. Tenant improvements, including allowances, are depreciated over the shorter of the base term of the lease or the estimated useful life. Expenditures for ordinary maintenance and repairs are charged to operations in the period incurred. Significant renovations and improvements that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful life. | |
Management reviews a property for impairment whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. The review of recoverability is based on an estimate of undiscounted future cash flows expected to result from its use and eventual disposition. If impairment exists due to the inability to recover the carrying value of the property, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. | |
The Company evaluates the held-for-sale classification of its real estate as of the end of each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less costs to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment that is expected to close within one year. The results of operations of these real estate properties are reflected as discontinued operations in all periods reported. On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance. | |
Allowance For Doubtful Accounts | ' |
Allowance for Doubtful Accounts | |
The Company makes estimates of the collectability of its accounts receivable related to base rents, tenant escalations (straight-line rents), reimbursements and other revenue or income. The Company specifically analyzes trends in accounts receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of its allowance for doubtful accounts. When evaluating customer creditworthiness, management reviews the periodic financial statements for significant tenants and specifically evaluates the strength and material changes in net operating income, coverage ratios, leverage and other factors to assess the tenant's credit quality. In addition, when customers are in bankruptcy, the Company makes estimates of the expected recovery of pre-petition administrative and damage claims. These estimates have a direct impact on the Company's net income. | |
Revenue Recognition | ' |
Revenue Recognition | |
Rents that are fixed and determinable are recognized on a straight-line basis over the minimum terms of the leases. Base rent escalation on leases that are dependent upon increases in the Consumer Price Index (CPI) is recognized when known. In addition, most of the Company's tenants are subject to additional rents if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents as well as participating interest for those mortgage agreements that contain similar such clauses are recognized at the time when specific triggering events occur as provided by the lease or mortgage agreements. Rental revenue included percentage rents of $2.2 million and $1.1 million for the nine months ended September 30, 2013 and 2012, respectively. Mortgage and | |
other financing income included participating interest income of $0.9 million and $0.8 million for the nine months ended September 30, 2013 and 2012, respectively. Lease termination fees are recognized when the related leases are canceled and the Company has no obligation to provide services to such former tenants. Termination fees of $8 thousand and $105 thousand were recognized during the nine months ended September 30, 2013 and 2012, respectively. | |
Direct financing lease income is recognized on the effective interest method to produce a level yield on funds not yet recovered. Estimated unguaranteed residual values at the date of lease inception represent management's initial estimates of fair value of the leased assets at the expiration of the lease, not to exceed original cost. Significant assumptions used in estimating residual values include estimated net cash flows over the remaining lease term and expected future real estate values. The Company evaluates on an annual basis (or more frequently, if necessary) the collectability of its direct financing lease receivable and unguaranteed residual value to determine whether they are impaired. A direct financing lease receivable is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a direct financing lease receivable is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the direct financing lease receivable's effective interest rate or to the fair value of the underlying collateral, less costs to sell, if such receivable is collateralized. | |
Mortgage Notes And Other Notes Receivable | ' |
Mortgage Notes and Other Notes Receivable | |
Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower and the Company defers certain loan origination and commitment fees, net of certain origination costs, and amortizes them over the term of the related loan. Interest income on performing loans is accrued as earned. The Company evaluates the collectability of both interest and principal of each of its loans to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines that it is probable that it will be unable to collect all amounts due according to the existing contractual terms. An insignificant delay or shortfall in amounts of payments does not necessarily result in the loan being identified as impaired. When a loan is considered to be impaired, the amount of loss, if any, is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the Company’s interest in the underlying collateral, less costs to sell, if the loan is collateral dependent. For impaired loans, interest income is recognized on a cash basis, unless the Company determines based on the loan to estimated fair value ratio the loan should be on the cost recovery method, and any cash payments received would then be reflected as a reduction of principal. Interest income recognition is recommenced if and when the impaired loan becomes contractually current and performance is demonstrated to be resumed. | |
Concentrations Of Risk | ' |
Concentrations of Risk | |
American Multi-Cinema, Inc. (AMC) was the lessee of a substantial portion (30%) of the megaplex theatre rental properties held by the Company (including joint venture properties) at September 30, 2013 as a result of a series of sale leaseback transactions pertaining to AMC megaplex theatres. A substantial portion of the Company’s total revenues (approximately $63.6 million or 25% and $73.1 million or 31%, for the nine months ended September 30, 2013 and 2012, respectively) result from the revenue from AMC under the leases, or from its parent, AMC Entertainment, Inc. (AMCE), as the guarantor of AMC’s obligations under the leases. AMCE is wholly owned by Dalian Wanda Group Co. Ltd. and has publicly held debt and the following financial information was reported in its consolidated financial information which is publicly available. AMCE publicly reported total assets of $4.3 billion and $3.6 billion and total stockholders' equity of $774.1 million and $154.3 million at December 31, 2012 and March 29, 2012, respectively. Additionally, AMCE publicly reported total liabilities of $3.5 billion at both December 31, 2012 and March 29, 2012. AMCE publicly reported net earnings of $57.3 million for the transition period beginning on March 30, 2012 and ending December 31, 2012, a net loss of $82.0 million for the fifty-two weeks ended March 29, 2012 and a net loss of $122.9 million for the fifty-two weeks ended March 31, 2011. In addition, AMCE reported net earnings of $45.8 million for the six months ended June 30, 2013. | |
For the nine months ended September 30, 2013 and 2012, approximately $31.7 million or 13%, and $32.0 million or 14%, respectively, of total revenue was derived from the Company's four entertainment retail centers in Ontario, Canada. The Company's wholly owned subsidiaries that hold the four Canadian entertainment retail centers represent approximately $223.4 million or 15% of the Company's net assets at September 30, 2013. The third party debt held by these subsidiaries was repaid during the three months ended June 30, 2013. See Note 8 for further details. The Company's wholly owned subsidiaries that hold the four Canadian entertainment retail centers and third party debt represented approximately $147.3 million or 10%, of the Company's net assets as of December 31, 2012. | |
Share-Based Compensation | ' |
Share-Based Compensation | |
Share-based compensation to employees of the Company is granted pursuant to the Company's Annual Incentive Program and Long-Term Incentive Plan. Share-based compensation to non-employee Trustees of the Company is granted pursuant to the Company's Trustee compensation program and shares are issued under the 2007 Equity Incentive Plan. | |
Share-based compensation expense consists of share option expense, amortization of nonvested share grants, and amortization of share units issued to non-employee Trustees for payment of their annual retainers. Share-based compensation is included in general and administrative expense in the accompanying consolidated statements of income, and totaled $4.8 million and $4.4 million for the nine months ended September 30, 2013 and 2012, respectively. | |
Share Options | ' |
Share Options | |
Share options are granted to employees pursuant to the Long-Term Incentive Plan and to non-employee Trustees for their service to the Company. The fair value of share options granted is estimated at the date of grant using the Black-Scholes option pricing model. Share options granted to employees vest over a period of four years and share option expense for these options is recognized on a straight-line basis over the vesting period. Share options granted to non-employee Trustees vest immediately but may not be exercised for a period of one year from the grant date. Share option expense for non-employee Trustees is recognized on a straight-line basis over the year of service by the non-employee Trustees. Total expense recognized related to share options was $647 thousand and $709 thousand for the nine months ended September 30, 2013 and 2012, respectively. | |
Nonvested Shares Issued To Employees | ' |
Nonvested Shares Issued to Employees | |
The Company grants nonvested shares to employees pursuant to both the Annual Incentive Program and the Long-Term Incentive Plan. The Company amortizes the expense related to the nonvested shares awarded to employees under the Long-Term Incentive Plan and the premium awarded under the nonvested share alternative of the Annual Incentive Program on a straight-line basis over the future vesting period (three to four years). Total expense recognized related to all nonvested shares was $3.6 million and $3.3 million for the nine months ended September 30, 2013 and 2012, respectively. | |
Restricted Share Units Issued To Non-Employee Trustees | ' |
Restricted Share Units Issued to Non-Employee Trustees | |
The Company issues restricted share units to non-employee Trustees for payment of their annual retainers. The fair value of the share units granted was based on the share price at the date of grant. The share units vest upon the earlier of the day preceding the next annual meeting of shareholders or a change of control. The settlement date for the shares is selected by the non-employee Trustee, and ranges from one year from the grant date to upon termination of service. This expense is amortized by the Company on a straight-line basis over the year of service by the non-employee Trustees. Total expense recognized related to shares issued to non-employee Trustees was $559 thousand, and $372 thousand for the nine months ended September 30, 2013 and 2012, respectively. | |
Derivative Instruments | ' |
Derivative Instruments | |
The Company has acquired certain derivative instruments to reduce exposure to fluctuations in foreign currency exchange rates and variable interest rates. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. These derivatives consist of foreign currency forward contracts, cross-currency swaps and interest rate swaps. | |
The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. | |
In conjunction with the FASB's fair value measurement guidance in FASB ASU 2011-04 (Amendments to ASC 820), the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. | |
Reclassifications | ' |
Reclassifications | |
Certain reclassifications have been made to the prior period amounts to conform to the current period presentation for asset groups that qualify for presentation as discontinued operations. |
Rental_Properties_Tables
Rental Properties (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Summary Of Carrying Amounts Of Rental Properties | ' | |||||||
The following table summarizes the carrying amounts of rental properties as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Buildings and improvements | $ | 1,817,815 | $ | 1,734,300 | ||||
Furniture, fixtures & equipment | 18,271 | 34,028 | ||||||
Land | 495,733 | 492,449 | ||||||
2,331,819 | 2,260,777 | |||||||
Accumulated depreciation | (398,037 | ) | (375,684 | ) | ||||
Total | $ | 1,933,782 | $ | 1,885,093 | ||||
Dep |
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||
Schedule Of Accounts Receivable | ' | |||||||
The following table summarizes the carrying amounts of accounts receivable, net as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Receivable from tenants | $ | 9,778 | $ | 9,379 | ||||
Receivable from non-tenants | 125 | 1,527 | ||||||
Receivable from Canada Revenue Agency | 844 | 793 | ||||||
Straight-line rent receivable | 32,384 | 30,891 | ||||||
Allowance for doubtful accounts | (2,805 | ) | (3,852 | ) | ||||
Total | $ | 40,326 | $ | 38,738 | ||||
Investments_In_Direct_Financin1
Investments In Direct Financing Lease (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ' | |||||||
Summary Of Carrying Amounts Of Investments In Direct Financing Leases, Net | ' | |||||||
