Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 27, 2014 | Jun. 30, 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-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 52,927,224 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,660,651,550 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Rental properties, net of accumulated depreciation of $409,643 and $375,684 at December 31, 2013 and 2012, respectively | $2,104,151 | $1,885,093 |
Rental properties held for sale, net | 0 | 2,788 |
Land held for development | 201,342 | 196,177 |
Property under development | 89,473 | 29,376 |
Mortgage notes and related accrued interest receivable, net | 486,337 | 455,752 |
Investment in a direct financing lease, net | 242,212 | 234,089 |
Investment in joint ventures | 5,275 | 11,971 |
Cash and cash equivalents | 7,958 | 10,664 |
Restricted cash | 9,714 | 23,991 |
Deferred financing costs, net | 23,344 | 19,679 |
Accounts receivable, net | 42,538 | 38,738 |
Other assets | 59,932 | 38,412 |
Total assets | 3,272,276 | 2,946,730 |
Liabilities: | ' | ' |
Accounts payable and accrued liabilities | 72,327 | 65,481 |
Common dividends payable | 13,601 | 35,165 |
Preferred dividends payable | 5,952 | 6,021 |
Unearned rents and interest | 17,046 | 11,333 |
Debt | 1,475,336 | 1,368,832 |
Total liabilities | 1,584,262 | 1,486,832 |
Equity: | ' | ' |
Common Shares, $.01 par value; 75,000,000 shares authorized; and 53,361,261 and 48,454,181 shares issued at December 31, 2013 and 2012, respectively | 534 | 484 |
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ' | ' |
Additional paid-in-capital | 2,003,863 | 1,769,227 |
Treasury shares at cost: 1,706,109 and 1,566,780 common shares at December 31, 2013 and 2012, respectively | -62,177 | -55,308 |
Accumulated other comprehensive income | 17,193 | 20,622 |
Distributions in excess of net income | -271,915 | -275,643 |
EPR Properties shareholders’ equity | 1,687,637 | 1,459,521 |
Noncontrolling interests | 377 | 377 |
Equity | 1,688,014 | 1,459,898 |
Total liabilities and equity | 3,272,276 | 2,946,730 |
Series C Preferred Shares [Member] | ' | ' |
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ' | ' |
Preferred shares | 54 | 54 |
Series E 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 $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Series C Preferred Shares [Member] | Series C Preferred Shares [Member] | Series E Preferred Shares [Member] | Series E Preferred Shares [Member] | Series F Preferred Stock [Member] | Series F Preferred Stock [Member] | |||
Real Estate Investment Property, Accumulated Depreciation | $409,643,000 | $375,684,000 | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | 53,361,261 | 48,454,181 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | ' | ' | 5,400,000 | 5,400,000 | 3,450,000 | 3,450,000 | 5,000,000 | 0 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | ' | ' | $135,000,000 | $135,000,000 | $86,250,000 | $86,250,000 | $125,000,000 | $0 |
Treasury Stock, Shares | 1,706,109 | 1,566,780 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | $248,709 | $234,517 | $219,733 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,401 | 18,575 | 17,965 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,682 | 738 | 374 |
Mortgage and other financing income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,272 | 63,977 | 55,564 |
Total revenue | 89,352 | 87,841 | 82,973 | 82,898 | 82,451 | 81,542 | 77,511 | 76,303 | ' | 343,064 | 317,807 | 293,636 |
Property operating expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,016 | 24,915 | 24,204 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 658 | 1,382 | 1,613 |
General and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,613 | 23,170 | 20,173 |
Costs associated with loan refinancing or payoff | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,166 | 627 | 1,877 |
Gain on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,539 | 0 | 0 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,056 | 76,656 | 71,295 |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,955 | 404 | 1,727 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3,074 | 2,531 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,946 | 46,698 | 42,975 |
Income before equity in income from joint ventures, and other items | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,193 | 140,881 | 127,241 |
Equity in income from joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,398 | 1,025 | 2,847 |
Gain on sale or acquisition, net | ' | ' | ' | ' | ' | ' | ' | 282 | 1,200 | 3,017 | 0 | 0 |
Gain on previously held equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,853 | 0 | 0 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 161,461 | 141,906 | 130,088 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,176 | 0 | 0 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,637 | 141,906 | 130,088 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 333 | 620 | 3,279 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -20,835 | -33,525 |
Costs associated with loan refinancing or payoff | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 4,121 |
Gain (loss) on sale or acquisition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,256 | -27 | 19,545 |
Net income | 63,042 | 43,502 | 32,476 | 41,206 | 29,281 | 34,175 | 36,818 | 21,390 | ' | 180,226 | 121,664 | 115,266 |
Add: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -108 | -38 |
Net income attributable to EPR Properties | 57,091 | 37,551 | 26,524 | 35,254 | 18,843 | 28,149 | 30,797 | 15,371 | ' | 180,226 | 121,556 | 115,228 |
Preferred dividend requirements | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,806 | -24,508 | -28,140 |
Preferred share redemption costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -3,888 | -2,769 |
Net income available to common shareholders of EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | $156,420 | $93,160 | $84,319 |
Basic earnings per share data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.16 | $2.42 | $2.13 |
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ($0.43) | ($0.32) |
Net income available to common shareholders | $1.12 | $0.79 | $0.56 | $0.75 | $0.40 | $0.60 | $0.66 | $0.33 | ' | $3.26 | $1.99 | $1.81 |
Diluted earnings per share data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.15 | $2.41 | $2.12 |
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.09 | ($0.43) | ($0.32) |
Net income available to common shareholders | $1.12 | $0.79 | $0.56 | $0.75 | $0.40 | $0.60 | $0.65 | $0.33 | ' | $3.24 | $1.98 | $1.80 |
Shares used for computation (in thousands): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,028 | 46,798 | 46,640 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,214 | 47,049 | 46,901 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $180,226 | $121,664 | $115,266 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation adjustment | -13,049 | 3,132 | 1,651 |
Change in unrealized gain (loss) on derivatives | 9,620 | -5,973 | 1,620 |
Comprehensive income | 176,797 | 118,823 | 118,537 |
Comprehensive income attributable to the noncontrolling interests | 0 | -108 | -38 |
Comprehensive income attributable to EPR Properties | $176,797 | $118,715 | $118,499 |
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] | Series F Preferred Stock [Member] | Series F Preferred Stock [Member] | Series F Preferred Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] |
In Thousands, except Share data, unless otherwise specified | Preferred Stock [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member] | |||||||||||
Balance at Dec. 31, 2010 | $1,631,258 | $477 | $167 | $1,785,371 | ($39,762) | $38,842 | ($181,856) | $28,019 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted share units issued to Trustees (in shares) | ' | 10,519 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted share units issued to Trustees | 502 | ' | ' | 502 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of nonvested shares, net | ' | 137,020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of nonvested shares, net | -1,102 | 1 | ' | 1,967 | -3,070 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of share based comp | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,239 | 4,239 | -778 | -778 |
Foreign currency translation adjustment | 1,651 | ' | ' | ' | ' | 1,651 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in unrealized gain/loss on derivatives | 1,620 | ' | ' | ' | ' | 1,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | -23,236 | ' | ' | ' | ' | -23,236 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | ' | ' | ' | ' | ' | -4,586 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 115,266 | ' | ' | ' | ' | ' | 115,228 | 38 | ' | ' | ' | ' | ' | ' | ' |
Issuances of common shares (in shares) | ' | 10,436 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuances of common shares, net of costs | 472 | 1 | ' | 471 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred shares (in shares) | ' | ' | -3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred shares | -80,030 | ' | -32 | -77,229 | ' | ' | -2,769 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option exercises, net (in shares) | 135,196 | 135,196 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option exercises, net | 966 | 1 | ' | 2,967 | -2,002 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends to common and preferred shareholders | -158,864 | ' | ' | ' | ' | ' | -158,864 | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions from noncontrolling interests | -3 | ' | ' | ' | ' | ' | ' | -3 | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 1,498,103 | 480 | 135 | 1,719,066 | -44,834 | 23,463 | -228,261 | 28,054 | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2011 | ' | 48,062,593 | 13,450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted share units issued to Trustees (in shares) | ' | 10,925 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted share units issued to Trustees | 488 | ' | ' | 488 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of nonvested shares, net | ' | 148,095 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of nonvested shares, net | -1,745 | 1 | ' | 1,491 | -3,237 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of share based comp | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,402 | 4,402 | -937 | -937 |
Foreign currency translation adjustment | 3,132 | ' | ' | ' | ' | 3,132 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in unrealized gain/loss on derivatives | -5,973 | ' | ' | ' | ' | -5,973 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 121,664 | ' | ' | ' | ' | ' | 121,556 | 108 | ' | ' | ' | ' | ' | ' | ' |
Issuances of common shares (in shares) | ' | 8,387 | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' |
Issuances of common shares, net of costs | 373 | 1 | ' | 372 | ' | ' | ' | ' | 120,567 | 50 | 120,517 | ' | ' | ' | ' |
Redemption of preferred shares (in shares) | ' | ' | -4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred shares | -115,013 | ' | -46 | -111,079 | ' | ' | -3,888 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option exercises, net (in shares) | 224,181 | 224,181 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option exercises, net | -1,987 | 2 | ' | 5,248 | -7,237 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends to common and preferred shareholders | -165,050 | ' | ' | ' | ' | ' | -165,050 | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of subsidiary shares from noncontrolling interest | 0 | ' | ' | 27,785 | ' | ' | ' | 27,785 | ' | ' | ' | ' | ' | ' | ' |
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] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted share units issued to Trustees (in shares) | ' | 17,530 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted share units issued to Trustees | -1,024 | ' | ' | 1,024 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of nonvested shares, net | ' | 196,928 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of nonvested shares, net | -835 | 2 | ' | 2,588 | -3,425 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of share based comp | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,832 | 4,832 | -856 | -856 |
Foreign currency translation adjustment | -13,049 | ' | ' | ' | ' | -13,049 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in unrealized gain/loss on derivatives | 9,620 | ' | ' | ' | ' | 9,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 180,226 | ' | ' | ' | ' | ' | 180,226 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuances of common shares (in shares) | ' | 4,549,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuances of common shares, net of costs | 220,993 | 46 | ' | 220,947 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | -176,498 | ' | ' | ' | ' | ' | -176,498 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $1,688,014 | $534 | $139 | $2,003,863 | ($62,177) | $17,193 | ($271,915) | $377 | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2013 | ' | 53,361,261 | 13,850,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income | $180,226 | $121,664 | $115,266 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Gain on early extinguishment of debt | -4,539 | 0 | 0 |
Gain on previously held equity interest | -4,853 | 0 | 0 |
Gain on sale or acquisition, net | -3,017 | 0 | 0 |
Deferred Income Tax Expense (Benefit) | -14,787 | 0 | 0 |
Non-cash impairment charges | 0 | 3,074 | 2,531 |
Loss (income) from discontinued operations | -4,589 | 20,242 | 14,822 |
Costs associated with loan refinancing or payoff, net | 6,166 | 627 | 1,877 |
Equity in income from joint ventures | -1,398 | -1,025 | -2,847 |
Distributions from joint ventures | 985 | 1,046 | 2,848 |
Depreciation and amortization | 53,946 | 46,698 | 42,975 |
Amortization of deferred financing costs | 4,041 | 4,218 | 3,807 |
Amortization of above and below Market Leases | 48 | 0 | 0 |
Share-based compensation expense to management and trustees | 6,516 | 5,833 | 5,610 |
Decrease (increase) in restricted cash | 12,509 | -6,681 | -652 |
Increase in mortgage notes accrued interest receivable | -457 | -409 | -5 |
Decrease (increase) in accounts receivable, net | -7,163 | -7,400 | 129 |
Increase in direct financing lease receivable | -4,860 | -4,964 | -5,073 |
Decrease (increase) in other assets | 2,338 | -989 | -44 |
Increase in accounts payable and accrued liabilities | 7,816 | 8,720 | 4,358 |
Increase in unearned rents | 2,511 | 5,447 | 66 |
Net operating cash provided by continuing operations | 231,439 | 196,101 | 185,668 |
Net operating cash provided by discontinued operations | 2,681 | 11,343 | 10,248 |
Net cash provided by operating activities | 234,120 | 207,444 | 195,916 |
Investing activities: | ' | ' | ' |
Acquisition of rental properties and other assets | -123,497 | -73,188 | -53,175 |
Proceeds from sale of real estate | 797 | 0 | 0 |
Investment in unconsolidated joint ventures | -1,607 | -1,800 | -3,970 |
Investment in mortgage notes receivable | -60,568 | -113,823 | -19,688 |
Proceeds from mortgage note receivable paydown | 1,900 | 0 | 0 |
Investment in promissory notes receivable | -1,278 | 0 | 0 |
Proceeds from promissory note receivable paydown | 1,027 | 0 | 0 |
Investment in direct financing leases, net | -3,262 | 0 | -2,113 |
Proceeds from Sale of Lease Receivables | 0 | 4,494 | 0 |
Additions to properties under development | -197,271 | -113,599 | -57,926 |
Net cash used by investing activities of continuing operations | -383,759 | -297,916 | -136,872 |
Net cash used by other investing activities of discontinued operations | 0 | 0 | -58 |
Net proceeds from sale of real estate from discontinued operations | 47,301 | 42,133 | 226,612 |
Net cash provided (used) by investing activities | -336,458 | -255,783 | 89,682 |
Financing activities: | ' | ' | ' |
Proceeds from long-term debt facilities | 646,000 | 871,000 | 387,000 |
Principal payments on long-term debt | -552,468 | -658,571 | -425,859 |
Deferred financing fees paid | -8,133 | -5,800 | -3,731 |
Costs associated with loan refinancing or payoff (cash portion) | -5,790 | -189 | -117 |
Net proceeds from issuance of common shares | 220,785 | 231 | 253 |
Net proceeds from issuance of preferred shares | 0 | 120,567 | 0 |
Redemption of preferred shares | 0 | -115,013 | -80,030 |
Impact of stock option exercises, net | 947 | -1,987 | 966 |
Purchase of common shares for treasury | -3,246 | -3,232 | -3,070 |
Dividends paid to shareholders | -197,924 | -162,775 | -157,844 |
Net cash provided (used) by financing activities | 100,171 | 44,231 | -282,432 |
Effect of exchange rate changes on cash | -539 | 147 | -317 |
Net increase (decrease) in cash and cash equivalents | -2,706 | -3,961 | 2,849 |
Cash and cash equivalents at beginning of the year | 10,664 | 14,625 | 11,776 |
Cash and cash equivalents at end of the year | 7,958 | 10,664 | 14,625 |
Supplemental schedule of non-cash activity: | ' | ' | ' |
Transfer of property under development to rental property | 139,026 | 96,178 | 41,087 |
Acquisition of real estate in exchange for assumption of debt at fair value | 19,710 | 0 | 4,109 |
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses | 10,398 | 7,181 | 6,785 |
Conversion of equity to mortgage note receivable related to Atlantic-EPR I | 0 | 14,852 | 0 |
Adjustment of noncontrolling interest to additional paid in capital | 0 | 27,785 | 0 |
Sale of real estate in exchange for note receivable | 2,500 | 2,500 | 0 |
Net increase in real estate and other assets | 49,391 | 0 | 0 |
decrease in investment in joint venture | 8,282 | 0 | 0 |
Decrease in mortgage notes receivable | 33,089 | 0 | 0 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid during the year for interest | 73,403 | 66,302 | 69,368 |
Cash paid (received) during the year for income taxes | $102 | ($325) | $40 |
Organization
Organization | 12 Months Ended |
Dec. 31, 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. 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 | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Summary of Significant Accounting Policies | ' | |||||||
Summary of Significant Accounting Policies | ||||||||
Principles of Consolidation | ||||||||
The consolidated financial statements include the accounts of EPR Properties and its subsidiaries, all of which are wholly owned except for those subsidiaries discussed below. | ||||||||
The Company consolidates certain entities if 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. | ||||||||
As further explained in Note 9, the Company owns 96% of the membership interests of VinREIT, LLC (VinREIT). There was no net income attributable to noncontrolling interest related to VinREIT for the year ended December 31, 2013. Net income attributable to noncontrolling interest related to VinREIT was $108 thousand and $38 thousand for the years ended December 31, 2012 and 2011, respectively, representing the noncontrolling interest’s portion of the annual cash flow. Total noncontrolling interest in VinREIT included in the accompanying consolidated balance sheets was $377 thousand at both December 31, 2013 and 2012. | ||||||||
Use of Estimates | ||||||||
Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates. | ||||||||
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, which 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. | ||||||||
Accounting for Acquisitions | ||||||||
Upon acquisition of real estate properties, the Company determines if the acquisition meets the criteria to be accounted for as a business combination. Accordingly, the Company accounts for (1) acquired vacant properties, (2) acquired single tenant properties when a new lease or leases are signed at the time of acquisition, and (3) acquired single tenant properties that have an existing long-term triple-net lease or leases (greater than seven years) as asset acquisitions. Acquisitions of properties that include a process such as those with with shorter-term leases or properties with multiple tenants that require business related activities to manage and maintain the properties are treated as business combinations. | ||||||||
Costs incurred for asset acquisitions and development properties, including transaction costs, are capitalized. For asset acquisitions, the Company allocates the purchase price and other related costs incurred to the real estate assets acquired based on recent independent appraisals and management judgment. | ||||||||
If the acquisition is determined to be a business combination, the Company records the fair value of acquired tangible assets (consisting of land, building, tenant improvements, and furniture, fixtures and equipment) and identified intangible assets and liabilities (consisting of above and below market leases, in-place leases, tenant relationships and assumed financing that is determined to be above or below market terms) as well as any noncontrolling interest. In addition, acquisition-related costs in connection with business combinations are expensed as incurred. Costs related to such transactions, as well as costs associated with terminated transactions, are included in the accompanying Consolidated Statements of Income as transaction costs. Transaction costs expensed totaled $2.0 million, $0.4 million and $1.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Most of the Company’s rental property acquisitions do not involve in-place leases. In such cases, the fair value of the tangible assets is determined based on recent independent appraisals and management judgment. Because the Company typically executes these leases simultaneously with the purchase of the real estate, no value is ascribed to in-place leases in these transactions. | ||||||||
For rental property acquisitions involving in-place leases, the fair value of the tangible assets is determined by valuing the property as if it were vacant based on management’s determination of the relative fair values of the assets. Management determines the “as if vacant” fair value of a property using recent independent appraisals or methods similar to those used by independent appraisers. The aggregate value of intangible assets or liabilities is measured based on the difference between the stated price plus capitalized costs and the property as if vacant. | ||||||||
In determining the fair value of acquired in-place leases, the Company considers many factors. On a lease-by-lease basis, management considers the present value of the difference between the contractual amounts to be paid pursuant to the leases and management’s estimate of fair market lease rates. For above market leases, management considers such differences over the remaining non-cancelable lease terms and for below market leases, management considers such differences over the remaining initial lease terms plus any fixed rate renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below market lease values are amortized as an increase to rental income over the remaining initial lease terms plus any fixed rate renewal periods. Management considers several factors in determining the discount rate used in the present value calculations, including the credit risks associated with the respective tenants. If debt is assumed in the acquisition, the determination of whether it is above or below market is based upon a comparison of similar financing terms for similar rental properties at the time of the acquisition. | ||||||||
The fair value of acquired in-place leases also includes management’s estimate, on a lease-by-lease basis, of the present value of the following amounts: (i) the value associated with avoiding the cost of originating the acquired in-place leases (i.e. the market cost to execute the leases, including leasing commissions, legal and other related costs); (ii) the value associated with lost revenue related to tenant reimbursable operating costs estimated to be incurred during the assumed re-leasing period, (i.e. real estate taxes, insurance and other operating expenses); (iii) the value associated with lost rental revenue from existing leases during the assumed re-leasing period; and (iv) the value associated with avoided tenant improvement costs or other inducements to secure a tenant lease. These values are amortized over the remaining initial lease term of the respective leases. | ||||||||
The Company also determines the value, if any, associated with customer relationships considering factors such as the nature and extent of the Company’s existing business relationship with the tenants, growth prospects for developing new business with the tenants and expectation of lease renewals. The value of customer relationship intangibles is amortized over the remaining initial lease terms plus any renewal periods. | ||||||||
Management of the Company reviews the carrying value of intangible assets for impairment on an annual basis. | ||||||||
Intangible assets (included in Other Assets in the accompanying consolidated balance sheets) consist of the following at December 31 (in thousands): | ||||||||
2013 | 2012 | |||||||
In-place leases, net of accumulated amortization of $11.6 million and $11.0 million, respectively | $ | 5,065 | $ | 2,628 | ||||
Above market lease, net of accumulated amortization of $0.05 million at December 31, 2013 | 1,054 | — | ||||||
Goodwill | 693 | 693 | ||||||
Total intangible assets, net | $ | 6,812 | $ | 3,321 | ||||
In-place leases, net at December 31, 2013 and 2012 of approximately $5.1 million and $2.6 million, respectively, relate to four entertainment retail centers in Ontario, Canada that were purchased on March 1, 2004, one entertainment retail center in Burbank, California that was purchased on March 31, 2005 and three theatre properties that were purchased during 2013. Above market lease, net at December 31, 2013 relates to one theatre property that was purchased during 2013. Goodwill at December 31, 2013 and 2012 relates solely to the acquisition of New Roc that was acquired on October 27, 2003. Amortization expense related to in-place leases is computed using the straight-line method and was $1.2 million for both the years ended December 31, 2013 and 2012 and $1.3 million for the year ended December 31, 2011. The weighted average life for these in-place leases at December 31, 2013 is 5.4 years. Amortization expense related to the above market lease is computed using the straight-line method and was $48 thousand for the year ended December 31, 2013. The weighted average life for the above market lease at December 31, 2013 is 5.6 years. | ||||||||
Future amortization of in-place leases, net and above market lease, net at December 31, 2013 is as follows (in thousands): | ||||||||
In place leases | Above market lease | |||||||
Year: | ||||||||
2014 | $ | 1,232 | $ | 192 | ||||
2015 | 1,120 | 192 | ||||||
2016 | 774 | 192 | ||||||
2017 | 630 | 192 | ||||||
2018 | 615 | 192 | ||||||
Thereafter | 694 | 94 | ||||||
Total | $ | 5,065 | $ | 1,054 | ||||
Deferred Financing Costs | ||||||||
Deferred financing costs are amortized over the terms of the related debt obligations or mortgage note receivable as applicable. | ||||||||
Capitalized Development Costs | ||||||||
The Company capitalizes certain costs that relate to property under development including interest and a portion of internal legal personnel costs. | ||||||||
Operating Segments | ||||||||
For financial reporting purposes, the Company groups its investments into four reportable operating segments: Entertainment, Education, Recreation and Other. See Note 21 for financial information related to these operating segments. | ||||||||
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 $2.6 million, $1.8 million and $1.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Mortgage and other financing income included participating interest income of $0.9 million for both of the years ended December 31, 2013 and 2012 and $0.5 million for the year ended December 31, 2011. 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 $37 thousand, $0.1 million and $1.1 million (of which $1.0 million has been classified within discontinued operations) were recognized during the years ended December 31, 2013, 2012 and 2011, 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. | ||||||||
Allowance for Doubtful Accounts | ||||||||
Accounts receivable is reduced by an allowance for amounts that may become uncollectible in the future. The Company’s accounts receivable balance is comprised primarily of rents and operating cost recoveries due from tenants as well as accrued rental rate increases to be received over the life of the existing leases. The Company regularly evaluates the adequacy of its allowance for doubtful accounts. The evaluation primarily consists of reviewing past due account balances and considering such factors as the credit quality of the Company’s tenants, historical trends of the tenant and/or other debtor, current economic conditions and changes in customer payment terms. Additionally, with respect to tenants in bankruptcy, the Company estimates the expected recovery through bankruptcy claims and increases the allowance for amounts deemed uncollectible. If the Company’s assumptions regarding the collectiblity of accounts receivable prove incorrect, the Company could experience write-offs of the accounts receivable or accrued straight-line rents receivable in excess of its allowance for doubtful accounts. The allowance for doubtful accounts was $3.0 million and $3.9 million at December 31, 2013 and 2012, respectively. | ||||||||
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. During the year ended December 31, 2012, the Company wrote off $8.1 million of previously impaired and fully reserved notes receivable due from a former vineyard and winery tenant. During the year ended December 31, 2013, the Company received partial payment of $1.0 million on a note receivable that was previously impaired and accordingly the allowance for loan losses of $0.1 million was written off. | ||||||||
Income Taxes | ||||||||
The Company operates in a manner intended to qualify as a REIT under the Internal Revenue Code (the Code). A REIT that distributes at least 90% of its taxable income to its shareholders each year and which meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. The Company intends to continue to qualify as a REIT and distribute substantially all of its taxable income to its shareholders. | ||||||||
The Company owns certain real estate assets which are subject to income tax in Canada. Historically, a full valuation allowance had been recorded on the net Canadian deferred tax assets as there was no assurance that the Canadian operations would generate taxable income in the future. Due to tax law changes occurring in the fourth quarter of 2013, the Company expects that the Canadian operations will generate taxable income in 2014 and beyond, related primarily to limitations on the deductibility of intercompany interest expense. Accordingly, for the year ended December 31, 2013, the Company reassessed the need for a valuation allowance, and reversed its valuation allowance associated with the net Canadian deferred tax assets and recorded an income tax benefit of $14.8 million. Temporary differences between income for financial reporting purposes and taxable income for the Canadian operations relate primarily to depreciation, prepaid interest and straight line rents. | ||||||||
The Company has certain taxable REIT subsidiaries, as permitted under the Code, through which it conducts certain business activities and are subject to federal and state income taxes on their net taxable income. One of the taxable REIT subsidiaries holds four unconsolidated joint ventures located in China. The Company records these investments using the equity method; therefore the income reported by the Company is net of income tax paid to the Chinese authorities. In addition, the company is liable for withholding taxes associated with the current and future repatriation of earnings of the China joint ventures. This amount was approximately $123 thousand for the year ended December 31, 2013, of which $34 thousand represented current taxes paid and $89 thousand represents a future liability. In addition to historical net operating loss carryovers, temporary differences between income for financial reporting purposes and taxable income for the taxable REIT subsidiaries relate primarily to timing differences from when the foreign income is recognized. | ||||||||
As of December 31, 2013 and 2012, respectively, the Canadian operations and the taxable REIT subsidiaries had deferred tax assets totaling approximately $22.7 million and $19.3 million and deferred tax liabilities totaling approximately $4.7 million and $4.2 million. As there is no assurance that the taxable REIT subsidiaries will generate taxable income in the future beyond the reversal of temporary taxable differences, the deferred tax assets and liabilities have been offset by a valuation allowance at December 31, 2013 and December 31, 2012. As outlined above, the Company reversed in 2013 its historical valuation allowance associated with the net Canadian deferred tax asset. The Company’s consolidated deferred tax position is summarized as follows: | ||||||||
2013 | 2012 | |||||||
Fixed assets | $ | 18,219 | $ | 15,454 | ||||
Net operating losses | 3,741 | 3,653 | ||||||
Other | 728 | 139 | ||||||
Less Valuation allowance | (3,164 | ) | (15,065 | ) | ||||
Total deferred tax assets | $ | 19,524 | $ | 4,181 | ||||
Straight line receivable | $ | (4,158 | ) | $ | (3,916 | ) | ||
Other | (578 | ) | (265 | ) | ||||
Total deferred tax liabilities | $ | (4,736 | ) | $ | (4,181 | ) | ||
Net deferred tax asset | $ | 14,788 | $ | — | ||||
Deferred tax assets for which no valuation allowance has been established could be recognized for financial reporting purposes in future periods if the taxable REIT subsidiaries generate sufficient taxable income. | ||||||||
Additionally, during the year ended December 31, 2013, the Company recognized current income tax expense of $488 thousand related to certain state income taxes. The table below details the current and deferred income tax benefit (expense) for the year ended December 31, 2013 (in thousands): | ||||||||
2013 | ||||||||
Current state income tax expense and other | $ | (522 | ) | |||||
Deferred foreign withholding tax | (89 | ) | ||||||
Deferred income tax benefit | 14,787 | |||||||
Income tax benefit | $ | 14,176 | ||||||
Tax expense incurred in 2012 and 2011 was insignificant. | ||||||||
Furthermore, the Company qualified as a REIT and distributed the necessary amount of taxable income such that no current federal income taxes were due for the years ended December 31, 2013, 2012 and 2011. Accordingly, no provision for current federal income taxes was recorded for any of those years. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain provisions, it will be subject to federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. Tax years 2010 through 2013 remain generally open to examination for U.S. federal income tax and state tax purposes and from 2008 through 2013 for Canada income tax purposes. The Company did not have any unrecognized tax benefits recorded as of December 31, 2013 or December 31, 2012. | ||||||||
The Company’s policy is to recognize interest and penalties as general and administrative expense. In 2013 and 2012, the Company did not recognize any expense (benefit) related to interest and penalties. The Company did not have any accrued interest and penalties at December 31, 2013 or December 31, 2012. | ||||||||
Concentrations of Risk | ||||||||
American Multi-Cinema, Inc. (AMC) was the lessee of a substantial portion (29%) of the megaplex theatre rental properties held by the Company at December 31, 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 $85.1 million or 25% , $95.1 million or 30% and $105.3 million or 36%, for the years ended December 31, 2013, 2012 and 2011, 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 AMC Entertainment Holdings, Inc. (AMCEH). AMCEH is a publicly held company (NYSE: AMC) and its consolidated financial information is publicly available as www.sec.gov. | ||||||||
For the years ended December 31, 2013, 2012 and 2011, approximately $42.3 million or 12%, and $42.8 million or 13%, and $42.3 million or 14%, respectively, of total revenue was derived from the Company's four entertainment retail centers in Ontario, Canada. The Company acquired Toronto Dundas Square, a 13-level entertainment retail center located in downtown Toronto, consisting of 330,000 square feet of net rentable area and a signage business consisting of 25,000 square feet of digital and static signage, on March 4, 2010. On March 29, 2011, the Company sold this entertainment retail center and accordingly, the results of operations of the property have been classified within discontinued operations. The Company's wholly owned subsidiaries that hold the four Canadian entertainment retail centers represent approximately $227.2 million or 13% of the Company's net assets as of December 31, 2013. The third party debt held by these subsidiaries was repaid during the year ended December 31, 2013. The Company's wholly owned subsidiaries that hold the four Canadian entertainment retail centers and held third party debt represented approximately $147.3 million or 10% of the Company's net assets as of December 31, 2012. | ||||||||
Cash Equivalents | ||||||||
Cash equivalents include bank demand deposits and shares of highly liquid institutional money market mutual funds for which cost approximates market value. | ||||||||
Restricted Cash | ||||||||
Restricted cash represents cash held for a borrower’s debt service reserve for mortgage notes receivable, deposits required in connection with debt service, payment of real estate taxes and capital improvements, and escrow balances required in connection with the sale of Toronto Dundas Square. | ||||||||
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 $6.5 million, $5.8 million and $5.6 million for the years ended December 31, 2013, 2012 and 2011, 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 $856 thousand, $937 thousand and $777 thousand for the years ended December 31, 2013, 2012 and 2011, 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 $4.8 million, $4.4 million and $4.2 million for the years ended December 31, 2013, 2012 and 2011, 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 was 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 $828 thousand, $494 thousand and $493 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Foreign Currency Translation | ||||||||
The Company accounts for the operations of its Canadian properties and mortgage note (prior to pay-off) in Canadian dollars. The assets and liabilities related to the Company’s Canadian properties and mortgage note are translated into U.S. dollars at current exchange rates; revenues and expenses are translated at average exchange rates. Resulting translation adjustments are recorded as a separate component of comprehensive income. | ||||||||
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 | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Rental Properties | ' | |||||||
Rental Properties | ||||||||
The following table summarizes the carrying amounts of rental properties as of December 31, 2013 and 2012 (in thousands): | ||||||||
2013 | 2012 | |||||||
Buildings and improvements | $ | 1,937,661 | $ | 1,734,300 | ||||
Furniture, fixtures & equipment | 26,676 | 34,028 | ||||||
Land | 549,457 | 492,449 | ||||||
2,513,794 | 2,260,777 | |||||||
Accumulated depreciation | (409,643 | ) | (375,684 | ) | ||||
Total | $ | 2,104,151 | $ | 1,885,093 | ||||
Depreciation expense on rental properties was $50.7 million, $43.8 million and $40.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
On March 29, 2011, the Company sold its Toronto Dundas Square entertainment retail center and related signage business in downtown Toronto. The gross sale proceeds were approximately $226.0 million Canadian (CAD) and the net sales proceeds, after selling costs, were $222.7 million CAD. The acquirer did not purchase any of the pre-acquisition receivables, payables or accrued liabilities and the purchase and sale agreement called for the establishment of $15.3 million CAD of escrow accounts primarily for the payment of previously accrued property taxes. This amount has been netted against the net proceeds from sale of real estate from discontinued operations in the consolidated statement of cash flows for the year ended December 31, 2011. The net proceeds from this sale, after the aforementioned escrows, were converted to U.S. dollars primarily through a foreign currency forward contract that was entered into on February 3, 2011 and designated as a net investment hedge. This forward contract allowed the Company to sell $200.0 million CAD for $201.5 million U.S. The Company used the proceeds to pay down its revolving line of credit and recorded a net gain of $18.3 million U.S. on the sale of real estate, including the impact of foreign currency and the settlement of the forward contract. From 2011 to 2013, approximately $15.2 million CAD, was paid from reserves leaving an outstanding balance of $0.1 million CAD at December 31, 2013. During the fourth quarter of 2011 and the first quarter of 2012, the Company recorded an additional gain on sale or acquisition of real estate of $1.2 million U.S. and $282 thousand U.S, respectively, related to the settlement of certain reserves. The results of operations of the project have been classified within discontinued operations (see Note 19 for further details). As of December 31, 2013, the Company's consolidated balance sheet includes $0.3 million CAD of assets and $3.8 million CAD of liabilities related to Toronto Dundas Square; however, the Company has no significant continuing involvement with the ownership or operation of the project. | ||||||||
During the year ended December 31, 2011, the Company sold three winery and vineyard properties located in California. The total proceeds for these sales were $20.7 million and the Company recognized a gain of $16 thousand. During the year ended December 31, 2012, the Company sold two winery and vineyard properties located in California for $44.4 million and the Company recognized a net loss of $308 thousand. In consideration for one of these properties the Company received $10 million in cash and a mortgage note receivable of $2.5 million, due in December 2017. During the year ended December 31, 2013, the Company sold five winery and vineyard properties located in California. The total proceeds for these sales were $49.8 million and the Company recognized a net gain of $4.3 million. In consideration for one of these properties, the Company received $1.0 million in cash and a mortgage note receivable of $2.5 million, due in November 2016. As further detailed in Note 19, the results of operations of these properties have been classified within discontinued operations. |
Impairment_Charges
Impairment Charges | 12 Months Ended |
Dec. 31, 2013 | |
Asset Impairment Charges [Abstract] | ' |
Impairment Charges | ' |
Impairment Charges | |
During 2011, the Company recorded impairment charges totaling $36.1 million on eight vineyard and winery properties, including one property which was held for sale. Management estimated the fair values of these properties taking into account various factors, including the shortened holding period, current market conditions as well as independent appraisals for most of the properties use a leased fee or fee simple approach as applicable. It was determined that the carrying value of these properties (included in the Other segment) exceeded the estimated fair values by $36.1 million. During 2011, 2012 and 2013, the Company sold all of the assets at six of these properties (one of which was classified as held for sale as of December 31, 2011) and a portion of the assets at one of the properties. Accordingly, the related results of operations including the impairment charge of $33.5 million for these properties have been classified within discontinued operations. See Note 19 for further details. | |
During 2012, the Company recorded impairment charges totaling $23.9 million on six vineyard and winery properties. The Company began negotiations on or entered into non-binding agreements to sell these assets and as a result, the Company revised its estimated undiscounted cash flows associated with each of these asset groups, considering the shorter expected holding periods, and determined that those estimated cash flows were not sufficient to recover the carrying values of these properties. Management estimated the fair values of these properties taking into account the various purchase offers, pending purchase agreements, input from an outside broker and previous appraisals. During 2012 and 2013, the Company sold all of the assets at four of these properties (one of which was classified as held for sale as of December 31, 2012) and a portion of the assets at one of the properties. The related results of operations, including the impairment of $20.8 million, has been classified within discontinued operations. See Note 19 for further details. |
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||
Accounts Receivable, Net | ' | |||||||
Accounts Receivable, Net | ||||||||
The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2013 and 2012 (in thousands): | ||||||||
2013 | 2012 | |||||||
Receivable from tenants | $ | 10,759 | $ | 9,379 | ||||
Receivable from non-tenants | 275 | 1,527 | ||||||
Receivable from Canada Revenue Agency | 839 | 793 | ||||||
Straight-line rent receivable | 33,654 | 30,891 | ||||||
Allowance for doubtful accounts | (2,989 | ) | (3,852 | ) | ||||
Total | $ | 42,538 | $ | 38,738 | ||||
Investment_in_Mortgage_Notes
Investment in Mortgage Notes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Financing Receivable, Net [Abstract] | ' | ||||||||
Investment In Mortgage Notes | ' | ||||||||
Investment in Mortgage Notes | |||||||||
Investment in mortgage notes, including related accrued interest receivable, at December 31, 2013 and 2012 consists of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
-1 | Mortgage note and related accrued interest receivable, 9.00%, paid in full on May 31, 2013 | $ | — | $ | 1,710 | ||||
-2 | Mortgage note, 9.50%, paid in full on October 8, 2013 | — | 17,979 | ||||||
-3 | Mortgage note, 10.00%, due April 1, 2016 | 42,907 | 42,907 | ||||||
-4 | Mortgage note receivable and related accrued interest receivable, 5.50%, due November 1, 2016 | 2,511 | — | ||||||
-5 | Mortgage note and related accrued interest receivable, 10.00%, due November 1, 2017 | 2,521 | 2,517 | ||||||
-6 | Mortgage notes, 7.00% and 10.00%, due May 1, 2019 | 183,465 | 178,545 | ||||||
-7 | Mortgage note, 10.00%, due August 29, 2020 | 1,112 | — | ||||||
-8 | Mortgage note, 10.11%, due March 10, 2027 | 10,972 | 10,945 | ||||||
-9 | Mortgage notes, 10.77%, due April 3, 2027 | 63,500 | 62,500 | ||||||
-10 | Mortgage note, 9.98%, due October 30, 2027 | 47,029 | 45,714 | ||||||
-11 | Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032 | 36,032 | 36,032 | ||||||
-12 | Mortgage note and related accrued interest receivable, 9.50%, due September 1, 2032 | 19,659 | 19,471 | ||||||
-13 | Mortgage note and related accrued interest receivable, 10.25%, due October 31, 2032 | 22,188 | 22,188 | ||||||
-14 | Mortgage note, 10.20%, due December 19, 2032 | 4,509 | 2,550 | ||||||
-15 | Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032 | 5,717 | 5,787 | ||||||
-16 | Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033 | 20,802 | — | ||||||
-17 | Mortgage note, 11.31%, due May 31, 2033 | 13,086 | 4,930 | ||||||
-18 | Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033 | 3,455 | 1,977 | ||||||
-19 | Mortgage note and related accrued interest receivable, 9.50%, due June 30, 2033 | 6,872 | — | ||||||
Total mortgage notes and related accrued interest receivable | $ | 486,337 | $ | 455,752 | |||||
(1) The Company's first mortgage loan agreement with Starshine Charter Holdings, LLC was paid in full on May 31, 2013. | |||||||||
(2) The Company's first mortgage loan agreement with Cantera 30, L.P., was paid in full on October 8, 2013 with the Company's acquisition of its partner's interest in the Atlantic-EPR I joint venture. See Note 8 for further details. | |||||||||
(3) The Company's first mortgage loan agreement with Peak Resorts, Inc. (Peak) is secured by approximately 696 acres of development land. The note requires monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. | |||||||||
(4) The Company's mortgage loan agreement with Alko Ranch, LLC is secured by approximately 159 acres of land and a winery facility. The note requires monthly interest payments. | |||||||||
(5) The Company's mortgage loan agreement with Carneros Vintners, Inc. is secured by approximately 20 acres of land and a custom crush facility. The note requires monthly interest payments and two principal payments of $750 thousand each during the note term with a final principal payment of $1.0 million due at maturity. Pursuant to the mortgage note, a $10.0 million first mortgage ranks superior to the Company's collateral position. | |||||||||
(6) The Company’s mortgage loan agreements with SVVI, LLC (SVVI) are secured by one water-park and adjacent land in Kansas City, Kansas as well as two other water-parks located in New Braunfels and South Padre Island, Texas. The mortgage notes have cross-default and cross-collateral provisions. Pursuant to the mortgage on the Texas properties, only a seasonal line of credit secured by the Texas parks totaling not more than $7.0 million at any time ranks superior to the Company’s collateral position. The note requires monthly interest payments and SVVI is required to fund a debt service reserve for off-season interest payments (those due from September to May). The reserve is to be funded by equal monthly installments during the months of June, July and August. Monthly interest payments are transferred to the Company from this debt service reserve. The mortgage loan agreements also contain certain participating interest and note pay-down provisions. During the years ended December 31, 2013, 2012 and 2011, the Company recognized $923 thousand, $862 thousand and $451 thousand of participating interest income, respectively. SVV I, LLC is a VIE, but it was determined that the Company was not the primary beneficiary of this VIE. The Company’s maximum exposure to loss associated with SVVI, LLC is limited to the Company’s outstanding mortgage note and related accrued interest receivable. | |||||||||
(7) The Company's first mortgage loan agreement with CBK Lodge, LP and CBH20, LP is secured by development land adjacent to the Company's Camelback Mountain Resort that is expected to be developed into a 453 room Wilderness Lodge hotel, with an attached 125,000 square foot indoor waterpark, to be located at the base of the mountain. Interest accrues at a rate of 10.00% while the property is under construction. Upon completion of the indoor waterpark hotel, it is expected that this investment will be incorporated into the triple net lease of the Camelback Mountain Resort, with an initial term of 20 years from the completion date. | |||||||||
(8) The Company's first mortgage loan agreement with SNH Development, Inc. is secured by a ski resort located in Bennington, New Hampshire with a total of 308 acres. This loan is guaranteed by Peak, which operates the property. The note requires monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. Annually, this interest rate increases based on a formula dependent in part on increases in the CPI. | |||||||||
(9) The Company's first mortgage loan agreements with Peak are secured by two ski resorts located in Vermont and New Hampshire. Mount Snow is approximately 2,378 acres and is located in both West Dover and Wilmington, Vermont. Mount Attitash is approximately 1,250 acres and is located in Bartlett, New Hampshire. The note requires monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. Annually, this interest rate increases based on a formula dependent in part on increases in the CPI. | |||||||||
(10) The Company's first mortgage loan agreement with Peak is secured by seven ski resorts located in Missouri, Indiana, Ohio and Pennsylvania with a total of approximately 1,431 acres. The note requires monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. Annually, this interest rate increases based on a formula dependent in part on increases in the CPI. | |||||||||
