Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | Apr. 28, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | EPR PROPERTIES | |
Entity Central Index Key | 1045450 | |
Trading Symbol | EPR | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 57,186,434 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Rental properties, net of accumulated depreciation of $471,057 and $465,660 at March 31, 2015 and December 31, 2014, respectively | $2,473,349 | $2,451,534 |
Land held for development | 28,119 | 206,001 |
Property under development | 390,205 | 181,798 |
Mortgage notes and related accrued interest receivable | 527,104 | 507,955 |
Investment in a direct financing lease, net | 200,266 | 199,332 |
Investment in joint ventures | 5,902 | 5,738 |
Cash and cash equivalents | 102,206 | 3,336 |
Restricted cash | 22,454 | 13,072 |
Deferred financing costs, net | 22,777 | 19,909 |
Accounts receivable, net | 56,397 | 47,282 |
Other assets | 74,523 | 66,091 |
Total assets | 3,903,302 | 3,702,048 |
Liabilities: | ||
Accounts payable and accrued liabilities | 78,499 | 82,180 |
Common dividends payable | 17,296 | 16,281 |
Preferred dividends payable | 5,952 | 5,952 |
Unearned rents and interest | 42,628 | 25,623 |
Debt | 1,849,424 | 1,645,523 |
Total liabilities | 1,993,799 | 1,775,559 |
Equity: | ||
Common Shares, $.01 par value; 75,000,000 shares authorized; and 59,161,726 and 58,952,404 shares issued at March 31, 2015 and December 31, 2014, respectively | 591 | 589 |
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Additional paid-in-capital | 2,294,500 | 2,283,440 |
Treasury shares at cost: 1,983,759 and 1,826,463 common shares at March 31, 2015 and December 31, 2014, respectively | -77,001 | -67,846 |
Accumulated other comprehensive income | 8,711 | 12,566 |
Distributions in excess of net income | -317,814 | -302,776 |
EPR Properties shareholders’ equity | 1,909,126 | 1,926,112 |
Noncontrolling interests | 377 | 377 |
Total equity | 1,909,503 | 1,926,489 |
Total liabilities and equity | 3,903,302 | 3,702,048 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
Rental properties, accumulated depreciation | $471,057,000 | $465,660,000 |
Common Shares, par value | $0.01 | $0.01 |
Common Shares, shares authorized | 75,000,000 | 75,000,000 |
Common Shares, shares issued | 59,161,726 | 53,361,261 |
Preferred Shares, par value | $0.01 | $0.01 |
Preferred Shares, shares authorized | 25,000,000 | 25,000,000 |
Treasury Shares, common shares | 1,983,759 | 1,706,109 |
Series C Preferred Shares [Member] | ||
Preferred Shares, shares issued | 5,400,000 | 5,400,000 |
Preferred Shares, liquidation preference | 135,000,000 | 135,000,000 |
Series E Preferred Shares [Member] | ||
Preferred Shares, shares issued | 3,450,000 | 3,450,000 |
Preferred Shares, liquidation preference | 86,250,000 | 86,250,000 |
Series F Preferred Stock [Member] | ||
Preferred Shares, shares issued | 5,000,000 | 5,000,000 |
Preferred Shares, liquidation preference | $125,000,000 | $125,000,000 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Rental revenue | $76,740 | $66,431 |
Tenant reimbursements | 4,303 | 4,588 |
Other income | 550 | 174 |
Mortgage and other financing income | 17,843 | 18,664 |
Total revenue | 99,436 | 89,857 |
Property operating expense | 6,357 | 6,449 |
Other expense | 102 | 98 |
General and administrative expense | 7,682 | 7,462 |
Retirement severance expense | 18,578 | 0 |
Interest expense, net | 18,587 | 19,899 |
Transaction costs | 1,606 | 196 |
Depreciation and amortization | 19,355 | 15,327 |
Income before equity in income from joint ventures and other items | 27,169 | 40,426 |
Equity in income from joint ventures | 164 | 311 |
Gain on sale of real estate | 23,924 | 330 |
Income before income taxes | 51,257 | 41,067 |
Income tax expense | 8,426 | 925 |
Income from continuing operations | 42,831 | 40,142 |
Discontinued operations: | ||
Income (loss) from discontinued operations | -10 | 15 |
Transaction (costs) benefit | 0 | 3,376 |
Net income attributable to EPR Properties | 42,821 | 43,533 |
Preferred dividend requirements | -5,952 | -5,952 |
Net income available to common shareholders of EPR Properties | $36,869 | $37,581 |
Basic earnings per share data: | ||
Income from continuing operations (in dollars per share) | $0.65 | $0.65 |
Income from discontinued operations (in dollars per share) | $0 | $0.07 |
Net income available to common shareholders (in dollars per share) | $0.65 | $0.72 |
Diluted earnings per share data: | ||
Income from continuing operations (in dollars per share) | $0.64 | $0.65 |
Income from discontinued operations (in dollars per share) | $0 | $0.06 |
Net income available to common shareholders (in dollars per share) | $0.64 | $0.71 |
Shares used for computation (in thousands): | ||
Basic (in shares) | 57,111 | 52,541 |
Diluted (in shares) | 57,378 | 52,719 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $42,821 | $43,533 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | -17,302 | -8,488 |
Change in unrealized gain on derivatives | 13,447 | 6,424 |
Comprehensive income attributable to EPR Properties | $38,966 | $41,469 |
Consolidated_Statement_Of_Chan
Consolidated Statement Of Changes In Equity (USD $) | Total | Common Stock [Member] | Preferred Stock [Member] | Additional paid-in capital [Member] | Treasury shares [Member] | Accumulated other comprehensive income (loss) [Member] | Distributions in excess of net income [Member] | Noncontrolling Interests [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||||
Balance (in shares) at Dec. 31, 2014 | 58,952,404 | 13,850,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total equity | $1,909,503 | $591 | $139 | $2,294,500 | ($77,001) | $8,711 | ($317,814) | $377 |
Issuance of nonvested shares | 188,685 | |||||||
Issuance of nonvested shares | -1,925 | -2 | -1,923 | |||||
Purchase of common shares for vesting | 8,240 | 8,240 | ||||||
Amortization of nonvested shares | -1,434 | -1,434 | ||||||
Share option expense | 274 | 274 | ||||||
Foreign currency translation adjustment | -17,302 | -17,302 | ||||||
Change in unrealized gain/loss on derivatives | 13,447 | 13,447 | ||||||
Net income | 42,821 | 42,821 | ||||||
Issuances of common shares (in shares) | 2,796 | |||||||
Issuances of common shares | 170 | 0 | 170 | |||||
Stock option exercises, net (in shares) | 17,841 | 17,841 | ||||||
Stock option exercises, net | -33 | 0 | -882 | -915 | ||||
Dividends to common and preferred shareholders | ($57,859) | ($57,859) | ||||||
Balance (in shares) at Mar. 31, 2015 | 59,161,726 | 13,850,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Income (Loss) Available to Common Stockholders, Diluted | $36,869 | $37,581 |
Operating activities: | ||
Net income | 42,821 | 43,533 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Loss (income) from discontinued operations | 10 | -3,391 |
Gain on sale of real estate | -23,924 | -330 |
Deferred Income Tax Expense (Benefit) | 6,888 | 407 |
Equity in income from joint ventures | 164 | 311 |
Depreciation and amortization | 19,355 | 15,327 |
Amortization of deferred financing costs | 1,096 | 1,015 |
Amortization of above and below Market Leases | 48 | 48 |
Share-based compensation expense to management and trustees | 1,972 | 2,328 |
Share-based compensation expense included in retirement severance expense | 6,377 | 0 |
Decrease (increase) in restricted cash | 730 | -3,425 |
Increase in mortgage notes accrued interest receivable | -599 | -107 |
Decrease (increase) in accounts receivable, net | -2,330 | 371 |
Increase in direct financing lease receivable | -934 | -694 |
Increase in other assets | -2,891 | -2,446 |
Increase (decrease) in accounts payable and accrued liabilities | 2,529 | -14,712 |
Increase in unearned rents and interest | 6,079 | 3,793 |
Net operating cash provided by continuing operations | 57,063 | 41,406 |
Net operating cash provided by discontinued operations | 455 | 124 |
Net cash provided by operating activities | 57,518 | 41,530 |
Investing activities: | ||
Acquisition of rental properties and other assets | 49,207 | 12,264 |
Proceeds from sale of real estate | 43,790 | 915 |
Proceeds from settlement of derivative | 0 | -5,725 |
Investment in mortgage notes receivable | -18,698 | -4,472 |
Proceeds from mortgage note receivable paydown | 148 | 76 |
Investment in promissory notes receivable | 0 | 2,207 |
Additions to properties under development | -69,195 | -50,621 |
Net cash used by investing activities | -93,162 | -62,848 |
Financing activities: | ||
Proceeds from long-term debt facilities | 453,914 | 47,000 |
Principal payments on long-term debt | -251,100 | -39,728 |
Deferred financing fees paid | -2,878 | -449 |
Net proceeds from issuance of common shares | 123 | 79,579 |
Impact of stock option exercises, net | -33 | -21 |
Purchase of common shares for treasury | -8,222 | -2,892 |
Dividends paid to shareholders | -56,796 | -49,638 |
Net cash provided by financing activities | 135,008 | 33,851 |
Effect of exchange rate changes on cash | -494 | -85 |
Net increase in cash and cash equivalents | 98,870 | 12,448 |
Cash and cash equivalents at beginning of the year | 3,336 | 7,958 |
Cash and cash equivalents at end of the year | 102,206 | 20,406 |
Supplemental schedule of non-cash activity: | ||
Transfer of property under development to rental property | 30,466 | 243 |
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses | 11,610 | 14,470 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the year for interest | 34,871 | 34,384 |
Cash paid during the period for income taxes | 397 | 355 |
Interest Paid, Capitalized | 4,348 | 1,287 |
IncreaseDecreaseInAccruedCapitalExpenditures | ($5,009) | ($4,016) |
Organization
Organization | 3 Months Ended |
Mar. 31, 2015 | |
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 | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the three month period ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. | |
The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest. A controlling financial interest will have both of the following characteristics: the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. This topic requires an ongoing reassessment. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the Consolidation Topic of the FASB ASC, or does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. | |
The Company reports its noncontrolling interests as required by the Consolidation Topic of the FASB ASC. Noncontrolling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company's equity. On the consolidated statements of income, revenues, expenses and net income or loss from less-than-wholly-owned subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Consolidated statements of changes in shareholders' equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for equity, noncontrolling interests and total equity. The Company does not have any redeemable noncontrolling interests. | |
The consolidated balance sheet as of December 31, 2014 has been derived from the audited consolidated balance sheet at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission (SEC) on February 25, 2015. | |
Operating Segments | |
For financial reporting purposes, the Company groups its investments into four reportable operating segments: Entertainment, Education, Recreation and Other. See Note 16 for financial information related to these operating segments. | |
Rental Properties | |
Rental properties are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally are estimated to be 40 years for buildings and 3 to 25 years for furniture, fixtures and equipment. Tenant improvements, including allowances, are depreciated over the shorter of the base term of the lease or the estimated useful life. Expenditures for ordinary maintenance and repairs are charged to operations in the period incurred. Significant renovations and improvements that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful life. | |
Management reviews a property for impairment whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. The review of recoverability is based on an estimate of undiscounted future cash flows expected to result from its use and eventual disposition. If impairment exists due to the inability to recover the carrying value of the property, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. | |
The Company evaluates the held-for-sale classification of its real estate as of the end of each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less costs to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment that is expected to close within one year. On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance. | |
Allowance for Doubtful Accounts | |
The Company makes estimates of the collectability of its accounts receivable related to base rents, tenant escalations (straight-line rents), reimbursements and other income. The Company specifically analyzes trends in accounts receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of its allowance for doubtful accounts. When evaluating customer creditworthiness, management reviews the periodic financial statements for significant tenants and specifically evaluates the strength and material changes in net operating income, coverage ratios, leverage and other factors to assess the tenant's credit quality. In addition, when customers are in bankruptcy, the Company makes estimates of the expected recovery of pre-petition administrative and damage claims. These estimates have a direct impact on the Company's net income. | |
Revenue Recognition | |
Rents that are fixed and determinable are recognized on a straight-line basis over the minimum term 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 $0.3 million for both the three months ended March 31, 2015 and 2014. The Company recognized no participating interest income in mortgage and other financing income for both the three months ended March 31, 2015 and 2014. 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 $0.1 million were recognized during both the three months ended March 31, 2015 and 2014. | |
Direct financing lease income is recognized on the effective interest method to produce a level yield on funds not yet recovered. Estimated unguaranteed residual values at the date of lease inception represent management's initial estimates of fair value of the leased assets at the expiration of the lease, not to exceed original cost. Significant assumptions used in estimating residual values include estimated net cash flows over the remaining lease term and expected future real estate values. The Company evaluates on an annual basis (or more frequently, if necessary) the collectability of its direct financing lease receivable and unguaranteed residual value to determine whether they are impaired. A direct financing lease receivable is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a direct financing lease receivable is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the direct financing lease receivable's effective interest rate or to the fair value of the underlying collateral, less costs to sell, if such receivable is collateralized. | |
Mortgage Notes and Other Notes Receivable | |
Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower and the Company defers certain loan origination and commitment fees, net of certain origination costs, and amortizes them over the term of the related loan. Interest income on performing loans is accrued as earned. The Company evaluates the collectability of both interest and principal of each of its loans to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines that it is probable that it will be unable to collect all amounts due according to the existing contractual terms. An insignificant delay or shortfall in amounts of payments does not necessarily result in the loan being identified as impaired. When a loan is considered to be impaired, the amount of loss, if any, is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the Company’s interest in the underlying collateral, less costs to sell, if the loan is collateral dependent. For impaired loans, interest income is recognized on a cash basis, unless the Company determines based on the loan to estimated fair value ratio the loan should be on the cost recovery method, and any cash payments received would then be reflected as a reduction of principal. Interest income recognition is recommenced if and when the impaired loan becomes contractually current and performance is demonstrated to be resumed. | |
Income Taxes | |
As previously disclosed, in 2013, the Canada Revenue Agency (CRA) commenced an examination of the Company's taxable subsidiary that files returns in Canada for tax years 2010 and 2011. Based on interactions with the taxing authority in the first quarter of 2015, the Company reevaluated its measurement of uncertain tax positions and recorded a liability of $7.9 million during the three months ended March 31, 2015. Of this amount $1.4 million was recorded as a current tax liability and $6.5 million was recorded as an adjustment to deferred tax assets. Based on the Company's current knowledge of the examination, management does not anticipate any additional significant increase in uncertain tax positions during the next twelve months. The tax years prior to 2010 for this subsidiary are no longer subject to examination. | |
Concentrations of Risk | |
American Multi-Cinema, Inc. (AMC) was the lessee of a substantial portion (25%) of the megaplex theatre rental properties held by the Company at March 31, 2015 primarily 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 $21.4 million or 21% and $21.7 million or 24%, for the three months ended March 31, 2015 and 2014, 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 three months ended March 31, 2015 and 2014, approximately $8.9 million or 9%, and $10.2 million or 11%, respectively, of total revenue was derived from the Company's four entertainment retail centers in Ontario, Canada. The Company's wholly owned subsidiaries that hold the four Canadian entertainment retail centers represent approximately $176.6 million or 9% and $200.4 million or 10% of the Company's net assets at March 31, 2015 and December 31, 2014, respectively. | |
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 to employees and non-employee Trustees 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 included in general and administrative expense in the accompanying consolidated statements of income totaled $2.0 million and $2.3 million for the three months ended March 31, 2015 and 2014, respectively. Share-based compensation included in retirement severance expense in the accompanying consolidated statements of income totaled $6.4 million for the three months ended March 31, 2015 and related to the retirement of the Company's former President and Chief Executive Officer. | |
Share Options | |
Share options are granted to employees pursuant to the Long-Term Incentive Plan. 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. Expense recognized related to share options and included in general and administrative expense in the accompanying consolidated statements of income was $274 thousand and $363 thousand for the three months ended March 31, 2015 and 2014, respectively. Expense recognized related to share options and included in retirement severance expense in the accompanying consolidated statements of income was $1.4 million for the three months ended March 31, 2015 and related to the retirement of the Company's former President and Chief Executive Officer. | |
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 or four years). Expense recognized related to nonvested shares and included in general and administrative expense in the accompanying consolidated statements of income was $1.4 million and $1.7 million for the three months ended March 31, 2015 and 2014, respectively. Expense related to nonvested shares and included in retirement severance expense in the accompanying consolidated statements of income was $5.0 million for the three months ended March 31, 2015 and related to the retirement of the Company's former President and Chief Executive Officer. | |
Restricted Share Units Issued to Non-Employee Trustees | |
The Company issues restricted share units to non-employee Trustees for payment of their annual retainers. The fair value of the share units granted was based on the share price at the date of grant. The share units vest upon the earlier of the day preceding the next annual meeting of shareholders or a change of control. The settlement date for the shares is selected by the non-employee Trustee, and ranges from one year from the grant date to upon termination of service. This expense is amortized by the Company on a straight-line basis over the year of service by the non-employee Trustees. Total expense recognized related to shares issued to non-employee Trustees was $264 thousand and $269 thousand for the three months ended March 31, 2015 and 2014, respectively. | |
Derivative Instruments | |
The Company has acquired certain derivative instruments to reduce exposure to fluctuations in foreign currency exchange rates and variable interest rates. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. These derivatives consist of foreign currency forward contracts, cross-currency swaps and interest rate swaps. | |
The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. | |
The Company has 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. |
Rental_Properties
Rental Properties | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Real Estate [Abstract] | ||||||||
Rental Properties | Rental Properties | |||||||
The following table summarizes the carrying amounts of rental properties as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Buildings and improvements | $ | 2,296,177 | $ | 2,273,430 | ||||
Furniture, fixtures & equipment | 29,357 | 25,922 | ||||||
Land | 618,872 | 617,842 | ||||||
2,944,406 | 2,917,194 | |||||||
Accumulated depreciation | (471,057 | ) | (465,660 | ) | ||||
Total | $ | 2,473,349 | $ | 2,451,534 | ||||
Depreciation expense on rental properties was $18.4 million and $14.5 million for the three months ended March 31, 2015 and 2014, respectively. |
Investments_and_Dispositions
Investments and Dispositions | 3 Months Ended |
Mar. 31, 2015 | |
Investments [Abstract] | |
Investments | Investments and Dispositions |
The Company's investment spending during the three months ended March 31, 2015 totaled $136.4 million, and included investments in each of its four operating segments. | |
