EPR Properties (EPR) 10-Q 29 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2015	Oct. 27, 2015
Entity Information [Line Items]
Entity Registrant Name	EPR PROPERTIES
Entity Central Index Key	1,045,450
Trading Symbol	EPR
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		59,754,475

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Rental properties, net of accumulated depreciation of $511,949 and $465,660 at September 30, 2015 and December 31, 2014, respectively	$ 2,938,879	$ 2,451,534
Land held for development	30,501	206,001
Property under development	374,533	181,798
Mortgage notes and related accrued interest receivable	455,330	507,955
Investment in a direct financing lease, net	190,029	199,332
Investment in joint ventures	6,439	5,738
Cash and cash equivalents	14,614	3,336
Restricted cash	21,949	13,072
Deferred financing costs, net	24,261	19,909
Accounts receivable, net	56,006	47,282
Other assets	88,564	66,091
Total assets	4,201,105	3,702,048
Liabilities:
Accounts payable and accrued liabilities	98,736	82,180
Common dividends payable	17,896	16,281
Preferred dividends payable	5,951	5,952
Unearned rents and interest	51,996	25,623
Debt	2,037,455	1,645,523
Total liabilities	2,212,034	1,775,559
Equity:
Common Shares, $.01 par value; 75,000,000 shares authorized; and 61,498,390 and 58,952,404 shares issued at September 30, 2015 and December 31, 2014, respectively	615	589
Preferred shares, $.01 par value; 25,000,000 shares authorized:
Additional paid-in-capital	2,413,784	2,283,440
Treasury shares at cost: 2,340,474 and 1,826,463 common shares at September 30, 2015 and December 31, 2014, respectively	(95,564)	(67,846)
Accumulated other comprehensive income	5,410	12,566
Distributions in excess of net income	(335,690)	(302,776)
EPR Properties shareholders’ equity	1,988,694	1,926,112
Noncontrolling interests	377	377
Total equity	1,989,071	1,926,489
Total liabilities and equity	4,201,105	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 ($)	Sep. 30, 2015	Dec. 31, 2014
Rental properties, accumulated depreciation	$ 511,949,000	$ 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	61,498,390	58,952,404
Preferred Shares, par value	$ 0.01	$ 0.01
Preferred Shares, shares authorized	25,000,000	25,000,000
Treasury Shares, common shares	2,340,474	1,826,463
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 Inco

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Rental revenue	$ 85,706	$ 74,410	$ 240,306	$ 210,759
Tenant reimbursements	3,718	4,486	11,986	13,355
Other income	718	345	2,416	706
Mortgage and other financing income	18,193	19,497	54,321	55,561
Total revenue	108,335	98,738	309,029	280,381
Property operating expense	5,496	5,948	17,623	17,936
Other expense	221	248	533	566
General and administrative expense	7,482	6,719	22,920	21,260
Retirement severance expense	0	0	18,578	0
Costs associated with loan refinancing or payoff	18	0	261	0
Interest expense, net	20,529	20,801	59,123	61,254
Transaction costs	783	369	6,818	1,321
Provision for loan loss	0	3,777	0	3,777
Depreciation and amortization	23,498	17,421	64,702	48,750
Income before equity in income from joint ventures and other items	50,308	43,455	118,471	125,517
Equity in income from joint ventures	339	300	701	878
Gain (loss) on sale of real estate	(95)	0	23,829	330
Gain on sale of investment in a direct financing lease	0	0	0	220
Income before income taxes	50,552	43,755	143,001	126,945
Income tax expense	498	1,047	1,418	3,332
Income from continuing operations	50,054	42,708	141,583	123,613
Discontinued operations:
Income (loss) from discontinued operations	141	(3)	199	8
Transaction (costs) benefit	0	0	0	3,376
Net income attributable to EPR Properties	50,195	42,705	141,782	126,997
Preferred dividend requirements	(5,951)	(5,952)	(17,855)	(17,856)
Net income available to common shareholders of EPR Properties	$ 44,244	$ 36,753	$ 123,927	$ 109,141
Basic earnings per share data:
Income from continuing operations (in dollars per share)	$ 0.76	$ 0.68	$ 2.15	$ 1.99
Income from discontinued operations (in dollars per share)	0	0	0	0.06
Net income available to common shareholders (in dollars per share)	0.76	0.68	2.15	2.05
Diluted earnings per share data:
Income from continuing operations (in dollars per share)	0.76	0.68	2.15	1.98
Income from discontinued operations (in dollars per share)	0	0	0	0.06
Net income available to common shareholders (in dollars per share)	$ 0.76	$ 0.68	$ 2.15	$ 2.04
Shares used for computation (in thousands):
Basic (in shares)	58,083	53,792	57,468	53,268
Diluted (in shares)	58,278	54,001	57,699	53,462