(11) The Company's first mortgage loan agreement with Montparnasse 56 USA is secured by the observation deck of the John Hancock building in Chicago, Illinois. This note requires monthly interest payments. | |||||||||
(12) The Company's first mortgage loan agreement with Basis Schools, Inc. is secured by a six story public charter school and the underlying land with approximately 40,000 square feet located in Washington D.C. The note bears interest beginning at 9.0% with increases of 0.5% every four years and requires monthly interest payments. The note has an effective interest rate of approximately 9.3%, which is net of a 2% servicer fee to HighMark School Development (HighMark). | |||||||||
(13) The Company's first mortgage loan agreement with Fiber Mills, LLC and Music Factory Condominiums, LLC is secured by the North Carolina Music Factory located in Charlotte, North Carolina which is an existing entertainment retail center that includes live performance and other dining and entertainment tenants. The note bears interest beginning at 10.25% with increases of 1.0% every five years and requires monthly interest payments. The note contains an option to purchase the property for a period of time during 2015 at a price based on a multiple of the property's adjusted net operating income as defined in the agreement. | |||||||||
(14) The Company's first mortgage loan agreement with Peak is secured by a ski resort located in Chesterland, Ohio with approximately 125 acres. The note requires monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. Annually, this interest rate increases based on a formula dependent in part on increases in the CPI. | |||||||||
(15) The Company's first mortgage loan agreement with LBE Investments, Ltd. is secured by a charter school property located in Queen Creek, Arizona. The note is fully amortizing and requires monthly principal and interest payments of $52 thousand. | |||||||||
(16) The Company's first mortgage loan agreements with LBE Investments, Ltd. are secured by three charter school properties under development located in Gilbert and Queen Creek, Arizona. The notes bear interest beginning at 9.50% with increases of 0.5% every five years. Upon completion of construction, the notes require monthly payments of principal and interest based on a 25 year amortization schedule. | |||||||||
(17) The Company's first mortgage loan agreement with TopGolf USA Austin is secured by a recreation facility located in Austin, Texas. The note is fully amortizing and requires monthly principal and interest payments of $141 thousand. | |||||||||
(18) The Company's first mortgage loan agreement with UME Preparatory Academy is secured by approximately 28 acres of land and a public charter school property located in Dallas, Texas. The note bears interest beginning at 10.25% with increases of 0.5% every five years and requires monthly interest payments. The note has an effective interest rate of approximately 9.9%, which is net of a 2% servicer fee to HighMark. | |||||||||
(19) The Company's first mortgage loan agreement with Beloved Community Charter School, Inc. is secured by a charter school property located in Jersey City, New Jersey. The note bears interest beginning at 9.50% with increases of 0.5% every five years and requires monthly interest payments. | |||||||||
Principal payments and related accrued interest due on mortgage notes receivable subsequent to December 31, 2013 are as follows (in thousands): | |||||||||
Amount | |||||||||
Year: | |||||||||
2014 | $ | 751 | |||||||
2015 | 878 | ||||||||
2016 | 46,297 | ||||||||
2017 | 1,154 | ||||||||
2018 | 168 | ||||||||
Thereafter | 437,089 | ||||||||
Total | $ | 486,337 | |||||||
Investments_In_Direct_Financin
Investments In Direct Financing Leases | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ' | |||||||
Investments In Direct Financing Leases | ' | |||||||
Investment in a Direct Financing Lease | ||||||||
The Company’s investment in a direct financing lease relates to the Company’s master lease of 27 public charter school properties as of December 31, 2013 and 26 public charter school properties as of December 31, 2012, with affiliates of Imagine Schools, Inc. (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 December 31, 2013 and 2012 (in thousands): | ||||||||
2013 | 2012 | |||||||
Total minimum lease payments receivable | $ | 633,384 | $ | 648,632 | ||||
Estimated unguaranteed residual value of leased assets | 215,207 | 211,944 | ||||||
Less deferred income (1) | (606,379 | ) | (626,487 | ) | ||||
Investment in a direct financing lease, net | $ | 242,212 | $ | 234,089 | ||||
(1) Deferred income is net of $1.7 million of initial direct costs at December 31, 2013 and 2012. | ||||||||
Additionally, the Company has determined that no allowance for losses was necessary at December 31, 2013 and 2012. | ||||||||
On July 13, 2012, per the terms of the master lease of public charter schools with Imagine, the Company exchanged two Kansas City, Missouri schools for one located in Pittsburgh, Pennsylvania and another in Land O' Lakes, Florida. There was no impact on the Company's investment in direct financing lease as a result of this exchange. Additionally, on August 15, 2012, the Company completed the sale of a public charter school property for $4.5 million that was leased to Imagine. There was no gain or loss recognized on this sale. | ||||||||
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, on October 31, 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 18 to 21 years. Future minimum rentals receivable on this direct financing lease at December 31, 2013 are as follows (in thousands): | ||||||||
Amount | ||||||||
Year: | ||||||||
2014 | $ | 24,609 | ||||||
2015 | 25,343 | |||||||
2016 | 26,104 | |||||||
2017 | 26,887 | |||||||
2018 | 27,693 | |||||||
Thereafter | 502,748 | |||||||
Total | $ | 633,384 | ||||||
Unconsolidated_Real_Estate_Joi
Unconsolidated Real Estate Joint Ventures | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Unconsolidated Real Estate Joint Ventures [Abstract] | ' | |||||||||||
Unconsolidated Real Estate Joint Ventures | ' | |||||||||||
Unconsolidated Real Estate Joint Ventures | ||||||||||||
On October 8, 2013, the Company purchased from its partner, Atlantic of Hamburg, Germany (Atlantic), its interests in two unconsolidated real estate joint ventures, Atlantic-EPR I and Atlantic-EPR II. The Company previously accounted for its investment in these joint ventures under the equity method of accounting. The Company paid cash consideration of $18.6 million in exchange for Atlantic's interests. The Company had previously made loans to the entities that held the underlying assets in the Atlantic-EPR joint ventures totaling $33.1 million. During the year ended December 31, 2013, the Company recognized a gain on its previously held equity interest of $4.9 million from the fair value adjustment associated with the Company's original ownership due to a change in control. Additionally, the Company recognized a gain on acquisition of $3.2 million. | ||||||||||||
The Company recognized income of $505 thousand, $536 thousand and $2.8 million during 2013, 2012 and 2011, 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 $646 thousand, $1.0 million, and $2.8 million during 2013, 2012 and 2011, respectively. Condensed consolidated financial information for Atlantic-EPR I and Atlantic-EPR II is as follows as of and for the period ended October 8, 2013 and the years ended December 31, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Rental properties, net | $ | 44,644 | $ | 45,496 | $ | 46,600 | ||||||
Cash | 512 | 278 | 1,071 | |||||||||
Atlantic-EPR II mortgage note payable to EPR (1) | 11,796 | — | — | |||||||||
Mortgage note payable (2) | — | 11,827 | 12,224 | |||||||||
Atlantic-EPR I mortgage note payable to EPR (1) | 21,293 | 17,979 | — | |||||||||
Partners’ equity | 18,372 | 18,675 | 34,772 | |||||||||
Rental revenue | 4,373 | 5,604 | 6,523 | |||||||||
Net income | 1,430 | 1,842 | 1,874 | |||||||||
(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 on October 8, 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 our discretion, the cash value of those shares as defined in each of the partnership agreements. During 2011, the Company paid Atlantic cash of $2.5 million and $258 thousand in exchange for additional ownership of 11.3% and 2.0% for Atlantic-EPR I and Atlantic-EPR II, respectively. 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 December 31, 2013 and 2012 the Company had invested $5.3 million and $4.7 million, respectively, in unconsolidated joint ventures for three theatre projects located in China. The Company recognized income of $893 thousand, $489 thousand and $42 thousand from its investment in these joint ventures for the years ended December 31, 2013, 2012 and 2011, respectively. The Company also received distributions from these joint ventures of $339 thousand during 2013. The Company did not receive any distributions during 2012 and 2011. |
Consolidated_Real_Estate_Joint
Consolidated Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2013 | |
Consolidated Real Estate Joint Ventures [Abstract] | ' |
Consolidated Real Estate Joint Ventures | ' |
Consolidated Real Estate Joint Ventures | |
The Company owns 96% of the membership interests of VinREIT, LLC (VinREIT) and accordingly, the financial statements of VinREIT have been consolidated into the Company’s financial statements. VinREIT owns one winery located in Washington and one vineyard located in California. The Company’s partner in VinREIT is Global Wine Partners (U.S.), LLC (GWP). GWP provides consulting services to VinREIT in connection with the vineyard and winery properties. | |
As detailed in the operating agreement, GWP is entitled to receive a 1% origination fee on winery and vineyard investments and 4% of the annual cash flow of VinREIT after a charge for debt service. GWP may receive additional amounts upon certain events and after certain hurdle rates of return are achieved by us. There was no net income attributable to noncontrolling interest related to VinREIT for the year ended December 31, 2013. Net income attributable to noncontrolling interest related to VinREIT was $108 thousand and $38 thousand for the years ended December 31, 2012 and 2011, respectively, representing GWP’s portion of the annual cash flow. The Company’s consolidated statements of income include net income related to VinREIT of $6.2 million for the year ended December 31, 2013 and net losses related to VinREIT of $21.2 million and $39.9 million for the years ended December 31, 2012 and 2011, respectively. The Company received operating distributions from VinREIT of $3.5 million, $11.3 million and $9.7 million during 2013, 2012 and 2011, respectively. In addition, during 2013, 2012 and 2011, respectively, the Company received distributions of $45.4 million, $40.6 million and $19.5 million related to property sales. During 2011, the Company contributed $90.9 million to VinREIT for financing activities. During 2013 and 2012, there were no contributions related to financing activities. | |
Prior to December 22, 2011, the Company held a 50% ownership interest in Suffolk. Suffolk completed three phases of development of an entertainment retail center adjacent to one of the Company’s megaplex theatres in Suffolk, Virginia for a total development cost of $20.2 million. On December 22, 2011, the Company acquired all of the shares from the noncontrolling interest. As of December 31, 2011, Suffolk is a wholly owned subsidiary and is no longer a VIE. The Company’s consolidated statements of income include net income related to Suffolk of $645 thousand for the year ended December 31, 2011. |
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||
Long-Term Debt | ' | |||||||||||
Debt | ||||||||||||
Debt at December 31, 2013 and 2012 consists of the following (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
(1) Mortgage note payable, 5.73%, settled on March 4, 2013 | $ | — | $ | 14,314 | ||||||||
(2) Mortgage note payable, 6.84%, paid in full June 20, 2013 | — | 92,773 | ||||||||||
(3) Mortgage note payable, 5.58%, paid in full June 24, 2013 | — | 57,078 | ||||||||||
(4) Mortgage note payable, 5.56%, due June 5, 2015 | 31,235 | 31,923 | ||||||||||
(5) Mortgage note payable, 5.39%, due November 1, 2015 | 5,274 | — | ||||||||||
(6) Mortgage notes payable, 5.77%, due November 6, 2015 | 65,070 | 67,172 | ||||||||||
(7) Mortgage notes payable, 5.84%, due March 6, 2016 | 36,724 | 37,863 | ||||||||||
(8) Mortgage notes payable, 6.37%, due June 30, 2016 | 26,406 | 27,156 | ||||||||||
(9) Mortgage notes payable, 6.10%, due October 1, 2016 | 23,719 | 24,395 | ||||||||||
(10) Mortgage notes payable, 6.02%, due October 6, 2016 | 17,866 | 18,381 | ||||||||||
(11) Mortgage note payable, 6.06%, due March 1, 2017 | 9,986 | 10,261 | ||||||||||
(12) Mortgage note payable, 6.07%, due April 6, 2017 | 10,284 | 10,565 | ||||||||||
(13) Mortgage notes payable, 5.73%-5.95%, due May 1, 2017 | 33,660 | 34,600 | ||||||||||
(14) Mortgage note payable, 5.29%, due July 1, 2017 | 3,746 | 3,881 | ||||||||||
(15) Unsecured revolving variable rate credit facility, LIBOR + 1.40%, due July 23, 2017 | — | 39,000 | ||||||||||
(16) Mortgage notes payable, 5.86% due August 1, 2017 | 24,387 | 25,053 | ||||||||||
(17) Mortgage note payable, 6.19%, due February 1, 2018 | 14,486 | 15,084 | ||||||||||
(18) Mortgage note payable, 7.37%, due July 15, 2018 | 7,498 | 8,698 | ||||||||||
(19) Unsecured term loan payable, LIBOR + 1.60%, fixed through interest rate swaps at 2.51% through January 5, 2016 and 2.38% from January 5, 2016 to July 5, 2017, due July 23, 2018 | 265,000 | 240,000 | ||||||||||
(20) Senior unsecured notes payable, 7.75%, due July 15, 2020 | 250,000 | 250,000 | ||||||||||
(21) Senior unsecured notes payable, 5.75%, due August 15, 2022 | 350,000 | 350,000 | ||||||||||
(22) Senior unsecured notes payable, 5.25%, due July 15, 2023 | 275,000 | — | ||||||||||
(23) Bonds payable, variable rate, due October 1, 2037 | 24,995 | 10,635 | ||||||||||
Total | $ | 1,475,336 | $ | 1,368,832 | ||||||||
(1) On March 4, 2013, the Company entered into a Discounted Payoff and Settlement Agreement (the Agreement) related to this loan agreement which was secured by one 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 year ended December 31, 2013. | ||||||||||||
(2) The Company’s mortgage note payable was prepaid in full on June 20, 2013 prior to its maturity date of March 1, 2014. The notes were secured by four entertainment retail centers in Ontario, Canada. In connection with the payment in full of the mortgage note, $192 thousand of deferred financing costs (net of accumulated amortization) were written off and $4.0 million of additional costs associated with loan payoff were incurred. | ||||||||||||
(3) The Company’s mortgage note payable was prepaid in full on June 24, 2013 prior to is maturity date of April 1, 2014. The note was secured by one entertainment retail center. In connection with the payment in full of the mortgage note, $47 thousand of deferred financing costs (net of accumulated amortization) were written off and $1.7 million of additional costs associated with loan payoff were incurred. | ||||||||||||
(4) The Company’s mortgage note payable due June 5, 2015 is secured by one entertainment retail center, which had a net book value of approximately $48.4 million at December 31, 2013. The note had an initial balance of $36.0 million and the monthly payments are based on a 30 year amortization schedule. The note requires monthly principal and interest payments of approximately $206 thousand with a final principal payment at maturity of approximately $30.1 million. | ||||||||||||
(5) On September 25, 2013, the Company assumed a mortgage note payable of $5.4 million in conjunction with the acquisition of a theatre property, which had a net book value of $11.2 million at December 31, 2013 . 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. | ||||||||||||
(6) The Company’s mortgage notes payable due November 6, 2015 are secured by six theatre properties, which had a net book value of approximately $76.5 million at December 31, 2013. The notes had initial balances totaling $79.0 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $498 thousand with a final principal payment at maturity totaling approximately $60.7 million. | ||||||||||||
(7) The Company’s mortgage notes payable due March 6, 2016 are secured by two theatre properties, which had a net book value of approximately $32.3 million at December 31, 2013. The notes had initial balances totaling $44.0 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $279 thousand with a final principal payment at maturity totaling approximately $33.9 million. | ||||||||||||
(8) The Company’s mortgage notes payable due June 30, 2016 are secured by two theatre properties, which had a net book value of approximately $31.8 million at December 31, 2013. The notes had initial balances totaling $31.0 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $207 thousand with a final principal payment at maturity totaling approximately $24.4 million. | ||||||||||||
(9) The Company’s mortgage notes payable due October 1, 2016 are secured by four theatre properties, which had a net book value of approximately $26.9 million at December 31, 2013. The notes had initial balances totaling $27.8 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $180 thousand with a final principal payment at maturity totaling approximately $21.6 million. | ||||||||||||
(10) The Company’s mortgage notes payable due October 6, 2016 are secured by three theatre properties, which had a net book value of approximately $19.2 million at December 31, 2013. The notes had initial balances totaling $20.9 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $135 thousand with a final principal payment at maturity totaling approximately $16.2 million. | ||||||||||||
(11) The Company’s mortgage note payable due March 1, 2017 is secured by one theatre property, which had a net book value of approximately $9.4 million at December 31, 2013. The note had an initial balance of $11.6 million and the monthly payments are based on a 25 year amortization schedule. The note requires monthly principal and interest payments of approximately $75 thousand with a final principal payment at maturity of approximately $9.0 million. | ||||||||||||
(12) The Company’s mortgage note payable due April 6, 2017 is secured by one theatre property, which had a net book value of approximately $9.0 million at December 31, 2013. The note had an initial balance of $11.9 million and the monthly payments are based on a 30 year amortization schedule. The note requires monthly principal and interest payments of approximately $77 thousand with a final principal payment at maturity of approximately $9.2 million. | ||||||||||||
(13) The Company’s mortgage notes payable due May 1, 2017 are secured by four theatre properties, which had a net book value of approximately $30.8 million at December 31, 2013. The notes had initial balances totaling $38.9 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $247 thousand with a final principal payment at maturity totaling approximately $30.0 million. The weighted average interest rate on these notes is 5.85%. | ||||||||||||
(14) On March 3, 2011, the Company assumed a mortgage note payable of $3.8 million in conjunction with the acquisition of a theatre property. The note was recorded at fair value upon acquisition which was estimated to be $4.1 million. The fair value of the note was determined by discounting the future cash flows of the note using an estimated current market rate of 5.29%. The note is due July 1, 2017 and is secured by one theatre property, which had a net book value of approximately $8.4 million at December 31, 2013. The monthly payments are based on a 25 year amortization schedule and the note requires monthly principal and interest payments of approximately $28 thousand with a final principal payment at maturity of approximately $3.2 million. | ||||||||||||
(15) On July 23, 2013, the Company amended and restated its unsecured revolving credit facility (the facility). The amendments to the 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. In connection with the amendment, $188 thousand of deferred financing costs (net of accumulated amortization) were written off. 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. As of December 31, 2013, the Company had no balance outstanding under the facility and the total availability under the revolving credit facility was $475.0 million. | ||||||||||||
(16) The Company’s mortgage notes payable due August 1, 2017 are secured by two theatre properties, which had a net book value of approximately $22.7 million at December 31, 2013. The notes had initial balances totaling $28.0 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $178 thousand with a final principal payment at maturity totaling approximately $21.7 million. | ||||||||||||
(17) The Company’s mortgage note payable due February 1, 2018 is secured by one theatre property which had a net book value of approximately $20.0 million at December 31, 2013. The mortgage loan had an initial balance of $17.5 million and the monthly payments are based on a 20 year amortization schedule. The note requires monthly principal and interest payments of approximately $127 thousand with a final principal payment at maturity of approximately $11.6 million. | ||||||||||||
(18) The Company’s mortgage note payable due July 15, 2018 is secured by one theatre property, which had a net book value of approximately $17.9 million at December 31, 2013. The note had an initial balance of $18.9 million and the monthly payments are based on a 20 year amortization schedule. The notes require monthly principal and interest payments of approximately $151 thousand with a final principal payment at maturity of approximately $843 thousand. | ||||||||||||
(19) On July 23, 2013, the Company amended and restated its unsecured term loan payable. 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. | ||||||||||||
(20) On June 30, 2010, the Company issued $250.0 million in senior unsecured notes due on July 15, 2020. The notes bear interest at 7.75%. Interest is payable on July 15 and January 15 of each year beginning on January 15, 2011 until the stated maturity date of July 15, 2020. The notes were issued at 98.29% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that 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 total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt. | ||||||||||||
(21) On August 8, 2012, the Company issued $350.0 million in senior unsecured notes due on August 15, 2022. The notes bear interest at 5.75%. Interest is payable on February 15 and August 15 of each year beginning on February 15, 2013 until the stated maturity date of August 15, 2022. The notes were issued at 99.998% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that 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 total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt. | ||||||||||||
(22) On June 18, 2013, the Company issued $275.0 million in senior unsecured 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 principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that 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. | ||||||||||||
(23) The Company’s bonds payable due October 1, 2037 are secured by three theatres, which had a net book value of approximately $23.8 million at December 31, 2013, and bear interest at a variable rate which resets on a weekly basis and was 0.06% at December 31, 2013. The bonds requires monthly interest only payments with principal due at maturity. | ||||||||||||
Certain of the Company’s debt agreements contain customary restrictive covenants related to financial and operating performance as well as certain cross-default provisions. The Company was in compliance with all financial covenants at December 31, 2013. | ||||||||||||
Principal payments due on long-term debt obligations subsequent to December 31, 2013 (without consideration of any extensions) are as follows (in thousands): | ||||||||||||
Amount | ||||||||||||
Year: | ||||||||||||
2014 | $ | 10,911 | ||||||||||
2015 | 106,448 | |||||||||||
2016 | 102,910 | |||||||||||
2017 | 76,690 | |||||||||||
2018 | 278,382 | |||||||||||
Thereafter | 899,995 | |||||||||||
Total | $ | 1,475,336 | ||||||||||
The Company capitalizes a portion of interest costs as a component of property under development. The following is a summary of interest expense, net for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest on loans and capital lease obligation | $ | 78,292 | $ | 71,849 | $ | 67,265 | ||||||
Less: interest expense of discontinued operations | — | — | (405 | ) | ||||||||
Amortization of deferred financing costs | 4,041 | 4,218 | 3,807 | |||||||||
Credit facility and letter of credit fees | 1,510 | 1,515 | 1,159 | |||||||||
Interest cost capitalized | (2,763 | ) | (859 | ) | (498 | ) | ||||||
Interest income | (53 | ) | (79 | ) | (70 | ) | ||||||
Less: interest income of discontinued operations | 29 | 12 | 37 | |||||||||
Interest expense, net | $ | 81,056 | $ | 76,656 | $ | 71,295 | ||||||
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 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. 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 December 31, 2013, the Company does not have any investments in consolidated VIEs. | |
Unconsolidated VIE | |
At December 31, 2013, the Company’s recorded investment in SVVI, a VIE that is unconsolidated, was $183.5 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 $183.5 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. For further discussion of this mortgage note, see Note 6. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||||||
Dec. 31, 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 $4.5 million and $8.1 million recorded in “Accounts payable and accrued liabilities” and derivative assets of $6.1 million and $0.1 million recorded in “Other assets” in the consolidated balance sheet at December 31, 2013 and 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 $6.1 million and derivative assets of $0.1 million that would have been offset against the respective derivative liabilities of $4.5 million and liabilities of $8.1 million, resulting in a net derivative asset of $1.6 million (with no derivative liability) at December 31, 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 December 31, 2013 and 2012. See Note 13 for disclosures relating to the fair value of the derivative instruments as of December 31, 2013 and 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 February 7, 2011, the Company terminated six of its interest rate swap agreements as the related loan agreements were paid in full. These interest rate swaps had a combined notional amount of $87.7 million at termination and $4.6 million was reclassified into earnings as an expense during the year ended December 31, 2011, as the forecasted future transactions were no longer probable. | ||||||||||||
On January 5, 2012 the Company entered into three interest rate swap agreements to fix the interest rate on a $240.0 million term loan 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 a fixed rate 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 years ending December 31, 2013, 2012 and 2011, 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 years ending December 31, 2013, 2012 and 2011. | ||||||||||||
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 December 31, 2013, the Company estimates that during the twelve months ending December 31, 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 utilized to translate revenues and expenses of these properties. | ||||||||||||
At December 31, 2013, the Company’s cross-currency swaps had 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 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 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 years ended December 31, 2013, 2012 and 2011. As of December 31, 2013, the Company estimates that during the twelve months ending December 31, 2014, $0.2 million will be reclassified from AOCI to other expense. | ||||||||||||
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 U.S. 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. | ||||||||||||
In addition, on February 3, 2011, in order to hedge the foreign currency exposure related to the proceeds from the March 29, 2011 sale of a Canadian property, the Company entered into a forward contract to sell $200.0 million CAD for $201.5 million U.S. dollars. The contract settled in conjunction with the sale of the property on March 29, 2011 and the $4.3 million loss related to the settlement was recognized with the gain on sale of the property. | ||||||||||||
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 the years ended December 31, 2013, 2012 and 2011. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. | ||||||||||||
See Note 13 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 years ended December 31, 2013, 2012 and 2011: | ||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||
(Dollars in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
Description | 2013 | 2012 | 2011 | |||||||||
Interest Rate Swaps | ||||||||||||
Amount of Loss Recognized in AOCI on Derivative (Effective Portion) | $ | (2,372 | ) | $ | (5,462 | ) | $ | (4,125 | ) | |||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) | (1,749 | ) | (1,613 | ) | (4,722 | ) | ||||||
Cross Currency Swaps | ||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 2,278 | (684 | ) | (12 | ) | |||||||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (2) | (160 | ) | (617 | ) | (784 | ) | ||||||
Currency Forward Agreements | ||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 8,092 | (2,078 | ) | (4,047 | ) | |||||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) (3) | 287 | (21 | ) | (4,298 | ) | |||||||
Total | ||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ | 7,998 | $ | (8,224 | ) | $ | (8,184 | ) | ||||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) | (1,622 | ) | (2,251 | ) | (9,804 | ) | ||||||
-1 | For the years ended December 31, 2013 and 2012, included in “Interest expense, net” in accompanying consolidated statements of income. For the year ended December 31, 2011, $4.6 million included in “Costs associated with loan refinancing or payoff, net” and $137 thousand included in “Interest expense, net” in accompanying consolidated statements of income. | |||||||||||
-2 | Included in “Other expense” in the accompanying consolidated statements of income. | |||||||||||
-3 | For the years ended December 31, 2013 and 2012, included in "Other expense". For the year ended December 31, 2011, $4.3 million included in "Gain (loss) on sale or acquisition of real estate" and $37 thousand included in "Other expense" in the accompanying consolidated statements of income. | |||||||||||
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 December 31, 2013, the fair value of the Company’s derivatives in a liability position related to these agreements was $4.5 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 $4.6 million. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||
Fair Value Disclosures | ||||||||||||||||
The Company’s 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 utilize 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 December 31, 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 December 31, 2013 and 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 December 31, 2013 and 2012 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Description | Quoted Prices in | Significant | Significant | Balance at | ||||||||||||
Active Markets | Other | Unobservable | December 31, | |||||||||||||
for Identical | Observable | Inputs (Level 3) | ||||||||||||||
Assets (Level I) | Inputs (Level 2) | |||||||||||||||
2013:00:00 | ||||||||||||||||
Cross Currency Swaps* | $ | — | $ | 1,730 | $ | — | $ | 1,730 | ||||||||
Currency Forward Agreements* | $ | — | $ | 4,353 | $ | — | $ | 4,353 | ||||||||
Interest Rate Swap Agreements** | $ | — | $ | (4,472 | ) | $ | — | $ | (4,472 | ) | ||||||
2012:00:00 | ||||||||||||||||
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 | ||||||||||||||||
The table below presents the Company’s assets measured at fair value on a non-recurring basis during the year ended December 31, 2012 aggregated by the level in the fair value hierarchy within which those measurements fall. There were no non-recurring measurements during the year ended December 31, 2013. | ||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis during the year ended December 31, 2012 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Description | Quoted Prices in | Significant | Significant | Balance at | ||||||||||||
Active Markets | Other | Unobservable | December 31, | |||||||||||||
for Identical | Observable | Inputs (Level 3) | ||||||||||||||
Assets (Level I) | Inputs (Level 2) | |||||||||||||||
2012:00:00 | ||||||||||||||||
Rental properties, net | $ | — | $ | 65,109 | $ | 3,325 | $ | 68,434 | ||||||||
Rental properties held for sale, net | $ | — | $ | 2,788 | $ | — | $ | 2,788 | ||||||||
As further discussed in Note 4, during the year ended December 31, 2012, the Company recorded impairment charges of $23.9 million relating to adjustments to the carrying value of several of the Company's winery and vineyard properties. The adjustment is the amount that the carrying value of the assets exceeds the estimated fair market value. Management estimated the fair values of these properties taking into account various factors, including various purchase offers, pending purchase agreements, input from an outside broker, the shortened holding period, current market conditions as well as appraisals. For $65.1 million of the rental properties, net and $2.8 million of the rental properties held for sale, net, the Company determined, based on the inputs, that its valuation of the investment was classified within Level 2 of the fair value hierarchy. For $3.3 million of the rental properties, net, the Company determined, based on the inputs, that its valuation of the investment was classified within Level 3 of the fair value hierarchy. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
Management compares the carrying value and 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 December 31, 2013: | ||||||||||||||||
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 December 31, 2013, the Company had a carrying value of $486.3 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 9.05%. The fixed rate mortgage notes bear interest at rates of 5.50% 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 $465.2 million with an estimated weighted average market rate of 10.12% at December 31, 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 approximately $431.2 million with an estimated weighted average market rate of 10.07% at December 31, 2011. | ||||||||||||||||
Investment in a direct financing lease, net: | ||||||||||||||||
The fair value of the Company’s investment in a direct financing lease as of December 31, 2013 and 2012 is estimated by discounting the future cash flows of the instrument using current market rates. At December 31, 2013 and 2012, the Company had an investment in a direct financing lease with a carrying value of $242.2 million and $234.1 million, respectively, and 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 December 31, 2013 and 2012. | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Derivative instruments are carried at their fair market value. | ||||||||||||||||
Debt instruments: | ||||||||||||||||
The fair value of the Company's debt as of December 31, 2013 and 2012 is estimated by discounting the future cash flows of each instrument using current market rates. At December 31, 2013, the Company had a carrying value of $290.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 1.62%. The carrying value of the variable rate debt outstanding approximates the fair market value at December 31, 2013. As described in Note 10, $240.0 million of variable rate debt outstanding at December 31, 2013 under our unsecured term loan facility has been effectively converted to a fixed rate through July 5, 2017 by interest rate swap agreements. | ||||||||||||||||
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 December 31, 2013, the Company had a carrying value of $1.19 billion in fixed rate debt outstanding with an average weighted interest rate of approximately 6.10%. Discounting the future cash flows for fixed rate debt using rates of 2.63% to 5.56%, management estimates the fair value of the fixed rate debt to be approximately $1.24 billion with an estimated weighted average market rate of 4.85% at December 31, 2013. | ||||||||||||||||
At December 31, 2012, the Company had a carrying value of $1.08 billion in fixed rate 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 market rate of 4.46% at December 31, 2012. |
Common_and_Preferred_Shares
Common and Preferred Shares | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Common and Preferred Shares [Abstract] | ' | ||||||||
Common And Preferred Shares | ' | ||||||||
Common and Preferred Shares | |||||||||
Common Shares | |||||||||
The Board of Trustees declared cash dividends totaling $3.16 and $3.00 per common share for the years ended December 31, 2013 and 2012, respectively. | |||||||||
Of the total dividends calculated for tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash dividends paid per common share for the years ended December 31, 2013 and 2012 are as follows: | |||||||||
2013 | 2012 | ||||||||
Taxable ordinary income | $ | 2.5994 | $ | 1.8277 | |||||
Return of capital | 1.047 | 1.1223 | |||||||
Long-term capital gain | — | — | |||||||
Unrecaptured Sec. 1250 Gain | — | — | |||||||
Totals | $ | 3.6464 | $ | 2.95 | |||||
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. | |||||||||
During the year ended December 31, 2013, the Company issued an aggregate of 937,652 common shares under the direct share purchase component of its Dividend Reinvestment and Direct Share Purchase Plan (DSP Plan) for total net proceeds of $46.3 million. In addition, subsequent to December 31, 2013, the Company issued an aggregate of 1,280,465 common shares under the DSP Plan for total net proceeds of $46.5 million. | |||||||||
Series B Preferred Shares | |||||||||
On August 31, 2011, the Company completed the redemption of all 3.2 million outstanding 7.75% Series B cumulative redeemable preferred shares (Series B preferred shares). The shares were redeemed at a redemption price of $25.32 per share. This price is the sum of the $25.00 per share liquidation preference and a quarterly dividend per share of $0.484375 prorated through the redemption date. In conjunction with the redemption, the Company recognized a charge representing the original issuance costs that were paid in 2005 and other redemption related expenses. The Series B preferred share redemption costs, which reduced net income available to common shareholders for the year ended December 31, 2011, were $2.8 million. | |||||||||
Series C Convertible Preferred Shares | |||||||||
On December 22, 2006, the Company issued 5.4 million 5.75% Series C cumulative convertible preferred shares (Series C preferred shares) in a registered public offering for net proceeds of approximately $130.8 million, after underwriting discounts and expenses. The Company will pay cumulative dividends on the Series C preferred shares from the date of original issuance in the amount of $1.4375 per share each year, which is equivalent to 5.75% of the $25 liquidation preference per share. Dividends on the Series C preferred shares are payable quarterly in arrears. The Company does not have the right to redeem the Series C preferred shares except in limited circumstances to preserve the Company’s REIT status. The Series C preferred shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption. As of December 31, 2013, the Series C preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.3655 common shares per Series C preferred share, which is equivalent to a conversion price of $68.40 per common share. This conversion ratio may increase over time upon certain specified triggering events including if the Company’s common dividend per share exceeds a quarterly threshold of $0.6875. | |||||||||
Upon the occurrence of certain fundamental changes, the Company will under certain circumstances increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the Series C preferred shares becoming convertible into shares of the public acquiring or surviving company. | |||||||||
The Company may, at its option, cause the Series C preferred shares to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company’s common shares equals or exceeds 135% of the then prevailing conversion price of the Series C preferred shares. | |||||||||
Owners of the Series C preferred shares generally have no voting rights, except under certain dividend defaults. Upon conversion, the Company may choose to deliver the conversion value to the owners in cash, common shares, or a combination of cash and common shares. | |||||||||
The Board of Trustees declared cash dividends totaling $1.4375 per Series C preferred share for each of the years ended December 31, 2013 and 2012, respectively. The total amount of cash dividends paid per Series C preferred share of $1.4375 for the years ended December 31, 2013 and 2012 were characterized as taxable ordinary income. | |||||||||
Series D Preferred Shares | |||||||||
On November 5, 2012, the Company completed the redemption of all of its 4.6 million outstanding 7.375% Series D cumulative redeemable preferred shares (Series D preferred shares). The shares were redeemed at a redemption price of $25.18 per share. This price is the sum of the $25.00 per share liquidation preference and a quarterly dividend per share of $0.4609375 prorated through the redemption date. In conjunction with the redemption, the Company recognized a charge representing the original issuance costs and other redemption related expenses. The Series D preferred share redemption costs, which reduced net income available to common shareholders for the year ended December 31, 2012, were $3.9 million. | |||||||||
The Board of Trustees declared cash dividends totaling $1.5628 per Series D preferred share for the year ended December 31, 2012. The total amount of cash dividends paid per Series D preferred share of $2.0238 for the year ended December 31, 2012 were characterized as taxable ordinary income. | |||||||||
Series E Convertible Preferred Shares | |||||||||
On April 2, 2008, the Company issued 3.5 million 9.00% Series E cumulative convertible preferred shares (Series E preferred shares) in a registered public offering for net proceeds of approximately $83.4 million, after underwriting discounts and expenses. The Company will pay cumulative dividends on the Series E preferred shares from the date of original issuance in the amount of $2.25 per share each year, which is equivalent to 9.00% of the $25 liquidation preference per share. Dividends on the Series E preferred shares are payable quarterly in arrears. The Company does not have the right to redeem the Series E preferred shares except in limited circumstances to preserve the Company’s REIT status. The Series E preferred shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption. As of December 31, 2013, the Series E preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.4546 common shares per Series E preferred share, which is equivalent to a conversion price of $54.99 per common share. This conversion ratio may increase over time upon certain specified triggering events including if the Company’s common dividend per share exceeds a quarterly threshold of $0.84. | |||||||||
Upon the occurrence of certain fundamental changes, the Company will under certain circumstances increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the Series E preferred shares becoming convertible into shares of the public acquiring or surviving company. | |||||||||
The Company may, at its option, cause the Series E preferred shares to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company’s common shares equals or exceeds 150% of the then prevailing conversion price of the Series E preferred shares. | |||||||||
Owners of the Series E preferred shares generally have no voting rights, except under certain dividend defaults. Upon conversion, the Company may choose to deliver the conversion value to the owners in cash, common shares, or a combination of cash and common shares. | |||||||||
The Board of Trustees declared cash dividends totaling $2.25 per Series E preferred share for the years ended December 31, 2013 and 2012. The total amount of cash dividends paid per Series E preferred share of $2.25 for each of the years ended December 31, 2013 and 2012 were characterized as taxable ordinary income. | |||||||||
Series F Preferred Shares | |||||||||
On October 12, 2012, the Company issued 5.0 million shares of 6.625% Series F cumulative redeemable preferred shares (Series F preferred shares) in a registered public offering for net proceeds of approximately $120.6 million, after underwriting discounts and expenses. The Company will pay cumulative dividends on the Series F preferred shares from the date of original issuance in the amount of $1.65625 per share each year, which is equivalent to 6.625% of the $25.00 liquidation preference per share. Dividends on the Series F preferred shares are payable quarterly in arrears. The Company may not redeem the Series F preferred shares before October 12, 2017, except in limited circumstances to preserve the Company’s REIT status or in connection with a change of control. On or after October 12, 2017, the Company may, at its option, redeem the Series F preferred shares in whole at any time or in part from time to time by paying $25.00 per share, plus any accrued and unpaid dividends up to and including the date of redemption. The Series F preferred shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption. The Series F preferred shares are not convertible into any of the Company's securities, except under certain circumstances in connection with a change of control. Owners of the Series F preferred shares generally have no voting rights except under certain dividend defaults. | |||||||||
The Board of Trustees declared cash dividends totaling $1.65625 and $0.42787 per Series F preferred share for the years ended December 31, 2013 and 2012, respectively. The total amount of cash dividends paid per Series F preferred share of $1.67006 for the year ended December 31, 2013 was characterized as taxable ordinary income. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||
Dec. 31, 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 years ended December 31, 2013, 2012 and 2011 (amounts in thousands except per share information): | |||||||||||
Year Ended December 31, 2013 | |||||||||||
Income | Shares | Per Share | |||||||||
(numerator) | (denominator) | Amount | |||||||||
Basic EPS: | |||||||||||
Income from continuing operations | $ | 175,637 | |||||||||
Less: preferred dividend requirements | (23,806 | ) | |||||||||
Income from continuing operations available to common shareholders | $ | 151,831 | 48,028 | $ | 3.16 | ||||||
Income from discontinued operations available to common shareholders | $ | 4,589 | 48,028 | $ | 0.1 | ||||||
Net income available to common shareholders | $ | 156,420 | 48,028 | $ | 3.26 | ||||||
Diluted EPS: | |||||||||||
Income from continuing operations available to common shareholders | $ | 151,831 | 48,028 | ||||||||
Effect of dilutive securities: | |||||||||||
Share options | — | 186 | |||||||||
Income from continuing operations available to common shareholders | $ | 151,831 | 48,214 | $ | 3.15 | ||||||
Income from discontinued operations available to common shareholders | $ | 4,589 | 48,214 | $ | 0.09 | ||||||
Net income available to common shareholders | $ | 156,420 | 48,214 | $ | 3.24 | ||||||
Year Ended December 31, 2012 | |||||||||||
Income | Shares | Per Share | |||||||||
(numerator) | (denominator) | Amount | |||||||||
Basic EPS: | |||||||||||
Income from continuing operations | $ | 141,906 | |||||||||
Less: preferred dividend requirements and redemption costs | (28,396 | ) | |||||||||
Noncontrolling interest adjustments | (108 | ) | |||||||||
Income from continuing operations available to common shareholders | $ | 113,402 | 46,798 | $ | 2.42 | ||||||
Loss from discontinued operations available to common shareholders | $ | (20,242 | ) | 46,798 | $ | (0.43 | ) | ||||
Net income available to common shareholders | $ | 93,160 | 46,798 | $ | 1.99 | ||||||
Diluted EPS: | |||||||||||
Income from continuing operations available to common shareholders | $ | 113,402 | 46,798 | ||||||||
Effect of dilutive securities: | |||||||||||
Share options | — | 251 | |||||||||
Income from continuing operations available to common shareholders | $ | 113,402 | 47,049 | $ | 2.41 | ||||||
Loss from discontinued operations available to common shareholders | $ | (20,242 | ) | 47,049 | $ | (0.43 | ) | ||||
Net income available to common shareholders | $ | 93,160 | 47,049 | $ | 1.98 | ||||||
Year Ended December 31, 2011 | |||||||||||
Income | Shares | Per Share | |||||||||
(numerator) | (denominator) | Amount | |||||||||
Basic EPS: | |||||||||||
Income from continuing operations | $ | 130,088 | |||||||||
Less: preferred dividend requirements and redemption costs | (30,909 | ) | |||||||||
Noncontrolling interest adjustments | (38 | ) | |||||||||
Income from continuing operations available to common shareholders | $ | 99,141 | 46,640 | $ | 2.13 | ||||||
Loss from discontinued operations available to common shareholders | $ | (14,822 | ) | 46,640 | $ | (0.32 | ) | ||||
Net income available to common shareholders | $ | 84,319 | 46,640 | $ | 1.81 | ||||||
Diluted EPS: | |||||||||||
Income from continuing operations available to common shareholders | $ | 99,141 | 46,640 | ||||||||
Effect of dilutive securities: | |||||||||||
Share options | — | 261 | |||||||||
Income from continuing operations available to common shareholders | $ | 99,141 | 46,901 | $ | 2.12 | ||||||
Loss from discontinued operations available to common shareholders | $ | (14,822 | ) | 46,901 | $ | (0.32 | ) | ||||
Net income available to common shareholders | $ | 84,319 | 46,901 | $ | 1.8 | ||||||
The additional 1.9 million common shares that would result from the conversion of the Company’s Series C preferred shares and the additional 1.6 million common shares that would result from the conversion of the Company’s Series E 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 years ended December 31, 2013, 2012 and 2011 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 years ended December 31, 2013, 2012 and 2011. However, options to purchase 331 thousand, 368 thousand and 265 thousand shares of common shares at per share prices ranging from $45.20 to $65.50, $44.62 to $65.50 and $44.98 to $65.50, were outstanding at the end of 2013, 2012 and 2011, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive. |
Equity_Incentive_Plans
Equity Incentive Plans | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||
Equity Incentive Plans | ' | |||||||||||||||||
Equity Incentive Plan | ||||||||||||||||||
Grants of common shares and options to purchase common shares are issued under the 2007 Equity Incentive Plan. Under the 2007 Equity Incentive Plan, 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 December 31, 2013, there were 1,780,242 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, 2010 | 1,071,096 | $ | 16.05 | — | $ | 65.5 | $ | 32 | ||||||||||
Exercised | (135,196 | ) | 18.18 | — | 42.46 | 21.96 | ||||||||||||
Granted | 70,266 | 45.73 | — | 47.77 | 46.19 | |||||||||||||
Forfeited | (3,333 | ) | 16.05 | — | 16.05 | 16.05 | ||||||||||||
Outstanding at December 31, 2011 | 1,002,833 | $ | 18.18 | — | $ | 65.5 | $ | 34.41 | ||||||||||
Exercised | (224,181 | ) | 18.18 | — | 36.56 | 23.42 | ||||||||||||
Granted | 103,082 | 44.62 | — | 47.99 | 45.6 | |||||||||||||
Forfeited | (396 | ) | 18.18 | — | 46.69 | 40.03 | ||||||||||||