Entertainment investment spending during the three months ended March 31, 2015 totaled $16.9 million, and was related primarily to investments in build-to-suit construction of three megaplex theatres and development of one family entertainment center, as well as the acquisition of one megaplex theatre located in Virginia, each of which is subject to a long-term triple net lease or long-term mortgage agreement. | |
Education investment spending during the three months ended March 31, 2015 totaled $47.8 million, and was related primarily to investments in build-to-suit construction of 16 public charter schools, four private schools and 16 early childhood education centers, each of which is subject to a long-term triple net lease or long-term mortgage agreement. | |
Recreation investment spending during the three months ended March 31, 2015 totaled $68.8 million, and was related primarily to build-to-suit construction of 11 Topgolf golf entertainment facilities and Camelback Mountain Resort, as well as the acquisition of one ski resort located in Wintergreen, Virginia, each of which is subject to a long-term triple net lease or a long-term mortgage agreement. | |
Other investment spending during the three months ended March 31, 2015 totaled $2.9 million, and was related to the Adelaar casino and resort project in Sullivan County, New York. | |
On January 27, 2015, the Company completed the sale of a theatre located in Los Angeles, California for net proceeds of $42.7 million and recognized a gain on sale of $23.7 million during the three months ended March 31, 2015. In addition, during the three months ended March 31, 2015, the Company sold a land parcel adjacent to one of our public charter school investments for net proceeds of $1.1 million and the Company recognized a gain of $0.2 million. |
Accounts_Receivable_Net
Accounts Receivable, Net | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounts Receivable, Net [Abstract] | ||||||||
Accounts Receivable, Net | Accounts Receivable, Net | |||||||
The following table summarizes the carrying amounts of accounts receivable, net as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Receivable from tenants | $ | 5,270 | $ | 6,705 | ||||
Receivable from non-tenants (1) | 9,212 | 602 | ||||||
Straight-line rent receivable | 43,861 | 41,529 | ||||||
Allowance for doubtful accounts | (1,946 | ) | (1,554 | ) | ||||
Total | $ | 56,397 | $ | 47,282 | ||||
(1) Receivable from non-tenants at March 31, 2015 included $9.0 million related to infrastructure costs at the Company's Adelaar casino and resort project located in Sullivan County, New York. These costs are expected to be reimbursed through proceeds from IDA bonds that are not expected to be issued or guaranteed by the Company. |
Investments_In_Direct_Financin
Investments In Direct Financing Lease | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||||||||
Investments in a Direct Financing Lease | Investment in a Direct Financing Lease | |||||||
The Company’s investment in a direct financing lease relates to the Company’s master lease of 23 public charter school properties as of March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014 (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Total minimum lease payments receivable | $ | 482,226 | $ | 487,275 | ||||
Estimated unguaranteed residual value of leased assets | 172,880 | 172,880 | ||||||
Less deferred income (1) | (454,840 | ) | (460,823 | ) | ||||
Investment in a direct financing lease, net | $ | 200,266 | $ | 199,332 | ||||
(1) Deferred income is net of $1.5 million of initial direct costs at March 31, 2015 and December 31, 2014. | ||||||||
Additionally, the Company determined that no allowance for losses was necessary at March 31, 2015 and December 31, 2014. | ||||||||
On April 2, 2014, the Company completed the sale of four public charter school properties located in Florida and previously leased to Imagine for net proceeds of $46.1 million. Accordingly, the Company reduced its investment in a direct financing lease, net, by $45.9 million which included $41.5 million in original acquisition cost. A gain of $0.2 million was recognized during the year ended December 31, 2014. | ||||||||
The Company’s direct financing lease has expiration dates ranging from approximately 17 to 20 years. Future minimum rentals receivable on this direct financing lease at March 31, 2015 are as follows (in thousands): | ||||||||
Amount | ||||||||
Year: | ||||||||
2015 | $ | 15,384 | ||||||
2016 | 21,046 | |||||||
2017 | 21,678 | |||||||
2018 | 22,328 | |||||||
2019 | 22,998 | |||||||
Thereafter | 378,792 | |||||||
Total | $ | 482,226 | ||||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Debt |
On March 6, 2015, the Company prepaid in full a mortgage note payable of $30.4 million which was secured by one entertainment retail center. | |
On March 16, 2015, the Company issued $300.0 million in aggregate principal amount of senior notes due on April 1, 2025 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.50%. Interest is payable on April 1 and October 1 of each year beginning on October 1, 2015 until the stated maturity date of April 1, 2025. The notes were issued at 99.638% of their face value and are unsecured and guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt which would cause the ratio of the Company’s debt to adjusted total assets to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times and (iv) the maintenance at all times of the Company's total unencumbered assets such that they are not less than 150% of the Company’s outstanding unsecured debt. | |
On April 24, 2015, the Company amended, restated and combined its unsecured revolving credit and term loan facilities. | |
The amendments to the unsecured revolving portion of the new credit facility, among other things, (i) increase the initial amount from $535.0 million to $650.0 million, (ii) extend the maturity date from July 23, 2017, to April 24, 2019 (with the Company having the same right as before to extend the loan for one additional year, subject to certain terms and conditions) and (iii) lower the interest rate and facility fee pricing based on a grid related to the Company's senior unsecured credit ratings which at closing was LIBOR plus 1.25% and 0.25%, respectively. In connection with the amendment, $243 thousand of deferred financing costs (net of accumulated amortization) are expected to be written off during the three months ended June 30, 2015. At March 31, 2015, the Company had no debt outstanding under this portion of the facility. | |
The amendments to the unsecured term loan portion of the new facility, among other things, (i) increase the initial amount from $285.0 million to $350.0 million, (ii) extend the maturity date from July 23, 2018, to April 24, 2020 and (iii) lower the interest rate at all senior unsecured credit rating tiers which was LIBOR plus 1.40% at closing. | |
In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility that increases the maximum borrowing amount available under the combined facility, subject to lender approval, from $1.0 billion to $2.0 billion. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015, the Company did not have any investments in consolidated VIEs. | |
Unconsolidated VIE | |
At March 31, 2015, the Company’s recorded investment in SVVI, a VIE that is unconsolidated, was $191.3 million. The Company’s maximum exposure to loss associated with SVVI is limited to the Company’s outstanding mortgage note and related accrued interest receivable of $191.3 million. While this entity is a VIE, the Company has determined that the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance is not held by the Company. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 $6.2 million and $5.1 million recorded in “Accounts payable and accrued liabilities” and derivative assets of $29.3 million and $14.8 million recorded in “Other assets” in the consolidated balance sheet at March 31, 2015 and December 31, 2014, respectively. Had the Company elected to offset derivatives in the consolidated balance sheet pursuant to ASU 210-20-45, the Company would have had a net derivative asset of $23.1 million and $9.7 million (with no derivative liability) at March 31, 2015 and December 31, 2014, respectively. The Company had not posted or received collateral with its derivative counterparties as of March 31, 2015 or December 31, 2014. See Note 10 for disclosures relating to the fair value of the derivative instruments as of March 31, 2015 and December 31, 2014. | ||||||||
Risk Management Objective of Using Derivatives | ||||||||
The Company is exposed to the effect of changes in foreign currency exchange rates and interest rates on its LIBOR based borrowings. The Company limits this risk by following established risk management policies and procedures including the use of derivatives. The Company’s objective in using derivatives is to add stability to reported earnings and to manage its exposure to foreign exchange and interest rate movements or other identified risks. To accomplish this objective, the Company primarily uses interest rate swaps, cross-currency swaps and foreign currency forwards. | ||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements on its LIBOR based borrowings. To accomplish this objective, the Company currently uses interest rate swaps as its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | ||||||||
On January 5, 2012, the Company entered into three interest rate swap agreements to fix the interest rate on a $240.0 million unsecured term loan facility that closed on the same day. These agreements have a combined outstanding notional amount of $240.0 million, a termination date of January 5, 2016 and provide for a fixed rate on this debt of 2.51%. On September 6, 2013, the Company entered into three interest rate swap agreements to further fix the interest rate on $240.0 million of the unsecured term loan facility at 2.38% from January 5, 2016 to July 5, 2017. | ||||||||
The effective portion of changes in the fair value of interest rate derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2015 and 2014, 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 three months ended March 31, 2015 and 2014. | ||||||||
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 March 31, 2015, the Company estimates that during the twelve months ending March 31, 2016, $2.2 million will be reclassified from AOCI to interest expense. | ||||||||
Cash Flow Hedges of Foreign Exchange Risk | ||||||||
The Company is exposed to foreign currency exchange risk against its functional currency, the U.S. dollar, on its four Canadian properties. The Company uses cross currency swaps and foreign currency forwards to mitigate its exposure to fluctuations in the CAD to U.S. dollar exchange rate on its Canadian properties. These foreign currency derivatives should hedge a significant portion of the Company's expected CAD denominated cash flow of the Canadian properties as their impact on the Company's cash flow when settled should move in the opposite direction of the exchange rates used to translate revenues and expenses of these properties. | ||||||||
As of March 31, 2015, the Company had cross-currency swaps 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 was recognized for the three months ended March 31, 2015 and 2014. As of March 31, 2015, the Company estimates that during the twelve months ending March 31, 2016, $2.2 million will be reclassified from AOCI to other income. | ||||||||
Net Investment Hedges | ||||||||
As discussed above, the Company is exposed to fluctuations in foreign exchange rates on its four Canadian properties. As such, the Company uses currency forward agreements to hedge its exposure to changes in foreign exchange rates. Currency forward agreements involve fixing the CAD to U.S. dollar exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in 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 $94.3 million U.S. with a July 2018 settlement. The exchange rate of this forward contract is approximately $1.06 CAD per U.S. dollar. Additionally, on February 28, 2014, the Company entered into a forward contract with a fixed notional value of $100.0 million CAD and $88.1 million U.S. with a July 2018 settlement date. The exchange rate of this forward contract is approximately $1.13 CAD per U.S. dollar. These forward contracts should hedge a significant portion of the Company’s CAD denominated net investment in these four centers through July 2018 as the impact on AOCI from marking the derivative to market should move in the opposite direction of the translation adjustment on the net assets of these four Canadian properties. | ||||||||
For foreign currency derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in AOCI as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. No hedge ineffectiveness on net investment hedges was recognized for the three months ended March 31, 2015 and 2014. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. | ||||||||
Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three months ended March 31, 2015 and 2014. | ||||||||
Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Three Months Ended March 31, 2015 and 2014 | ||||||||
(Dollars in thousands) | ||||||||
Three Months Ended March 31, | ||||||||
Description | 2015 | 2014 | ||||||
Interest Rate Swaps | ||||||||
Amount of Income (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ | (1,502 | ) | $ | (613 | ) | ||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) | (443 | ) | (449 | ) | ||||
Cross Currency Swaps | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 3,062 | 1,833 | ||||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) (2) | 547 | 173 | ||||||
Currency Forward Agreements | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 11,991 | 4,928 | ||||||
Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) | — | — | ||||||
Total | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ | 13,551 | $ | 6,148 | ||||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) | 104 | (276 | ) | |||||
-1 | Included in "Interest expense, net" in the accompanying consolidated statements of income for the three months ended March 31, 2015 and 2014. | |||||||
-2 | Included in "Other income" in the accompanying consolidated statements of income for the three months ended March 31, 2015 and 2014. | |||||||
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 March 31, 2015, the fair value of the Company’s derivatives in a liability position related to these agreements was $6.2 million. If the Company breached any of the contractual provisions of these derivative contracts, it would be required to settle its obligations under the agreements at their termination value of $6.3 million. |
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Disclosures | Fair Value Disclosures | |||||||||||||||
The Company has certain financial instruments that are required to be measured under the FASB’s Fair Value Measurements and Disclosures guidance. The Company currently does not have any non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis. | ||||||||||||||||
As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs use quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | ||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||
The Company uses interest rate swaps, foreign currency forwards and cross-currency swaps to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the FASB's fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. | ||||||||||||||||
Although the Company 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 March 31, 2015, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives and therefore, classified its derivatives as Level 2 within the fair value reporting hierarchy. | ||||||||||||||||
The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 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 | ||||||||||||||||
March 31, 2015 and December 31, 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Description | Quoted Prices in | Significant | Significant | Assets (Liabilities) Balance at | ||||||||||||
Active Markets | Other | Unobservable | end of period | |||||||||||||
for Identical | Observable | Inputs (Level 3) | ||||||||||||||
Assets (Level I) | Inputs (Level 2) | |||||||||||||||
March 31, 2015: | ||||||||||||||||
Cross-Currency Swaps* | $ | — | $ | 7,106 | $ | — | $ | 7,106 | ||||||||
Currency Forward Agreements* | $ | — | $ | 22,219 | $ | — | $ | 22,219 | ||||||||
Interest Rate Swap Agreements** | $ | — | $ | (6,156 | ) | $ | — | $ | (6,156 | ) | ||||||
December 31, 2014: | ||||||||||||||||
Cross-Currency Swaps* | $ | — | $ | 4,592 | $ | — | $ | 4,592 | ||||||||
Currency Forward Agreements* | $ | — | $ | 10,227 | $ | — | $ | 10,227 | ||||||||
Interest Rate Swap Agreements** | $ | — | $ | (5,096 | ) | $ | — | $ | (5,096 | ) | ||||||
*Included in "Other assets" in the accompanying consolidated balance sheet. | ||||||||||||||||
**Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheet. | ||||||||||||||||
Non-recurring fair value measurements | ||||||||||||||||
There were no assets or liabilities measured at fair value on a non-recurring basis during the three months ended March 31, 2015 and 2014. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
Management compares the carrying value to the estimated fair value of the Company’s financial instruments. The following methods and assumptions were used by the Company to estimate the fair value of each class of financial instruments at March 31, 2015 and December 31, 2014: | ||||||||||||||||
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 March 31, 2015, the Company had a carrying value of $527.1 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 9.12%. 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 approximately $508.8 million with an estimated weighted average market rate of 10.12% at March 31, 2015. | ||||||||||||||||
At December 31, 2014, the Company had a carrying value of $508.0 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 9.07%. 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 $488.8 million with an estimated weighted average market rate of 10.13% at December 31, 2014. | ||||||||||||||||
Investment in a direct financing lease, net: | ||||||||||||||||
The fair value of the Company’s investment in a direct financing lease is estimated by discounting the future cash flows of the instrument using current market rates. At March 31, 2015 and December 31, 2014, the Company had an investment in a direct financing lease with a carrying value of $200.3 million and $199.3 million, respectively, and a weighted average effective interest rate of 11.99% for both periods. The investment in a 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 approximated the fair market value at March 31, 2015 and December 31, 2014. | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Derivative instruments are carried at their fair market value. | ||||||||||||||||
Debt instruments: | ||||||||||||||||
The fair value of the Company's debt is estimated by discounting the future cash flows of each instrument using current market rates. At March 31, 2015, the Company had a carrying value of $310.0 million in variable rate debt outstanding with a weighted average interest rate of approximately 1.57%. The carrying value of the variable rate debt outstanding approximated the fair market value at March 31, 2015. | ||||||||||||||||
At December 31, 2014, the Company had a carrying value of $372.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 1.57%. The carrying value of the variable rate debt outstanding approximated the fair market value at December 31, 2014. | ||||||||||||||||
At March 31, 2015 and December 31, 2014, $240.0 million of variable rate debt outstanding under the Company's unsecured term loan facility had been effectively converted to a fixed rate through July 5, 2017 by interest rate swap agreements. | ||||||||||||||||
At March 31, 2015, the Company had a carrying value of $1.54 billion in fixed rate long-term debt outstanding with a weighted average interest rate of approximately 5.67%. Discounting the future cash flows for fixed rate debt using rates of 2.26% to 4.20%, management estimates the fair value of the fixed rate debt to be approximately $1.73 billion with an estimated weighted average market rate of 3.62% at March 31, 2015. | ||||||||||||||||
At December 31, 2014, the Company had a carrying value of $1.27 billion in fixed rate long-term debt outstanding with an average weighted interest rate of approximately 5.94%. Discounting the future cash flows for fixed rate debt using rates of 2.13% to 4.56%, management estimates the fair value of the fixed rate debt to be approximately $1.38 billion with an estimated weighted average market rate of 3.76% at December 31, 2014. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||
The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three months ended March 31, 2015 and 2014 (amounts in thousands except per share information): | |||||||||||
Three Months Ended March 31, 2015 | |||||||||||
Income | Shares | Per Share | |||||||||
(numerator) | (denominator) | Amount | |||||||||
Basic EPS: | |||||||||||
Income from continuing operations | $ | 42,831 | |||||||||
Less: preferred dividend requirements | (5,952 | ) | |||||||||
Income from continuing operations available to common shareholders | $ | 36,879 | 57,111 | $ | 0.65 | ||||||
Loss from discontinued operations available to common shareholders | $ | (10 | ) | 57,111 | $ | — | |||||
Net income available to common shareholders | $ | 36,869 | 57,111 | $ | 0.65 | ||||||
Diluted EPS: | |||||||||||
Income from continuing operations available to common shareholders | $ | 36,879 | 57,111 | ||||||||
Effect of dilutive securities: | |||||||||||
Share options | — | 267 | |||||||||
Income from continuing operations available to common shareholders | $ | 36,879 | 57,378 | $ | 0.64 | ||||||
Loss from discontinued operations available to common shareholders | $ | (10 | ) | 57,378 | $ | — | |||||
Net income available to common shareholders | $ | 36,869 | 57,378 | $ | 0.64 | ||||||
Three Months Ended March 31, 2014 | |||||||||||
Income | Shares | Per Share | |||||||||
(numerator) | (denominator) | Amount | |||||||||
Basic EPS: | |||||||||||
Income from continuing operations | $ | 40,142 | |||||||||
Less: preferred dividend requirements | (5,952 | ) | |||||||||
Income from continuing operations available to common shareholders | $ | 34,190 | 52,541 | $ | 0.65 | ||||||