The following table summarizes the carrying amounts of investment in a direct financing lease, net as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||
September 30, 2013 | 31-Dec-12 | |||||||
Total minimum lease payments receivable | $ | 639,413 | $ | 648,632 | ||||
Estimated unguaranteed residual value of leased assets | 215,207 | 211,944 | ||||||
Less deferred income (1) | (613,630 | ) | (626,487 | ) | ||||
Investment in a direct financing lease, net | $ | 240,990 | $ | 234,089 | ||||
(1) Deferred income is net of $1.7 million of initial direct costs at September 30, 2013 and December 31, 2012 | ||||||||
Future Minimum Rentals Receivable | ' | |||||||
The Company’s direct financing lease has expiration dates ranging from approximately 19 to 22 years. Future minimum rentals receivable on this direct financing lease at September 30, 2013 are as follows (in thousands): | ||||||||
Amount | ||||||||
Year: | ||||||||
2013 | $ | 6,029 | ||||||
2014 | 24,609 | |||||||
2015 | 25,343 | |||||||
2016 | 26,104 | |||||||
2017 | 26,887 | |||||||
Thereafter | 530,441 | |||||||
Total | $ | 639,413 | ||||||
Unconsolidated_Real_Estate_Joi1
Unconsolidated Real Estate Joint Ventures (Tables) (Atlantic-EPR I and II [Member]) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Atlantic-EPR I and II [Member] | ' | |||||||
Unconsolidated Real Estate Joint Ventures [Line Items] | ' | |||||||
Unaudited Condensed Financial Information | ' | |||||||
Condensed consolidated financial information for Atlantic-EPR I and Atlantic-EPR II is as follows as of and for the nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||
2013 | 2012 | |||||||
Rental properties, net | $ | 44,667 | $ | 45,772 | ||||
Cash | 221 | 255 | ||||||
Atlantic-EPR II mortgage note payable to EPR Properties (1) | 11,796 | 117 | ||||||
Mortgage note payable (2) | — | 11,929 | ||||||
Atlantic-EPR I mortgage note payable to EPR Properties (1) | 21,293 | 16,262 | ||||||
Partners’ equity | 18,395 | 18,794 | ||||||
Rental revenue | 4,253 | 4,204 | ||||||
Net income | 1,408 | 1,354 | ||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | |||||||||||||||
Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income | ' | |||||||||||||||
Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Three and Nine Months Ended September 30, 2013 and 2012 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Description | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest Rate Swaps | ||||||||||||||||
Amount of Loss Recognized in AOCI on Derivative (Effective Portion) | $ | (2,985 | ) | $ | (1,540 | ) | $ | (2,399 | ) | $ | (5,466 | ) | ||||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) | (442 | ) | (410 | ) | (1,296 | ) | (1,188 | ) | ||||||||
Cross Currency Swaps | ||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (1,333 | ) | (737 | ) | 746 | (851 | ) | |||||||||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (2) | (34 | ) | (179 | ) | (185 | ) | (454 | ) | ||||||||
Currency Forward Agreements | ||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (3,489 | ) | (3,363 | ) | 3,417 | (3,019 | ) | |||||||||
Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) | 73 | (21 | ) | 192 | (5 | ) | ||||||||||
Total | ||||||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ | (7,807 | ) | $ | (5,640 | ) | $ | 1,764 | $ | (9,336 | ) | |||||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) | (403 | ) | (610 | ) | (1,289 | ) | (1,647 | ) | ||||||||
-1 | Included in "Interest expense, net" in the accompanying consolidated statements of income for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||
-2 | Included in "Other income" and “Other expense” in the accompanying consolidated statements of income for the three and nine months ended September 30, 2013 and 2012. |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets Measured At Fair Value On A Recurring Basis | ' | |||||||||||||||
The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis at | ||||||||||||||||
September 30, 2013 and December 31, 2012 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Description | Quoted Prices in | Significant | Significant | Balance at | ||||||||||||
Active Markets | Other | Unobservable | end of period | |||||||||||||
for Identical | Observable | Inputs (Level 3) | ||||||||||||||
Assets (Level I) | Inputs (Level 2) | |||||||||||||||
September 30, 2013: | ||||||||||||||||
Cross-Currency Swaps* | $ | — | $ | 300 | $ | — | $ | 300 | ||||||||
Cross-Currency Swaps** | — | (78 | ) | — | (78 | ) | ||||||||||
Currency Forward Agreements* | $ | — | $ | 448 | $ | — | $ | 448 | ||||||||
Currency Forward Agreements** | — | (675 | ) | — | (675 | ) | ||||||||||
Interest Rate Swap Agreements** | $ | — | $ | (4,951 | ) | $ | — | $ | (4,951 | ) | ||||||
December 31, 2012: | ||||||||||||||||
Cross-Currency Swaps** | $ | — | $ | (709 | ) | $ | — | $ | (709 | ) | ||||||
Currency Forward Agreements** | $ | — | $ | (3,453 | ) | $ | — | $ | (3,453 | ) | ||||||
Interest Rate Swap Agreements** | $ | — | $ | (3,848 | ) | $ | — | $ | (3,848 | ) | ||||||
*Included in "Other assets" in the accompanying consolidated balance sheet. | ||||||||||||||||
**Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheet. | ||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis | ' | |||||||||||||||
assets or liabilities measured at fair value on a non-recurring basis during the nine months ended September 30, 2013. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Computation Of Basic And Diluted Earnings Per Share | ' | |||||||||||||||||||||
The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three and nine months ended September 30, 2013 and 2012 (amounts in thousands except per share information): | ||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
(numerator) | (denominator) | Amount | (numerator) | (denominator) | Amount | |||||||||||||||||
Basic EPS: | ||||||||||||||||||||||
Income from continuing operations | $ | 40,529 | $ | 113,252 | ||||||||||||||||||
Less: preferred dividend requirements | (5,951 | ) | (17,855 | ) | ||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 34,578 | 47,349 | $ | 0.73 | $ | 95,397 | 47,097 | $ | 2.03 | ||||||||||||
Income from discontinued operations available to common shareholders | $ | 2,973 | 47,349 | $ | 0.06 | $ | 3,931 | 47,097 | $ | 0.08 | ||||||||||||
Net income available to common shareholders | $ | 37,551 | 47,349 | $ | 0.79 | $ | 99,328 | 47,097 | $ | 2.11 | ||||||||||||
Diluted EPS: | ||||||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 34,578 | 47,349 | $ | 95,397 | 47,097 | ||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||
Share options | — | 175 | — | 193 | ||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 34,578 | 47,524 | $ | 0.73 | $ | 95,397 | 47,290 | $ | 2.02 | ||||||||||||
Income from discontinued operations available to common shareholders | $ | 2,973 | 47,524 | $ | 0.06 | $ | 3,931 | 47,290 | $ | 0.08 | ||||||||||||
Net income available to common shareholders | $ | 37,551 | 47,524 | $ | 0.79 | $ | 99,328 | 47,290 | $ | 2.1 | ||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||
Income | Shares | Per Share | Income (loss) | Shares | Per Share | |||||||||||||||||
(numerator) | (denominator) | Amount | (numerator) | (denominator) | Amount | |||||||||||||||||
Basic EPS: | ||||||||||||||||||||||
Income from continuing operations | $ | 37,616 | $ | 105,344 | ||||||||||||||||||
Less: preferred dividend requirements | (6,002 | ) | (18,005 | ) | ||||||||||||||||||
Noncontrolling interest adjustments | (24 | ) | (61 | ) | ||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 31,590 | 46,840 | $ | 0.67 | $ | 87,278 | 46,781 | $ | 1.87 | ||||||||||||
Loss from discontinued operations available to common shareholders | $ | (3,441 | ) | 46,840 | $ | (0.07 | ) | $ | (12,961 | ) | 46,781 | $ | (0.28 | ) | ||||||||
Net income available to common shareholders | $ | 28,149 | 46,840 | $ | 0.6 | $ | 74,317 | 46,781 | $ | 1.59 | ||||||||||||
Diluted EPS: | ||||||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 31,590 | 46,840 | $ | 87,278 | 46,781 | ||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||
Share options | — | 250 | — | 254 | ||||||||||||||||||
Income from continuing operations available to common shareholders | $ | 31,590 | 47,090 | $ | 0.67 | $ | 87,278 | 47,035 | $ | 1.86 | ||||||||||||
Loss from discontinued operations available to common shareholders | $ | (3,441 | ) | 47,090 | $ | (0.07 | ) | $ | (12,961 | ) | 47,035 | $ | (0.28 | ) | ||||||||
Net income available to common shareholders | $ | 28,149 | 47,090 | $ | 0.6 | $ | 74,317 | 47,035 | $ | 1.58 | ||||||||||||
Equity_Incentive_Plans_Tables
Equity Incentive Plans (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||
Summary Of Share Option Activity | ' | |||||||||||||||||
A summary of the Company’s share option activity and related information is as follows: | ||||||||||||||||||
Number of | Option price | Weighted avg. | ||||||||||||||||
shares | per share | exercise price | ||||||||||||||||
Outstanding at December 31, 2012 | 881,338 | $ | 18.18 | — | $ | 65.5 | $ | 38.51 | ||||||||||
Exercised | (143,272 | ) | 18.18 | — | 47.2 | 30.64 | ||||||||||||
Granted | 115,257 | 46.86 | — | 58.09 | 47.86 | |||||||||||||
Forfeited | (12,658 | ) | 36.56 | — | 60.42 | 56.9 | ||||||||||||
Outstanding at September 30, 2013 | 840,665 | $ | 18.18 | — | $ | 65.5 | $ | 40.85 | ||||||||||
Summary Of Outstanding Options | ' | |||||||||||||||||
The following table summarizes outstanding options at September 30, 2013: | ||||||||||||||||||
Exercise price range | Options | Weighted avg. | Weighted avg. | Aggregate intrinsic | ||||||||||||||
outstanding | life remaining | exercise price | value (in thousands) | |||||||||||||||
$ 18.18 - 19.99 | 201,859 | 5.4 | ||||||||||||||||
20.00 - 29.99 | — | 0 | ||||||||||||||||
30.00 - 39.99 | 25,731 | 4.5 | ||||||||||||||||
40.00 - 49.99 | 502,222 | 5.9 | ||||||||||||||||
50.00 - 59.99 | 17,500 | 6.7 | ||||||||||||||||
60.00 - 65.50 | 93,353 | 3.3 | ||||||||||||||||
840,665 | 5.5 | $ | 40.85 | $ | 8,231 | |||||||||||||
Summary Of Exercisable Options | ' | |||||||||||||||||
The following table summarizes exercisable options at September 30, 2013: | ||||||||||||||||||
Exercise price range | Options | Weighted avg. | Weighted avg. | Aggregate intrinsic | ||||||||||||||
outstanding | life remaining | exercise price | value (in thousands) | |||||||||||||||
$ 18.18 - 19.99 | 201,859 | 5.4 | ||||||||||||||||
20.00 - 29.99 | — | 0 | ||||||||||||||||
30.00 - 39.99 | 18,460 | 3.8 | ||||||||||||||||
40.00 - 49.99 | 292,290 | 4 | ||||||||||||||||
50.00 - 59.99 | 10,000 | 4.6 | ||||||||||||||||
60.00 - 65.50 | 93,353 | 3.3 | ||||||||||||||||
615,962 | 4.3 | $ | 38.78 | $ | 7,667 | |||||||||||||
Summary Of Nonvested Share Activity | ' | |||||||||||||||||
A summary of the Company’s nonvested share activity and related information is as follows: | ||||||||||||||||||
Number of | Weighted avg. | Weighted avg. | ||||||||||||||||
shares | grant date | life remaining | ||||||||||||||||
fair value | ||||||||||||||||||
Outstanding at December 31, 2012 | 322,808 | $ | 42.52 | |||||||||||||||
Granted | 198,833 | 47.15 | ||||||||||||||||
Vested | (145,570 | ) | 39.88 | |||||||||||||||
Forfeited | (4,207 | ) | 45.39 | |||||||||||||||
Outstanding at September 30, 2013 | 371,864 | $ | 46 | 1.24 | ||||||||||||||
Summary Of Restricted Share Unit Activity | ' | |||||||||||||||||
A summary of the Company’s restricted share unit activity and related information is as follows: | ||||||||||||||||||
Number of | Weighted | Weighted | ||||||||||||||||
Shares | Average | Average | ||||||||||||||||
Grant Date | Life | |||||||||||||||||
Fair Value | Remaining | |||||||||||||||||
Outstanding at December 31, 2012 | 10,925 | $ | 44.62 | |||||||||||||||
Granted | 17,530 | 58.38 | ||||||||||||||||
Vested | (10,925 | ) | 44.62 | |||||||||||||||
Outstanding at September 30, 2013 | 17,530 | $ | 58.38 | 0.61 | ||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ' | |||||||||||||||
Operating Results Relating To Assets Disposed | ' | |||||||||||||||
The operating results relating to discontinued operations are as follows (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Rental revenue | $ | 163 | $ | 1,294 | $ | 1,623 | $ | 4,179 | ||||||||
Tenant reimbursements | — | — | 554 | — | ||||||||||||
Mortgage and other financing income | — | — | — | 112 | ||||||||||||
Total revenue | 163 | 1,294 | 2,177 | 4,291 | ||||||||||||
Property operating expense (benefit) | 66 | 3 | 38 | (720 | ) | |||||||||||
Other expense | 87 | 103 | 241 | 560 | ||||||||||||
Interest income, net | — | — | (28 | ) | (12 | ) | ||||||||||
Impairment charges | — | 3,086 | — | 14,015 | ||||||||||||
Depreciation and amortization | 205 | 1,543 | 1,728 | 4,129 | ||||||||||||
Income (loss) before gain on sale or acquisition of real estate | (195 | ) | (3,441 | ) | 198 | (13,681 | ) | |||||||||
Gain on sale or acquisition of real estate | 3,168 | — | 3,733 | 720 | ||||||||||||
Net income (loss) | $ | 2,973 | $ | (3,441 | ) | $ | 3,931 | $ | (12,961 | ) | ||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Schedule of Reportable Operating Segments | ' | |||||||||||||||||||
The financial information summarized below is presented by reportable operating segment, consistent with how the Company regularly reviews and manages its business: | ||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Total Assets | $ | 1,851,592 | $ | 504,223 | $ | 477,132 | $ | 209,924 | $ | 92,402 | $ | 3,135,273 | ||||||||
As of December 31, 2012 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Total Assets | $ | 1,818,712 | $ | 376,048 | $ | 427,977 | $ | 252,444 | $ | 71,549 | $ | 2,946,730 | ||||||||
Operating Data: | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 54,800 | $ | 4,422 | $ | 2,682 | $ | 305 | $ | — | $ | 62,209 | ||||||||