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net income attributable to EPR Properties	$ 50,195	$ 42,705	$ 141,782	$ 126,997
Other comprehensive income (loss):
Foreign currency translation adjustment	(12,398)	(10,590)	(27,310)	(11,221)
Change in unrealized gain on derivatives	9,518	9,921	20,154	7,585
Comprehensive income attributable to EPR Properties	$ 47,315	$ 42,036	$ 134,626	$ 123,361

Consolidated Statement Of Chang

Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands	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]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	$ 1,926,489	$ 589	$ 139	$ 2,283,440	$ (67,846)	$ 12,566	$ (302,776)	$ 377
Balance (in shares) at Dec. 31, 2014		58,952,404	13,850,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted share units issued to Trustees		18,036
Issuance of nonvested shares, net		218,285
Issuance of nonvested shares, net	(1,907)	$ (2)		(1,941)	36
Purchase of common shares for vesting	8,223				8,223
Amortization of nonvested shares	(5,036)			(5,036)
Share option expense	830			830
share based compensation included in retirement severance expense	6,377			6,377
Foreign currency translation adjustment	(27,310)					(27,310)
Change in unrealized gain/loss on derivatives	20,154					20,154
Net income attributable to EPR Properties	141,782						141,782
Issuances of common shares (in shares)		1,871,429
Issuances of common shares	$ 99,916	$ 19		99,897
Stock option exercises, net (in shares)	438,236	438,236
Stock option exercises, net	$ (3,191)	$ (5)		(16,263)	(19,459)
Dividends to common and preferred shareholders	(174,696)						(174,696)
Balance (in shares) at Sep. 30, 2015		61,498,390	13,850,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	$ 1,989,071	$ 615	$ 139	$ 2,413,784	$ (95,564)	$ 5,410	$ (335,690)	$ 377