Income from discontinued operations available to common shareholders | $ | 3,391 | 52,541 | $ | 0.07 | ||||||
Net income available to common shareholders | $ | 37,581 | 52,541 | $ | 0.72 | ||||||
Diluted EPS: | |||||||||||
Income from continuing operations available to common shareholders | $ | 34,190 | 52,541 | ||||||||
Effect of dilutive securities: | |||||||||||
Share options | — | 178 | |||||||||
Income from continuing operations available to common shareholders | $ | 34,190 | 52,719 | $ | 0.65 | ||||||
Income from discontinued operations available to common shareholders | $ | 3,391 | 52,719 | $ | 0.06 | ||||||
Net income available to common shareholders | $ | 37,581 | 52,719 | $ | 0.71 | ||||||
The additional 2.0 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion of the Company’s 9.0% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted earnings per share for the three months ended March 31, 2015 and 2014 because the effect is anti-dilutive. | |||||||||||
The dilutive effect of potential common shares from the exercise of share options is included in diluted earnings per share for the three months ended March 31, 2015 and 2014. For the three months ended March 31, 2015 and 2014, options to purchase 249 thousand and 417 thousand shares of common shares, respectively, at per share prices ranging from $51.64 to $65.50 and $45.20 to $65.50, respectively, were not included in the computation of diluted earnings per share because the options were anti-dilutive. |
Chief_Executive_Officer_Retire
Chief Executive Officer Retirement (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Chief Executive Officer Retirement | Chief Executive Officer Retirement |
On February 24, 2015, the Company announced that David Brain, its President and Chief Executive Officer, was retiring from the Company. In connection with his retirement, Mr. Brain and the Company entered into a Retirement Agreement pursuant to which he agreed to retire on March 31, 2015 in consideration for certain retirement severance benefits substantially equal to those benefits that would be payable to him under his employment agreement if he were terminated without cause. As a result, the Company recorded retirement severance expense (including share based compensation costs) during the three months ended March 31, 2015 of $18.6 million. Retirement severance expense includes an expected cash payment of $11.8 million, $5.0 million for the accelerated vesting of 113,900 nonvested shares, $1.4 million for the accelerated vesting of 101,640 share options and $0.4 million of related taxes and other expenses. |
Equity_Incentive_Plans
Equity Incentive Plans | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||||
Equity Incentive Plans | Equity Incentive Plan | |||||||||||||||||
All grants of common shares and options to purchase common shares are issued under the Company's 2007 Equity Incentive Plan and an aggregate of 3,650,000 common shares, options to purchase common shares and restricted share units, subject to adjustment in the event of certain capital events, may be granted. At March 31, 2015, there were 1,080,284 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. 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, 2014 | 950,214 | $ | 18.18 | — | $ | 65.5 | $ | 42.48 | ||||||||||
Exercised | (17,841 | ) | 36.56 | — | 61.53 | 49.47 | ||||||||||||
Granted | 121,546 | 61.79 | — | 61.79 | 61.79 | |||||||||||||
Forfeited | (322 | ) | 45.2 | — | 51.64 | 49.36 | ||||||||||||
Outstanding at March 31, 2015 | 1,053,597 | $ | 18.18 | — | $ | 65.5 | $ | 44.59 | ||||||||||
The weighted average fair value of options granted was $16.35 and $13.87 during the three months ended March 31, 2015 and 2014, respectively. The intrinsic value of stock options exercised was $0.2 million and $0.3 million during the three months ended March 31, 2015 and 2014, respectively. Additionally, the Company repurchased 14,930 shares into treasury shares in conjunction with the stock options exercised during the three months ended March 31, 2015 with a total value of $0.9 million. At March 31, 2015, stock-option expense to be recognized in future periods was $2.7 million. | ||||||||||||||||||
The expense related to share options included in the determination of net income for the three months ended March 31, 2015 and 2014 was $1.7 million (including $1.4 million included in retirement severance expense in the accompanying consolidated statements of income) and $363 thousand, respectively. The following assumptions were used in applying the Black-Scholes option pricing model at the grant dates for the three months ended March 31, 2015 and 2014, respectively: risk-free interest rate of 1.9% and 2.2%, dividend yield of 5.9% and 6.4%, volatility factors in the expected market price of the Company’s common shares of 48.0% and 50.3%, 0.78% and 0.28% expected forfeiture rate and an expected life of approximately six years for both periods. The Company uses historical data to estimate the expected life of the option and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Additionally, expected volatility is computed based on the average historical volatility of the Company’s publicly traded shares. | ||||||||||||||||||
The following table summarizes outstanding options at March 31, 2015: | ||||||||||||||||||
Exercise price range | Options | Weighted avg. | Weighted avg. | Aggregate intrinsic | ||||||||||||||
outstanding | life remaining | exercise price | value (in thousands) | |||||||||||||||
$ 18.18 - 19.99 | 201,859 | 3.9 | ||||||||||||||||
20.00 - 29.99 | — | — | ||||||||||||||||
30.00 - 39.99 | 14,646 | 4.9 | ||||||||||||||||
40.00 - 49.99 | 459,456 | 4.4 | ||||||||||||||||
50.00 - 59.99 | 165,237 | 8.5 | ||||||||||||||||
60.00 - 65.50 | 212,399 | 6.4 | ||||||||||||||||
1,053,597 | 5.3 | $ | 44.59 | $ | 16,916 | |||||||||||||
The following table summarizes exercisable options at March 31, 2015: | ||||||||||||||||||
Exercise price range | Options | Weighted avg. | Weighted avg. | Aggregate intrinsic | ||||||||||||||
outstanding | life remaining | exercise price | value (in thousands) | |||||||||||||||
$ 18.18 - 19.99 | 201,859 | 3.9 | ||||||||||||||||
20.00 - 29.99 | — | — | ||||||||||||||||
30.00 - 39.99 | 14,646 | 4.9 | ||||||||||||||||
40.00 - 49.99 | 410,835 | 4 | ||||||||||||||||
50.00 - 59.99 | 83,963 | 8.3 | ||||||||||||||||
60.00 - 65.50 | 123,663 | 3.9 | ||||||||||||||||
834,966 | 4.4 | $ | 41.9 | $ | 15,625 | |||||||||||||
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, 2014 | 468,451 | $ | 49.29 | |||||||||||||||
Granted | 188,685 | 61.53 | ||||||||||||||||
Vested | (295,487 | ) | 50.37 | |||||||||||||||
Forfeited | (508 | ) | 50.49 | |||||||||||||||
Outstanding at March 31, 2015 | 361,141 | $ | 54.81 | 1.7 | ||||||||||||||
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 $17.1 million (including $6.7 million in retirement severance expense in the accompanying consolidated statements of income) and $7.3 million for the three months ended March 31, 2015 and 2014, respectively. At March 31, 2015, unamortized share-based compensation expense related to nonvested shares was $14.6 million. | ||||||||||||||||||
Restricted Share Units | ||||||||||||||||||
A summary of the Company’s restricted share unit activity and related information is as follows: | ||||||||||||||||||
Number of | Weighted | Weighted | ||||||||||||||||
Shares | Average | Average | ||||||||||||||||
Grant Date | Life | |||||||||||||||||
Fair Value | Remaining | |||||||||||||||||
Outstanding at December 31, 2014 | 19,685 | $ | 53.55 | |||||||||||||||
Granted | — | — | ||||||||||||||||
Vested | — | — | ||||||||||||||||
Outstanding at March 31, 2015 | 19,685 | $ | 53.55 | 0.13 | ||||||||||||||
The holders of restricted share units receive dividend equivalents from the date of grant. The share units vest upon the earlier of the day preceding the next annual meeting of shareholders or a change of control. The settlement date for the shares is selected by the non-employee Trustee, and ranges from one year from the grant date to upon termination of service. At March 31, 2015, unamortized share-based compensation expense related to restricted share units was $87 thousand. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ||||||||
Discontinued Operations | Discontinued Operations | |||||||
Included in discontinued operations for the three months ended March 31, 2015 and 2014 were certain post closing items related to the Toronto Dundas Square property. Also included in discontinued operations for the three months ended March 31, 2014 is the reversal of a liability that was established with the March 4, 2010 acquisition of Toronto Dundas Square. This liability was reversed as the related payment is not expected to occur. | ||||||||
The operating results relating to discontinued operations are as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Rental revenue | $ | — | $ | 3 | ||||
Total revenue | — | 3 | ||||||
Property operating expense | 10 | 6 | ||||||
Other expense (benefit) | — | (18 | ) | |||||
Transaction costs (benefit) | — | (3,376 | ) | |||||
Net income (loss) | $ | (10 | ) | $ | 3,391 | |||
Other_Commitments_And_Continge
Other Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments And Contingencies | Other Commitments and Contingencies |
As of March 31, 2015, the Company had six entertainment development projects for which it has commitments to fund approximately $26.4 million, 24 education development projects for which it has commitments to fund approximately $133.5 million and eight recreation development projects for which it has commitments to fund approximately $85.3 million. Development costs are advanced by the Company in periodic draws. If the Company determines that construction is not being completed in accordance with the terms of the development agreement, it can discontinue funding construction draws. The Company has agreed to lease the properties to the operators at pre-determined rates upon completion of construction. | |
The Company has certain commitments related to its mortgage note investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of its direct control. As of March 31, 2015, the Company had five mortgage notes receivable with commitments totaling approximately $143.9 million. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. | |
The Company has provided guarantees of the payment of certain economic development revenue bonds totaling $22.9 million related to two theatres in Louisiana for which the Company earns a fee at annual rates of 2.88% to 4.00% over the 30-year terms of the related bonds. The Company recorded $9.8 million as a deferred asset included in other assets and $9.8 million included in other liabilities in the accompanying consolidated balance sheet as of March 31, 2015 related to these guarantees. No amounts have been accrued as a loss contingency related to these guarantees because payment by the Company is not probable. | |
On 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 two subsidiaries of the Company seeking (i) a declaratory judgment concerning the Company's obligations under a previously disclosed settlement agreement involving these entities, (ii) an order that the Company 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 (the Restrictive Covenant), which covenant was set to expire on December 31, 2011. The Company filed counterclaims seeking related relief. The Cappelli Group subsequently obtained leave to discontinue its claims, but the counterclaims remained pending. On June 30, 2014, the Court (i) denied the Cappelli Group's motion to dismiss the counterclaims, (ii) granted the Company's motion for summary judgment finding that the Cappelli Group missed the December 31, 2011 deadline to fully execute a master credit agreement which was a condition to the Company's obligation to continue its joint development activities with the Cappelli Group under the settlement agreement, (iii) granted the Company's motion for summary judgment finding that the Restrictive Covenant had expired, and (iv) granted the Company's motion for declaratory relief declaring the Company as master developer of the Concord resort property. The Cappelli Group perfected its appeal of the summary judgment decision in the Appellate Division, Third Department on December 30, 2014. | |
On October 20, 2011, the Cappelli Group also filed suit against the Company and two affiliates in the Supreme Court of the State of New York, County of Westchester, asserting a claim for breach of contract and the implied covenant of good faith, and seeking damages of at least $800 million, based on the same allegations as in the action the Cappelli Group filed in Sullivan County Supreme Court. The Company has moved to dismiss the Amended Complaint in Westchester County based on the Sullivan County Supreme Court’s June 30, 2014 decision, and the Cappelli Group has cross-moved for a stay of the action. The motion and cross-motion have been fully briefed, and are under judicial consideration. | |
On September 18, 2013, the United States District Court for the Southern District of New York (the District Court) dismissed the complaint filed by Concord Associates L.P. and six other companies affiliated with Mr. Cappelli against the Company and certain of its subsidiaries, Empire Resorts, Inc. and Monticello Raceway Management, Inc. (collectively, Empire), and Kien Huat Realty III Limited and Genting New York LLC (collectively, Genting). The complaint alleged, among other things, that the Company had conspired with Empire to monopolize the racing and gaming market in the Catskills by entering into exclusivity and development agreements to develop a comprehensive resort destination in Sullivan County, New York. The plaintiffs are seeking $500 million in damages (trebled to $1.5 billion under antitrust law), punitive damages, and injunctive relief. The District Court dismissed plaintiffs’ federal antitrust claims against all defendants with prejudice, and dismissed the pendent state law claims against Empire and Genting without prejudice, meaning they could be further pursued in state court. On October 2, 2013, the plaintiffs filed a motion for reconsideration with the District Court, seeking permission to file a Second Amended Complaint, and soon after filed a Notice of Appeal. The District Court denied the motion for reconsideration in an Opinion and Order dated November 3, 2014, and the plaintiffs perfected their appeal in the Second Circuit on or about December 17, 2014. Argument has been scheduled for April 29, 2015. | |
The Company has not determined that losses related to these matters are probable. Because of the favorable rulings from the Supreme Court of Sullivan County, New York and the District Court, and the pending or potential appeals, 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 | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Segment Information | Segment Information | |||||||||||||||||||
The Company groups investments into four reportable operating segments: Entertainment, Education, Recreation and Other. The financial information summarized below is presented by reportable operating segment: | ||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Total Assets | $ | 1,977,031 | $ | 780,359 | $ | 771,504 | $ | 211,447 | $ | 162,961 | $ | 3,903,302 | ||||||||
As of December 31, 2014 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Total Assets | $ | 2,014,416 | $ | 734,512 | $ | 696,931 | $ | 206,795 | $ | 49,394 | $ | 3,702,048 | ||||||||
Operating Data: | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 59,941 | $ | 10,094 | $ | 6,705 | $ | — | $ | — | $ | 76,740 | ||||||||
Tenant reimbursements | 4,326 | — | — | (23 | ) | — | 4,303 | |||||||||||||
Other income | 3 | — | — | — | 547 | 550 | ||||||||||||||
Mortgage and other financing income | 1,782 | 7,783 | 8,181 | 97 | — | 17,843 | ||||||||||||||
Total revenue | 66,052 | 17,877 | 14,886 | 74 | 547 | 99,436 | ||||||||||||||
Property operating expense | 6,294 | — | — | 63 | — | 6,357 | ||||||||||||||
Other expense | — | — | — | 102 | — | 102 | ||||||||||||||
Total investment expenses | 6,294 | — | — | 165 | — | 6,459 | ||||||||||||||
Net operating income - before unallocated items | 59,758 | 17,877 | 14,886 | (91 | ) | 547 | 92,977 | |||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (7,682 | ) | ||||||||||||||||||
Retirement severance expense | (18,578 | ) | ||||||||||||||||||
Interest expense, net | (18,587 | ) | ||||||||||||||||||
Transaction costs | (1,606 | ) | ||||||||||||||||||
Depreciation and amortization | (19,355 | ) | ||||||||||||||||||
Equity in income from joint ventures | 164 | |||||||||||||||||||
Gain on sale of real estate | 23,924 | |||||||||||||||||||
Income tax expense | (8,426 | ) | ||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Loss from discontinued operations | (10 | ) | ||||||||||||||||||
Net income attributable to EPR Properties | 42,821 | |||||||||||||||||||
Preferred dividend requirements | (5,952 | ) | ||||||||||||||||||
Net income available to common shareholders of EPR Properties | $ | 36,869 | ||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 56,822 | $ | 5,478 | $ | 3,846 | $ | 285 | $ | — | $ | 66,431 | ||||||||
Tenant reimbursements | 4,588 | — | — | — | — | 4,588 | ||||||||||||||
Other income | 1 | — | — | — | 173 | 174 | ||||||||||||||
Mortgage and other financing income | 1,723 | 8,778 | 8,066 | 97 | — | 18,664 | ||||||||||||||
Total revenue | 63,134 | 14,256 | 11,912 | 382 | 173 | 89,857 | ||||||||||||||
Property operating expense | 6,273 | — | — | 176 | — | 6,449 | ||||||||||||||
Other expense | — | — | — | 98 | — | 98 | ||||||||||||||
Total investment expenses | 6,273 | — | — | 274 | — | 6,547 | ||||||||||||||
Net operating income - before unallocated items | 56,861 | 14,256 | 11,912 | 108 | 173 | 83,310 | ||||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (7,462 | ) | ||||||||||||||||||
Interest expense, net | (19,899 | ) | ||||||||||||||||||
Transaction costs | (196 | ) | ||||||||||||||||||
Depreciation and amortization | (15,327 | ) | ||||||||||||||||||
Equity in income from joint ventures | 311 | |||||||||||||||||||
Gain on sale of real estate | 330 | |||||||||||||||||||
Income tax expense | (925 | ) | ||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income from discontinued operations | 15 | |||||||||||||||||||
Transaction costs (benefit) | 3,376 | |||||||||||||||||||
Net income attributable to EPR Properties | 43,533 | |||||||||||||||||||
Preferred dividend requirements | (5,952 | ) | ||||||||||||||||||
Net income available to common shareholders of EPR Properties | $ | 37,581 | ||||||||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ||||||||||||||||||||
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements | |||||||||||||||||||
A portion of the Company's subsidiaries have guaranteed the Company’s indebtedness under the Company's unsecured senior notes, unsecured revolving credit facility and unsecured term loan facility. The guarantees are joint and several, full and unconditional and subject to customary release provisions. The following summarizes the Company’s condensed consolidating information as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
EPR Properties | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
(Issuer) | Subsidiary | Guarantor | Elimination | |||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Assets | ||||||||||||||||||||
Rental properties, net | $ | — | $ | 1,771,369 | $ | 701,980 | $ | — | $ | 2,473,349 | ||||||||||
Land held for development | — | — | 28,119 | — | 28,119 | |||||||||||||||
Property under development | — | 205,695 | 184,510 | — | 390,205 | |||||||||||||||
Mortgage notes and related accrued interest receivable | — | 414,654 | 112,450 | — | 527,104 | |||||||||||||||
Investment in a direct financing lease, net | — | 200,266 | — | — | 200,266 | |||||||||||||||
Investment in joint ventures | — | — | 5,902 | — | 5,902 | |||||||||||||||
Cash and cash equivalents | 95,777 | 1,191 | 5,238 | — | 102,206 | |||||||||||||||
Restricted cash | 105 | 20,162 | 2,187 | — | 22,454 | |||||||||||||||
Deferred financing costs, net | 18,589 | 3,736 | 452 | — | 22,777 | |||||||||||||||
Accounts receivable, net | 222 | 33,122 | 23,053 | — | 56,397 | |||||||||||||||
Intercompany notes receivable | — | — | 175,757 | (175,757 | ) | — | ||||||||||||||
Investments in subsidiaries | 3,300,993 | — | — | (3,300,993 | ) | — | ||||||||||||||
Other assets | 21,267 | 9,103 | 44,153 | — | 74,523 | |||||||||||||||
Total assets | $ | 3,436,953 | $ | 2,659,298 | $ | 1,283,801 | $ | (3,476,750 | ) | $ | 3,903,302 | |||||||||
Liabilities and Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 43,829 | $ | 27,346 | $ | 7,324 | $ | — | $ | 78,499 | ||||||||||
Dividends payable | 23,248 | — | — | — | 23,248 | |||||||||||||||
Unearned rents and interest | 750 | 33,638 | 8,240 | — | 42,628 | |||||||||||||||
Intercompany notes payable | — | — | 175,757 | (175,757 | ) | — | ||||||||||||||
Debt | 1,460,000 | — | 389,424 | — | 1,849,424 | |||||||||||||||
Total liabilities | 1,527,827 | 60,984 | 580,745 | (175,757 | ) | 1,993,799 | ||||||||||||||
EPR Properties shareholders’ equity | 1,909,126 | 2,598,314 | 702,679 | (3,300,993 | ) | 1,909,126 | ||||||||||||||
Noncontrolling interests | — | — | 377 | — | 377 | |||||||||||||||
Total equity | $ | 1,909,126 | $ | 2,598,314 | $ | 703,056 | $ | (3,300,993 | ) | $ | 1,909,503 | |||||||||
Total liabilities and equity | $ | 3,436,953 | $ | 2,659,298 | $ | 1,283,801 | $ | (3,476,750 | ) | $ | 3,903,302 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
EPR | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
Properties | Subsidiary | Guarantor | Elimination | |||||||||||||||||
(Issuer) | Guarantors | Subsidiaries | ||||||||||||||||||
Assets | ||||||||||||||||||||
Rental properties, net | $ | — | $ | 1,737,982 | $ | 713,552 | $ | — | $ | 2,451,534 | ||||||||||
Land held for development | — | — | 206,001 | — | 206,001 | |||||||||||||||
Property under development | — | 171,139 | 10,659 | — | 181,798 | |||||||||||||||
Mortgage notes and related accrued interest receivable | — | 413,025 | 94,930 | — | 507,955 | |||||||||||||||
Investment in a direct financing lease, net | — | 199,332 | — | — | 199,332 | |||||||||||||||
Investment in joint ventures | — | — | 5,738 | — | 5,738 | |||||||||||||||
Cash and cash equivalents | (1,234 | ) | 786 | 3,784 | — | 3,336 | ||||||||||||||