Tenant reimbursements | 4,552 | — | — | — | — | 4,552 | ||||||||||||||
Other income | 29 | — | — | 1,373 | 39 | 1,441 | ||||||||||||||
Mortgage and other financing income | 2,258 | 8,507 | 8,807 | 67 | — | 19,639 | ||||||||||||||
Total revenue | 61,639 | 12,929 | 11,489 | 1,745 | 39 | 87,841 | ||||||||||||||
Property operating expense | 6,365 | — | — | 214 | — | 6,579 | ||||||||||||||
Other expense | — | — | — | 204 | — | 204 | ||||||||||||||
Total investment expenses | 6,365 | — | — | 418 | — | 6,783 | ||||||||||||||
Net operating income - before unallocated items | 55,274 | 12,929 | 11,489 | 1,327 | 39 | 81,058 | ||||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (6,764 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff | (223 | ) | ||||||||||||||||||
Interest expense, net | (20,435 | ) | ||||||||||||||||||
Transaction costs | (317 | ) | ||||||||||||||||||
Depreciation and amortization | (13,141 | ) | ||||||||||||||||||
Equity in income from joint ventures | 351 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Loss from discontinued operations | (195 | ) | ||||||||||||||||||
Gain on sale or acquisition of real estate | 3,168 | |||||||||||||||||||
Net income | 43,502 | |||||||||||||||||||
Preferred dividend requirements | (5,951 | ) | ||||||||||||||||||
Net income available to common shareholders of EPR Properties | $ | 37,551 | ||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 56,025 | $ | 2,602 | $ | 797 | $ | 331 | $ | — | $ | 59,755 | ||||||||
Tenant reimbursements | 4,608 | — | — | — | — | 4,608 | ||||||||||||||
Other income | 25 | — | — | 178 | — | 203 | ||||||||||||||
Mortgage and other financing income | 1,427 | 7,563 | 7,968 | 18 | — | 16,976 | ||||||||||||||
Total revenue | 62,085 | 10,165 | 8,765 | 527 | — | 81,542 | ||||||||||||||
Property operating expense | 5,801 | — | — | 138 | — | 5,939 | ||||||||||||||
Other expense | 4 | — | — | 250 | 201 | 455 | ||||||||||||||
Total investment expenses | 5,805 | — | — | 388 | 201 | 6,394 | ||||||||||||||
Net operating income - before unallocated items | 56,280 | 10,165 | 8,765 | 139 | (201 | ) | 75,148 | |||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (5,486 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff | (477 | ) | ||||||||||||||||||
Interest expense, net | (19,994 | ) | ||||||||||||||||||
Transaction costs | (184 | ) | ||||||||||||||||||
Depreciation and amortization | (11,733 | ) | ||||||||||||||||||
Equity in income from joint ventures | 342 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Loss from discontinued operations | (355 | ) | ||||||||||||||||||
Impairment charges | (3,086 | ) | ||||||||||||||||||
Net income | 34,175 | |||||||||||||||||||
Noncontrolling interests | (24 | ) | ||||||||||||||||||
Preferred dividend requirements | (6,002 | ) | ||||||||||||||||||
Net income available to common shareholders of EPR Properties | $ | 28,149 | ||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 164,305 | $ | 10,732 | $ | 6,373 | $ | 1,348 | $ | — | $ | 182,758 | ||||||||
Tenant reimbursements | 13,748 | — | — | — | — | 13,748 | ||||||||||||||
Other income | 77 | — | — | 1,451 | 10 | 1,538 | ||||||||||||||
Mortgage and other financing income | 6,685 | 24,609 | 24,151 | 225 | — | 55,670 | ||||||||||||||
Total revenue | 184,815 | 35,341 | 30,524 | 3,024 | 10 | 253,714 | ||||||||||||||
Property operating expense | 19,341 | — | — | 263 | — | 19,604 | ||||||||||||||
Other expense | — | — | — | 508 | — | 508 | ||||||||||||||
Total investment expenses | 19,341 | — | — | 771 | — | 20,112 | ||||||||||||||
Net operating income - before unallocated items | 165,474 | 35,341 | 30,524 | 2,253 | 10 | 233,602 | ||||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (19,468 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff | (6,166 | ) | ||||||||||||||||||
Gain on early extinguishment of debt | 4,539 | |||||||||||||||||||
Interest expense, net | (60,424 | ) | ||||||||||||||||||
Transaction costs | (859 | ) | ||||||||||||||||||
Depreciation and amortization | (39,140 | ) | ||||||||||||||||||
Equity in income from joint ventures | 1,168 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income from discontinued operations | 198 | |||||||||||||||||||
Gain on sale or acquisition of real estate | 3,733 | |||||||||||||||||||
Net income | 117,183 | |||||||||||||||||||
Preferred dividend requirements | (17,855 | ) | ||||||||||||||||||
Net income available to common shareholders of EPR Properties | $ | 99,328 | ||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 165,620 | $ | 5,742 | $ | 2,114 | $ | 888 | $ | — | $ | 174,364 | ||||||||
Tenant reimbursements | 13,794 | — | — | — | — | 13,794 | ||||||||||||||
Other income | 71 | — | — | 265 | — | 336 | ||||||||||||||
Mortgage and other financing income | 2,373 | 22,406 | 22,016 | 66 | — | 46,861 | ||||||||||||||
Total revenue | 181,858 | 28,148 | 24,130 | 1,219 | — | 235,355 | ||||||||||||||
Property operating expense | 17,238 | — | — | 761 | — | 17,999 | ||||||||||||||
Other expense | 4 | — | — | 585 | 460 | 1,049 | ||||||||||||||
Total investment expenses | 17,242 | — | — | 1,346 | 460 | 19,048 | ||||||||||||||
Net operating income - before unallocated items | 164,616 | 28,148 | 24,130 | (127 | ) | (460 | ) | 216,307 | ||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (17,774 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff | (477 | ) | ||||||||||||||||||
Interest expense, net | (56,594 | ) | ||||||||||||||||||
Transaction costs | (373 | ) | ||||||||||||||||||
Impairment charges | (1,914 | ) | ||||||||||||||||||
Depreciation and amortization | (34,497 | ) | ||||||||||||||||||
Equity in income from joint ventures | 666 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income from discontinued operations | 334 | |||||||||||||||||||
Impairment charges | (14,015 | ) | ||||||||||||||||||
Gain on sale or acquisition of real estate | 720 | |||||||||||||||||||
Net income | 92,383 | |||||||||||||||||||
Noncontrolling interests | (61 | ) | ||||||||||||||||||
Preferred dividend requirements | (18,005 | ) | ||||||||||||||||||
Net income available to common shareholders | $ | 74,317 | ||||||||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
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 | |||||||||
Total liabilities and equity | $ | 2,681,906 | $ | 2,046,965 | $ | 1,018,862 | $ | (2,612,460 | ) | $ | 3,135,273 | |||||||||
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 | ) | — | ||||||||||||||
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 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 | |||||||||
Comprehensive income attributable to EPR Properties | $ | 40,646 | $ | 43,418 | $ | 10,027 | $ | (53,445 | ) | $ | 40,646 | |||||||||
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 | |||||||||||||||
Interest expense, net | 9,791 | 2,652 | 7,551 | — | 19,994 | |||||||||||||||
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 | ||||||||||||||
Equity in income from joint ventures | 186 | — | 156 | — | 342 | |||||||||||||||
Income from continuing operations | $ | 34,151 | $ | 38,289 | $ | 4,277 | $ | (39,101 | ) | $ | 37,616 | |||||||||
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 | ||||||||||||||
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 | ) | |||||||||||||
Net income available to common shareholders of EPR Properties | $ | 28,149 | $ | 38,286 | $ | 815 | $ | (39,101 | ) | $ | 28,149 | |||||||||
Comprehensive income attributable to EPR Properties | $ | 34,100 | $ | 38,147 | $ | 2,034 | $ | (40,181 | ) | $ | 34,100 | |||||||||
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 | |||||||||||||||
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 | ||||||||||||||
Preferred dividend requirements | (17,855 | ) | — | — | — | (17,855 | ) | |||||||||||||
Net income available to common shareholders of EPR Properties | $ | 99,328 | $ | 128,177 | $ | 14,082 | $ | (142,259 | ) | $ | 99,328 | |||||||||
Comprehensive income attributable to EPR Properties | $ | 114,097 | $ | 128,313 | $ | 11,963 | $ | (140,276 | ) | $ | 114,097 | |||||||||
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 | ||||||||
Condensed Consolidating Statement Of Cash Flows | ' | |||||||||||||||||||
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 | ||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 144 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2008 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Mar. 29, 2012 | Mar. 31, 2011 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | |
segment | American Multi-Cinema, Inc. [Member] | American Multi-Cinema, Inc. [Member] | AMCE [Member] | AMCE [Member] | AMCE [Member] | AMCE [Member] | ONTARIO | ONTARIO | ONTARIO | ONTARIO | ONTARIO | Minimum [Member] | Maximum [Member] | Building [Member] | Furniture, fixtures & equipment [Member] | Furniture, fixtures & equipment [Member] | Share Options [Member] | Share Options [Member] | Share Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Share Units [Member] | Restricted Share Units [Member] | Restricted Share Units [Member] | ||||||
Entertainment Retail Center Properties [Member] | Four Entertainment Retail Centers [Member] | Four Entertainment Retail Centers [Member] | Four Entertainment Retail Centers [Member] | Four Entertainment Retail Centers [Member] | Minimum [Member] | Maximum [Member] | Non-Employee Trustees [Member] | Employee [Member] | Employee [Member] | Minimum [Member] | Maximum [Member] | Non-Employee Trustees [Member] | Non-Employee Trustees [Member] | |||||||||||||||||||
properties | Y | Employee [Member] | Employee [Member] | |||||||||||||||||||||||||||||
Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reportable Operating Segments | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful live of buildings (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '40 years | '3 years | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue Recognition [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage rents | ' | ' | $2,200,000 | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Income, Operating | ' | ' | 900,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentrations of Risk [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of megaplex theatre rental leased by AMC | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental revenue | 62,209,000 | 59,755,000 | 182,758,000 | 174,364,000 | ' | ' | 63,600,000 | 73,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of lease revenue in total revenue | ' | ' | ' | ' | ' | ' | 25.00% | 31.00% | ' | ' | ' | ' | ' | ' | 13.00% | 14.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 3,135,273,000 | ' | 3,135,273,000 | ' | ' | 2,946,730,000 | ' | ' | ' | 4,300,000,000 | 3,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 1,641,812,000 | ' | 1,641,812,000 | ' | ' | 1,486,832,000 | ' | ' | ' | 3,500,000,000 | 3,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total stockholders' equity | 1,493,084,000 | ' | 1,493,084,000 | ' | ' | 1,459,521,000 | ' | ' | ' | 774,100,000 | 154,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | 43,502,000 | 34,151,000 | 117,183,000 | 92,322,000 | ' | ' | ' | ' | 45,800,000 | -57,300,000 | -82,000,000 | 122,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | 87,841,000 | 81,542,000 | 253,714,000 | 235,355,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,700,000 | ' | 32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties (in properties) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets of wholly owned subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 223,400,000 | ' | 147,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Wholly owned subsidiaries percentage in net assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation | ' | ' | 4,825,000 | 4,416,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation, future vesting period minimum (in years) | ' | ' | '4 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '4 years | ' | ' | ' | '4 years | ' | ' | ' | ' | '3 years | '4 years | ' | ' | ' |
Range of settlement date for shares for non-employee trustee from grant date, minimum (in years) | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' |
Number of years from date of grant that share options may not be exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Stock-option expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 647,000 | 709,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation expense related to employees and trustees | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | 3,300,000 | ' | ' | ' | 559,000 | 372,000 |
Gain (Loss) on Contract Termination | ' | ' | $0 | $105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental_Properties_Summary_Of_C
Rental Properties (Summary Of Carrying Amounts Of Rental Properties) (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Real Estate Properties [Line Items] | ' | ' | ' |
Carrying amounts of rental properties | $2,331,819,000 | ' | $2,260,777,000 |
Accumulated depreciation | -398,037,000 | ' | -375,684,000 |
Total | 1,933,782,000 | ' | 1,885,093,000 |
Depreciation expense on rental properties | 36,800,000 | 32,300,000 | ' |
Building and improvements [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Carrying amounts of rental properties | 1,817,815,000 | ' | 1,734,300,000 |
Furniture, fixtures & equipment [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Carrying amounts of rental properties | 18,271,000 | ' | 34,028,000 |
Land [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Carrying amounts of rental properties | $495,733,000 | ' | $492,449,000 |
Investments_and_Dispositions_D
Investments and Dispositions (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 04, 2007 |
properties | acre | ||
segment | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | $46.50 | ' | ' |