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Net Income (Loss) Available to Common Stockholders, Diluted	$ 123,927	$ 109,141
Operating activities:
Net income	141,782	126,997
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for loan loss	0	3,777
Income from discontinued operations	(199)	(3,384)
Gain on sale of real estate	(23,829)	(330)
Deferred income tax expense	229	1,612
gain on sale of investment in a direct financing lease	0	220
Costs associated with loan refinancing or payoff	261	0
Equity in income from joint ventures	701	878
Distributions from joint ventures	0	810
Depreciation and amortization	64,702	48,750
Amortization of deferred financing costs	3,425	3,158
Amortization of above and below Market Leases	145	144
Share-based compensation expense to management and trustees	6,218	6,984
Share-based compensation expense included in retirement severance expense	6,377	0
Decrease (increase) in restricted cash	94	(1,490)
Increase in mortgage notes accrued interest receivable	(5,465)	(2,323)
Increase in accounts receivable, net	(8,326)	(2,585)
Increase in direct financing lease receivable	(2,708)	(2,211)
Increase in other assets	(2,401)	(4,025)
Decrease in accounts payable and accrued liabilities	(2,694)	(8,095)
Increase in unearned rents and interest	7,398	1,408
Net operating cash provided by continuing operations	184,308	168,099
Net operating cash provided by discontinued operations	514	109
Net cash provided by operating activities	184,822	168,208
Investing activities:
Acquisition of rental properties and other assets	136,029	56,385
Proceeds from sale of real estate	45,992	3,647
Proceeds from settlement of derivative	0	(5,725)
Investment in mortgage notes receivable	(62,936)	(57,922)
Proceeds from mortgage note receivable paydown	975	317
Investment in promissory notes receivable	0	4,387
Proceeds from Sale of Lease Receivables	4,741	46,092
Additions to properties under development	(324,859)	(256,528)
Net cash used by investing activities	(472,116)	(319,441)
Financing activities:
Proceeds from long-term debt facilities	803,914	265,000
Principal payments on long-term debt	(413,069)	(220,566)
Deferred financing fees paid	(6,952)	(808)
Net proceeds from issuance of common shares	99,760	264,008
Impact of stock option exercises, net	(3,192)	(27)
Purchase of common shares for treasury	(8,222)	(2,892)
Dividends paid to shareholders	(172,926)	(152,874)
Net cash provided by financing activities	299,313	151,841
Effect of exchange rate changes on cash	(741)	(180)
Net increase in cash and cash equivalents	11,278	428
Cash and cash equivalents at beginning of the year	3,336	7,958
Cash and cash equivalents at end of the year	14,614	8,386
Supplemental schedule of non-cash activity:
Transfer of property under development to rental property	307,004	152,504
Transfer of land held for development to property under development	167,600	0
Acquisition of real estate in exchange for assumption of debt at fair value	0	101,441
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses	14,285	15,525
Conversion of mortgage note receivable to rental property	120,051	0
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	76,435	76,836
Cash paid during the period for income taxes	1,286	234
Interest cost capitalized	14,265	4,982
Increase in accrued capital expenditures	$ 13,293	$ 11,385