Restricted cash | 1,000 | 10,215 | 1,857 | — | 13,072 | |||||||||||||||
Deferred financing costs, net | 15,224 | 4,136 | 549 | — | 19,909 | |||||||||||||||
Accounts receivable, net | 90 | 32,303 | 14,889 | — | 47,282 | |||||||||||||||
Intercompany notes receivable | — | — | 175,757 | (175,757 | ) | — | ||||||||||||||
Investments in subsidiaries | 3,124,416 | — | — | (3,124,416 | ) | — | ||||||||||||||
Other assets | 21,272 | 8,658 | 36,161 | — | 66,091 | |||||||||||||||
Total assets | $ | 3,160,768 | $ | 2,577,576 | $ | 1,263,877 | $ | (3,300,173 | ) | $ | 3,702,048 | |||||||||
Liabilities and Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 51,673 | $ | 32,009 | $ | (1,502 | ) | $ | — | $ | 82,180 | |||||||||
Dividends payable | 22,233 | — | — | — | 22,233 | |||||||||||||||
Unearned rents and interest | 750 | 20,131 | 4,742 | — | 25,623 | |||||||||||||||
Intercompany notes payable | — | — | 175,757 | (175,757 | ) | — | ||||||||||||||
Debt | 1,160,000 | 62,000 | 423,523 | — | 1,645,523 | |||||||||||||||
Total liabilities | 1,234,656 | 114,140 | 602,520 | (175,757 | ) | 1,775,559 | ||||||||||||||
EPR Properties shareholders’ equity | 1,926,112 | 2,463,436 | 660,980 | (3,124,416 | ) | 1,926,112 | ||||||||||||||
Noncontrolling interests | — | — | 377 | — | 377 | |||||||||||||||
Total equity | $ | 1,926,112 | $ | 2,463,436 | $ | 661,357 | $ | (3,124,416 | ) | $ | 1,926,489 | |||||||||
Total liabilities and equity | $ | 3,160,768 | $ | 2,577,576 | $ | 1,263,877 | $ | (3,300,173 | ) | $ | 3,702,048 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
EPR Properties | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
(Issuer) | Subsidiary | Guarantors | Elimination | |||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Rental revenue | $ | — | $ | 53,088 | $ | 23,652 | $ | — | $ | 76,740 | ||||||||||
Tenant reimbursements | — | 1,043 | 3,260 | — | 4,303 | |||||||||||||||
Other income | — | 1 | 549 | — | 550 | |||||||||||||||
Mortgage and other financing income | 212 | 15,128 | 2,503 | — | 17,843 | |||||||||||||||
Intercompany fee income | 689 | — | — | (689 | ) | — | ||||||||||||||
Interest income on intercompany notes receivable | 111 | — | 2,391 | (2,502 | ) | — | ||||||||||||||
Total revenue | 1,012 | 69,260 | 32,355 | (3,191 | ) | 99,436 | ||||||||||||||
Equity in subsidiaries’ earnings | 78,995 | — | — | (78,995 | ) | — | ||||||||||||||
Property operating expense | — | 2,729 | 3,628 | — | 6,357 | |||||||||||||||
Intercompany fee expense | — | — | 689 | (689 | ) | — | ||||||||||||||
Other expense | — | — | 102 | — | 102 | |||||||||||||||
General and administrative expense | — | 5,218 | 2,464 | — | 7,682 | |||||||||||||||
Retirement severance expense | 18,578 | — | — | — | 18,578 | |||||||||||||||
Interest expense, net | 16,360 | (975 | ) | 3,202 | — | 18,587 | ||||||||||||||
Interest expense on intercompany notes payable | — | — | 2,502 | (2,502 | ) | — | ||||||||||||||
Transaction costs | 1,354 | — | 252 | — | 1,606 | |||||||||||||||
Depreciation and amortization | 390 | 14,002 | 4,963 | — | 19,355 | |||||||||||||||
Income before equity in income from joint ventures and other items | 43,325 | 48,286 | 14,553 | (78,995 | ) | 27,169 | ||||||||||||||
Equity in income from joint ventures | — | — | 164 | — | 164 | |||||||||||||||
Gain on sale of real estate | — | 23,748 | 176 | — | 23,924 | |||||||||||||||
Income before income taxes | 43,325 | 72,034 | 14,893 | (78,995 | ) | 51,257 | ||||||||||||||
Income tax expense | 504 | — | 7,922 | — | 8,426 | |||||||||||||||
Income from continuing operations | 42,821 | 72,034 | 6,971 | (78,995 | ) | 42,831 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Loss from discontinued operations | — | (10 | ) | — | — | (10 | ) | |||||||||||||
Net income attributable to EPR Properties | 42,821 | 72,024 | 6,971 | (78,995 | ) | 42,821 | ||||||||||||||
Preferred dividend requirements | (5,952 | ) | — | — | — | (5,952 | ) | |||||||||||||
Net income available to common shareholders of EPR Properties | $ | 36,869 | $ | 72,024 | $ | 6,971 | $ | (78,995 | ) | $ | 36,869 | |||||||||
Comprehensive income attributable to EPR Properties | $ | 38,966 | $ | 71,977 | $ | 4,222 | $ | (76,199 | ) | $ | 38,966 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
EPR | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
Properties | Subsidiary | Guarantor | Elimination | |||||||||||||||||
(Issuer) | Guarantors | Subsidiaries | ||||||||||||||||||
Rental revenue | $ | — | $ | 45,110 | $ | 21,321 | $ | — | $ | 66,431 | ||||||||||
Tenant reimbursements | — | 982 | 3,606 | — | 4,588 | |||||||||||||||
Other income | 173 | — | 1 | 174 | ||||||||||||||||
Mortgage and other financing income | 187 | 17,796 | 681 | — | 18,664 | |||||||||||||||
Intercompany fee income | 780 | — | — | (780 | ) | — | ||||||||||||||
Interest income on intercompany notes receivable | — | — | 7,063 | (7,063 | ) | — | ||||||||||||||
Total revenue | 1,140 | 63,888 | 32,672 | (7,843 | ) | 89,857 | ||||||||||||||
Equity in subsidiaries’ earnings | 58,465 | — | — | (58,465 | ) | — | ||||||||||||||
Property operating expense | (1 | ) | 2,396 | 4,054 | — | 6,449 | ||||||||||||||
Intercompany fee expense | — | — | 780 | (780 | ) | — | ||||||||||||||
Other expense | — | — | 98 | — | 98 | |||||||||||||||
General and administrative expense | — | 4,911 | 2,551 | — | 7,462 | |||||||||||||||
Interest expense, net | 15,688 | (411 | ) | 4,622 | — | 19,899 | ||||||||||||||
Interest expense on intercompany notes payable | — | — | 7,063 | (7,063 | ) | — | ||||||||||||||
Transaction costs | — | — | 196 | — | 196 | |||||||||||||||
Depreciation and amortization | 275 | 10,503 | 4,549 | — | 15,327 | |||||||||||||||
Income before equity in income from joint ventures and other items | 43,643 | 46,489 | 8,759 | (58,465 | ) | 40,426 | ||||||||||||||
Equity in income from joint ventures | — | — | 311 | — | 311 | |||||||||||||||
Gain on sale of real estate | — | — | 330 | 330 | ||||||||||||||||
Income before income taxes | 43,643 | 46,489 | 9,400 | (58,465 | ) | 41,067 | ||||||||||||||
Income tax expense | 110 | — | 815 | — | 925 | |||||||||||||||
Income from continuing operations | 43,533 | 46,489 | 8,585 | (58,465 | ) | 40,142 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income (loss) from discontinued operations | — | (3 | ) | 18 | — | 15 | ||||||||||||||
Transaction costs (benefit) | — | 3,376 | — | — | 3,376 | |||||||||||||||
Net income attributable to EPR Properties | 43,533 | 49,862 | 8,603 | (58,465 | ) | 43,533 | ||||||||||||||
Preferred dividend requirements | (5,952 | ) | — | — | — | (5,952 | ) | |||||||||||||
Net income available to common shareholders of EPR Properties | $ | 37,581 | $ | 49,862 | $ | 8,603 | $ | (58,465 | ) | $ | 37,581 | |||||||||
Comprehensive income attributable to EPR Properties | $ | 41,469 | $ | 50,005 | $ | 6,560 | $ | (56,565 | ) | $ | 41,469 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
EPR | Wholly Owned | Non-Guarantor | Consolidated | |||||||||||||||||
Properties | Subsidiary | Subsidiaries | ||||||||||||||||||
(Issuer) | Guarantors | |||||||||||||||||||
Intercompany fee income (expense) | $ | 689 | $ | — | $ | (689 | ) | $ | — | |||||||||||
Interest income (expense) on intercompany receivable/payable | 111 | — | (111 | ) | — | |||||||||||||||
Net cash provided (used) by other operating activities | (194,803 | ) | 70,267 | 181,599 | 57,063 | |||||||||||||||
Net cash provided (used) by operating activities of continuing operations | (194,003 | ) | 70,267 | 180,799 | 57,063 | |||||||||||||||
Net cash provided by operating activities of discontinued operations | — | 455 | — | 455 | ||||||||||||||||
Net cash provided (used) by operating activities | (194,003 | ) | 70,722 | 180,799 | 57,518 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Acquisition of rental properties and other assets | (86 | ) | (49,252 | ) | 131 | (49,207 | ) | |||||||||||||
Proceeds from sale of real estate | — | 42,709 | 1,081 | 43,790 | ||||||||||||||||
Investment in mortgage notes receivable | — | (3,121 | ) | (15,577 | ) | (18,698 | ) | |||||||||||||
Proceeds from mortgage note receivable paydown | — | 148 | — | 148 | ||||||||||||||||
Additions to property under development | — | (64,105 | ) | (5,090 | ) | (69,195 | ) | |||||||||||||
Advances to subsidiaries, net | 59,998 | 65,319 | (125,317 | ) | — | |||||||||||||||
Net cash provided (used) by investing activities | 59,912 | (8,302 | ) | (144,772 | ) | (93,162 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt facilities | 298,914 | 155,000 | — | 453,914 | ||||||||||||||||
Principal payments on long-term debt | — | (217,000 | ) | (34,100 | ) | (251,100 | ) | |||||||||||||
Deferred financing fees paid | (2,884 | ) | — | 6 | (2,878 | ) | ||||||||||||||
Net proceeds from issuance of common shares | 123 | — | — | 123 | ||||||||||||||||
Impact of stock option exercises, net | (33 | ) | — | — | (33 | ) | ||||||||||||||
Purchase of common shares for treasury | (8,222 | ) | — | — | (8,222 | ) | ||||||||||||||
Dividends paid to shareholders | (56,796 | ) | — | — | (56,796 | ) | ||||||||||||||
Net cash provided (used) by financing activities | 231,102 | (62,000 | ) | (34,094 | ) | 135,008 | ||||||||||||||
Effect of exchange rate changes on cash | — | (15 | ) | (479 | ) | (494 | ) | |||||||||||||
Net increase in cash and cash equivalents | 97,011 | 405 | 1,454 | 98,870 | ||||||||||||||||
Cash and cash equivalents at beginning of the period | (1,234 | ) | 786 | 3,784 | 3,336 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | 95,777 | $ | 1,191 | $ | 5,238 | $ | 102,206 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
EPR | Wholly Owned | Non-Guarantor | Consolidated | |||||||||||||||||
Properties | Subsidiary | Subsidiaries | ||||||||||||||||||
(Issuer) | Guarantors | |||||||||||||||||||
Intercompany fee income (expense) | $ | 780 | $ | — | $ | (780 | ) | $ | — | |||||||||||
Interest income (expense) on intercompany receivable/payable | — | — | — | — | ||||||||||||||||
Net cash provided (used) by other operating activities | (26,440 | ) | 56,819 | 11,027 | 41,406 | |||||||||||||||
Net cash provided (used) by operating activities of continuing operations | (25,660 | ) | 56,819 | 10,247 | 41,406 | |||||||||||||||
Net cash provided by operating activities of discontinued operations | — | 77 | 47 | 124 | ||||||||||||||||
Net cash provided (used) by operating activities | (25,660 | ) | 56,896 | 10,294 | 41,530 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Acquisition of rental properties and other assets | (67 | ) | (11,899 | ) | (298 | ) | (12,264 | ) | ||||||||||||
Proceeds from sale of real estate | — | — | 915 | 915 | ||||||||||||||||
Proceeds from settlement of derivative | — | — | 5,725 | 5,725 | ||||||||||||||||
Investment in mortgage note receivable | — | (4,497 | ) | 25 | (4,472 | ) | ||||||||||||||
Proceeds from mortgage note receivable paydown | — | 76 | — | 76 | ||||||||||||||||
Investment in promissory notes receivable | — | (721 | ) | (1,486 | ) | (2,207 | ) | |||||||||||||
Additions to property under development | (52 | ) | (48,689 | ) | (1,880 | ) | (50,621 | ) | ||||||||||||
Advances to subsidiaries, net | 74 | 9,288 | (9,362 | ) | — | |||||||||||||||
Net cash used by investing activities | (45 | ) | (56,442 | ) | (6,361 | ) | (62,848 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt facilities | 10,000 | 37,000 | — | 47,000 | ||||||||||||||||
Principal payments on long-term debt | — | (37,000 | ) | (2,728 | ) | (39,728 | ) | |||||||||||||
Deferred financing fees paid | (50 | ) | (240 | ) | (159 | ) | (449 | ) | ||||||||||||
Net proceeds from issuance of common shares | 79,579 | — | — | 79,579 | ||||||||||||||||
Impact of stock option exercises, net | (21 | ) | — | — | (21 | ) | ||||||||||||||
Purchase of common shares for treasury | (2,892 | ) | — | — | (2,892 | ) | ||||||||||||||
Dividends paid to shareholders | (49,638 | ) | — | — | (49,638 | ) | ||||||||||||||
Net cash provided (used) by financing activities | 36,978 | (240 | ) | (2,887 | ) | 33,851 | ||||||||||||||
Effect of exchange rate changes on cash | — | 19 | (104 | ) | (85 | ) | ||||||||||||||
Net increase in cash and cash equivalents | 11,273 | 233 | 942 | 12,448 | ||||||||||||||||
Cash and cash equivalents at beginning of the period | 449 | 1,826 | 5,683 | 7,958 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 11,722 | $ | 2,059 | $ | 6,625 | $ | 20,406 | ||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the three month period ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. | |
The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest. A controlling financial interest will have both of the following characteristics: the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. This topic requires an ongoing reassessment. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the Consolidation Topic of the FASB ASC, or does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. | |
The Company reports its noncontrolling interests as required by the Consolidation Topic of the FASB ASC. Noncontrolling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company's equity. On the consolidated statements of income, revenues, expenses and net income or loss from less-than-wholly-owned subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Consolidated statements of changes in shareholders' equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for equity, noncontrolling interests and total equity. The Company does not have any redeemable noncontrolling interests. | |
The consolidated balance sheet as of December 31, 2014 has been derived from the audited consolidated balance sheet at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission (SEC) on February 25, 2015. | |
Operating Segments | Operating Segments |
For financial reporting purposes, the Company groups its investments into four reportable operating segments: Entertainment, Education, Recreation and Other. See Note 16 for financial information related to these operating segments. | |
Rental Properties | Rental Properties |
Rental properties are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally are estimated to be 40 years for buildings and 3 to 25 years for furniture, fixtures and equipment. Tenant improvements, including allowances, are depreciated over the shorter of the base term of the lease or the estimated useful life. Expenditures for ordinary maintenance and repairs are charged to operations in the period incurred. Significant renovations and improvements that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful life. | |
Management reviews a property for impairment whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. The review of recoverability is based on an estimate of undiscounted future cash flows expected to result from its use and eventual disposition. If impairment exists due to the inability to recover the carrying value of the property, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. | |
The Company evaluates the held-for-sale classification of its real estate as of the end of each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less costs to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment that is expected to close within one year. On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance. | |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts |
The Company makes estimates of the collectability of its accounts receivable related to base rents, tenant escalations (straight-line rents), reimbursements and other income. The Company specifically analyzes trends in accounts receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of its allowance for doubtful accounts. When evaluating customer creditworthiness, management reviews the periodic financial statements for significant tenants and specifically evaluates the strength and material changes in net operating income, coverage ratios, leverage and other factors to assess the tenant's credit quality. In addition, when customers are in bankruptcy, the Company makes estimates of the expected recovery of pre-petition administrative and damage claims. These estimates have a direct impact on the Company's net income. | |
Revenue Recognition | Revenue Recognition |
Rents that are fixed and determinable are recognized on a straight-line basis over the minimum term 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 $0.3 million for both the three months ended March 31, 2015 and 2014. The Company recognized no participating interest income in mortgage and other financing income for both the three months ended March 31, 2015 and 2014. 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 $0.1 million were recognized during both the three months ended March 31, 2015 and 2014. | |
Direct financing lease income is recognized on the effective interest method to produce a level yield on funds not yet recovered. Estimated unguaranteed residual values at the date of lease inception represent management's initial estimates of fair value of the leased assets at the expiration of the lease, not to exceed original cost. Significant assumptions used in estimating residual values include estimated net cash flows over the remaining lease term and expected future real estate values. The Company evaluates on an annual basis (or more frequently, if necessary) the collectability of its direct financing lease receivable and unguaranteed residual value to determine whether they are impaired. A direct financing lease receivable is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a direct financing lease receivable is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the direct financing lease receivable's effective interest rate or to the fair value of the underlying collateral, less costs to sell, if such receivable is collateralized. | |
Mortgage Notes And Other Notes Receivable | Mortgage Notes and Other Notes Receivable |
Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower and the Company defers certain loan origination and commitment fees, net of certain origination costs, and amortizes them over the term of the related loan. Interest income on performing loans is accrued as earned. The Company evaluates the collectability of both interest and principal of each of its loans to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines that it is probable that it will be unable to collect all amounts due according to the existing contractual terms. An insignificant delay or shortfall in amounts of payments does not necessarily result in the loan being identified as impaired. When a loan is considered to be impaired, the amount of loss, if any, is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the Company’s interest in the underlying collateral, less costs to sell, if the loan is collateral dependent. For impaired loans, interest income is recognized on a cash basis, unless the Company determines based on the loan to estimated fair value ratio the loan should be on the cost recovery method, and any cash payments received would then be reflected as a reduction of principal. Interest income recognition is recommenced if and when the impaired loan becomes contractually current and performance is demonstrated to be resumed. | |
Concentrations Of Risk | Concentrations of Risk |
American Multi-Cinema, Inc. (AMC) was the lessee of a substantial portion (25%) of the megaplex theatre rental properties held by the Company at March 31, 2015 primarily 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 $21.4 million or 21% and $21.7 million or 24%, for the three months ended March 31, 2015 and 2014, 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 three months ended March 31, 2015 and 2014, approximately $8.9 million or 9%, and $10.2 million or 11%, respectively, of total revenue was derived from the Company's four entertainment retail centers in Ontario, Canada. The Company's wholly owned subsidiaries that hold the four Canadian entertainment retail centers represent approximately $176.6 million or 9% and $200.4 million or 10% of the Company's net assets at March 31, 2015 and December 31, 2014, respectively | |
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 to employees and non-employee Trustees 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 included in general and administrative expense in the accompanying consolidated statements of income totaled $2.0 million and $2.3 million for the three months ended March 31, 2015 and 2014, respectively. | |
Share Options | Share Options |
Share options are granted to employees pursuant to the Long-Term Incentive Plan. 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. Expense recognized related to share options and included in general and administrative expense in the accompanying consolidated statements of income was $274 thousand and $363 thousand for the three months ended March 31, 2015 and 2014, 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 or four years). Expense recognized related to nonvested shares and included in general and administrative expense in the accompanying consolidated statements of income was $1.4 million and $1.7 million for the three months ended March 31, 2015 and 2014, respectively. | |
Restricted Share Units Issued To Non-Employee Trustees | Restricted Share Units Issued to Non-Employee Trustees |
The Company issues restricted share units to non-employee Trustees for payment of their annual retainers. The fair value of the share units granted was based on the share price at the date of grant. The share units vest upon the earlier of the day preceding the next annual meeting of shareholders or a change of control. The settlement date for the shares is selected by the non-employee Trustee, and ranges from one year from the grant date to upon termination of service. This expense is amortized by the Company on a straight-line basis over the year of service by the non-employee Trustees. | |
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. | |
The Company has 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. |
Rental_Properties_Tables
Rental Properties (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Real Estate [Abstract] | ||||||||
Summary Of Carrying Amounts Of Rental Properties | The following table summarizes the carrying amounts of rental properties as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Buildings and improvements | $ | 2,296,177 | $ | 2,273,430 | ||||
Furniture, fixtures & equipment | 29,357 | 25,922 | ||||||
Land | 618,872 | 617,842 | ||||||
2,944,406 | 2,917,194 | |||||||