Gain on sale or acquisition of real estate | 3.7 | 0.4 | ' |
Payments to Acquire Productive Assets | 252.8 | ' | ' |
number of winery properties sold | 4 | ' | ' |
Number of Reportable Operating Segments | 4 | ' | ' |
Property Securing Mortgage Note, Number of Acre | ' | ' | 696 |
Entertainment Reportable Operating Segment [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Payments to Acquire Productive Assets | 90.4 | ' | ' |
Education Reportable Operating Segment [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Payments to Acquire Productive Assets | 116 | ' | ' |
Recreation Reportable Operating Segment [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Payments to Acquire Productive Assets | 42.2 | ' | ' |
Other Reportable Operating Segment [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Payments to Acquire Productive Assets | 4.2 | ' | ' |
Theatre Properties [Member] | Entertainment Reportable Operating Segment [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Number of properties acquired (in properties) | 3 | ' | ' |
number of development properties | 8 | ' | ' |
family entertainment center [Member] | Entertainment Reportable Operating Segment [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
number of development properties | 2 | ' | ' |
Public Charter School Property Member | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Payments to Acquire Productive Assets | $3.30 | ' | ' |
Public Charter School Property Member | Education Reportable Operating Segment [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
number of development properties | 16 | ' | ' |
early childhood education center [Member] | Education Reportable Operating Segment [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Number of properties acquired (in properties) | 1 | ' | ' |
number of development properties | 5 | ' | ' |
TopGolf [Member] | Recreation Reportable Operating Segment [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
number of development properties | 6 | ' | ' |
Accounts_Receivable_Net_Schedu
Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Straight-line rent receivable | $32,384 | $30,891 |
Allowance for doubtful accounts | -2,805 | -3,852 |
Total | 40,326 | 38,738 |
Tenants [Member] | ' | ' |
Carrying amounts of accounts receivable | 9,778 | 9,379 |
Non-Tenants [Member] | ' | ' |
Carrying amounts of accounts receivable | 125 | 1,527 |
Canada Revenue Agency [Member] | ' | ' |
Carrying amounts of accounts receivable | $844 | $793 |
Investments_In_Direct_Financin2
Investments In Direct Financing Lease (Narrative) (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Capital Leases, Net Investment in Direct Financing Leases, Initial Direct Costs | $1,700,000 | ' | $1,700,000 |
Allowance for lease losses | 0 | 0 | ' |
Payments to Acquire Productive Assets | 252,800,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Length of lease (in years) | 19 | ' | ' |
Maximum [Member] | ' | ' | ' |
Length of lease (in years) | 22 | ' | ' |
Imagine Schools [Member] | ' | ' | ' |
Number of public charter school properties (in properties) | 27 | ' | 26 |
Public Charter School Property Member | ' | ' | ' |
Payments to Acquire Productive Assets | $3,300,000 | ' | ' |
Investments_In_Direct_Financin3
Investments In Direct Financing Lease (Summary Of Carrying Amounts Of Investment In Direct Financing Lease, Net) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ' | ' | ||
Total minimum lease payments receivable | $639,413,000 | $648,632,000 | ||
Estimated unguaranteed residual value of leased assets | 215,207,000 | 211,944,000 | ||
Less deferred income | -613,630,000 | [1] | -626,487,000 | [1] |
Investment in a direct financing lease, net | 240,990,000 | 234,089,000 | ||
Capital Leases, Net Investment in Direct Financing Leases, Initial Direct Costs | $1,700,000 | $1,700,000 | ||
[1] | Deferred income is net of $1.7 million of initial direct costs at September 30, 2013 and December 31, 2012 |
Investments_In_Direct_Financin4
Investments In Direct Financing Lease (Future Minimum Rentals Receivable) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ' | ' |
2013 | $6,029 | ' |
2014 | 24,609 | ' |
2015 | 25,343 | ' |
2016 | 26,104 | ' |
2017 | 26,887 | ' |
Thereafter | 530,441 | ' |
Total | $639,413 | $648,632 |
Unconsolidated_Real_Estate_Joi2
Unconsolidated Real Estate Joint Ventures (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Atlantic-EPR I [Member] | Atlantic-EPR I [Member] | Atlantic-EPR II [Member] | Atlantic-EPR II [Member] | Atlantic-EPR II [Member] | Atlantic-EPR II [Member] | Atlantic-EPR I and II [Member] | Atlantic-EPR I and II [Member] | Theatre Project China [Member] | Theatre Project China [Member] | Theatre Project China [Member] | ||||||
jointventures | properties | properties | ||||||||||||||
Investment interest in unconsolidated real estate joint ventures | ' | ' | ' | ' | ' | 48.50% | ' | 32.70% | 32.70% | ' | ' | ' | ' | ' | ' | ' |
Number of unconsolidated joint ventures (in joint ventures) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 3 | ' | 3 |
Investment in joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,400,000 | ' | $4,700,000 |
Income from investments in unconsolidated real estate joint venture | 351,000 | 342,000 | 1,168,000 | 666,000 | ' | ' | ' | ' | ' | ' | ' | 498,000 | 371,000 | ' | 295,000 | ' |
Distributions from joint ventures | ' | ' | 630,000 | 827,000 | ' | ' | ' | ' | ' | ' | ' | 630,000 | 828,000 | ' | ' | ' |
Maximum exchange of ownership interest per year | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional amount contributed in equity | ' | ' | ' | ' | ' | 1,200,000 | 1,300,000 | ' | 424,000 | 490,000 | ' | ' | ' | ' | ' | ' |
Additional ownership interest in unconsolidated real estate joint ventures | ' | ' | ' | ' | ' | 6.40% | 6.00% | ' | 3.20% | 3.80% | ' | ' | ' | ' | ' | ' |
Loss from investments in unconsolidated real estate joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 670,000 | ' | ' |
Mortgage notes and related accrued interest receivable | $514,071,000 | ' | $514,071,000 | ' | $455,752,000 | ' | ' | ' | ' | ' | $11,800,000 | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate, Interest Rate | ' | ' | ' | ' | ' | ' | ' | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Unconsolidated_Real_Estate_Joi3
Unconsolidated Real Estate Joint Ventures (Unaudited Condensed Financial Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Atlantic-EPR II mortgage note payable to EPR Properties (1) | $1,545,973 | ' | $1,545,973 | ' | $1,368,832 |
Atlantic-EPR I mortgage note payable to EPR Properties (1) | 0 | ' | 0 | ' | 0 |
Net income | 43,502 | 34,175 | 117,183 | 92,383 | ' |
Atlantic-EPR I and II [Member] | ' | ' | ' | ' | ' |
Rental properties, net | 44,667 | 45,772 | 44,667 | 45,772 | ' |
Cash | 221 | 255 | 221 | 255 | ' |
Atlantic-EPR II mortgage note payable to EPR Properties (1) | 11,796 | 117 | 11,796 | 117 | ' |
Atlantic-EPR I mortgage note payable to EPR Properties (1) | 21,293 | 16,262 | 21,293 | 16,262 | ' |
Partners' equity | 18,395 | 18,794 | 18,395 | 18,794 | ' |
Rental revenue | ' | ' | 4,253 | 4,204 | ' |
Net income | ' | ' | $1,408 | $1,354 | ' |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-term Debt Instruments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 18, 2013 | Dec. 31, 2012 | Jul. 23, 2013 | Jun. 30, 2013 | Mar. 05, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 23, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Aug. 20, 2013 | Sep. 30, 2013 | Sep. 25, 2013 | |
Term loan payable, due January 5, 2017 [Member] | Term loan payable, due January 5, 2017 [Member] | Term loan payable, due January 5, 2017 [Member] | Term loan payable, due January 5, 2017 [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | New Roc City [Member] | Four Entertainment Retail Centers [Member] | Four Entertainment Retail Centers [Member] | Bond Payable, Variable Rate, Due October 1,2037 [Member] | Bond Payable, Variable Rate, Due October 1,2037 [Member] | Mortgage Note Payable, 5.39 Percent, Due November 1, 2015 [Member] | Mortgage Note Payable, 5.39 Percent, Due November 1, 2015 [Member] | |||||||
properties | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | $9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $56,400,000 | $89,500,000 | ' | ' | ' | ' | ' |
Number of Properties Securing Mortgage Note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' |
forfeiture of restricted cash account | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on early extinguishment of debt | 0 | 0 | 4,539,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | 265,000,000 | 255,000,000 | 255,000,000 | 240,000,000 | 475,000,000 | 440,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | 275,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Unsecured Notes Payable, Percent of Principal Amount Issued | ' | ' | ' | ' | 99.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Covenant, Debt to Adjusted Total Assets Ratio, Maximum | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Covenant, Secured Debt to Adjusted Total Assets Ratio, Maximum | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Covenant, Debt Service Coverage Ratio, Minimum | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Covenant, Total Unencumbered Assets to Outstanding Unsecured Debt Ratio, Minimum | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
write off of debt costs net of accumulated amortization | ' | ' | 239,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Issuance Costs | ' | ' | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | 400,000,000 | 350,000,000 | ' | ' | ' | 600,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 1.60% | ' | ' | ' | ' | 1.40% | ' | ' | ' | ' | 0.08% | ' | ' | 5.39% |
Long-term Debt | 1,545,973,000 | ' | 1,545,973,000 | ' | ' | 1,368,832,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,400,000 | ' | 5,400,000 |
Debt Instrument, Fee Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.003 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' |
Debt Instrument Final Principal Paymnet Due on Maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,700,000 | ' |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
jointventures | |
Other Joint Ventures [Member] | ' |
Number of joint ventures invested in | 1 |
Company's consolidated VIEs interest | 50.00% |
SVVI [Member] | ' |
Investment in unconsolidated VIE | 184.3 |
Unconsolidated investment maximum exposure to loss | 184.3 |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 06, 2013 | Jan. 05, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 11, 2012 | Sep. 30, 2013 | Oct. 11, 2012 | Oct. 11, 2012 |
USD ($) | USD ($) | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Risk [Member] | Cross Currency Swaps [Member] | Cross Currency Swaps [Member] | Cross Currency Swaps [Member] | Cross Currency Swaps 2018 [Member] | Cross Currency Swaps 2018 [Member] | Currency Forward Agreements [Member] | Currency Forward Agreements [Member] | Currency Forward Agreements [Member] | Currency Forward Agreements [Member] | Currency Forward Agreements 2018 [Member] | Minimum [Member] | Maximum [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | Cash Flow Hedging [Member] | USD ($) | CAD | USD ($) | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Cash Flow Hedging [Member] | Net Investment Hedging [Member] | Currency Forward Agreements [Member] | Currency Forward Agreements [Member] | |||
swap_agreements | swap_agreements | CAD | USD ($) | CAD | USD ($) | CAD | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | ||||||||||||
properties | properties | CAD | CAD | |||||||||||||||||
credit risk related contingent features default on debt amount | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 5,700,000 | 8,100,000 | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 700,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,700,000 | ' | ' | ' | ' | ' | ' |
Derivative Liabilities | 5,000,000 | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding notional amount of interest rate swaps | ' | ' | ' | 240,000,000 | 240,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of entered into interest rate swap agreements (in interest rate swaps) | ' | ' | ' | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of hedged term loan | ' | ' | ' | ' | 240,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative fixed interest rate | ' | ' | ' | 2.38% | 2.51% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Canadian properties exposed to foreign currency exchange risk (in properties) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | ' | ' | ' |
Fixed notional value of cross-currency swaps | ' | ' | ' | ' | ' | ' | ' | ' | 71,500,000 | 76,000,000 | ' | 98,100,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Net exchange rate, CAD to US dollar | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.05 | ' | ' | ' | ' | ' | 1.04 | ' | 1.06 | 0.98 | 0.99 |
Cash flows on the properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly CAD denominated cash flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' |
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | ' | ' | 100,000 | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment hedges notional value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,100,000 | 100,000,000 | ' | 94,300,000 | ' | ' |
Fair value of derivatives in a liability position | ' | ' | ' | ' | ' | ' | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets needed to settle obligations under the agreements | ' | ' | ' | ' | ' | $5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Summary
Derivative Instruments (Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | ($7,807) | ($5,640) | $1,764 | ($9,336) | ||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | -403 | -610 | -1,289 | -1,647 | ||