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 December 31, 2013 | 840,665 | $ | 18.18 | — | $ | 65.5 | $ | 40.85 | ||||||||||
The weighted average fair value of options granted was $12.35, $12.08 and $9.29 during 2013, 2012 and 2011, respectively. The intrinsic value of stock options exercised was $2.9 million, $5.1 million, and $2.9 million during the years ended December 31, 2013, 2012 and 2011, respectively. Additionally, the Company repurchased 66,632 shares into treasury shares in conjunction with the stock options exercised during the year ended December 31, 2013 with a total value of $3.4 million. | ||||||||||||||||||
The expense related to share options included in the determination of net income for the years ended December 31, 2013, 2012 and 2011 was $856 thousand, $937 thousand and $777 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%, 1.1% to 1.4% and 2.5% to 3.1% in 2013, 2012 and 2011, respectively, dividend yield of 5.4% to 6.5%, 6.3% to 6.7%, 6.4% in 2013, 2012 and 2011, respectively, volatility factors in the expected market price of the Company’s common shares of 50.7%, 51.3% to 51.4%, 39.8%, in 2013, 2012 and 2011, respectively, 0.23% to 0.29% and 0.25% expected forfeiture rates for 2013 and 2012 and no expected forfeitures for 2011, and an expected life of approximately six years for both 2013 and 2012 and approximately eight years for 2011. 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. | ||||||||||||||||||
At December 31, 2013, stock-option expense to be recognized in future periods was $1.8 million as follows (in thousands): | ||||||||||||||||||
Amount | ||||||||||||||||||
Year: | ||||||||||||||||||
2014 | $ | 830 | ||||||||||||||||
2015 | 605 | |||||||||||||||||
2016 | 308 | |||||||||||||||||
2017 | 11 | |||||||||||||||||
Total | $ | 1,754 | ||||||||||||||||
The following table summarizes outstanding options at December 31, 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 | 5.1 | ||||||||||||||||
20.00 - 29.99 | — | 0 | ||||||||||||||||
30.00 - 39.99 | 25,731 | 4.3 | ||||||||||||||||
40.00 - 49.99 | 502,222 | 5.7 | ||||||||||||||||
50.00 - 59.99 | 17,500 | 6.5 | ||||||||||||||||
60.00 - 65.50 | 93,353 | 3 | ||||||||||||||||
840,665 | 5.2 | $ | 40.85 | $ | 8,537 | |||||||||||||
The following table summarizes exercisable options at December 31, 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 | 5.1 | ||||||||||||||||
20.00 - 29.99 | — | 0 | ||||||||||||||||
30.00 - 39.99 | 18,460 | 3.5 | ||||||||||||||||
40.00 - 49.99 | 292,290 | 3.7 | ||||||||||||||||
50.00 - 59.99 | 10,000 | 4.3 | ||||||||||||||||
60.00 - 65.50 | 93,353 | 3 | ||||||||||||||||
615,962 | 4.1 | $ | 38.78 | $ | 7,883 | |||||||||||||
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 December 31, 2013 | 371,864 | $ | 46 | 0.99 | ||||||||||||||
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, $7.7 million and $7.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013, unamortized share-based compensation expense related to nonvested shares was $8.3 million and will be recognized in future periods as follows (in thousands): | ||||||||||||||||||
Amount | ||||||||||||||||||
Year: | ||||||||||||||||||
2014 | $ | 3,968 | ||||||||||||||||
2015 | 2,892 | |||||||||||||||||
2016 | 1,399 | |||||||||||||||||
Total | $ | 8,259 | ||||||||||||||||
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 December 31, 2013 | 17,530 | $ | 58.38 | 0.36 | ||||||||||||||
The holders of restricted share units have voting rights and receive dividends 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 December 31, 2013, unamortized share-based compensation expense related to restricted share units was $358 thousand which will be recognized in 2014. |
Operating_Leases
Operating Leases | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Operating Leases | ' | |||
Operating Leases | ||||
Most of the Company’s rental properties are leased under operating leases with expiration dates ranging from 1 to 34 years. Future minimum rentals on non-cancelable tenant operating leases at December 31, 2013 are as follows (in thousands): | ||||
Amount | ||||
Year: | ||||
2014 | $ | 262,504 | ||
2015 | 261,897 | |||
2016 | 252,801 | |||
2017 | 238,629 | |||
2018 | 215,558 | |||
Thereafter | 1,377,520 | |||
Total | $ | 2,608,909 | ||
The Company leases its executive office from an unrelated landlord. Rental expense totaled approximately $435 thousand, $467 thousand and $463 thousand for the years ended December 31, 2013, 2012 and 2011, respectively, and is included as a component of general and administrative expense in the accompanying consolidated statements of income. Future minimum lease payments under this lease at December 31, 2013 are as follows (in thousands): | ||||
Amount | ||||
Year: | ||||
2014 | $ | 434 | ||
2015 | 454 | |||
2016 | 358 | |||
2017 | — | |||
2018 | — | |||
Thereafter | — | |||
Total | $ | 1,246 | ||
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Information | ' | |||||||||||||||
Quarterly Financial Information (unaudited) | ||||||||||||||||
Summarized quarterly financial data for the years ended December 31, 2013 and 2012 are as follows (in thousands, except per share data): | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
2013:00:00 | ||||||||||||||||
Total revenue | $ | 82,898 | $ | 82,973 | $ | 87,841 | $ | 89,352 | ||||||||
Net income | 41,206 | 32,476 | 43,502 | 63,042 | ||||||||||||
Net income available to common shareholders of EPR Properties | 35,254 | 26,524 | 37,551 | 57,091 | ||||||||||||
Basic net income per common share | 0.75 | 0.56 | 0.79 | 1.12 | ||||||||||||
Diluted net income per common share | 0.75 | 0.56 | 0.79 | 1.12 | ||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
2012:00:00 | ||||||||||||||||
Total revenue | $ | 76,303 | $ | 77,511 | $ | 81,542 | $ | 82,451 | ||||||||
Net income | 21,390 | 36,818 | 34,175 | 29,281 | ||||||||||||
Net income available to common shareholders of EPR Properties | 15,371 | 30,797 | 28,149 | 18,843 | ||||||||||||
Basic net income per common share | 0.33 | 0.66 | 0.6 | 0.4 | ||||||||||||
Diluted net income per common share | 0.33 | 0.65 | 0.6 | 0.4 | ||||||||||||
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. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ' | |||||||||||
Discontinued Operations | ' | |||||||||||
Discontinued Operations | ||||||||||||
Included in discontinued operations for the year ended December 31, 2013 are the operations of five winery and vineyard properties that were sold during 2013. Included in discontinued operations for the year ended December 31, 2012 are the operations of the prior mentioned properties as well as the operations of two winery and vineyard properties which were sold during 2012. Additionally, included in discontinued operations for the year ended December 31, 2012 is a gain on sale or acquisition of real estate of $0.3 million that relates to the settlement of escrow reserves established with the March 29, 2011 sale of Toronto Dundas Square. Included in discontinued operations for the year ended December 31, 2011 are the operations of the prior mentioned properties, the operations of Toronto Dundas Square, and the operations of three winery and vineyard properties sold during 2011. | ||||||||||||
The operating results relating to discontinued operations are as follows (in thousands): | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Rental revenue | $ | 1,685 | $ | 5,389 | $ | 11,518 | ||||||
Tenant reimbursements | 513 | — | 2,409 | |||||||||
Other income | 426 | 2,325 | 1,686 | |||||||||
Mortgage and other financing income | — | 112 | 320 | |||||||||
Total revenue | 2,624 | 7,826 | 15,933 | |||||||||
Property operating expense (income) | 45 | (1,036 | ) | 2,457 | ||||||||
Other expense | 547 | 2,733 | 2,714 | |||||||||
Costs associated with loan refinancing or payoff | — | — | 4,121 | |||||||||
Interest expense, net | (29 | ) | (12 | ) | 368 | |||||||
Transaction costs | — | — | 3 | |||||||||
Impairment charges | — | 20,835 | 33,525 | |||||||||
Depreciation and amortization | 1,728 | 5,521 | 7,112 | |||||||||
Income (loss) before gain on sale or acquisition of real estate | 333 | (20,215 | ) | (34,367 | ) | |||||||
Gain (loss) on sale or acquisition of real estate | 4,256 | (27 | ) | 19,545 | ||||||||
Net income (loss) | $ | 4,589 | $ | (20,242 | ) | $ | (14,822 | ) | ||||
Rental revenue above includes lease termination fees of $1.0 million that were recognized during the year ended December 31, 2011 related to the sale of the Gary Farrel winery. Depreciation and amortization above includes amortization expense related to in-place leases of $0.8 million for the year ended December 31, 2011. Rental revenue above also includes amortization expense related to above market leases of $20 thousand for the years ended December 31, 2011. |
Other_Commitments_And_Continge
Other Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Other Commitments And Contingencies | ' |
Other Commitments and Contingencies | |
As of December 31, 2013, the Company had 10 entertainment development projects for which it has commitments to fund approximately $54.6 million of additional improvements, 11 education development projects for which is has commitments to fund approximately $127.5 million of additional improvements and six recreation development projects for which it has commitments to fund approximately $57.3 million. Of these amounts, approximately $223.7 million is expected to be funded in 2014. 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 agreements, 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 December 31, 2013, the Company had nine mortgage notes receivable with commitments totaling approximately $122.2 million. Subsequent to December 31, 2013, the Company entered into a commitment to provide up to $107.7 million to fund the construction of an entertainment retail center located in Irving, Texas that is expected to include a live performance venue and other dining and entertainment tenants. 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 an annual rate 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 December 31, 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. | |
The Company is involved in litigation with Louis Cappelli, Concord Associates, L.P. and certain of their affiliates regarding the Sullivan County planned casino and resort development. On June 7, 2011, affiliates of Louis Cappelli, Concord Associates, L.P., Concord Resort, LLC and Concord Kiamesha LLC (the Cappelli Group), filed a complaint with the Supreme Court of the State of New York, County of Sullivan, against a subsidiary of the Company seeking (i) a declaratory judgment on certain of the subsidiary's obligations under a previously disclosed settlement agreement involving these entities, (ii) an order that the Company subsidiary execute the golf course lease and the “Racino Parcel” lease subject to the settlement agreement, and (iii) an extension of the restrictive covenant against ownership or operation of a casino on the Concord resort property under the settlement agreement, which covenant was set to expire on December 31, 2011. The Company subsidiaries filed counterclaims seeking related relief. The Cappelli Group subsequently obtained leave to discontinue its claims, but the counterclaims remain pending.On October 20, 2011, the Cappelli Group filed a complaint with the Supreme Court of the State of New York, County of Westchester against the Company and certain of its subsidiaries alleging breach of contract and breach of the duty of good faith and fair dealing with respect to a casino development agreement relating to a planned casino and resort development in Sullivan County, New York. Plaintiffs are seeking specific performance with respect to such agreement and money damages of $800.0 million, plus interest and attorneys' fees. | |
On March 7, 2012, Concord Associates, L.P. and seven other companies affiliated with Mr. Cappelli and Concord Associates, L.P. filed a new complaint against the Company and certain of its subsidiaries, as well as Empire Resorts, Inc. and its subsidiary Monticiello Raceway Management, Inc. (collectively, Empire), in the United States District Court for the Southern District of New York (the District Court). On June 25, 2012, an amended complaint was served against the same parties as well as Kien Huat Realty III Limited and Genting New York, LLC (collectively, Genting). The amended complaint alleged unlawful restraint of trade, conspiracy to monopolize and unlawful monopolization, against the Company, Empire and Genting as well as tortious interference against Empire and Genting, in relation to a proposed development transaction on the same Sullivan County, New York resort property. Plaintiffs sought damages of $1.5 billion, plus interest and attorneys' fees. | |
On September 18, 2013, 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 and its affiliates, for which the Company believes it has meritorious defenses, but there can be no assurances as to its outcome. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||||||
Segment Information | ||||||||||||||||||||
The Company has four reportable operating segments: Entertainment, Education, Recreation and Other. The financial information summarized below is presented by reportable operating segment: | ||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Total Assets | $ | 1,874,014 | $ | 542,052 | $ | 553,019 | $ | 210,064 | $ | 93,127 | $ | 3,272,276 | ||||||||
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: | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 221,024 | $ | 15,931 | $ | 10,124 | $ | 1,630 | $ | — | $ | 248,709 | ||||||||
Tenant reimbursements | 18,401 | — | — | — | — | 18,401 | ||||||||||||||
Other income | 80 | — | — | 1,471 | 131 | 1,682 | ||||||||||||||
Mortgage and other financing income | 8,447 | 33,275 | 32,232 | 318 | — | 74,272 | ||||||||||||||
Total revenue | 247,952 | 49,206 | 42,356 | 3,419 | 131 | 343,064 | ||||||||||||||
Property operating expense | 25,521 | — | — | 495 | — | 26,016 | ||||||||||||||
Other expense | — | — | — | 658 | — | 658 | ||||||||||||||
Total investment expenses | 25,521 | — | — | 1,153 | — | 26,674 | ||||||||||||||
Net operating income - before unallocated items | 222,431 | 49,206 | 42,356 | 2,266 | 131 | 316,390 | ||||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (25,613 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff | (6,166 | ) | ||||||||||||||||||
Gain on early extinguishment of debt | 4,539 | |||||||||||||||||||
Interest expense, net | (81,056 | ) | ||||||||||||||||||
Transaction costs | (1,955 | ) | ||||||||||||||||||
Depreciation and amortization | (53,946 | ) | ||||||||||||||||||
Equity in income from joint ventures | 1,398 | |||||||||||||||||||
Gain on sale or acquisition, net | 3,017 | |||||||||||||||||||
Gain on previously held equity interest | 4,853 | |||||||||||||||||||
Income tax benefit | 14,176 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income from discontinued operations | 333 | |||||||||||||||||||
Gain on sale or acquisition of real estate | 4,256 | |||||||||||||||||||
Net income | 180,226 | |||||||||||||||||||
Preferred dividend requirements | (23,806 | ) | ||||||||||||||||||
Net income available to common shareholders | $ | 156,420 | ||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 221,020 | $ | 8,663 | $ | 3,615 | $ | 1,219 | $ | — | $ | 234,517 | ||||||||
Tenant reimbursements | 18,575 | — | — | — | — | 18,575 | ||||||||||||||
Other income | 98 | — | — | 639 | 1 | 738 | ||||||||||||||
Mortgage and other financing income | 4,308 | 30,130 | 29,440 | 99 | — | 63,977 | ||||||||||||||
Total revenue | 244,001 | 38,793 | 33,055 | 1,957 | 1 | 317,807 | ||||||||||||||
Property operating expense | 24,008 | — | — | 907 | — | 24,915 | ||||||||||||||
Other expense | 4 | — | — | 739 | 639 | 1,382 | ||||||||||||||
Total investment expenses | 24,012 | — | — | 1,646 | 639 | 26,297 | ||||||||||||||
Net operating income (loss) - before unallocated items | 219,989 | 38,793 | 33,055 | 311 | (638 | ) | 291,510 | |||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (23,170 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff | (627 | ) | ||||||||||||||||||
Interest expense, net | (76,656 | ) | ||||||||||||||||||
Transaction costs | (404 | ) | ||||||||||||||||||
Impairment charges | (3,074 | ) | ||||||||||||||||||
Depreciation and amortization | (46,698 | ) | ||||||||||||||||||
Equity in income from joint ventures | 1,025 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income from discontinued operations | 620 | |||||||||||||||||||
Impairment charges | (20,835 | ) | ||||||||||||||||||
Loss on sale or acquisition of real estate | (27 | ) | ||||||||||||||||||
Net income | 121,664 | |||||||||||||||||||
Noncontrolling interests | (108 | ) | ||||||||||||||||||
Preferred dividend requirements | (24,508 | ) | ||||||||||||||||||
Preferred share redemption costs | (3,888 | ) | ||||||||||||||||||
Net income available to common shareholders | $ | 93,160 | ||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 215,576 | $ | 1,638 | $ | 1,274 | $ | 1,245 | $ | — | $ | 219,733 | ||||||||
Tenant reimbursements | 17,965 | — | — | — | — | 17,965 | ||||||||||||||
Other income | 120 | — | — | 253 | 1 | 374 | ||||||||||||||
Mortgage and other financing income | 323 | 28,465 | 26,576 | 107 | 93 | 55,564 | ||||||||||||||
Total revenue | 233,984 | 30,103 | 27,850 | 1,605 | 94 | 293,636 | ||||||||||||||
Property operating expense | 23,541 | — | — | 663 | — | 24,204 | ||||||||||||||
Other expense | 21 | — | — | 750 | 842 | 1,613 | ||||||||||||||
Total investment expenses | 23,562 | — | — | 1,413 | 842 | 25,817 | ||||||||||||||
Net operating income (loss) - before unallocated items | 210,422 | 30,103 | 27,850 | 192 | (748 | ) | 267,819 | |||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (20,173 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff, net | (1,877 | ) | ||||||||||||||||||
Interest expense, net | (71,295 | ) | ||||||||||||||||||
Transaction costs | (1,727 | ) | ||||||||||||||||||
Impairment charges | (2,531 | ) | ||||||||||||||||||
Depreciation and amortization | (42,975 | ) | ||||||||||||||||||
Equity in income from joint ventures | 2,847 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income from discontinued operations | 3,279 | |||||||||||||||||||
Impairment charges | (33,525 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff | (4,121 | ) | ||||||||||||||||||
Gain on sale or acquisition of real estate | 19,545 | |||||||||||||||||||
Net income | 115,266 | |||||||||||||||||||
Noncontrolling interests | (38 | ) | ||||||||||||||||||
Preferred dividend requirements | (28,140 | ) | ||||||||||||||||||
Preferred share redemption costs | (2,769 | ) | ||||||||||||||||||
Net income available to common shareholders | $ | 84,319 | ||||||||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Statements | ' | |||||||||||||||||||
Condensed Consolidating Financial Statements | ||||||||||||||||||||
A portion of our 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 December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
EPR | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
Properties | Subsidiary | Guarantor | Elimination | |||||||||||||||||
(Issuer) | Guarantors | Subsidiaries | ||||||||||||||||||
Assets | ||||||||||||||||||||
Rental properties, net | $ | — | $ | 1,341,770 | $ | 762,381 | $ | — | $ | 2,104,151 | ||||||||||
Land held for development | — | — | 201,342 | — | 201,342 | |||||||||||||||
Property under development | 18 | 77,283 | 12,172 | — | 89,473 | |||||||||||||||
Mortgage notes and related accrued interest receivable, net | — | 460,533 | 25,804 | — | 486,337 | |||||||||||||||
Investment in a direct financing lease, net | — | 242,212 | — | — | 242,212 | |||||||||||||||
Investment in joint ventures | — | — | 5,275 | — | 5,275 | |||||||||||||||
Cash and cash equivalents | 449 | 705 | 6,804 | — | 7,958 | |||||||||||||||
Restricted cash | 1,150 | 6,735 | 1,829 | — | 9,714 | |||||||||||||||
Deferred financing costs, net | 17,221 | 5,439 | 684 | — | 23,344 | |||||||||||||||
Accounts receivable, net | 106 | 22,555 | 19,877 | — | 42,538 | |||||||||||||||
Intercompany notes receivable | — | — | 175,757 | (175,757 | ) | — | ||||||||||||||
Investments in subsidiaries | 2,852,543 | — | — | (2,852,543 | ) | — | ||||||||||||||
Other assets | 19,292 | 5,725 | 34,915 | — | 59,932 | |||||||||||||||
Total assets | $ | 2,890,779 | $ | 2,162,957 | $ | 1,246,840 | $ | (3,028,300 | ) | $ | 3,272,276 | |||||||||
Liabilities and Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 43,589 | $ | 19,793 | $ | 8,945 | $ | — | $ | 72,327 | ||||||||||
Dividends payable | 19,553 | — | — | — | 19,553 | |||||||||||||||
Unearned rents and interest | — | 13,528 | 3,518 | — | 17,046 | |||||||||||||||
Intercompany notes payable | — | — | 175,757 | (175,757 | ) | — | ||||||||||||||
Debt | 1,140,000 | — | 335,336 | — | 1,475,336 | |||||||||||||||
Total liabilities | 1,203,142 | 33,321 | 523,556 | (175,757 | ) | 1,584,262 | ||||||||||||||
EPR Properties shareholders’ equity | 1,687,637 | 2,129,636 | 722,907 | (2,852,543 | ) | 1,687,637 | ||||||||||||||
Noncontrolling interests | — | — | 377 | — | 377 | |||||||||||||||
Equity | $ | 1,687,637 | $ | 2,129,636 | $ | 723,284 | $ | (2,852,543 | ) | $ | 1,688,014 | |||||||||
Total liabilities and equity | $ | 2,890,779 | $ | 2,162,957 | $ | 1,246,840 | $ | (3,028,300 | ) | $ | 3,272,276 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
EPR | 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, net | — | 414,075 | 41,677 | — | 455,752 | |||||||||||||||
Investment in a direct financing lease, net | — | 234,089 | — | — | 234,089 | |||||||||||||||
Investment in joint ventures | 7,250 | — | 4,721 | — | 11,971 | |||||||||||||||
Cash and cash equivalents | 1,531 | 651 | 8,482 | — | 10,664 | |||||||||||||||
Restricted cash | — | 9,715 | 14,276 | — | 23,991 | |||||||||||||||
Deferred financing costs, net | 13,563 | 4,812 | 1,304 | — | 19,679 | |||||||||||||||
Accounts receivable, net | 139 | 16,830 | 21,769 | — | 38,738 | |||||||||||||||
Intercompany notes receivable | 103,104 | — | 4,147 | (107,251 | ) | — | ||||||||||||||
Investments in subsidiaries | 2,231,079 | — | — | (2,231,079 | ) | — | ||||||||||||||
Other assets | 21,482 | 3,956 | 12,974 | — | 38,412 | |||||||||||||||
Total assets | $ | 2,378,148 | $ | 1,823,205 | $ | 1,083,707 | $ | (2,338,330 | ) | $ | 2,946,730 | |||||||||
Liabilities and Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 37,441 | $ | 16,662 | $ | 11,378 | $ | — | $ | 65,481 | ||||||||||
Dividends payable | 41,186 | — | — | — | 41,186 | |||||||||||||||
Unearned rents and interest | — | 7,393 | 3,940 | — | 11,333 | |||||||||||||||
Intercompany notes payable | — | — | 107,251 | (107,251 | ) | — | ||||||||||||||
Debt | 840,000 | 53,315 | 475,517 | — | 1,368,832 | |||||||||||||||
Total liabilities | 918,627 | 77,370 | 598,086 | (107,251 | ) | 1,486,832 | ||||||||||||||
EPR Properties shareholders’ equity | 1,459,521 | 1,745,835 | 485,244 | (2,231,079 | ) | 1,459,521 | ||||||||||||||
Noncontrolling interests | — | — | 377 | — | 377 | |||||||||||||||
Equity | $ | 1,459,521 | $ | 1,745,835 | $ | 485,621 | $ | (2,231,079 | ) | $ | 1,459,898 | |||||||||
Total liabilities and equity | $ | 2,378,148 | $ | 1,823,205 | $ | 1,083,707 | $ | (2,338,330 | ) | $ | 2,946,730 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
EPR | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
Properties | Subsidiary | Guarantors | Elimination | |||||||||||||||||
(Issuer) | Guarantors | Subsidiaries | ||||||||||||||||||
Rental revenue | $ | — | $ | 153,335 | $ | 95,374 | $ | — | $ | 248,709 | ||||||||||
Tenant reimbursements | — | 1,853 | 16,548 | — | 18,401 | |||||||||||||||
Other income | 75 | 2 | 1,605 | — | 1,682 | |||||||||||||||
Mortgage and other financing income | 994 | 69,327 | 3,951 | — | 74,272 | |||||||||||||||
Intercompany fee income | 2,629 | — | — | (2,629 | ) | — | ||||||||||||||
Interest income on intercompany notes receivable | 17,848 | — | 386 | (18,234 | ) | — | ||||||||||||||
Total revenue | 21,546 | 224,517 | 117,864 | (20,863 | ) | 343,064 | ||||||||||||||
Equity in subsidiaries’ earnings | 212,634 | — | — | (212,634 | ) | — | ||||||||||||||
Property operating expense | (88 | ) | 6,694 | 19,410 | — | 26,016 | ||||||||||||||
Intercompany fee expense | — | — | 2,629 | (2,629 | ) | — | ||||||||||||||
Other expense | — | — | 658 | — | 658 | |||||||||||||||
General and administrative expense | — | 16,612 | 9,001 | — | 25,613 | |||||||||||||||
Costs associated with loan refinancing or payoff | — | 188 | 5,978 | — | 6,166 | |||||||||||||||
Gain on early extinguishment of debt | — | (4,539 | ) | — | — | (4,539 | ) | |||||||||||||
Interest expense, net | 55,856 | 1,733 | 23,467 | — | 81,056 | |||||||||||||||
Interest expense on intercompany notes payable | — | — | 18,234 | (18,234 | ) | — | ||||||||||||||
Transaction costs | 1,813 | — | 142 | — | 1,955 | |||||||||||||||
Depreciation and amortization | 1,093 | 31,447 | 21,406 | — | 53,946 | |||||||||||||||
Income before equity in income from joint ventures and other items | 175,506 | 172,382 | 16,939 | (212,634 | ) | 152,193 | ||||||||||||||
Equity in income from joint ventures | 505 | — | 893 | — | 1,398 | |||||||||||||||
Gain on sale or acquisition, net | (150 | ) | — | 3,167 | — | 3,017 | ||||||||||||||
Gain on previously held equity interest | 4,853 | — | — | — | 4,853 | |||||||||||||||
Income before income taxes | 180,714 | 172,382 | 20,999 | (212,634 | ) | 161,461 | ||||||||||||||
Income tax benefit (expense) | (488 | ) | — | 14,664 | — | 14,176 | ||||||||||||||
Income from continuing operations | 180,226 | 172,382 | 35,663 | (212,634 | ) | 175,637 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income (loss) from discontinued operations | — | 638 | (305 | ) | — | 333 | ||||||||||||||
Gain on sale or acquisition of real estate | — | — | 4,256 | — | 4,256 | |||||||||||||||
Net income attributable to EPR Properties | 180,226 | 173,020 | 39,614 | (212,634 | ) | 180,226 | ||||||||||||||
Preferred dividend requirements | (23,806 | ) | — | — | — | (23,806 | ) | |||||||||||||
Net income available to common shareholders of EPR Properties | $ | 156,420 | $ | 173,020 | $ | 39,614 | $ | (212,634 | ) | $ | 156,420 | |||||||||
Comprehensive income attributable to EPR Properties | $ | 176,797 | $ | 173,120 | $ | 38,692 | $ | (211,812 | ) | $ | 176,797 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
EPR | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
Properties | Subsidiary | Guarantor | Elimination | |||||||||||||||||
(Issuer) | Guarantors | Subsidiaries | ||||||||||||||||||
Rental revenue | $ | — | $ | 140,635 | $ | 93,882 | $ | — | $ | 234,517 | ||||||||||
Tenant reimbursements | — | 1,650 | 16,925 | — | 18,575 | |||||||||||||||
Other income | 93 | (3 | ) | 648 | — | 738 | ||||||||||||||
Mortgage and other financing income | 494 | 60,089 | 3,394 | — | 63,977 | |||||||||||||||
Intercompany fee income | 2,706 | — | — | (2,706 | ) | — | ||||||||||||||
Interest income on intercompany notes receivable | 16,967 | — | 353 | (17,320 | ) | — | ||||||||||||||
Total revenue | 20,260 | 202,371 | 115,202 | (20,026 | ) | 317,807 | ||||||||||||||
Equity in subsidiaries’ earnings | 137,443 | — | — | (137,443 | ) | — | ||||||||||||||
Property operating expense | — | 4,860 | 20,055 | — | 24,915 | |||||||||||||||
Intercompany fee expense | — | — | 2,706 | (2,706 | ) | — | ||||||||||||||
Other expense | — | 4 | 1,378 | — | 1,382 | |||||||||||||||
General and administrative expense | — | 14,555 | 8,615 | — | 23,170 | |||||||||||||||
Costs associated with loan refinancing or payoff | — | 477 | 150 | — | 627 | |||||||||||||||
Interest expense, net | 35,240 | 11,645 | 29,771 | — | 76,656 | |||||||||||||||
Interest expense on intercompany notes payable | — | — | 17,320 | (17,320 | ) | — | ||||||||||||||
Transaction costs | 404 | — | — | — | 404 | |||||||||||||||
Impairment charges | — | — | 3,074 | — | 3,074 | |||||||||||||||
Depreciation and amortization | 1,039 | 25,529 | 20,130 | — | 46,698 | |||||||||||||||
Income before equity in income from joint ventures and other items | 121,020 | 145,301 | 12,003 | (137,443 | ) | 140,881 | ||||||||||||||
Equity in income from joint ventures | 536 | — | 489 | — | 1,025 | |||||||||||||||
Income from continuing operations | $ | 121,556 | $ | 145,301 | $ | 12,492 | $ | (137,443 | ) | $ | 141,906 | |||||||||
Discontinued operations: | ||||||||||||||||||||
Income (loss) from discontinued operations | — | (2 | ) | 622 | — | 620 | ||||||||||||||
Impairment charges | — | — | (20,835 | ) | (20,835 | ) | ||||||||||||||
Gain on sale or acquisition of real estate | — | 282 | (309 | ) | — | (27 | ) | |||||||||||||
Net income (loss) | 121,556 | 145,581 | (8,030 | ) | (137,443 | ) | 121,664 | |||||||||||||
Add: Net loss attributable to noncontrolling interests | — | — | (108 | ) | — | (108 | ) | |||||||||||||
Net income (loss) attributable to EPR Properties | 121,556 | 145,581 | (8,138 | ) | (137,443 | ) | 121,556 | |||||||||||||
Preferred dividend requirements | (24,508 | ) | — | — | — | (24,508 | ) | |||||||||||||
Preferred share redemption costs | (3,888 | ) | — | — | — | (3,888 | ) | |||||||||||||
Net income (loss) available to common shareholders of EPR Properties | $ | 93,160 | $ | 145,581 | $ | (8,138 | ) | $ | (137,443 | ) | $ | 93,160 | ||||||||
Comprehensive income (loss) attributable to EPR Properties | $ | 118,715 | $ | 145,504 | $ | (7,054 | ) | $ | (138,450 | ) | $ | 118,715 | ||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
EPR | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
Properties | Subsidiary | Guarantor | Elimination | |||||||||||||||||
(Issuer) | Guarantors | Subsidiaries | ||||||||||||||||||
Rental revenue | $ | — | $ | 126,809 | $ | 92,924 | $ | — | $ | 219,733 | ||||||||||
Tenant reimbursements | — | 1,778 | 16,187 | — | 17,965 | |||||||||||||||
Other income | 94 | 8 | 272 | — | 374 | |||||||||||||||
Mortgage and other financing income | 416 | 54,689 | 459 | — | 55,564 | |||||||||||||||
Intercompany fee income | 2,726 | — | — | (2,726 | ) | — | ||||||||||||||
Interest income on intercompany notes receivable | 16,665 | — | 2,365 | (19,030 | ) | — | ||||||||||||||
Total revenue | 19,901 | 183,284 | 112,207 | (21,756 | ) | 293,636 | ||||||||||||||
Equity in subsidiaries’ earnings | 111,301 | — | — | (111,301 | ) | — | ||||||||||||||
Property operating expense | — | 4,028 | 20,176 | — | 24,204 | |||||||||||||||
Intercompany fee expense | — | — | 2,726 | (2,726 | ) | — | ||||||||||||||
Other expense | — | 21 | 1,592 | — | 1,613 | |||||||||||||||
General and administrative expense | — | 12,491 | 7,682 | — | 20,173 | |||||||||||||||
Costs associated with loan refinancing or payoff, net | — | — | 1,877 | — | 1,877 | |||||||||||||||
Interest expense, net | 20,069 | 20,425 | 30,801 | — | 71,295 | |||||||||||||||
Interest expense on intercompany notes payable | — | — | 19,030 | (19,030 | ) | — | ||||||||||||||
Transaction costs | 1,403 | — | 324 | — | 1,727 | |||||||||||||||
Impairment charges | — | — | 2,531 | — | 2,531 | |||||||||||||||
Depreciation and amortization | 1,062 | 22,163 | 19,750 | — | 42,975 | |||||||||||||||
Income before equity in income from joint ventures and other items | 108,668 | 124,156 | 5,718 | (111,301 | ) | 127,241 | ||||||||||||||
Equity in income from joint ventures | 2,805 | — | 42 | — | 2,847 | |||||||||||||||
Income from continuing operations | $ | 111,473 | $ | 124,156 | $ | 5,760 | $ | (111,301 | ) | $ | 130,088 | |||||||||
Discontinued operations: | ||||||||||||||||||||
Interest income on intercompany notes receivable | 3,755 | — | — | (3,755 | ) | — | ||||||||||||||
Interest expense on intercompany notes payable | — | (3,755 | ) | — | 3,755 | — | ||||||||||||||
Income from discontinued operations | — | 1,888 | 1,391 | — | 3,279 | |||||||||||||||
Impairment charges | — | — | (33,525 | ) | (33,525 | ) | ||||||||||||||
Costs associated with loan refinancing | — | — | (4,121 | ) | — | (4,121 | ) | |||||||||||||
Gain on sale or acquisition of real estate | — | 19,530 | 15 | — | 19,545 | |||||||||||||||
Net income (loss) | 115,228 | 141,819 | (30,480 | ) | (111,301 | ) | 115,266 | |||||||||||||
Add: Net loss attributable to noncontrolling interests | — | — | (38 | ) | — | (38 | ) | |||||||||||||
Net income (loss) attributable to EPR Properties | 115,228 | 141,819 | (30,518 | ) | (111,301 | ) | 115,228 | |||||||||||||
Preferred dividend requirements | (28,140 | ) | — | — | — | (28,140 | ) | |||||||||||||
Preferred share redemption costs | (2,769 | ) | — | — | — | (2,769 | ) | |||||||||||||
Net income (loss) available to common shareholders of EPR Properties | $ | 84,319 | $ | 141,819 | $ | (30,518 | ) | $ | (111,301 | ) | $ | 84,319 | ||||||||
Comprehensive income (loss) attributable to EPR Properties | $ | 118,499 | $ | 143,470 | $ | (28,897 | ) | $ | (114,573 | ) | $ | 118,499 | ||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
EPR | Wholly Owned | Non-Guarantor | Consolidated | |||||||||||||||||
Properties | Subsidiary | Subsidiaries | ||||||||||||||||||
(Issuer) | Guarantors | |||||||||||||||||||
Intercompany fee income (expense) | $ | 2,629 | $ | — | $ | (2,629 | ) | $ | — | |||||||||||
Interest income (expense) on intercompany receivable/payable | 17,848 | — | (17,848 | ) | — | |||||||||||||||
Net cash provided (used) by other operating activities | (38,183 | ) | 197,152 | 72,470 | 231,439 | |||||||||||||||
Net cash provided (used) by operating activities | (17,706 | ) | 197,152 | 51,993 | 231,439 | |||||||||||||||
Net cash provided by operating activities of discontinued operations | — | 286 | 2,395 | 2,681 | ||||||||||||||||
Net cash provided (used) by operating activities | (17,706 | ) | 197,438 | 54,388 | 234,120 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Acquisition of rental properties and other assets | (1,358 | ) | (94,119 | ) | (28,020 | ) | (123,497 | ) | ||||||||||||
Proceeds from sale of real estate | — | — | 797 | 797 | ||||||||||||||||
Investment in unconsolidated joint ventures | (1,607 | ) | — | — | (1,607 | ) | ||||||||||||||
Investment in mortgage notes receivable | (11,797 | ) | (46,402 | ) | (2,369 | ) | (60,568 | ) | ||||||||||||
Proceeds from mortgage note receivable paydown | — | 202 | 1,698 | 1,900 | ||||||||||||||||
Investment in promissory notes receivable | — | (1,278 | ) | — | (1,278 | ) | ||||||||||||||
Proceeds from promissory note paydown | 117 | — | 910 | 1,027 | ||||||||||||||||
Investment in a direct financing lease, net | — | (3,262 | ) | — | (3,262 | ) | ||||||||||||||
Additions to property under development | (18 | ) | (189,736 | ) | (7,517 | ) | (197,271 | ) | ||||||||||||
Investment in intercompany notes payable | 103,104 | — | (103,104 | ) | — | |||||||||||||||
Advances to subsidiaries, net | (386,759 | ) | 188,458 | 198,301 | — | |||||||||||||||
Net cash provided (used) by investing activities of continuing operations | (298,318 | ) | (146,137 | ) | 60,696 | (383,759 | ) | |||||||||||||
Net proceeds from sale of real estate from discontinued operations | — | — | 47,301 | 47,301 | ||||||||||||||||
Net cash provided (used) by investing activities | (298,318 | ) | (146,137 | ) | 107,997 | (336,458 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from debt facilities | 300,000 | 346,000 | — | 646,000 | ||||||||||||||||
Principal payments on debt | — | (394,740 | ) | (157,728 | ) | (552,468 | ) | |||||||||||||
Deferred financing fees paid | (5,620 | ) | (2,494 | ) | (19 | ) | (8,133 | ) | ||||||||||||
Costs associated with loan refinancing or payoff (cash portion) | — | — | (5,790 | ) | (5,790 | ) | ||||||||||||||
Net proceeds from issuance of common shares | 220,785 | — | — | 220,785 | ||||||||||||||||
Impact of stock option exercises, net | 947 | — | — | 947 | ||||||||||||||||
Purchase of common shares for treasury | (3,246 | ) | — | — | (3,246 | ) | ||||||||||||||
Dividends paid to shareholders | (197,924 | ) | — | — | (197,924 | ) | ||||||||||||||
Net cash provided (used) by financing | 314,942 | (51,234 | ) | (163,537 | ) | 100,171 | ||||||||||||||
Effect of exchange rate changes on cash | — | (13 | ) | (526 | ) | (539 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (1,082 | ) | 54 | (1,678 | ) | (2,706 | ) | |||||||||||||
Cash and cash equivalents at beginning of the period | 1,531 | 651 | 8,482 | 10,664 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 449 | $ | 705 | $ | 6,804 | $ | 7,958 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
EPR | Wholly Owned | Non-Guarantor | Consolidated | |||||||||||||||||
Properties | Subsidiary | Subsidiaries | ||||||||||||||||||
(Issuer) | Guarantors | |||||||||||||||||||
Intercompany fee income (expense) | $ | 2,706 | $ | — | $ | (2,706 | ) | $ | — | |||||||||||
Interest income (expense) on intercompany receivable/payable | 16,967 | — | (16,967 | ) | — | |||||||||||||||
Net cash provided (used) by other operating activities | (19,940 | ) | 164,505 | 51,536 | 196,101 | |||||||||||||||
Net cash provided (used) by operating activities of continuing operations | (267 | ) | 164,505 | 31,863 | 196,101 | |||||||||||||||
Net cash provided by operating activities of discontinued operations | — | 1,036 | 10,307 | 11,343 | ||||||||||||||||
Net cash provided (used) by operating activities | (267 | ) | 165,541 | 42,170 | 207,444 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Acquisition of rental properties and other assets | (422 | ) | (67,890 | ) | (4,876 | ) | (73,188 | ) | ||||||||||||
Investment in unconsolidated joint ventures | (1,800 | ) | — | — | (1,800 | ) | ||||||||||||||
Investment in mortgage note receivable | — | (90,975 | ) | (22,848 | ) | (113,823 | ) | |||||||||||||
Proceeds from sale of investment in a direct financing lease, net | — | 4,494 | — | 4,494 | ||||||||||||||||
Additions to property under development | — | (99,924 | ) | (13,675 | ) | (113,599 | ) | |||||||||||||
Investment in intercompany notes payable | (3,074 | ) | — | 3,074 | — | |||||||||||||||
Advances to subsidiaries, net | (416,859 | ) | 445,612 | (28,753 | ) | — | ||||||||||||||
Net cash provided (used) by investing activities of continuing operations | (422,155 | ) | 191,317 | (67,078 | ) | (297,916 | ) | |||||||||||||
Net proceeds from sale of discontinued operations | — | 282 | 41,851 | 42,133 | ||||||||||||||||
Net cash provided (used) in investing activities | (422,155 | ) | 191,599 | (25,227 | ) | (255,783 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from debt facilities | 590,000 | 281,000 | — | 871,000 | ||||||||||||||||
Principal payments on debt | — | (638,684 | ) | (19,887 | ) | (658,571 | ) | |||||||||||||
Deferred financing fees paid | (5,770 | ) | (6 | ) | (24 | ) | (5,800 | ) | ||||||||||||
Costs associated with loan refinancing or payoff (cash portion) | — | (37 | ) | (152 | ) | (189 | ) | |||||||||||||
Net proceeds from issuance of common shares | 231 | — | — | 231 | ||||||||||||||||
Net proceeds from issuance of preferred shares | 120,567 | — | — | 120,567 | ||||||||||||||||
Redemption of preferred shares | (115,013 | ) | — | — | (115,013 | ) | ||||||||||||||
Impact of stock option exercises, net | (1,987 | ) | — | — | (1,987 | ) | ||||||||||||||
Purchase of common shares for treasury | (3,232 | ) | — | — | (3,232 | ) | ||||||||||||||
Dividends paid to shareholders | (162,775 | ) | — | — | (162,775 | ) | ||||||||||||||
Net cash provided (used) by financing activities | 422,021 | (357,727 | ) | (20,063 | ) | 44,231 | ||||||||||||||
Effect of exchange rate changes on cash | — | (5 | ) | 152 | 147 | |||||||||||||||
Net decrease in cash and cash equivalents | (401 | ) | (592 | ) | (2,968 | ) | (3,961 | ) | ||||||||||||
Cash and cash equivalents at beginning of the period | 1,932 | 1,243 | 11,450 | 14,625 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 1,531 | $ | 651 | $ | 8,482 | $ | 10,664 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
EPR | Wholly Owned | Non-Guarantor | Consolidated | |||||||||||||||||
Properties | Subsidiary | Subsidiaries | ||||||||||||||||||
(Issuer) | Guarantors | |||||||||||||||||||
Intercompany fee income (expense) | $ | 2,726 | $ | — | $ | (2,726 | ) | $ | — | |||||||||||
Interest income (expense) on intercompany receivable/payable | 16,665 | — | (16,665 | ) | — | |||||||||||||||
Net cash provided (used) by other operating activities | (12,924 | ) | 143,020 | 55,572 | 185,668 | |||||||||||||||
Net cash provided by operating activities of continuing operations | 6,467 | 143,020 | 36,181 | 185,668 | ||||||||||||||||
Net cash provided by operating activities of discontinued operations | — | 7,947 | 2,301 | 10,248 | ||||||||||||||||
Net cash provided by operating activities | 6,467 | 150,967 | 38,482 | 195,916 | ||||||||||||||||
Investing activities: | ||||||||||||||||||||
Acquisition of rental properties and other assets | (603 | ) | (46,822 | ) | (5,750 | ) | (53,175 | ) | ||||||||||||
Investment in unconsolidated joint ventures | (2,773 | ) | — | (1,197 | ) | (3,970 | ) | |||||||||||||
Investment in mortgage notes receivable | — | (18,391 | ) | (1,297 | ) | (19,688 | ) | |||||||||||||
Investment in direct financing lease, net | — | (2,113 | ) | — | (2,113 | ) | ||||||||||||||
Additions to property under development | — | (53,355 | ) | (4,571 | ) | (57,926 | ) | |||||||||||||
Investment in intercompany notes payable | 127,111 | (132,074 | ) | 4,963 | — | |||||||||||||||
Advances to subsidiaries, net | 108,495 | (172,843 | ) | 64,348 | — | |||||||||||||||
Net cash provided (used) by investing activities of continuing operations | 232,230 | (425,598 | ) | 56,496 | (136,872 | ) | ||||||||||||||
Net cash used by other investing activities of discontinued operations | — | (58 | ) | — | (58 | ) | ||||||||||||||
Net proceeds from sale of real estate from discontinued operations | — | 205,936 | 20,676 | 226,612 | ||||||||||||||||
Net cash provided (used) by investing activities | 232,230 | (219,720 | ) | 77,172 | 89,682 | |||||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from debt facilities | — | 387,000 | — | 387,000 | ||||||||||||||||
Principal payments on debt | — | (315,324 | ) | (110,535 | ) | (425,859 | ) | |||||||||||||
Deferred financing fees paid | (396 | ) | (3,330 | ) | (5 | ) | (3,731 | ) | ||||||||||||
Costs associated with loan refinancing or payoff (cash portion) | — | — | (117 | ) | (117 | ) | ||||||||||||||
Net proceeds from issuance of common shares | 253 | — | — | 253 | ||||||||||||||||
Redemption of preferred shares | (80,030 | ) | — | — | (80,030 | ) | ||||||||||||||
Impact of stock option exercises, net | 966 | — | — | 966 | ||||||||||||||||
Purchase of common shares for treasury | (3,070 | ) | — | — | (3,070 | ) | ||||||||||||||
Dividends paid to shareholders | (157,844 | ) | — | — | (157,844 | ) | ||||||||||||||
Net cash provided (used) by financing activities | (240,121 | ) | 68,346 | (110,657 | ) | (282,432 | ) | |||||||||||||
Effect of exchange rate changes on cash | — | (166 | ) | (151 | ) | (317 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (1,424 | ) | (573 | ) | 4,846 | 2,849 | ||||||||||||||
Cash and cash equivalents at beginning of the period | 3,356 | 1,816 | 6,604 | 11,776 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 1,932 | $ | 1,243 | $ | 11,450 | $ | 14,625 | ||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | |||||||||||||||
EPR Properties | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Description | Balance at | Additions | Deductions | Balance at | ||||||||||||
December 31, 2012 | During 2013 | During 2013 | December 31, 2013 | |||||||||||||
Reserve for Doubtful Accounts | $ | 3,852,000 | $ | 1,949,000 | $ | (2,812,000 | ) | $ | 2,989,000 | |||||||
Allowance for Loan Losses | 123,000 | — | (123,000 | ) | — | |||||||||||
See accompanying report of independent registered public accounting firm. | ||||||||||||||||
EPR Properties | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ||||||||||||||||
31-Dec-12 | ||||||||||||||||
Description | Balance at | Additions | Deductions | Balance at | ||||||||||||
December 31, 2011 | During 2012 | During 2012 | December 31, 2012 | |||||||||||||
Reserve for Doubtful Accounts | $ | 5,152,000 | $ | 1,088,000 | $ | (2,388,000 | ) | $ | 3,852,000 | |||||||
Allowance for Loan Losses | 8,196,000 | — | (8,073,000 | ) | 123,000 | |||||||||||
See accompanying report of independent registered public accounting firm. | ||||||||||||||||
EPR Properties | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ||||||||||||||||
31-Dec-11 | ||||||||||||||||
Description | Balance at | Additions | Deductions | Balance at | ||||||||||||
December 31, 2010 | During 2011 | During 2011 | December 31, 2011 | |||||||||||||
Reserve for Doubtful Accounts | $ | 6,691,000 | $ | 837,000 | $ | (2,376,000 | ) | $ | 5,152,000 | |||||||
Allowance for Loan Losses | 8,196,000 | — | — | 8,196,000 | ||||||||||||
See accompanying report of independent registered public accounting firm. |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ' | |||||||||||||||||||||||||||||||||||||||
EPR Properties | ||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Initial cost | Additions (Dispositions) (Impairments) Subsequent to acquisition | Gross Amount at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Description | Location | Debt | Land | Buildings, | Land | Buildings, | Total | Accumulated | Date | Depreciation | ||||||||||||||||||||||||||||||
Equipment & | Equipment & | depreciation | acquired | life | ||||||||||||||||||||||||||||||||||||
improvements | Improvements | |||||||||||||||||||||||||||||||||||||||
Studio Movie Grill and Adjacent Retail | Dallas, TX | $ | — | $ | 3,060 | $ | 15,281 | $ | 18,843 | $ | 3,060 | $ | 34,124 | $ | 37,184 | $ | (8,375 | ) | Nov-97 | 40 years | ||||||||||||||||||||
Oakview 24 | Omaha, NE | — | 5,215 | 16,700 | 59 | 5,215 | 16,759 | 21,974 | (6,704 | ) | Nov-97 | 40 years | ||||||||||||||||||||||||||||
First Colony 24 | Sugar Land, TX | 16,044 | — | 19,100 | 67 | — | 19,167 | 19,167 | (7,667 | ) | Nov-97 | 40 years | ||||||||||||||||||||||||||||
Huebner Oaks 14 | San Antonio, TX | — | 3,006 | 13,662 | 2,058 | 3,006 | 15,720 | 18,726 | (5,426 | ) | Nov-97 | 40 years | ||||||||||||||||||||||||||||
Lennox Town Center 24 | Columbus, OH | — | — | 12,685 | — | — | 12,685 | 12,685 | (4,915 | ) | Nov-97 | 40 years | ||||||||||||||||||||||||||||
Mission Valley 20 | San Diego, CA | — | — | 16,028 | — | — | 16,028 | 16,028 | (6,211 | ) | Nov-97 | 40 years | ||||||||||||||||||||||||||||
Ontario Mills 30 | Ontario, CA | — | 5,521 | 19,449 | — | 5,521 | 19,449 | 24,970 | (7,537 | ) | Nov-97 | 40 years | ||||||||||||||||||||||||||||
Promenade 16 | Los Angeles, CA | — | 6,021 | 22,104 | — | 6,021 | 22,104 | 28,125 | (8,565 | ) | Nov-97 | 40 years | ||||||||||||||||||||||||||||
Studio 30 | Houston, TX | — | 6,023 | 20,037 | — | 6,023 | 20,037 | 26,060 | (7,764 | ) | Nov-97 | 40 years | ||||||||||||||||||||||||||||
West Olive 16 | Creve Coeur, MO | — | 4,985 | 12,601 | 4,075 | 4,985 | 16,676 | 21,661 | (4,965 | ) | Nov-97 | 40 years | ||||||||||||||||||||||||||||
Leawood Town Center 20 | Leawood, KS | 13,369 | 3,714 | 12,086 | 43 | 3,714 | 12,129 | 15,843 | (4,851 | ) | Nov-97 | 40 years | ||||||||||||||||||||||||||||
Gulf Pointe 30 | Houston, TX | — | 4,304 | 21,496 | 76 | 4,304 | 21,572 | 25,876 | (8,584 | ) | Feb-98 | 40 years | ||||||||||||||||||||||||||||
South Barrington 30 | South Barrington, IL | — | 6,577 | 27,723 | 98 | 6,577 | 27,821 | 34,398 | (11,013 | ) | Mar-98 | 40 years | ||||||||||||||||||||||||||||
Mesquite 30 | Mesquite, TX | — | 2,912 | 20,288 | 72 | 2,912 | 20,360 | 23,272 | (7,974 | ) | Apr-98 | 40 years | ||||||||||||||||||||||||||||
Hampton Town Center 24 | Hampton, VA | — | 3,822 | 24,678 | 88 | 3,822 | 24,766 | 28,588 | (9,597 | ) | Jun-98 | 40 years | ||||||||||||||||||||||||||||
Broward 18 | Pompano Beach, FL | 9,060 | 6,771 | 9,899 | 3,745 | 6,771 | 13,644 | 20,415 | (5,310 | ) | Aug-98 | 40 years | ||||||||||||||||||||||||||||
Raleigh Grande 16 | Raleigh, NC | 5,848 | 2,919 | 5,559 | 951 | 2,919 | 6,510 | 9,429 | (2,183 | ) | Aug-98 | 40 years | ||||||||||||||||||||||||||||
Paradise 24 and XD | Davie, FL | 18,362 | 2,000 | 13,000 | 8,512 | 2,000 | 21,512 | 23,512 | (7,977 | ) | Nov-98 | 40 years | ||||||||||||||||||||||||||||
Aliso Viejo Stadium 20 | Aliso Viejo, CA | 18,362 | 8,000 | 14,000 | — | 8,000 | 14,000 | 22,000 | (5,250 | ) | Dec-98 | 40 years | ||||||||||||||||||||||||||||
Boise Stadium 22 | Boise, ID | 13,096 | — | 16,003 | — | — | 16,003 | 16,003 | (6,001 | ) | Dec-98 | 40 years | ||||||||||||||||||||||||||||
Mesquite Retail Center | Mesquite, TX | — | 3,119 | 990 | — | 3,119 | 990 | 4,109 | (268 | ) | Jan-99 | 40 years | ||||||||||||||||||||||||||||
Westminster Promenade | Westminster, CO | — | 6,204 | 12,600 | 9,509 | 6,204 | 22,109 | 28,313 | (6,532 | ) | 1-Dec | 40 years | ||||||||||||||||||||||||||||
Westminster Promenade 24 | Westminster, CO | 7,498 | 5,850 | 17,314 | — | 5,850 | 17,314 | 23,164 | (5,230 | ) | Jun-99 | 40 years | ||||||||||||||||||||||||||||
Woodridge 18 | Woodridge, IL | — | 9,926 | 8,968 | — | 9,926 | 8,968 | 18,894 | (3,251 | ) | Jun-99 | 40 years | ||||||||||||||||||||||||||||
Cary Crossroads Stadium 20 | Cary, NC | — | 3,352 | 11,653 | 155 | 3,352 | 11,808 | 15,160 | (4,133 | ) | Dec-99 | 40 years | ||||||||||||||||||||||||||||
Starlight 20 | Tampa, FL | — | 6,000 | 12,809 | 1,352 | 6,000 | 14,161 | 20,161 | (5,012 | ) | Jun-99 | 40 years | ||||||||||||||||||||||||||||
Palm Promenade 24 | San Diego, CA | — | 7,500 | 17,750 | — | 7,500 | 17,750 | 25,250 | (6,176 | ) | Feb-00 | 40 years | ||||||||||||||||||||||||||||
Gulf Pointe Retail Center | Houston, TX | — | 3,653 | 1,365 | 686 | 3,408 | 2,296 | 5,704 | (1,397 | ) | May-00 | 40 years | ||||||||||||||||||||||||||||
Clearview Palace 12 | Metairie, LA | — | — | 11,740 | — | — | 11,740 | 11,740 | (3,473 | ) | 2-Mar | 40 years | ||||||||||||||||||||||||||||
Elmwood Palace 20 | Harahan, LA | — | 5,264 | 14,820 | — | 5,264 | 14,820 | 20,084 | (4,384 | ) | 2-Mar | 40 years | ||||||||||||||||||||||||||||
Hammond Palace 10 | Hammond, LA | — | 2,404 | 6,780 | (565 | ) | 1,839 | 6,780 | 8,619 | (2,006 | ) | 2-Mar | 40 years | |||||||||||||||||||||||||||
Houma Palace 10 | Houma, LA | — | 2,404 | 6,780 | — | 2,404 | 6,780 | 9,184 | (2,006 | ) | 2-Mar | 40 years | ||||||||||||||||||||||||||||
Westbank Palace 16 | Harvey, LA | — | 4,378 | 12,330 | (112 | ) | 4,266 | 12,330 | 16,596 | (3,648 | ) | 2-Mar | 40 years | |||||||||||||||||||||||||||
Cherrydale | Greenville, SC | — | 1,660 | 7,570 | 100 | 1,660 | 7,670 | 9,330 | (2,212 | ) | 2-Jun | 40 years | ||||||||||||||||||||||||||||
Forum 30 | Sterling Heights, MI | — | 5,975 | 17,956 | 3,400 | 5,975 | 21,356 | 27,331 | (7,367 | ) | 2-Jun | 40 years | ||||||||||||||||||||||||||||
Olathe Studio 30 | Olathe, KS | — | 4,000 | 15,935 | 2,361 | 4,000 | 18,296 | 22,296 | (4,935 | ) | 2-Jun | 40 years | ||||||||||||||||||||||||||||
Livonia 20 | Livonia, MI | — | 4,500 | 17,525 | — | 4,500 | 17,525 | 22,025 | (5,002 | ) | 2-Aug | 40 years | ||||||||||||||||||||||||||||
Hoffman Center 22 | Alexandria, VA | — | — | 22,035 | — | — | 22,035 | 22,035 | (6,197 | ) | 2-Oct | 40 years | ||||||||||||||||||||||||||||
Colonel Glenn 18 | Little Rock, AR | 8,978 | 3,858 | 7,990 | — | 3,858 | 7,990 | 11,848 | (2,214 | ) | 2-Dec | 40 years | ||||||||||||||||||||||||||||
AmStar 16-Macon | Macon, GA | 5,614 | 1,982 | 5,056 | — | 1,982 | 5,056 | 7,038 | (1,359 | ) | 3-Mar | 40 years | ||||||||||||||||||||||||||||
Star Southfield Center | Southfield, MI | — | 8,000 | 20,518 | 5,970 | 8,000 | 26,488 | 34,488 | (8,277 | ) | 3-May | 40 years | ||||||||||||||||||||||||||||
Subtotals carried over to next page | $ | 116,231 | $ | 164,879 | $ | 582,863 | $ | 61,543 | $ | 163,957 | $ | 645,328 | $ | 809,285 | $ | (221,948 | ) | |||||||||||||||||||||||
EPR Properties | ||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Initial cost | Additions (Dispositions) (Impairments) Subsequent to acquisition | Gross Amount at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Description | Location | Debt | Land | Buildings, | Land | Buildings, | Total | Accumulated | Date | Depreciation | ||||||||||||||||||||||||||||||
Equipment & | Equipment & | depreciation | acquired | life | ||||||||||||||||||||||||||||||||||||
improvements | Improvements | |||||||||||||||||||||||||||||||||||||||
Subtotal from previous page | n/a | $ | 116,231 | $ | 164,879 | $ | 582,863 | $ | 61,543 | $ | 163,957 | $ | 645,328 | $ | 809,285 | $ | (221,948 | ) | n/a | n/a | ||||||||||||||||||||