Accumulated depreciation | (471,057 | ) | (465,660 | ) | ||||
Total | $ | 2,473,349 | $ | 2,451,534 | ||||
Dep |
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounts Receivable, Net [Abstract] | ||||||||
Schedule Of Accounts Receivable | The following table summarizes the carrying amounts of accounts receivable, net as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Receivable from tenants | $ | 5,270 | $ | 6,705 | ||||
Receivable from non-tenants (1) | 9,212 | 602 | ||||||
Straight-line rent receivable | 43,861 | 41,529 | ||||||
Allowance for doubtful accounts | (1,946 | ) | (1,554 | ) | ||||
Total | $ | 56,397 | $ | 47,282 | ||||
(1) Receivable from non-tenants at March 31, 2015 included $9.0 million related to infrastructure costs at the Company's Adelaar casino and resort project located in Sullivan County, New York. These costs are expected to be reimbursed through proceeds from IDA bonds that are not expected to be issued or guaranteed by the Company. |
Investments_In_Direct_Financin1
Investments In Direct Financing Lease (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||||||||
Summary Of Carrying Amounts Of Investments In Direct Financing Leases, Net | The following table summarizes the carrying amounts of investment in a direct financing lease, net as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Total minimum lease payments receivable | $ | 482,226 | $ | 487,275 | ||||
Estimated unguaranteed residual value of leased assets | 172,880 | 172,880 | ||||||
Less deferred income (1) | (454,840 | ) | (460,823 | ) | ||||
Investment in a direct financing lease, net | $ | 200,266 | $ | 199,332 | ||||
(1) Deferred income is net of $1.5 million of initial direct costs at March 31, 2015 and December 31, 2014. | ||||||||
Future Minimum Rentals Receivable | The Company’s direct financing lease has expiration dates ranging from approximately 17 to 20 years. Future minimum rentals receivable on this direct financing lease at March 31, 2015 are as follows (in thousands): | |||||||
Amount | ||||||||
Year: | ||||||||
2015 | $ | 15,384 | ||||||
2016 | 21,046 | |||||||
2017 | 21,678 | |||||||
2018 | 22,328 | |||||||
2019 | 22,998 | |||||||
Thereafter | 378,792 | |||||||
Total | $ | 482,226 | ||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Summary of Derivative Instruments [Abstract] | ||||||||
Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income | Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three months ended March 31, 2015 and 2014. | |||||||
Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Three Months Ended March 31, 2015 and 2014 | ||||||||
(Dollars in thousands) | ||||||||
Three Months Ended March 31, | ||||||||
Description | 2015 | 2014 | ||||||
Interest Rate Swaps | ||||||||
Amount of Income (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ | (1,502 | ) | $ | (613 | ) | ||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) | (443 | ) | (449 | ) | ||||
Cross Currency Swaps | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 3,062 | 1,833 | ||||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) (2) | 547 | 173 | ||||||
Currency Forward Agreements | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 11,991 | 4,928 | ||||||
Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) | — | — | ||||||
Total | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ | 13,551 | $ | 6,148 | ||||
Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) | 104 | (276 | ) | |||||
-1 | Included in "Interest expense, net" in the accompanying consolidated statements of income for the three months ended March 31, 2015 and 2014. | |||||||
-2 | Included in "Other income" in the accompanying consolidated statements of income for the three months ended March 31, 2015 and 2014. |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Assets Measured At Fair Value On A Recurring Basis | The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 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 | ||||||||||||||||
March 31, 2015 and December 31, 2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Description | Quoted Prices in | Significant | Significant | Assets (Liabilities) Balance at | ||||||||||||
Active Markets | Other | Unobservable | end of period | |||||||||||||
for Identical | Observable | Inputs (Level 3) | ||||||||||||||
Assets (Level I) | Inputs (Level 2) | |||||||||||||||
March 31, 2015: | ||||||||||||||||
Cross-Currency Swaps* | $ | — | $ | 7,106 | $ | — | $ | 7,106 | ||||||||
Currency Forward Agreements* | $ | — | $ | 22,219 | $ | — | $ | 22,219 | ||||||||
Interest Rate Swap Agreements** | $ | — | $ | (6,156 | ) | $ | — | $ | (6,156 | ) | ||||||
December 31, 2014: | ||||||||||||||||
Cross-Currency Swaps* | $ | — | $ | 4,592 | $ | — | $ | 4,592 | ||||||||
Currency Forward Agreements* | $ | — | $ | 10,227 | $ | — | $ | 10,227 | ||||||||
Interest Rate Swap Agreements** | $ | — | $ | (5,096 | ) | $ | — | $ | (5,096 | ) | ||||||
*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 | here were no assets or liabilities measured at fair value on a non-recurring basis during the three months ended March 31, 2015 and 2014. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Computation Of Basic And Diluted Earnings Per Share | The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three months ended March 31, 2015 and 2014 (amounts in thousands except per share information): | ||||||||||
Three Months Ended March 31, 2015 | |||||||||||
Income | Shares | Per Share | |||||||||
(numerator) | (denominator) | Amount | |||||||||
Basic EPS: | |||||||||||
Income from continuing operations | $ | 42,831 | |||||||||
Less: preferred dividend requirements | (5,952 | ) | |||||||||
Income from continuing operations available to common shareholders | $ | 36,879 | 57,111 | $ | 0.65 | ||||||
Loss from discontinued operations available to common shareholders | $ | (10 | ) | 57,111 | $ | — | |||||
Net income available to common shareholders | $ | 36,869 | 57,111 | $ | 0.65 | ||||||
Diluted EPS: | |||||||||||
Income from continuing operations available to common shareholders | $ | 36,879 | 57,111 | ||||||||
Effect of dilutive securities: | |||||||||||
Share options | — | 267 | |||||||||
Income from continuing operations available to common shareholders | $ | 36,879 | 57,378 | $ | 0.64 | ||||||
Loss from discontinued operations available to common shareholders | $ | (10 | ) | 57,378 | $ | — | |||||
Net income available to common shareholders | $ | 36,869 | 57,378 | $ | 0.64 | ||||||
Three Months Ended March 31, 2014 | |||||||||||
Income | Shares | Per Share | |||||||||
(numerator) | (denominator) | Amount | |||||||||
Basic EPS: | |||||||||||
Income from continuing operations | $ | 40,142 | |||||||||
Less: preferred dividend requirements | (5,952 | ) | |||||||||
Income from continuing operations available to common shareholders | $ | 34,190 | 52,541 | $ | 0.65 | ||||||
Income from discontinued operations available to common shareholders | $ | 3,391 | 52,541 | $ | 0.07 | ||||||
Net income available to common shareholders | $ | 37,581 | 52,541 | $ | 0.72 | ||||||
Diluted EPS: | |||||||||||
Income from continuing operations available to common shareholders | $ | 34,190 | 52,541 | ||||||||
Effect of dilutive securities: | |||||||||||
Share options | — | 178 | |||||||||
Income from continuing operations available to common shareholders | $ | 34,190 | 52,719 | $ | 0.65 | ||||||
Income from discontinued operations available to common shareholders | $ | 3,391 | 52,719 | $ | 0.06 | ||||||
Net income available to common shareholders | $ | 37,581 | 52,719 | $ | 0.71 | ||||||
Equity_Incentive_Plans_Tables
Equity Incentive Plans (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
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, 2014 | 950,214 | $ | 18.18 | — | $ | 65.5 | $ | 42.48 | ||||||||||
Exercised | (17,841 | ) | 36.56 | — | 61.53 | 49.47 | ||||||||||||
Granted | 121,546 | 61.79 | — | 61.79 | 61.79 | |||||||||||||
Forfeited | (322 | ) | 45.2 | — | 51.64 | 49.36 | ||||||||||||
Outstanding at March 31, 2015 | 1,053,597 | $ | 18.18 | — | $ | 65.5 | $ | 44.59 | ||||||||||
Summary Of Outstanding Options | The following table summarizes outstanding options at March 31, 2015: | |||||||||||||||||
Exercise price range | Options | Weighted avg. | Weighted avg. | Aggregate intrinsic | ||||||||||||||
outstanding | life remaining | exercise price | value (in thousands) | |||||||||||||||
$ 18.18 - 19.99 | 201,859 | 3.9 | ||||||||||||||||
20.00 - 29.99 | — | — | ||||||||||||||||
30.00 - 39.99 | 14,646 | 4.9 | ||||||||||||||||
40.00 - 49.99 | 459,456 | 4.4 | ||||||||||||||||
50.00 - 59.99 | 165,237 | 8.5 | ||||||||||||||||
60.00 - 65.50 | 212,399 | 6.4 | ||||||||||||||||
1,053,597 | 5.3 | $ | 44.59 | $ | 16,916 | |||||||||||||
Summary Of Exercisable Options | The following table summarizes exercisable options at March 31, 2015: | |||||||||||||||||
Exercise price range | Options | Weighted avg. | Weighted avg. | Aggregate intrinsic | ||||||||||||||
outstanding | life remaining | exercise price | value (in thousands) | |||||||||||||||
$ 18.18 - 19.99 | 201,859 | 3.9 | ||||||||||||||||
20.00 - 29.99 | — | — | ||||||||||||||||
30.00 - 39.99 | 14,646 | 4.9 | ||||||||||||||||
40.00 - 49.99 | 410,835 | 4 | ||||||||||||||||
50.00 - 59.99 | 83,963 | 8.3 | ||||||||||||||||
60.00 - 65.50 | 123,663 | 3.9 | ||||||||||||||||
834,966 | 4.4 | $ | 41.9 | $ | 15,625 | |||||||||||||
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, 2014 | 468,451 | $ | 49.29 | |||||||||||||||
Granted | 188,685 | 61.53 | ||||||||||||||||
Vested | (295,487 | ) | 50.37 | |||||||||||||||
Forfeited | (508 | ) | 50.49 | |||||||||||||||
Outstanding at March 31, 2015 | 361,141 | $ | 54.81 | 1.7 | ||||||||||||||
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, 2014 | 19,685 | $ | 53.55 | |||||||||||||||
Granted | — | — | ||||||||||||||||
Vested | — | — | ||||||||||||||||
Outstanding at March 31, 2015 | 19,685 | $ | 53.55 | 0.13 | ||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ||||||||
Operating Results Relating To Assets Disposed | The operating results relating to discontinued operations are as follows (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Rental revenue | $ | — | $ | 3 | ||||
Total revenue | — | 3 | ||||||
Property operating expense | 10 | 6 | ||||||
Other expense (benefit) | — | (18 | ) | |||||
Transaction costs (benefit) | — | (3,376 | ) | |||||
Net income (loss) | $ | (10 | ) | $ | 3,391 | |||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Schedule of Reportable Operating Segments | Segment Information | |||||||||||||||||||
The Company groups investments into four reportable operating segments: Entertainment, Education, Recreation and Other. The financial information summarized below is presented by reportable operating segment: | ||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Total Assets | $ | 1,977,031 | $ | 780,359 | $ | 771,504 | $ | 211,447 | $ | 162,961 | $ | 3,903,302 | ||||||||
As of December 31, 2014 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Total Assets | $ | 2,014,416 | $ | 734,512 | $ | 696,931 | $ | 206,795 | $ | 49,394 | $ | 3,702,048 | ||||||||
Operating Data: | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 59,941 | $ | 10,094 | $ | 6,705 | $ | — | $ | — | $ | 76,740 | ||||||||
Tenant reimbursements | 4,326 | — | — | (23 | ) | — | 4,303 | |||||||||||||
Other income | 3 | — | — | — | 547 | 550 | ||||||||||||||
Mortgage and other financing income | 1,782 | 7,783 | 8,181 | 97 | — | 17,843 | ||||||||||||||
Total revenue | 66,052 | 17,877 | 14,886 | 74 | 547 | 99,436 | ||||||||||||||
Property operating expense | 6,294 | — | — | 63 | — | 6,357 | ||||||||||||||
Other expense | — | — | — | 102 | — | 102 | ||||||||||||||
Total investment expenses | 6,294 | — | — | 165 | — | 6,459 | ||||||||||||||
Net operating income - before unallocated items | 59,758 | 17,877 | 14,886 | (91 | ) | 547 | 92,977 | |||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (7,682 | ) | ||||||||||||||||||
Retirement severance expense | (18,578 | ) | ||||||||||||||||||
Interest expense, net | (18,587 | ) | ||||||||||||||||||
Transaction costs | (1,606 | ) | ||||||||||||||||||
Depreciation and amortization | (19,355 | ) | ||||||||||||||||||
Equity in income from joint ventures | 164 | |||||||||||||||||||
Gain on sale of real estate | 23,924 | |||||||||||||||||||
Income tax expense | (8,426 | ) | ||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Loss from discontinued operations | (10 | ) | ||||||||||||||||||
Net income attributable to EPR Properties | 42,821 | |||||||||||||||||||
Preferred dividend requirements | (5,952 | ) | ||||||||||||||||||
Net income available to common shareholders of EPR Properties | $ | 36,869 | ||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Entertainment | Education | Recreation | Other | Corporate/Unallocated | Consolidated | |||||||||||||||
Rental revenue | $ | 56,822 | $ | 5,478 | $ | 3,846 | $ | 285 | $ | — | $ | 66,431 | ||||||||
Tenant reimbursements | 4,588 | — | — | — | — | 4,588 | ||||||||||||||
Other income | 1 | — | — | — | 173 | 174 | ||||||||||||||
Mortgage and other financing income | 1,723 | 8,778 | 8,066 | 97 | — | 18,664 | ||||||||||||||
Total revenue | 63,134 | 14,256 | 11,912 | 382 | 173 | 89,857 | ||||||||||||||
Property operating expense | 6,273 | — | — | 176 | — | 6,449 | ||||||||||||||
Other expense | — | — | — | 98 | — | 98 | ||||||||||||||
Total investment expenses | 6,273 | — | — | 274 | — | 6,547 | ||||||||||||||
Net operating income - before unallocated items | 56,861 | 14,256 | 11,912 | 108 | 173 | 83,310 | ||||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||
General and administrative expense | (7,462 | ) | ||||||||||||||||||
Interest expense, net | (19,899 | ) | ||||||||||||||||||
Transaction costs | (196 | ) | ||||||||||||||||||
Depreciation and amortization | (15,327 | ) | ||||||||||||||||||
Equity in income from joint ventures | 311 | |||||||||||||||||||
Gain on sale of real estate | 330 | |||||||||||||||||||
Income tax expense | (925 | ) | ||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income from discontinued operations | 15 | |||||||||||||||||||
Transaction costs (benefit) | 3,376 | |||||||||||||||||||
Net income attributable to EPR Properties | 43,533 | |||||||||||||||||||
Preferred dividend requirements | (5,952 | ) | ||||||||||||||||||
Net income available to common shareholders of EPR Properties | $ | 37,581 | ||||||||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet | |||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
EPR Properties | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
(Issuer) | Subsidiary | Guarantor | Elimination | |||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Assets | ||||||||||||||||||||
Rental properties, net | $ | — | $ | 1,771,369 | $ | 701,980 | $ | — | $ | 2,473,349 | ||||||||||
Land held for development | — | — | 28,119 | — | 28,119 | |||||||||||||||
Property under development | — | 205,695 | 184,510 | — | 390,205 | |||||||||||||||
Mortgage notes and related accrued interest receivable | — | 414,654 | 112,450 | — | 527,104 | |||||||||||||||
Investment in a direct financing lease, net | — | 200,266 | — | — | 200,266 | |||||||||||||||
Investment in joint ventures | — | — | 5,902 | — | 5,902 | |||||||||||||||
Cash and cash equivalents | 95,777 | 1,191 | 5,238 | — | 102,206 | |||||||||||||||
Restricted cash | 105 | 20,162 | 2,187 | — | 22,454 | |||||||||||||||
Deferred financing costs, net | 18,589 | 3,736 | 452 | — | 22,777 | |||||||||||||||
Accounts receivable, net | 222 | 33,122 | 23,053 | — | 56,397 | |||||||||||||||
Intercompany notes receivable | — | — | 175,757 | (175,757 | ) | — | ||||||||||||||
Investments in subsidiaries | 3,300,993 | — | — | (3,300,993 | ) | — | ||||||||||||||
Other assets | 21,267 | 9,103 | 44,153 | — | 74,523 | |||||||||||||||
Total assets | $ | 3,436,953 | $ | 2,659,298 | $ | 1,283,801 | $ | (3,476,750 | ) | $ | 3,903,302 | |||||||||
Liabilities and Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 43,829 | $ | 27,346 | $ | 7,324 | $ | — | $ | 78,499 | ||||||||||
Dividends payable | 23,248 | — | — | — | 23,248 | |||||||||||||||
Unearned rents and interest | 750 | 33,638 | 8,240 | — | 42,628 | |||||||||||||||
Intercompany notes payable | — | — | 175,757 | (175,757 | ) | — | ||||||||||||||
Debt | 1,460,000 | — | 389,424 | — | 1,849,424 | |||||||||||||||
Total liabilities | 1,527,827 | 60,984 | 580,745 | (175,757 | ) | 1,993,799 | ||||||||||||||
EPR Properties shareholders’ equity | 1,909,126 | 2,598,314 | 702,679 | (3,300,993 | ) | 1,909,126 | ||||||||||||||
Noncontrolling interests | — | — | 377 | — | 377 | |||||||||||||||
Total equity | $ | 1,909,126 | $ | 2,598,314 | $ | 703,056 | $ | (3,300,993 | ) | $ | 1,909,503 | |||||||||
Total liabilities and equity | $ | 3,436,953 | $ | 2,659,298 | $ | 1,283,801 | $ | (3,476,750 | ) | $ | 3,903,302 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
EPR | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
Properties | Subsidiary | Guarantor | Elimination | |||||||||||||||||
(Issuer) | Guarantors | Subsidiaries | ||||||||||||||||||
Assets | ||||||||||||||||||||
Rental properties, net | $ | — | $ | 1,737,982 | $ | 713,552 | $ | — | $ | 2,451,534 | ||||||||||
Land held for development | — | — | 206,001 | — | 206,001 | |||||||||||||||
Property under development | — | 171,139 | 10,659 | — | 181,798 | |||||||||||||||
Mortgage notes and related accrued interest receivable | — | 413,025 | 94,930 | — | 507,955 | |||||||||||||||
Investment in a direct financing lease, net | — | 199,332 | — | — | 199,332 | |||||||||||||||
Investment in joint ventures | — | — | 5,738 | — | 5,738 | |||||||||||||||
Cash and cash equivalents | (1,234 | ) | 786 | 3,784 | — | 3,336 | ||||||||||||||
Restricted cash | 1,000 | 10,215 | 1,857 | — | 13,072 | |||||||||||||||
Deferred financing costs, net | 15,224 | 4,136 | 549 | — | 19,909 | |||||||||||||||
Accounts receivable, net | 90 | 32,303 | 14,889 | — | 47,282 | |||||||||||||||
Intercompany notes receivable | — | — | 175,757 | (175,757 | ) | — | ||||||||||||||
Investments in subsidiaries | 3,124,416 | — | — | (3,124,416 | ) | — | ||||||||||||||
Other assets | 21,272 | 8,658 | 36,161 | — | 66,091 | |||||||||||||||
Total assets | $ | 3,160,768 | $ | 2,577,576 | $ | 1,263,877 | $ | (3,300,173 | ) | $ | 3,702,048 | |||||||||
Liabilities and Equity | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 51,673 | $ | 32,009 | $ | (1,502 | ) | $ | — | $ | 82,180 | |||||||||
Dividends payable | 22,233 | — | — | — | 22,233 | |||||||||||||||
Unearned rents and interest | 750 | 20,131 | 4,742 | — | 25,623 | |||||||||||||||
Intercompany notes payable | — | — | 175,757 | (175,757 | ) | — | ||||||||||||||
Debt | 1,160,000 | 62,000 | 423,523 | — | 1,645,523 | |||||||||||||||
Total liabilities | 1,234,656 | 114,140 | 602,520 | (175,757 | ) | 1,775,559 | ||||||||||||||
EPR Properties shareholders’ equity | 1,926,112 | 2,463,436 | 660,980 | (3,124,416 | ) | 1,926,112 | ||||||||||||||
Noncontrolling interests | — | — | 377 | — | 377 | |||||||||||||||
Total equity | $ | 1,926,112 | $ | 2,463,436 | $ | 661,357 | $ | (3,124,416 | ) | $ | 1,926,489 | |||||||||
Total liabilities and equity | $ | 3,160,768 | $ | 2,577,576 | $ | 1,263,877 | $ | (3,300,173 | ) | $ | 3,702,048 | |||||||||
Condensed Consolidating Statement Of Income | Condensed Consolidating Statement of Income | |||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
EPR Properties | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
(Issuer) | Subsidiary | Guarantors | Elimination | |||||||||||||||||
Guarantors | Subsidiaries | |||||||||||||||||||
Rental revenue | $ | — | $ | 53,088 | $ | 23,652 | $ | — | $ | 76,740 | ||||||||||
Tenant reimbursements | — | 1,043 | 3,260 | — | 4,303 | |||||||||||||||
Other income | — | 1 | 549 | — | 550 | |||||||||||||||
Mortgage and other financing income | 212 | 15,128 | 2,503 | — | 17,843 | |||||||||||||||
Intercompany fee income | 689 | — | — | (689 | ) | — | ||||||||||||||
Interest income on intercompany notes receivable | 111 | — | 2,391 | (2,502 | ) | — | ||||||||||||||
Total revenue | 1,012 | 69,260 | 32,355 | (3,191 | ) | 99,436 | ||||||||||||||
Equity in subsidiaries’ earnings | 78,995 | — | — | (78,995 | ) | — | ||||||||||||||
Property operating expense | — | 2,729 | 3,628 | — | 6,357 | |||||||||||||||
Intercompany fee expense | — | — | 689 | (689 | ) | — | ||||||||||||||
Other expense | — | — | 102 | — | 102 | |||||||||||||||
General and administrative expense | — | 5,218 | 2,464 | — | 7,682 | |||||||||||||||
Retirement severance expense | 18,578 | — | — | — | 18,578 | |||||||||||||||
Interest expense, net | 16,360 | (975 | ) | 3,202 | — | 18,587 | ||||||||||||||
Interest expense on intercompany notes payable | — | — | 2,502 | (2,502 | ) | — | ||||||||||||||
Transaction costs | 1,354 | — | 252 | — | 1,606 | |||||||||||||||
Depreciation and amortization | 390 | 14,002 | 4,963 | — | 19,355 | |||||||||||||||
Income before equity in income from joint ventures and other items | 43,325 | 48,286 | 14,553 | (78,995 | ) | 27,169 | ||||||||||||||
Equity in income from joint ventures | — | — | 164 | — | 164 | |||||||||||||||
Gain on sale of real estate | — | 23,748 | 176 | — | 23,924 | |||||||||||||||
Income before income taxes | 43,325 | 72,034 | 14,893 | (78,995 | ) | 51,257 | ||||||||||||||
Income tax expense | 504 | — | 7,922 | — | 8,426 | |||||||||||||||
Income from continuing operations | 42,821 | 72,034 | 6,971 | (78,995 | ) | 42,831 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Loss from discontinued operations | — | (10 | ) | — | — | (10 | ) | |||||||||||||
Net income attributable to EPR Properties | 42,821 | 72,024 | 6,971 | (78,995 | ) | 42,821 | ||||||||||||||
Preferred dividend requirements | (5,952 | ) | — | — | — | (5,952 | ) | |||||||||||||
Net income available to common shareholders of EPR Properties | $ | 36,869 | $ | 72,024 | $ | 6,971 | $ | (78,995 | ) | $ | 36,869 | |||||||||
Comprehensive income attributable to EPR Properties | $ | 38,966 | $ | 71,977 | $ | 4,222 | $ | (76,199 | ) | $ | 38,966 | |||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
EPR | Wholly Owned | Non- | Consolidated | Consolidated | ||||||||||||||||
Properties | Subsidiary | Guarantor | Elimination | |||||||||||||||||
(Issuer) | Guarantors | Subsidiaries | ||||||||||||||||||
Rental revenue | $ | — | $ | 45,110 | $ | 21,321 | $ | — | $ | 66,431 | ||||||||||
Tenant reimbursements | — | 982 | 3,606 | — | 4,588 | |||||||||||||||
Other income | 173 | — | 1 | 174 | ||||||||||||||||