Interest Rate Swap [Member] | ' | ' | ' | ' | ||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | -442 | [1] | -410 | [1] | -1,296 | -1,188 |
Cross Currency Swaps [Member] | ' | ' | ' | ' | ||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | -1,333 | -737 | 746 | -851 | ||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | -34 | [2] | -179 | [2] | -185 | -454 |
Currency Forward Agreements [Member] | ' | ' | ' | ' | ||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | -3,489 | -3,363 | 3,417 | -3,019 | ||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | 73 | -21 | 192 | -5 | ||
Interest Expense [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | ($2,985) | ($1,540) | ($2,399) | ($5,466) | ||
[1] | Included in "Interest expense, net" in the accompanying consolidated statements of income for the three and nine months ended September 30, 2013 and 2012. | |||||
[2] | Included in "Other income" and “Other expense†in the accompanying consolidated statements of income for the |
Fair_Value_Disclosures_Assets_
Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Liability, Fair Value, Gross Liability | $5,700 | $8,100 |
Derivative Asset, Fair Value, Gross Asset | 700 | 100 |
Cross Currency Swaps [Member] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 700 | ' |
Currency Forward Agreements [Member] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 5,700 | ' |
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps [Member] | ' | ' |
Derivatives measured at fair value on a recurring basis | ' | -709 |
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps [Member] | Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | ' | ' |
Derivatives measured at fair value on a recurring basis | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivatives measured at fair value on a recurring basis | ' | -709 |
Derivative Liability, Fair Value, Gross Liability | -78 | ' |
Derivative Asset, Fair Value, Gross Asset | 300 | ' |
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Derivatives measured at fair value on a recurring basis | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements [Member] | ' | ' |
Derivatives measured at fair value on a recurring basis | ' | -3,453 |
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements [Member] | Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | ' | ' |
Derivatives measured at fair value on a recurring basis | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivatives measured at fair value on a recurring basis | ' | -3,453 |
Derivative Liability, Fair Value, Gross Liability | -675 | ' |
Derivative Asset, Fair Value, Gross Asset | 448 | ' |
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Derivatives measured at fair value on a recurring basis | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ' | ' |
Derivatives measured at fair value on a recurring basis | ' | -3,848 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | ' | ' |
Derivatives measured at fair value on a recurring basis | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivatives measured at fair value on a recurring basis | ' | -3,848 |
Derivative Liability, Fair Value, Gross Liability | -4,951 | ' |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Derivatives measured at fair value on a recurring basis | ' | $0 |
Fair_Value_Disclosures_Narrati
Fair Value Disclosures (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Mortgage notes and related accrued interest receivable | $514,071,000 | $455,752,000 |
Investments in direct financing leases, net | 240,990,000 | 234,089,000 |
Finance lease investment weighted average interest rate | 12.01% | 12.02% |
Minimum interest on investments in direct finance lease | 11.74% | ' |
Maximum interest on investments in direct finance lease | 12.38% | ' |
Atlantic-EPR II mortgage note payable to EPR Properties (1) | 1,545,973,000 | 1,368,832,000 |
Fixed Rate Mortgage Notes Receivable [Member] | ' | ' |
Mortgage notes and related accrued interest receivable | 514,100,000 | 455,800,000 |
Weighted average interest rate of mortgage notes receivable | 9.01% | 8.96% |
Receivable interest rate minimum | 6.50% | 7.00% |
Receivable interest rate maximum | 11.31% | 11.31% |
Weighted market rate used for determining future cash flow for notes receivable | 10.07% | 10.07% |
Fair value of notes receivable | 491,000,000 | 431,200,000 |
Variable Rate Debt [Member] | ' | ' |
Atlantic-EPR II mortgage note payable to EPR Properties (1) | 358,000,000 | 289,600,000 |
Long-term debt, weighted average interest rate | 1.62% | 1.88% |
Variable Rate Converted to Fixed Rate [Member] | ' | ' |
Atlantic-EPR II mortgage note payable to EPR Properties (1) | 240,000,000 | ' |
Fixed Rate Debt [Member] | ' | ' |
Atlantic-EPR II mortgage note payable to EPR Properties (1) | 1,190,000,000 | 1,080,000,000 |
Long-term debt, weighted average interest rate | 6.10% | 6.35% |
Weighted market rate for determining fair value of debt | 4.94% | 4.46% |
Fair value of debt | 1,240,000,000 | ' |
Long-term Debt, Fair Value | ' | $1,170,000,000 |
Minimum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | ' | ' |
market rate used as discount factor to determine fair value of notes | 9.00% | 9.00% |
Minimum [Member] | Fixed Rate Debt [Member] | ' | ' |
market rate used as discount factor to determine fair value of debt | 3.33% | 3.41% |
Maximum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | ' | ' |
market rate used as discount factor to determine fair value of notes | 11.31% | 11.31% |
Maximum [Member] | Fixed Rate Debt [Member] | ' | ' |
market rate used as discount factor to determine fair value of debt | 5.65% | 5.17% |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic EPS: | ' | ' | ' | ' |
Income from continuing operations | $40,529 | $37,616 | $113,252 | $105,344 |
Less: preferred dividend requirements | -5,951 | -6,002 | -17,855 | -18,005 |
Noncontrolling interest adjustments | ' | -24 | ' | -61 |
Income from continuing operations available to common shareholders | 34,578 | 31,590 | 95,397 | 87,278 |
Weighted average number of shares outstanding, basic | 47,349 | 46,840 | 47,097 | 46,781 |
Income from continuing operations, per basic share (in dollars per share) | $0.73 | $0.67 | $2.03 | $1.87 |
Income from discontinued operations available to common shareholders | 2,973 | -3,441 | 3,931 | -12,961 |
Income from discontinued operations, per basic share (in dollars per share) | $0.06 | ($0.07) | $0.08 | ($0.28) |
Net income available to common shareholders of EPR Properties | 37,551 | 28,149 | 99,328 | 74,317 |
Earnings per share, basic (in dollars per share) | $0.79 | $0.60 | $2.11 | $1.59 |
Diluted EPS: | ' | ' | ' | ' |
Share options (in shares) | 175 | 250 | 193 | 254 |
Income from continuing operations available to common shareholders, diluted | 34,578 | 31,590 | 95,397 | 87,278 |
Weighted average number of shares outstanding, diluted | 47,524 | 47,090 | 47,290 | 47,035 |
Income from continuing operations, per diluted share (in dollars per share) | $0.73 | $0.67 | $2.02 | $1.86 |
Net Income Loss From Discontinuing Operation Available To Common Stockholders Diluted | 2,973 | -3,441 | 3,931 | -12,961 |
Income (loss) from discontinued operations, per diluted share (in dollars per share) | $0.06 | ($0.07) | $0.08 | ($0.28) |
Net income available to common shareholders, diluted | $37,551 | $28,149 | $99,328 | $74,317 |
Earnings per share, diluted (in dollars per share) | $0.79 | $0.60 | $2.10 | $1.58 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $45.20 | $44.62 | $45.20 | $44.62 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $65.50 | $65.50 | $65.50 | $65.50 |
Series C Cumulative Convertible Preferred Share [Member] | ' | ' | ' | ' |
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ' | ' | ' | ' |
Common shares upon conversion of convertible preferred shares | 1,900 | 1,900 | 1,900 | 1,900 |
Preferred share dividend percentage | 5.75% | 5.75% | 5.75% | 5.75% |
Series E Cumulative Convertible Preferred Share [Member] | ' | ' | ' | ' |
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ' | ' | ' | ' |
Common shares upon conversion of convertible preferred shares | 1,600 | 1,600 | 1,600 | 1,600 |
Preferred share dividend percentage | 9.00% | 9.00% | 9.00% | 9.00% |
Share Options [Member] | ' | ' | ' | ' |
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ' | ' | ' | ' |
Common shares upon conversion of convertible preferred shares | 331 | 368 | 331 | 368 |
Equity_Incentive_Plans_Summary
Equity Incentive Plans (Summary Of Share Option Activity) (Details) (USD $) | 9 Months Ended | 144 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2008 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | 9-May-07 | |
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Share Options [Member] | Share Options [Member] | Share Options [Member] | Share Options [Member] | Share Options [Member] | Share Options [Member] | 2007 Equity Incentive Plan [Member] | 2007 Equity Incentive Plan [Member] | |||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||
Common shares, options to purchase common shares and restricted share units, expected to granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,650,000 |
Number of shares available for grant (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,942,628 | ' |
Maximum term of options granted (in years) | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation, future vesting period minimum (in years) | '4 years | ' | '5 years | ' | '3 years | ' | '4 years | ' | '4 years | ' | ' | ' | ' | ' | ' | ' |
Exercisable rate for employees options, per year | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Length of period subsequent to grant date options not exercisable for non-employee trustees (in years) | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares, Outstanding at Beginning of Period | 881,338 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares, Exercised | -143,272 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares, Granted | 115,257 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares, Forfeited | -12,658 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares, Outstanding at End of Period | 840,665 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option Price Per Share, Outstanding at Beginning of Period | ' | ' | ' | ' | $18.18 | $18.18 | $65.50 | $65.50 | ' | ' | ' | ' | ' | ' | ' | ' |
Option Price Per Share, Exercised | ' | ' | ' | ' | $18.18 | ' | $47.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option Price Per Share, Granted | ' | ' | ' | ' | $46.86 | ' | $58.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option Price Per Share, Forfeited | ' | ' | ' | ' | $36.56 | ' | $60.42 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option Price Per Share, Outstanding at End of Period | ' | ' | ' | ' | $18.18 | $18.18 | $65.50 | $65.50 | ' | ' | ' | ' | ' | ' | ' | ' |
Average Exercise Price, Outstanding at Beginning of Period | $40.85 | ' | ' | $38.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Exercise Price, Exercised | $30.64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Exercise Price, Granted | $47.86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Exercise Price, Forfeited | $56.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Exercise Price, Outstanding at End of Period | $40.85 | ' | ' | $38.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of options granted | $12.35 | $12.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of stock options exercised | $2,900,000 | $1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of treasury stock (in shares) | 66,632 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of treasury stock, value | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation expenses recognized in future periods | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-option expense | ' | ' | ' | ' | ' | ' | ' | ' | $647,000 | $709,000 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.10% | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.40% | 6.30% | 6.50% | 6.70% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | 50.70% | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.30% | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.40% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Forfeiture Rate | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | 0.23% | ' | 0.29% | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | '6 years | ' | ' | ' | ' | ' | ' |
Equity_Incentive_Plans_Summary1
Equity Incentive Plans (Summary Of Outstanding Options) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $45.20 | $44.62 | $45.20 | $44.62 | ' |
Exercise price range, upper limit | $65.50 | $65.50 | $65.50 | $65.50 | ' |
Options outstanding (in shares) | 840,665 | ' | 840,665 | ' | 881,338 |
Weighted avg. life remaining (in years) | ' | ' | '5 years 6 months | ' | ' |
Weighted avg. exercise price | $40.85 | ' | $40.85 | ' | $38.51 |
Aggregate intrinsic value | $8,231 | ' | $8,231 | ' | ' |
$18.18 - 19.99 [Member] | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | $18.18 | ' | ' |
Exercise price range, upper limit | ' | ' | $19.99 | ' | ' |
Options outstanding (in shares) | 201,859 | ' | 201,859 | ' | ' |
Weighted avg. life remaining (in years) | ' | ' | '5 years 5 months | ' | ' |
20.00 - 29.99 [Member] | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | $20 | ' | ' |
Exercise price range, upper limit | ' | ' | $29.99 | ' | ' |
Options outstanding (in shares) | 0 | ' | 0 | ' | ' |
Weighted avg. life remaining (in years) | ' | ' | '0 years | ' | ' |
30.00 - 39.99 [Member] | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | $30 | ' | ' |
Exercise price range, upper limit | ' | ' | $39.99 | ' | ' |
Options outstanding (in shares) | 25,731 | ' | 25,731 | ' | ' |