South Wind 12 | Lawrence, KS | 4,160 | 1,500 | 3,526 | — | 1,500 | 3,526 | 5,026 | (933 | ) | 3-Jun | 40 years | ||||||||||||||||||||||||||||
New Roc City | New Rochelle, NY | — | 6,100 | 97,696 | 412 | 6,100 | 98,108 | 104,208 | (27,729 | ) | 3-Oct | 40 years | ||||||||||||||||||||||||||||
Columbiana Grande Stadium 14 | Columbia, SC | 7,129 | 1,000 | 10,534 | (2,447 | ) | 1,000 | 8,087 | 9,087 | (2,112 | ) | 3-Nov | 40 years | |||||||||||||||||||||||||||
Harbour View Marketplace | Suffolk, VA | — | 3,382 | 9,971 | 6,858 | 4,471 | 15,740 | 20,211 | (2,209 | ) | 3-Nov | 40 years | ||||||||||||||||||||||||||||
Cobb Grand 18 | Hialeah, FL | — | 7,985 | — | — | 7,985 | — | 7,985 | — | 3-Dec | n/a | |||||||||||||||||||||||||||||
Deer Valley 30 | Phoenix, AZ | 13,261 | 4,276 | 15,934 | — | 4,276 | 15,934 | 20,210 | (3,884 | ) | 4-Mar | 40 years | ||||||||||||||||||||||||||||
Hamilton 24 | Hamilton, NJ | 14,826 | 4,869 | 18,143 | — | 4,869 | 18,143 | 23,012 | (4,422 | ) | 4-Mar | 40 years | ||||||||||||||||||||||||||||
Kanata Entertainment Centrum | Kanata, ON | — | 11,847 | 43,205 | 32,150 | 11,847 | 75,355 | 87,202 | (17,067 | ) | 4-Mar | 40 years | ||||||||||||||||||||||||||||
Mesa Grand 14 | Mesa, AZ | 13,629 | 4,446 | 16,565 | — | 4,446 | 16,565 | 21,011 | (4,038 | ) | 4-Mar | 40 years | ||||||||||||||||||||||||||||
Mississauga Entertainment Centrum | Mississagua, ON | — | 10,876 | 20,751 | 19,432 | 14,302 | 36,757 | 51,059 | (7,810 | ) | 4-Mar | 40 years | ||||||||||||||||||||||||||||
Oakville Entertainment Centrum | Oakville, ON | — | 11,847 | 27,890 | 5,052 | 11,847 | 32,942 | 44,789 | (7,777 | ) | 4-Mar | 40 years | ||||||||||||||||||||||||||||
Whitby Entertainment Centrum | Whitby, ON | — | 12,034 | 25,902 | 22,750 | 15,457 | 45,229 | 60,686 | (12,070 | ) | 4-Mar | 40 years | ||||||||||||||||||||||||||||
Cantera Retail Shops | Warrenville, IL | — | 3,919 | 900 | 114 | 4,033 | 900 | 4,933 | (555 | ) | 4-Jul | 15 years | ||||||||||||||||||||||||||||
Grand Prairie 18 | Peoria, IL | — | 2,948 | 11,177 | — | 2,948 | 11,177 | 14,125 | (2,631 | ) | 4-Jul | 40 years | ||||||||||||||||||||||||||||
The Grand 16-Layafette | Lafayette, LA | 7,901 | — | 10,318 | — | — | 10,318 | 10,318 | (2,445 | ) | 4-Jul | 40 years | ||||||||||||||||||||||||||||
North East Mall 18 | Hurst, TX | 12,777 | 5,000 | 11,729 | 1,015 | 5,000 | 12,744 | 17,744 | (2,904 | ) | 4-Nov | 40 years | ||||||||||||||||||||||||||||
Avenue 16 | Melbourne, FL | — | 3,817 | 8,830 | 320 | 3,817 | 9,150 | 12,967 | (2,059 | ) | 4-Dec | 40 years | ||||||||||||||||||||||||||||
The Grand 18-D'lberville | D'Iberville, MS | 9,986 | 2,001 | 8,043 | 1,636 | 1,205 | 10,475 | 11,680 | (2,257 | ) | 4-Dec | 40 years | ||||||||||||||||||||||||||||
Mayfaire Stadium 16 | Wilmington, NC | 6,727 | 1,650 | 7,047 | — | 1,650 | 7,047 | 8,697 | (1,571 | ) | 5-Feb | 40 years | ||||||||||||||||||||||||||||
Burbank Village | Burbank, CA | 31,235 | 16,584 | 35,016 | 5,225 | 16,584 | 40,241 | 56,825 | (8,404 | ) | 5-Mar | 40 years | ||||||||||||||||||||||||||||
East Ridge 18 | Chattanooga, TN | 11,018 | 2,799 | 11,467 | — | 2,799 | 11,467 | 14,266 | (2,532 | ) | 5-Mar | 40 years | ||||||||||||||||||||||||||||
The Grand 14-Conroe | Conroe, TX | — | 1,836 | 8,230 | — | 1,836 | 8,230 | 10,066 | (1,748 | ) | 5-Jun | 40 years | ||||||||||||||||||||||||||||
Washington Square 12 | Indianapolis, IN | 4,442 | 1,481 | 4,565 | — | 1,481 | 4,565 | 6,046 | (970 | ) | 5-Jun | 40 years | ||||||||||||||||||||||||||||
The Grand 18-Hattiesburg | Hattiesurg, MS | 9,014 | 1,978 | 7,733 | 2,432 | 1,978 | 10,165 | 12,143 | (2,021 | ) | 5-Sep | 40 years | ||||||||||||||||||||||||||||
Mad River Mountain | Bellfontaine, OH | — | 5,108 | 5,994 | 1,501 | 5,251 | 7,352 | 12,603 | (2,420 | ) | 5-Nov | 40 years | ||||||||||||||||||||||||||||
Arroyo Grand Staduim 10 | Arroyo Grande, CA | 4,352 | 2,641 | 3,810 | — | 2,641 | 3,810 | 6,451 | (770 | ) | 5-Dec | 40 years | ||||||||||||||||||||||||||||
Auburn Stadium 10 | Auburn, CA | 5,641 | 2,178 | 6,185 | — | 2,178 | 6,185 | 8,363 | (1,250 | ) | 5-Dec | 40 years | ||||||||||||||||||||||||||||
Manchester Stadium 16 | Fresno, CA | 10,284 | 7,600 | 11,613 | — | 7,600 | 11,613 | 19,213 | (2,644 | ) | 5-Dec | 40 years | ||||||||||||||||||||||||||||
Modesto Stadium 10 | Modesto, CA | 4,222 | 2,542 | 3,910 | — | 2,542 | 3,910 | 6,452 | (790 | ) | 5-Dec | 40 years | ||||||||||||||||||||||||||||
Columbia 14 | Columbia, MD | — | — | 12,204 | — | — | 12,204 | 12,204 | (2,365 | ) | 6-Mar | 40 years | ||||||||||||||||||||||||||||
Firewheel 18 | Garland, TX | 14,486 | 8,028 | 14,825 | — | 8,028 | 14,825 | 22,853 | (2,872 | ) | 6-Mar | 40 years | ||||||||||||||||||||||||||||
White Oak Stadium 14 | Garner, NC | — | 1,305 | 6,899 | — | 1,305 | 6,899 | 8,204 | (1,322 | ) | 6-Apr | 40 years | ||||||||||||||||||||||||||||
The Grand 18 - Winston Salem | Winston Salem, NC | — | — | 12,153 | 1,925 | — | 14,078 | 14,078 | (2,640 | ) | 6-Jul | 40 years | ||||||||||||||||||||||||||||
Valley Bend 18 | Huntsville, AL | — | 3,508 | 14,802 | — | 3,508 | 14,802 | 18,310 | (2,714 | ) | 6-Aug | 40 years | ||||||||||||||||||||||||||||
Cityplace 14 | Kalamazoo, MI | — | 5,125 | 12,216 | 2,308 | 5,125 | 14,524 | 19,649 | (3,370 | ) | 6-Nov | 40 years | ||||||||||||||||||||||||||||
Pensacola Bayou 15 | Pensacola, FL | — | 5,316 | 15,099 | — | 5,316 | 15,099 | 20,415 | (2,642 | ) | 6-Dec | 40 years | ||||||||||||||||||||||||||||
The Grand 16-Slidell | Slidell, LA | 10,635 | — | 11,499 | — | — | 11,499 | 11,499 | (2,012 | ) | 6-Dec | 40 years | ||||||||||||||||||||||||||||
The Grand 16 - Pier Park | Panama City Beach, FL | — | 6,486 | 11,156 | — | 6,486 | 11,156 | 17,642 | (1,836 | ) | 7-May | 40 years | ||||||||||||||||||||||||||||
Austell Promenade | Austell, GA | — | 1,596 | — | — | 1,596 | — | 1,596 | — | 7-Jul | n/a | |||||||||||||||||||||||||||||
Savannah | Austell, GA | — | 2,783 | — | (586 | ) | 2,197 | — | 2,197 | — | 5-May | n/a | ||||||||||||||||||||||||||||
Subtotals carried over to next page | $ | 311,956 | $ | 343,270 | $ | 1,140,400 | $ | 161,640 | $ | 349,161 | $ | 1,296,149 | $ | 1,645,310 | $ | (371,743 | ) | |||||||||||||||||||||||
EPR Properties | ||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Initial cost | Additions (Dispositions) (Impairments) Subsequent to acquisition | Gross Amount at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Description | Location | Debt | Land | Buildings, | Land | Buildings, | Total | Accumulated | Date | Depreciation | ||||||||||||||||||||||||||||||
Equipment & | Equipment & | depreciation | acquired | life | ||||||||||||||||||||||||||||||||||||
improvements | Improvements | |||||||||||||||||||||||||||||||||||||||
Subtotal from previous page | n/a | $ | 311,956 | $ | 343,270 | $ | 1,140,400 | $ | 161,640 | $ | 349,161 | $ | 1,296,149 | $ | 1,645,310 | $ | (371,743 | ) | n/a | n/a | ||||||||||||||||||||
Stadium 14 Cinema | Kalispell, MT | — | 2,505 | 7,323 | — | 2,505 | 7,323 | 9,828 | (1,159 | ) | 7-Aug | 40 years | ||||||||||||||||||||||||||||
The Grand 18 - Four Seasons Stations | Greensboro, NC | — | — | 12,606 | 914 | — | 13,520 | 13,520 | (1,951 | ) | 7-Nov | 40 years | ||||||||||||||||||||||||||||
Crotched Mountain | Bennington, NH | — | 404 | — | — | 404 | — | 404 | — | 8-Feb | n/a | |||||||||||||||||||||||||||||
Columbia Winery | Sunnyside, WA | — | 113 | 6,330 | (2,555 | ) | 62 | 3,826 | 3,888 | (1,041 | ) | 8-Jun | 40 years | |||||||||||||||||||||||||||
Geyser Peak Winery & Vineyards | Geyserville, CA | — | 14,353 | 31,132 | (39,281 | ) | 2,956 | 3,248 | 6,204 | (1,413 | ) | 8-Jun | 40 years | |||||||||||||||||||||||||||
Glendora 12 | Glendora, CA | — | — | 10,588 | — | — | 10,588 | 10,588 | (1,368 | ) | 8-Oct | 40 years | ||||||||||||||||||||||||||||
Harbour View Station | Suffolk, VA | — | 3,256 | 9,206 | 2,776 | 3,298 | 11,940 | 15,238 | (2,717 | ) | 9-Jun | 40 years | ||||||||||||||||||||||||||||
Ann Arbor 20 | Ypsilanti, MI | — | 4,716 | 227 | — | 4,716 | 227 | 4,943 | (23 | ) | 9-Dec | 40 years | ||||||||||||||||||||||||||||
Buckland Hills 18 | Manchester, CT | — | 3,628 | 11,474 | — | 3,628 | 11,474 | 15,102 | (1,147 | ) | 9-Dec | 40 years | ||||||||||||||||||||||||||||
Centreville 12 | Centreville, VA | — | 3,628 | 1,769 | — | 3,628 | 1,769 | 5,397 | (177 | ) | 9-Dec | 40 years | ||||||||||||||||||||||||||||
Davenport 18 | Davenport, IA | — | 3,599 | 6,068 | (35 | ) | 3,564 | 6,068 | 9,632 | (607 | ) | 9-Dec | 40 years | |||||||||||||||||||||||||||
Fairfax Corner 14 | Fairfax, VA | — | 2,630 | 11,791 | — | 2,630 | 11,791 | 14,421 | (1,179 | ) | 9-Dec | 40 years | ||||||||||||||||||||||||||||
Flint West 14 | Flint, MI | — | 1,270 | 1,723 | — | 1,270 | 1,723 | 2,993 | (172 | ) | 9-Dec | 40 years | ||||||||||||||||||||||||||||
Hazlet 12 | Hazlet, NJ | — | 3,719 | 4,716 | — | 3,719 | 4,716 | 8,435 | (472 | ) | 9-Dec | 40 years | ||||||||||||||||||||||||||||
Huber Heights 16 | Huber Heights, OH | — | 970 | 3,891 | — | 970 | 3,891 | 4,861 | (389 | ) | 9-Dec | 40 years | ||||||||||||||||||||||||||||
North Haven 12 | North Haven, CT | — | 5,442 | 1,061 | — | 5,442 | 1,061 | 6,503 | (106 | ) | 9-Dec | 40 years | ||||||||||||||||||||||||||||
Preston Crossing 16 | Okolona, KY | — | 5,379 | 3,311 | — | 5,379 | 3,311 | 8,690 | (331 | ) | 9-Dec | 40 years | ||||||||||||||||||||||||||||
Ritz Center 16 | Voorhees, NJ | — | 1,723 | 9,614 | — | 1,723 | 9,614 | 11,337 | (961 | ) | 9-Dec | 40 years | ||||||||||||||||||||||||||||
Stonybrook 20 | Louisville, KY | — | 4,979 | 6,567 | — | 4,979 | 6,567 | 11,546 | (657 | ) | 9-Dec | 40 years | ||||||||||||||||||||||||||||
The Greene 14 | Beaver Creek, OH | — | 1,578 | 6,630 | — | 1,578 | 6,630 | 8,208 | (663 | ) | 9-Dec | 40 years | ||||||||||||||||||||||||||||
West Springfield 15 | West Springfield, MA | — | 2,540 | 3,755 | — | 2,540 | 3,755 | 6,295 | (375 | ) | 9-Dec | 40 years | ||||||||||||||||||||||||||||
Western Hills 14 | Cincinnati, OH | — | 1,361 | 1,741 | — | 1,361 | 1,741 | 3,102 | (174 | ) | 9-Dec | 40 years | ||||||||||||||||||||||||||||
Hollywood Movies 20 | Pasadena, TX | — | 2,951 | 10,684 | — | 2,951 | 10,684 | 13,635 | (935 | ) | 10-Jun | 40 years | ||||||||||||||||||||||||||||
Movies 10 | Plano, TX | — | 1,052 | 1,968 | — | 1,052 | 1,968 | 3,020 | (172 | ) | 10-Jun | 40 years | ||||||||||||||||||||||||||||
Movies 14 | McKinney, TX | — | 1,917 | 3,319 | — | 1,917 | 3,319 | 5,236 | (290 | ) | 10-Jun | 40 years | ||||||||||||||||||||||||||||
Movies 14-Mishawaka | Mishawaka, IN | — | 2,399 | 5,454 | — | 2,399 | 5,454 | 7,853 | (477 | ) | 10-Jun | 40 years | ||||||||||||||||||||||||||||
Movies 16 | Grand Prarie, TX | — | 1,873 | 3,245 | — | 1,873 | 3,245 | 5,118 | (284 | ) | 10-Jun | 40 years | ||||||||||||||||||||||||||||
Redding 14 | Redding, CA | — | 2,044 | 4,500 | — | 2,044 | 4,500 | 6,544 | (394 | ) | 10-Jun | 40 years | ||||||||||||||||||||||||||||
Tinseltown | Pueblo, CO | — | 2,238 | 5,162 | — | 2,238 | 5,162 | 7,400 | (452 | ) | 10-Jun | 40 years | ||||||||||||||||||||||||||||
Tinseltown 15 | Beaumont, TX | — | 1,065 | 11,669 | — | 1,065 | 11,669 | 12,734 | (1,021 | ) | 10-Jun | 40 years | ||||||||||||||||||||||||||||
Tinseltown 20 | Pflugerville, TX | — | 4,356 | 11,533 | — | 4,356 | 11,533 | 15,889 | (1,009 | ) | 10-Jun | 40 years | ||||||||||||||||||||||||||||
Tinseltown 290 | Houston, TX | — | 4,109 | 9,739 | — | 4,109 | 9,739 | 13,848 | (852 | ) | 10-Jun | 40 years | ||||||||||||||||||||||||||||
Tinseltown USA 20 | El Paso, TX | — | 4,598 | 13,207 | — | 4,598 | 13,207 | 17,805 | (1,156 | ) | 10-Jun | 40 years | ||||||||||||||||||||||||||||
Tinseltown USA and XD | Colorado Springs, CO | — | 4,134 | 11,220 | — | 4,134 | 11,220 | 15,354 | (982 | ) | 10-Jun | 40 years | ||||||||||||||||||||||||||||
Beach Movie Bistro | Virginia Beach, VA | — | — | 1,736 | — | — | 1,736 | 1,736 | (449 | ) | 10-Dec | 40 years | ||||||||||||||||||||||||||||
Cinemagic & IMAX in Hooksett | Hooksett, NH | — | 2,639 | 11,605 | — | 2,639 | 11,605 | 14,244 | (822 | ) | 11-Mar | 40 years | ||||||||||||||||||||||||||||
Cinemagic & IMAX in Saco | Saco, ME | — | 1,508 | 3,826 | — | 1,508 | 3,826 | 5,334 | (271 | ) | 11-Mar | 40 years | ||||||||||||||||||||||||||||
Cinemagic in Merrimack | Merrimack, NH | 3,746 | 3,160 | 5,642 | — | 3,160 | 5,642 | 8,802 | (400 | ) | 11-Mar | 40 years | ||||||||||||||||||||||||||||
Cinemagic in Westbrook | Westbrook, ME | — | 2,273 | 7,119 | — | 2,273 | 7,119 | 9,392 | (504 | ) | 11-Mar | 40 years | ||||||||||||||||||||||||||||
Subtotals carried over to next page | $ | 315,702 | $ | 453,379 | $ | 1,413,551 | $ | 123,459 | $ | 447,829 | $ | 1,542,560 | $ | 1,990,389 | $ | (399,295 | ) | |||||||||||||||||||||||
EPR Properties | ||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Initial cost | Additions (Dispositions) (Impairments) Subsequent to acquisition | Gross Amount at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Description | Location | Debt | Land | Buildings, | Land | Buildings, | Total | Accumulated | Date | Depreciation | ||||||||||||||||||||||||||||||
Equipment & | Equipment & | depreciation | acquired | life | ||||||||||||||||||||||||||||||||||||
improvements | Improvements | |||||||||||||||||||||||||||||||||||||||
Subtotal from previous page | n/a | $ | 315,702 | $ | 453,379 | $ | 1,413,551 | $ | 123,459 | $ | 447,829 | $ | 1,542,560 | $ | 1,990,389 | $ | (399,295 | ) | n/a | n/a | ||||||||||||||||||||
Mentorship Academy | Baton Rouge, LA | — | 996 | 5,638 | — | 996 | 5,638 | 6,634 | (363 | ) | 11-Mar | 40 years | ||||||||||||||||||||||||||||
Ben Franklin Academy | Highlands Ranch, CO | — | — | 10,157 | (134 | ) | — | 10,023 | 10,023 | (504 | ) | 11-Apr | 40 years | |||||||||||||||||||||||||||
Bradley Academy of Excellence | Goodyear, AZ | — | 766 | 6,517 | — | 766 | 6,517 | 7,283 | (367 | ) | 11-Apr | 40 years | ||||||||||||||||||||||||||||
American Leadership Academy | Gilbert, AZ | — | 2,580 | 6,418 | 425 | 2,580 | 6,843 | 9,423 | (370 | ) | 11-Jun | 40 years | ||||||||||||||||||||||||||||
Champions School | Phoenix, AZ | — | 1,253 | 4,834 | — | 1,253 | 4,834 | 6,087 | (272 | ) | 11-Jun | 40 years | ||||||||||||||||||||||||||||
Loveland Classical | Loveland, CO | — | 1,494 | 3,857 | — | 1,494 | 3,857 | 5,351 | (217 | ) | 11-Jun | 40 years | ||||||||||||||||||||||||||||
Pinstripes - Northbrook | Northbrook, IL | — | — | 7,025 | — | — | 7,025 | 7,025 | (424 | ) | 11-Jul | 40 years | ||||||||||||||||||||||||||||
Magic Valley Mall Theatre | Twin Falls, ID | — | — | 4,783 | — | — | 4,783 | 4,783 | (189 | ) | 11-Apr | 40 years | ||||||||||||||||||||||||||||
Prospect Ridge Academy | Broomfield, CO | — | 1,084 | 9,659 | (169 | ) | 1,084 | 9,490 | 10,574 | (404 | ) | 11-Aug | 40 years | |||||||||||||||||||||||||||
South Phoenix Academy | Phoenix, AZ | — | 1,060 | 8,140 | — | 1,060 | 8,140 | 9,200 | (420 | ) | 11-Nov | 40 years | ||||||||||||||||||||||||||||
Latitude 30 | Jacksonville, FL | — | 4,510 | 5,061 | 999 | 4,510 | 6,060 | 10,570 | (341 | ) | 12-Feb | 40 years | ||||||||||||||||||||||||||||
Latitude 39 | Indianapolis, IN | — | 4,298 | 6,321 | 97 | 4,377 | 6,339 | 10,716 | (158 | ) | 12-Feb | 40 years | ||||||||||||||||||||||||||||
Top Golf-Allen | Allen, TX | — | — | 10,007 | — | — | 10,007 | 10,007 | (633 | ) | 12-Feb | 29 years | ||||||||||||||||||||||||||||
Top Golf-Dallas | Dallas, TX | — | — | 10,007 | — | — | 10,007 | 10,007 | (612 | ) | 12-Feb | 30 years | ||||||||||||||||||||||||||||
Pinstripes - Oakbrook | Oakbrook, IL | — | — | 8,068 | — | — | 8,068 | 8,068 | (252 | ) | 12-Mar | 40 years | ||||||||||||||||||||||||||||
Pacific Hertiage Academy | Salt Lake City, UT | — | 897 | 4,488 | (55 | ) | 897 | 4,433 | 5,330 | (153 | ) | 12-Mar | 40 years | |||||||||||||||||||||||||||
Valley Academy | Hurricane, UT | — | 475 | 4,939 | — | 475 | 4,939 | 5,414 | (262 | ) | 12-Mar | 40 years | ||||||||||||||||||||||||||||
Look Cinemas-Prestonwood | Dallas, TX | — | — | 12,146 | — | — | 12,146 | 12,146 | — | (193 | ) | 12-Mar | 40 years | |||||||||||||||||||||||||||
The Odyssey Institute for International and Advanced Studies | Buckeye, AZ | — | 914 | 9,715 | 3,609 | 914 | 13,324 | 14,238 | (383 | ) | 12-Apr | 40 years | ||||||||||||||||||||||||||||
American Leadership Academy High School | Queen Creek, AZ | — | 1,887 | 14,543 | 6,080 | 1,887 | 20,623 | 22,510 | (564 | ) | 12-May | 40 years | ||||||||||||||||||||||||||||
Regal Winrock | Albuquerque, NM | — | — | 13,733 | — | — | 13,733 | 13,733 | — | (29 | ) | 12-Jun | 40 years | |||||||||||||||||||||||||||
Sandhills 10 | Southern Pines, NC | — | 1,709 | 4,747 | — | 1,709 | 4,747 | 6,456 | (178 | ) | 12-Jun | 40 years | ||||||||||||||||||||||||||||
North East Carolina Prep Academy | Tarboro, NC | — | 350 | 12,560 | — | 350 | 12,560 | 12,910 | — | (241 | ) | 12-Jul | 40 years | |||||||||||||||||||||||||||
Top Golf-Houston | Houston, TX | — | — | 12,403 | 53 | — | 12,456 | 12,456 | (311 | ) | 12-Sep | 40 years | ||||||||||||||||||||||||||||
Alamo Draft House-Austin | Austin, TX | — | 2,608 | 6,373 | — | 2,608 | 6,373 | 8,981 | — | (66 | ) | 12-Sep | 40 years | |||||||||||||||||||||||||||
Carmike Champaign | Champaign, IL | — | — | 9,381 | — | — | 9,381 | 9,381 | — | (20 | ) | 12-Sep | 40 years | |||||||||||||||||||||||||||
WISP Resort | McHenry, MD | — | 8,394 | 15,910 | 1,172 | 9,182 | 16,294 | 25,476 | (1,065 | ) | 12-Dec | 40 years | ||||||||||||||||||||||||||||
Top Golf-The Colony | Colony, TX | — | 4,004 | 13,665 | — | 4,004 | 13,665 | 17,669 | — | — | 12-Dec | 40 years | ||||||||||||||||||||||||||||
Regal Virginia Gateway | Gainesville, VA | — | — | 10,846 | — | — | 10,846 | 10,846 | — | (23 | ) | 13-Feb | 40 years | |||||||||||||||||||||||||||
Chester Community Charter School | Chester Upland, PA | — | 518 | 5,900 | — | 518 | 5,900 | 6,418 | — | (44 | ) | 13-Mar | 40 years | |||||||||||||||||||||||||||
Lowcountry Leadership Academy | Hollywood, SC | — | 806 | 5,776 | — | 806 | 5,776 | 6,582 | — | (14 | ) | 13-Mar | 40 years | |||||||||||||||||||||||||||
Children's Learning Adventure | Lake Pleasant, AZ | — | 986 | 3,524 | — | 986 | 3,524 | 4,510 | — | (54 | ) | 13-Mar | 40 years | |||||||||||||||||||||||||||
Camden Community Charter School | Camden, NJ | — | 548 | 10,569 | — | 548 | 10,569 | 11,117 | — | (94 | ) | 13-Apr | 40 years | |||||||||||||||||||||||||||
Subtotals carried over to next page | $ | 315,702 | $ | 495,516 | $ | 1,691,261 | $ | 135,536 | $ | 490,833 | $ | 1,831,480 | $ | 2,322,313 | $ | (408,515 | ) | |||||||||||||||||||||||
EPR Properties | ||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Initial cost | Additions (Dispositions) (Impairments) Subsequent to acquisition | Gross Amount at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Description | Location | Debt | Land | Buildings, | Land | Buildings, | Total | Accumulated | Date | Depreciation | ||||||||||||||||||||||||||||||
Equipment & | Equipment & | depreciation | acquired | life | ||||||||||||||||||||||||||||||||||||
improvements | Improvements | |||||||||||||||||||||||||||||||||||||||
Subtotal from previous page | n/a | $ | 315,702 | $ | 495,516 | $ | 1,691,261 | $ | 135,536 | $ | 490,833 | $ | 1,831,480 | $ | 2,322,313 | $ | (408,515 | ) | n/a | n/a | ||||||||||||||||||||
Rittenhouse Excess Land | Queen Creek, AZ | — | 2,612 | — | — | 2,612 | — | 2,612 | — | — | 13-Apr | 40 years | ||||||||||||||||||||||||||||
McKinley Academy-Chicago | Chicago, IL | — | 509 | 5,895 | — | 509 | 5,895 | 6,404 | — | (37 | ) | 13-May | 40 years | |||||||||||||||||||||||||||
Learning Foundation & Performing Arts Academy | Gilbert, AZ | — | 1,336 | 6,593 | — | 1,336 | 6,593 | 7,929 | — | (41 | ) | 13-May | 40 years | |||||||||||||||||||||||||||
Bella Mente Academy | Vista, CA | — | 1,283 | 3,354 | — | 1,283 | 3,354 | 4,637 | — | (21 | ) | 13-May | 40 years | |||||||||||||||||||||||||||
Global Village Academy-Colorado Springs | Colorado Springs, CO | — | 1,205 | 6,350 | — | 1,205 | 6,350 | 7,555 | — | (74 | ) | 13-Jun | 40 years | |||||||||||||||||||||||||||
Skyline Chandler | Chandler, AZ | — | 1,039 | 9,590 | — | 1,039 | 9,590 | 10,629 | — | (85 | ) | 13-Jul | 40 years | |||||||||||||||||||||||||||
The Ambassador Theatre | Lafayette, LA | 14,360 | — | 12,728 | — | — | 12,728 | 12,728 | — | (80 | ) | 13-Aug | 40 years | |||||||||||||||||||||||||||
New Iberia Theatre | New Iberia, LA | — | — | 1,630 | — | — | 1,630 | 1,630 | — | (10 | ) | 13-Aug | 40 years | |||||||||||||||||||||||||||
Camelback Mountain Resort | Tannersville, PA | — | 34,940 | 34,629 | — | 34,940 | 34,629 | 69,569 | — | (459 | ) | 13-Sep | 40 years | |||||||||||||||||||||||||||
Hollywood 16 Theatre | Tuscaloosa, AL | 5,274 | — | 11,287 | — | — | 11,287 | 11,287 | — | (71 | ) | 13-Sep | 40 years | |||||||||||||||||||||||||||
Tampa Veterans 24 | Tampa, FL | — | 1,700 | 23,483 | — | 1,700 | 23,483 | 25,183 | — | (134 | ) | 13-Oct | 40 years | |||||||||||||||||||||||||||
Cantera Stadium 17 | Warrenville, IL | — | 14,000 | 17,318 | — | 14,000 | 17,318 | 31,318 | — | (116 | ) | 13-Oct | 40 years | |||||||||||||||||||||||||||
Property under development | — | 89,473 | — | — | 89,473 | — | 89,473 | — | n/a | n/a | ||||||||||||||||||||||||||||||
Land held for development | — | 201,342 | — | — | 201,342 | — | 201,342 | — | n/a | n/a | ||||||||||||||||||||||||||||||
Unsecured revolving credit facility | — | — | — | — | — | — | — | — | n/a | n/a | ||||||||||||||||||||||||||||||
Senior unsecured notes payable and term loan | 1,140,000 | — | — | — | — | — | — | — | n/a | n/a | ||||||||||||||||||||||||||||||
Total | $ | 1,475,336 | $ | 844,955 | $ | 1,824,118 | $ | 135,536 | $ | 840,272 | $ | 1,964,337 | $ | 2,804,609 | $ | (409,643 | ) | |||||||||||||||||||||||
EPR Properties | ||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation (continued) | ||||||||||||||||||||||||||||||||||||||||
Reconciliation | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||||||
Reconciliation: | ||||||||||||||||||||||||||||||||||||||||
Balance at beginning of the year | $ | 2,489,437 | ||||||||||||||||||||||||||||||||||||||
Acquisition and development of rental properties during the year | 377,300 | |||||||||||||||||||||||||||||||||||||||
Disposition of rental properties during the year | (62,128 | ) | ||||||||||||||||||||||||||||||||||||||
Balance at close of year | $ | 2,804,609 | ||||||||||||||||||||||||||||||||||||||
Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||
Reconciliation: | ||||||||||||||||||||||||||||||||||||||||
Balance at beginning of the year | $ | 376,003 | ||||||||||||||||||||||||||||||||||||||
Depreciation during the year | 49,547 | |||||||||||||||||||||||||||||||||||||||
Disposition of rental properties during the year | (15,907 | ) | ||||||||||||||||||||||||||||||||||||||
Balance at close of year | $ | 409,643 | ||||||||||||||||||||||||||||||||||||||
See accompanying report of independent registered public accounting firm. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Principles of Consolidation | ' | |||||||
Principles of Consolidation | ||||||||
The consolidated financial statements include the accounts of EPR Properties and its subsidiaries, all of which are wholly owned except for those subsidiaries discussed below. | ||||||||
The Company consolidates certain entities if 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. | ||||||||
As further explained in Note 9, the Company owns 96% of the membership interests of VinREIT, LLC (VinREIT). There was no net income attributable to noncontrolling interest related to VinREIT for the year ended December 31, 2013. Net income attributable to noncontrolling interest related to VinREIT was $108 thousand and $38 thousand for the years ended December 31, 2012 and 2011, respectively, representing the noncontrolling interest’s portion of the annual cash flow. Total noncontrolling interest in VinREIT included in the accompanying consolidated balance sheets was $377 thousand at both December 31, 2013 and 2012. | ||||||||
Use of Estimates | ' | |||||||
Use of Estimates | ||||||||
Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates. | ||||||||
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, which 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. | ||||||||
Accounting for Acquisitions | ' | |||||||
Accounting for Acquisitions | ||||||||
Upon acquisition of real estate properties, the Company determines if the acquisition meets the criteria to be accounted for as a business combination. Accordingly, the Company accounts for (1) acquired vacant properties, (2) acquired single tenant properties when a new lease or leases are signed at the time of acquisition, and (3) acquired single tenant properties that have an existing long-term triple-net lease or leases (greater than seven years) as asset acquisitions. Acquisitions of properties that include a process such as those with with shorter-term leases or properties with multiple tenants that require business related activities to manage and maintain the properties are treated as business combinations. | ||||||||
Costs incurred for asset acquisitions and development properties, including transaction costs, are capitalized. For asset acquisitions, the Company allocates the purchase price and other related costs incurred to the real estate assets acquired based on recent independent appraisals and management judgment. | ||||||||
If the acquisition is determined to be a business combination, the Company records the fair value of acquired tangible assets (consisting of land, building, tenant improvements, and furniture, fixtures and equipment) and identified intangible assets and liabilities (consisting of above and below market leases, in-place leases, tenant relationships and assumed financing that is determined to be above or below market terms) as well as any noncontrolling interest. In addition, acquisition-related costs in connection with business combinations are expensed as incurred. Costs related to such transactions, as well as costs associated with terminated transactions, are included in the accompanying Consolidated Statements of Income as transaction costs. Transaction costs expensed totaled $2.0 million, $0.4 million and $1.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Most of the Company’s rental property acquisitions do not involve in-place leases. In such cases, the fair value of the tangible assets is determined based on recent independent appraisals and management judgment. Because the Company typically executes these leases simultaneously with the purchase of the real estate, no value is ascribed to in-place leases in these transactions. | ||||||||
For rental property acquisitions involving in-place leases, the fair value of the tangible assets is determined by valuing the property as if it were vacant based on management’s determination of the relative fair values of the assets. Management determines the “as if vacant” fair value of a property using recent independent appraisals or methods similar to those used by independent appraisers. The aggregate value of intangible assets or liabilities is measured based on the difference between the stated price plus capitalized costs and the property as if vacant. | ||||||||
In determining the fair value of acquired in-place leases, the Company considers many factors. On a lease-by-lease basis, management considers the present value of the difference between the contractual amounts to be paid pursuant to the leases and management’s estimate of fair market lease rates. For above market leases, management considers such differences over the remaining non-cancelable lease terms and for below market leases, management considers such differences over the remaining initial lease terms plus any fixed rate renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below market lease values are amortized as an increase to rental income over the remaining initial lease terms plus any fixed rate renewal periods. Management considers several factors in determining the discount rate used in the present value calculations, including the credit risks associated with the respective tenants. If debt is assumed in the acquisition, the determination of whether it is above or below market is based upon a comparison of similar financing terms for similar rental properties at the time of the acquisition. | ||||||||
The fair value of acquired in-place leases also includes management’s estimate, on a lease-by-lease basis, of the present value of the following amounts: (i) the value associated with avoiding the cost of originating the acquired in-place leases (i.e. the market cost to execute the leases, including leasing commissions, legal and other related costs); (ii) the value associated with lost revenue related to tenant reimbursable operating costs estimated to be incurred during the assumed re-leasing period, (i.e. real estate taxes, insurance and other operating expenses); (iii) the value associated with lost rental revenue from existing leases during the assumed re-leasing period; and (iv) the value associated with avoided tenant improvement costs or other inducements to secure a tenant lease. These values are amortized over the remaining initial lease term of the respective leases. | ||||||||
The Company also determines the value, if any, associated with customer relationships considering factors such as the nature and extent of the Company’s existing business relationship with the tenants, growth prospects for developing new business with the tenants and expectation of lease renewals. The value of customer relationship intangibles is amortized over the remaining initial lease terms plus any renewal periods. | ||||||||
Management of the Company reviews the carrying value of intangible assets for impairment on an annual basis | ||||||||
Deferred Financing Costs | ' | |||||||
Deferred Financing Costs | ||||||||
Deferred financing costs are amortized over the terms of the related debt obligations or mortgage note receivable as applicable. | ||||||||
Capitalized Development Costs | ' | |||||||
Capitalized Development Costs | ||||||||
The Company capitalizes certain costs that relate to property under development including interest and a portion of internal legal personnel costs. | ||||||||
Operating Segment | ' | |||||||
Operating Segments | ||||||||
For financial reporting purposes, the Company groups its investments into four reportable operating segments: Entertainment, Education, Recreation and Other. | ||||||||
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 $2.6 million, $1.8 million and $1.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Mortgage and other financing income included participating interest income of $0.9 million for both of the years ended December 31, 2013 and 2012 and $0.5 million for the year ended December 31, 2011. 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 $37 thousand, $0.1 million and $1.1 million (of which $1.0 million has been classified within discontinued operations) were recognized during the years ended December 31, 2013, 2012 and 2011, 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. | ||||||||
Allowance For Doubtful Accounts | ' | |||||||
Allowance for Doubtful Accounts | ||||||||
Accounts receivable is reduced by an allowance for amounts that may become uncollectible in the future. The Company’s accounts receivable balance is comprised primarily of rents and operating cost recoveries due from tenants as well as accrued rental rate increases to be received over the life of the existing leases. The Company regularly evaluates the adequacy of its allowance for doubtful accounts. The evaluation primarily consists of reviewing past due account balances and considering such factors as the credit quality of the Company’s tenants, historical trends of the tenant and/or other debtor, current economic conditions and changes in customer payment terms. Additionally, with respect to tenants in bankruptcy, the Company estimates the expected recovery through bankruptcy claims and increases the allowance for amounts deemed uncollectible. If the Company’s assumptions regarding the collectiblity of accounts receivable prove incorrect, the Company could experience write-offs of the accounts receivable or accrued straight-line rents receivable in excess of its allowance for doubtful accounts. | ||||||||
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. | ||||||||
Income Taxes | ' | |||||||
Income Taxes | ||||||||
The Company operates in a manner intended to qualify as a REIT under the Internal Revenue Code (the Code). A REIT that distributes at least 90% of its taxable income to its shareholders each year and which meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. The Company intends to continue to qualify as a REIT and distribute substantially all of its taxable income to its shareholders. | ||||||||
The Company owns certain real estate assets which are subject to income tax in Canada. Historically, a full valuation allowance had been recorded on the net Canadian deferred tax assets as there was no assurance that the Canadian operations would generate taxable income in the future. Due to tax law changes occurring in the fourth quarter of 2013, the Company expects that the Canadian operations will generate taxable income in 2014 and beyond, related primarily to limitations on the deductibility of intercompany interest expense. Accordingly, for the year ended December 31, 2013, the Company reassessed the need for a valuation allowance, and reversed its valuation allowance associated with the net Canadian deferred tax assets and recorded an income tax benefit of $14.8 million. Temporary differences between income for financial reporting purposes and taxable income for the Canadian operations relate primarily to depreciation, prepaid interest and straight line rents. | ||||||||
The Company has certain taxable REIT subsidiaries, as permitted under the Code, through which it conducts certain business activities and are subject to federal and state income taxes on their net taxable income. One of the taxable REIT subsidiaries holds four unconsolidated joint ventures located in China. The Company records these investments using the equity method; therefore the income reported by the Company is net of income tax paid to the Chinese authorities. In addition, the company is liable for withholding taxes associated with the current and future repatriation of earnings of the China joint ventures. This amount was approximately $123 thousand for the year ended December 31, 2013, of which $34 thousand represented current taxes paid and $89 thousand represents a future liability. In addition to historical net operating loss carryovers, temporary differences between income for financial reporting purposes and taxable income for the taxable REIT subsidiaries relate primarily to timing differences from when the foreign income is recognized. | ||||||||
As of December 31, 2013 and 2012, respectively, the Canadian operations and the taxable REIT subsidiaries had deferred tax assets totaling approximately $22.7 million and $19.3 million and deferred tax liabilities totaling approximately $4.7 million and $4.2 million. As there is no assurance that the taxable REIT subsidiaries will generate taxable income in the future beyond the reversal of temporary taxable differences, the deferred tax assets and liabilities have been offset by a valuation allowance at December 31, 2013 and December 31, 2012. As outlined above, the Company reversed in 2013 its historical valuation allowance associated with the net Canadian deferred tax asset. The Company’s consolidated deferred tax position is summarized as follows: | ||||||||
2013 | 2012 | |||||||
Fixed assets | $ | 18,219 | $ | 15,454 | ||||
Net operating losses | 3,741 | 3,653 | ||||||
Other | 728 | 139 | ||||||
Less Valuation allowance | (3,164 | ) | (15,065 | ) | ||||
Total deferred tax assets | $ | 19,524 | $ | 4,181 | ||||
Straight line receivable | $ | (4,158 | ) | $ | (3,916 | ) | ||
Other | (578 | ) | (265 | ) | ||||
Total deferred tax liabilities | $ | (4,736 | ) | $ | (4,181 | ) | ||
Net deferred tax asset | $ | 14,788 | $ | — | ||||
Deferred tax assets for which no valuation allowance has been established could be recognized for financial reporting purposes in future periods if the taxable REIT subsidiaries generate sufficient taxable income. | ||||||||
Additionally, during the year ended December 31, 2013, the Company recognized current income tax expense of $488 thousand related to certain state income taxes. The table below details the current and deferred income tax benefit (expense) for the year ended December 31, 2013 (in thousands): | ||||||||
2013 | ||||||||
Current state income tax expense and other | $ | (522 | ) | |||||
Deferred foreign withholding tax | (89 | ) | ||||||
Deferred income tax benefit | 14,787 | |||||||
Income tax benefit | $ | 14,176 | ||||||
Tax expense incurred in 2012 and 2011 was insignificant. | ||||||||
Furthermore, the Company qualified as a REIT and distributed the necessary amount of taxable income such that no current federal income taxes were due for the years ended December 31, 2013, 2012 and 2011. Accordingly, no provision for current federal income taxes was recorded for any of those years. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain provisions, it will be subject to federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. Tax years 2010 through 2013 remain generally open to examination for U.S. federal income tax and state tax purposes and from 2008 through 2013 for Canada income tax purposes. The Company did not have any unrecognized tax benefits recorded as of December 31, 2013 or December 31, 2012. | ||||||||
The Company’s policy is to recognize interest and penalties as general and administrative expense. In 2013 and 2012, the Company did not recognize any expense (benefit) related to interest and penalties. | ||||||||
Cash Equivalents and Restricted Cash | ' | |||||||
Cash Equivalents | ||||||||
Cash equivalents include bank demand deposits and shares of highly liquid institutional money market mutual funds for which cost approximates market value. | ||||||||
Restricted Cash | ||||||||
Restricted cash represents cash held for a borrower’s debt service reserve for mortgage notes receivable, deposits required in connection with debt service, payment of real estate taxes and capital improvements, and escrow balances required in connection with the sale of Toronto Dundas Square. | ||||||||
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 $6.5 million, $5.8 million and $5.6 million for the years ended December 31, 2013, 2012 and 2011, 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 $856 thousand, $937 thousand and $777 thousand for the years ended December 31, 2013, 2012 and 2011, 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). | ||||||||
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 was amortized by the Company on a straight-line basis over the year of service by the non-employee Trustees. | ||||||||
Foreign Currency Translation | ' | |||||||
Foreign Currency Translation | ||||||||
The Company accounts for the operations of its Canadian properties and mortgage note (prior to pay-off) in Canadian dollars. The assets and liabilities related to the Company’s Canadian properties and mortgage note are translated into U.S. dollars at current exchange rates; revenues and expenses are translated at average exchange rates. Resulting translation adjustments are recorded as a separate component of comprehensive income. | ||||||||
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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Summary of Significant Accounting Policies [Abstract] | ' | |||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | ' | |||||||
Intangible assets (included in Other Assets in the accompanying consolidated balance sheets) consist of the following at December 31 (in thousands): | ||||||||
2013 | 2012 | |||||||
In-place leases, net of accumulated amortization of $11.6 million and $11.0 million, respectively | $ | 5,065 | $ | 2,628 | ||||
Above market lease, net of accumulated amortization of $0.05 million at December 31, 2013 | 1,054 | — | ||||||
Goodwill | 693 | 693 | ||||||
Total intangible assets, net | $ | 6,812 | $ | 3,321 | ||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||
Future amortization of in-place leases, net and above market lease, net at December 31, 2013 is as follows (in thousands): | ||||||||
In place leases | Above market lease | |||||||
Year: | ||||||||
2014 | $ | 1,232 | $ | 192 | ||||
2015 | 1,120 | 192 | ||||||
2016 | 774 | 192 | ||||||
2017 | 630 | 192 | ||||||
2018 | 615 | 192 | ||||||
Thereafter | 694 | 94 | ||||||
Total | $ | 5,065 | $ | 1,054 | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||
The Company’s consolidated deferred tax position is summarized as follows: | ||||||||
2013 | 2012 | |||||||
Fixed assets | $ | 18,219 | $ | 15,454 | ||||
Net operating losses | 3,741 | 3,653 | ||||||
Other | 728 | 139 | ||||||
Less Valuation allowance | (3,164 | ) | (15,065 | ) | ||||
Total deferred tax assets | $ | 19,524 | $ | 4,181 | ||||
Straight line receivable | $ | (4,158 | ) | $ | (3,916 | ) | ||
Other | (578 | ) | (265 | ) | ||||
Total deferred tax liabilities | $ | (4,736 | ) | $ | (4,181 | ) | ||
Net deferred tax asset | $ | 14,788 | $ | — | ||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||
The table below details the current and deferred income tax benefit (expense) for the year ended December 31, 2013 (in thousands): | ||||||||
2013 | ||||||||
Current state income tax expense and other | $ | (522 | ) | |||||
Deferred foreign withholding tax | (89 | ) | ||||||
Deferred income tax benefit | 14,787 | |||||||
Income tax benefit | $ | 14,176 | ||||||
Rental_Properties_Tables
Rental Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Summary Of Carrying Amounts Of Rental Properties | ' | |||||||
The following table summarizes the carrying amounts of rental properties as of December 31, 2013 and 2012 (in thousands): | ||||||||
2013 | 2012 | |||||||
Buildings and improvements | $ | 1,937,661 | $ | 1,734,300 | ||||
Furniture, fixtures & equipment | 26,676 | 34,028 | ||||||
Land | 549,457 | 492,449 | ||||||
2,513,794 | 2,260,777 | |||||||
Accumulated depreciation | (409,643 | ) | (375,684 | ) | ||||
Total | $ | 2,104,151 | $ | 1,885,093 | ||||
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||
Schedule Of Accounts Receivable | ' | |||||||
The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2013 and 2012 (in thousands): | ||||||||
2013 | 2012 | |||||||
Receivable from tenants | $ | 10,759 | $ | 9,379 | ||||
Receivable from non-tenants | 275 | 1,527 | ||||||
Receivable from Canada Revenue Agency | 839 | 793 | ||||||
Straight-line rent receivable | 33,654 | 30,891 | ||||||
Allowance for doubtful accounts | (2,989 | ) | (3,852 | ) | ||||
Total | $ | 42,538 | $ | 38,738 | ||||
Investment_in_Mortgage_Notes_T
Investment in Mortgage Notes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2013 and 2012 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Receivable from tenants | $ | 10,759 | $ | 9,379 | |||||
Receivable from non-tenants | 275 | 1,527 | |||||||
Receivable from Canada Revenue Agency | 839 | 793 | |||||||
Straight-line rent receivable | 33,654 | 30,891 | |||||||
Allowance for doubtful accounts | (2,989 | ) | (3,852 | ) | |||||
Total | $ | 42,538 | $ | 38,738 | |||||
Mortgage Receivable [Member] | ' | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
Investment in mortgage notes, including related accrued interest receivable, at December 31, 2013 and 2012 consists of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
-1 | Mortgage note and related accrued interest receivable, 9.00%, paid in full on May 31, 2013 | $ | — | $ | 1,710 | ||||
-2 | Mortgage note, 9.50%, paid in full on October 8, 2013 | — | 17,979 | ||||||
-3 | Mortgage note, 10.00%, due April 1, 2016 | 42,907 | 42,907 | ||||||
-4 | Mortgage note receivable and related accrued interest receivable, 5.50%, due November 1, 2016 | 2,511 | — | ||||||
-5 | Mortgage note and related accrued interest receivable, 10.00%, due November 1, 2017 | 2,521 | 2,517 | ||||||
-6 | Mortgage notes, 7.00% and 10.00%, due May 1, 2019 | 183,465 | 178,545 | ||||||
-7 | Mortgage note, 10.00%, due August 29, 2020 | 1,112 | — | ||||||
-8 | Mortgage note, 10.11%, due March 10, 2027 | 10,972 | 10,945 | ||||||
-9 | Mortgage notes, 10.77%, due April 3, 2027 | 63,500 | 62,500 | ||||||
-10 | Mortgage note, 9.98%, due October 30, 2027 | 47,029 | 45,714 | ||||||
-11 | Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032 | 36,032 | 36,032 | ||||||
-12 | Mortgage note and related accrued interest receivable, 9.50%, due September 1, 2032 | 19,659 | 19,471 | ||||||
-13 | Mortgage note and related accrued interest receivable, 10.25%, due October 31, 2032 | 22,188 | 22,188 | ||||||
-14 | Mortgage note, 10.20%, due December 19, 2032 | 4,509 | 2,550 | ||||||
-15 | Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032 | 5,717 | 5,787 | ||||||
-16 | Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033 | 20,802 | — | ||||||
-17 | Mortgage note, 11.31%, due May 31, 2033 | 13,086 | 4,930 | ||||||
-18 | Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033 | 3,455 | 1,977 | ||||||
-19 | Mortgage note and related accrued interest receivable, 9.50%, due June 30, 2033 | 6,872 | — | ||||||
Total mortgage notes and related accrued interest receivable | $ | 486,337 | $ | 455,752 | |||||
Schedule of Principal Payments and Related Accrued Interest Due By Year [Table Text Block] | ' | ||||||||
Principal payments and related accrued interest due on mortgage notes receivable subsequent to December 31, 2013 are as follows (in thousands): | |||||||||
Amount | |||||||||
Year: | |||||||||
2014 | $ | 751 | |||||||
2015 | 878 | ||||||||
2016 | 46,297 | ||||||||
2017 | 1,154 | ||||||||
2018 | 168 | ||||||||
Thereafter | 437,089 | ||||||||
Total | $ | 486,337 | |||||||
Investments_In_Direct_Financin1
Investments In Direct Financing Leases (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ' | |||||||
Summary Of Carrying Amounts Of Investments In Direct Financing Leases, Net | ' | |||||||
2013 | 2012 | |||||||
Total minimum lease payments receivable | $ | 633,384 | $ | 648,632 | ||||
Estimated unguaranteed residual value of leased assets | 215,207 | 211,944 | ||||||
Less deferred income (1) | (606,379 | ) | (626,487 | ) | ||||
Investment in a direct financing lease, net | $ | 242,212 | $ | 234,089 | ||||
(1) Deferred income is net of $1.7 million of initial direct costs at December 31, 2013 and 2012. | ||||||||
Future Minimum Rentals Receivable | ' | |||||||
The Company’s direct financing lease has expiration dates ranging from approximately 18 to 21 years. Future minimum rentals receivable on this direct financing lease at December 31, 2013 are as follows (in thousands): | ||||||||
Amount | ||||||||
Year: | ||||||||
2014 | $ | 24,609 | ||||||
2015 | 25,343 | |||||||
2016 | 26,104 | |||||||
2017 | 26,887 | |||||||
2018 | 27,693 | |||||||
Thereafter | 502,748 | |||||||
Total | $ | 633,384 | ||||||
Future minimum rentals on non-cancelable tenant operating leases at December 31, 2013 are as follows (in thousands): | ||||||||
Amount | ||||||||
Year: | ||||||||
2014 | $ | 262,504 | ||||||
2015 | 261,897 | |||||||
2016 | 252,801 | |||||||
2017 | 238,629 | |||||||
2018 | 215,558 | |||||||
Thereafter | 1,377,520 | |||||||
Total | $ | 2,608,909 | ||||||
Unconsolidated_Real_Estate_Joi1
Unconsolidated Real Estate Joint Ventures (Tables) (Atlantic-EPR I and II [Member]) | 12 Months Ended | |||||||||||
Dec. 31, 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 period ended October 8, 2013 and the years ended December 31, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Rental properties, net | $ | 44,644 | $ | 45,496 | $ | 46,600 | ||||||
Cash | 512 | 278 | 1,071 | |||||||||
Atlantic-EPR II mortgage note payable to EPR (1) | 11,796 | — | — | |||||||||
Mortgage note payable (2) | — | 11,827 | 12,224 | |||||||||
Atlantic-EPR I mortgage note payable to EPR (1) | 21,293 | 17,979 | — | |||||||||
Partners’ equity | 18,372 | 18,675 | 34,772 | |||||||||
Rental revenue | 4,373 | 5,604 | 6,523 | |||||||||
Net income | 1,430 | 1,842 | 1,874 | |||||||||
Debt_Schedule_of_Longterm_Debt
Debt Schedule of Long-term Debt Instruments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||
Schedule of Long-term Debt Instruments | ' | |||||||||||
at December 31, 2013 and 2012 consists of the following (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
(1) Mortgage note payable, 5.73%, settled on March 4, 2013 | $ | — | $ | 14,314 | ||||||||
(2) Mortgage note payable, 6.84%, paid in full June 20, 2013 | — | 92,773 | ||||||||||
(3) Mortgage note payable, 5.58%, paid in full June 24, 2013 | — | 57,078 | ||||||||||
(4) Mortgage note payable, 5.56%, due June 5, 2015 | 31,235 | 31,923 | ||||||||||
(5) Mortgage note payable, 5.39%, due November 1, 2015 | 5,274 | — | ||||||||||
(6) Mortgage notes payable, 5.77%, due November 6, 2015 | 65,070 | 67,172 | ||||||||||
(7) Mortgage notes payable, 5.84%, due March 6, 2016 | 36,724 | 37,863 | ||||||||||
(8) Mortgage notes payable, 6.37%, due June 30, 2016 | 26,406 | 27,156 | ||||||||||
(9) Mortgage notes payable, 6.10%, due October 1, 2016 | 23,719 | 24,395 | ||||||||||
(10) Mortgage notes payable, 6.02%, due October 6, 2016 | 17,866 | 18,381 | ||||||||||
(11) Mortgage note payable, 6.06%, due March 1, 2017 | 9,986 | 10,261 | ||||||||||
(12) Mortgage note payable, 6.07%, due April 6, 2017 | 10,284 | 10,565 | ||||||||||
(13) Mortgage notes payable, 5.73%-5.95%, due May 1, 2017 | 33,660 | 34,600 | ||||||||||
(14) Mortgage note payable, 5.29%, due July 1, 2017 | 3,746 | 3,881 | ||||||||||
(15) Unsecured revolving variable rate credit facility, LIBOR + 1.40%, due July 23, 2017 | — | 39,000 | ||||||||||
(16) Mortgage notes payable, 5.86% due August 1, 2017 | 24,387 | 25,053 | ||||||||||
(17) Mortgage note payable, 6.19%, due February 1, 2018 | 14,486 | 15,084 | ||||||||||
(18) Mortgage note payable, 7.37%, due July 15, 2018 | 7,498 | 8,698 | ||||||||||
(19) Unsecured term loan payable, LIBOR + 1.60%, fixed through interest rate swaps at 2.51% through January 5, 2016 and 2.38% from January 5, 2016 to July 5, 2017, due July 23, 2018 | 265,000 | 240,000 | ||||||||||
(20) Senior unsecured notes payable, 7.75%, due July 15, 2020 | 250,000 | 250,000 | ||||||||||
(21) Senior unsecured notes payable, 5.75%, due August 15, 2022 | 350,000 | 350,000 | ||||||||||
(22) Senior unsecured notes payable, 5.25%, due July 15, 2023 | 275,000 | — | ||||||||||
(23) Bonds payable, variable rate, due October 1, 2037 | 24,995 | 10,635 | ||||||||||
Total | $ | 1,475,336 | $ | 1,368,832 | ||||||||
(1) On March 4, 2013, the Company entered into a Discounted Payoff and Settlement Agreement (the Agreement) related to this loan agreement which was secured by one 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 year ended December 31, 2013. | ||||||||||||
(2) The Company’s mortgage note payable was prepaid in full on June 20, 2013 prior to its maturity date of March 1, 2014. The notes were secured by four entertainment retail centers in Ontario, Canada. In connection with the payment in full of the mortgage note, $192 thousand of deferred financing costs (net of accumulated amortization) were written off and $4.0 million of additional costs associated with loan payoff were incurred. | ||||||||||||
(3) The Company’s mortgage note payable was prepaid in full on June 24, 2013 prior to is maturity date of April 1, 2014. The note was secured by one entertainment retail center. In connection with the payment in full of the mortgage note, $47 thousand of deferred financing costs (net of accumulated amortization) were written off and $1.7 million of additional costs associated with loan payoff were incurred. | ||||||||||||
(4) The Company’s mortgage note payable due June 5, 2015 is secured by one entertainment retail center, which had a net book value of approximately $48.4 million at December 31, 2013. The note had an initial balance of $36.0 million and the monthly payments are based on a 30 year amortization schedule. The note requires monthly principal and interest payments of approximately $206 thousand with a final principal payment at maturity of approximately $30.1 million. | ||||||||||||
(5) On September 25, 2013, the Company assumed a mortgage note payable of $5.4 million in conjunction with the acquisition of a theatre property, which had a net book value of $11.2 million at December 31, 2013 . 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. | ||||||||||||