Mortgage and other financing income | 187 | 17,796 | 681 | — | 18,664 | |||||||||||||||
Intercompany fee income | 780 | — | — | (780 | ) | — | ||||||||||||||
Interest income on intercompany notes receivable | — | — | 7,063 | (7,063 | ) | — | ||||||||||||||
Total revenue | 1,140 | 63,888 | 32,672 | (7,843 | ) | 89,857 | ||||||||||||||
Equity in subsidiaries’ earnings | 58,465 | — | — | (58,465 | ) | — | ||||||||||||||
Property operating expense | (1 | ) | 2,396 | 4,054 | — | 6,449 | ||||||||||||||
Intercompany fee expense | — | — | 780 | (780 | ) | — | ||||||||||||||
Other expense | — | — | 98 | — | 98 | |||||||||||||||
General and administrative expense | — | 4,911 | 2,551 | — | 7,462 | |||||||||||||||
Interest expense, net | 15,688 | (411 | ) | 4,622 | — | 19,899 | ||||||||||||||
Interest expense on intercompany notes payable | — | — | 7,063 | (7,063 | ) | — | ||||||||||||||
Transaction costs | — | — | 196 | — | 196 | |||||||||||||||
Depreciation and amortization | 275 | 10,503 | 4,549 | — | 15,327 | |||||||||||||||
Income before equity in income from joint ventures and other items | 43,643 | 46,489 | 8,759 | (58,465 | ) | 40,426 | ||||||||||||||
Equity in income from joint ventures | — | — | 311 | — | 311 | |||||||||||||||
Gain on sale of real estate | — | — | 330 | 330 | ||||||||||||||||
Income before income taxes | 43,643 | 46,489 | 9,400 | (58,465 | ) | 41,067 | ||||||||||||||
Income tax expense | 110 | — | 815 | — | 925 | |||||||||||||||
Income from continuing operations | 43,533 | 46,489 | 8,585 | (58,465 | ) | 40,142 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income (loss) from discontinued operations | — | (3 | ) | 18 | — | 15 | ||||||||||||||
Transaction costs (benefit) | — | 3,376 | — | — | 3,376 | |||||||||||||||
Net income attributable to EPR Properties | 43,533 | 49,862 | 8,603 | (58,465 | ) | 43,533 | ||||||||||||||
Preferred dividend requirements | (5,952 | ) | — | — | — | (5,952 | ) | |||||||||||||
Net income available to common shareholders of EPR Properties | $ | 37,581 | $ | 49,862 | $ | 8,603 | $ | (58,465 | ) | $ | 37,581 | |||||||||
Comprehensive income attributable to EPR Properties | $ | 41,469 | $ | 50,005 | $ | 6,560 | $ | (56,565 | ) | $ | 41,469 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
EPR | Wholly Owned | Non-Guarantor | Consolidated | |||||||||||||||||
Properties | Subsidiary | Subsidiaries | ||||||||||||||||||
(Issuer) | Guarantors | |||||||||||||||||||
Intercompany fee income (expense) | $ | 689 | $ | — | $ | (689 | ) | $ | — | |||||||||||
Interest income (expense) on intercompany receivable/payable | 111 | — | (111 | ) | — | |||||||||||||||
Net cash provided (used) by other operating activities | (194,803 | ) | 70,267 | 181,599 | 57,063 | |||||||||||||||
Net cash provided (used) by operating activities of continuing operations | (194,003 | ) | 70,267 | 180,799 | 57,063 | |||||||||||||||
Net cash provided by operating activities of discontinued operations | — | 455 | — | 455 | ||||||||||||||||
Net cash provided (used) by operating activities | (194,003 | ) | 70,722 | 180,799 | 57,518 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Acquisition of rental properties and other assets | (86 | ) | (49,252 | ) | 131 | (49,207 | ) | |||||||||||||
Proceeds from sale of real estate | — | 42,709 | 1,081 | 43,790 | ||||||||||||||||
Investment in mortgage notes receivable | — | (3,121 | ) | (15,577 | ) | (18,698 | ) | |||||||||||||
Proceeds from mortgage note receivable paydown | — | 148 | — | 148 | ||||||||||||||||
Additions to property under development | — | (64,105 | ) | (5,090 | ) | (69,195 | ) | |||||||||||||
Advances to subsidiaries, net | 59,998 | 65,319 | (125,317 | ) | — | |||||||||||||||
Net cash provided (used) by investing activities | 59,912 | (8,302 | ) | (144,772 | ) | (93,162 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt facilities | 298,914 | 155,000 | — | 453,914 | ||||||||||||||||
Principal payments on long-term debt | — | (217,000 | ) | (34,100 | ) | (251,100 | ) | |||||||||||||
Deferred financing fees paid | (2,884 | ) | — | 6 | (2,878 | ) | ||||||||||||||
Net proceeds from issuance of common shares | 123 | — | — | 123 | ||||||||||||||||
Impact of stock option exercises, net | (33 | ) | — | — | (33 | ) | ||||||||||||||
Purchase of common shares for treasury | (8,222 | ) | — | — | (8,222 | ) | ||||||||||||||
Dividends paid to shareholders | (56,796 | ) | — | — | (56,796 | ) | ||||||||||||||
Net cash provided (used) by financing activities | 231,102 | (62,000 | ) | (34,094 | ) | 135,008 | ||||||||||||||
Effect of exchange rate changes on cash | — | (15 | ) | (479 | ) | (494 | ) | |||||||||||||
Net increase in cash and cash equivalents | 97,011 | 405 | 1,454 | 98,870 | ||||||||||||||||
Cash and cash equivalents at beginning of the period | (1,234 | ) | 786 | 3,784 | 3,336 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | 95,777 | $ | 1,191 | $ | 5,238 | $ | 102,206 | ||||||||||||
Condensed Consolidating Statement Of Cash Flows | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
EPR | Wholly Owned | Non-Guarantor | Consolidated | |||||||||||||||||
Properties | Subsidiary | Subsidiaries | ||||||||||||||||||
(Issuer) | Guarantors | |||||||||||||||||||
Intercompany fee income (expense) | $ | 689 | $ | — | $ | (689 | ) | $ | — | |||||||||||
Interest income (expense) on intercompany receivable/payable | 111 | — | (111 | ) | — | |||||||||||||||
Net cash provided (used) by other operating activities | (194,803 | ) | 70,267 | 181,599 | 57,063 | |||||||||||||||
Net cash provided (used) by operating activities of continuing operations | (194,003 | ) | 70,267 | 180,799 | 57,063 | |||||||||||||||
Net cash provided by operating activities of discontinued operations | — | 455 | — | 455 | ||||||||||||||||
Net cash provided (used) by operating activities | (194,003 | ) | 70,722 | 180,799 | 57,518 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Acquisition of rental properties and other assets | (86 | ) | (49,252 | ) | 131 | (49,207 | ) | |||||||||||||
Proceeds from sale of real estate | — | 42,709 | 1,081 | 43,790 | ||||||||||||||||
Investment in mortgage notes receivable | — | (3,121 | ) | (15,577 | ) | (18,698 | ) | |||||||||||||
Proceeds from mortgage note receivable paydown | — | 148 | — | 148 | ||||||||||||||||
Additions to property under development | — | (64,105 | ) | (5,090 | ) | (69,195 | ) | |||||||||||||
Advances to subsidiaries, net | 59,998 | 65,319 | (125,317 | ) | — | |||||||||||||||
Net cash provided (used) by investing activities | 59,912 | (8,302 | ) | (144,772 | ) | (93,162 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt facilities | 298,914 | 155,000 | — | 453,914 | ||||||||||||||||
Principal payments on long-term debt | — | (217,000 | ) | (34,100 | ) | (251,100 | ) | |||||||||||||
Deferred financing fees paid | (2,884 | ) | — | 6 | (2,878 | ) | ||||||||||||||
Net proceeds from issuance of common shares | 123 | — | — | 123 | ||||||||||||||||
Impact of stock option exercises, net | (33 | ) | — | — | (33 | ) | ||||||||||||||
Purchase of common shares for treasury | (8,222 | ) | — | — | (8,222 | ) | ||||||||||||||
Dividends paid to shareholders | (56,796 | ) | — | — | (56,796 | ) | ||||||||||||||
Net cash provided (used) by financing activities | 231,102 | (62,000 | ) | (34,094 | ) | 135,008 | ||||||||||||||
Effect of exchange rate changes on cash | — | (15 | ) | (479 | ) | (494 | ) | |||||||||||||
Net increase in cash and cash equivalents | 97,011 | 405 | 1,454 | 98,870 | ||||||||||||||||
Cash and cash equivalents at beginning of the period | (1,234 | ) | 786 | 3,784 | 3,336 | |||||||||||||||
Cash and cash equivalents at end of the period | $ | 95,777 | $ | 1,191 | $ | 5,238 | $ | 102,206 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
EPR | Wholly Owned | Non-Guarantor | Consolidated | |||||||||||||||||
Properties | Subsidiary | Subsidiaries | ||||||||||||||||||
(Issuer) | Guarantors | |||||||||||||||||||
Intercompany fee income (expense) | $ | 780 | $ | — | $ | (780 | ) | $ | — | |||||||||||
Interest income (expense) on intercompany receivable/payable | — | — | — | — | ||||||||||||||||
Net cash provided (used) by other operating activities | (26,440 | ) | 56,819 | 11,027 | 41,406 | |||||||||||||||
Net cash provided (used) by operating activities of continuing operations | (25,660 | ) | 56,819 | 10,247 | 41,406 | |||||||||||||||
Net cash provided by operating activities of discontinued operations | — | 77 | 47 | 124 | ||||||||||||||||
Net cash provided (used) by operating activities | (25,660 | ) | 56,896 | 10,294 | 41,530 | |||||||||||||||
Investing activities: | ||||||||||||||||||||
Acquisition of rental properties and other assets | (67 | ) | (11,899 | ) | (298 | ) | (12,264 | ) | ||||||||||||
Proceeds from sale of real estate | — | — | 915 | 915 | ||||||||||||||||
Proceeds from settlement of derivative | — | — | 5,725 | 5,725 | ||||||||||||||||
Investment in mortgage note receivable | — | (4,497 | ) | 25 | (4,472 | ) | ||||||||||||||
Proceeds from mortgage note receivable paydown | — | 76 | — | 76 | ||||||||||||||||
Investment in promissory notes receivable | — | (721 | ) | (1,486 | ) | (2,207 | ) | |||||||||||||
Additions to property under development | (52 | ) | (48,689 | ) | (1,880 | ) | (50,621 | ) | ||||||||||||
Advances to subsidiaries, net | 74 | 9,288 | (9,362 | ) | — | |||||||||||||||
Net cash used by investing activities | (45 | ) | (56,442 | ) | (6,361 | ) | (62,848 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from long-term debt facilities | 10,000 | 37,000 | — | 47,000 | ||||||||||||||||
Principal payments on long-term debt | — | (37,000 | ) | (2,728 | ) | (39,728 | ) | |||||||||||||
Deferred financing fees paid | (50 | ) | (240 | ) | (159 | ) | (449 | ) | ||||||||||||
Net proceeds from issuance of common shares | 79,579 | — | — | 79,579 | ||||||||||||||||
Impact of stock option exercises, net | (21 | ) | — | — | (21 | ) | ||||||||||||||
Purchase of common shares for treasury | (2,892 | ) | — | — | (2,892 | ) | ||||||||||||||
Dividends paid to shareholders | (49,638 | ) | — | — | (49,638 | ) | ||||||||||||||
Net cash provided (used) by financing activities | 36,978 | (240 | ) | (2,887 | ) | 33,851 | ||||||||||||||
Effect of exchange rate changes on cash | — | 19 | (104 | ) | (85 | ) | ||||||||||||||
Net increase in cash and cash equivalents | 11,273 | 233 | 942 | 12,448 | ||||||||||||||||
Cash and cash equivalents at beginning of the period | 449 | 1,826 | 5,683 | 7,958 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 11,722 | $ | 2,059 | $ | 6,625 | $ | 20,406 | ||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Loss Contingency, Estimate of Possible Loss | $7,900,000 | ||
Operating Segments | |||
Number of Reportable Operating Segments | 4 | ||
Revenue Recognition [Abstract] | |||
Percentage rents | 300,000 | 300,000 | |
Mortgage And Other Participating Interest Income | 0 | 0 | |
Gain (Loss) on Contract Termination | 100,000 | 100,000 | |
Concentrations of Risk [Abstract] | |||
Rental revenue | 76,740,000 | 66,431,000 | |
Total revenue | 99,436,000 | 89,857,000 | |
Share-based Compensation [Abstract] | |||
Share based compensation | 1,972,000 | 2,328,000 | |
Share based compensation, future vesting period minimum (in years) | 4 years | ||
Range of settlement date for shares for non-employee trustee from grant date, minimum (in years) | 1 year | ||
Share based compensation expense related to employees and trustees | 2,700,000 | ||
Share-based compensation expense included in retirement severance expense | 6,377,000 | 0 | |
Retirement severance expense | 18,578,000 | 0 | |
American Multi-Cinema, Inc. [Member] | |||
Concentrations of Risk [Abstract] | |||
Percent of megaplex theatre rental leased by AMC | 25.00% | ||
Rental revenue | 21,400,000 | 21,700,000 | |
Percentage of lease revenue in total revenue | 21.00% | 24.00% | |
ONTARIO | Entertainment Retail Center Properties [Member] | |||
Concentrations of Risk [Abstract] | |||
Number of real estate properties (in properties) | 4 | ||
ONTARIO | Four Entertainment Retail Centers [Member] | |||
Concentrations of Risk [Abstract] | |||
Percentage of lease revenue in total revenue | 9.00% | 11.00% | |
Total revenue | 8,900,000 | 10,200,000 | |
Net assets of wholly owned subsidiaries | 176,600,000 | 200,400,000 | |
Wholly owned subsidiaries percentage in net assets | 9.00% | 10.00% | |
Minimum [Member] | |||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies | 6,500,000 | ||
Loss Contingency, Accrual, Current | 1,400,000 | ||
Share-based Compensation [Abstract] | |||
Share based compensation, future vesting period minimum (in years) | 3 years | ||
Maximum [Member] | |||
Share-based Compensation [Abstract] | |||
Share based compensation, future vesting period minimum (in years) | 4 years | ||
Building [Member] | |||
Rental Properties [Abstract] | |||
Estimated useful live of buildings (in years) | 40 years | ||
Furniture, fixtures & equipment [Member] | Minimum [Member] | |||
Rental Properties [Abstract] | |||
Estimated useful live of buildings (in years) | 3 years | ||
Furniture, fixtures & equipment [Member] | Maximum [Member] | |||
Rental Properties [Abstract] | |||
Estimated useful live of buildings (in years) | 25 years | ||
Share Options [Member] | |||
Share-based Compensation [Abstract] | |||
Share based compensation, future vesting period minimum (in years) | 4 years | ||
Stock-option expense | 274,000 | 363,000 | |
Restricted Stock [Member] | |||
Share-based Compensation [Abstract] | |||
Share based compensation expense related to employees and trustees | 1,400,000 | 1,700,000 | |
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation [Abstract] | |||
Share based compensation, future vesting period minimum (in years) | 3 years | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation [Abstract] | |||
Share based compensation, future vesting period minimum (in years) | 4 years | ||
Restricted Share Units [Member] | |||
Share-based Compensation [Abstract] | |||
Range of settlement date for shares for non-employee trustee from grant date, minimum (in years) | 1 year | ||
Restricted Share Units [Member] | Non-Employee Trustees [Member] | |||
Share-based Compensation [Abstract] | |||
Share based compensation expense related to employees and trustees | 264,000 | 269,000 | |
Chief Executive Officer [Member] | Accelerated Vesting of Shares [Member] | Employee Severance [Member] | Share Options [Member] | |||
Share-based Compensation [Abstract] | |||
Retirement severance expense | 1,400,000 | ||
Chief Executive Officer [Member] | Accelerated Vesting of Shares [Member] | Employee Severance [Member] | Nonvested Shares [Member] | |||
Share-based Compensation [Abstract] | |||
Retirement severance expense | $5,000,000 |
Rental_Properties_Summary_Of_C
Rental Properties (Summary Of Carrying Amounts Of Rental Properties) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Real Estate Properties [Line Items] | |||
Carrying amounts of rental properties | $2,944,406,000 | $2,917,194,000 | |
Accumulated depreciation | -471,057,000 | -465,660,000 | |
Total | 2,473,349,000 | 2,451,534,000 | |
Depreciation expense on rental properties | 18,400,000 | 14,500,000 | |
Building and improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Carrying amounts of rental properties | 2,296,177,000 | 2,273,430,000 | |
Furniture, fixtures & equipment [Member] | |||
Real Estate Properties [Line Items] | |||
Carrying amounts of rental properties | 29,357,000 | 25,922,000 | |
Land [Member] | |||
Real Estate Properties [Line Items] | |||
Carrying amounts of rental properties | $618,872,000 | $617,842,000 |
Investments_and_Dispositions_D
Investments and Dispositions (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | |
Apr. 02, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 27, 2015 | |
segment | ||||
Real Estate Properties [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | $46,100,000 | |||
Payments to Acquire Productive Assets | 136,400,000 | |||
Number of Reportable Operating Segments | 4 | |||
Gain on sale of real estate | 23,924,000 | 330,000 | ||
Entertainment Reportable Operating Segment [Member] | ||||
Real Estate Properties [Line Items] | ||||
Payments to Acquire Productive Assets | 16,900,000 | |||
Entertainment Reportable Operating Segment [Member] | Theatre Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of properties acquired (in properties) | 1 | |||
Proceeds from Sale of Property, Plant, and Equipment | 42,700,000 | |||
number of development properties | 3 | |||
Gain on sale of real estate | 23,700,000 | |||
Entertainment Reportable Operating Segment [Member] | Theatre Redevelopment Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
number of development properties | 1 | |||
Education Reportable Operating Segment [Member] | ||||
Real Estate Properties [Line Items] | ||||
Payments to Acquire Productive Assets | 47,800,000 | |||
Education Reportable Operating Segment [Member] | Public Charter School Property Member | ||||
Real Estate Properties [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | 1,100,000 | |||
number of development properties | 16 | |||
Gain on sale of real estate | 200,000 | |||
Education Reportable Operating Segment [Member] | Private School Property [Member] | ||||
Real Estate Properties [Line Items] | ||||
number of development properties | 4 | |||
Education Reportable Operating Segment [Member] | early childhood education center [Member] | ||||
Real Estate Properties [Line Items] | ||||
number of development properties | 16 | |||
Recreation Reportable Operating Segment [Member] | ||||
Real Estate Properties [Line Items] | ||||
Payments to Acquire Productive Assets | 68,800,000 | |||
Recreation Reportable Operating Segment [Member] | TopGolf [Member] | ||||
Real Estate Properties [Line Items] | ||||
number of development properties | 11 | |||
Recreation Reportable Operating Segment [Member] | Ski Resorts [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of properties acquired (in properties) | 1 | |||
Other Reportable Operating Segment [Member] | ||||
Real Estate Properties [Line Items] | ||||
Payments to Acquire Productive Assets | $2,900,000 |
Accounts_Receivable_Net_Schedu
Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Straight-line rent receivable | $43,861 | $41,529 | |
Allowance for doubtful accounts | -1,946 | -1,554 | |
Total | 56,397 | 47,282 | |
Tenants [Member] | |||
Carrying amounts of accounts receivable | 5,270 | 6,705 | |
Non-Tenants [Member] | |||
Carrying amounts of accounts receivable | 9,212 | [1] | 602 |
Sullivan County Planned Casino and Resort [Member] | Non-Tenants [Member] | |||
Carrying amounts of accounts receivable | $9,000 | [1] | |
[1] | (1) Receivable from non-tenants at March 31, 2015 included $9.0 million related to infrastructure costs at the Company's Adelaar casino and resort project located in Sullivan County, New York. These costs are expected to be reimbursed through proceeds from IDA bonds that are not expected to be issued or guaranteed by the Company. |
Investments_In_Direct_Financin2
Investments In Direct Financing Lease (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 02, 2014 | Mar. 31, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Apr. 03, 2014 | |
properties | |||||
number of properties sold | 4 | ||||
Net Investment in Direct Financing and Sales Type Leases | $200,266,000 | $199,332,000 | $45,900,000 | ||
originalacquisitioncost | 41,500,000 | ||||
Capital Leases, Net Investment in Direct Financing Leases, Initial Direct Costs | 1,500,000 | 1,500,000 | |||
Allowance for lease losses | 0 | 0 | |||
Payments to Acquire Productive Assets | 136,400,000 | ||||
Proceeds from Sale of Property, Plant, and Equipment | 46,100,000 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $200,000 | ||||
Minimum [Member] | |||||
Length of lease (in years) | 17 | ||||
Maximum [Member] | |||||
Length of lease (in years) | 20 | ||||
Imagine Schools [Member] | |||||
Number of public charter school properties (in properties) | 23 | 23,000 |
Investments_In_Direct_Financin3
Investments In Direct Financing Lease (Summary Of Carrying Amounts Of Investment In Direct Financing Lease, Net) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Apr. 03, 2014 | ||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |||||
Total minimum lease payments receivable | $482,226,000 | $487,275,000 | |||
Estimated unguaranteed residual value of leased assets | 172,880,000 | 172,880,000 | |||
Less deferred income | -454,840,000 | [1] | -460,823,000 | [1] | |
Investment in a direct financing lease, net | 200,266,000 | 199,332,000 | 45,900,000 | ||
Capital Leases, Net Investment in Direct Financing Leases, Initial Direct Costs | $1,500,000 | $1,500,000 | |||
[1] | Deferred income is net of $1.5 million of initial direct costs at March 31, 2015 and December 31, 2014 |
Investments_In_Direct_Financin4
Investments In Direct Financing Lease (Future Minimum Rentals Receivable) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||
2015 | $15,384 | |
2016 | 21,046 | |
2017 | 21,678 | |
2018 | 22,328 | |
2019 | 22,998 | |
Thereafter | 378,792 | |
Total | $482,226 | $487,275 |
Debt_Schedule_of_Longterm_Debt
Debt (Schedule of Long-term Debt Instruments) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |
Mar. 06, 2015 | Mar. 31, 2015 | Apr. 24, 2015 | Jun. 30, 2015 | Mar. 16, 2015 | |
Debt Instrument [Line Items] | |||||
Extinguishment of Debt, Amount | $30,400,000 | ||||
Number of Properties Securing Mortgage Note | 1 | ||||
Term loan payable, due July 23, 2018 [Member] | Mortgages [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 285,000,000 | ||||
Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due July 23, 2017 [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 535,000,000 | ||||
Line of Credit Facility, Amount Outstanding | 0 | ||||
Senior Unsecured Notes Payable, 4.50 Percent, Due April 1, 2025 [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 300,000,000 | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.00% | ||||
Senior Unsecured Notes Payable, Percent of Principal Amount Issued | 0 | ||||
Debt Covenant, Debt to Adjusted Total Assets Ratio, Maximum | 0 | ||||
Debt Covenant, Secured Debt to Adjusted Total Assets Ratio, Maximum | 0 | ||||
Debt Covenant, Debt Service Coverage Ratio, Minimum | 0 | ||||
Debt Covenant, Total Unencumbered Assets to Outstanding Unsecured Debt Ratio, Minimum | 0.00% | ||||
Subsequent Event [Member] | Term loan payable, due April 24,2020 [Member] | Mortgages [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 350,000,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | ||||