Organization

Organization	9 Months Ended
	Sep. 30, 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 Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 nine month period ended September 30, 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 30 to 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 $1.8 million and $1.7 million for the nine months ended September 30, 2015 and 2014 , respectively. Mortgage and other financing income included participating interest income of $1.5 million and $1.4 million for the nine months ended September 30, 2015 and 2014 , respectively. Lease termination fees are recognized when the related leases are canceled and the Company has no obligation to provide services to such former tenants. Termination fees of $127 thousand and $123 thousand were recognized during the nine months ended September 30, 2015 and 2014 , respectively. Direct financing lease income is recognized on the effective interest method to produce a level yield on funds not yet recovered. Estimated unguaranteed residual values at the date of lease inception represent management's initial estimates of fair value of the leased assets at the expiration of the lease, not to exceed original cost. Significant assumptions used in estimating residual values include estimated net cash flows over the remaining lease term and expected future real estate values. The Company evaluates on an annual basis (or more frequently, if necessary) the collectability of its direct financing lease receivable and unguaranteed residual value to determine whether they are impaired. A direct financing lease receivable is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a direct financing lease receivable is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the direct financing lease receivable's effective interest rate or to the fair value of the underlying collateral, less costs to sell, if such receivable is collateralized. Mortgage Notes and Other Notes Receivable Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower and the Company defers certain loan origination and commitment fees, net of certain origination costs, and amortizes them over the term of the related loan. Interest income on performing loans is accrued as earned. The Company evaluates the collectability of both interest and principal of each of its loans to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines that it is probable that it will be unable to collect all amounts due according to the existing contractual terms. An insignificant delay or shortfall in amounts of payments does not necessarily result in the loan being identified as impaired. When a loan is considered to be impaired, the amount of loss, if any, is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the Company’s interest in the underlying collateral, less costs to sell, if the loan is collateral dependent. For impaired loans, interest income is recognized on a cash basis, unless the Company determines based on the loan to estimated fair value ratio the loan should be on the cost recovery method, and any cash payments received would then be reflected as a reduction of principal. Interest income recognition is recommenced if and when the impaired loan becomes contractually current and performance is demonstrated to be resumed. During the nine months ended September 30, 2015 the Company wrote off $3.8 million of a previously impaired and fully reserved note receivable. 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. During the second quarter of 2015, the examination was completed with no adjustments. As the liability is effectively settled, the Company reversed the previously recorded liability of $7.9 million during the three months ended June 30, 2015. Of this amount, $1.4 million was recorded as a decrease to the previously recorded current tax liability and $6.5 million was recorded as an increase to deferred tax assets. Based on the Company's current knowledge of the examination, management does not anticipate any additional significant increase or decrease 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) is the lessee of a substantial portion ( 26% ) of the megaplex theatre rental properties held by the Company at September 30, 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 $64.3 million or 21% and $65.5 million or 23% , for the nine months ended September 30, 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 nine months ended September 30, 2015 and 2014 , approximately $25.5 million or 8% , and $30.2 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 $175.7 million or 9% and $200.4 million or 10% of the Company's net assets at September 30, 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 $6.2 million and $7.0 million for the nine months ended September 30, 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 nine months ended September 30, 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 $830 thousand and $1.1 million for the nine months ended September 30, 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 nine months ended September 30, 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 $4.6 million and $5.1 million for the nine months ended September 30, 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 nine months ended September 30, 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 $784 thousand and $797 thousand for the nine months ended September 30, 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's policy is 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	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Rental Properties	Rental Properties The following table summarizes the carrying amounts of rental properties as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Buildings and improvements $ 2,751,714 $ 2,273,430 Furniture, fixtures & equipment 33,099 25,922 Land 666,015 617,842 3,450,828 2,917,194 Accumulated depreciation (511,949 ) (465,660 ) Total $ 2,938,879 $ 2,451,534 Depreciation expense on rental properties was $62.0 million and $46.0 million for the nine months ended September 30, 2015 and 2014 , respectively.

Investments and Dispositions

Investments and Dispositions	9 Months Ended
	Sep. 30, 2015
Investments [Abstract]
Investments	Investments and Dispositions The Company's investment spending during the nine months ended September 30, 2015 totaled $509.5 million , and included investments in each of its four operating segments. Entertainment investment spending during the nine months ended September 30, 2015 totaled $82.9 million , and was related primarily to investments in the development or redevelopment of seven megaplex theatres, two family entertainment centers and five entertainment retail centers, as well as the acquisition of three megaplex theatres located in Virginia, Illinois and Florida, each of which is subject to a long-term triple net lease or long-term mortgage agreement. Education investment spending during the nine months ended September 30, 2015 totaled $219.8 million , and was related primarily to investments in the development or expansion of 27 public charter schools, four private schools, and 26 early childhood education centers, as well as the acquisition of two public charter schools, each of which is subject to a long-term triple net lease or long-term mortgage agreement. Recreation investment spending during the nine months ended September 30, 2015 totaled $198.1 million , and was related primarily to build-to-suit construction of 15 Topgolf golf entertainment facilities, additional improvements at the Company's Kansas City, Kansas water-park, 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. On August 1, 2015, per the terms of the mortgage note agreement, the borrower for Camelback Mountain Resort exercised its option to convert the mortgage note agreement to a lease agreement. As a result, the Company recorded the carrying value of its investment into rental property, which approximated the fair value of the property on the conversion date. There was no gain or loss recognized on this transaction. The property is leased pursuant to a triple net lease with a 20-year term. Other investment spending during the nine months ended September 30, 2015 totaled $8.7 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 six months ended June 30, 2015. In addition, during the nine months ended September 30, 2015 , the Company sold a land parcel adjacent to one of its public charter school investments for net proceeds of $1.1 million and recognized a gain of $0.2 million and sold a land parcel adjacent to one of its megaplex theatre properties for net proceeds of $2.2 million and recognized a loss of $0.1 million .