(6) The Company’s mortgage notes payable due November 6, 2015 are secured by six theatre properties, which had a net book value of approximately $76.5 million at December 31, 2013. The notes had initial balances totaling $79.0 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $498 thousand with a final principal payment at maturity totaling approximately $60.7 million. | ||||||||||||
(7) The Company’s mortgage notes payable due March 6, 2016 are secured by two theatre properties, which had a net book value of approximately $32.3 million at December 31, 2013. The notes had initial balances totaling $44.0 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $279 thousand with a final principal payment at maturity totaling approximately $33.9 million. | ||||||||||||
(8) The Company’s mortgage notes payable due June 30, 2016 are secured by two theatre properties, which had a net book value of approximately $31.8 million at December 31, 2013. The notes had initial balances totaling $31.0 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $207 thousand with a final principal payment at maturity totaling approximately $24.4 million. | ||||||||||||
(9) The Company’s mortgage notes payable due October 1, 2016 are secured by four theatre properties, which had a net book value of approximately $26.9 million at December 31, 2013. The notes had initial balances totaling $27.8 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $180 thousand with a final principal payment at maturity totaling approximately $21.6 million. | ||||||||||||
(10) The Company’s mortgage notes payable due October 6, 2016 are secured by three theatre properties, which had a net book value of approximately $19.2 million at December 31, 2013. The notes had initial balances totaling $20.9 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $135 thousand with a final principal payment at maturity totaling approximately $16.2 million. | ||||||||||||
(11) The Company’s mortgage note payable due March 1, 2017 is secured by one theatre property, which had a net book value of approximately $9.4 million at December 31, 2013. The note had an initial balance of $11.6 million and the monthly payments are based on a 25 year amortization schedule. The note requires monthly principal and interest payments of approximately $75 thousand with a final principal payment at maturity of approximately $9.0 million. | ||||||||||||
(12) The Company’s mortgage note payable due April 6, 2017 is secured by one theatre property, which had a net book value of approximately $9.0 million at December 31, 2013. The note had an initial balance of $11.9 million and the monthly payments are based on a 30 year amortization schedule. The note requires monthly principal and interest payments of approximately $77 thousand with a final principal payment at maturity of approximately $9.2 million. | ||||||||||||
(13) The Company’s mortgage notes payable due May 1, 2017 are secured by four theatre properties, which had a net book value of approximately $30.8 million at December 31, 2013. The notes had initial balances totaling $38.9 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $247 thousand with a final principal payment at maturity totaling approximately $30.0 million. The weighted average interest rate on these notes is 5.85%. | ||||||||||||
(14) On March 3, 2011, the Company assumed a mortgage note payable of $3.8 million in conjunction with the acquisition of a theatre property. The note was recorded at fair value upon acquisition which was estimated to be $4.1 million. The fair value of the note was determined by discounting the future cash flows of the note using an estimated current market rate of 5.29%. The note is due July 1, 2017 and is secured by one theatre property, which had a net book value of approximately $8.4 million at December 31, 2013. The monthly payments are based on a 25 year amortization schedule and the note requires monthly principal and interest payments of approximately $28 thousand with a final principal payment at maturity of approximately $3.2 million. | ||||||||||||
(15) On July 23, 2013, the Company amended and restated its unsecured revolving credit facility (the facility). The amendments to the 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. In connection with the amendment, $188 thousand of deferred financing costs (net of accumulated amortization) were written off. 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. As of December 31, 2013, the Company had no balance outstanding under the facility and the total availability under the revolving credit facility was $475.0 million. | ||||||||||||
(16) The Company’s mortgage notes payable due August 1, 2017 are secured by two theatre properties, which had a net book value of approximately $22.7 million at December 31, 2013. The notes had initial balances totaling $28.0 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $178 thousand with a final principal payment at maturity totaling approximately $21.7 million. | ||||||||||||
(17) The Company’s mortgage note payable due February 1, 2018 is secured by one theatre property which had a net book value of approximately $20.0 million at December 31, 2013. The mortgage loan had an initial balance of $17.5 million and the monthly payments are based on a 20 year amortization schedule. The note requires monthly principal and interest payments of approximately $127 thousand with a final principal payment at maturity of approximately $11.6 million. | ||||||||||||
(18) The Company’s mortgage note payable due July 15, 2018 is secured by one theatre property, which had a net book value of approximately $17.9 million at December 31, 2013. The note had an initial balance of $18.9 million and the monthly payments are based on a 20 year amortization schedule. The notes require monthly principal and interest payments of approximately $151 thousand with a final principal payment at maturity of approximately $843 thousand. | ||||||||||||
(19) On July 23, 2013, the Company amended and restated its unsecured term loan payable. 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. | ||||||||||||
(20) On June 30, 2010, the Company issued $250.0 million in senior unsecured notes due on July 15, 2020. The notes bear interest at 7.75%. Interest is payable on July 15 and January 15 of each year beginning on January 15, 2011 until the stated maturity date of July 15, 2020. The notes were issued at 98.29% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that 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 total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt. | ||||||||||||
(21) On August 8, 2012, the Company issued $350.0 million in senior unsecured notes due on August 15, 2022. The notes bear interest at 5.75%. Interest is payable on February 15 and August 15 of each year beginning on February 15, 2013 until the stated maturity date of August 15, 2022. The notes were issued at 99.998% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that 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 total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt. | ||||||||||||
(22) On June 18, 2013, the Company issued $275.0 million in senior unsecured 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 principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that 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. | ||||||||||||
(23) The Company’s bonds payable due October 1, 2037 are secured by three theatres, which had a net book value of approximately $23.8 million at December 31, 2013, and bear interest at a variable rate which resets on a weekly basis and was 0.06% at December 31, 2013. The bonds requires monthly interest only payments with principal due at maturity. | ||||||||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||
Principal payments due on long-term debt obligations subsequent to December 31, 2013 (without consideration of any extensions) are as follows (in thousands): | ||||||||||||
Amount | ||||||||||||
Year: | ||||||||||||
2014 | $ | 10,911 | ||||||||||
2015 | 106,448 | |||||||||||
2016 | 102,910 | |||||||||||
2017 | 76,690 | |||||||||||
2018 | 278,382 | |||||||||||
Thereafter | 899,995 | |||||||||||
Total | $ | 1,475,336 | ||||||||||
Interest Expense, Net | ' | |||||||||||
The following is a summary of interest expense, net for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest on loans and capital lease obligation | $ | 78,292 | $ | 71,849 | $ | 67,265 | ||||||
Less: interest expense of discontinued operations | — | — | (405 | ) | ||||||||
Amortization of deferred financing costs | 4,041 | 4,218 | 3,807 | |||||||||
Credit facility and letter of credit fees | 1,510 | 1,515 | 1,159 | |||||||||
Interest cost capitalized | (2,763 | ) | (859 | ) | (498 | ) | ||||||
Interest income | (53 | ) | (79 | ) | (70 | ) | ||||||
Less: interest income of discontinued operations | 29 | 12 | 37 | |||||||||
Interest expense, net | $ | 81,056 | $ | 76,656 | $ | 71,295 | ||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 years ended December 31, 2013, 2012 and 2011: | ||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||
(Dollars in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
Description | 2013 | 2012 | 2011 | |||||||||
Interest Rate Swaps | ||||||||||||
Amount of Loss Recognized in AOCI on Derivative (Effective Portion) | $ | (2,372 | ) | $ | (5,462 | ) | $ | (4,125 | ) | |||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) | (1,749 | ) | (1,613 | ) | (4,722 | ) | ||||||
Cross Currency Swaps | ||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 2,278 | (684 | ) | (12 | ) | |||||||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (2) | (160 | ) | (617 | ) | (784 | ) | ||||||
Currency Forward Agreements | ||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 8,092 | (2,078 | ) | (4,047 | ) | |||||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) (3) | 287 | (21 | ) | (4,298 | ) | |||||||
Total | ||||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ | 7,998 | $ | (8,224 | ) | $ | (8,184 | ) | ||||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) | (1,622 | ) | (2,251 | ) | (9,804 | ) | ||||||
-1 | For the years ended December 31, 2013 and 2012, included in “Interest expense, net” in accompanying consolidated statements of income. For the year ended December 31, 2011, $4.6 million included in “Costs associated with loan refinancing or payoff, net” and $137 thousand included in “Interest expense, net” in accompanying consolidated statements of income. | |||||||||||
-2 | Included in “Other expense” in the accompanying consolidated statements of income. | |||||||||||
-3 | For the years ended December 31, 2013 and 2012, included in "Other expense". For the year ended December 31, 2011, $4.3 million included in "Gain (loss) on sale or acquisition of real estate" and $37 thousand included in "Other expense" in the accompanying consolidated statements of income |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 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 December 31, 2013 and 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 December 31, 2013 and 2012 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Description | Quoted Prices in | Significant | Significant | Balance at | ||||||||||||
Active Markets | Other | Unobservable | December 31, | |||||||||||||
for Identical | Observable | Inputs (Level 3) | ||||||||||||||
Assets (Level I) | Inputs (Level 2) | |||||||||||||||
2013:00:00 | ||||||||||||||||
Cross Currency Swaps* | $ | — | $ | 1,730 | $ | — | $ | 1,730 | ||||||||
Currency Forward Agreements* | $ | — | $ | 4,353 | $ | — | $ | 4,353 | ||||||||
Interest Rate Swap Agreements** | $ | — | $ | (4,472 | ) | $ | — | $ | (4,472 | ) | ||||||
2012:00:00 | ||||||||||||||||
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 | ' | |||||||||||||||
The table below presents the Company’s assets measured at fair value on a non-recurring basis during the year ended December 31, 2012 aggregated by the level in the fair value hierarchy within which those measurements fall. There were no non-recurring measurements during the year ended December 31, 2013. | ||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis during the year ended December 31, 2012 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Description | Quoted Prices in | Significant | Significant | Balance at | ||||||||||||
Active Markets | Other | Unobservable | December 31, | |||||||||||||
for Identical | Observable | Inputs (Level 3) | ||||||||||||||
Assets (Level I) | Inputs (Level 2) | |||||||||||||||
2012:00:00 | ||||||||||||||||
Rental properties, net | $ | — | $ | 65,109 | $ | 3,325 | $ | 68,434 | ||||||||
Rental properties held for sale, net | $ | — | $ | 2,788 | $ | — | $ | 2,788 | ||||||||
Common_and_Preferred_Share_Tab
Common and Preferred Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Common and Preferred Shares [Abstract] | ' | ||||||||
Schedule of Dividends Per Common Share [Table Text Block] | ' | ||||||||
Of the total dividends calculated for tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash dividends paid per common share for the years ended December 31, 2013 and 2012 are as follows: | |||||||||
2013 | 2012 | ||||||||
Taxable ordinary income | $ | 2.5994 | $ | 1.8277 | |||||
Return of capital | 1.047 | 1.1223 | |||||||
Long-term capital gain | — | — | |||||||
Unrecaptured Sec. 1250 Gain | — | — | |||||||
Totals | $ | 3.6464 | $ | 2.95 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 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 years ended December 31, 2013, 2012 and 2011 (amounts in thousands except per share information): | |||||||||||
Year Ended December 31, 2013 | |||||||||||
Income | Shares | Per Share | |||||||||
(numerator) | (denominator) | Amount | |||||||||
Basic EPS: | |||||||||||
Income from continuing operations | $ | 175,637 | |||||||||
Less: preferred dividend requirements | (23,806 | ) | |||||||||
Income from continuing operations available to common shareholders | $ | 151,831 | 48,028 | $ | 3.16 | ||||||
Income from discontinued operations available to common shareholders | $ | 4,589 | 48,028 | $ | 0.1 | ||||||
Net income available to common shareholders | $ | 156,420 | 48,028 | $ | 3.26 | ||||||
Diluted EPS: | |||||||||||
Income from continuing operations available to common shareholders | $ | 151,831 | 48,028 | ||||||||
Effect of dilutive securities: | |||||||||||
Share options | — | 186 | |||||||||
Income from continuing operations available to common shareholders | $ | 151,831 | 48,214 | $ | 3.15 | ||||||
Income from discontinued operations available to common shareholders | $ | 4,589 | 48,214 | $ | 0.09 | ||||||
Net income available to common shareholders | $ | 156,420 | 48,214 | $ | 3.24 | ||||||
Year Ended December 31, 2012 | |||||||||||
Income | Shares | Per Share | |||||||||
(numerator) | (denominator) | Amount | |||||||||
Basic EPS: | |||||||||||
Income from continuing operations | $ | 141,906 | |||||||||
Less: preferred dividend requirements and redemption costs | (28,396 | ) | |||||||||
Noncontrolling interest adjustments | (108 | ) | |||||||||
Income from continuing operations available to common shareholders | $ | 113,402 | 46,798 | $ | 2.42 | ||||||
Loss from discontinued operations available to common shareholders | $ | (20,242 | ) | 46,798 | $ | (0.43 | ) | ||||
Net income available to common shareholders | $ | 93,160 | 46,798 | $ | 1.99 | ||||||
Diluted EPS: | |||||||||||
Income from continuing operations available to common shareholders | $ | 113,402 | 46,798 | ||||||||
Effect of dilutive securities: | |||||||||||
Share options | — | 251 | |||||||||
Income from continuing operations available to common shareholders | $ | 113,402 | 47,049 | $ | 2.41 | ||||||
Loss from discontinued operations available to common shareholders | $ | (20,242 | ) | 47,049 | $ | (0.43 | ) | ||||
Net income available to common shareholders | $ | 93,160 | 47,049 | $ | 1.98 | ||||||
Year Ended December 31, 2011 | |||||||||||
Income | Shares | Per Share | |||||||||
(numerator) | (denominator) | Amount | |||||||||
Basic EPS: | |||||||||||
Income from continuing operations | $ | 130,088 | |||||||||
Less: preferred dividend requirements and redemption costs | (30,909 | ) | |||||||||
Noncontrolling interest adjustments | (38 | ) | |||||||||
Income from continuing operations available to common shareholders | $ | 99,141 | 46,640 | $ | 2.13 | ||||||
Loss from discontinued operations available to common shareholders | $ | (14,822 | ) | 46,640 | $ | (0.32 | ) | ||||
Net income available to common shareholders | $ | 84,319 | 46,640 | $ | 1.81 | ||||||
Diluted EPS: | |||||||||||
Income from continuing operations available to common shareholders | $ | 99,141 | 46,640 | ||||||||
Effect of dilutive securities: | |||||||||||
Share options | — | 261 | |||||||||
Income from continuing operations available to common shareholders | $ | 99,141 | 46,901 | $ | 2.12 | ||||||
Loss from discontinued operations available to common shareholders | $ | (14,822 | ) | 46,901 | $ | (0.32 | ) | ||||
Net income available to common shareholders | $ | 84,319 | 46,901 | $ | 1.8 | ||||||
Equity_Incentive_Plans_Tables
Equity Incentive Plans (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 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, 2010 | 1,071,096 | $ | 16.05 | — | $ | 65.5 | $ | 32 | ||||||||||
Exercised | (135,196 | ) | 18.18 | — | 42.46 | 21.96 | ||||||||||||
Granted | 70,266 | 45.73 | — | 47.77 | 46.19 | |||||||||||||
Forfeited | (3,333 | ) | 16.05 | — | 16.05 | 16.05 | ||||||||||||
Outstanding at December 31, 2011 | 1,002,833 | $ | 18.18 | — | $ | 65.5 | $ | 34.41 | ||||||||||
Exercised | (224,181 | ) | 18.18 | — | 36.56 | 23.42 | ||||||||||||
Granted | 103,082 | 44.62 | — | 47.99 | 45.6 | |||||||||||||
Forfeited | (396 | ) | 18.18 | — | 46.69 | 40.03 | ||||||||||||
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 December 31, 2013 | 840,665 | $ | 18.18 | — | $ | 65.5 | $ | 40.85 | ||||||||||
Schedule of Stock Option Expense to be Recognized in the Future | ' | |||||||||||||||||
At December 31, 2013, stock-option expense to be recognized in future periods was $1.8 million as follows (in thousands): | ||||||||||||||||||
Amount | ||||||||||||||||||
Year: | ||||||||||||||||||
2014 | $ | 830 | ||||||||||||||||
2015 | 605 | |||||||||||||||||
2016 | 308 | |||||||||||||||||
2017 | 11 | |||||||||||||||||
Total | $ | 1,754 | ||||||||||||||||
Summary Of Outstanding Options | ' | |||||||||||||||||
The following table summarizes outstanding options at December 31, 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 | 5.1 | ||||||||||||||||
20.00 - 29.99 | — | 0 | ||||||||||||||||
30.00 - 39.99 | 25,731 | 4.3 | ||||||||||||||||
40.00 - 49.99 | 502,222 | 5.7 | ||||||||||||||||
50.00 - 59.99 | 17,500 | 6.5 | ||||||||||||||||
60.00 - 65.50 | 93,353 | 3 | ||||||||||||||||
840,665 | 5.2 | $ | 40.85 | $ | 8,537 | |||||||||||||
Summary Of Exercisable Options | ' | |||||||||||||||||
he following table summarizes exercisable options at December 31, 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 | 5.1 | ||||||||||||||||
20.00 - 29.99 | — | 0 | ||||||||||||||||
30.00 - 39.99 | 18,460 | 3.5 | ||||||||||||||||
40.00 - 49.99 | 292,290 | 3.7 | ||||||||||||||||
50.00 - 59.99 | 10,000 | 4.3 | ||||||||||||||||
60.00 - 65.50 | 93,353 | 3 | ||||||||||||||||
615,962 | 4.1 | $ | 38.78 | $ | 7,883 | |||||||||||||
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 December 31, 2013 | 371,864 | $ | 46 | 0.99 | ||||||||||||||
Nonvested Shares Unamortized Share-based Compensation Expense to be Recognized in the Future | ' | |||||||||||||||||
At December 31, 2013, unamortized share-based compensation expense related to nonvested shares was $8.3 million and will be recognized in future periods as follows (in thousands): | ||||||||||||||||||
Amount | ||||||||||||||||||
Year: | ||||||||||||||||||
2014 | $ | 3,968 | ||||||||||||||||
2015 | 2,892 | |||||||||||||||||
2016 | 1,399 | |||||||||||||||||
Total | $ | 8,259 | ||||||||||||||||
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 December 31, 2013 | 17,530 | $ | 58.38 | 0.36 | ||||||||||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Future Minimum Rentals Receivable | ' | |||
The Company’s direct financing lease has expiration dates ranging from approximately 18 to 21 years. Future minimum rentals receivable on this direct financing lease at December 31, 2013 are as follows (in thousands): | ||||
Amount | ||||
Year: | ||||
2014 | $ | 24,609 | ||
2015 | 25,343 | |||
2016 | 26,104 | |||
2017 | 26,887 | |||
2018 | 27,693 | |||
Thereafter | 502,748 | |||
Total | $ | 633,384 | ||
Future minimum rentals on non-cancelable tenant operating leases at December 31, 2013 are as follows (in thousands): | ||||
Amount | ||||
Year: | ||||
2014 | $ | 262,504 | ||
2015 | 261,897 | |||
2016 | 252,801 | |||
2017 | 238,629 | |||
2018 | 215,558 | |||
Thereafter | 1,377,520 | |||
Total | $ | 2,608,909 | ||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
Future minimum lease payments under this lease at December 31, 2013 are as follows (in thousands): | ||||
Amount | ||||
Year: | ||||
2014 | $ | 434 | ||
2015 | 454 | |||
2016 | 358 | |||
2017 | — | |||
2018 | — | |||
Thereafter | — | |||
Total | $ | 1,246 | ||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Summarized quarterly financial data for the years ended December 31, 2013 and 2012 are as follows (in thousands, except per share data): | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
2013:00:00 | ||||||||||||||||
Total revenue | $ | 82,898 | $ | 82,973 | $ | 87,841 | $ | 89,352 | ||||||||
Net income | 41,206 | 32,476 | 43,502 | 63,042 | ||||||||||||
Net income available to common shareholders of EPR Properties | 35,254 | 26,524 | 37,551 | 57,091 | ||||||||||||
Basic net income per common share | 0.75 | 0.56 | 0.79 | 1.12 | ||||||||||||
Diluted net income per common share | 0.75 | 0.56 | 0.79 | 1.12 | ||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
2012:00:00 | ||||||||||||||||
Total revenue | $ | 76,303 | $ | 77,511 | $ | 81,542 | $ | 82,451 | ||||||||
Net income | 21,390 | 36,818 | 34,175 | 29,281 | ||||||||||||
Net income available to common shareholders of EPR Properties | 15,371 | 30,797 | 28,149 | 18,843 | ||||||||||||
Basic net income per common share | 0.33 | 0.66 | 0.6 | 0.4 | ||||||||||||
Diluted net income per common share | 0.33 | 0.65 | 0.6 | 0.4 | ||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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): | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Rental revenue | $ | 1,685 | $ | 5,389 | $ | 11,518 | ||||||
Tenant reimbursements | 513 | — | 2,409 | |||||||||
Other income | 426 | 2,325 | 1,686 | |||||||||
Mortgage and other financing income | — | 112 | 320 | |||||||||
Total revenue | 2,624 | 7,826 | 15,933 | |||||||||
Property operating expense (income) | 45 | (1,036 | ) | 2,457 | ||||||||
Other expense | 547 | 2,733 | 2,714 | |||||||||
Costs associated with loan refinancing or payoff | — | — | 4,121 | |||||||||
Interest expense, net | (29 | ) | (12 | ) | 368 | |||||||
Transaction costs | — | — | 3 | |||||||||
Impairment charges | — | 20,835 | 33,525 | |||||||||
Depreciation and amortization | 1,728 | 5,521 | 7,112 | |||||||||
Income (loss) before gain on sale or acquisition of real estate | 333 | (20,215 | ) | (34,367 | ) | |||||||
Gain (loss) on sale or acquisition of real estate | 4,256 | (27 | ) | 19,545 | ||||||||
Net income (loss) | $ | 4,589 | $ | (20,242 | ) | $ | (14,822 | ) | ||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Total Assets | $ | 1,874,014 | $ | 542,052 | $ | 553,019 | $ | 210,064 | $ | 93,127 | $ | 3,272,276 | ||||||||
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: | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 221,024 | $ | 15,931 | $ | 10,124 | $ | 1,630 | $ | — | $ | 248,709 | ||||||||
Tenant reimbursements | 18,401 | — | — | — | — | 18,401 | ||||||||||||||
Other income | 80 | — | — | 1,471 | 131 | 1,682 | ||||||||||||||
Mortgage and other financing income | 8,447 | 33,275 | 32,232 | 318 | — | 74,272 | ||||||||||||||
Total revenue | 247,952 | 49,206 | 42,356 | 3,419 | 131 | 343,064 | ||||||||||||||
Property operating expense | 25,521 | — | — | 495 | — | 26,016 | ||||||||||||||
Other expense | — | — | — | 658 | — | 658 | ||||||||||||||
Total investment expenses | 25,521 | — | — | 1,153 | — | 26,674 | ||||||||||||||
Net operating income - before unallocated items | 222,431 | 49,206 | 42,356 | 2,266 | 131 | 316,390 | ||||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (25,613 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff | (6,166 | ) | ||||||||||||||||||
Gain on early extinguishment of debt | 4,539 | |||||||||||||||||||
Interest expense, net | (81,056 | ) | ||||||||||||||||||
Transaction costs | (1,955 | ) | ||||||||||||||||||
Depreciation and amortization | (53,946 | ) | ||||||||||||||||||
Equity in income from joint ventures | 1,398 | |||||||||||||||||||
Gain on sale or acquisition, net | 3,017 | |||||||||||||||||||
Gain on previously held equity interest | 4,853 | |||||||||||||||||||
Income tax benefit | 14,176 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income from discontinued operations | 333 | |||||||||||||||||||
Gain on sale or acquisition of real estate | 4,256 | |||||||||||||||||||
Net income | 180,226 | |||||||||||||||||||
Preferred dividend requirements | (23,806 | ) | ||||||||||||||||||
Net income available to common shareholders | $ | 156,420 | ||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 221,020 | $ | 8,663 | $ | 3,615 | $ | 1,219 | $ | — | $ | 234,517 | ||||||||
Tenant reimbursements | 18,575 | — | — | — | — | 18,575 | ||||||||||||||
Other income | 98 | — | — | 639 | 1 | 738 | ||||||||||||||
Mortgage and other financing income | 4,308 | 30,130 | 29,440 | 99 | — | 63,977 | ||||||||||||||
Total revenue | 244,001 | 38,793 | 33,055 | 1,957 | 1 | 317,807 | ||||||||||||||
Property operating expense | 24,008 | — | — | 907 | — | 24,915 | ||||||||||||||
Other expense | 4 | — | — | 739 | 639 | 1,382 | ||||||||||||||
Total investment expenses | 24,012 | — | — | 1,646 | 639 | 26,297 | ||||||||||||||
Net operating income (loss) - before unallocated items | 219,989 | 38,793 | 33,055 | 311 | (638 | ) | 291,510 | |||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (23,170 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff | (627 | ) | ||||||||||||||||||
Interest expense, net | (76,656 | ) | ||||||||||||||||||
Transaction costs | (404 | ) | ||||||||||||||||||
Impairment charges | (3,074 | ) | ||||||||||||||||||
Depreciation and amortization | (46,698 | ) | ||||||||||||||||||
Equity in income from joint ventures | 1,025 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income from discontinued operations | 620 | |||||||||||||||||||
Impairment charges | (20,835 | ) | ||||||||||||||||||
Loss on sale or acquisition of real estate | (27 | ) | ||||||||||||||||||
Net income | 121,664 | |||||||||||||||||||
Noncontrolling interests | (108 | ) | ||||||||||||||||||
Preferred dividend requirements | (24,508 | ) | ||||||||||||||||||
Preferred share redemption costs | (3,888 | ) | ||||||||||||||||||
Net income available to common shareholders | $ | 93,160 | ||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 215,576 | $ | 1,638 | $ | 1,274 | $ | 1,245 | $ | — | $ | 219,733 | ||||||||
Tenant reimbursements | 17,965 | — | — | — | — | 17,965 | ||||||||||||||
Other income | 120 | — | — | 253 | 1 | 374 | ||||||||||||||
Mortgage and other financing income | 323 | 28,465 | 26,576 | 107 | 93 | 55,564 | ||||||||||||||
Total revenue | 233,984 | 30,103 | 27,850 | 1,605 | 94 | 293,636 | ||||||||||||||
Property operating expense | 23,541 | — | — | 663 | — | 24,204 | ||||||||||||||
Other expense | 21 | — | — | 750 | 842 | 1,613 | ||||||||||||||
Total investment expenses | 23,562 | — | — | 1,413 | 842 | 25,817 | ||||||||||||||
Net operating income (loss) - before unallocated items | 210,422 | 30,103 | 27,850 | 192 | (748 | ) | 267,819 | |||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (20,173 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff, net | (1,877 | ) | ||||||||||||||||||
Interest expense, net | (71,295 | ) | ||||||||||||||||||
Transaction costs | (1,727 | ) | ||||||||||||||||||
Impairment charges | (2,531 | ) | ||||||||||||||||||
Depreciation and amortization | (42,975 | ) | ||||||||||||||||||
Equity in income from joint ventures | 2,847 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income from discontinued operations | 3,279 | |||||||||||||||||||
Impairment charges | (33,525 | ) | ||||||||||||||||||
Costs associated with loan refinancing or payoff | (4,121 | ) | ||||||||||||||||||
Gain on sale or acquisition of real estate | 19,545 | |||||||||||||||||||
Net income | 115,266 | |||||||||||||||||||
Noncontrolling interests | (38 | ) | ||||||||||||||||||
Preferred dividend requirements | (28,140 | ) | ||||||||||||||||||
Preferred share redemption costs | (2,769 | ) | ||||||||||||||||||
Net income available to common shareholders | $ | 84,319 | ||||||||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
EPR | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
Properties | Subsidiary | Guarantor | Elimination | |||||||||||||||||
(Issuer) | Guarantors | Subsidiaries | ||||||||||||||||||
Assets | ||||||||||||||||||||
Rental properties, net | $ | — | $ | 1,341,770 | $ | 762,381 | $ | — | $ | 2,104,151 | ||||||||||
Land held for development | — | — | 201,342 | — | 201,342 | |||||||||||||||
Property under development | 18 | 77,283 | 12,172 | — | 89,473 | |||||||||||||||
Mortgage notes and related accrued interest receivable, net | — | 460,533 | 25,804 | — | 486,337 | |||||||||||||||
Investment in a direct financing lease, net | — | 242,212 | — | — | 242,212 | |||||||||||||||
Investment in joint ventures | — | — | 5,275 | — | 5,275 | |||||||||||||||
Cash and cash equivalents | 449 | 705 | 6,804 | — | 7,958 | |||||||||||||||
Restricted cash | 1,150 | 6,735 | 1,829 | — | 9,714 | |||||||||||||||
Deferred financing costs, net | 17,221 | 5,439 | 684 | — | 23,344 | |||||||||||||||
Accounts receivable, net | 106 | 22,555 | 19,877 | — | 42,538 | |||||||||||||||
Intercompany notes receivable | — | — | 175,757 | (175,757 | ) | — | ||||||||||||||
Investments in subsidiaries | 2,852,543 | — | — | (2,852,543 | ) | — | ||||||||||||||
Other assets | 19,292 | 5,725 | 34,915 | — | 59,932 | |||||||||||||||
Total assets | $ | 2,890,779 | $ | 2,162,957 | $ | 1,246,840 | $ | (3,028,300 | ) | $ | 3,272,276 | |||||||||
Liabilities and Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 43,589 | $ | 19,793 | $ | 8,945 | $ | — | $ | 72,327 | ||||||||||
Dividends payable | 19,553 | — | — | — | 19,553 | |||||||||||||||
Unearned rents and interest | — | 13,528 | 3,518 | — | 17,046 | |||||||||||||||
Intercompany notes payable | — | — | 175,757 | (175,757 | ) | — | ||||||||||||||
Debt | 1,140,000 | — | 335,336 | — | 1,475,336 | |||||||||||||||
Total liabilities | 1,203,142 | 33,321 | 523,556 | (175,757 | ) | 1,584,262 | ||||||||||||||
EPR Properties shareholders’ equity | 1,687,637 | 2,129,636 | 722,907 | (2,852,543 | ) | 1,687,637 | ||||||||||||||
Noncontrolling interests | — | — | 377 | — | 377 | |||||||||||||||
Equity | $ | 1,687,637 | $ | 2,129,636 | $ | 723,284 | $ | (2,852,543 | ) | $ | 1,688,014 | |||||||||
Total liabilities and equity | $ | 2,890,779 | $ | 2,162,957 | $ | 1,246,840 | $ | (3,028,300 | ) | $ | 3,272,276 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
EPR | 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, net | — | 414,075 | 41,677 | — | 455,752 | |||||||||||||||
Investment in a direct financing lease, net | — | 234,089 | — | — | 234,089 | |||||||||||||||
Investment in joint ventures | 7,250 | — | 4,721 | — | 11,971 | |||||||||||||||
Cash and cash equivalents | 1,531 | 651 | 8,482 | — | 10,664 | |||||||||||||||
Restricted cash | — | 9,715 | 14,276 | — | 23,991 | |||||||||||||||
Deferred financing costs, net | 13,563 | 4,812 | 1,304 | — | 19,679 | |||||||||||||||
Accounts receivable, net | 139 | 16,830 | 21,769 | — | 38,738 | |||||||||||||||
Intercompany notes receivable | 103,104 | — | 4,147 | (107,251 | ) | — | ||||||||||||||
Investments in subsidiaries | 2,231,079 | — | — | (2,231,079 | ) | — | ||||||||||||||
Other assets | 21,482 | 3,956 | 12,974 | — | 38,412 | |||||||||||||||
Total assets | $ | 2,378,148 | $ | 1,823,205 | $ | 1,083,707 | $ | (2,338,330 | ) | $ | 2,946,730 | |||||||||
Liabilities and Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 37,441 | $ | 16,662 | $ | 11,378 | $ | — | $ | 65,481 | ||||||||||
Dividends payable | 41,186 | — | — | — | 41,186 | |||||||||||||||
Unearned rents and interest | — | 7,393 | 3,940 | — | 11,333 | |||||||||||||||
Intercompany notes payable | — | — | 107,251 | (107,251 | ) | — | ||||||||||||||
Debt | 840,000 | 53,315 | 475,517 | — | 1,368,832 | |||||||||||||||
Total liabilities | 918,627 | 77,370 | 598,086 | (107,251 | ) | 1,486,832 | ||||||||||||||
EPR Properties shareholders’ equity | 1,459,521 | 1,745,835 | 485,244 | (2,231,079 | ) | 1,459,521 | ||||||||||||||
Noncontrolling interests | — | — | 377 | — | 377 | |||||||||||||||
Equity | $ | 1,459,521 | $ | 1,745,835 | $ | 485,621 | $ | (2,231,079 | ) | $ | 1,459,898 | |||||||||
Total liabilities and equity | $ | 2,378,148 | $ | 1,823,205 | $ | 1,083,707 | $ | (2,338,330 | ) | $ | 2,946,730 | |||||||||
Condensed Consolidating Statement Of Income | ' | |||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
EPR | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
Properties | Subsidiary | Guarantors | Elimination | |||||||||||||||||
(Issuer) | Guarantors | Subsidiaries | ||||||||||||||||||
Rental revenue | $ | — | $ | 153,335 | $ | 95,374 | $ | — | $ | 248,709 | ||||||||||
Tenant reimbursements | — | 1,853 | 16,548 | — | 18,401 | |||||||||||||||
Other income | 75 | 2 | 1,605 | — | 1,682 | |||||||||||||||
Mortgage and other financing income | 994 | 69,327 | 3,951 | — | 74,272 | |||||||||||||||
Intercompany fee income | 2,629 | — | — | (2,629 | ) | — | ||||||||||||||
Interest income on intercompany notes receivable | 17,848 | — | 386 | (18,234 | ) | — | ||||||||||||||
Total revenue | 21,546 | 224,517 | 117,864 | (20,863 | ) | 343,064 | ||||||||||||||
Equity in subsidiaries’ earnings | 212,634 | — | — | (212,634 | ) | — | ||||||||||||||
Property operating expense | (88 | ) | 6,694 | 19,410 | — | 26,016 | ||||||||||||||
Intercompany fee expense | — | — | 2,629 | (2,629 | ) | — | ||||||||||||||
Other expense | — | — | 658 | — | 658 | |||||||||||||||
General and administrative expense | — | 16,612 | 9,001 | — | 25,613 | |||||||||||||||
Costs associated with loan refinancing or payoff | — | 188 | 5,978 | — | 6,166 | |||||||||||||||
Gain on early extinguishment of debt | — | (4,539 | ) | — | — | (4,539 | ) | |||||||||||||
Interest expense, net | 55,856 | 1,733 | 23,467 | — | 81,056 | |||||||||||||||
Interest expense on intercompany notes payable | — | — | 18,234 | (18,234 | ) | — | ||||||||||||||
Transaction costs | 1,813 | — | 142 | — | 1,955 | |||||||||||||||
Depreciation and amortization | 1,093 | 31,447 | 21,406 | — | 53,946 | |||||||||||||||
Income before equity in income from joint ventures and other items | 175,506 | 172,382 | 16,939 | (212,634 | ) | 152,193 | ||||||||||||||
Equity in income from joint ventures | 505 | — | 893 | — | 1,398 | |||||||||||||||
Gain on sale or acquisition, net | (150 | ) | — | 3,167 | — | 3,017 | ||||||||||||||
Gain on previously held equity interest | 4,853 | — | — | — | 4,853 | |||||||||||||||
Income before income taxes | 180,714 | 172,382 | 20,999 | (212,634 | ) | 161,461 | ||||||||||||||
Income tax benefit (expense) | (488 | ) | — | 14,664 | — | 14,176 | ||||||||||||||
Income from continuing operations | 180,226 | 172,382 | 35,663 | (212,634 | ) | 175,637 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income (loss) from discontinued operations | — | 638 | (305 | ) | — | 333 | ||||||||||||||
Gain on sale or acquisition of real estate | — | — | 4,256 | — | 4,256 | |||||||||||||||
Net income attributable to EPR Properties | 180,226 | 173,020 | 39,614 | (212,634 | ) | 180,226 | ||||||||||||||
Preferred dividend requirements | (23,806 | ) | — | — | — | (23,806 | ) | |||||||||||||
Net income available to common shareholders of EPR Properties | $ | 156,420 | $ | 173,020 | $ | 39,614 | $ | (212,634 | ) | $ | 156,420 | |||||||||
Comprehensive income attributable to EPR Properties | $ | 176,797 | $ | 173,120 | $ | 38,692 | $ | (211,812 | ) | $ | 176,797 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
EPR | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
Properties | Subsidiary | Guarantor | Elimination | |||||||||||||||||
(Issuer) | Guarantors | Subsidiaries | ||||||||||||||||||
Rental revenue | $ | — | $ | 140,635 | $ | 93,882 | $ | — | $ | 234,517 | ||||||||||
Tenant reimbursements | — | 1,650 | 16,925 | — | 18,575 | |||||||||||||||
Other income | 93 | (3 | ) | 648 | — | 738 | ||||||||||||||
Mortgage and other financing income | 494 | 60,089 | 3,394 | — | 63,977 | |||||||||||||||
Intercompany fee income | 2,706 | — | — | (2,706 | ) | — | ||||||||||||||
Interest income on intercompany notes receivable | 16,967 | — | 353 | (17,320 | ) | — | ||||||||||||||
Total revenue | 20,260 | 202,371 | 115,202 | (20,026 | ) | 317,807 | ||||||||||||||
Equity in subsidiaries’ earnings | 137,443 | — | — | (137,443 | ) | — | ||||||||||||||
Property operating expense | — | 4,860 | 20,055 | — | 24,915 | |||||||||||||||
Intercompany fee expense | — | — | 2,706 | (2,706 | ) | — | ||||||||||||||
Other expense | — | 4 | 1,378 | — | 1,382 | |||||||||||||||
General and administrative expense | — | 14,555 | 8,615 | — | 23,170 | |||||||||||||||
Costs associated with loan refinancing or payoff | — | 477 | 150 | — | 627 | |||||||||||||||
Interest expense, net | 35,240 | 11,645 | 29,771 | — | 76,656 | |||||||||||||||
Interest expense on intercompany notes payable | — | — | 17,320 | (17,320 | ) | — | ||||||||||||||
Transaction costs | 404 | — | — | — | 404 | |||||||||||||||
Impairment charges | — | — | 3,074 | — | 3,074 | |||||||||||||||
Depreciation and amortization | 1,039 | 25,529 | 20,130 | — | 46,698 | |||||||||||||||
Income before equity in income from joint ventures and other items | 121,020 | 145,301 | 12,003 | (137,443 | ) | 140,881 | ||||||||||||||
Equity in income from joint ventures | 536 | — | 489 | — | 1,025 | |||||||||||||||
Income from continuing operations | $ | 121,556 | $ | 145,301 | $ | 12,492 | $ | (137,443 | ) | $ | 141,906 | |||||||||
Discontinued operations: | ||||||||||||||||||||
Income (loss) from discontinued operations | — | (2 | ) | 622 | — | 620 | ||||||||||||||
Impairment charges | — | — | (20,835 | ) | (20,835 | ) | ||||||||||||||
Gain on sale or acquisition of real estate | — | 282 | (309 | ) | — | (27 | ) | |||||||||||||
Net income (loss) | 121,556 | 145,581 | (8,030 | ) | (137,443 | ) | 121,664 | |||||||||||||
Add: Net loss attributable to noncontrolling interests | — | — | (108 | ) | — | (108 | ) | |||||||||||||
Net income (loss) attributable to EPR Properties | 121,556 | 145,581 | (8,138 | ) | (137,443 | ) | 121,556 | |||||||||||||
Preferred dividend requirements | (24,508 | ) | — | — | — | (24,508 | ) | |||||||||||||
Preferred share redemption costs | (3,888 | ) | — | — | — | (3,888 | ) | |||||||||||||
Net income (loss) available to common shareholders of EPR Properties | $ | 93,160 | $ | 145,581 | $ | (8,138 | ) | $ | (137,443 | ) | $ | 93,160 | ||||||||
Comprehensive income (loss) attributable to EPR Properties | $ | 118,715 | $ | 145,504 | $ | (7,054 | ) | $ | (138,450 | ) | $ | 118,715 | ||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
EPR | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
Properties | Subsidiary | Guarantor | Elimination | |||||||||||||||||
(Issuer) | Guarantors | Subsidiaries | ||||||||||||||||||
Rental revenue | $ | — | $ | 126,809 | $ | 92,924 | $ | — | $ | 219,733 | ||||||||||
Tenant reimbursements | — | 1,778 | 16,187 | — | 17,965 | |||||||||||||||
Other income | 94 | 8 | 272 | — | 374 | |||||||||||||||
Mortgage and other financing income | 416 | 54,689 | 459 | — | 55,564 | |||||||||||||||
Intercompany fee income | 2,726 | — | — | (2,726 | ) | — | ||||||||||||||
Interest income on intercompany notes receivable | 16,665 | — | 2,365 | (19,030 | ) | — | ||||||||||||||
Total revenue | 19,901 | 183,284 | 112,207 | (21,756 | ) | 293,636 | ||||||||||||||
Equity in subsidiaries’ earnings | 111,301 | — | — | (111,301 | ) | — | ||||||||||||||
Property operating expense | — | 4,028 | 20,176 | — | 24,204 | |||||||||||||||
Intercompany fee expense | — | — | 2,726 | (2,726 | ) | — | ||||||||||||||
Other expense | — | 21 | 1,592 | — | 1,613 | |||||||||||||||
General and administrative expense | — | 12,491 | 7,682 | — | 20,173 | |||||||||||||||
Costs associated with loan refinancing or payoff, net | — | — | 1,877 | — | 1,877 | |||||||||||||||
Interest expense, net | 20,069 | 20,425 | 30,801 | — | 71,295 | |||||||||||||||
Interest expense on intercompany notes payable | — | — | 19,030 | (19,030 | ) | — | ||||||||||||||
Transaction costs | 1,403 | — | 324 | — | 1,727 | |||||||||||||||
Impairment charges | — | — | 2,531 | — | 2,531 | |||||||||||||||
Depreciation and amortization | 1,062 | 22,163 | 19,750 | — | 42,975 | |||||||||||||||
Income before equity in income from joint ventures and other items | 108,668 | 124,156 | 5,718 | (111,301 | ) | 127,241 | ||||||||||||||
Equity in income from joint ventures | 2,805 | — | 42 | — | 2,847 | |||||||||||||||
Income from continuing operations | $ | 111,473 | $ | 124,156 | $ | 5,760 | $ | (111,301 | ) | $ | 130,088 | |||||||||
Discontinued operations: | ||||||||||||||||||||
Interest income on intercompany notes receivable | 3,755 | — | — | (3,755 | ) | — | ||||||||||||||
Interest expense on intercompany notes payable | — | (3,755 | ) | — | 3,755 | — | ||||||||||||||
Income from discontinued operations | — | 1,888 | 1,391 | — | 3,279 | |||||||||||||||
Impairment charges | — | — | (33,525 | ) | (33,525 | ) | ||||||||||||||
Costs associated with loan refinancing | — | — | (4,121 | ) | — | (4,121 | ) | |||||||||||||
Gain on sale or acquisition of real estate | — | 19,530 | 15 | — | 19,545 | |||||||||||||||
Net income (loss) | 115,228 | 141,819 | (30,480 | ) | (111,301 | ) | 115,266 | |||||||||||||
Add: Net loss attributable to noncontrolling interests | — | — | (38 | ) | — | (38 | ) | |||||||||||||
Net income (loss) attributable to EPR Properties | 115,228 | 141,819 | (30,518 | ) | (111,301 | ) | 115,228 | |||||||||||||
Preferred dividend requirements | (28,140 | ) | — | — | — | (28,140 | ) | |||||||||||||
Preferred share redemption costs | (2,769 | ) | — | — | — | (2,769 | ) | |||||||||||||
Net income (loss) available to common shareholders of EPR Properties | $ | 84,319 | $ | 141,819 | $ | (30,518 | ) | $ | (111,301 | ) | $ | 84,319 | ||||||||
Comprehensive income (loss) attributable to EPR Properties | $ | 118,499 | $ | 143,470 | $ | (28,897 | ) | $ | (114,573 | ) | $ | 118,499 | ||||||||
Condensed Consolidating Statement Of Cash Flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
EPR | Wholly Owned | Non-Guarantor | Consolidated | |||||||||||||||||
Properties | Subsidiary | Subsidiaries | ||||||||||||||||||
(Issuer) | Guarantors | |||||||||||||||||||
Intercompany fee income (expense) | $ | 2,629 | $ | — | $ | (2,629 | ) | $ | — | |||||||||||
Interest income (expense) on intercompany receivable/payable | 17,848 | — | (17,848 | ) | — | |||||||||||||||
Net cash provided (used) by other operating activities | (38,183 | ) | 197,152 | 72,470 | 231,439 | |||||||||||||||
Net cash provided (used) by operating activities | (17,706 | ) | 197,152 | 51,993 | 231,439 | |||||||||||||||
Net cash provided by operating activities of discontinued operations | — | 286 | 2,395 | 2,681 | ||||||||||||||||
Net cash provided (used) by operating activities | (17,706 | ) | 197,438 | 54,388 | 234,120 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Acquisition of rental properties and other assets | (1,358 | ) | (94,119 | ) | (28,020 | ) | (123,497 | ) | ||||||||||||
Proceeds from sale of real estate | — | — | 797 | 797 | ||||||||||||||||
Investment in unconsolidated joint ventures | (1,607 | ) | — | — | (1,607 | ) | ||||||||||||||
Investment in mortgage notes receivable | (11,797 | ) | (46,402 | ) | (2,369 | ) | (60,568 | ) | ||||||||||||
Proceeds from mortgage note receivable paydown | — | 202 | 1,698 | 1,900 | ||||||||||||||||
Investment in promissory notes receivable | — | (1,278 | ) | — | (1,278 | ) | ||||||||||||||
Proceeds from promissory note paydown | 117 | — | 910 | 1,027 | ||||||||||||||||
Investment in a direct financing lease, net | — | (3,262 | ) | — | (3,262 | ) | ||||||||||||||
Additions to property under development | (18 | ) | (189,736 | ) | (7,517 | ) | (197,271 | ) | ||||||||||||
Investment in intercompany notes payable | 103,104 | — | (103,104 | ) | — | |||||||||||||||
Advances to subsidiaries, net | (386,759 | ) | 188,458 | 198,301 | — | |||||||||||||||
Net cash provided (used) by investing activities of continuing operations | (298,318 | ) | (146,137 | ) | 60,696 | (383,759 | ) | |||||||||||||
Net proceeds from sale of real estate from discontinued operations | — | — | 47,301 | 47,301 | ||||||||||||||||
Net cash provided (used) by investing activities | (298,318 | ) | (146,137 | ) | 107,997 | (336,458 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from debt facilities | 300,000 | 346,000 | — | 646,000 | ||||||||||||||||
Principal payments on debt | — | (394,740 | ) | (157,728 | ) | (552,468 | ) | |||||||||||||
Deferred financing fees paid | (5,620 | ) | (2,494 | ) | (19 | ) | (8,133 | ) | ||||||||||||
Costs associated with loan refinancing or payoff (cash portion) | — | — | (5,790 | ) | (5,790 | ) | ||||||||||||||
Net proceeds from issuance of common shares | 220,785 | — | — | 220,785 | ||||||||||||||||
Impact of stock option exercises, net | 947 | — | — | 947 | ||||||||||||||||
Purchase of common shares for treasury | (3,246 | ) | — | — | (3,246 | ) | ||||||||||||||
Dividends paid to shareholders | (197,924 | ) | — | — | (197,924 | ) | ||||||||||||||
Net cash provided (used) by financing | 314,942 | (51,234 | ) | (163,537 | ) | 100,171 | ||||||||||||||
Effect of exchange rate changes on cash | — | (13 | ) | (526 | ) | (539 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (1,082 | ) | 54 | (1,678 | ) | (2,706 | ) | |||||||||||||
Cash and cash equivalents at beginning of the period | 1,531 | 651 | 8,482 | 10,664 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 449 | $ | 705 | $ | 6,804 | $ | 7,958 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
EPR | Wholly Owned | Non-Guarantor | Consolidated | |||||||||||||||||
Properties | Subsidiary | Subsidiaries | ||||||||||||||||||
(Issuer) | Guarantors | |||||||||||||||||||
Intercompany fee income (expense) | $ | 2,706 | $ | — | $ | (2,706 | ) | $ | — | |||||||||||
Interest income (expense) on intercompany receivable/payable | 16,967 | — | (16,967 | ) | — | |||||||||||||||
Net cash provided (used) by other operating activities | (19,940 | ) | 164,505 | 51,536 | 196,101 | |||||||||||||||
Net cash provided (used) by operating activities of continuing operations | (267 | ) | 164,505 | 31,863 | 196,101 | |||||||||||||||
Net cash provided by operating activities of discontinued operations | — | 1,036 | 10,307 | 11,343 | ||||||||||||||||
Net cash provided (used) by operating activities | (267 | ) | 165,541 | 42,170 | 207,444 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Acquisition of rental properties and other assets | (422 | ) | (67,890 | ) | (4,876 | ) | (73,188 | ) | ||||||||||||
Investment in unconsolidated joint ventures | (1,800 | ) | — | — | (1,800 | ) | ||||||||||||||
Investment in mortgage note receivable | — | (90,975 | ) | (22,848 | ) | (113,823 | ) | |||||||||||||
Proceeds from sale of investment in a direct financing lease, net | — | 4,494 | — | 4,494 | ||||||||||||||||
Additions to property under development | — | (99,924 | ) | (13,675 | ) | (113,599 | ) | |||||||||||||
Investment in intercompany notes payable | (3,074 | ) | — | 3,074 | — | |||||||||||||||
Advances to subsidiaries, net | (416,859 | ) | 445,612 | (28,753 | ) | — | ||||||||||||||
Net cash provided (used) by investing activities of continuing operations | (422,155 | ) | 191,317 | (67,078 | ) | (297,916 | ) | |||||||||||||
Net proceeds from sale of discontinued operations | — | 282 | 41,851 | 42,133 | ||||||||||||||||
Net cash provided (used) in investing activities | (422,155 | ) | 191,599 | (25,227 | ) | (255,783 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from debt facilities | 590,000 | 281,000 | — | 871,000 | ||||||||||||||||
Principal payments on debt | — | (638,684 | ) | (19,887 | ) | (658,571 | ) | |||||||||||||
Deferred financing fees paid | (5,770 | ) | (6 | ) | (24 | ) | (5,800 | ) | ||||||||||||
Costs associated with loan refinancing or payoff (cash portion) | — | (37 | ) | (152 | ) | (189 | ) | |||||||||||||
Net proceeds from issuance of common shares | 231 | — | — | 231 | ||||||||||||||||
Net proceeds from issuance of preferred shares | 120,567 | — | — | 120,567 | ||||||||||||||||
Redemption of preferred shares | (115,013 | ) | — | — | (115,013 | ) | ||||||||||||||
Impact of stock option exercises, net | (1,987 | ) | — | — | (1,987 | ) | ||||||||||||||
Purchase of common shares for treasury | (3,232 | ) | — | — | (3,232 | ) | ||||||||||||||
Dividends paid to shareholders | (162,775 | ) | — | — | (162,775 | ) | ||||||||||||||
Net cash provided (used) by financing activities | 422,021 | (357,727 | ) | (20,063 | ) | 44,231 | ||||||||||||||
Effect of exchange rate changes on cash | — | (5 | ) | 152 | 147 | |||||||||||||||
Net decrease in cash and cash equivalents | (401 | ) | (592 | ) | (2,968 | ) | (3,961 | ) | ||||||||||||
Cash and cash equivalents at beginning of the period | 1,932 | 1,243 | 11,450 | 14,625 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 1,531 | $ | 651 | $ | 8,482 | $ | 10,664 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||
EPR | Wholly Owned | Non-Guarantor | Consolidated | |||||||||||||||||
Properties | Subsidiary | Subsidiaries | ||||||||||||||||||
(Issuer) | Guarantors | |||||||||||||||||||
Intercompany fee income (expense) | $ | 2,726 | $ | — | $ | (2,726 | ) | $ | — | |||||||||||
Interest income (expense) on intercompany receivable/payable | 16,665 | — | (16,665 | ) | — | |||||||||||||||
Net cash provided (used) by other operating activities | (12,924 | ) | 143,020 | 55,572 | 185,668 | |||||||||||||||
Net cash provided by operating activities of continuing operations | 6,467 | 143,020 | 36,181 | 185,668 | ||||||||||||||||
Net cash provided by operating activities of discontinued operations | — | 7,947 | 2,301 | 10,248 | ||||||||||||||||
Net cash provided by operating activities | 6,467 | 150,967 | 38,482 | 195,916 | ||||||||||||||||
Investing activities: | ||||||||||||||||||||
Acquisition of rental properties and other assets | (603 | ) | (46,822 | ) | (5,750 | ) | (53,175 | ) | ||||||||||||
Investment in unconsolidated joint ventures | (2,773 | ) | — | (1,197 | ) | (3,970 | ) | |||||||||||||
Investment in mortgage notes receivable | — | (18,391 | ) | (1,297 | ) | (19,688 | ) | |||||||||||||
Investment in direct financing lease, net | — | (2,113 | ) | — | (2,113 | ) | ||||||||||||||
Additions to property under development | — | (53,355 | ) | (4,571 | ) | (57,926 | ) | |||||||||||||
Investment in intercompany notes payable | 127,111 | (132,074 | ) | 4,963 | — | |||||||||||||||
Advances to subsidiaries, net | 108,495 | (172,843 | ) | 64,348 | — | |||||||||||||||
Net cash provided (used) by investing activities of continuing operations | 232,230 | (425,598 | ) | 56,496 | (136,872 | ) | ||||||||||||||
Net cash used by other investing activities of discontinued operations | — | (58 | ) | — | (58 | ) | ||||||||||||||
Net proceeds from sale of real estate from discontinued operations | — | 205,936 | 20,676 | 226,612 | ||||||||||||||||
Net cash provided (used) by investing activities | 232,230 | (219,720 | ) | 77,172 | 89,682 | |||||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from debt facilities | — | 387,000 | — | 387,000 | ||||||||||||||||
Principal payments on debt | — | (315,324 | ) | (110,535 | ) | (425,859 | ) | |||||||||||||
Deferred financing fees paid | (396 | ) | (3,330 | ) | (5 | ) | (3,731 | ) | ||||||||||||