Weighted avg. life remaining (in years) | ' | ' | '4 years 6 months | ' | ' |
40.00 - 49.99 [Member] | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | $40 | ' | ' |
Exercise price range, upper limit | ' | ' | $49.99 | ' | ' |
Options outstanding (in shares) | 502,222 | ' | 502,222 | ' | ' |
Weighted avg. life remaining (in years) | ' | ' | '5 years 11 months | ' | ' |
50.00 - 59.99 [Member] | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | $50 | ' | ' |
Exercise price range, upper limit | ' | ' | $59.99 | ' | ' |
Options outstanding (in shares) | 17,500 | ' | 17,500 | ' | ' |
Weighted avg. life remaining (in years) | ' | ' | '6 years 8 months | ' | ' |
60.00 - 65.50 [Member] | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | $60 | ' | ' |
Exercise price range, upper limit | ' | ' | $65.50 | ' | ' |
Options outstanding (in shares) | 93,353 | ' | 93,353 | ' | ' |
Weighted avg. life remaining (in years) | ' | ' | '3 years 4 months | ' | ' |
Equity_Incentive_Plans_Summary2
Equity Incentive Plans (Summary Of Exercisable Options) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $45.20 | $44.62 | $45.20 | $44.62 |
Exercise price range, upper limit | $65.50 | $65.50 | $65.50 | $65.50 |
Options outstanding (in shares) | 615,962 | ' | 615,962 | ' |
Weighted avg. life remaining (in years) | ' | ' | '4 years 3 months | ' |
Weighted avg. exercise price | $38.78 | ' | $38.78 | ' |
Aggregate intrinsic value | $7,667 | ' | $7,667 | ' |
$18.18 - 19.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | $18.18 | ' |
Exercise price range, upper limit | ' | ' | $19.99 | ' |
Options outstanding (in shares) | 201,859 | ' | 201,859 | ' |
Weighted avg. life remaining (in years) | ' | ' | '5 years 5 months | ' |
20.00 - 29.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | $20 | ' |
Exercise price range, upper limit | ' | ' | $29.99 | ' |
Options outstanding (in shares) | 0 | ' | 0 | ' |
Weighted avg. life remaining (in years) | ' | ' | '0 years | ' |
30.00 - 39.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | $30 | ' |
Exercise price range, upper limit | ' | ' | $39.99 | ' |
Options outstanding (in shares) | 18,460 | ' | 18,460 | ' |
Weighted avg. life remaining (in years) | ' | ' | '3 years 10 months | ' |
40.00 - 49.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | $40 | ' |
Exercise price range, upper limit | ' | ' | $49.99 | ' |
Options outstanding (in shares) | 292,290 | ' | 292,290 | ' |
Weighted avg. life remaining (in years) | ' | ' | '4 years 0 months | ' |
50.00 - 59.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | $50 | ' |
Exercise price range, upper limit | ' | ' | $59.99 | ' |
Options outstanding (in shares) | 10,000 | ' | 10,000 | ' |
Weighted avg. life remaining (in years) | ' | ' | '4 years 7 months | ' |
60.00 - 65.50 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | $60 | ' |
Exercise price range, upper limit | ' | ' | $65.50 | ' |
Options outstanding (in shares) | 93,353 | ' | 93,353 | ' |
Weighted avg. life remaining (in years) | ' | ' | '3 years 4 months | ' |
Equity_Incentive_Plans_Summary3
Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) (USD $) | 9 Months Ended | 144 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2008 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Number of Shares, Outstanding at December 31, 2012 | 322,808 | ' | ' |
Number of Shares, Vested | -145,570 | ' | ' |
Number of shares, Forfeited | -4,207 | ' | ' |
Number of Shares, Outstanding at March 31, 2013 | 371,864 | ' | ' |
Number of Shares, Granted | 198,833 | ' | ' |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2012 | $42.52 | ' | ' |
Weighted Average Grant Date Fair Value, Granted | $47.15 | ' | ' |
Weighted Average Grant Date Fair Value, Vested | $39.88 | ' | ' |
Weighted Average Grant Date Fair Value, Forfeited | $45.39 | ' | ' |
Weighted Average Grant Date Fair Value, Outstanding at March 31, 2013 | $46 | ' | ' |
Weighted Average Life Remaining, Outstanding at March 31, 2013 (in years) | '1 year 2 months 25 days | ' | ' |
Share based compensation, future vesting period minimum (in years) | '4 years | ' | '5 years |
Fair value of non-vested shares | $6.70 | $7.70 | ' |
Unamortized share-based compensation expense | ' | $9.50 | ' |
Equity_Incentive_Plans_Summary4
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' |
Number of Shares, Outstanding at December 31, 2012 | 322,808 | ' |
Number of Shares, Granted | 198,833 | ' |
Number of Shares, Vested | -145,570 | ' |
Number of Shares, Outstanding at March 31, 2013 | 371,864 | ' |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2012 | $42.52 | ' |
Weighted Average Grant Date Fair Value, Granted | $47.15 | ' |
Weighted Average Grant Date Fair Value, Vested | $39.88 | ' |
Weighted Average Grant Date Fair Value, Outstanding at March 31, 2013 | $46 | ' |
Weighted Average Life Remaining, Outstanding at March 31, 2013 (in years) | '1 year 2 months 25 days | ' |
Range of settlement date for shares for non-employee trustee from grant date, minimum (in years) | ' | '1 year |
Unamortized share-based compensation expense | ' | $9,500 |
Restricted Share Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' |
Number of Shares, Outstanding at December 31, 2012 | 10,925 | ' |
Number of Shares, Granted | 17,530 | ' |
Number of Shares, Vested | -10,925 | ' |
Number of Shares, Outstanding at March 31, 2013 | 17,530 | ' |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2012 | $44.62 | ' |
Weighted Average Grant Date Fair Value, Granted | $58.38 | ' |
Weighted Average Grant Date Fair Value, Vested | $44.62 | ' |
Weighted Average Grant Date Fair Value, Outstanding at March 31, 2013 | $58.38 | ' |
Weighted Average Life Remaining, Outstanding at March 31, 2013 (in years) | '7 months 9 days | ' |
Range of settlement date for shares for non-employee trustee from grant date, minimum (in years) | '1 year | ' |
Unamortized share-based compensation expense | $627 | ' |
Discontinued_Operations_Operat
Discontinued Operations (Operating Results Relating To Assets Disposed) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Gain on sale or acquisition of real estate | ' | ' | $3,700,000 | $400,000 |
Rental revenue | 163,000 | 1,294,000 | 1,623,000 | 4,179,000 |
Disposal Group Including Discontinued Operation Tenant Reimbursements | 0 | 0 | 554,000 | 0 |
Mortgage and other financing income | 0 | 0 | 0 | 112,000 |
Total revenue | 163,000 | 1,294,000 | 2,177,000 | 4,291,000 |
Property operating expense | 66,000 | 3,000 | 38,000 | -720,000 |
Other expense | 87,000 | 103,000 | 241,000 | 560,000 |
Interest expense, net | 0 | 0 | -28,000 | -12,000 |
Impairment charges | 0 | 3,086,000 | 0 | 14,015,000 |
Depreciation and amortization | 205,000 | 1,543,000 | 1,728,000 | 4,129,000 |
Loss before gain on sale or acquisition of real estate | -195,000 | -3,441,000 | 198,000 | -13,681,000 |
Gain on sale or acquisition of real estate | 3,168,000 | 0 | 3,733,000 | 720,000 |
Net income | 2,973,000 | -3,441,000 | 3,931,000 | -12,961,000 |
Geyser Peak Winery & Vineyards [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Gain on sale or acquisition of real estate | ' | ' | 400,000 | ' |
Clements Winery [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Gain on sale or acquisition of real estate | ' | ' | 80,000 | ' |
Lockeford Winery and Vineyards [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Gain on sale or acquisition of real estate | ' | ' | 0 | ' |
Rack and Riddle [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Gain on sale or acquisition of real estate | ' | ' | 3,200,000 | ' |
Toronto Dundas Square and Pope Valley Winery [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Gain on sale or acquisition of real estate | ' | ' | ' | $300,000 |
Other_Commitments_And_Continge1
Other Commitments And Contingencies (Details) (USD $) | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 20, 2011 | Mar. 07, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
mortgagenotes | Theatre Properties [Member] | recreationproperties [Member] | Public Charter School Property Member | Louisiana Theatre Properties [Member] | Sullivan County Planned Casino and Resort [Member] | Concord Resort [Member] | Minimum [Member] | Maximum [Member] | |
developmentproject | developmentproject | developmentproject | developmentproject | Louisiana Theatre Properties [Member] | Louisiana Theatre Properties [Member] | ||||
Development projects in process (in projects) | ' | 13 | 5 | 9 | 2 | ' | ' | ' | ' |
Commitment to fund project development | ' | $52,500,000 | $43,100,000 | $49,000,000 | ' | ' | ' | ' | ' |
Economic development revenue bond annual fees percentage | ' | ' | ' | ' | ' | ' | ' | 2.88% | 4.00% |
Economic development revenue bond term | ' | ' | ' | ' | '30 years | ' | ' | ' | ' |
Deferred assets related to guarantee | ' | ' | ' | ' | 8,700,000 | ' | ' | ' | ' |
Deferred liabilities related to guarantee | ' | ' | ' | ' | 8,700,000 | ' | ' | ' | ' |
Loss contingency | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Number of Mortgage Notes Receivable (in mortgage notes) | 9 | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes receivable with commitments | 16,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 20,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency damages sought, value | ' | ' | ' | ' | ' | $500,000,000 | $1,500,000,000 | ' | ' |
Segment_Information_Balance_Sh
Segment Information Balance Sheet Data (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
segment | ||
Segment Reporting Information [Line Items] | ' | ' |
Number of Reportable Operating Segments | 4 | ' |
Total Assets | $3,135,273 | $2,946,730 |
Entertainment Reportable Operating Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | 1,851,592 | 1,818,712 |
Education Reportable Operating Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | 504,223 | 376,048 |
Recreation Reportable Operating Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | 477,132 | 427,977 |
Other Reportable Operating Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | 209,924 | 252,444 |
Corporate / Unallocated | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | $92,402 | $71,549 |
Segment_Information_Operating_
Segment Information Operating Data (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental revenue | $62,209 | $59,755 | $182,758 | $174,364 |
Tenant reimbursements | 4,552 | 4,608 | 13,748 | 13,794 |
Other income | 1,441 | 203 | 1,538 | 336 |
Mortgage and other financing income | 19,639 | 16,976 | 55,670 | 46,861 |
Total revenue | 87,841 | 81,542 | 253,714 | 235,355 |
Property operating expense | 6,579 | 5,939 | 19,604 | 17,999 |
Other expense | 204 | 455 | 508 | 1,049 |
Total investment expenses | 6,783 | 6,394 | 20,112 | 19,048 |
Net Operating Income - Before Unallocated Items | 81,058 | 75,148 | 233,602 | 216,307 |
Reconciliation to Consolidated Statements of Income: | ' | ' | ' | ' |
General and administrative expense | -6,764 | -5,486 | -19,468 | -17,774 |
Costs associated with loan refinancing or payoff | -223 | -477 | -6,166 | -477 |
Gain on early extinguishment of debt | 0 | 0 | 4,539 | 0 |
Interest expense, net | -20,435 | -19,994 | -60,424 | -56,594 |
Transaction costs | -317 | -184 | -859 | -373 |
Impairment charges | 0 | 0 | 0 | -1,914 |
Depreciation and amortization | -13,141 | -11,733 | -39,140 | -34,497 |
Equity in income from joint ventures | 351 | 342 | 1,168 | 666 |
Income (loss) from discontinued operations | 195 | 355 | -198 | -334 |
Impairment charges | 0 | -3,086 | 0 | -14,015 |
Gain on sale or acquisition of real estate | 3,168 | 0 | 3,733 | 720 |
Net income | 43,502 | 34,175 | 117,183 | 92,383 |
Add: Net income attributable to noncontrolling interests | 0 | -24 | 0 | -61 |
Preferred dividend requirements | -5,951 | -6,002 | -17,855 | -18,005 |
Net income available to common shareholders of EPR Properties | 37,551 | 28,149 | 99,328 | 74,317 |
Entertainment Reportable Operating Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental revenue | 54,800 | 56,025 | 164,305 | 165,620 |
Tenant reimbursements | 4,552 | 4,608 | 13,748 | 13,794 |
Other income | 29 | 25 | 77 | 71 |
Mortgage and other financing income | 2,258 | 1,427 | 6,685 | 2,373 |
Total revenue | 61,639 | 62,085 | 184,815 | 181,858 |
Property operating expense | 6,365 | 5,801 | 19,341 | 17,238 |
Other expense | 0 | 4 | 0 | 4 |
Total investment expenses | 6,365 | 5,805 | 19,341 | 17,242 |
Net Operating Income - Before Unallocated Items | 55,274 | 56,280 | 165,474 | 164,616 |
Education Reportable Operating Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental revenue | 4,422 | 2,602 | 10,732 | 5,742 |
Tenant reimbursements | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Mortgage and other financing income | 8,507 | 7,563 | 24,609 | 22,406 |
Total revenue | 12,929 | 10,165 | 35,341 | 28,148 |
Property operating expense | 0 | 0 | 0 | 0 |
Other expense | 0 | 0 | 0 | 0 |
Total investment expenses | 0 | 0 | 0 | 0 |
Net Operating Income - Before Unallocated Items | 12,929 | 10,165 | 35,341 | 28,148 |
Recreation Reportable Operating Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental revenue | 2,682 | 797 | 6,373 | 2,114 |
Tenant reimbursements | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Mortgage and other financing income | 8,807 | 7,968 | 24,151 | 22,016 |
Total revenue | 11,489 | 8,765 | 30,524 | 24,130 |
Property operating expense | 0 | 0 | 0 | 0 |
Other expense | 0 | 0 | 0 | 0 |
Total investment expenses | 0 | 0 | 0 | 0 |
Net Operating Income - Before Unallocated Items | 11,489 | 8,765 | 30,524 | 24,130 |
Other Reportable Operating Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental revenue | 305 | 331 | 1,348 | 888 |
Tenant reimbursements | 0 | 0 | 0 | 0 |
Other income | 1,373 | 178 | 1,451 | 265 |