Accounts Receivable, Net

Accounts Receivable, Net	9 Months Ended
	Sep. 30, 2015
Accounts Receivable, Net [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net The following table summarizes the carrying amounts of accounts receivable, net as of September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Receivable from tenants $ 9,856 $ 6,705 Receivable from non-tenants 110 602 Straight-line rent receivable 49,294 41,529 Allowance for doubtful accounts (3,254 ) (1,554 ) Total $ 56,006 $ 47,282

Investments In Direct Financing

Investments In Direct Financing Lease	9 Months Ended
	Sep. 30, 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 21 public charter school properties as of September 30, 2015 and 23 public charter school properties as of 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 September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Total minimum lease payments receivable $ 444,500 $ 487,275 Estimated unguaranteed residual value of leased assets 162,669 172,880 Less deferred income (1) (417,140 ) (460,823 ) Investment in a direct financing lease, net $ 190,029 $ 199,332 (1) Deferred income is net of $1.4 million and $1.5 million of initial direct costs at September 30, 2015 and December 31, 2014 , respectively. Additionally, the Company determined that no allowance for losses was necessary at September 30, 2015 and December 31, 2014 . On May 21, 2015, the Company completed the sale of one public charter school property located in Pennsylvania and previously leased to Imagine for net proceeds of $4.7 million . Accordingly, the Company reduced its net investment in a direct financing lease, net by $4.7 million which included $4.1 million in original acquisition costs. There was no gain or loss recognized on this sale. On June 30, 2015, the Company terminated a portion of its master lease with Imagine related to one public charter school property located in Ohio. The property was subsequently leased to another operator pursuant to a long-term triple net lease agreement that is classified as an operating lease. There was no gain or loss recognized on this lease termination. 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 September 30, 2015 are as follows (in thousands): Amount Year: 2015 $ 4,853 2016 19,787 2017 20,380 2018 20,992 2019 21,622 Thereafter 356,866 Total $ 444,500