Costs associated with loan refinancing or payoff (cash portion) | — | — | (117 | ) | (117 | ) | ||||||||||||||
Net proceeds from issuance of common shares | 253 | — | — | 253 | ||||||||||||||||
Redemption of preferred shares | (80,030 | ) | — | — | (80,030 | ) | ||||||||||||||
Impact of stock option exercises, net | 966 | — | — | 966 | ||||||||||||||||
Purchase of common shares for treasury | (3,070 | ) | — | — | (3,070 | ) | ||||||||||||||
Dividends paid to shareholders | (157,844 | ) | — | — | (157,844 | ) | ||||||||||||||
Net cash provided (used) by financing activities | (240,121 | ) | 68,346 | (110,657 | ) | (282,432 | ) | |||||||||||||
Effect of exchange rate changes on cash | — | (166 | ) | (151 | ) | (317 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (1,424 | ) | (573 | ) | 4,846 | 2,849 | ||||||||||||||
Cash and cash equivalents at beginning of the period | 3,356 | 1,816 | 6,604 | 11,776 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 1,932 | $ | 1,243 | $ | 11,450 | $ | 14,625 | ||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
segment | properties | properties | |||||||||
Proceeds from promissory note receivable paydown | ' | ' | ' | ' | ' | ' | ' | ' | $1,027,000 | $0 | $0 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3,074,000 | 2,531,000 |
Number of Reportable Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Principles of Consolidation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 108,000 | 38,000 |
Noncontrolling interests | 377,000 | ' | ' | ' | 377,000 | ' | ' | ' | 377,000 | 377,000 | ' |
Accounting for Acquisitions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | 1,955,000 | 404,000 | 1,727,000 |
Transaction costs, continued and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 1,700,000 |
Transaction costs, discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 3,000 |
Goodwill | 693,000 | ' | ' | ' | 693,000 | ' | ' | ' | 693,000 | 693,000 | ' |
Intangible Assets, Net (Including Goodwill) | 6,812,000 | ' | ' | ' | 3,321,000 | ' | ' | ' | 6,812,000 | 3,321,000 | ' |
Revenue Recognition [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage rents | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 1,800,000 | 1,100,000 |
Participating interest income | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | 0 | 500,000 |
Lease termination fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 100,000 | 1,100,000 |
Lease termination fees within discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Allowance for Doubtful Accounts [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for doubtful accounts | 2,989,000 | ' | ' | ' | 3,852,000 | ' | ' | ' | 2,989,000 | 3,852,000 | ' |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of taxable income distributed to shareholders annually | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' |
Tax withholding related to repatriation of foreign earnings | 123,000 | ' | ' | ' | ' | ' | ' | ' | 123,000 | ' | ' |
Current taxes paid for repatriation of foreign earnings | ' | ' | ' | ' | ' | ' | ' | ' | 34,000 | ' | ' |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 89,000 | ' | ' | ' | ' | ' | ' | ' | 89,000 | ' | ' |
Deferred tax liabilities, future repatriation of earnings | ' | ' | ' | ' | ' | ' | ' | ' | -89,000 | ' | ' |
Current state income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 488,000 | ' | ' |
Current state income tax expense and other | ' | ' | ' | ' | ' | ' | ' | ' | -522,000 | ' | ' |
Deferred income tax benefit-foreign | ' | ' | ' | ' | ' | ' | ' | ' | 14,787,000 | ' | ' |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -14,176,000 | 0 | 0 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed assets | 18,219,000 | ' | ' | ' | 15,454,000 | ' | ' | ' | 18,219,000 | 15,454,000 | ' |
Net operating losses | 3,741,000 | ' | ' | ' | 3,653,000 | ' | ' | ' | 3,741,000 | 3,653,000 | ' |
Other | 728,000 | ' | ' | ' | 139,000 | ' | ' | ' | 728,000 | 139,000 | ' |
Less Valuation allowance | -3,164,000 | ' | ' | ' | -15,065,000 | ' | ' | ' | -3,164,000 | -15,065,000 | ' |
Total deferred tax assets | 19,524,000 | ' | ' | ' | 4,181,000 | ' | ' | ' | 19,524,000 | 4,181,000 | ' |
Straight line receivable | -4,158,000 | ' | ' | ' | -3,916,000 | ' | ' | ' | -4,158,000 | -3,916,000 | ' |
Other | -578,000 | ' | ' | ' | -265,000 | ' | ' | ' | -578,000 | -265,000 | ' |
Total deferred tax liabilities | -4,736,000 | ' | ' | ' | -4,181,000 | ' | ' | ' | -4,736,000 | -4,181,000 | ' |
Net deferred tax asset | 14,788,000 | ' | ' | ' | 0 | ' | ' | ' | 14,788,000 | 0 | ' |
Concentration Risks, Types, No Concentration Percentage [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | 248,709,000 | 234,517,000 | 219,733,000 |
Total assets | 3,272,276,000 | ' | ' | ' | 2,946,730,000 | ' | ' | ' | 3,272,276,000 | 2,946,730,000 | ' |
Total liabilities | 1,584,262,000 | ' | ' | ' | 1,486,832,000 | ' | ' | ' | 1,584,262,000 | 1,486,832,000 | ' |
Total stockholders' equity | 1,687,637,000 | ' | ' | ' | 1,459,521,000 | ' | ' | ' | 1,687,637,000 | 1,459,521,000 | ' |
Net Income (Loss) Attributable to Parent | 57,091,000 | 37,551,000 | 26,524,000 | 35,254,000 | 18,843,000 | 28,149,000 | 30,797,000 | 15,371,000 | 180,226,000 | 121,556,000 | 115,228,000 |
Total revenue | 89,352,000 | 87,841,000 | 82,973,000 | 82,898,000 | 82,451,000 | 81,542,000 | 77,511,000 | 76,303,000 | 343,064,000 | 317,807,000 | 293,636,000 |
Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 6,516,000 | 5,833,000 | 5,610,000 |
Share based compensation, future vesting period minimum (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' |
Number of Winery Properties for Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 8 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 20,835,000 | 33,525,000 |
American Multi-Cinema, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risks, Types, No Concentration Percentage [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of megaplex theatre rental leased by AMC | ' | ' | ' | ' | ' | ' | ' | ' | 29.00% | ' | ' |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | 85,100,000 | 95,100,000 | 105,300,000 |
Percentage of lease revenue in total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 30.00% | 36.00% |
Four Entertainment Retail Centers Member | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risks, Types, No Concentration Percentage [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of lease revenue in total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 13.00% | 14.00% |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 42,300,000 | 42,800,000 | 42,300,000 |
Net assets of wholly owned subsidiary | 227,200,000 | ' | ' | ' | 147,300,000 | ' | ' | ' | 227,200,000 | 147,300,000 | ' |
Wholly owned subsidiary percentage in net assets | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | 10.00% | ' |
Toronto Dundas Square [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risks, Types, No Concentration Percentage [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of land acquired (in square feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 330,000 |
Area of signage business acquired (in square feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 |
VinREIT [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principles of Consolidation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 108,000 | 38,000 |
VinREIT LLC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principles of Consolidation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 6,200,000 | 21,200,000 | 39,900,000 |
Noncontrolling interests | 377,000 | ' | ' | ' | 377,000 | ' | ' | ' | 377,000 | 377,000 | ' |
Concentration Risks, Types, No Concentration Percentage [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Wholly owned subsidiary percentage in net assets | ' | ' | ' | ' | ' | ' | ' | ' | 96.00% | ' | ' |
Canadian Operations and Taxable REIT Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets | 22,700,000 | ' | ' | ' | 19,300,000 | ' | ' | ' | 22,700,000 | 19,300,000 | ' |
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total deferred tax liabilities | -4,700,000 | ' | ' | ' | -4,200,000 | ' | ' | ' | -4,700,000 | -4,200,000 | ' |
Leases, Acquired-in-Place [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounting for Acquisitions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, net | 5,065,000 | ' | ' | ' | 2,628,000 | ' | ' | ' | 5,065,000 | 2,628,000 | ' |
Intangible assets, accumulated amortization | 11,600,000 | ' | ' | ' | 11,000,000 | ' | ' | ' | 11,600,000 | 11,000,000 | ' |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 0 | 1,300,000 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 1,232,000 | ' | ' | ' | ' | ' | ' | ' | 1,232,000 | ' | ' |
2015 | 1,120,000 | ' | ' | ' | ' | ' | ' | ' | 1,120,000 | ' | ' |
2016 | 774,000 | ' | ' | ' | ' | ' | ' | ' | 774,000 | ' | ' |
2017 | 630,000 | ' | ' | ' | ' | ' | ' | ' | 630,000 | ' | ' |
2018 | 615,000 | ' | ' | ' | ' | ' | ' | ' | 615,000 | ' | ' |
Thereafter | 694,000 | ' | ' | ' | ' | ' | ' | ' | 694,000 | ' | ' |
Total | 5,065,000 | ' | ' | ' | 2,628,000 | ' | ' | ' | 5,065,000 | 2,628,000 | ' |
Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
weighted average life remaining of in place leases | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 5 months | ' | ' |
Leases, Acquired-in-Place [Member] | Theatre Properties Member | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounting for Acquisitions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
In-place leases relating to properties, number of properties | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Above Market Leases [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounting for Acquisitions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, net | 1,054,000 | ' | ' | ' | 0 | ' | ' | ' | 1,054,000 | 0 | ' |
Intangible assets, accumulated amortization | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 192,000 | ' | ' | ' | ' | ' | ' | ' | 192,000 | ' | ' |
2015 | 192,000 | ' | ' | ' | ' | ' | ' | ' | 192,000 | ' | ' |
2016 | 192,000 | ' | ' | ' | ' | ' | ' | ' | 192,000 | ' | ' |
2017 | 192,000 | ' | ' | ' | ' | ' | ' | ' | 192,000 | ' | ' |
2018 | 192,000 | ' | ' | ' | ' | ' | ' | ' | 192,000 | ' | ' |
Thereafter | 94,000 | ' | ' | ' | ' | ' | ' | ' | 94,000 | ' | ' |
Total | 1,054,000 | ' | ' | ' | 0 | ' | ' | ' | 1,054,000 | 0 | ' |
Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
weighted average life remaining of in place leases | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 7 months | ' | ' |
Above Market Leases [Member] | Theatre Properties Member | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounting for Acquisitions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
In-place leases relating to properties, number of properties | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
ONTARIO | Entertainment Retail Center Properties [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risks, Types, No Concentration Percentage [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | 4 | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
ONTARIO | Leases, Acquired-in-Place [Member] | Four Entertainment Retail Centers Member | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounting for Acquisitions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
In-place leases relating to properties, number of properties | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
CALIFORNIA | Leases, Acquired-in-Place [Member] | Entertainment Retail Center Properties [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounting for Acquisitions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
In-place leases relating to properties, number of properties | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Building [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful live of buildings (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '40 years | ' | ' |
Segment, Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Vineyard Properties For Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation, future vesting period minimum (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Minimum [Member] | Furniture and Fixtures [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful live of buildings (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation, future vesting period minimum (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' |
Maximum [Member] | Furniture and Fixtures [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful live of buildings (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' | ' |
Employee Stock Option [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation, future vesting period minimum (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' |
Stock or Unit Option Plan Expense | ' | ' | ' | ' | ' | ' | ' | ' | 856,000 | 937,000 | 777,000 |
Employee Stock Option [Member] | Non-Employee Trustees [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years from date of grant that share options may not be exercised | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Restricted Stock [Member] | Employee [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation expense related to employees and trustees | ' | ' | ' | ' | ' | ' | ' | ' | 4,800,000 | 4,400,000 | 4,200,000 |
Restricted Stock [Member] | Minimum [Member] | Employee [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation, future vesting period minimum (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Restricted Stock [Member] | Maximum [Member] | Employee [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation, future vesting period minimum (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' |
Restricted Stock Units (RSUs) [Member] | Non-Employee Trustees [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation expense related to employees and trustees | ' | ' | ' | ' | ' | ' | ' | ' | 828,000 | 494,000 | 493,000 |
Allowance for Loan and Lease Losses [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Allowances and Reserves, Deductions | ' | ' | ' | ' | ' | ' | ' | ' | 123,000 | 8,073,000 | 0 |
Foreign Tax Authority [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit | ' | ' | ' | ($14,800,000) | ' | ' | ' | ' | ' | ' | ' |
Rental_Properties_Summary_Of_C
Rental Properties Summary Of Carrying Amounts Of Rental Properties (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate Properties [Line Items] | ' | ' | ' |
Real Estate Investment Property Gross | $2,513,794,000 | $2,260,777,000 | ' |
Accumulated depreciation | -409,643,000 | -375,684,000 | ' |
Total | 2,104,151,000 | 1,885,093,000 | ' |
Depreciation expense on rental properties | 50,700,000 | 43,800,000 | 40,000,000 |
Building and Building Improvements [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Real Estate Investment Property Gross | 1,937,661,000 | 1,734,300,000 | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Real Estate Investment Property Gross | 26,676,000 | 34,028,000 | ' |
Land [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Real Estate Investment Property Gross | $549,457,000 | $492,449,000 | ' |
Rental_Properties_Disposition_
Rental Properties Disposition (Details) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 36 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
Oct. 11, 2013 | Dec. 06, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 01, 2014 | Mar. 29, 2011 | Feb. 03, 2011 | Dec. 31, 2013 | Feb. 03, 2011 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | properties | Toronto Dundas Square Member | Toronto Dundas Square Member | Toronto Dundas Square Member | Toronto Dundas Square Member | |
properties | properties | properties | CAD | USD ($) | CAD | CAD | ||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Sales Proceeds From Sale Of Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | 226,000,000 | ' | ' | ' |
Net Sales Proceeds From Sale Of Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | 222,700,000 | ' | ' | ' |
Escrow Deposits Related to Property Sales | ' | ' | ' | ' | ' | ' | ' | ' | 15,300,000 | ' | ' | ' |
Foreign Currency Fair Value Hedge Asset at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 201,500,000 | ' | 200,000,000 |
Gains (Losses) on Sales of Investment Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,300,000 | ' | ' |
Payments for (Proceeds from) Real Estate Held-for-investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,200,000 | ' |
Real Estate Disposals Transaction Liability Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' |
Gain on sale or acquisition, net | ' | ' | 282,000 | 1,200,000 | 3,017,000 | 0 | 0 | ' | ' | ' | ' | ' |
Gain (loss) on sale or acquisition of real estate | ' | ' | ' | ' | 4,256,000 | -27,000 | 19,545,000 | ' | ' | ' | ' | ' |
Real Estate Related Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' |
Real Estate Related Liabilites | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' |
number of winery properties sold | ' | ' | ' | ' | 5 | 2 | 3 | 6 | ' | ' | ' | ' |
Gain (Loss) on Sale of Property Plant Equipment | ' | ' | ' | ' | 4,300,000 | -308,000 | 16,000 | ' | ' | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | $1,000,000 | $10,000,000 | ' | ' | $49,800,000 | $44,400,000 | $20,700,000 | ' | ' | ' | ' | ' |
Noncash or Part Noncash Divestiture, Type of Consideration Received | '2.5 | '2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment_Charges_Details
Impairment Charges (Details) (USD $) | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 01, 2014 | |
properties | properties | properties | properties | |
Asset Impairment Charges Including Continuing And Discontinuing Operations | ' | $23,900,000 | $36,100,000 | ' |
Impairment charges | 0 | 20,835,000 | 33,525,000 | ' |
Impairment charges | 0 | 3,074,000 | 2,531,000 | ' |
number of winery properties sold | 5 | 2 | 3 | 6 |
Number of Winery Properties for Sale | ' | 6 | 8 | ' |
Rental properties, Fair Value | ' | 68,434,000 | ' | ' |
Gary Farrel Winery [Member] | ' | ' | ' | ' |
Impairment charges | ' | ' | 33,500,000 | ' |
Vineyard And Winery Facility [Member] | ' | ' | ' | ' |
Impairment charges | ' | 23,900,000 | ' | ' |
Buena Vista Winery & Vineyards [Member] | ' | ' | ' | ' |
Impairment charges | ' | $20,800,000 | ' | ' |
Segment, Discontinued Operations [Member] | ' | ' | ' | ' |
Number of Vineyard Properties For Sale | ' | ' | 1 | ' |
Accounts_Receivable_Net_Schedu
Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Straight-line rent receivable | $33,654,000 | $30,891,000 |
Allowance for doubtful accounts | -2,989,000 | -3,852,000 |
Total | 42,538,000 | 38,738,000 |
Tenants [Member] | ' | ' |
Accounts receivable, gross | 10,759,000 | 9,379,000 |
Non-Tenants [Member] | ' | ' |
Accounts receivable, gross | 275,000 | 1,527,000 |
Canada Revenue Agency [Member] | ' | ' |
Accounts receivable, gross | $839,000 | $793,000 |
Investment_in_Mortgage_Notes_D
Investment in Mortgage Notes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Ski Resorts [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | Mortgage Receivable [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||
Y | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Corporation [Member] | Ski Resorts [Member] | Basis School, Inc. [Member] | UMEPrep [Member] | years | Mortgage Receivable [Member] | years | Mortgage Receivable [Member] | ||||||||||||||||||||||||||||||||||||||||
Mortgage note and related accrued interest receivable, 9.00%, paid in full on May 31, 2013 | Mortgage note and related accrued interest receivable, 9.00%, paid in full on May 31, 2013 | Mortgage note, 9.50%, paid in full on October 8, 2013 | Mortgage note, 9.50%, paid in full on October 8, 2013 | Mortgage Note, Due November 1, 2016 [Member] | Mortgage Note, Due November 1, 2016 [Member] | Mortgage Note, Due November 1, 2017 [Member] | Mortgage Note, Due November 1, 2017 [Member] | Mortgage Note, Due November 1, 2017 [Member] | Mortgage Note, Due November 1, 2017 [Member] | Mortgage Notes, 7.00% and 10.00%, Due May 1, 2019 [Member] | Mortgage Notes, 7.00% and 10.00%, Due May 1, 2019 [Member] | Mortgage Notes, 7.00% and 10.00%, Due May 1, 2019 [Member] | Mortgage Notes, 7.00% and 10.00%, Due May 1, 2019 [Member] | Mortgage Notes, 7.00% and 10.00%, Due May 1, 2019 [Member] | Mortgage Note, Due August 29, 2020 [Member] | Mortgage Note, Due August 29, 2020 [Member] | Mortgage Note, Due October 30, 2027 [Member] | Mortgage Note, Due October 30, 2027 [Member] | Mortgage Note, Due October 30, 2027 [Member] | Mortgage Note, Due June 28, 2032 [Member] [Member] | Mortgage Note, Due June 28, 2032 [Member] [Member] | Mortgage Note, Due June 28, 2032 [Member] [Member] | Mortgage Note, Due June 28, 2032 [Member] [Member] | Mortgage Note, Due September 1, 2032 [Member] | Mortgage Note, Due September 1, 2032 [Member] | Mortgage Note, Due September 1, 2032 [Member] | Mortgage Note, Due October 31, 2032 [Member] | Mortgage Note, Due October 31, 2032 [Member] | Mortgage Note, Due December 1, 2032 [Member] | Mortgage Note, Due December 1, 2032 [Member] | Mortgage Note, Due December 31, 2032 [Member] | Mortgage Note, Due December 31, 2032 [Member] | Mortgage Note, Due April 30, 2033 [Member] | Mortgage Note, Due April 30, 2033 [Member] | Mortgage Note, Due May 31, 2033 [Member] | Mortgage Note, Due May 31, 2033 [Member] | Mortgage Note, Due June 30, 2033 [Member] | Mortgage Note, Due June 30, 2033 [Member] | Mortgage Note, Due June 30, 2033 [Member] | Mortgage Note, Due December 31, 2032 [Member] | Mortgage Note, Due December 31, 2032 [Member] | Mortgage Note, Due June 30, 2033 [Member] | Mortgage Note, Due June 30, 2033 [Member] | Mortgage Note, Due June 30, 2033 [Member] | Mortgage Note, Due June 30, 2033 [Member] | Mortgage Note, Due June 30, 2033 [Member] | sqft | sqft | acre | Corporation [Member] | Corporation [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Public Charter School Property [Member] | Public Charter School Property [Member] | Entertainment Retail Center Properties [Member] | Entertainment Retail Center Properties [Member] | Vineyard And Winery Facility [Member] | Vineyard And Winery Facility [Member] | Vineyard And Winery Facility [Member] | Vineyard And Winery Facility [Member] | Ski Resorts [Member] | Ski Resorts [Member] | Water Parks [Member] | Water Parks [Member] | Water Parks [Member] | Water Parks [Member] | Water Parks [Member] | Ski Resorts [Member] | Ski Resorts [Member] | Ski Resorts [Member] | Ski Resorts [Member] | Ski Resorts [Member] | Ski Resorts [Member] | Ski Resorts [Member] | Ski Resorts [Member] | Ski Resorts [Member] | Ski Resorts [Member] | NC Music Factory [Member] | NC Music Factory [Member] | Basis School, Inc. [Member] | Basis School, Inc. [Member] | NC Music Factory [Member] | NC Music Factory [Member] | Public Charter School Property [Member] | Public Charter School Property [Member] | TopGolf [Member] | TopGolf [Member] | Ski Resorts [Member] | Ski Resorts [Member] | Ski Resorts [Member] | Public Charter School Property [Member] | Public Charter School Property [Member] | Public Charter School Property [Member] | Public Charter School Property [Member] | Public Charter School Property [Member] | UMEPrep [Member] | UMEPrep [Member] | Mortgage Notes, 7.00% and 10.00%, Due May 1, 2019 [Member] | Mortgage Notes, 7.00% and 10.00%, Due May 1, 2019 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
acres | acres | acres | KANSAS | TEXAS | NEW HAMPSHIRE | properties | VERMONT | NEW HAMPSHIRE | Missouri, Indiana, Ohio, and Pennsylvania [Member] | properties | OHIO | Water Parks [Member] | Water Parks [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
properties | properties | acres | acres | acres | properties | acre | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
acres | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Mortgage notes and related accrued interest receivable, net | $486,337,000 | $455,752,000 | ' | $486,337,000 | $486,337,000 | $455,752,000 | $0 | [1] | $1,710,000 | [1] | $0 | [2] | $17,979,000 | [2] | $2,511,000 | [3] | $0 | [3] | $2,521,000 | [4] | $2,517,000 | [4] | $42,907,000 | [5] | $42,907,000 | [5] | $183,465,000 | [6] | $178,545,000 | [6] | ' | ' | ' | $1,112,000 | [7] | $0 | [7] | $10,972,000 | $10,945,000 | ' | $63,500,000 | [8] | $62,500,000 | [8] | ' | ' | $47,029,000 | [9] | $45,714,000 | [9] | ' | $36,032,000 | [10] | $36,032,000 | [10] | $19,659,000 | [11] | $19,471,000 | [11] | $22,188,000 | [12] | $22,188,000 | [12] | $20,802,000 | [13] | $0 | [13] | $13,086,000 | [14] | $4,930,000 | [14] | $4,509,000 | [15] | $2,550,000 | [15] | ' | $5,717,000 | [16] | $5,787,000 | [16] | ' | $6,872,000 | [17] | $0 | [17] | $3,455,000 | [18] | $1,977,000 | [18] | ' | ' | ' | ' | ' | ' | ' |
Number of acres securing mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 159 | ' | 20 | ' | 696 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 308 | ' | ' | 2,378 | 1,250 | ' | ' | 1,431 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate, Periodic Payment Terms, Level Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '141 | ' | ' | ' | ' | '52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate, Collections of Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate, Periodic Payment Terms, Balloon Payment Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
number of acres | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Square Footage of Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | 40,000 | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Receivable interest rate | ' | ' | ' | ' | ' | ' | 9.00% | ' | 9.50% | ' | 5.50% | ' | 10.00% | ' | 10.00% | ' | ' | ' | ' | ' | ' | 10.00% | ' | 10.11% | ' | ' | 10.77% | ' | ' | ' | 9.98% | ' | ' | 10.65% | ' | 9.50% | ' | 10.25% | ' | 9.50% | ' | 1131.00% | ' | 10.20% | ' | ' | 9.00% | ' | 9.50% | 950.00% | ' | 1025.00% | ' | 10.00% | 9.00% | 10.25% | ' | 7.00% | ' | 10.00% | ||||||||||||||||||||||||||||||||||||
Length of lease (in years) | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | 21 | ' | ||||||||||||||||||||||||||||||||||||
Number of properties securing debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Seasonal line of credit with higher collateral position, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Participating interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 923,000 | 862,000 | 451,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Number of Units in Real Estate Property | 453 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Notes Receivable, Future Payment Receivables [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
2014 | ' | ' | ' | 751,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
2015 | ' | ' | ' | 878,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
2016 | ' | ' | ' | 46,297,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
2017 | ' | ' | ' | 1,154,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
2018 | ' | ' | ' | 168,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Thereafter | ' | ' | ' | $437,089,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
mortgage loan on real estate, interest rate, increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | 0.50% | 0.50% | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Frequency of Interest Rate Increases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | '4 years | '5 years | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
mortgage loans on real estate, effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.30% | 9.90% | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
mortgage loans on real estate, servicer fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
[1] | The Company's first mortgage loan agreement with Starshine Charter Holdings, LLC was paid in full on May 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The Company's first mortgage loan agreement with Cantera 30, L.P., was paid in full on October 8, 2013 with the Company's acquisition of its partner's interest in the Atlantic-EPR I joint venture. See Note 8 for further details. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The Company's mortgage loan agreement with Alko Ranch, LLC is secured by approximately 159 acres of land and a winery facility. The note requires monthly interest payments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | The Company's mortgage loan agreement with Carneros Vintners, Inc. is secured by approximately 20 acres of land and a custom crush facility. The note requires monthly interest payments and two principal payments of $750 thousand each during the note term with a final principal payment of $1.0 million due at maturity. Pursuant to the mortgage note, a $10.0 million first mortgage ranks superior to the Company's collateral position. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | The Company's first mortgage loan agreement with Peak Resorts, Inc. (Peak) is secured by approximately 696 acres of development land. The note requires monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | The Company’s mortgage loan agreements with SVVI, LLC (SVVI) are secured by one water-park and adjacent land in Kansas City, Kansas as well as two other water-parks located in New Braunfels and South Padre Island, Texas. The mortgage notes have cross-default and cross-collateral provisions. Pursuant to the mortgage on the Texas properties, only a seasonal line of credit secured by the Texas parks totaling not more than $7.0 million at any time ranks superior to the Company’s collateral position. The note requires monthly interest payments and SVVI is required to fund a debt service reserve for off-season interest payments (those due from September to May). The reserve is to be funded by equal monthly installments during the months of June, July and August. Monthly interest payments are transferred to the Company from this debt service reserve. The mortgage loan agreements also contain certain participating interest and note pay-down provisions. During the years ended December 31, 2013, 2012 and 2011, the Company recognized $923 thousand, $862 thousand and $451 thousand of participating interest income, respectively. SVV I, LLC is a VIE, but it was determined that the Company was not the primary beneficiary of this VIE. The Company’s maximum exposure to loss associated with SVVI, LLC is limited to the Company’s outstanding mortgage note and related accrued interest receivable. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | The Company's first mortgage loan agreement with CBK Lodge, LP and CBH20, LP is secured by development land adjacent to the Company's Camelback Mountain Resort that is expected to be developed into a 453 room Wilderness Lodge hotel, with an attached 125,000 square foot indoor waterpark, to be located at the base of the mountain. Interest accrues at a rate of 10.00% while the property is under construction. Upon completion of the indoor waterpark hotel, it is expected that this investment will be incorporated into the triple net lease of the Camelback Mountain Resort, with an initial term of 20 years from the completion date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | The Company's first mortgage loan agreements with Peak are secured by two ski resorts located in Vermont and New Hampshire. Mount Snow is approximately 2,378 acres and is located in both West Dover and Wilmington, Vermont. Mount Attitash is approximately 1,250 acres and is located in Bartlett, New Hampshire. The note requires monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. Annually, this interest rate increases based on a formula dependent in part on increases in the CPI. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | The Company's first mortgage loan agreement with Peak is secured by seven ski resorts located in Missouri, Indiana, Ohio and Pennsylvania with a total of approximately 1,431 acres. The note requires monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. Annually, this interest rate increases based on a formula dependent in part on increases in the CPI. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | The Company's first mortgage loan agreement with Montparnasse 56 USA is secured by the observation deck of the John Hancock building in Chicago, Illinois. This note requires monthly interest payments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | The Company's first mortgage loan agreement with Basis Schools, Inc. is secured by a six story public charter school and the underlying land with approximately 40,000 square feet located in Washington D.C. The note bears interest beginning at 9.0% with increases of 0.5% every four years and requires monthly interest payments. The note has an effective interest rate of approximately 9.3%, which is net of a 2% servicer fee to HighMark School Development (HighMark). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | The Company's first mortgage loan agreement with Fiber Mills, LLC and Music Factory Condominiums, LLC is secured by the North Carolina Music Factory located in Charlotte, North Carolina which is an existing entertainment retail center that includes live performance and other dining and entertainment tenants. The note bears interest beginning at 10.25% with increases of 1.0% every five years and requires monthly interest payments. The note contains an option to purchase the property for a period of time during 2015 at a price based on a multiple of the property's adjusted net operating income as defined in the agreement. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | The Company's first mortgage loan agreements with LBE Investments, Ltd. are secured by three charter school properties under development located in Gilbert and Queen Creek, Arizona. The notes bear interest beginning at 9.50% with increases of 0.5% every five years. Upon completion of construction, the notes require monthly payments of principal and interest based on a 25 year amortization schedule. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[14] | The Company's first mortgage loan agreement with TopGolf USA Austin is secured by a recreation facility located in Austin, Texas. The note is fully amortizing and requires monthly principal and interest payments of $141 thousand. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[15] | The Company's first mortgage loan agreement with Peak is secured by a ski resort located in Chesterland, Ohio with approximately 125 acres. The note requires monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. Annually, this interest rate increases based on a formula dependent in part on increases in the CPI. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[16] | The Company's first mortgage loan agreement with LBE Investments, Ltd. is secured by a charter school property located in Queen Creek, Arizona. The note is fully amortizing and requires monthly principal and interest payments of $52 thousand. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[17] | The Company's first mortgage loan agreement with Beloved Community Charter School, Inc. is secured by a charter school property located in Jersey City, New Jersey. The note bears interest beginning at 9.50% with increases of 0.5% every five years and requires monthly interest payments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[18] | The Company's first mortgage loan agreement with UME Preparatory Academy is secured by approximately 28 acres of land and a public charter school property located in Dallas, Texas. The note bears interest beginning at 10.25% with increases of 0.5% every five years and requires monthly interest payments. The note has an effective interest rate of approximately 9.9%, which is net of a 2% servicer fee to HighMark. |
Investments_In_Direct_Financin2
Investments In Direct Financing Leases (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Initial direct costs | $1,700,000 | $1,700,000 | ' |
Investment in a direct financing lease, net | 242,212,000 | 234,089,000 | ' |
Proceeds from Sale of Lease Receivables | 0 | 4,494,000 | 0 |
Provision for Lease Losses | 0 | 0 | ' |
Payments to Acquire Productive Assets | ($3,262,000) | $0 | ($2,113,000) |
Maximum [Member] | ' | ' | ' |
Length of lease (in years) | 21 | ' | ' |
Minimum [Member] | ' | ' | ' |
Length of lease (in years) | ' | 18 | ' |
Imagine Schools [Member] | ' | ' | ' |
Number of public charter school properties | 27 | 26 | ' |
Investments_In_Direct_Financin3
Investments In Direct Financing Leases (Summary Of Carrying Amounts Of Investment In Direct Financing Lease, Net) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ' | ' | ||
Total minimum lease payments receivable | $633,384,000 | $648,632,000 | ||
Estimated unguaranteed residual value of leased assets | 215,207,000 | 211,944,000 | ||
Less deferred income | -606,379,000 | [1] | -626,487,000 | [1] |
Investment in a direct financing lease, net | 242,212,000 | 234,089,000 | ||
Initial direct costs | $1,700,000 | $1,700,000 | ||
[1] | (1) Deferred income is net of $1.7 million of initial direct costs at December 31, 2013 and 2012. |
Investments_In_Direct_Financin4
Investments In Direct Financing Leases (Future Minimum Rentals Receivable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ' | ' |
2014 | $24,609 | ' |
2015 | 25,343 | ' |
2016 | 26,104 | ' |
2017 | 26,887 | ' |
2018 | 27,693 | ' |
Thereafter | 502,748 | ' |
Total | $633,384 | $648,632 |
Unconsolidated_Real_Estate_Joi2
Unconsolidated Real Estate Joint Ventures (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 08, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Atlantic-EPR II [Member] | Atlantic-EPR II [Member] | Atlantic-EPR II [Member] | Atlantic-EPR I [Member] | Atlantic-EPR I [Member] | Atlantic-EPR I [Member] | Atlantic-EPR I and II [Member] | Atlantic-EPR I and II [Member] | Atlantic-EPR I and 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] | ||||||
Number of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 3 | 3 | ' |
Payments to Acquire Productive Assets | ' | ' | $123,497,000 | $73,188,000 | $53,175,000 | ' | ' | ' | ' | ' | ' | $18,600,000 | ' | ' | ' | ' | ' | ' | ' |
Additional amount contributed in equity | ' | ' | ' | ' | ' | 424,000 | 490,000 | 258,000 | 1,200,000 | 1,300,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate, New Mortgage Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,100,000 | ' | ' | ' | ' | ' | ' | ' |
Gain on previously held equity interest | ' | ' | 4,853,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale or acquisition, net | 282,000 | 1,200,000 | 3,017,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' | ' |
Income from investments in unconsolidated real estate joint venture | ' | ' | 1,398,000 | 1,025,000 | 2,847,000 | ' | ' | ' | ' | ' | ' | ' | 505,000 | 536,000 | 2,800,000 | ' | ' | ' | ' |
Maximum exchange of ownership interest per year | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional ownership interest in unconsolidated real estate joint ventures | ' | ' | ' | ' | ' | 3.20% | 3.80% | 2.00% | 6.40% | 6.00% | 11.30% | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | 4,700,000 | ' |
Loss from investments in unconsolidated real estate joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 893,000 | 489,000 | 42,000 |
Distributions from joint ventures | ' | ' | $985,000 | $1,046,000 | $2,848,000 | ' | ' | ' | ' | ' | ' | ' | $646,000 | $1,000,000 | $2,800,000 | ' | $339,000 | ' | ' |
Unconsolidated_Real_Estate_Joi3
Unconsolidated Real Estate Joint Ventures (Unaudited Condensed Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt | $1,475,336 | ' | ' | ' | $1,368,832 | ' | ' | ' | $1,475,336 | $1,368,832 | ' |
Note payable to EPR | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Net income | 63,042 | 43,502 | 32,476 | 41,206 | 29,281 | 34,175 | 36,818 | 21,390 | 180,226 | 121,664 | 115,266 |
Atlantic-EPR I and II [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental properties, net | 44,644 | ' | ' | ' | 45,496 | ' | ' | ' | 44,644 | 45,496 | 46,600 |
Cash | 512 | ' | ' | ' | 278 | ' | ' | ' | 512 | 278 | 1,071 |
Debt | 0 | ' | ' | ' | 11,827 | ' | ' | ' | 0 | 11,827 | 12,224 |
Partners' equity | 18,372 | ' | ' | ' | 18,675 | ' | ' | ' | 18,372 | 18,675 | 34,772 |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,373 | 5,604 | 6,523 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,430 | 1,842 | 1,874 |
Atlantic-EPR II [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note payable to EPR | 11,796 | ' | ' | ' | 0 | ' | ' | ' | 11,796 | 0 | 0 |
Atlantic-EPR I [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note payable to EPR | $21,293 | ' | ' | ' | $17,979 | ' | ' | ' | $21,293 | $17,979 | $0 |
Consolidated_Real_Estate_Joint1
Consolidated Real Estate Joint Ventures (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 21, 2011 | |
VinREIT LLC [Member] | VinREIT LLC [Member] | VinREIT LLC [Member] | VinREIT Global Wine Partners GWP [Member] | VinREIT Global Wine Partners GWP [Member] | VinREIT Global Wine Partners GWP [Member] | Suffolk Retail Llc Member | Suffolk Retail Llc Member | ||||||||||||
vineyards | developmentproject | ||||||||||||||||||
wineries | properties | ||||||||||||||||||
Consolidated Real Estate Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Wholly owned subsidiary percentage in net assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96.00% | ' | ' | ' | ' | ' | ' | ' |
Number Of Wineries Owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Number Of Vineyards Owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Origination Fee Percentage On Winery And Vineyard Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' |
Percentage Of Annual Cash Flow Of VinREIT After Charge For Debt Service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' |
Net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $108,000 | $38,000 | $6,200,000 | $21,200,000 | $39,900,000 | $0 | $108,000 | $38,000 | ' | ' |
Proceeds from Distributions Received from Real Estate Partnerships | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | 11,300,000 | 9,700,000 | ' | ' | ' | ' | ' |
Proceeds from sale of real estate | ' | ' | ' | ' | ' | ' | ' | ' | 797,000 | 0 | 0 | 45,400,000 | 40,600,000 | 19,500,000 | ' | ' | ' | ' | ' |
Distributions Payable to Real Estate Partnerships | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,900,000 | ' | ' | ' | ' | ' |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Real Estate, Number of Completed Development Phases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Number of Properties Adjacent to Development of Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Construction and Development Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,200,000 |
Net Income (Loss) Attributable to Parent | $57,091,000 | $37,551,000 | $26,524,000 | $35,254,000 | $18,843,000 | $28,149,000 | $30,797,000 | $15,371,000 | $180,226,000 | $121,556,000 | $115,228,000 | ' | ' | ' | ' | ' | ' | $645,000 | ' |
Debt_Schedule_of_Longterm_Debt1
Debt Schedule of Long-term Debt Instruments (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 20, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 23, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 23, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2010 | Dec. 31, 2013 | Jun. 18, 2013 | Aug. 08, 2012 | Dec. 31, 2013 | Jun. 18, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Segment, Continuing Operations [Member] | Segment, Continuing Operations [Member] | Segment, Continuing Operations [Member] | Segment, Discontinued Operations [Member] | Segment, Discontinued Operations [Member] | Segment, Discontinued Operations [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Senior unsecured notes payable [Member] | Senior unsecured notes payable [Member] | Senior unsecured notes payable [Member] | Senior unsecured notes payable [Member] | Senior unsecured notes payable [Member] | Senior unsecured notes payable [Member] | Senior unsecured notes payable [Member] | Senior unsecured notes payable [Member] | Senior unsecured notes payable [Member] | Bond payable, variable rate [Member] | Bond payable, variable rate [Member] | Bond payable, variable rate [Member] | Bond payable, variable rate [Member] | Bond payable, variable rate [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Notes Payable, 5.73 Percent, settled on March 4, 2013 [Member] | Mortgage Notes Payable, 5.73 Percent, settled on March 4, 2013 [Member] | Mortgage Notes Payable, 5.73 Percent, settled on March 4, 2013 [Member] | Mortgage Note Payable, 6.84 Percent, paid in full June 20, 2013 [Member] | Mortgage Note Payable, 6.84 Percent, paid in full June 20, 2013 [Member] | Mortgage Note Payable, 6.84 Percent, paid in full June 20, 2013 [Member] | Mortgage Note Payable, 6.84 Percent, paid in full June 20, 2013 [Member] | Mortgage Note Payable, 5.58 Percent, Paid in full on June 24, 2013 [Member] | Mortgage Note Payable, 5.58 Percent, Paid in full on June 24, 2013 [Member] | Mortgage Note Payable, 5.58 Percent, Paid in full on June 24, 2013 [Member] | Mortgage Note Payable, 5.58 Percent, Paid in full on June 24, 2013 [Member] | Mortgage Note Payable, 5.56 Percent Due June 5, 2015 [Member] | Mortgage Note Payable, 5.56 Percent Due June 5, 2015 [Member] | Mortgage Note Payable, 5.56 Percent Due June 5, 2015 [Member] | Mortgage Notes Payable, 5.39 Percent, Due November 1, 2015 [Member] | Mortgage Notes Payable, 5.39 Percent, Due November 1, 2015 [Member] | Mortgage Notes Payable, 5.77 Percent, Due November 6, 2015 [Member] | Mortgage Notes Payable, 5.77 Percent, Due November 6, 2015 [Member] | Mortgage Notes Payable, 5.77 Percent, Due November 6, 2015 [Member] | Mortgage Notes Payable, 5.84 Percent, Due March 6, 2016 [Member] | Mortgage Notes Payable, 5.84 Percent, Due March 6, 2016 [Member] | Mortgage Notes Payable, 5.84 Percent, Due March 6, 2016 [Member] | Mortgage Notes Payable, 6.37 Percent, Due June 30, 2016 [Member] | Mortgage Notes Payable, 6.37 Percent, Due June 30, 2016 [Member] | Mortgage Notes Payable, 6.37 Percent, Due June 30, 2016 [Member] | Mortgage Notes Payable, 6.10 Percent, Due October 1, 2016 [Member] | Mortgage Notes Payable, 6.10 Percent, Due October 1, 2016 [Member] | Mortgage Notes Payable, 6.10 Percent, Due October 1, 2016 [Member] | Mortgage Notes Payable, 6.02 Percent, Due October 6, 2016 [Member] | Mortgage Notes Payable, 6.02 Percent, Due October 6, 2016 [Member] | Mortgage Notes Payable, 6.02 Percent, Due October 6, 2016 [Member] | Mortgage Note Payable, 6.06 Percent, Due March 1, 2017 [Member] | Mortgage Note Payable, 6.06 Percent, Due March 1, 2017 [Member] | Mortgage Note Payable, 6.06 Percent, Due March 1, 2017 [Member] | Mortgage Note Payable, 6.07 Percent, Due April 6, 2017 [Member] | Mortgage Note Payable, 6.07 Percent, Due April 6, 2017 [Member] | Mortgage Note Payable, 6.07 Percent, Due April 6, 2017 [Member] | Mortgage Notes Payable, 5.73 - 5.95 Percent, Due May 1, 2017 [Member] | Mortgage Notes Payable, 5.73 - 5.95 Percent, Due May 1, 2017 [Member] | Mortgage Notes Payable, 5.73 - 5.95 Percent, Due May 1, 2017 [Member] | Mortgage Note Payable, 5.29 Percent, Due July 1, 2017 [Member] | Mortgage Note Payable, 5.29 Percent, Due July 1, 2017 [Member] | Mortgage Note Payable, 5.29 Percent, Due July 1, 2017 [Member] | Mortgage Note Payable, 5.29 Percent, Due July 1, 2017 [Member] | Mortgage Notes Payable, 5.86 Percent, Due August 1, 2017 [Member] | Mortgage Notes Payable, 5.86 Percent, Due August 1, 2017 [Member] | Mortgage Notes Payable, 5.86 Percent, Due August 1, 2017 [Member] | Mortgage Note Payable, 6.19 Percent, Due February 1, 2018 [Member] | Mortgage Note Payable, 6.19 Percent, Due February 1, 2018 [Member] | Mortgage Note Payable, 6.19 Percent, Due February 1, 2018 [Member] | Mortgage Note Payable, 7.37 Percent, Due July 15, 2018 [Member] | Mortgage Note Payable, 7.37 Percent, Due July 15, 2018 [Member] | Mortgage Note Payable, 7.37 Percent, Due July 15, 2018 [Member] | Term loan payable, due July 23, 2018 [Member] | Term loan payable, due July 23, 2018 [Member] | Term loan payable, due July 23, 2018 [Member] | Term loan payable, due July 23, 2018 [Member] | Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due October 13, 2015 [Member] | Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due October 13, 2015 [Member] | Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due October 13, 2015 [Member] | Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due October 13, 2015 [Member] | Senoir Unsecured Notes Payable, 7.75 Percent, Due July 15, 2020 [Member] | Senoir Unsecured Notes Payable, 7.75 Percent, Due July 15, 2020 [Member] | Senoir Unsecured Notes Payable, 7.75 Percent, Due July 15, 2020 [Member] | Senior Unsecured Notes Payable, 5.75 Percent, Due August 15, 2022 [Member] | Senior Unsecured Notes Payable, 5.75 Percent, Due August 15, 2022 [Member] | Senior Unsecured Notes Payable, 5.75 Percent, Due August 15, 2022 [Member] | Senoir Unsecured Notes Payable, 5.25 Percent, Due July 15, 2023 [Member] | Senoir Unsecured Notes Payable, 5.25 Percent, Due July 15, 2023 [Member] | Senoir Unsecured Notes Payable, 5.25 Percent, Due July 15, 2023 [Member] | Senior Unsecured Notes Payable, 5.75 Percent, Due August 15, 2022 [Member] | Senior Unsecured Notes Payable, 5.75 Percent, Due August 15, 2022 [Member] | Bond Payable, Variable Rate, Due October 1,2037 [Member] | Bond Payable, Variable Rate, Due October 1,2037 [Member] | Bond Payable, Variable Rate, Due October 1,2037 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Theatre Properties Member | Entertainment Retail Center Properties [Member] | Entertainment Retail Center Properties [Member] | Entertainment Retail Center Properties [Member] | Entertainment Retail Center Properties [Member] | years | Entertainment Retail Center Properties [Member] | years | Theatre Properties Member | years | Theatre Properties Member | years | Theatre Properties Member | years | Theatre Properties Member | years | Theatre Properties Member | years | Theatre Properties Member | years | Theatre Properties Member | years | Theatre Properties Member | Theatre Properties Member | years | Theatre Properties Member | years | Theatre Properties Member | years | Theatre Properties Member | Theatre Properties Member | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