Subsequent Event [Member] | Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due April 24,2019 [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||
Write off of Deferred Debt Issuance Cost | 243,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | 650,000,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
Subsequent Event [Member] | Combined unsecured revolving credit and term loan facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 1,000,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $2,000,000,000 |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (SVVI [Member], USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
SVVI [Member] | |
Investment in unconsolidated VIE | $191.30 |
Unconsolidated investment maximum exposure to loss | $191.30 |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Sep. 06, 2013 | Jan. 05, 2012 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Feb. 28, 2014 | Feb. 28, 2014 | |
USD ($) | USD ($) | USD ($) | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Risk [Member] | Cross Currency Swaps [Member] | Cross Currency Swaps 2018 [Member] | Cross Currency Swaps 2018 [Member] | Currency Forward Agreements [Member] | Currency Forward Agreements [Member] | Currency Forward Agreements [Member] | Currency Forward Agreements 2018 [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | CAD | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | ||||
swap_agreements | swap_agreements | USD ($) | CAD | CAD | CAD | ||||||||||
properties | properties | ||||||||||||||
credit risk related contingent features default on debt amount | $25,000,000 | ||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 6,200,000 | 5,100,000 | |||||||||||||
Derivative Asset | 23,100,000 | 9,700,000 | |||||||||||||
Derivative Asset, Fair Value, Gross Asset | 29,300,000 | 14,800,000 | |||||||||||||
Number of entered into interest rate swap agreements (in interest rate swaps) | 3 | 3 | |||||||||||||
Amount of hedged term loan | 240,000,000 | ||||||||||||||
Derivative fixed interest rate | 2.38% | 2.51% | |||||||||||||
Number of Canadian properties exposed to foreign currency exchange risk (in properties) | 4 | 4 | |||||||||||||
Derivative, Notional Amount | 240,000,000 | 240,000,000 | 98,100,000 | 100,000,000 | 94,300,000 | 100,000,000 | 100,000,000 | 88,100,000 | |||||||
Net exchange rate, CAD to US dollar | 1.05 | 1.06 | 1.13 | ||||||||||||
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | 2,200,000 | 2,200,000 | |||||||||||||
Fair value of derivatives in a liability position | 6,200,000 | ||||||||||||||
Assets needed to settle obligations under the agreements | 6,300,000 | ||||||||||||||
Proceeds from settlement of derivative | $0 | ($5,725,000) |
Derivative_Instruments_Summary
Derivative Instruments (Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $13,551 | $6,148 | ||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | 104 | -276 | ||
Interest Rate Swap [Member] | ||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | -443 | [1] | -449 | [1] |
Cross Currency Swaps [Member] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 3,062 | 1,833 | ||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | 547 | [2] | 173 | [2] |
Currency Forward Agreements [Member] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 11,991 | 4,928 | ||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | 0 | [2] | 0 | [2] |
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | ($1,502) | ($613) | ||
[1] | (1)Included in "Interest expense, net" in the accompanying consolidated statements of income for the three months ended March 31, 2015 and 2014. | |||
[2] | Included in "Other income" in the accompanying consolidated statements of income for the three months ended March 31, 2015 and 2014. |
Fair_Value_Disclosures_Assets_
Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Derivative Liability, Fair Value, Gross Liability | ($6,200) | ($5,100) | ||
Derivative Asset, Fair Value, Gross Asset | 29,300 | 14,800 | ||
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps [Member] | ||||
Derivative Asset, Fair Value, Gross Asset | 7,106 | [1] | 4,592 | [1] |
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Asset, Fair Value, Gross Asset | 7,106 | [1] | 4,592 | [1] |
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements [Member] | ||||
Derivative Asset, Fair Value, Gross Asset | 22,219 | [1] | 10,227 | [1] |
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Asset, Fair Value, Gross Asset | 22,219 | [1] | 10,227 | [1] |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||||
Derivative Liability, Fair Value, Gross Liability | -6,156 | [2] | -5,096 | [2] |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Liability, Fair Value, Gross Liability | ($6,156) | [2] | ($5,096) | [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_Narrati
Fair Value Disclosures (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Apr. 03, 2014 | |
Mortgage notes and related accrued interest receivable | $527,104,000 | $507,955,000 | ||
Investment in a direct financing lease, net | 200,266,000 | 199,332,000 | 45,900,000 | |
Finance lease investment weighted average interest rate | 11.99% | |||
Minimum interest on investments in direct finance lease | 11.74% | 11.74% | 11.99% | |
Maximum interest on investments in direct finance lease | 12.38% | 12.38% | ||
Debt | 1,849,424,000 | 1,645,523,000 | ||
Fixed Rate Mortgage Notes Receivable [Member] | ||||
Mortgage notes and related accrued interest receivable | 527,100,000 | 508,000,000 | ||
Weighted average interest rate of mortgage notes receivable | 9.12% | 9.07% | ||
Receivable interest rate minimum | 5.50% | 5.50% | ||
Receivable interest rate maximum | 11.31% | 11.31% | ||
Weighted market rate used for determining future cash flow for notes receivable | 10.12% | 10.13% | ||
Fair value of notes receivable | 508,800,000 | 488,800,000 | ||
Variable Rate Debt [Member] | ||||
Debt | 310,000,000 | 372,000,000 | ||
Long-term debt, weighted average interest rate | 1.57% | 1.57% | ||
Variable Rate Converted to Fixed Rate [Member] | ||||
Debt | 240,000,000 | 240,000,000 | ||
Fixed Rate Debt [Member] | ||||
Debt | 1,540,000,000 | 1,270,000,000 | ||
Long-term debt, weighted average interest rate | 5.67% | 5.94% | ||
Weighted market rate for determining fair value of debt | 3.62% | 3.76% | ||
Fair value of debt | 1,730,000,000 | |||
Long-term Debt, Fair Value | $1,380,000,000 | |||
Minimum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | ||||
market rate used as discount factor to determine fair value of notes | 9.00% | 9.00% | ||
Minimum [Member] | Fixed Rate Debt [Member] | ||||
market rate used as discount factor to determine fair value of debt | 2.26% | 2.13% | ||
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 | 4.20% | 4.56% |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Basic EPS: | ||
Income from continuing operations | $42,831 | $40,142 |
Less: preferred dividend requirements | -5,952 | -5,952 |
Income from continuing operations available to common shareholders | 36,879 | 34,190 |
Weighted average number of shares outstanding, basic | 57,111 | 52,541 |
Income from continuing operations, per basic share (in dollars per share) | $0.65 | $0.65 |
Income from discontinued operations available to common shareholders | -10 | 3,391 |
Income from discontinued operations, per basic share (in dollars per share) | $0 | $0.07 |
Net income available to common shareholders of EPR Properties | 36,869 | 37,581 |
Net income available to common shareholders (in dollars per share) | $0.65 | $0.72 |
Diluted EPS: | ||
Share options (in shares) | 267 | 178 |
Income from continuing operations available to common shareholders, diluted | 36,879 | 34,190 |
Weighted average number of shares outstanding, diluted | 57,378 | 52,719 |
Income from continuing operations, per diluted share (in dollars per share) | $0.64 | $0.65 |
Net Income Loss From Discontinuing Operation Available To Common Stockholders Diluted | -10 | 3,391 |
Income from discontinued operations, per diluted share (in dollars per share) | $0 | $0.06 |
Net income available to common shareholders, diluted | $36,869 | $37,581 |
Net income available to common shareholders (in dollars per share) | $0.64 | $0.71 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $51.64 | $45.20 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $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 | 2,000 | 2,000 |
Preferred share dividend percentage | 5.75% | 5.75% |
Series E Cumulative Convertible Preferred Share [Member] | ||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||
Common shares upon conversion of convertible preferred shares | 1,600 | 1,600 |
Preferred share dividend percentage | 9.00% | 9.00% |
Share Options [Member] | ||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||
Common shares upon conversion of convertible preferred shares | 249 | 417 |
Chief_Executive_Officer_Retire1
Chief Executive Officer Retirement (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Related Party Transaction [Line Items] | ||
Retirement severance expense | $18,578 | $0 |
Expected Cash Payment [Member] | Employee Severance [Member] | Chief Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Retirement severance expense | 11,800 | |
Taxes and Other Expenses [Member] | Employee Severance [Member] | Chief Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Retirement severance expense | 400 | |
Share Options [Member] | Accelerated Vesting of Shares [Member] | Employee Severance [Member] | Chief Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Retirement severance expense | 1,400 | |
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 101,640 | |
Nonvested Shares [Member] | Accelerated Vesting of Shares [Member] | Employee Severance [Member] | Chief Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Retirement severance expense | $5,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 113,900 |
Equity_Incentive_Plans_Summary
Equity Incentive Plans (Summary Of Share Option Activity) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | 9-May-07 | |
Maximum term of options granted (in years) | 10 years | |||
Share based compensation, future vesting period minimum (in years) | 4 years | |||
Exercisable rate for employees options, per year | 25.00% | |||
Length of period subsequent to grant date options not exercisable for non-employee trustees (in years) | 1 year | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of Shares, Outstanding at Beginning of Period | 950,214 | |||
Number of Shares, Exercised | -17,841 | |||
Number of Shares, Granted | 121,546 | |||
Number of Shares, Outstanding at End of Period | 1,053,597 | |||
Average Exercise Price, Outstanding at Beginning of Period | $44.59 | $42.48 | ||
Average Exercise Price, Exercised | $49.47 | |||
Average Exercise Price, Granted | $61.79 | |||
Average Exercise Price, Outstanding at End of Period | $44.59 | $42.48 | ||
Weighted average fair value of options granted | $16.35 | $13.87 | ||
Intrinsic value of stock options exercised | $200,000 | $300,000 | ||
Repurchase of treasury stock (in shares) | 14,930 | |||
Repurchase of treasury stock, value | 900,000 | |||
Share based compensation expenses recognized in future periods | 2,700,000 | |||
Retirement severance expense | 18,578,000 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 322 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $49.36 | |||
Minimum [Member] | ||||
Share based compensation, future vesting period minimum (in years) | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | $18.18 | $18.18 | ||
Option Price Per Share, Exercised | $36.56 | |||
Option Price Per Share, Granted | $61.79 | |||
Option Price Per Share, Outstanding at End of Period | $18.18 | $18.18 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Price Per Share | $45.20 | |||
Maximum [Member] | ||||
Share based compensation, future vesting period minimum (in years) | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | $65.50 | $65.50 | ||
Option Price Per Share, Exercised | $61.53 | |||
Option Price Per Share, Granted | $61.79 | |||
Option Price Per Share, Outstanding at End of Period | $65.50 | $65.50 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Price Per Share | $51.64 | |||
Share Options [Member] | ||||
Share based compensation, future vesting period minimum (in years) | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
stock option expense including severance costs | 1,700,000 | |||
Stock-option expense | $274,000 | $363,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.90% | 2.20% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.90% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 48.00% | 50.30% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Forfeiture Rate | 0.78% | 0.28% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | 6 years | ||
Share Options [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 6.40% | |||
2007 Equity Incentive Plan [Member] | ||||
Common shares, options to purchase common shares and restricted share units, expected to granted (in shares) | 3,650,000 | |||
Number of shares available for grant (in shares) | 1,080,284 |
Equity_Incentive_Plans_Summary1
Equity Incentive Plans (Summary Of Outstanding Options) (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $51.64 | $45.20 | |
Exercise price range, upper limit | $65.50 | $65.50 | |
Options outstanding (in shares) | 1,053,597 | 950,214 | |
Weighted avg. life remaining (in years) | 5 years 4 months | ||
Weighted avg. exercise price | $44.59 | $42.48 | |
Aggregate intrinsic value | $16,916 | ||
$18.18 - 19.99 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $18.18 | ||
Exercise price range, upper limit | $19.99 | ||
Options outstanding (in shares) | 201,859 | ||
Weighted avg. life remaining (in years) | 3 years 11 months | ||
20.00 - 29.99 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $20 | ||
Exercise price range, upper limit | $29.99 | ||
30.00 - 39.99 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $30 | ||
Exercise price range, upper limit | $39.99 | ||
Options outstanding (in shares) | 14,646 | ||
Weighted avg. life remaining (in years) | 4 years 11 months | ||
40.00 - 49.99 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $40 | ||
Exercise price range, upper limit | $49.99 | ||
Options outstanding (in shares) | 459,456 | ||
Weighted avg. life remaining (in years) | 4 years 5 months | ||
50.00 - 59.99 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $50 | ||
Exercise price range, upper limit | $59.99 | ||
Options outstanding (in shares) | 165,237 | ||
Weighted avg. life remaining (in years) | 8 years 6 months | ||
60.00 - 65.50 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $60 | ||
Exercise price range, upper limit | $65.50 | ||
Options outstanding (in shares) | 212,399 | ||
Weighted avg. life remaining (in years) | 6 years 5 months | ||
Share Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.90% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 48.00% | 50.30% | |
Minimum [Member] | Share Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 6.40% |
Equity_Incentive_Plans_Summary2
Equity Incentive Plans (Summary Of Exercisable Options) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $51.64 | $45.20 |
Exercise price range, upper limit | $65.50 | $65.50 |
Options outstanding (in shares) | 834,966 | |
Weighted avg. life remaining (in years) | 4 years 5 months | |
Weighted avg. exercise price | $41.90 | |
Aggregate intrinsic value | $15,625 | |
$18.18 - 19.99 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $18.18 | |
Exercise price range, upper limit | $19.99 | |
Options outstanding (in shares) | 201,859 | |
Weighted avg. life remaining (in years) | 3 years 11 months | |
20.00 - 29.99 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $20 | |
Exercise price range, upper limit | $29.99 | |
30.00 - 39.99 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $30 | |
Exercise price range, upper limit | $39.99 | |
Options outstanding (in shares) | 14,646 | |
Weighted avg. life remaining (in years) | 4 years 11 months | |
40.00 - 49.99 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $40 | |
Exercise price range, upper limit | $49.99 | |
Options outstanding (in shares) | 410,835 | |
Weighted avg. life remaining (in years) | 4 years 0 months | |
50.00 - 59.99 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $50 | |
Exercise price range, upper limit | $59.99 | |
Options outstanding (in shares) | 83,963 | |
Weighted avg. life remaining (in years) | 8 years 4 months | |
60.00 - 65.50 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $60 | |
Exercise price range, upper limit | $65.50 | |
Options outstanding (in shares) | 123,663 | |
Weighted avg. life remaining (in years) | 3 years 11 months |
Equity_Incentive_Plans_Summary3
Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
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 | 468,451 | |
Number of Shares, Vested | -295,487 | |
Number of Shares, Outstanding at March 31, 2013 | 361,141 | |
Number of Shares, Granted | 188,685 | |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2012 | $49.29 | |
Weighted Average Grant Date Fair Value, Granted | $61.53 | |
Weighted Average Grant Date Fair Value, Vested | $50.37 | |
Weighted Average Grant Date Fair Value, Outstanding at March 31, 2013 | $54.81 | |
Weighted Average Life Remaining, Outstanding at March 31, 2013 (in years) | 1 year 8 months 11 days | |
Share based compensation, future vesting period minimum (in years) | 4 years | |
Fair value of non-vested shares | $17,100,000 | $7,300,000 |
Unamortized share-based compensation expense | 14,600,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 508 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $50.49 | |
Chief Executive Officer [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||
Fair value of non-vested shares | $6,700,000 |
Equity_Incentive_Plans_Summary4
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
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 | 468,451 |
Number of Shares, Granted | 188,685 |
Number of Shares, Vested | -295,487 |
Number of Shares, Outstanding at March 31, 2013 | 361,141 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2012 | $49.29 |
Weighted Average Grant Date Fair Value, Granted | $61.53 |
Weighted Average Grant Date Fair Value, Vested | $50.37 |
Weighted Average Grant Date Fair Value, Outstanding at March 31, 2013 | $54.81 |
Weighted Average Life Remaining, Outstanding at March 31, 2013 (in years) | 1 year 8 months 11 days |
Range of settlement date for shares for non-employee trustee from grant date, minimum (in years) | 1 year |
Unamortized share-based compensation expense | $14,600 |
Restricted Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Number of Shares, Outstanding at December 31, 2012 | 19,685 |
Number of Shares, Granted | 0 |
Number of Shares, Vested | 0 |
Number of Shares, Outstanding at March 31, 2013 | 19,685 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2012 | $53.55 |
Weighted Average Grant Date Fair Value, Granted | $0 |
Weighted Average Grant Date Fair Value, Vested | $0 |
Weighted Average Grant Date Fair Value, Outstanding at March 31, 2013 | $53.55 |
Weighted Average Life Remaining, Outstanding at March 31, 2013 (in years) | 1 month 18 days |
Range of settlement date for shares for non-employee trustee from grant date, minimum (in years) | 1 year |
Unamortized share-based compensation expense | $87 |
Discontinued_Operations_Operat
Discontinued Operations (Operating Results Relating To Assets Disposed) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Rental revenue | $0 | $3 |
Total revenue | 0 | 3 |
Property operating expense | 10 | 6 |
Other expense | 0 | -18 |
Transaction (costs) benefit | 0 | 3,376 |
Net income | ($10) | $3,391 |
Other_Commitments_And_Continge1
Other Commitments And Contingencies (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
Oct. 20, 2011 | Mar. 31, 2015 | Mar. 31, 2014 | |
mortgagenotes | |||
Number of Mortgage Notes Receivable (in mortgage notes) | 5 | ||
Mortgage notes receivable with commitments | $143,900,000 | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 22,900,000 | ||
Loss Contingency, Damages Sought, Value | 800,000,000 | ||
Theatre Properties [Member] | |||
Development projects in process (in projects) | 6 | ||
Commitment to fund project development | 26,400,000 | ||
recreationproperties [Member] | |||
Development projects in process (in projects) | 8 | ||
Commitment to fund project development | 85,300,000 | ||
Public Charter School Property Member | |||
Development projects in process (in projects) | 24 | ||
Commitment to fund project development | 133,500,000 | ||
Louisiana Theatre Properties [Member] | |||
Development projects in process (in projects) | 2 | ||
Economic development revenue bond term | 30 years | ||
Deferred assets related to guarantee | 9,800,000 | ||
Deferred liabilities related to guarantee | 9,800,000 | ||
Loss contingency | 0 | ||
Concord Resort [Member] | |||
Loss Contingency, Damages Sought, Value | 500,000,000 | ||
Sullivan County Planned Casino and Resort [Member] | |||
Loss Contingency, Damages Sought, Value | $1,500,000,000 | ||
Minimum [Member] | Louisiana Theatre Properties [Member] | |||
Economic development revenue bond annual fees percentage | 2.88% | ||
Maximum [Member] | Louisiana Theatre Properties [Member] | |||
Economic development revenue bond annual fees percentage | 4.00% |
Segment_Information_Balance_Sh
Segment Information Balance Sheet Data (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
segment | ||
Segment Reporting Information [Line Items] | ||
Number of Reportable Operating Segments | 4 | |
Total Assets | $3,903,302 | $3,702,048 |
Entertainment Reportable Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 1,977,031 | 2,014,416 |
Education Reportable Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 780,359 | 734,512 |
Recreation Reportable Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 771,504 | 696,931 |
Other Reportable Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 211,447 | 206,795 |
Corporate / Unallocated | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $162,961 | $49,394 |
Segment_Information_Operating_
Segment Information Operating Data (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Rental revenue | $76,740 | $66,431 |
Tenant reimbursements | 4,303 | 4,588 |
Other income | 550 | 174 |