Mortgage and other financing income | 67 | 18 | 225 | 66 |
Total revenue | 1,745 | 527 | 3,024 | 1,219 |
Property operating expense | 214 | 138 | 263 | 761 |
Other expense | 204 | 250 | 508 | 585 |
Total investment expenses | 418 | 388 | 771 | 1,346 |
Net Operating Income - Before Unallocated Items | 1,327 | 139 | 2,253 | -127 |
Corporate / Unallocated | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental revenue | 0 | 0 | 0 | 0 |
Tenant reimbursements | 0 | 0 | 0 | 0 |
Other income | 39 | 0 | 10 | 0 |
Mortgage and other financing income | 0 | 0 | 0 | 0 |
Total revenue | 39 | 0 | 10 | 0 |
Property operating expense | 0 | 0 | 0 | 0 |
Other expense | 0 | 201 | 0 | 460 |
Total investment expenses | 0 | 201 | 0 | 460 |
Net Operating Income - Before Unallocated Items | $39 | ($201) | $10 | ($460) |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||||
Rental properties, net | $1,933,782 | $1,885,093 | ' | ' | ' |
Rental properties held for sale, net | 2,788 | 2,788 | ' | ' | ' |
Land held for development | 200,325 | 196,177 | ' | ' | ' |
Property under development | 86,048 | 29,376 | ' | ' | ' |
Mortgage notes and related accrued interest receivable | 514,071 | 455,752 | ' | ' | ' |
Investments in direct financing leases, net | 240,990 | 234,089 | ' | ' | ' |
Investment in joint ventures | 13,683 | 11,971 | ' | ' | ' |
Cash and cash equivalents | 24,141 | 10,664 | 25,007 | 25,007 | 14,625 |
Restricted cash | 18,110 | 23,991 | ' | ' | ' |
Deferred financing costs, net | 24,318 | 19,679 | ' | ' | ' |
Accounts receivable, net | 40,326 | 38,738 | ' | ' | ' |
Intercompany notes receivable | 0 | 0 | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' | ' |
Other assets | 36,691 | 38,412 | ' | ' | ' |
Total assets | 3,135,273 | 2,946,730 | ' | ' | ' |
Accounts payable and accrued liabilities | 58,273 | 65,481 | ' | ' | ' |
Dividends payable | 18,587 | 41,186 | ' | ' | ' |
Unearned rents and interest | 18,979 | 11,333 | ' | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' | ' |
Atlantic-EPR II mortgage note payable to EPR Properties (1) | 1,545,973 | 1,368,832 | ' | ' | ' |
Total liabilities | 1,641,812 | 1,486,832 | ' | ' | ' |
EPR Properties shareholders’ equity | 1,493,084 | 1,459,521 | ' | ' | ' |
Noncontrolling interests | 377 | 377 | ' | ' | ' |
Equity | 1,493,461 | 1,459,898 | ' | ' | ' |
Total liabilities and equity | 3,135,273 | 2,946,730 | ' | ' | ' |
Entertainment Properties Trust (Issuer) [Member] | ' | ' | ' | ' | ' |
Rental properties, net | 0 | 0 | ' | ' | ' |
Rental properties held for sale, net | 0 | 0 | ' | ' | ' |
Land held for development | 0 | 0 | ' | ' | ' |
Property under development | 0 | 0 | ' | ' | ' |
Mortgage notes and related accrued interest receivable | 11,796 | 0 | ' | ' | ' |
Investments in direct financing leases, net | 0 | 0 | ' | ' | ' |
Investment in joint ventures | 8,291 | 7,250 | ' | ' | ' |
Cash and cash equivalents | 16,915 | 1,531 | ' | 17,838 | 1,932 |
Restricted cash | 150 | 0 | ' | ' | ' |
Deferred financing costs, net | 17,774 | 13,563 | ' | ' | ' |
Accounts receivable, net | 131 | 139 | ' | ' | ' |
Intercompany notes receivable | 191,187 | 103,104 | ' | ' | ' |
Investments in subsidiaries | 2,416,840 | 2,231,079 | ' | ' | ' |
Other assets | 18,822 | 21,482 | ' | ' | ' |
Total assets | 2,681,906 | 2,378,148 | ' | ' | ' |
Accounts payable and accrued liabilities | 30,235 | 37,441 | ' | ' | ' |
Dividends payable | 18,587 | 41,186 | ' | ' | ' |
Unearned rents and interest | 0 | 0 | ' | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' | ' |
Atlantic-EPR II mortgage note payable to EPR Properties (1) | 1,140,000 | 840,000 | ' | ' | ' |
Total liabilities | 1,188,822 | 918,627 | ' | ' | ' |
EPR Properties shareholders’ equity | 1,493,084 | 1,459,521 | ' | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' | ' |
Equity | 1,493,084 | 1,459,521 | ' | ' | ' |
Total liabilities and equity | 2,681,906 | 2,378,148 | ' | ' | ' |
Wholly-Owned Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' |
Rental properties, net | 1,217,832 | 1,113,658 | ' | ' | ' |
Rental properties held for sale, net | 0 | 0 | ' | ' | ' |
Land held for development | 0 | 0 | ' | ' | ' |
Property under development | 81,459 | 25,419 | ' | ' | ' |
Mortgage notes and related accrued interest receivable | 458,833 | 414,075 | ' | ' | ' |
Investments in direct financing leases, net | 240,990 | 234,089 | ' | ' | ' |
Investment in joint ventures | 0 | 0 | ' | ' | ' |
Cash and cash equivalents | 147 | 651 | ' | 640 | 1,243 |
Restricted cash | 15,813 | 9,715 | ' | ' | ' |
Deferred financing costs, net | 5,793 | 4,812 | ' | ' | ' |
Accounts receivable, net | 20,581 | 16,830 | ' | ' | ' |
Intercompany notes receivable | 0 | 0 | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' | ' |
Other assets | 5,517 | 3,956 | ' | ' | ' |
Total assets | 2,046,965 | 1,823,205 | ' | ' | ' |
Accounts payable and accrued liabilities | 20,670 | 16,662 | ' | ' | ' |
Dividends payable | 0 | 0 | ' | ' | ' |
Unearned rents and interest | 17,812 | 7,393 | ' | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' | ' |
Atlantic-EPR II mortgage note payable to EPR Properties (1) | 68,000 | 53,315 | ' | ' | ' |
Total liabilities | 106,482 | 77,370 | ' | ' | ' |
EPR Properties shareholders’ equity | 1,940,483 | 1,745,835 | ' | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' | ' |
Equity | 1,940,483 | 1,745,835 | ' | ' | ' |
Total liabilities and equity | 2,046,965 | 1,823,205 | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Rental properties, net | 715,950 | 771,435 | ' | ' | ' |
Rental properties held for sale, net | 2,788 | 2,788 | ' | ' | ' |
Land held for development | 200,325 | 196,177 | ' | ' | ' |
Property under development | 4,589 | 3,957 | ' | ' | ' |
Mortgage notes and related accrued interest receivable | 43,442 | 41,677 | ' | ' | ' |
Investments in direct financing leases, net | 0 | 0 | ' | ' | ' |
Investment in joint ventures | 5,392 | 4,721 | ' | ' | ' |
Cash and cash equivalents | 7,079 | 8,482 | ' | 6,529 | 11,450 |
Restricted cash | 2,147 | 14,276 | ' | ' | ' |
Deferred financing costs, net | 751 | 1,304 | ' | ' | ' |
Accounts receivable, net | 19,614 | 21,769 | ' | ' | ' |
Intercompany notes receivable | 4,433 | 4,147 | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' | ' |
Other assets | 12,352 | 12,974 | ' | ' | ' |
Total assets | 1,018,862 | 1,083,707 | ' | ' | ' |
Accounts payable and accrued liabilities | 7,368 | 11,378 | ' | ' | ' |
Dividends payable | 0 | 0 | ' | ' | ' |
Unearned rents and interest | 1,167 | 3,940 | ' | ' | ' |
Intercompany notes payable | 195,620 | 107,251 | ' | ' | ' |
Atlantic-EPR II mortgage note payable to EPR Properties (1) | 337,973 | 475,517 | ' | ' | ' |
Total liabilities | 542,128 | 598,086 | ' | ' | ' |
EPR Properties shareholders’ equity | 476,357 | 485,244 | ' | ' | ' |
Noncontrolling interests | 377 | 377 | ' | ' | ' |
Equity | 476,734 | 485,621 | ' | ' | ' |
Total liabilities and equity | 1,018,862 | 1,083,707 | ' | ' | ' |
Consolidated Elimination [Member] | ' | ' | ' | ' | ' |
Rental properties, net | 0 | 0 | ' | ' | ' |
Rental properties held for sale, net | 0 | 0 | ' | ' | ' |
Land held for development | 0 | 0 | ' | ' | ' |
Property under development | 0 | 0 | ' | ' | ' |
Mortgage notes and related accrued interest receivable | 0 | 0 | ' | ' | ' |
Investments in direct financing leases, net | 0 | 0 | ' | ' | ' |
Investment in joint ventures | 0 | 0 | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' | ' |
Restricted cash | 0 | 0 | ' | ' | ' |
Deferred financing costs, net | 0 | 0 | ' | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' | ' |
Intercompany notes receivable | -195,620 | -107,251 | ' | ' | ' |
Investments in subsidiaries | -2,416,840 | -2,231,079 | ' | ' | ' |
Other assets | 0 | 0 | ' | ' | ' |
Total assets | -2,612,460 | -2,338,330 | ' | ' | ' |
Accounts payable and accrued liabilities | 0 | 0 | ' | ' | ' |
Dividends payable | 0 | 0 | ' | ' | ' |
Unearned rents and interest | 0 | 0 | ' | ' | ' |
Intercompany notes payable | -195,620 | -107,251 | ' | ' | ' |
Atlantic-EPR II mortgage note payable to EPR Properties (1) | 0 | 0 | ' | ' | ' |
Total liabilities | -195,620 | -107,251 | ' | ' | ' |
EPR Properties shareholders’ equity | -2,416,840 | -2,231,079 | ' | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' | ' |
Equity | -2,416,840 | -2,231,079 | ' | ' | ' |
Total liabilities and equity | ($2,612,460) | ($2,338,330) | ' | ' | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Rental revenue | $62,209 | $59,755 | $182,758 | $174,364 |
Tenant reimbursements | 4,552 | 4,608 | 13,748 | 13,794 |
Other income | 1,441 | 203 | 1,538 | 336 |
Mortgage and other financing income | 19,639 | 16,976 | 55,670 | 46,861 |
Intercompany fee income | 0 | 0 | 0 | 0 |
Interest income on intercompany notes receivable | 0 | 0 | 0 | 0 |
Total revenue | 87,841 | 81,542 | 253,714 | 235,355 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 |
Property operating expense | 6,579 | 5,939 | 19,604 | 17,999 |
Intercompany fee expense | 0 | 0 | 0 | 0 |
Other expense | 204 | 455 | 508 | 1,049 |
General and administrative expense | 6,764 | 5,486 | 19,468 | 17,774 |
Write off of Deferred Debt Issuance Cost | 223 | 477 | 6,166 | 477 |
Gain on early extinguishment of debt | 0 | 0 | -4,539 | 0 |
Interest expense, net | 20,435 | 19,994 | 60,424 | 56,594 |
Interest expense on intercompany notes payable | 0 | 0 | 0 | 0 |
Transaction costs | 317 | 184 | 859 | 373 |
Non-cash impairment charges | 0 | 0 | 0 | 1,914 |
Depreciation and amortization | 13,141 | 11,733 | 39,140 | 34,497 |
Income before equity in income from joint ventures and discontinued operations | 40,178 | 37,274 | 112,084 | 104,678 |
Equity in income from joint ventures | 351 | 342 | 1,168 | 666 |
Income from continuing operations | 40,529 | 37,616 | 113,252 | 105,344 |
Income (loss) from discontinued operations | -195 | -355 | 198 | 334 |
Impairment charges | 0 | -3,086 | 0 | -14,015 |
Gain on sale or acquisition of real estate | 3,168 | 0 | 3,733 | 720 |
Net income | 43,502 | 34,175 | 117,183 | 92,383 |
Add: Net income attributable to noncontrolling interests | 0 | -24 | 0 | -61 |
Net Income (Loss) Attributable to Parent | 43,502 | 34,151 | 117,183 | 92,322 |
Dividends, Preferred Stock | -5,951 | -6,002 | -17,855 | -18,005 |
Net income available to common shareholders of EPR Properties | 37,551 | 28,149 | 99,328 | 74,317 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 40,646 | 34,100 | 114,097 | 89,488 |
Entertainment Properties Trust (Issuer) [Member] | ' | ' | ' | ' |
Rental revenue | 0 | 0 | 0 | 0 |
Tenant reimbursements | 0 | 0 | 0 | 0 |
Other income | 23 | 23 | 71 | 69 |
Mortgage and other financing income | 287 | 110 | 790 | 313 |
Intercompany fee income | 656 | 683 | 1,982 | 2,026 |
Interest income on intercompany notes receivable | 4,834 | 4,283 | 13,332 | 12,663 |
Total revenue | 5,800 | 5,099 | 16,175 | 15,071 |
Equity in subsidiaries' earnings | 53,758 | 39,101 | 142,259 | 101,333 |
Property operating expense | -88 | 0 | -87 | 0 |
Intercompany fee expense | 0 | 0 | 0 | 0 |
Other expense | 0 | 0 | 0 | 0 |
General and administrative expense | 0 | 0 | 0 | 0 |
Write off of Deferred Debt Issuance Cost | 0 | 1 | 0 | 1 |
Gain on early extinguishment of debt | ' | ' | 0 | ' |
Interest expense, net | 15,706 | 9,791 | 40,159 | 23,312 |
Interest expense on intercompany notes payable | 0 | 0 | 0 | 0 |
Transaction costs | 317 | 184 | 859 | 373 |
Non-cash impairment charges | ' | ' | ' | 0 |
Depreciation and amortization | 273 | 259 | 818 | 767 |
Income before equity in income from joint ventures and discontinued operations | 43,350 | 33,965 | 116,685 | 91,951 |
Equity in income from joint ventures | 152 | 186 | 498 | 371 |
Income from continuing operations | 43,502 | 34,151 | 117,183 | 92,322 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Impairment charges | ' | 0 | ' | 0 |
Gain on sale or acquisition of real estate | 0 | ' | 0 | 0 |
Net income | 43,502 | 34,151 | ' | 92,322 |
Add: Net income attributable to noncontrolling interests | ' | 0 | ' | 0 |
Net Income (Loss) Attributable to Parent | ' | 34,151 | 117,183 | 92,322 |
Dividends, Preferred Stock | -5,951 | -6,002 | -17,855 | -18,005 |
Net income available to common shareholders of EPR Properties | 37,551 | 28,149 | 99,328 | 74,317 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 40,646 | 34,100 | 114,097 | 89,488 |
Wholly-Owned Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Rental revenue | 38,644 | 35,957 | 112,234 | 103,991 |
Tenant reimbursements | 419 | 492 | 1,396 | 1,098 |
Other income | -1 | 2 | 0 | -4 |
Mortgage and other financing income | 18,288 | 15,985 | 51,626 | 44,236 |
Intercompany fee income | 0 | 0 | 0 | 0 |
Interest income on intercompany notes receivable | 0 | 0 | 0 | 0 |
Total revenue | 57,350 | 52,436 | 165,256 | 149,321 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 |
Property operating expense | 1,555 | 1,091 | 5,292 | 3,101 |
Intercompany fee expense | 0 | 0 | 0 | 0 |
Other expense | 0 | 4 | 0 | 4 |
General and administrative expense | 4,326 | 3,470 | 12,497 | 11,120 |
Write off of Deferred Debt Issuance Cost | 188 | 476 | 188 | 476 |
Gain on early extinguishment of debt | ' | ' | -4,539 | ' |
Interest expense, net | 0 | 2,652 | 1,607 | 10,905 |
Interest expense on intercompany notes payable | 0 | 0 | 0 | 0 |
Transaction costs | 0 | 0 | 0 | 0 |
Non-cash impairment charges | ' | ' | ' | 0 |
Depreciation and amortization | 7,731 | 6,454 | 22,657 | 18,644 |
Income before equity in income from joint ventures and discontinued operations | 43,550 | 38,289 | 127,554 | 105,071 |
Equity in income from joint ventures | 0 | 0 | 0 | ' |
Income from continuing operations | 43,550 | 38,289 | 127,554 | 105,071 |
Income (loss) from discontinued operations | -66 | -3 | 623 | 1 |
Impairment charges | ' | 0 | ' | 0 |