properties | properties | properties | properties | properties | properties | properties | properties | properties | properties | properties | properties | years | properties | properties | properties | properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Number of properties securing debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | 4 | ' | ' | ' | 1 | ' | ' | 1 | ' | ' | ' | ' | 6 | ' | ' | 2 | ' | ' | 2 | ' | ' | 4 | ' | ' | 3 | ' | ' | 1 | ' | ' | 1 | ' | ' | 4 | ' | ' | ' | 1 | ' | ' | 2 | ' | ' | 1 | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Net book value of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,400,000 | ' | ' | ' | ' | 76,500,000 | ' | ' | 32,300,000 | ' | ' | 31,800,000 | ' | ' | 26,900,000 | ' | ' | 19,200,000 | ' | ' | 9,400,000 | ' | ' | 9,000,000 | ' | ' | 30,800,000 | ' | ' | 8,400,000 | ' | ' | ' | 22,700,000 | ' | ' | 20,000,000 | ' | ' | 17,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,800,000 | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Debt initial balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | ' | ' | ' | ' | 79,000,000 | ' | ' | 44,000,000 | ' | ' | 31,000,000 | ' | ' | 27,800,000 | ' | ' | 20,900,000 | ' | ' | 11,600,000 | ' | ' | 11,900,000 | ' | ' | 38,900,000 | ' | ' | ' | ' | ' | ' | 28,000,000 | ' | ' | 17,500,000 | ' | ' | 18,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | 0 | 350,000,000 | ' | 275,000,000 | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75% | ' | ' | 5.75% | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Monthly payment amortization schedule (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | 25 | ' | ' | 25 | ' | ' | 25 | ' | ' | 25 | ' | ' | 25 | ' | ' | 25 | ' | ' | 30 | ' | ' | 25 | ' | ' | ' | ' | ' | 25 | 25 | ' | ' | 20 | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Monthly principal and interest payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 206,000 | ' | ' | ' | ' | 498,000 | ' | ' | 279,000 | ' | ' | 207,000 | ' | ' | 180,000 | ' | ' | 135,000 | ' | ' | 75,000 | ' | ' | 77,000 | ' | ' | 247,000 | ' | ' | 28,000 | ' | ' | ' | 178,000 | ' | ' | 127,000 | ' | ' | 151,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Final principal payment at maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,100,000 | ' | ' | ' | ' | 60,700,000 | ' | ' | 33,900,000 | ' | ' | 24,400,000 | ' | ' | 21,600,000 | ' | ' | 16,200,000 | ' | ' | 9,000,000 | ' | ' | 9,200,000 | ' | ' | 30,000,000 | ' | ' | 3,200,000 | ' | ' | ' | 21,700,000 | ' | ' | 11,600,000 | ' | ' | 843,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 265,000,000 | 255,000,000 | ' | 475,000,000 | 440,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | ' | ' | ' | 1.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 475,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Notes assumed | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value of notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Estimated market rate used for determining discounted cash flow for fixed rate notes | 5.29% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.73% | ' | ' | 6.84% | ' | ' | ' | 5.58% | ' | ' | ' | 5.56% | ' | ' | 5.39% | ' | 5.77% | ' | ' | 5.84% | ' | ' | 6.37% | ' | ' | 6.10% | ' | ' | 6.02% | ' | ' | 6.06% | ' | ' | 6.07% | ' | ' | ' | ' | ' | 5.29% | ' | ' | ' | 0.06% | ' | ' | 6.19% | ' | ' | 7.37% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75% | ' | ' | ' | ' | ' | 5.25% | ' | ' | 5.75% | ' | 0.06% | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Senior unsecured notes, percent of principal amount issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.29% | ' | ' | 100.00% | ' | 99.55% | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Debt covenant, debt to adjusted total assets ratio, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | 60.00% | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Debt covenant, secured debt to adjusted total assets ratio, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | 40.00% | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Debt covenant, debt service coverage ratio, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | 1.5 | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Debt covenant, total unencumbered assets as a percent of outstanding unsecured debt, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' | 150.00% | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.06% | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | ' | 10,911,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
2015 | ' | 106,448,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
2016 | ' | 102,910,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
2017 | ' | 76,690,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
2018 | ' | 278,382,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | ' | 899,995,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ' | 1,475,336,000 | 1,368,832,000 | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 14,314,000 | [1] | ' | 0 | [2] | 92,773,000 | [2] | ' | ' | 0 | [3] | 57,078,000 | [3] | ' | ' | 31,235,000 | [4] | 31,923,000 | [4] | ' | 5,274,000 | [5] | 0 | [5] | 65,070,000 | [6] | 67,172,000 | [6] | ' | 36,724,000 | [7] | 37,863,000 | [7] | ' | 26,406,000 | [8] | 27,156,000 | [8] | ' | 23,719,000 | [9] | 24,395,000 | [9] | ' | 17,866,000 | [10] | 18,381,000 | [10] | ' | 9,986,000 | [11] | 10,261,000 | [11] | ' | 10,284,000 | [12] | 10,565,000 | [12] | ' | 33,660,000 | [13] | 34,600,000 | [13] | ' | 3,746,000 | [14] | 3,881,000 | [14] | ' | ' | 24,387,000 | [15] | 25,053,000 | [15] | ' | 14,486,000 | [16] | 15,084,000 | [16] | ' | 7,498,000 | [17] | 8,698,000 | [17] | ' | 265,000,000 | [18] | ' | ' | 240,000,000 | [18] | 0 | [19] | ' | ' | 39,000,000 | [19] | 250,000,000 | [20] | 250,000,000 | [20] | ' | ' | ' | ' | 275,000,000 | [21] | ' | 0 | [21] | 350,000,000 | [22] | 350,000,000 | [22] | 24,995,000 | [23] | 10,635,000 | [23] | ' |
Interest Expense, Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Interest on loans and capital lease obligation | ' | ' | ' | ' | 78,292,000 | 71,849,000 | 67,265,000 | 0 | 0 | -405,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | ' | 4,041,000 | 4,218,000 | 3,807,000 | 4,041,000 | 4,218,000 | 3,807,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Credit facility and letter of credit fees | ' | 1,510,000 | 1,515,000 | 1,159,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Interest costs capitalized | ' | -2,763,000 | -859,000 | -498,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Interest income | ' | ' | ' | ' | -53,000 | -79,000 | -70,000 | 29,000 | 12,000 | 37,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | ' | 81,056,000 | 76,656,000 | 71,295,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
write off of debt costs net of accumulated amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,000 | ' | ' | ' | 47,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Payments of Debt Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Additional Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.73% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.51% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
forfeiture of restricted cash account | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | ' | $4,539,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
[1] | On March 4, 2013, the Company entered into a Discounted Payoff and Settlement Agreement (the Agreement) related to this loan agreement which was secured by one 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 year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The Company’s mortgage note payable was prepaid in full on June 20, 2013 prior to its maturity date of March 1, 2014. The notes were secured by four entertainment retail centers in Ontario, Canada. In connection with the payment in full of the mortgage note, $192 thousand of deferred financing costs (net of accumulated amortization) were written off and $4.0 million of additional costs associated with loan payoff were incurred. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The Company’s mortgage note payable was prepaid in full on June 24, 2013 prior to is maturity date of April 1, 2014. The note was secured by one entertainment retail center. In connection with the payment in full of the mortgage note, $47 thousand of deferred financing costs (net of accumulated amortization) were written off and $1.7 million of additional costs associated with loan payoff were incurred. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | The Company’s mortgage note payable due June 5, 2015 is secured by one entertainment retail center, which had a net book value of approximately $48.4 million at December 31, 2013. The note had an initial balance of $36.0 million and the monthly payments are based on a 30 year amortization schedule. The note requires monthly principal and interest payments of approximately $206 thousand with a final principal payment at maturity of approximately $30.1 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | On September 25, 2013, the Company assumed a mortgage note payable of $5.4 million in conjunction with the acquisition of a theatre property, which had a net book value of $11.2 million at December 31, 2013 . 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | The Company’s mortgage notes payable due November 6, 2015 are secured by six theatre properties, which had a net book value of approximately $76.5 million at December 31, 2013. The notes had initial balances totaling $79.0 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $498 thousand with a final principal payment at maturity totaling approximately $60.7 million | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | The Company’s mortgage notes payable due March 6, 2016 are secured by two theatre properties, which had a net book value of approximately $32.3 million at December 31, 2013. The notes had initial balances totaling $44.0 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $279 thousand with a final principal payment at maturity totaling approximately $33.9 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | The Company’s mortgage notes payable due June 30, 2016 are secured by two theatre properties, which had a net book value of approximately $31.8 million at December 31, 2013. The notes had initial balances totaling $31.0 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $207 thousand with a final principal payment at maturity totaling approximately $24.4 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | The Company’s mortgage notes payable due October 1, 2016 are secured by four theatre properties, which had a net book value of approximately $26.9 million at December 31, 2013. The notes had initial balances totaling $27.8 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $180 thousand with a final principal payment at maturity totaling approximately $21.6 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | The Company’s mortgage notes payable due October 6, 2016 are secured by three theatre properties, which had a net book value of approximately $19.2 million at December 31, 2013. The notes had initial balances totaling $20.9 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $135 thousand with a final principal payment at maturity totaling approximately $16.2 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | The Company’s mortgage note payable due March 1, 2017 is secured by one theatre property, which had a net book value of approximately $9.4 million at December 31, 2013. The note had an initial balance of $11.6 million and the monthly payments are based on a 25 year amortization schedule. The note requires monthly principal and interest payments of approximately $75 thousand with a final principal payment at maturity of approximately $9.0 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | The Company’s mortgage note payable due April 6, 2017 is secured by one theatre property, which had a net book value of approximately $9.0 million at December 31, 2013. The note had an initial balance of $11.9 million and the monthly payments are based on a 30 year amortization schedule. The note requires monthly principal and interest payments of approximately $77 thousand with a final principal payment at maturity of approximately $9.2 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | The Company’s mortgage notes payable due May 1, 2017 are secured by four theatre properties, which had a net book value of approximately $30.8 million at December 31, 2013. The notes had initial balances totaling $38.9 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $247 thousand with a final principal payment at maturity totaling approximately $30.0 million. The weighted average interest rate on these notes is 5.85%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[14] | On March 3, 2011, the Company assumed a mortgage note payable of $3.8 million in conjunction with the acquisition of a theatre property. The note was recorded at fair value upon acquisition which was estimated to be $4.1 million. The fair value of the note was determined by discounting the future cash flows of the note using an estimated current market rate of 5.29%. The note is due July 1, 2017 and is secured by one theatre property, which had a net book value of approximately $8.4 million at December 31, 2013. The monthly payments are based on a 25 year amortization schedule and the note requires monthly principal and interest payments of approximately $28 thousand with a final principal payment at maturity of approximately $3.2 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[15] | The Company’s mortgage notes payable due August 1, 2017 are secured by two theatre properties, which had a net book value of approximately $22.7 million at December 31, 2013. The notes had initial balances totaling $28.0 million and the monthly payments are based on a 25 year amortization schedule. The notes require monthly principal and interest payments totaling approximately $178 thousand with a final principal payment at maturity totaling approximately $21.7 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[16] | The Company’s mortgage note payable due February 1, 2018 is secured by one theatre property which had a net book value of approximately $20.0 million at December 31, 2013. The mortgage loan had an initial balance of $17.5 million and the monthly payments are based on a 20 year amortization schedule. The note requires monthly principal and interest payments of approximately $127 thousand with a final principal payment at maturity of approximately $11.6 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[17] | The Company’s mortgage note payable due July 15, 2018 is secured by one theatre property, which had a net book value of approximately $17.9 million at December 31, 2013. The note had an initial balance of $18.9 million and the monthly payments are based on a 20 year amortization schedule. The notes require monthly principal and interest payments of approximately $151 thousand with a final principal payment at maturity of approximately $843 thousand | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[18] | On July 23, 2013, the Company amended and restated its unsecured term loan payable. 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[19] | On July 23, 2013, the Company amended and restated its unsecured revolving credit facility (the facility). The amendments to the 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. In connection with the amendment, $188 thousand of deferred financing costs (net of accumulated amortization) were written off. 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. As of December 31, 2013, the Company had no balance outstanding under the facility and the total availability under the revolving credit facility was $475.0 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[20] | On June 30, 2010, the Company issued $250.0 million in senior unsecured notes due on July 15, 2020. The notes bear interest at 7.75%. Interest is payable on July 15 and January 15 of each year beginning on January 15, 2011 until the stated maturity date of July 15, 2020. The notes were issued at 98.29% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that 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 total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[21] | On June 18, 2013, the Company issued $275.0 million in senior unsecured 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 principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[22] | On August 8, 2012, the Company issued $350.0 million in senior unsecured notes due on August 15, 2022. The notes bear interest at 5.75%. Interest is payable on February 15 and August 15 of each year beginning on February 15, 2013 until the stated maturity date of August 15, 2022. The notes were issued at 99.998% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that 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 total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[23] | The Company’s bonds payable due October 1, 2037 are secured by three theatres, which had a net book value of approximately $23.8 million at December 31, 2013, and bear interest at a variable rate which resets on a weekly basis and was 0.06% at December 31, 2013. The bonds requires monthly interest only payments with principal due at maturity. |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (SVVI [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
SVVI [Member] | ' |
Investment in unconsolidated VIE | $183.50 |
Interest Receivable, Current | $183.50 |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Jan. 05, 2012 | Feb. 07, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 06, 2013 | Jan. 05, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 19, 2013 | Jun. 19, 2013 | Mar. 29, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 19, 2013 | Jun. 19, 2013 | Feb. 03, 2011 | Feb. 03, 2011 |
swap_agreements | swap_agreements | USD ($) | USD ($) | USD ($) | Cash Flow Hedging [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 [Member] | Cross Currency Swaps [Member] | Currency Forward Agreements [Member] | Currency Forward Agreements [Member] | Currency Forward Agreements [Member] | Currency Forward Agreements [Member] | Currency Forward Agreements [Member] | Currency Forward Agreements [Member] | Currency Forward Agreements [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | CAD | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | |||||||
CAD | USD ($) | CAD | USD ($) | USD ($) | CAD | USD ($) | CAD | USD ($) | CAD | ||||||||||||
properties | properties | ||||||||||||||||||||
credit risk related contingent features default on debt amount | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | ' | ' | ' | 4.5 | 8.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net | ' | ' | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' | 6.1 | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of terminated interest rate swap agreements | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | 2.38% | 2.51% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | ' | ' | ' | ' | ' | ' | ' | ' | 1.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap reclassified into earning as expenses | ' | ' | 4.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of entered into interest rate swap agreements | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of hedged term loan | ' | ' | ' | ' | ' | ' | ' | 240 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net exchange rate, CAD to US dollar | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.05 | ' | ' | 1.05 | ' | ' | 1.04 | 1.06 | ' | ' | ' |
Number of Canadian properties exposed to foreign currency exchange risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | ' | ' | ' |
Cash flows on the properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | 13.5 | ' | ' | ' | ' | ' | ' | ' |
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | 87.7 | ' | ' | ' | ' | 240 | ' | 71.5 | 76 | ' | 98.1 | 100 | ' | 96.1 | 100 | 94.3 | 100 | 201.5 | 200 |
Loss on settlement of derivative contract conjunction with sale of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.30 | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Summary
Derivative Instruments (Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $7,998,000 | ($8,224,000) | ($8,184,000) | |||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | -1,622,000 | -2,251,000 | -9,804,000 | |||
Interest Rate Swap [Member] | ' | ' | ' | |||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | -1,749,000 | [1] | -1,613,000 | [1] | -4,722,000 | [1] |
Fair value of derivatives in a liability position | ' | 4,500,000 | ' | |||
Assets needed to settle obligations under the agreements | ' | 4,600,000 | ' | |||
Cross Currency Swaps [Member] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 2,278,000 | -684,000 | -12,000 | |||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | -160,000 | [2] | -617,000 | [2] | -784,000 | [2] |
Currency Forward Agreements [Member] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 8,092,000 | -2,078,000 | -4,047,000 | |||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | 287,000 | [3] | -21,000 | [3] | -4,298,000 | [3] |
Interest Expense [Member] | Interest Rate Swap [Member] | ' | ' | ' | |||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | -2,372,000 | -5,462,000 | -4,125,000 | |||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | ' | ' | 137,000 | |||
Costs Associated With Loan Refinancing [Member] | Interest Rate Swap [Member] | ' | ' | ' | |||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | ' | ' | 4,600,000 | |||
Gain On Sale Of Real Estate [Member] | Cross Currency Swaps [Member] | ' | ' | ' | |||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | ' | ' | -4,300,000 | |||
Other Expense [Member] | Currency Forward Agreements [Member] | ' | ' | ' | |||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | ' | ' | ($37,000) | |||
[1] | For the years ended December 31, 2013 and 2012, included in “Interest expense, net†in accompanying consolidated statements of income. For the year ended December 31, 2011, $4.6 million included in “Costs associated with loan refinancing or payoff, net†and $137 thousand included in “Interest expense, net†in accompanying consolidated statements of income. | |||||
[2] | Included in “Other expense†in the accompanying consolidated statements of income. | |||||
[3] | For the years ended December 31, 2013 and 2012, included in "Other expense". For the year ended December 31, 2011, $4.3 million included in "Gain (loss) on sale or acquisition of real estate" and $37 thousand included in "Other expense" in the accompanying consolidated statements of income |
Fair_Value_Disclosures_Narrati
Fair Value Disclosures (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Mar. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Asset impairment charges relating to winery and vineyard properties | ' | ' | $23,900,000 | $36,100,000 |
Estimated market rate used for determining discounted cash flow for fixed rate notes | 5.29% | ' | ' | ' |
Mortgage notes and related accrued interest receivable, net | ' | 486,337,000 | 455,752,000 | ' |
Investment in a direct financing lease, net | ' | 242,212,000 | 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% | ' | ' |
Debt | ' | 1,475,336,000 | 1,368,832,000 | ' |
Fixed Rate Mortgage Notes Receivable [Member] | ' | ' | ' | ' |
Mortgage notes and related accrued interest receivable, net | ' | 486,300,000 | 455,800,000 | ' |
Weighted average interest rate of mortgage notes receivable | ' | 9.05% | 8.96% | ' |
Receivable interest rate minimum | ' | 5.50% | 7.00% | ' |
Receivable interest rate maximum | ' | 11.31% | 11.31% | ' |
Weighted market rate used for determining future cash flow for notes receivable | ' | 10.12% | 10.07% | ' |
Fair value of notes receivable | ' | 465,200,000 | 431,200,000 | ' |
Variable Rate Debt [Member] | ' | ' | ' | ' |
Debt | ' | 290,000,000 | 289,600,000 | ' |
Long-term debt, weighted average interest rate | ' | 1.62% | 1.88% | ' |
Variable Rate Converted to Fixed Rate [Member] | ' | ' | ' | ' |
Debt | ' | 240,000,000 | ' | ' |
Fixed Rate Debt [Member] | ' | ' | ' | ' |
Long-term Debt, Fair Value | ' | 1,240,000,000 | 1,170,000,000 | ' |
Debt | ' | $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 | ' | 4.85% | 4.46% | ' |
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 | ' | 2.63% | 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 | ' | 5.56% | 5.17% | ' |
Fair_Value_Disclosures_Assets_
Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Cross Currency Swaps [Member] | ' | ' | ||
Derivatives measured at fair value on a recurring basis | $1,730 | [1] | ($709) | [2] |
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 | [1] | 0 | [2] |
Cross Currency Swaps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Derivatives measured at fair value on a recurring basis | 1,730 | [1] | -709 | [2] |
Cross Currency Swaps [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Derivatives measured at fair value on a recurring basis | 0 | [1] | 0 | [2] |
Currency Forward Agreements [Member] | ' | ' | ||
Derivatives measured at fair value on a recurring basis | 4,353 | [1] | -3,453 | [2] |
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 | [1] | 0 | [2] |
Currency Forward Agreements [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Derivatives measured at fair value on a recurring basis | 4,353 | [1] | -3,453 | [2] |
Currency Forward Agreements [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Derivatives measured at fair value on a recurring basis | 0 | [1] | 0 | [2] |
Interest Rate Swap [Member] | ' | ' | ||
Derivatives measured at fair value on a recurring basis | -4,472 | [2] | ' | |
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 | [2] | ' | |
Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Derivatives measured at fair value on a recurring basis | -4,472 | [2] | ' | |
Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Derivatives measured at fair value on a recurring basis | $0 | [2] | ' | |
[1] | Included in "Other assets" in the accompanying consolidated balance sheet. | |||
[2] | Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheet. |
Fair_Value_Disclosures_Assets_1
Fair Value Disclosures (Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Mar. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Impairment charges | ' | $0 | $3,074,000 | $2,531,000 |
Notes assumed | 3,800,000 | ' | ' | ' |
Investment in a direct financing lease, net | ' | 242,212,000 | 234,089,000 | ' |
Rental properties, net | ' | ' | 68,434,000 | ' |
Asset Impairment Charges Including Continuing And Discontinuing Operations | ' | ' | 23,900,000 | 36,100,000 |
Rental properties held for sale, net | ' | 0 | 2,788,000 | ' |
Estimated Current Market Rate Used As Discount Factor To Determine Fair Value of Notes | 5.29% | ' | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Rental properties, net | ' | ' | 65,109,000 | ' |
Rental properties held for sale, net | ' | ' | 2,788,000 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Rental properties, net | ' | ' | $3,325,000 | ' |
Common_and_Preferred_Shares_Co
Common and Preferred Shares Common Shares (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Oct. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 23, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 25, 2014 | Feb. 26, 2014 | Dec. 31, 2013 |
Common Stock [Member] | Common Stock [Member] | Total Cash Distribution Per Share [Member] | Total Cash Distribution Per Share [Member] | Taxable Ordinary Income [Member] | Taxable Ordinary Income [Member] | Return of Capital [Member] | Return of Capital [Member] | Subsequent Event [Member] | Subsequent Event [Member] | direct share purchase plan [Member] | ||||||
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||||||||
Cash Dividends Paid [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | 53,361,261 | 48,454,181 | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,280,000 | 937,652 |
Common Stock, Dividends, Per Share, Cash Paid | ' | ' | ' | ' | ' | ' | ' | $3.65 | $2.95 | $2.60 | $1.83 | $1.05 | $1.12 | ' | ' | ' |
Common stock declared dividends per share | ' | ' | ' | ' | ' | $3.16 | $3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of common shares | $174,000 | $220,785 | $231 | $253 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $46,500 | ' | $46,300 |
Common_and_Preferred_Shares_Pr
Common and Preferred Shares Preferred Shares (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Aug. 31, 2011 | Dec. 31, 2011 | Dec. 22, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | 25-May-07 | Dec. 31, 2012 | Nov. 05, 2012 | Apr. 02, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 12, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Shares [Member] | Series C Preferred Shares [Member] | Series C Preferred Shares [Member] | Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Shares [Member] | Series E Preferred Shares [Member] | Series E Preferred Shares [Member] | Series F Preferred Stock [Member] | Series F Preferred Stock [Member] | Series F Preferred Stock [Member] | |
Schedule of Preferred Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividends, Per Share, Cash Paid | ' | ' | ' | ' | ' | ' | $2.02 | ' | ' | ' | ' | ' | $1.67 | ' |
Preferred Stock, Shares Issued | ' | ' | 5,400,000 | 5,400,000 | 5,400,000 | 4,600,000 | ' | ' | 3,500,000 | 3,450,000 | 3,450,000 | 5,000,000 | 5,000,000 | 0 |
Preferred share dividend percentage | 7.75% | ' | 5.75% | 5.75% | ' | 7.38% | ' | ' | 9.00% | 9.00% | ' | 6.63% | ' | ' |
Proceeds from issuance of convertible preferred stock | ' | ' | $130.80 | ' | ' | ' | ' | ' | $83.40 | ' | ' | $120.60 | ' | ' |
Preferred share dividend rate (in dollars per share) | ' | ' | ' | $1.44 | ' | ' | ' | ' | ' | $2.25 | ' | $1.66 | ' | ' |
Redemption price | $25.32 | ' | ' | ' | ' | ' | ' | $25.18 | ' | ' | ' | ' | ' | ' |
Per share liquidation preference | $25 | ' | ' | $25 | ' | ' | ' | $25 | ' | $25 | ' | $25 | ' | ' |
Prorated quarterly dividend rate | $0.48 | ' | ' | ' | ' | ' | ' | $0.46 | ' | ' | ' | ' | ' | ' |
Aggregate reduction to income | ' | $2.80 | ' | ' | ' | ' | $3.90 | ' | ' | ' | ' | ' | ' | ' |
Preferred shares conversion rate | ' | ' | ' | $0.37 | ' | ' | ' | ' | ' | $0.45 | ' | ' | ' | ' |
Preferred shares conversion price | ' | ' | ' | $68.40 | ' | ' | ' | ' | ' | $54.99 | ' | ' | ' | ' |
Common shares quarterly dividend per share threshold, minimum | ' | ' | ' | $0.69 | ' | ' | ' | ' | ' | $0.84 | ' | ' | ' | ' |
Common share closing price percent of preferred share prevailing conversion price, minimum | ' | ' | ' | 135.00% | ' | ' | ' | ' | ' | 150.00% | ' | ' | ' | ' |
Preferred Shares declared dividends per share | ' | ' | ' | $1.44 | $1.44 | ' | $1.56 | ' | ' | $2.25 | $2.25 | ' | $1.66 | $0.43 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ' | ' | ' |
Exercise price range, lower limit | $45.20 | $44.62 | $44.98 |
Exercise price range, upper limit | $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 |
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 |
Employee Stock Option [Member] | ' | ' | ' |
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ' | ' | ' |
Common shares upon conversion of convertible preferred shares | 331 | 368 | 265 |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $175,637 | $141,906 | $130,088 |
Less: preferred dividend requirements and redemption costs | ' | ' | ' | ' | ' | ' | ' | ' | -23,806 | -28,396 | -30,909 |
Noncontrolling interest adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -108 | -38 |
Income from continuing operations available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 151,831 | 113,402 | 99,141 |
Weighted average number of shares outstanding, basic | ' | ' | ' | ' | ' | ' | ' | ' | 48,028 | 46,798 | 46,640 |
Income from continuing operations, per basic share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.16 | $2.42 | $2.13 |
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 4,589 | -20,242 | -14,822 |
Income (loss) from discontinued operations available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 4,589 | -20,242 | -14,822 |
Income (loss) from discontinued operations, per basic share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ($0.43) | ($0.32) |
Net income available to common shareholders of EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | 156,420 | 93,160 | 84,319 |
Earnings per share, basic (in dollars per share) | $1.12 | $0.79 | $0.56 | $0.75 | $0.40 | $0.60 | $0.66 | $0.33 | $3.26 | $1.99 | $1.81 |
Share options, shares | ' | ' | ' | ' | ' | ' | ' | ' | 186 | 251 | 261 |
Income from continuing operations available to common shareholders, diluted | ' | ' | ' | ' | ' | ' | ' | ' | 151,831 | 113,402 | 99,141 |
Weighted average number of shares outstanding, diluted | ' | ' | ' | ' | ' | ' | ' | ' | 48,214 | 47,049 | 46,901 |
Income from continuing operations, per diluted share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.15 | $2.41 | $2.12 |
Income (loss) from discontinuing operation available to common stockholders, diluted | ' | ' | ' | ' | ' | ' | ' | ' | 4,589 | -20,242 | -14,822 |
Income (loss) from discontinued operations, per diluted share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.09 | ($0.43) | ($0.32) |
Net income available to common shareholders, diluted | ' | ' | ' | ' | ' | ' | ' | ' | $156,420 | $93,160 | $84,319 |
Earnings per share, diluted (in dollars per share) | $1.12 | $0.79 | $0.56 | $0.75 | $0.40 | $0.60 | $0.65 | $0.33 | $3.24 | $1.98 | $1.80 |
Equity_Incentive_Plans_Summary
Equity Incentive Plans (Summary Of Share Option Activity) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | 9-May-07 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | 2007 Equity Incentive Plan [Member] | 2007 Equity Incentive Plan [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | ||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||
Common shares, options to purchase common shares and restricted share units, expected to granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,650,000 | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,780,242 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum term of options granted, years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable rate for employees options, per year | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation, future vesting period minimum (in years) | '4 years | ' | ' | '3 years | ' | ' | '4 years | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares, Outstanding at Beginning of Period | 881,338 | 1,002,833 | 1,071,096 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares, Exercised | -143,272 | -224,181 | -135,196 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares, Granted | 115,257 | 103,082 | 70,266 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares, Forfeited | -12,658 | -396 | -3,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares, Outstanding at End of Period | 840,665 | 881,338 | 1,002,833 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Option Price Per Share [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option Price Per Share, Outstanding at Beginning of Period | ' | ' | ' | $18.18 | $18.18 | $16.05 | $65.50 | $65.50 | $65.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option Price Per Share, Exercised | ' | ' | ' | $18.18 | $18.18 | $18.18 | $47.20 | $36.56 | $42.46 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option Price Per Share, Granted | ' | ' | ' | $46.86 | $44.62 | $45.73 | $58.09 | $47.99 | $47.77 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option Price Per Share, Forfeited | ' | ' | ' | $36.56 | $18.18 | $16.05 | $60.42 | $46.69 | $16.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option Price Per Share, Outstanding at End of Period | ' | ' | ' | $18.18 | $18.18 | $18.18 | $65.50 | $65.50 | $65.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Exercise Price, Outstanding at Beginning of Period | $38.51 | $34.41 | $32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Exercise Price, Exercised | $30.64 | $23.42 | $21.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Exercise Price, Granted | $47.86 | $45.60 | $46.19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Exercise Price, Forfeited | $56.90 | $40.03 | $16.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Exercise Price, Outstanding at End of Period | $40.85 | $38.51 | $34.41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of options granted | $12.35 | $12.08 | $9.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of stock options exercised | $2,900,000 | $5,100,000 | $2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Paid for Tax Withholding for Share Based Compensation | 66,632 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments Related to Tax Withholding for Share-based Compensation | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock or Unit Option Plan Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $856,000 | $937,000 | $777,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.10% | 2.50% | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | 3.10% | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.40% | 5.40% | 6.30% | 6.50% | 6.70% |
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 Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.70% | ' | 39.80% | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Forfeiture Rate | ' | 0.25% | 0.00% | 0.23% | ' | ' | 0.29% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | '8 years | ' | ' | ' | ' |
option exercise period | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Incentive_Plans_Schedul
Equity Incentive Plans (Schedule of Stock-option Expense to be Recognized in the Future) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Share-based Compensation [Abstract] | ' |
Stock option expense to be recognized in 2014 | $830 |
Stock option expense to be recognized in 2015 | 605 |
Stock option expense to be recognized in 2016 | 308 |
Stock option expense to be recognized in 2017 | 11 |
Total Compensation Cost To Be Recognized, Stock Options | $1,754 |
Equity_Incentive_Plans_Summary1
Equity Incentive Plans (Summary Of Outstanding Options) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Exercise price range, lower limit | $45.20 | $44.62 | $44.98 | ' |
Exercise price range, upper limit | $65.50 | $65.50 | $65.50 | ' |
Options outstanding | 840,665 | 881,338 | 1,002,833 | 1,071,096 |
Weighted avg. life remaining | '5 years 2 months | ' | ' | ' |
Weighted avg. exercise price | $40.85 | $38.51 | $34.41 | $32 |
Aggregate intrinsic value | $8,537 | ' | ' | ' |
$18.18 - 19.99 [Member] | ' | ' | ' | ' |
Exercise price range, lower limit | $18.18 | ' | ' | ' |
Exercise price range, upper limit | $19.99 | ' | ' | ' |
Options outstanding | 201,859 | ' | ' | ' |
Weighted avg. life remaining | '5 years 1 month | ' | ' | ' |
20.00 - 29.99 [Member] | ' | ' | ' | ' |
Exercise price range, lower limit | $20 | ' | ' | ' |
Exercise price range, upper limit | $29.99 | ' | ' | ' |
Options outstanding | 0 | ' | ' | ' |
Weighted avg. life remaining | '0 years | ' | ' | ' |
30.00 - 39.99 [Member] | ' | ' | ' | ' |
Exercise price range, lower limit | $30 | ' | ' | ' |
Exercise price range, upper limit | $39.99 | ' | ' | ' |
Options outstanding | 25,731 | ' | ' | ' |
Weighted avg. life remaining | '4 years 4 months | ' | ' | ' |
40.00 - 49.99 [Member] | ' | ' | ' | ' |
Exercise price range, lower limit | $40 | ' | ' | ' |
Exercise price range, upper limit | $49.99 | ' | ' | ' |
Options outstanding | 502,222 | ' | ' | ' |
Weighted avg. life remaining | '5 years 8 months | ' | ' | ' |
50.00 - 59.99 [Member] | ' | ' | ' | ' |
Exercise price range, lower limit | $50 | ' | ' | ' |
Exercise price range, upper limit | $59.99 | ' | ' | ' |
Options outstanding | 17,500 | ' | ' | ' |
Weighted avg. life remaining | '6 years 6 months | ' | ' | ' |
60.00 - 65.50 [Member] | ' | ' | ' | ' |
Exercise price range, lower limit | $60 | ' | ' | ' |
Exercise price range, upper limit | $65.50 | ' | ' | ' |
Options outstanding | 93,353 | ' | ' | ' |
Weighted avg. life remaining | '3 years 0 months | ' | ' | ' |
Equity_Incentive_Plans_Summary2
Equity Incentive Plans (Summary Of Exercisable Options) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Exercise price range, lower limit | $45.20 | $44.62 | $44.98 |
Exercise price range, upper limit | $65.50 | $65.50 | $65.50 |
Options outstanding | 615,962 | ' | ' |
Weighted avg. life remaining | '4 years 1 month | ' | ' |
Weighted avg. exercise price | $38.78 | ' | ' |
Aggregate intrinsic value | $7,883 | ' | ' |
$18.18 - 19.99 [Member] | ' | ' | ' |
Exercise price range, lower limit | $18.18 | ' | ' |
Exercise price range, upper limit | $19.99 | ' | ' |
Options outstanding | 201,859 | ' | ' |
Weighted avg. life remaining | '5 years 1 month | ' | ' |
20.00 - 29.99 [Member] | ' | ' | ' |
Exercise price range, lower limit | $20 | ' | ' |
Exercise price range, upper limit | $29.99 | ' | ' |
Options outstanding | 0 | ' | ' |
Weighted avg. life remaining | '0 years | ' | ' |
30.00 - 39.99 [Member] | ' | ' | ' |
Exercise price range, lower limit | $30 | ' | ' |
Exercise price range, upper limit | $39.99 | ' | ' |
Options outstanding | 18,460 | ' | ' |
Weighted avg. life remaining | '3 years 6 months | ' | ' |
40.00 - 49.99 [Member] | ' | ' | ' |
Exercise price range, lower limit | $40 | ' | ' |
Exercise price range, upper limit | $49.99 | ' | ' |
Options outstanding | 292,290 | ' | ' |
Weighted avg. life remaining | '3 years 8 months | ' | ' |
50.00 - 59.99 [Member] | ' | ' | ' |
Exercise price range, lower limit | $50 | ' | ' |
Exercise price range, upper limit | $59.99 | ' | ' |
Options outstanding | 10,000 | ' | ' |
Weighted avg. life remaining | '4 years 4 months | ' | ' |
60.00 - 65.50 [Member] | ' | ' | ' |
Exercise price range, lower limit | $60 | ' | ' |
Exercise price range, upper limit | $65.50 | ' | ' |
Options outstanding | 93,353 | ' | ' |
Weighted avg. life remaining | '3 years 0 months | ' | ' |
Equity_Incentive_Plans_Summary3
Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
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 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -4,207 | ' | ' |
Number of Shares, Outstanding at December 31, 2013 | 371,864 | 322,808 | ' |
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 December 31, 2013 | $46 | $42.52 | ' |
Weighted Average Life Remaining, Outstanding at December 31, 2013 | '11 months 26 days | ' | ' |
Share based compensation, future vesting period minimum (in years) | '4 years | ' | ' |
Fair value of non-vested shares | $6,700,000 | $7,700,000 | $7,300,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $8,259,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $45.39 | ' | ' |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Share based compensation, future vesting period minimum (in years) | '4 years | ' | ' |
Equity_Incentive_Plans_Equity_
Equity Incentive Plans Equity Incentive Plans (Schedule of Nonvested Shares Unamortized Share-based Compensation Expense to be Recognized in the Future) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested shares unamortized share-based compensation expense to be recognized in 2014 | $3,968 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2015 | 2,892 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2016 | 1,399 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $8,259 |
Equity_Incentive_Plans_Summary4
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
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 December 31, 2013 | 371,864 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
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 December 31, 2013 | $46 |
Weighted Average Life Remaining, Outstanding at December 31, 2013 | '11 months 26 days |
Restricted Stock Units (RSUs) [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 December 31, 2013 | 17,530 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
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 December 31, 2013 | $58.38 |
Weighted Average Life Remaining, Outstanding at December 31, 2013 | '4 months 10 days |
Unamortized share-based compensation expense | $358 |
Operating_Leases_Details
Operating Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
years | |||
Leases [Abstract] | ' | ' | ' |
Rental properties, length of lease, minimum (in years) | 1 | ' | ' |
Rental properties, length of lease, maximum (in years) | 34 | ' | ' |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' | ' | ' |
2014 | $262,504 | ' | ' |
2015 | 261,897 | ' | ' |
2016 | 252,801 | ' | ' |
2017 | 238,629 | ' | ' |
2018 | 215,558 | ' | ' |
Thereafter | 1,377,520 | ' | ' |
Total | 2,608,909 | ' | ' |
Rental expense | 435 | 467 | 463 |
Operating Leases, Future Minimum Payments Due [Abstract] | ' | ' | ' |
2014 | 434 | ' | ' |
2015 | 454 | ' | ' |
2016 | 358 | ' | ' |
2017 | 0 | ' | ' |
2018 | 0 | ' | ' |
Thereafter | 0 | ' | ' |
Total | $1,246 | ' | ' |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total revenue | $89,352 | $87,841 | $82,973 | $82,898 | $82,451 | $81,542 | $77,511 | $76,303 | $343,064 | $317,807 | $293,636 |
Net income | 63,042 | 43,502 | 32,476 | 41,206 | 29,281 | 34,175 | 36,818 | 21,390 | 180,226 | 121,664 | 115,266 |
Net income available to common shareholders of EPR Properties | $57,091 | $37,551 | $26,524 | $35,254 | $18,843 | $28,149 | $30,797 | $15,371 | $180,226 | $121,556 | $115,228 |
Basic net income per common share | $1.12 | $0.79 | $0.56 | $0.75 | $0.40 | $0.60 | $0.66 | $0.33 | $3.26 | $1.99 | $1.81 |
Diluted net income per common share | $1.12 | $0.79 | $0.56 | $0.75 | $0.40 | $0.60 | $0.65 | $0.33 | $3.24 | $1.98 | $1.80 |
Discontinued_Operations_Operat
Discontinued Operations (Operating Results Relating To Assets Disposed) (Details) (USD $) | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 01, 2014 | |
properties | properties | properties | properties | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
number of winery properties sold | 5 | 2 | 3 | 6 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | ' | $0 | ' | ' |
Rental revenue | 1,685,000 | 5,389,000 | 11,518,000 | ' |
Tenant reimbursements | 513,000 | 0 | 2,409,000 | ' |
Other income | 426,000 | 2,325,000 | 1,686,000 | ' |
Mortgage and other financing income | 0 | 112,000 | 320,000 | ' |
Total revenue | 2,624,000 | 7,826,000 | 15,933,000 | ' |
Property operating expense (income) | 45,000 | -1,036,000 | 2,457,000 | ' |
Other expense | 547,000 | 2,733,000 | 2,714,000 | ' |
Costs associated with loan refinancing or payoff | 0 | 0 | 4,121,000 | ' |
Interest expense, net | -29,000 | -12,000 | 368,000 | ' |
Transaction costs | 0 | 0 | 3,000 | ' |
Impairment charges | 0 | 20,835,000 | 33,525,000 | ' |
Depreciation and amortization | 1,728,000 | 5,521,000 | 7,112,000 | ' |
Income (loss) before gain on sale or acquisition of real estate | 333,000 | -20,215,000 | -34,367,000 | ' |
Gain (loss) on sale or acquisition of real estate | 4,256,000 | -27,000 | 19,545,000 | ' |
Net income (loss) | 4,589,000 | -20,242,000 | -14,822,000 | ' |
Gary Farrel Winery [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Lease termination fees in rental revenue | ' | ' | 1,000,000 | ' |
In Place Leases [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | 800,000 | ' |
Above Market Leases [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Discontinued Operations, Amortization in Rental Revenue | ' | ' | $20,000 | ' |
Other_Commitments_And_Continge1
Other Commitments And Contingencies (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Mar. 07, 2012 | Oct. 20, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 28, 2014 | |
mortgagenotes | Theatre Properties Member | Public Charter School Property [Member] | RecreationProperties [Member] | Louisiana Theatre Properties [Member] | Minimum [Member] | Maximum [Member] | Subsequent Event [Member] | |||
developmentproject | developmentproject | developmentproject | developmentproject | Louisiana Theatre Properties [Member] | Louisiana Theatre Properties [Member] | |||||
Development Project In Process | ' | ' | ' | 10 | 11 | 6 | 2 | ' | ' | ' |
Commitment to fund project development | ' | ' | ' | $54,600,000 | $127,500,000 | $57,300,000 | ' | ' | ' | ' |
Economic development revenue bond annual fees percentage | ' | ' | ' | ' | ' | ' | ' | 2.88% | 4.00% | ' |
Economic development revenue bond term (in years) | ' | ' | ' | ' | ' | ' | '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 | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes receivable with commitments | ' | ' | 122,200,000 | ' | ' | ' | ' | ' | ' | 107,700,000 |
Guarantor Obligations, Maximum Exposure, Undiscounted | ' | ' | 20,400,000 | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | $1,500,000,000 | $800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
segment | ||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reportable Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Total assets | $3,272,276,000 | ' | ' | ' | $2,946,730,000 | ' | ' | ' | ' | $3,272,276,000 | $2,946,730,000 | ' |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 248,709,000 | 234,517,000 | 219,733,000 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,401,000 | 18,575,000 | 17,965,000 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,682,000 | 738,000 | 374,000 |
Mortgage and other financing income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,272,000 | 63,977,000 | 55,564,000 |
Total revenue | 89,352,000 | 87,841,000 | 82,973,000 | 82,898,000 | 82,451,000 | 81,542,000 | 77,511,000 | 76,303,000 | ' | 343,064,000 | 317,807,000 | 293,636,000 |
Property operating expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,016,000 | 24,915,000 | 24,204,000 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 658,000 | 1,382,000 | 1,613,000 |
Investment Income, Investment Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,674,000 | 26,297,000 | 25,817,000 |
Net Operating Income Before Unallocated Items | ' | ' | ' | ' | ' | ' | ' | ' | ' | 316,390,000 | 291,510,000 | 267,819,000 |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25,613,000 | -23,170,000 | -20,173,000 |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,166,000 | -627,000 | -1,877,000 |
Gains (Losses) on Extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,539,000 | 0 | 0 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -81,056,000 | -76,656,000 | -71,295,000 |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,955,000 | -404,000 | -1,727,000 |
Asset Impairment Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -3,074,000 | -2,531,000 |
Depreciation, Depletion and Amortization, Nonproduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | -53,946,000 | -46,698,000 | -42,975,000 |
Equity in income from joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,398,000 | 1,025,000 | 2,847,000 |
Gain on sale or acquisition, net | ' | ' | ' | ' | ' | ' | ' | 282,000 | 1,200,000 | 3,017,000 | 0 | 0 |
Gain on previously held equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,853,000 | 0 | 0 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,176,000 | 0 | 0 |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 333,000 | 620,000 | 3,279,000 |
Impairment of Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -20,835,000 | -33,525,000 |
Costs associated with loan refinancing or payoff | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -4,121,000 |
Gain (loss) on sale or acquisition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,256,000 | -27,000 | 19,545,000 |
Net income | 63,042,000 | 43,502,000 | 32,476,000 | 41,206,000 | 29,281,000 | 34,175,000 | 36,818,000 | 21,390,000 | ' | 180,226,000 | 121,664,000 | 115,266,000 |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -108,000 | -38,000 |
Dividends, Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,806,000 | -24,508,000 | -28,140,000 |
Preferred Share Redemption Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -3,888,000 | -2,769,000 |
Net income available to common shareholders of EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156,420,000 | 93,160,000 | 84,319,000 |
Entertainment Reportable Operating Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 1,874,014,000 | ' | ' | ' | 1,818,712,000 | ' | ' | ' | ' | 1,874,014,000 | 1,818,712,000 | ' |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 221,024,000 | 221,020,000 | 215,576,000 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,401,000 | 18,575,000 | 17,965,000 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | 98,000 | 120,000 |
Mortgage and other financing income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,447,000 | 4,308,000 | 323,000 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 247,952,000 | 244,001,000 | 233,984,000 |
Property operating expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,521,000 | 24,008,000 | 23,541,000 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,000 | 21,000 |
Investment Income, Investment Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,521,000 | 24,012,000 | 23,562,000 |
Net Operating Income Before Unallocated Items | ' | ' | ' | ' | ' | ' | ' | ' | ' | 222,431,000 | 219,989,000 | 210,422,000 |
Education Reportable Operating Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 542,052,000 | ' | ' | ' | 376,048,000 | ' | ' | ' | ' | 542,052,000 | 376,048,000 | ' |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,931,000 | 8,663,000 | 1,638,000 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Mortgage and other financing income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,275,000 | 30,130,000 | 28,465,000 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,206,000 | 38,793,000 | 30,103,000 |
Property operating expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Investment Income, Investment Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net Operating Income Before Unallocated Items | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,206,000 | 38,793,000 | 30,103,000 |
Recreation Reportable Operating Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 553,019,000 | ' | ' | ' | 427,977,000 | ' | ' | ' | ' | 553,019,000 | 427,977,000 | ' |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,124,000 | 3,615,000 | 1,274,000 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Mortgage and other financing income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,232,000 | 29,440,000 | 26,576,000 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,356,000 | 33,055,000 | 27,850,000 |