Mortgage and other financing income | 17,843 | 18,664 |
Total revenue | 99,436 | 89,857 |
Property operating expense | 6,357 | 6,449 |
Other expense | 102 | 98 |
Total investment expenses | 6,459 | 6,547 |
Net Operating Income - Before Unallocated Items | 92,977 | 83,310 |
Reconciliation to Consolidated Statements of Income: | ||
General and administrative expense | -7,682 | -7,462 |
Retirement severance expense | -18,578 | 0 |
Interest expense, net | -18,587 | -19,899 |
Transaction costs | -1,606 | -196 |
Depreciation and amortization | -19,355 | -15,327 |
Equity in income from joint ventures | 164 | 311 |
Gain on sale of real estate | 23,924 | 330 |
Income Tax Expense (Benefit) | -8,426 | -925 |
Income (loss) from discontinued operations | 10 | -15 |
Transaction (costs) benefit | 0 | 3,376 |
Net income attributable to EPR Properties | 42,821 | 43,533 |
Preferred dividend requirements | -5,952 | -5,952 |
Net income available to common shareholders of EPR Properties | 36,869 | 37,581 |
Entertainment Reportable Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Rental revenue | 59,941 | 56,822 |
Tenant reimbursements | 4,326 | 4,588 |
Other income | 3 | 1 |
Mortgage and other financing income | 1,782 | 1,723 |
Total revenue | 66,052 | 63,134 |
Property operating expense | 6,294 | 6,273 |
Other expense | 0 | 0 |
Total investment expenses | 6,294 | 6,273 |
Net Operating Income - Before Unallocated Items | 59,758 | 56,861 |
Education Reportable Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Rental revenue | 10,094 | 5,478 |
Tenant reimbursements | 0 | 0 |
Other income | 0 | 0 |
Mortgage and other financing income | 7,783 | 8,778 |
Total revenue | 17,877 | 14,256 |
Property operating expense | 0 | 0 |
Other expense | 0 | 0 |
Total investment expenses | 0 | 0 |
Net Operating Income - Before Unallocated Items | 17,877 | 14,256 |
Recreation Reportable Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Rental revenue | 6,705 | 3,846 |
Tenant reimbursements | 0 | 0 |
Other income | 0 | 0 |
Mortgage and other financing income | 8,181 | 8,066 |
Total revenue | 14,886 | 11,912 |
Property operating expense | 0 | 0 |
Other expense | 0 | 0 |
Total investment expenses | 0 | 0 |
Net Operating Income - Before Unallocated Items | 14,886 | 11,912 |
Other Reportable Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Rental revenue | 0 | 285 |
Tenant reimbursements | -23 | 0 |
Other income | 0 | 0 |
Mortgage and other financing income | 97 | 97 |
Total revenue | 74 | 382 |
Property operating expense | 63 | 176 |
Other expense | 102 | 98 |
Total investment expenses | 165 | 274 |
Net Operating Income - Before Unallocated Items | -91 | 108 |
Corporate / Unallocated | ||
Segment Reporting Information [Line Items] | ||
Rental revenue | 0 | 0 |
Tenant reimbursements | 0 | 0 |
Other income | 547 | 173 |
Mortgage and other financing income | 0 | 0 |
Total revenue | 547 | 173 |
Property operating expense | 0 | 0 |
Other expense | 0 | 0 |
Total investment expenses | 0 | 0 |
Net Operating Income - Before Unallocated Items | $547 | $173 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Apr. 03, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||||
Rental properties, net | $2,473,349 | $2,451,534 | |||
Land held for development | 28,119 | 206,001 | |||
Property under development | 390,205 | 181,798 | |||
Mortgage notes and related accrued interest receivable | 527,104 | 507,955 | |||
Investment in a direct financing lease, net | 200,266 | 199,332 | 45,900 | ||
Investment in joint ventures | 5,902 | 5,738 | |||
Cash and cash equivalents | 102,206 | 3,336 | 20,406 | 7,958 | |
Restricted cash | 22,454 | 13,072 | |||
Deferred financing costs, net | 22,777 | 19,909 | |||
Accounts receivable, net | 56,397 | 47,282 | |||
Intercompany notes receivable | 0 | 0 | |||
Investments in subsidiaries | 0 | 0 | |||
Other assets | 74,523 | 66,091 | |||
Total assets | 3,903,302 | 3,702,048 | |||
Accounts payable and accrued liabilities | 78,499 | 82,180 | |||
Dividends payable | 23,248 | 22,233 | |||
Unearned rents and interest | 42,628 | 25,623 | |||
Intercompany notes payable | 0 | 0 | |||
Debt | 1,849,424 | 1,645,523 | |||
Total liabilities | 1,993,799 | 1,775,559 | |||
EPR Properties shareholders’ equity | 1,909,126 | 1,926,112 | |||
Noncontrolling interests | 377 | 377 | |||
Total equity | 1,909,503 | 1,926,489 | |||
Total liabilities and equity | 3,903,302 | 3,702,048 | |||
EPR Properties (Issuer) [Member] | |||||
Rental properties, net | 0 | 0 | |||
Land held for development | 0 | 0 | |||
Property under development | 0 | 0 | |||
Mortgage notes and related accrued interest receivable | 0 | 0 | |||
Investment in a direct financing lease, net | 0 | 0 | |||
Investment in joint ventures | 0 | 0 | |||
Cash and cash equivalents | 95,777 | -1,234 | 11,722 | 449 | |
Restricted cash | 105 | 1,000 | |||
Deferred financing costs, net | 18,589 | 15,224 | |||
Accounts receivable, net | 222 | 90 | |||
Intercompany notes receivable | 0 | 0 | |||
Investments in subsidiaries | 3,300,993 | 3,124,416 | |||
Other assets | 21,267 | 21,272 | |||
Total assets | 3,436,953 | 3,160,768 | |||
Accounts payable and accrued liabilities | 43,829 | 51,673 | |||
Dividends payable | 23,248 | 22,233 | |||
Unearned rents and interest | 750 | 750 | |||
Intercompany notes payable | 0 | 0 | |||
Debt | 1,460,000 | 1,160,000 | |||
Total liabilities | 1,527,827 | 1,234,656 | |||
EPR Properties shareholders’ equity | 1,909,126 | 1,926,112 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | 1,909,126 | 1,926,112 | |||
Total liabilities and equity | 3,436,953 | 3,160,768 | |||
Wholly-Owned Subsidiary Guarantors [Member] | |||||
Rental properties, net | 1,771,369 | 1,737,982 | |||
Land held for development | 0 | 0 | |||
Property under development | 205,695 | 171,139 | |||
Mortgage notes and related accrued interest receivable | 414,654 | 413,025 | |||
Investment in a direct financing lease, net | 200,266 | 199,332 | |||
Investment in joint ventures | 0 | 0 | |||
Cash and cash equivalents | 1,191 | 786 | 2,059 | 1,826 | |
Restricted cash | 20,162 | 10,215 | |||
Deferred financing costs, net | 3,736 | 4,136 | |||
Accounts receivable, net | 33,122 | 32,303 | |||
Intercompany notes receivable | 0 | 0 | |||
Investments in subsidiaries | 0 | 0 | |||
Other assets | 9,103 | 8,658 | |||
Total assets | 2,659,298 | 2,577,576 | |||
Accounts payable and accrued liabilities | 27,346 | 32,009 | |||
Dividends payable | 0 | 0 | |||
Unearned rents and interest | 33,638 | 20,131 | |||
Intercompany notes payable | 0 | 0 | |||
Debt | 0 | 62,000 | |||
Total liabilities | 60,984 | 114,140 | |||
EPR Properties shareholders’ equity | 2,598,314 | 2,463,436 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | 2,598,314 | 2,463,436 | |||
Total liabilities and equity | 2,659,298 | 2,577,576 | |||
Non-Guarantor Subsidiaries [Member] | |||||
Rental properties, net | 701,980 | 713,552 | |||
Land held for development | 28,119 | 206,001 | |||
Property under development | 184,510 | 10,659 | |||
Mortgage notes and related accrued interest receivable | 112,450 | 94,930 | |||
Investment in a direct financing lease, net | 0 | 0 | |||
Investment in joint ventures | 5,902 | 5,738 | |||
Cash and cash equivalents | 5,238 | 3,784 | 6,625 | 5,683 | |
Restricted cash | 2,187 | 1,857 | |||
Deferred financing costs, net | 452 | 549 | |||
Accounts receivable, net | 23,053 | 14,889 | |||
Intercompany notes receivable | 175,757 | 175,757 | |||
Investments in subsidiaries | 0 | 0 | |||
Other assets | 44,153 | 36,161 | |||
Total assets | 1,283,801 | 1,263,877 | |||
Accounts payable and accrued liabilities | 7,324 | -1,502 | |||
Dividends payable | 0 | 0 | |||
Unearned rents and interest | 8,240 | 4,742 | |||
Intercompany notes payable | 175,757 | 175,757 | |||
Debt | 389,424 | 423,523 | |||
Total liabilities | 580,745 | 602,520 | |||
EPR Properties shareholders’ equity | 702,679 | 660,980 | |||
Noncontrolling interests | 377 | 377 | |||
Total equity | 703,056 | 661,357 | |||
Total liabilities and equity | 1,283,801 | 1,263,877 | |||
Consolidated Elimination [Member] | |||||
Rental properties, net | 0 | 0 | |||
Land held for development | 0 | 0 | |||
Property under development | 0 | 0 | |||
Mortgage notes and related accrued interest receivable | 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 | -175,757 | |||
Investments in subsidiaries | -3,300,993 | -3,124,416 | |||
Other assets | 0 | 0 | |||
Total assets | -3,476,750 | -3,300,173 | |||
Accounts payable and accrued liabilities | 0 | 0 | |||
Dividends payable | 0 | 0 | |||
Unearned rents and interest | 0 | 0 | |||
Intercompany notes payable | -175,757 | -175,757 | |||
Debt | 0 | 0 | |||
Total liabilities | -175,757 | -175,757 | |||
EPR Properties shareholders’ equity | -3,300,993 | -3,124,416 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | -3,300,993 | -3,124,416 | |||
Total liabilities and equity | ($3,476,750) | ($3,300,173) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Rental revenue | $76,740 | $66,431 |
Tenant reimbursements | 4,303 | 4,588 |
Other income | 550 | 174 |
Mortgage and other financing income | 17,843 | 18,664 |
Intercompany fee income | 0 | 0 |
Interest income on intercompany notes receivable | 0 | 0 |
Total revenue | 99,436 | 89,857 |
Equity in subsidiaries' earnings | 0 | 0 |
Property operating expense | 6,357 | 6,449 |
Intercompany fee expense | 0 | 0 |
Other expense | 102 | 98 |
General and administrative expense | 7,682 | 7,462 |
Retirement severance expense | 18,578 | 0 |
Interest expense, net | 18,587 | 19,899 |
Interest expense on intercompany notes payable | 0 | 0 |
Transaction costs | 1,606 | 196 |
Depreciation and amortization | 19,355 | 15,327 |
Income before equity in income from joint ventures and other items | 27,169 | 40,426 |
Equity in income from joint ventures | 164 | 311 |
Gain on sale of real estate | 23,924 | 330 |
Income before income taxes | 51,257 | 41,067 |
Income tax expense | 8,426 | 925 |
Income from continuing operations | 42,831 | 40,142 |
Income (loss) from discontinued operations | -10 | 15 |
Transaction (costs) benefit | 0 | 3,376 |
Net income | 42,821 | 43,533 |
Net income attributable to EPR Properties | 42,821 | 43,533 |
Dividends, Preferred Stock | -5,952 | -5,952 |
Net income available to common shareholders of EPR Properties | 36,869 | 37,581 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 38,966 | 41,469 |
EPR Properties (Issuer) [Member] | ||
Rental revenue | 0 | 0 |
Tenant reimbursements | 0 | 0 |
Other income | 0 | 173 |
Mortgage and other financing income | 212 | 187 |
Intercompany fee income | 689 | 780 |
Interest income on intercompany notes receivable | 111 | 0 |
Total revenue | 1,012 | 1,140 |
Equity in subsidiaries' earnings | 78,995 | 58,465 |
Property operating expense | 0 | -1 |
Intercompany fee expense | 0 | 0 |
Other expense | 0 | 0 |
General and administrative expense | 0 | 0 |
Retirement severance expense | 18,578 | |
Interest expense, net | 16,360 | 15,688 |
Interest expense on intercompany notes payable | 0 | 0 |
Transaction costs | 1,354 | 0 |
Depreciation and amortization | 390 | 275 |
Income before equity in income from joint ventures and other items | 43,325 | 43,643 |
Equity in income from joint ventures | 0 | 0 |
Gain on sale of real estate | 0 | 0 |
Income before income taxes | 43,325 | 43,643 |
Income tax expense | 504 | 110 |
Income from continuing operations | 42,821 | 43,533 |
Income (loss) from discontinued operations | 0 | 0 |
Transaction (costs) benefit | 0 | |
Net income attributable to EPR Properties | 42,821 | 43,533 |
Dividends, Preferred Stock | -5,952 | -5,952 |
Net income available to common shareholders of EPR Properties | 36,869 | 37,581 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 38,966 | 41,469 |
Wholly-Owned Subsidiary Guarantors [Member] | ||
Rental revenue | 53,088 | 45,110 |
Tenant reimbursements | 1,043 | 982 |
Other income | 1 | 0 |
Mortgage and other financing income | 15,128 | 17,796 |
Intercompany fee income | 0 | 0 |
Interest income on intercompany notes receivable | 0 | 0 |
Total revenue | 69,260 | 63,888 |
Equity in subsidiaries' earnings | 0 | 0 |
Property operating expense | 2,729 | 2,396 |
Intercompany fee expense | 0 | 0 |
Other expense | 0 | 0 |
General and administrative expense | 5,218 | 4,911 |
Retirement severance expense | 0 | |
Interest expense, net | -975 | -411 |
Interest expense on intercompany notes payable | 0 | 0 |
Transaction costs | 0 | 0 |
Depreciation and amortization | 14,002 | 10,503 |
Income before equity in income from joint ventures and other items | 48,286 | 46,489 |
Equity in income from joint ventures | 0 | 0 |
Gain on sale of real estate | 23,748 | 0 |
Income before income taxes | 72,034 | 46,489 |
Income tax expense | 0 | 0 |
Income from continuing operations | 72,034 | 46,489 |
Income (loss) from discontinued operations | -10 | -3 |
Transaction (costs) benefit | 3,376 | |
Net income attributable to EPR Properties | 72,024 | 49,862 |
Dividends, Preferred Stock | 0 | 0 |
Net income available to common shareholders of EPR Properties | 72,024 | 49,862 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 71,977 | 50,005 |
Non-Guarantor Subsidiaries [Member] | ||
Rental revenue | 23,652 | 21,321 |
Tenant reimbursements | 3,260 | 3,606 |
Other income | 549 | 1 |
Mortgage and other financing income | 2,503 | 681 |
Intercompany fee income | 0 | 0 |
Interest income on intercompany notes receivable | 2,391 | 7,063 |
Total revenue | 32,355 | 32,672 |
Equity in subsidiaries' earnings | 0 | 0 |
Property operating expense | 3,628 | 4,054 |
Intercompany fee expense | 689 | 780 |
Other expense | 102 | 98 |
General and administrative expense | 2,464 | 2,551 |
Retirement severance expense | 0 | |
Interest expense, net | 3,202 | 4,622 |
Interest expense on intercompany notes payable | 2,502 | 7,063 |
Transaction costs | 252 | 196 |
Depreciation and amortization | 4,963 | 4,549 |
Income before equity in income from joint ventures and other items | 14,553 | 8,759 |
Equity in income from joint ventures | 164 | 311 |
Gain on sale of real estate | 176 | 330 |
Income before income taxes | 14,893 | 9,400 |
Income tax expense | 7,922 | 815 |
Income from continuing operations | 6,971 | 8,585 |
Income (loss) from discontinued operations | 0 | 18 |
Transaction (costs) benefit | 0 | |
Net income attributable to EPR Properties | 6,971 | 8,603 |
Dividends, Preferred Stock | 0 | 0 |
Net income available to common shareholders of EPR Properties | 6,971 | 8,603 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,222 | 6,560 |
Consolidated Elimination [Member] | ||
Rental revenue | 0 | 0 |
Tenant reimbursements | 0 | 0 |
Other income | 0 | |
Mortgage and other financing income | 0 | 0 |
Intercompany fee income | -689 | -780 |
Interest income on intercompany notes receivable | -2,502 | -7,063 |
Total revenue | -3,191 | -7,843 |
Equity in subsidiaries' earnings | -78,995 | -58,465 |
Property operating expense | 0 | 0 |
Intercompany fee expense | -689 | -780 |
Other expense | 0 | 0 |
General and administrative expense | 0 | 0 |
Retirement severance expense | 0 | |
Interest expense, net | 0 | 0 |
Interest expense on intercompany notes payable | -2,502 | -7,063 |
Transaction costs | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Income before equity in income from joint ventures and other items | -78,995 | -58,465 |
Equity in income from joint ventures | 0 | 0 |
Gain on sale of real estate | 0 | |
Income before income taxes | -78,995 | -58,465 |
Income tax expense | 0 | 0 |
Income from continuing operations | -78,995 | -58,465 |
Income (loss) from discontinued operations | 0 | 0 |
Transaction (costs) benefit | 0 | |
Net income attributable to EPR Properties | -78,995 | -58,465 |
Dividends, Preferred Stock | 0 | 0 |
Net income available to common shareholders of EPR Properties | -78,995 | -58,465 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ($76,199) | ($56,565) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Intercompany fee income (expense) | $0 | $0 |
Interest income (expense) on intercompany receivable/payable | 0 | 0 |
Net cash provided (used) by other operating activities | 57,063 | 41,406 |
Net operating cash provided by continuing operations | 57,063 | 41,406 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 455 | 124 |
Net cash provided by operating activities | 57,518 | 41,530 |
Acquisition of rental properties and other assets | -49,207 | -12,264 |
Proceeds from sale of real estate | 43,790 | 915 |
Proceeds from settlement of derivative | 0 | 5,725 |
Investment in mortgage notes receivable | -18,698 | -4,472 |
Proceeds from mortgage note receivable paydown | 148 | 76 |
Investment in promissory notes receivable | 0 | -2,207 |
Additions to properties under development | -69,195 | -50,621 |
Advances to subsidiaries, net | 0 | 0 |
Net cash used by investing activities | -93,162 | -62,848 |
Proceeds from long-term debt facilities | 453,914 | 47,000 |
Principal payments on long-term debt | -251,100 | -39,728 |
Deferred financing fees paid | -2,878 | -449 |
Net proceeds from issuance of common shares | 123 | 79,579 |
Impact of stock option exercises, net | -33 | -21 |
Purchase of common shares for treasury | -8,222 | -2,892 |
Dividends paid to shareholders | -56,796 | -49,638 |
Net cash provided (used) by financing activities | 135,008 | 33,851 |
Effect of exchange rate changes on cash | -494 | -85 |
Net increase (decrease) in cash and cash equivalents | 98,870 | 12,448 |
Cash and cash equivalents at beginning of the year | 3,336 | 7,958 |
Cash and cash equivalents at end of the year | 102,206 | 20,406 |
EPR Properties (Issuer) [Member] | ||
Intercompany fee income (expense) | 689 | 780 |
Interest income (expense) on intercompany receivable/payable | 111 | 0 |
Net cash provided (used) by other operating activities | -194,803 | -26,440 |
Net operating cash provided by continuing operations | -194,003 | -25,660 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 |
Net cash provided by operating activities | -194,003 | -25,660 |
Acquisition of rental properties and other assets | -86 | -67 |
Proceeds from sale of real estate | 0 | 0 |
Proceeds from settlement of derivative | 0 | |
Investment in mortgage notes receivable | 0 | 0 |
Proceeds from mortgage note receivable paydown | 0 | 0 |
Investment in promissory notes receivable | 0 | |
Additions to properties under development | 0 | -52 |
Advances to subsidiaries, net | 59,998 | 74 |
Net cash used by investing activities | 59,912 | -45 |
Proceeds from long-term debt facilities | 298,914 | 10,000 |
Principal payments on long-term debt | 0 | 0 |
Deferred financing fees paid | -2,884 | -50 |
Net proceeds from issuance of common shares | 123 | 79,579 |
Impact of stock option exercises, net | -33 | -21 |
Purchase of common shares for treasury | -8,222 | -2,892 |
Dividends paid to shareholders | -56,796 | -49,638 |
Net cash provided (used) by financing activities | 231,102 | 36,978 |
Effect of exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 97,011 | 11,273 |
Cash and cash equivalents at beginning of the year | -1,234 | 449 |
Cash and cash equivalents at end of the year | 95,777 | 11,722 |
Wholly-Owned Subsidiary Guarantors [Member] | ||
Intercompany fee income (expense) | 0 | 0 |
Interest income (expense) on intercompany receivable/payable | 0 | 0 |
Net cash provided (used) by other operating activities | 70,267 | 56,819 |
Net operating cash provided by continuing operations | 70,267 | 56,819 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 455 | 77 |
Net cash provided by operating activities | 70,722 | 56,896 |
Acquisition of rental properties and other assets | -49,252 | -11,899 |
Proceeds from sale of real estate | 42,709 | 0 |
Proceeds from settlement of derivative | 0 | |
Investment in mortgage notes receivable | -3,121 | -4,497 |
Proceeds from mortgage note receivable paydown | 148 | 76 |
Investment in promissory notes receivable | -721 | |
Additions to properties under development | -64,105 | -48,689 |
Advances to subsidiaries, net | 65,319 | 9,288 |
Net cash used by investing activities | -8,302 | -56,442 |
Proceeds from long-term debt facilities | 155,000 | 37,000 |
Principal payments on long-term debt | -217,000 | -37,000 |
Deferred financing fees paid | 0 | -240 |
Net proceeds from issuance of common shares | 0 | 0 |
Impact of stock option exercises, net | 0 | 0 |
Purchase of common shares for treasury | 0 | 0 |
Dividends paid to shareholders | 0 | 0 |
Net cash provided (used) by financing activities | -62,000 | -240 |
Effect of exchange rate changes on cash | -15 | 19 |
Net increase (decrease) in cash and cash equivalents | 405 | 233 |
Cash and cash equivalents at beginning of the year | 786 | 1,826 |
Cash and cash equivalents at end of the year | 1,191 | 2,059 |
Non-Guarantor Subsidiaries [Member] | ||
Intercompany fee income (expense) | -689 | -780 |
Interest income (expense) on intercompany receivable/payable | -111 | 0 |
Net cash provided (used) by other operating activities | 181,599 | 11,027 |
Net operating cash provided by continuing operations | 180,799 | 10,247 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 47 |
Net cash provided by operating activities | 180,799 | 10,294 |
Acquisition of rental properties and other assets | 131 | -298 |
Proceeds from sale of real estate | 1,081 | 915 |
Proceeds from settlement of derivative | 5,725 | |
Investment in mortgage notes receivable | -15,577 | 25 |
Proceeds from mortgage note receivable paydown | 0 | 0 |
Investment in promissory notes receivable | -1,486 | |
Additions to properties under development | -5,090 | -1,880 |
Advances to subsidiaries, net | -125,317 | -9,362 |
Net cash used by investing activities | -144,772 | -6,361 |
Proceeds from long-term debt facilities | 0 | 0 |
Principal payments on long-term debt | -34,100 | -2,728 |
Deferred financing fees paid | 6 | -159 |
Net proceeds from issuance of common shares | 0 | 0 |
Impact of stock option exercises, net | 0 | 0 |
Purchase of common shares for treasury | 0 | 0 |
Dividends paid to shareholders | 0 | 0 |
Net cash provided (used) by financing activities | -34,094 | -2,887 |
Effect of exchange rate changes on cash | -479 | -104 |
Net increase (decrease) in cash and cash equivalents | 1,454 | 942 |
Cash and cash equivalents at beginning of the year | 3,784 | 5,683 |
Cash and cash equivalents at end of the year | $5,238 | $6,625 |
Uncategorized_Items
Uncategorized Items | |||||||
[us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest] | -302,776,000 | 12,566,000 | 2,283,440,000 | 589,000 | 377,000 | 139,000 | -67,846,000 |