Gain on sale or acquisition of real estate | 0 | ' | 0 | 282 |
Net income | 43,484 | 38,286 | ' | 105,354 |
Add: Net income attributable to noncontrolling interests | ' | 0 | ' | 0 |
Net Income (Loss) Attributable to Parent | ' | 38,286 | 128,177 | 105,354 |
Dividends, Preferred Stock | 0 | 0 | 0 | 0 |
Net income available to common shareholders of EPR Properties | 43,484 | 38,286 | 128,177 | 105,354 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 43,418 | 38,147 | 128,313 | 105,230 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Rental revenue | 23,565 | 23,798 | 70,524 | 70,373 |
Tenant reimbursements | 4,133 | 4,116 | 12,352 | 12,696 |
Other income | 1,419 | 178 | 1,467 | 271 |
Mortgage and other financing income | 1,064 | 881 | 3,254 | 2,312 |
Intercompany fee income | 0 | 0 | 0 | 0 |
Interest income on intercompany notes receivable | 98 | 89 | 286 | 262 |
Total revenue | 30,279 | 29,062 | 87,883 | 85,914 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 |
Property operating expense | 5,112 | 4,848 | 14,399 | 14,898 |
Intercompany fee expense | 656 | 683 | 1,982 | 2,026 |
Other expense | 204 | 451 | 508 | 1,045 |
General and administrative expense | 2,438 | 2,016 | 6,971 | 6,654 |
Write off of Deferred Debt Issuance Cost | 35 | 0 | 5,978 | 0 |
Gain on early extinguishment of debt | ' | ' | 0 | ' |
Interest expense, net | 4,729 | 7,551 | 18,658 | 22,377 |
Interest expense on intercompany notes payable | 4,932 | 4,372 | 13,618 | 12,925 |
Transaction costs | 0 | ' | 0 | ' |
Non-cash impairment charges | ' | ' | ' | 1,914 |
Depreciation and amortization | 5,137 | 5,020 | 15,665 | 15,086 |
Income before equity in income from joint ventures and discontinued operations | 7,036 | 4,121 | 10,104 | 8,989 |
Equity in income from joint ventures | 199 | 156 | 670 | 295 |
Income from continuing operations | 7,235 | 4,277 | 10,774 | 9,284 |
Income (loss) from discontinued operations | -129 | -352 | -425 | 333 |
Impairment charges | ' | -3,086 | ' | -14,015 |
Gain on sale or acquisition of real estate | 3,168 | ' | 3,733 | 438 |
Net income | 10,274 | 839 | ' | -3,960 |
Add: Net income attributable to noncontrolling interests | ' | -24 | ' | -61 |
Net Income (Loss) Attributable to Parent | ' | 815 | 14,082 | -4,021 |
Dividends, Preferred Stock | 0 | 0 | 0 | 0 |
Net income available to common shareholders of EPR Properties | 10,274 | 815 | 14,082 | -4,021 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 10,027 | 2,034 | 11,963 | -2,451 |
Consolidated Elimination [Member] | ' | ' | ' | ' |
Rental revenue | 0 | 0 | 0 | 0 |
Tenant reimbursements | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Mortgage and other financing income | 0 | 0 | 0 | 0 |
Intercompany fee income | -656 | -683 | -1,982 | -2,026 |
Interest income on intercompany notes receivable | -4,932 | -4,372 | -13,618 | -12,925 |
Total revenue | -5,588 | -5,055 | -15,600 | -14,951 |
Equity in subsidiaries' earnings | -53,758 | -39,101 | -142,259 | -101,333 |
Property operating expense | 0 | 0 | 0 | 0 |
Intercompany fee expense | -656 | -683 | -1,982 | -2,026 |
Other expense | 0 | 0 | 0 | 0 |
General and administrative expense | 0 | 0 | 0 | 0 |
Write off of Deferred Debt Issuance Cost | 0 | 0 | 0 | 0 |
Gain on early extinguishment of debt | ' | ' | 0 | ' |
Interest expense, net | 0 | 0 | 0 | 0 |
Interest expense on intercompany notes payable | -4,932 | -4,372 | -13,618 | -12,925 |
Transaction costs | 0 | 0 | 0 | 0 |
Non-cash impairment charges | ' | ' | ' | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Income before equity in income from joint ventures and discontinued operations | -53,758 | -39,101 | -142,259 | -101,333 |
Equity in income from joint ventures | 0 | 0 | 0 | 0 |
Income from continuing operations | -53,758 | -39,101 | -142,259 | -101,333 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Impairment charges | ' | 0 | ' | 0 |
Gain on sale or acquisition of real estate | 0 | ' | 0 | 0 |
Net income | -53,758 | -39,101 | ' | -101,333 |
Add: Net income attributable to noncontrolling interests | ' | 0 | ' | 0 |
Net Income (Loss) Attributable to Parent | ' | -39,101 | -142,259 | -101,333 |
Dividends, Preferred Stock | 0 | 0 | 0 | 0 |
Net income available to common shareholders of EPR Properties | -53,758 | -39,101 | -142,259 | -101,333 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ($53,445) | ($40,181) | ($140,276) | ($102,779) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Intercompany fee income (expense) | $0 | $0 |
Interest income (expense) on intercompany receivable/payable | 0 | 0 |
Net cash provided (used) by other operating activities | 156,153 | 137,111 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 156,153 | 137,111 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 2,222 | 8,330 |
Net cash provided by operating activities | 158,375 | 145,441 |
Acquisition of rental properties and other assets | -27,199 | -42,094 |
Proceeds from sale of real estate | 796 | 0 |
Investment in unconsolidated joint ventures | -1,021 | -1,131 |
Investment in mortgage notes receivable | -56,864 | -71,908 |
Proceeds from sale of investment in a direct financing lease, net | 0 | 4,494 |
Proceeds from mortgage note receivable paydown | 1,835 | 0 |
Payments to Acquire Notes Receivable | -1,278 | 0 |
Proceeds from promissory note receivable paydown | 1,026 | 0 |
Investment in a direct financing lease, net | 3,262 | 0 |
Additions to properties under development | -144,525 | -88,965 |
Investment in intercompany notes payable | 0 | 0 |
Advances to subsidiaries, net | 0 | 0 |
Net cash used by investing activities of continuing operations | -230,492 | -199,604 |
Net proceeds from sale of real estate from discontinued operations | 46,490 | 12,969 |
Net cash provided (used) by investing activities | -184,002 | -186,635 |
Proceeds from long-term debt facilities | 549,000 | 798,000 |
Principal payments on long-term debt | -384,831 | -616,400 |
Deferred financing fees paid | -8,106 | -5,797 |
Costs associated with loan refinancing or payoff (cash portion) | -5,790 | -38 |
Net proceeds from issuance of common shares | 43,659 | 179 |
Impact of stock option exercises, net | 947 | -485 |
Purchase of common shares for treasury | -3,246 | -3,232 |
Dividends paid to shareholders | -152,195 | -120,856 |
Net cash provided (used) by financing activities | 39,438 | 51,371 |
Effect of exchange rate changes on cash | -334 | 205 |
Net increase (decrease) in cash and cash equivalents | 13,477 | 10,382 |
Cash and cash equivalents at beginning of the year | 10,664 | 14,625 |
Cash and cash equivalents at end of the year | 24,141 | 25,007 |
Entertainment Properties Trust (Issuer) [Member] | ' | ' |
Intercompany fee income (expense) | 1,982 | 2,026 |
Interest income (expense) on intercompany receivable/payable | 13,332 | 12,663 |
Net cash provided (used) by other operating activities | -41,066 | -20,457 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -25,752 | -5,768 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 |
Net cash provided by operating activities | -25,752 | -5,768 |
Acquisition of rental properties and other assets | -217 | -309 |
Proceeds from sale of real estate | 0 | ' |
Investment in unconsolidated joint ventures | -1,021 | -1,131 |
Investment in mortgage notes receivable | -11,797 | 0 |
Proceeds from sale of investment in a direct financing lease, net | ' | 0 |
Proceeds from mortgage note receivable paydown | 0 | ' |
Payments to Acquire Notes Receivable | 0 | ' |
Proceeds from promissory note receivable paydown | 117 | ' |
Investment in a direct financing lease, net | 0 | ' |
Additions to properties under development | 0 | 0 |
Investment in intercompany notes payable | -88,083 | -1,756 |
Advances to subsidiaries, net | -41,409 | -434,967 |
Net cash used by investing activities of continuing operations | -142,410 | -438,163 |
Net proceeds from sale of real estate from discontinued operations | 0 | 0 |
Net cash provided (used) by investing activities | -142,410 | -438,163 |
Proceeds from long-term debt facilities | 300,000 | 590,000 |
Principal payments on long-term debt | 0 | 0 |
Deferred financing fees paid | -5,619 | -5,769 |
Costs associated with loan refinancing or payoff (cash portion) | 0 | 0 |
Net proceeds from issuance of common shares | 43,659 | 179 |
Impact of stock option exercises, net | 947 | -485 |
Purchase of common shares for treasury | -3,246 | -3,232 |
Dividends paid to shareholders | -152,195 | -120,856 |
Net cash provided (used) by financing activities | 183,546 | 459,837 |
Effect of exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 15,384 | 15,906 |
Cash and cash equivalents at beginning of the year | 1,531 | 1,932 |
Cash and cash equivalents at end of the year | 16,915 | ' |
Wholly-Owned Subsidiary Guarantors [Member] | ' | ' |
Intercompany fee income (expense) | 0 | 0 |
Interest income (expense) on intercompany receivable/payable | 0 | 0 |
Net cash provided (used) by other operating activities | 142,864 | 117,996 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 142,864 | 117,996 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 67 | 1,050 |
Net cash provided by operating activities | 142,931 | 119,046 |
Acquisition of rental properties and other assets | -17,347 | -40,338 |
Proceeds from sale of real estate | 0 | ' |
Investment in unconsolidated joint ventures | 0 | 0 |
Investment in mortgage notes receivable | -43,802 | -51,588 |
Proceeds from sale of investment in a direct financing lease, net | ' | 4,494 |
Proceeds from mortgage note receivable paydown | 137 | ' |
Payments to Acquire Notes Receivable | -1,278 | ' |
Proceeds from promissory note receivable paydown | 0 | ' |
Investment in a direct financing lease, net | 3,262 | ' |
Additions to properties under development | -139,726 | -80,122 |
Investment in intercompany notes payable | 0 | 0 |
Advances to subsidiaries, net | 45,050 | 444,285 |
Net cash used by investing activities of continuing operations | -160,228 | 276,731 |
Net proceeds from sale of real estate from discontinued operations | 0 | 282 |
Net cash provided (used) by investing activities | -160,228 | 277,013 |
Proceeds from long-term debt facilities | 249,000 | 208,000 |
Principal payments on long-term debt | -229,740 | -604,621 |
Deferred financing fees paid | -2,468 | 0 |
Costs associated with loan refinancing or payoff (cash portion) | 0 | -38 |
Net proceeds from issuance of common shares | 0 | 0 |
Impact of stock option exercises, net | 0 | 0 |
Purchase of common shares for treasury | 0 | 0 |
Dividends paid to shareholders | 0 | 0 |
Net cash provided (used) by financing activities | 16,792 | -396,659 |
Effect of exchange rate changes on cash | 1 | -3 |
Net increase (decrease) in cash and cash equivalents | -504 | -603 |
Cash and cash equivalents at beginning of the year | 651 | 1,243 |
Cash and cash equivalents at end of the year | 147 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Intercompany fee income (expense) | -1,982 | -2,026 |
Interest income (expense) on intercompany receivable/payable | -13,332 | -12,663 |
Net cash provided (used) by other operating activities | 54,355 | 39,572 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 39,041 | 24,883 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 2,155 | 7,280 |
Net cash provided by operating activities | 41,196 | 32,163 |
Acquisition of rental properties and other assets | -9,635 | -1,447 |
Proceeds from sale of real estate | 796 | ' |
Investment in unconsolidated joint ventures | 0 | 0 |
Investment in mortgage notes receivable | -1,265 | -20,320 |
Proceeds from sale of investment in a direct financing lease, net | ' | 0 |
Proceeds from mortgage note receivable paydown | 1,698 | ' |
Payments to Acquire Notes Receivable | 0 | ' |
Proceeds from promissory note receivable paydown | 909 | ' |
Investment in a direct financing lease, net | 0 | ' |
Additions to properties under development | -4,799 | -8,843 |
Investment in intercompany notes payable | 88,083 | 1,756 |
Advances to subsidiaries, net | -3,641 | -9,318 |
Net cash used by investing activities of continuing operations | 72,146 | -38,172 |
Net proceeds from sale of real estate from discontinued operations | 46,490 | 12,687 |
Net cash provided (used) by investing activities | 118,636 | -25,485 |
Proceeds from long-term debt facilities | 0 | ' |
Principal payments on long-term debt | -155,091 | -11,779 |
Deferred financing fees paid | -19 | -28 |
Costs associated with loan refinancing or payoff (cash portion) | -5,790 | 0 |
Net proceeds from issuance of common shares | 0 | 0 |
Impact of stock option exercises, net | 0 | 0 |
Purchase of common shares for treasury | 0 | 0 |
Dividends paid to shareholders | 0 | 0 |
Net cash provided (used) by financing activities | -160,900 | -11,807 |
Effect of exchange rate changes on cash | -335 | 208 |
Net increase (decrease) in cash and cash equivalents | -1,403 | -4,921 |
Cash and cash equivalents at beginning of the year | 8,482 | 11,450 |
Cash and cash equivalents at end of the year | $7,079 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Oct. 23, 2013 | Oct. 09, 2013 | Oct. 07, 2013 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
acre | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Payments to Acquire Productive Assets | $252,800,000 | ' | ' | ' | $18,600,000 | $69,300,000 |
Area of Real Estate Property | ' | ' | ' | ' | ' | 160 |
common stock, shares issued under direct share purchase plan | 878,242 | ' | ' | ' | ' | ' |
proceeds from issuance of common stock under direct share purchase plan | 43,400,000 | ' | ' | ' | ' | ' |
Commitment to fund project development | ' | ' | ' | ' | ' | 110,700,000 |
Common Shares, shares issued | 49,696,309 | ' | 48,454,181 | 3,600,000 | ' | ' |
Net proceeds from issuance of common shares | $43,659,000 | $179,000 | ' | $174,000,000 | ' | ' |