Property operating expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Investment Income, Investment Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net Operating Income Before Unallocated Items | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,356,000 | 33,055,000 | 27,850,000 |
Other Reportable Operating Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 210,064,000 | ' | ' | ' | 252,444,000 | ' | ' | ' | ' | 210,064,000 | 252,444,000 | ' |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,630,000 | 1,219,000 | 1,245,000 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,471,000 | 639,000 | 253,000 |
Mortgage and other financing income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 318,000 | 99,000 | 107,000 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,419,000 | 1,957,000 | 1,605,000 |
Property operating expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 495,000 | 907,000 | 663,000 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 658,000 | 739,000 | 750,000 |
Investment Income, Investment Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,153,000 | 1,646,000 | 1,413,000 |
Net Operating Income Before Unallocated Items | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,266,000 | 311,000 | 192,000 |
Corporate Unallocated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 93,127,000 | ' | ' | ' | 71,549,000 | ' | ' | ' | ' | 93,127,000 | 71,549,000 | ' |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131,000 | 1,000 | 1,000 |
Mortgage and other financing income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 93,000 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131,000 | 1,000 | 94,000 |
Property operating expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 639,000 | 842,000 |
Investment Income, Investment Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 639,000 | 842,000 |
Net Operating Income Before Unallocated Items | ' | ' | ' | ' | ' | ' | ' | ' | ' | $131,000 | ($638,000) | ($748,000) |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Rental properties, net | $2,104,151 | $1,885,093 | ' | ' |
Rental properties held for sale, net | 0 | 2,788 | ' | ' |
Land held for development | 201,342 | 196,177 | ' | ' |
Property under development | 89,473 | 29,376 | ' | ' |
Mortgage notes and related accrued interest receivable, net | 486,337 | 455,752 | ' | ' |
Investment in a direct financing lease, net | 242,212 | 234,089 | ' | ' |
Investment in joint ventures | 5,275 | 11,971 | ' | ' |
Cash and cash equivalents | 7,958 | 10,664 | 14,625 | 11,776 |
Restricted cash | 9,714 | 23,991 | ' | ' |
Deferred financing costs, net | 23,344 | 19,679 | ' | ' |
Accounts receivable, net | 42,538 | 38,738 | ' | ' |
Intercompany notes receivable | 0 | 0 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Other assets | 59,932 | 38,412 | ' | ' |
Total assets | 3,272,276 | 2,946,730 | ' | ' |
Accounts payable and accrued liabilities | 72,327 | 65,481 | ' | ' |
Dividends payable | 19,553 | 41,186 | ' | ' |
Unearned rents and interest | 17,046 | 11,333 | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' |
Debt | 1,475,336 | 1,368,832 | ' | ' |
Total liabilities | 1,584,262 | 1,486,832 | ' | ' |
EPR Properties shareholders’ equity | 1,687,637 | 1,459,521 | ' | ' |
Noncontrolling interests | 377 | 377 | ' | ' |
Equity | 1,688,014 | 1,459,898 | 1,498,103 | 1,631,258 |
Total liabilities and equity | 3,272,276 | 2,946,730 | ' | ' |
EPR Properties (Issuer) [Member] | ' | ' | ' | ' |
Rental properties, net | 0 | 0 | ' | ' |
Rental properties held for sale, net | ' | 0 | ' | ' |
Land held for development | 0 | 0 | ' | ' |
Property under development | 18 | 0 | ' | ' |
Mortgage notes and related accrued interest receivable, net | 0 | 0 | ' | ' |
Investment in a direct financing lease, net | 0 | 0 | ' | ' |
Investment in joint ventures | 0 | 7,250 | ' | ' |
Cash and cash equivalents | 449 | 1,531 | 1,932 | 3,356 |
Restricted cash | 1,150 | 0 | ' | ' |
Deferred financing costs, net | 17,221 | 13,563 | ' | ' |
Accounts receivable, net | 106 | 139 | ' | ' |
Intercompany notes receivable | 0 | 103,104 | ' | ' |
Investments in subsidiaries | 2,852,543 | 2,231,079 | ' | ' |
Other assets | 19,292 | 21,482 | ' | ' |
Total assets | 2,890,779 | 2,378,148 | ' | ' |
Accounts payable and accrued liabilities | 43,589 | 37,441 | ' | ' |
Dividends payable | 19,553 | 41,186 | ' | ' |
Unearned rents and interest | 0 | 0 | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' |
Debt | 1,140,000 | 840,000 | ' | ' |
Total liabilities | 1,203,142 | 918,627 | ' | ' |
EPR Properties shareholders’ equity | 1,687,637 | 1,459,521 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Equity | 1,687,637 | 1,459,521 | ' | ' |
Total liabilities and equity | 2,890,779 | 2,378,148 | ' | ' |
Wholly-Owned Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Rental properties, net | 1,341,770 | 1,113,658 | ' | ' |
Rental properties held for sale, net | ' | 0 | ' | ' |
Land held for development | 0 | 0 | ' | ' |
Property under development | 77,283 | 25,419 | ' | ' |
Mortgage notes and related accrued interest receivable, net | 460,533 | 414,075 | ' | ' |
Investment in a direct financing lease, net | 242,212 | 234,089 | ' | ' |
Investment in joint ventures | 0 | 0 | ' | ' |
Cash and cash equivalents | 705 | 651 | 1,243 | 1,816 |
Restricted cash | 6,735 | 9,715 | ' | ' |
Deferred financing costs, net | 5,439 | 4,812 | ' | ' |
Accounts receivable, net | 22,555 | 16,830 | ' | ' |
Intercompany notes receivable | 0 | 0 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Other assets | 5,725 | 3,956 | ' | ' |
Total assets | 2,162,957 | 1,823,205 | ' | ' |
Accounts payable and accrued liabilities | 19,793 | 16,662 | ' | ' |
Dividends payable | 0 | 0 | ' | ' |
Unearned rents and interest | 13,528 | 7,393 | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' |
Debt | 0 | 53,315 | ' | ' |
Total liabilities | 33,321 | 77,370 | ' | ' |
EPR Properties shareholders’ equity | 2,129,636 | 1,745,835 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Equity | 2,129,636 | 1,745,835 | ' | ' |
Total liabilities and equity | 2,162,957 | 1,823,205 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Rental properties, net | 762,381 | 771,435 | ' | ' |
Rental properties held for sale, net | ' | 2,788 | ' | ' |
Land held for development | 201,342 | 196,177 | ' | ' |
Property under development | 12,172 | 3,957 | ' | ' |
Mortgage notes and related accrued interest receivable, net | 25,804 | 41,677 | ' | ' |
Investment in a direct financing lease, net | 0 | 0 | ' | ' |
Investment in joint ventures | 5,275 | 4,721 | ' | ' |
Cash and cash equivalents | 6,804 | 8,482 | 11,450 | 6,604 |
Restricted cash | 1,829 | 14,276 | ' | ' |
Deferred financing costs, net | 684 | 1,304 | ' | ' |
Accounts receivable, net | 19,877 | 21,769 | ' | ' |
Intercompany notes receivable | 175,757 | 4,147 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Other assets | 34,915 | 12,974 | ' | ' |
Total assets | 1,246,840 | 1,083,707 | ' | ' |
Accounts payable and accrued liabilities | 8,945 | 11,378 | ' | ' |
Dividends payable | 0 | 0 | ' | ' |
Unearned rents and interest | 3,518 | 3,940 | ' | ' |
Intercompany notes payable | 175,757 | 107,251 | ' | ' |
Debt | 335,336 | 475,517 | ' | ' |
Total liabilities | 523,556 | 598,086 | ' | ' |
EPR Properties shareholders’ equity | 722,907 | 485,244 | ' | ' |
Noncontrolling interests | 377 | 377 | ' | ' |
Equity | 723,284 | 485,621 | ' | ' |
Total liabilities and equity | 1,246,840 | 1,083,707 | ' | ' |
Consolidated Elimination [Member] | ' | ' | ' | ' |
Rental properties, net | 0 | 0 | ' | ' |
Rental properties held for sale, net | ' | 0 | ' | ' |
Land held for development | 0 | 0 | ' | ' |
Property under development | 0 | 0 | ' | ' |
Mortgage notes and related accrued interest receivable, net | 0 | 0 | ' | ' |
Investment in a direct financing lease, 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 | -175,757 | -107,251 | ' | ' |
Investments in subsidiaries | -2,852,543 | -2,231,079 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total assets | -3,028,300 | -2,338,330 | ' | ' |
Accounts payable and accrued liabilities | 0 | 0 | ' | ' |
Dividends payable | 0 | 0 | ' | ' |
Unearned rents and interest | 0 | 0 | ' | ' |
Intercompany notes payable | -175,757 | -107,251 | ' | ' |
Debt | 0 | 0 | ' | ' |
Total liabilities | -175,757 | -107,251 | ' | ' |
EPR Properties shareholders’ equity | -2,852,543 | -2,231,079 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Equity | -2,852,543 | -2,231,079 | ' | ' |
Total liabilities and equity | ($3,028,300) | ($2,338,330) | ' | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | $248,709,000 | $234,517,000 | $219,733,000 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,401,000 | 18,575,000 | 17,965,000 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,682,000 | 738,000 | 374,000 |
Mortgage and other financing income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,272,000 | 63,977,000 | 55,564,000 |
Intercompany fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest income on intercompany notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenue | 89,352,000 | 87,841,000 | 82,973,000 | 82,898,000 | 82,451,000 | 81,542,000 | 77,511,000 | 76,303,000 | ' | 343,064,000 | 317,807,000 | 293,636,000 |
Equity in subsidiaries' earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Property operating expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,016,000 | 24,915,000 | 24,204,000 |
Intercompany fee expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 658,000 | 1,382,000 | 1,613,000 |
General and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,613,000 | 23,170,000 | 20,173,000 |
Costs associated with loan refinancing or payoff | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,166,000 | 627,000 | 1,877,000 |
Gain on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,539,000 | 0 | 0 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,056,000 | 76,656,000 | 71,295,000 |
Interest expense on intercompany notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,955,000 | 404,000 | 1,727,000 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3,074,000 | 2,531,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,946,000 | 46,698,000 | 42,975,000 |
Income before equity in income from joint ventures and other items | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,193,000 | 140,881,000 | 127,241,000 |
Equity in income from joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,398,000 | 1,025,000 | 2,847,000 |
Gain on sale or acquisition, net | ' | ' | ' | ' | ' | ' | ' | 282,000 | 1,200,000 | 3,017,000 | 0 | 0 |
Gain on previously held equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,853,000 | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | 161,461,000 | 141,906,000 | 130,088,000 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,637,000 | 141,906,000 | 130,088,000 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,176,000 | 0 | 0 |
Interest income on intercompany notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest expense on intercompany notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 333,000 | 620,000 | 3,279,000 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -20,835,000 | -33,525,000 |
Costs associated with loan refinancing or payoff | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -4,121,000 |
Gain (loss) on sale or acquisition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,256,000 | -27,000 | 19,545,000 |
Net income (loss) | 63,042,000 | 43,502,000 | 32,476,000 | 41,206,000 | 29,281,000 | 34,175,000 | 36,818,000 | 21,390,000 | ' | 180,226,000 | 121,664,000 | 115,266,000 |
Add: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -108,000 | -38,000 |
Net income attributable to EPR Properties | 57,091,000 | 37,551,000 | 26,524,000 | 35,254,000 | 18,843,000 | 28,149,000 | 30,797,000 | 15,371,000 | ' | 180,226,000 | 121,556,000 | 115,228,000 |
Preferred dividend requirements | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,806,000 | -24,508,000 | -28,140,000 |
Preferred share redemption costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -3,888,000 | -2,769,000 |
Net income available to common shareholders of EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156,420,000 | 93,160,000 | 84,319,000 |
Comprehensive income attributable to EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 176,797,000 | 118,715,000 | 118,499,000 |
EPR Properties (Issuer) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | 93,000 | 94,000 |
Mortgage and other financing income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 994,000 | 494,000 | 416,000 |
Intercompany fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,629,000 | 2,706,000 | 2,726,000 |
Interest income on intercompany notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,848,000 | 16,967,000 | 16,665,000 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,546,000 | 20,260,000 | 19,901,000 |
Equity in subsidiaries' earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 212,634,000 | 137,443,000 | 111,301,000 |
Property operating expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -88,000 | 0 | 0 |
Intercompany fee expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
General and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Costs associated with loan refinancing or payoff | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Gain on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,856,000 | 35,240,000 | 20,069,000 |
Interest expense on intercompany notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,813,000 | 404,000 | 1,403,000 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,093,000 | 1,039,000 | 1,062,000 |
Income before equity in income from joint ventures and other items | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,506,000 | 121,020,000 | 108,668,000 |
Equity in income from joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 505,000 | 536,000 | 2,805,000 |
Gain on sale or acquisition, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -150,000 | ' | ' |
Gain on previously held equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,853,000 | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,714,000 | ' | ' |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,226,000 | 121,556,000 | 111,473,000 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | -488,000 | ' | ' |
Interest income on intercompany notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,755,000 |
Interest expense on intercompany notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Costs associated with loan refinancing or payoff | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Gain (loss) on sale or acquisition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121,556,000 | 115,228,000 |
Add: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Net income attributable to EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,226,000 | 121,556,000 | 115,228,000 |
Preferred dividend requirements | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,806,000 | -24,508,000 | -28,140,000 |
Preferred share redemption costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,888,000 | -2,769,000 |
Net income available to common shareholders of EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156,420,000 | 93,160,000 | 84,319,000 |
Comprehensive income attributable to EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 176,797,000 | 118,715,000 | 118,499,000 |
Wholly-Owned Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 153,335,000 | 140,635,000 | 126,809,000 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,853,000 | 1,650,000 | 1,778,000 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | -3,000 | 8,000 |
Mortgage and other financing income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,327,000 | 60,089,000 | 54,689,000 |
Intercompany fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest income on intercompany notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 224,517,000 | 202,371,000 | 183,284,000 |
Equity in subsidiaries' earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Property operating expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,694,000 | 4,860,000 | 4,028,000 |
Intercompany fee expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,000 | 21,000 |
General and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,612,000 | 14,555,000 | 12,491,000 |
Costs associated with loan refinancing or payoff | ' | ' | ' | ' | ' | ' | ' | ' | ' | 188,000 | 477,000 | 0 |
Gain on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,539,000 | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,733,000 | 11,645,000 | 20,425,000 |
Interest expense on intercompany notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,447,000 | 25,529,000 | 22,163,000 |
Income before equity in income from joint ventures and other items | ' | ' | ' | ' | ' | ' | ' | ' | ' | 172,382,000 | 145,301,000 | 124,156,000 |
Equity in income from joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Gain on sale or acquisition, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Gain on previously held equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | 172,382,000 | ' | ' |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 172,382,000 | 145,301,000 | 124,156,000 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Interest income on intercompany notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest expense on intercompany notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,755,000 |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 638,000 | -2,000 | 1,888,000 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Costs associated with loan refinancing or payoff | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Gain (loss) on sale or acquisition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 282,000 | 19,530,000 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,581,000 | 141,819,000 |
Add: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Net income attributable to EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 173,020,000 | 145,581,000 | 141,819,000 |
Preferred dividend requirements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Preferred share redemption costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Net income available to common shareholders of EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 173,020,000 | 145,581,000 | 141,819,000 |
Comprehensive income attributable to EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 173,120,000 | 145,504,000 | 143,470,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,374,000 | 93,882,000 | 92,924,000 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,548,000 | 16,925,000 | 16,187,000 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,605,000 | 648,000 | 272,000 |
Mortgage and other financing income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,951,000 | 3,394,000 | 459,000 |
Intercompany fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest income on intercompany notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 386,000 | 353,000 | 2,365,000 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117,864,000 | 115,202,000 | 112,207,000 |
Equity in subsidiaries' earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Property operating expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,410,000 | 20,055,000 | 20,176,000 |
Intercompany fee expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,629,000 | 2,706,000 | 2,726,000 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 658,000 | 1,378,000 | 1,592,000 |
General and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,001,000 | 8,615,000 | 7,682,000 |
Costs associated with loan refinancing or payoff | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,978,000 | 150,000 | 1,877,000 |
Gain on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,467,000 | 29,771,000 | 30,801,000 |
Interest expense on intercompany notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,234,000 | 17,320,000 | 19,030,000 |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,000 | 0 | 324,000 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,074,000 | 2,531,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,406,000 | 20,130,000 | 19,750,000 |
Income before equity in income from joint ventures and other items | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,939,000 | 12,003,000 | 5,718,000 |
Equity in income from joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 893,000 | 489,000 | 42,000 |
Gain on sale or acquisition, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,167,000 | ' | ' |
Gain on previously held equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,999,000 | ' | ' |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,663,000 | 12,492,000 | 5,760,000 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,664,000 | ' | ' |
Interest income on intercompany notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest expense on intercompany notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -305,000 | 622,000 | 1,391,000 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,835,000 | -33,525,000 |
Costs associated with loan refinancing or payoff | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,121,000 |
Gain (loss) on sale or acquisition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,256,000 | -309,000 | 15,000 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,030,000 | -30,480,000 |
Add: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -108,000 | -38,000 |
Net income attributable to EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,614,000 | -8,138,000 | -30,518,000 |
Preferred dividend requirements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Preferred share redemption costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Net income available to common shareholders of EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,614,000 | -8,138,000 | -30,518,000 |
Comprehensive income attributable to EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,692,000 | -7,054,000 | -28,897,000 |
Consolidated Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Tenant reimbursements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Mortgage and other financing income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intercompany fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,629,000 | -2,706,000 | -2,726,000 |
Interest income on intercompany notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,234,000 | -17,320,000 | -19,030,000 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,863,000 | -20,026,000 | -21,756,000 |
Equity in subsidiaries' earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,634,000 | -137,443,000 | -111,301,000 |
Property operating expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intercompany fee expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,629,000 | -2,706,000 | -2,726,000 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
General and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Costs associated with loan refinancing or payoff | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Gain on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense on intercompany notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,234,000 | -17,320,000 | -19,030,000 |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income before equity in income from joint ventures and other items | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,634,000 | -137,443,000 | -111,301,000 |
Equity in income from joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Gain on sale or acquisition, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Gain on previously held equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,634,000 | ' | ' |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,634,000 | -137,443,000 | -111,301,000 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Interest income on intercompany notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,755,000 |
Interest expense on intercompany notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,755,000 |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Costs associated with loan refinancing or payoff | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Gain (loss) on sale or acquisition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -137,443,000 | -111,301,000 |
Add: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Net income attributable to EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,634,000 | -137,443,000 | -111,301,000 |
Preferred dividend requirements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Preferred share redemption costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Net income available to common shareholders of EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,634,000 | -137,443,000 | -111,301,000 |
Comprehensive income attributable to EPR Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($211,812,000) | ($138,450,000) | ($114,573,000) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Intercompany fee income (expense) | $0 | $0 | $0 |
Interest income (expense) on intercompany receivable/payable | 0 | 0 | 0 |
Net cash provided (used) by other operating activities | 231,439 | 196,101 | 185,668 |
Net operating cash provided by continuing operations | 231,439 | 196,101 | 185,668 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 2,681 | 11,343 | 10,248 |
Net Cash Provided by (Used in) Operating Activities | 234,120 | 207,444 | 195,916 |
Acquisition of rental properties and other assets | -123,497 | -73,188 | -53,175 |
Proceeds from sale of real estate | 797 | 0 | 0 |
Investment in unconsolidated joint ventures | -1,607 | -1,800 | -3,970 |
Investment in mortgage notes receivable | -60,568 | -113,823 | -19,688 |
Proceeds from mortgage note receivable paydown | 1,900 | 0 | 0 |
Investment in promissory notes receivable | -1,278 | 0 | 0 |
Proceeds from Sale and Collection of Notes Receivable | 1,027 | 0 | 0 |
Investment in direct financing leases, net | -3,262 | 0 | -2,113 |
Proceeds from Sale of Lease Receivables | 0 | 4,494 | 0 |
Additions to properties under development | -197,271 | -113,599 | -57,926 |
Investment in intercompany notes payable | 0 | 0 | 0 |
Advances to subsidiaries, net | 0 | 0 | 0 |
Net cash used by investing activities of continuing operations | -383,759 | -297,916 | -136,872 |
Net cash used by other investing activities of discontinued operations | 0 | 0 | -58 |
Net proceeds from sale of real estate from discontinued operations | 47,301 | 42,133 | 226,612 |
Net cash used by investing activities | -336,458 | -255,783 | 89,682 |
Proceeds from long-term debt facilities | 646,000 | 871,000 | 387,000 |
Principal payments on long-term debt | -552,468 | -658,571 | -425,859 |
Deferred financing fees paid | -8,133 | -5,800 | -3,731 |
Costs associated with loan refinancing or payoff (cash portion) | -5,790 | -189 | -117 |
Net proceeds from issuance of common shares | 220,785 | 231 | 253 |
Net proceeds from issuance of preferred shares | 0 | 120,567 | 0 |
Redemption of preferred shares | 0 | -115,013 | -80,030 |
Impact of stock option exercises, net | 947 | -1,987 | 966 |
Purchase of common shares for treasury | -3,246 | -3,232 | -3,070 |
Dividends paid to shareholders | -197,924 | -162,775 | -157,844 |
Net cash provided by financing activities | 100,171 | 44,231 | -282,432 |
Effect of exchange rate changes on cash | -539 | 147 | -317 |
Net increase (decrease) in cash and cash equivalents | -2,706 | -3,961 | 2,849 |
Cash and cash equivalents at beginning of the year | 10,664 | 14,625 | 11,776 |
Cash and cash equivalents at end of the year | 7,958 | 10,664 | 14,625 |
EPR Properties (Issuer) [Member] | ' | ' | ' |
Intercompany fee income (expense) | 2,629 | 2,706 | 2,726 |
Interest income (expense) on intercompany receivable/payable | 17,848 | 16,967 | 16,665 |
Net cash provided (used) by other operating activities | -38,183 | -19,940 | -12,924 |
Net operating cash provided by continuing operations | -17,706 | -267 | 6,467 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 |
Net Cash Provided by (Used in) Operating Activities | -17,706 | -267 | 6,467 |
Acquisition of rental properties and other assets | -1,358 | -422 | -603 |
Proceeds from sale of real estate | 0 | ' | ' |
Investment in unconsolidated joint ventures | -1,607 | -1,800 | -2,773 |
Investment in mortgage notes receivable | 11,797 | 0 | 0 |
Proceeds from mortgage note receivable paydown | 0 | ' | ' |
Investment in promissory notes receivable | 0 | ' | ' |
Proceeds from Sale and Collection of Notes Receivable | 117 | ' | ' |
Investment in direct financing leases, net | 0 | ' | 0 |
Proceeds from Sale of Lease Receivables | ' | 0 | ' |
Additions to properties under development | -18 | 0 | 0 |
Investment in intercompany notes payable | 103,104 | -3,074 | 127,111 |
Advances to subsidiaries, net | -386,759 | -416,859 | 108,495 |
Net cash used by investing activities of continuing operations | -298,318 | -422,155 | 232,230 |
Net cash used by other investing activities of discontinued operations | ' | ' | 0 |
Net proceeds from sale of real estate from discontinued operations | 0 | 0 | 0 |
Net cash used by investing activities | -298,318 | -422,155 | 232,230 |
Proceeds from long-term debt facilities | 300,000 | 590,000 | 0 |
Principal payments on long-term debt | 0 | 0 | 0 |
Deferred financing fees paid | -5,620 | -5,770 | -396 |
Costs associated with loan refinancing or payoff (cash portion) | 0 | ' | 0 |
Net proceeds from issuance of common shares | 220,785 | 231 | 253 |
Net proceeds from issuance of preferred shares | ' | 120,567 | ' |
Redemption of preferred shares | ' | 115,013 | 80,030 |
Impact of stock option exercises, net | 947 | -1,987 | 966 |
Purchase of common shares for treasury | -3,246 | -3,232 | -3,070 |
Dividends paid to shareholders | -197,924 | -162,775 | -157,844 |
Net cash provided by financing activities | 314,942 | 422,021 | -240,121 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -1,082 | -401 | -1,424 |
Cash and cash equivalents at beginning of the year | 1,531 | 1,932 | 3,356 |
Cash and cash equivalents at end of the year | 449 | 1,531 | 1,932 |
Wholly-Owned Subsidiary Guarantors [Member] | ' | ' | ' |
Intercompany fee income (expense) | 0 | 0 | 0 |
Interest income (expense) on intercompany receivable/payable | 0 | 0 | 0 |
Net cash provided (used) by other operating activities | 197,152 | 164,505 | 143,020 |
Net operating cash provided by continuing operations | 197,152 | 164,505 | 143,020 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 286 | 1,036 | 7,947 |
Net Cash Provided by (Used in) Operating Activities | 197,438 | 165,541 | 150,967 |
Acquisition of rental properties and other assets | -94,119 | -67,890 | -46,822 |
Proceeds from sale of real estate | 0 | ' | ' |
Investment in unconsolidated joint ventures | 0 | 0 | 0 |
Investment in mortgage notes receivable | 46,402 | -90,975 | -18,391 |
Proceeds from mortgage note receivable paydown | -202 | ' | ' |
Investment in promissory notes receivable | 1,278 | ' | ' |
Proceeds from Sale and Collection of Notes Receivable | 0 | ' | ' |
Investment in direct financing leases, net | -3,262 | ' | 2,113 |
Proceeds from Sale of Lease Receivables | ' | -4,494 | ' |
Additions to properties under development | -189,736 | -99,924 | -53,355 |
Investment in intercompany notes payable | 0 | 0 | -132,074 |
Advances to subsidiaries, net | 188,458 | 445,612 | -172,843 |
Net cash used by investing activities of continuing operations | -146,137 | 191,317 | -425,598 |
Net cash used by other investing activities of discontinued operations | ' | ' | -58 |
Net proceeds from sale of real estate from discontinued operations | 0 | 282 | 205,936 |
Net cash used by investing activities | -146,137 | 191,599 | -219,720 |
Proceeds from long-term debt facilities | 346,000 | 281,000 | 387,000 |
Principal payments on long-term debt | -394,740 | -638,684 | -315,324 |
Deferred financing fees paid | -2,494 | -6 | -3,330 |
Costs associated with loan refinancing or payoff (cash portion) | 0 | -37 | 0 |
Net proceeds from issuance of common shares | 0 | 0 | 0 |
Net proceeds from issuance of preferred shares | ' | 0 | ' |
Redemption of preferred shares | ' | 0 | 0 |
Impact of stock option exercises, net | 0 | 0 | 0 |
Purchase of common shares for treasury | 0 | 0 | 0 |
Dividends paid to shareholders | 0 | 0 | 0 |
Net cash provided by financing activities | -51,234 | -357,727 | 68,346 |
Effect of exchange rate changes on cash | -13 | -5 | -166 |
Net increase (decrease) in cash and cash equivalents | 54 | -592 | -573 |
Cash and cash equivalents at beginning of the year | 651 | 1,243 | 1,816 |
Cash and cash equivalents at end of the year | 705 | 651 | 1,243 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Intercompany fee income (expense) | -2,629 | -2,706 | -2,726 |
Interest income (expense) on intercompany receivable/payable | -17,848 | -16,967 | -16,665 |
Net cash provided (used) by other operating activities | 72,470 | 51,536 | 55,572 |
Net operating cash provided by continuing operations | 51,993 | 31,863 | 36,181 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 2,395 | 10,307 | 2,301 |
Net Cash Provided by (Used in) Operating Activities | 54,388 | 42,170 | 38,482 |
Acquisition of rental properties and other assets | -28,020 | -4,876 | -5,750 |
Proceeds from sale of real estate | 797 | ' | ' |
Investment in unconsolidated joint ventures | 0 | 0 | -1,197 |
Investment in mortgage notes receivable | 2,369 | -22,848 | -1,297 |
Proceeds from mortgage note receivable paydown | -1,698 | ' | ' |
Investment in promissory notes receivable | 0 | ' | ' |
Proceeds from Sale and Collection of Notes Receivable | 910 | ' | ' |
Investment in direct financing leases, net | 0 | ' | 0 |
Proceeds from Sale of Lease Receivables | ' | 0 | ' |
Additions to properties under development | -7,517 | -13,675 | -4,571 |
Investment in intercompany notes payable | -103,104 | 3,074 | 4,963 |
Advances to subsidiaries, net | 198,301 | -28,753 | 64,348 |
Net cash used by investing activities of continuing operations | 60,696 | -67,078 | 56,496 |
Net cash used by other investing activities of discontinued operations | ' | ' | 0 |
Net proceeds from sale of real estate from discontinued operations | 47,301 | 41,851 | 20,676 |
Net cash used by investing activities | 107,997 | -25,227 | 77,172 |
Proceeds from long-term debt facilities | 0 | 0 | 0 |
Principal payments on long-term debt | -157,728 | -19,887 | -110,535 |
Deferred financing fees paid | -19 | -24 | -5 |
Costs associated with loan refinancing or payoff (cash portion) | -5,790 | -152 | -117 |
Net proceeds from issuance of common shares | 0 | 0 | 0 |
Net proceeds from issuance of preferred shares | ' | 0 | ' |
Redemption of preferred shares | ' | 0 | 0 |
Impact of stock option exercises, net | 0 | 0 | 0 |
Purchase of common shares for treasury | 0 | 0 | 0 |
Dividends paid to shareholders | 0 | 0 | 0 |
Net cash provided by financing activities | -163,537 | -20,063 | -110,657 |
Effect of exchange rate changes on cash | -526 | 152 | -151 |
Net increase (decrease) in cash and cash equivalents | -1,678 | -2,968 | 4,846 |
Cash and cash equivalents at beginning of the year | 8,482 | 11,450 | 6,604 |
Cash and cash equivalents at end of the year | $6,804 | $8,482 | $11,450 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at December 31, 2012 | $3,852,000 | $5,152,000 | $6,691,000 |
Additions | 1,949,000 | 1,088,000 | 837,000 |
Deductions | -2,812,000 | -2,388,000 | -2,376,000 |
Balance at December 31, 2013 | ' | 3,852,000 | 5,152,000 |
Allowance for Loan and Lease Losses [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at December 31, 2012 | 123,000 | 8,196,000 | 8,196,000 |
Additions | 0 | 0 | 0 |
Deductions | -123,000 | -8,073,000 | 0 |
Balance at December 31, 2013 | $0 | $123,000 | $8,196,000 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation Properties (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | AmStar Cinemas 14 [Member] | Oakview 24 [Member] | First Colony 24 [Member] | Huebner Oaks 24 [Member] | Lennox Town Center 24 [Member] | Mission Valley 20 [Member] | Ontario Mills 30 [Member] | Promenade 16 [Member] | Studio 30 [Member] | West Olive 16 [Member] | Leawood Town Center 20 [Member] | Gulf Pointe 30 [Member] | South Barrington 30 [Member] | Mesquite 30 [Member] | Hampton Town Center 24 [Member] | Pompano [Member] | Raleigh Grande 16 [Member] | Paradise 24 and XD [Member] | Aliso Viejo Stadium 20 [Member] | Boise Stadium 22 [Member] | Mesquite Retail Center [Member] | Westminster Promenade [Member] | Westminster Promenade 24 [Member] | Woodridge 18 [Member] | Cary Crossroads Stadium 20 [Member] | Starlight 20 [Member] | Palm Promenade 24 [Member] | Gulf Pointe Retail Center [Member] | Clearview Palace 12 [Member] | Elmwood Palace 20 [Member] | Hammond Palace 10 [Member] | Houma Palace 10 [Member] | Westbank Palace 16 [Member] | Cherrydale [Member] | Forum 30 [Member] | Olathe Studio 30 [Member] | Livonia 20 [Member] | Hoffman Center 22 [Member] | Colonel Glenn 18 [Member] | AmStar 16-Macon [Member] | Star Southfield Center [Member] | South Wind 12 [Member] | New Roc City [Member] | Columbiana Grande Stadium 14 [Member] | Harbour View Marketplace [Member] | Cobb Grand 18 [Member] | Deer Valley 30 [Member] | Hamilton 24 [Member] | Kanata Entertainment Centrum [Member] | Mesa Grand 14 [Member] | Mississauga Entertainment Centrum [Member] | Oakville Entertainment Centrum [Member] | Whitby Entertainment Centrum [Member] | Cantera Retail Shops [Member] | Grand Prairie 18 [Member] | The Grand 16-Layafette [Member] | North East Mall 18 [Member] | Avenue 16 [Member] | The Grand 18-D'lberville [Member] | Mayfaire Stadium 16 [Member] | Burbank Village [Member] | East Ridge 18 [Member] | The Grand 14-Conroe [Member] | Washington Square 12 [Member] | The Grand 18-Hattiesburg [Member] | Mad River Mountain [Member] | Arroyo Grand Staduim 10 [Member] | Auburn Stadium 10 [Member] | Manchester Stadium 16 [Member] | Modesto Stadium 10 [Member] | Columbia 14 [Member] | Firewheel 18 [Member] | White Oak Stadium 14 [Member] | The Grand 18 - Winston Salem [Member] | Valley Bend 18 [Member] | Cityplace 14 [Member] | Pensacola Bayou 15 [Member] | The Grand 16-Slidell [Member] | The Grand 16 - Pier Park [Member] | Austell Promenade [Member] | Savannah [Member] | Stadium 14 Cinema [Member] | The Grand 18 - Four Seasons Stations [Member] | Crotched Mountain [Member] | Columbia Winery [Member] | Geyser Peak Winery & Vineyards [Member] | Glendora 12 [Member] | Harbour View Station [Member] | Ann Arbor 20 [Member] | Buckland Hills 18, Manchester, CT [Member] | Buckland Hills 18, Centreville, VA [Member] | Davenport 18 [Member] | Fairfax Corner 14 [Member] | Flint West 14 [Member] | Hazlet 12 [Member] | Huber Heights 16 [Member] | North Haven 12 [Member] | Preston Crossing 16 [Member] | Ritz Center 16 [Member] | Stonybrook 20 [Member] | The Greene 14 [Member] | West Springfield 15 [Member] | Western Hills 14 [Member] | Hollywood Movies 20 [Member] | Movies 10 [Member] | Movies 14 [Member] | Movies 14-Mishawaka [Member] | Movies 16 [Member] | Redding 14 [Member] | Tinseltown [Member] | Tinseltown 15 [Member] | Tinseltown 20 [Member] | Tinseltown 290 [Member] | Tinseltown USA 20 [Member] | Tinseltown USA and XD [Member] | Beach Movie Bistro [Member] | Cinemagic & IMAX in Hooksett [Member] | Cinemagic & IMAX in Saco [Member] | Cinemagic in Merrimack [Member] | Cinemagic in Westbrook [Member] | Mentorship Academy [Member] | Ben Franklin Academy [Member] | Bradley Academy of Excellence [Member] | American Leadership Academy Member | Champions School [Member] | Loveland Classical [Member] | PinstripesNorthbrook [Member] | MagicValleyMallTheatre [Member] | ProspectRidgeAcademy [Member] | SkylinePhoenix [Member] | Latitude30 [Member] | Latitude39 [Member] | TopGolfAllen [Member] | TopGolfDallas [Member] | PinstripesOakbrook [Member] | PacificHeritageAcademy [Member] | Valley Academy [Member] | Look Cinemas Prestonwood [Member] | Odyssey Institute [Member] | American Leadership Academy High School [Member] | Regal Winrock [Member] | Sandhills 10 [Member] | North East Carolina Prep [Member] | TopGolf Houston [Member] | Alamo Drafthouse Austin [Member] | Carmike Champaign [Member] | Wisp Resort [Member] | TopGolf The Colony [Member] | Regal Virginia Gateway [Member] | Chester Community Charter School [Member] | Lowcountry Leadership Academy [Member] | Children's Learning Adventure Lake Pleasant [Member] | Camden Community Charter School [Member] | Rittenhouse Excess Land [Member] | McKinley Academy Chicago [Member] | Learning Foundation [Member] | Bella Mente Academy [Member] | GVA Colorado Springs [Member] | Skyline Chandler [Member] | The Ambassador Theatre [Member] | New Iberia Theatre [Member] | Camelback Mountain Resort [Member] | Hollywood 16 Theatre [Member] | Tampa Veterans 24 [Member] | Cantera Stadium 17 [Member] | Development property [Member] | Land held for development [Member] | Unsecured revolving credit facility [Member] | Senior unsecured notes payable [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Encumbrance | $1,475,336 | ' | $0 | $0 | $16,044 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $13,369 | $0 | $0 | $0 | $0 | $9,060 | $5,848 | $18,362 | $18,362 | $13,096 | $0 | $0 | $7,498 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $8,978 | $5,614 | $0 | $4,160 | $0 | $7,129 | $0 | $0 | $13,261 | $14,826 | $0 | $13,629 | $0 | $0 | $0 | $0 | $0 | $7,901 | $12,777 | $0 | $9,986 | $6,727 | $31,235 | $11,018 | $0 | $4,442 | $9,014 | $0 | $4,352 | $5,641 | $10,284 | $4,222 | $0 | $14,486 | $0 | $0 | $0 | $0 | $0 | $10,635 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3,746 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $14,360 | $0 | $0 | $5,274 | $0 | $0 | $0 | $0 | $0 | $1,140,000 |
Land, initial cost | 844,955 | ' | 3,060 | 5,215 | 0 | 3,006 | 0 | 0 | 5,521 | 6,021 | 6,023 | 4,985 | 3,714 | 4,304 | 6,577 | 2,912 | 3,822 | 6,771 | 2,919 | 2,000 | 8,000 | 0 | 3,119 | 6,204 | 5,850 | 9,926 | 3,352 | 6,000 | 7,500 | 3,653 | 0 | 5,264 | 2,404 | 2,404 | 4,378 | 1,660 | 5,975 | 4,000 | 4,500 | 0 | 3,858 | 1,982 | 8,000 | 1,500 | 6,100 | 1,000 | 3,382 | 7,985 | 4,276 | 4,869 | 11,847 | 4,446 | 10,876 | 11,847 | 12,034 | 3,919 | 2,948 | 0 | 5,000 | 3,817 | 2,001 | 1,650 | 16,584 | 2,799 | 1,836 | 1,481 | 1,978 | 5,108 | 2,641 | 2,178 | 7,600 | 2,542 | 0 | 8,028 | 1,305 | 0 | 3,508 | 5,125 | 5,316 | 0 | 6,486 | 1,596 | 2,783 | 2,505 | 0 | 404 | 113 | 14,353 | 0 | 3,256 | 4,716 | 3,628 | 3,628 | 3,599 | 2,630 | 1,270 | 3,719 | 970 | 5,442 | 5,379 | 1,723 | 4,979 | 1,578 | 2,540 | 1,361 | 2,951 | 1,052 | 1,917 | 2,399 | 1,873 | 2,044 | 2,238 | 1,065 | 4,356 | 4,109 | 4,598 | 4,134 | 0 | 2,639 | 1,508 | 3,160 | 2,273 | 996 | 0 | 766 | 2,580 | 1,253 | 1,494 | 0 | 0 | 1,084 | 1,060 | 4,510 | 4,298 | 0 | 0 | 0 | 897 | 475 | 0 | 914 | 1,887 | 0 | 1,709 | 350 | 0 | 2,608 | 0 | 8,394 | 4,004 | 0 | 518 | 806 | 986 | 548 | 2,612 | 509 | 1,336 | 1,283 | 1,205 | 1,039 | 0 | 0 | 34,940 | 0 | 1,700 | 14,000 | 89,473 | 201,342 | 0 | 0 |
Buildings, equipment & improvement, initial cost | 1,824,118 | ' | 15,281 | 16,700 | 19,100 | 13,662 | 12,685 | 16,028 | 19,449 | 22,104 | 20,037 | 12,601 | 12,086 | 21,496 | 27,723 | 20,288 | 24,678 | 9,899 | 5,559 | 13,000 | 14,000 | 16,003 | 990 | 12,600 | 17,314 | 8,968 | 11,653 | 12,809 | 17,750 | 1,365 | 11,740 | 14,820 | 6,780 | 6,780 | 12,330 | 7,570 | 17,956 | 15,935 | 17,525 | 22,035 | 7,990 | 5,056 | 20,518 | 3,526 | 97,696 | 10,534 | 9,971 | 0 | 15,934 | 18,143 | 43,205 | 16,565 | 20,751 | 27,890 | 25,902 | 900 | 11,177 | 10,318 | 11,729 | 8,830 | 8,043 | 7,047 | 35,016 | 11,467 | 8,230 | 4,565 | 7,733 | 5,994 | 3,810 | 6,185 | 11,613 | 3,910 | 12,204 | 14,825 | 6,899 | 12,153 | 14,802 | 12,216 | 15,099 | 11,499 | 11,156 | 0 | 0 | 7,323 | 12,606 | 0 | 6,330 | 31,132 | 10,588 | 9,206 | 227 | 11,474 | 1,769 | 6,068 | 11,791 | 1,723 | 4,716 | 3,891 | 1,061 | 3,311 | 9,614 | 6,567 | 6,630 | 3,755 | 1,741 | 10,684 | 1,968 | 3,319 | 5,454 | 3,245 | 4,500 | 5,162 | 11,669 | 11,533 | 9,739 | 13,207 | 11,220 | 1,736 | 11,605 | 3,826 | 5,642 | 7,119 | 5,638 | 10,157 | 6,517 | 6,418 | 4,834 | 3,857 | 7,025 | 4,783 | 9,659 | 8,140 | 5,061 | 6,321 | 10,007 | 10,007 | 8,068 | 4,488 | 4,939 | 12,146 | 9,715 | 14,543 | 13,733 | 4,747 | 12,560 | 12,403 | 6,373 | 9,381 | 15,910 | 13,665 | 10,846 | 5,900 | 5,776 | 3,524 | 10,569 | 0 | 5,895 | 6,593 | 3,354 | 6,350 | 9,590 | 12,728 | 1,630 | 34,629 | 11,287 | 23,483 | 17,318 | 0 | 0 | 0 | 0 |
Additions (dispositions) (impairments) subsequent to acquisition | 135,536 | ' | 18,843 | 59 | 67 | 2,058 | 0 | 0 | 0 | 0 | 0 | 4,075 | 43 | 76 | 98 | 72 | 88 | 3,745 | 951 | 8,512 | 0 | 0 | 0 | 9,509 | 0 | 0 | 155 | 1,352 | 0 | 686 | 0 | 0 | -565 | 0 | -112 | 100 | 3,400 | 2,361 | 0 | 0 | 0 | 0 | 5,970 | 0 | 412 | -2,447 | 6,858 | 0 | 0 | 0 | 32,150 | 0 | 19,432 | 5,052 | 22,750 | 114 | 0 | 0 | 1,015 | 320 | 1,636 | 0 | 5,225 | 0 | 0 | 0 | 2,432 | 1,501 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,925 | 0 | 2,308 | 0 | 0 | 0 | 0 | -586 | 0 | 914 | 0 | -2,555 | -39,281 | 0 | 2,776 | 0 | 0 | 0 | -35 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -134 | 0 | 425 | 0 | 0 | 0 | 0 | -169 | 0 | 999 | 97 | 0 | 0 | 0 | -55 | 0 | 0 | 3,609 | 6,080 | 0 | 0 | 0 | 53 | 0 | 0 | 1,172 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Land, gross amount | 840,272 | ' | 3,060 | 5,215 | 0 | 3,006 | 0 | 0 | 5,521 | 6,021 | 6,023 | 4,985 | 3,714 | 4,304 | 6,577 | 2,912 | 3,822 | 6,771 | 2,919 | 2,000 | 8,000 | 0 | 3,119 | 6,204 | 5,850 | 9,926 | 3,352 | 6,000 | 7,500 | 3,408 | 0 | 5,264 | 1,839 | 2,404 | 4,266 | 1,660 | 5,975 | 4,000 | 4,500 | 0 | 3,858 | 1,982 | 8,000 | 1,500 | 6,100 | 1,000 | 4,471 | 7,985 | 4,276 | 4,869 | 11,847 | 4,446 | 14,302 | 11,847 | 15,457 | 4,033 | 2,948 | 0 | 5,000 | 3,817 | 1,205 | 1,650 | 16,584 | 2,799 | 1,836 | 1,481 | 1,978 | 5,251 | 2,641 | 2,178 | 7,600 | 2,542 | 0 | 8,028 | 1,305 | 0 | 3,508 | 5,125 | 5,316 | 0 | 6,486 | 1,596 | 2,197 | 2,505 | 0 | 404 | 62 | 2,956 | 0 | 3,298 | 4,716 | 3,628 | 3,628 | 3,564 | 2,630 | 1,270 | 3,719 | 970 | 5,442 | 5,379 | 1,723 | 4,979 | 1,578 | 2,540 | 1,361 | 2,951 | 1,052 | 1,917 | 2,399 | 1,873 | 2,044 | 2,238 | 1,065 | 4,356 | 4,109 | 4,598 | 4,134 | 0 | 2,639 | 1,508 | 3,160 | 2,273 | 996 | 0 | 766 | 2,580 | 1,253 | 1,494 | 0 | 0 | 1,084 | 1,060 | 4,510 | 4,377 | 0 | 0 | 0 | 897 | 475 | 0 | 914 | 1,887 | 0 | 1,709 | 350 | 0 | 2,608 | 0 | 9,182 | 4,004 | 0 | 518 | 806 | 986 | 548 | 2,612 | 509 | 1,336 | 1,283 | 1,205 | 1,039 | 0 | 0 | 34,940 | 0 | 1,700 | 14,000 | 89,473 | 201,342 | 0 | 0 |
Buildings, equipment & improvement, gross amount | 1,964,337 | ' | 34,124 | 16,759 | 19,167 | 15,720 | 12,685 | 16,028 | 19,449 | 22,104 | 20,037 | 16,676 | 12,129 | 21,572 | 27,821 | 20,360 | 24,766 | 13,644 | 6,510 | 21,512 | 14,000 | 16,003 | 990 | 22,109 | 17,314 | 8,968 | 11,808 | 14,161 | 17,750 | 2,296 | 11,740 | 14,820 | 6,780 | 6,780 | 12,330 | 7,670 | 21,356 | 18,296 | 17,525 | 22,035 | 7,990 | 5,056 | 26,488 | 3,526 | 98,108 | 8,087 | 15,740 | 0 | 15,934 | 18,143 | 75,355 | 16,565 | 36,757 | 32,942 | 45,229 | 900 | 11,177 | 10,318 | 12,744 | 9,150 | 10,475 | 7,047 | 40,241 | 11,467 | 8,230 | 4,565 | 10,165 | 7,352 | 3,810 | 6,185 | 11,613 | 3,910 | 12,204 | 14,825 | 6,899 | 14,078 | 14,802 | 14,524 | 15,099 | 11,499 | 11,156 | 0 | 0 | 7,323 | 13,520 | 0 | 3,826 | 3,248 | 10,588 | 11,940 | 227 | 11,474 | 1,769 | 6,068 | 11,791 | 1,723 | 4,716 | 3,891 | 1,061 | 3,311 | 9,614 | 6,567 | 6,630 | 3,755 | 1,741 | 10,684 | 1,968 | 3,319 | 5,454 | 3,245 | 4,500 | 5,162 | 11,669 | 11,533 | 9,739 | 13,207 | 11,220 | 1,736 | 11,605 | 3,826 | 5,642 | 7,119 | 5,638 | 10,023 | 6,517 | 6,843 | 4,834 | 3,857 | 7,025 | 4,783 | 9,490 | 8,140 | 6,060 | 6,339 | 10,007 | 10,007 | 8,068 | 4,433 | 4,939 | 12,146 | 13,324 | 20,623 | 13,733 | 4,747 | 12,560 | 12,456 | 6,373 | 9,381 | 16,294 | 13,665 | 10,846 | 5,900 | 5,776 | 3,524 | 10,569 | 0 | 5,895 | 6,593 | 3,354 | 6,350 | 9,590 | 12,728 | 1,630 | 34,629 | 11,287 | 23,483 | 17,318 | 0 | 0 | 0 | 0 |
Total, gross amount | 2,804,609 | 2,489,437 | 37,184 | 21,974 | 19,167 | 18,726 | 12,685 | 16,028 | 24,970 | 28,125 | 26,060 | 21,661 | 15,843 | 25,876 | 34,398 | 23,272 | 28,588 | 20,415 | 9,429 | 23,512 | 22,000 | 16,003 | 4,109 | 28,313 | 23,164 | 18,894 | 15,160 | 20,161 | 25,250 | 5,704 | 11,740 | 20,084 | 8,619 | 9,184 | 16,596 | 9,330 | 27,331 | 22,296 | 22,025 | 22,035 | 11,848 | 7,038 | 34,488 | 5,026 | 104,208 | 9,087 | 20,211 | 7,985 | 20,210 | 23,012 | 87,202 | 21,011 | 51,059 | 44,789 | 60,686 | 4,933 | 14,125 | 10,318 | 17,744 | 12,967 | 11,680 | 8,697 | 56,825 | 14,266 | 10,066 | 6,046 | 12,143 | 12,603 | 6,451 | 8,363 | 19,213 | 6,452 | 12,204 | 22,853 | 8,204 | 14,078 | 18,310 | 19,649 | 20,415 | 11,499 | 17,642 | 1,596 | 2,197 | 9,828 | 13,520 | 404 | 3,888 | 6,204 | 10,588 | 15,238 | 4,943 | 15,102 | 5,397 | 9,632 | 14,421 | 2,993 | 8,435 | 4,861 | 6,503 | 8,690 | 11,337 | 11,546 | 8,208 | 6,295 | 3,102 | 13,635 | 3,020 | 5,236 | 7,853 | 5,118 | 6,544 | 7,400 | 12,734 | 15,889 | 13,848 | 17,805 | 15,354 | 1,736 | 14,244 | 5,334 | 8,802 | 9,392 | 6,634 | 10,023 | 7,283 | 9,423 | 6,087 | 5,351 | 7,025 | 4,783 | 10,574 | 9,200 | 10,570 | 10,716 | 10,007 | 10,007 | 8,068 | 5,330 | 5,414 | 12,146 | 14,238 | 22,510 | 13,733 | 6,456 | 12,910 | 12,456 | 8,981 | 9,381 | 25,476 | 17,669 | 10,846 | 6,418 | 6,582 | 4,510 | 11,117 | 2,612 | 6,404 | 7,929 | 4,637 | 7,555 | 10,629 | 12,728 | 1,630 | 69,569 | 11,287 | 25,183 | 31,318 | 89,473 | 201,342 | 0 | 0 |
Accumulated depreciation | ($409,643) | ($376,003) | ($8,375) | ($6,704) | ($7,667) | ($5,426) | ($4,915) | ($6,211) | ($7,537) | ($8,565) | ($7,764) | ($4,965) | ($4,851) | ($8,584) | ($11,013) | ($7,974) | ($9,597) | ($5,310) | ($2,183) | ($7,977) | ($5,250) | ($6,001) | ($268) | ($6,532) | ($5,230) | ($3,251) | ($4,133) | ($5,012) | ($6,176) | ($1,397) | ($3,473) | ($4,384) | ($2,006) | ($2,006) | ($3,648) | ($2,212) | ($7,367) | ($4,935) | ($5,002) | ($6,197) | ($2,214) | ($1,359) | ($8,277) | ($933) | ($27,729) | ($2,112) | ($2,209) | $0 | ($3,884) | ($4,422) | ($17,067) | ($4,038) | ($7,810) | ($7,777) | ($12,070) | ($555) | ($2,631) | ($2,445) | ($2,904) | ($2,059) | ($2,257) | ($1,571) | ($8,404) | ($2,532) | ($1,748) | ($970) | ($2,021) | ($2,420) | ($770) | ($1,250) | ($2,644) | ($790) | ($2,365) | ($2,872) | ($1,322) | ($2,640) | ($2,714) | ($3,370) | ($2,642) | ($2,012) | ($1,836) | $0 | $0 | ($1,159) | ($1,951) | $0 | ($1,041) | ($1,413) | ($1,368) | ($2,717) | ($23) | ($1,147) | ($177) | ($607) | ($1,179) | ($172) | ($472) | ($389) | ($106) | ($331) | ($961) | ($657) | ($663) | ($375) | ($174) | ($935) | ($172) | ($290) | ($477) | ($284) | ($394) | ($452) | ($1,021) | ($1,009) | ($852) | ($1,156) | ($982) | ($449) | ($822) | ($271) | ($400) | ($504) | ($363) | ($504) | ($367) | ($370) | ($272) | ($217) | ($424) | ($189) | ($404) | ($420) | ($341) | ($158) | ($633) | ($612) | ($252) | ($153) | ($262) | ($193) | ($383) | ($564) | ($29) | ($178) | ($241) | ($311) | ($66) | ($20) | ($1,065) | $0 | ($23) | ($44) | ($14) | ($54) | ($94) | $0 | ($37) | ($41) | ($21) | ($74) | ($85) | ($80) | ($10) | ($459) | ($71) | ($134) | ($116) | $0 | $0 | $0 | $0 |
Depreciation life | ' | ' | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | ' | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '15 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | ' | ' | '40 years | '40 years | ' | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '29 years | '30 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | ' | ' | ' | ' |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation Reconciliation (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ' |
Balance at beginning of the year | $2,489,437 |
Acquistion and development of rental properties during the year | 377,300 |
Disposition of rental properties during the year | -62,128 |
Balance at close of year | 2,804,609 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ' |
Balance at beginning of the year | 376,003 |
Depreciation during the year | 49,547 |
Disposition of rental properties during the year | -15,907 |
Balance at close of year | $409,643 |