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2015
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	Debt and Capital Markets 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) were written off during the three months ended June 30, 2015. At September 30, 2015, the Company had $196.0 million 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. On July 24, 2015, the Company borrowed the remaining $65.0 million available on the $350.0 million term loan portion of the facility, which was used to pay down a portion of the Company's unsecured revolving credit facility. 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 . On July 31, 2015, the Company prepaid in full a mortgage note payable of $4.8 million which was secured by one theatre property. On August 6, 2015, the Company prepaid in full six mortgage notes payable totaling $61.5 million which were secured by six theatre properties. During the three months ended September 30, 2015 , the Company issued 1,862,582 common shares under its Direct Stock Purchase Plan (DSPP) for net proceeds of $99.4 million . Subsequent to September 30, 2015, the Company issued an additional 595,506 common shares under its DSPP for net proceeds of $31.7 million . These proceeds were used to pay down a portion of the Company's unsecured revolving credit facility.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 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 September 30, 2015 , the Company did not have any investments in consolidated VIEs. Unconsolidated VIE At September 30, 2015 , the Company’s recorded investment in SVVI, a VIE that is unconsolidated, was $201.3 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 $201.3 million . While this entity is a VIE, the Company has determined that the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance is not held by the Company.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 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 $8.6 million and $5.1 million recorded in “Accounts payable and accrued liabilities” and derivative assets of $38.5 million and $14.8 million recorded in “Other assets” in the consolidated balance sheet at September 30, 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 $29.9 million and $9.7 million (with no derivative liability) at September 30, 2015 and December 31, 2014 , respectively. The Company had not posted or received collateral with its derivative counterparties as of September 30, 2015 or December 31, 2014 . See Note 10 for disclosures relating to the fair value of the derivative instruments as of September 30, 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. 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. On August 12, 2015 the Company entered into two interest rate swap agreements to fix the interest rate at 2.94% on an additional $60.0 million of the unsecured term loan facility from September 8, 2015 to July 5, 2017 and on $300.0 million of the unsecured term loan facility from July 6, 2017 to April 5, 2019. The effective portion of changes in the fair value of interest rate derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the nine months ended September 30, 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 nine months ended September 30, 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 September 30, 2015 , the Company estimates t hat during the twelve months ending September 30, 2016, $4.6 million will be reclassified from AOCI to interest expense. Cash Flow Hedges of Foreign Exchange Risk The Company is exposed to foreign currency exchange risk against its functional currency, the U.S. dollar, on its four Canadian properties. The Company uses cross currency swaps and foreign currency forwards to mitigate its exposure to fluctuations in the CAD to U.S. dollar exchange rate on its Canadian properties. These foreign currency derivatives should hedge a significant portion of the Company's expected CAD denominated cash flow of the Canadian properties as their impact on the Company's cash flow when settled should move in the opposite direction of the exchange rates used to translate revenues and expenses of these properties. As of September 30, 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 nine months ended September 30, 2015 and 2014 . As of September 30, 2015 , the Company estimates t hat during the twelve months ending September 30, 2016, $2.8 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 nine months ended September 30, 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 and nine months ended September 30, 2015 and 2014 . Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Three and Nine Months Ended September 30, 2015 and 2014 (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Description 2015 2014 2015 2014 Interest Rate Swaps Amount of Loss Recognized in AOCI on Derivative (Effective Portion) $ (3,097 ) $ 721 $ (4,884 ) $ (1,337 ) Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) (490 ) (462 ) (1,375 ) (1,371 ) Cross Currency Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) 2,068 2,080 4,622 2,105 Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) 662 169 1,691 430 Currency Forward Agreements Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) 10,719 6,827 20,732 5,876 Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) — — — — Total Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) $ 9,690 $ 9,628 $ 20,470 $ 6,644 Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) 172 (293 ) 316 (941 ) (1) Included in "Interest expense, net" in the accompanying consolidated statements of income for the three and nine months ended September 30, 2015 and 2014 . (2) Included in "Other income" in the accompanying consolidated statements of income for the three and nine months ended September 30, 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 September 30, 2015 , the fair value of the Company’s derivatives in a liability position related to these agreements was $8.6 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 $8.8 million .

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 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 September 30, 2015 and December 31, 2014 (Dollars in thousands) Description Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets (Liabilities) Balance at end of period September 30, 2015 Cross-Currency Swaps* $ — $ 7,521 $ — $ 7,521 Currency Forward Agreements* $ — $ 30,960 $ — $ 30,960 Interest Rate Swap Agreements** $ — $ (8,605 ) $ — $ (8,605 ) 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 nine months ended September 30, 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 September 30, 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 September 30, 2015 , the Company had a carrying value of $455.3 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 8.98% . 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 8.50% to 11.31% , management estimates the fair value of the fixed rate mortgage notes receivable to be approximately $440.0 million with an estimated weighted average market rate of 10.12% at September 30, 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 September 30, 2015 and December 31, 2014 , the Company had an investment in a direct financing lease with a carrying value of $190.0 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 September 30, 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 September 30, 2015 , the Company had a carrying value of $571.0 million in variable rate debt outstanding with a weighted average interest rate of approximately 1.47% . The carrying value of the variable rate debt outstanding approximated the fair market value at September 30, 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 September 30, 2015 and December 31, 2014 , $300.0 million and $240.0 million , respectively of variable rate debt outstanding under the Company's unsecured term loan facility had been effectively converted to a fixed rate through April 5, 2019 by interest rate swap agreements. At September 30, 2015 , the Company had a carrying value of $1.47 billion in fixed rate long-term debt outstanding with a weighted average interest rate of approximately 5.66% . Discounting the future cash flows for fixed rate debt using rates of 2.76% to 4.96% , management estimates the fair value of the fixed rate debt to be approximately $1.58 billion with an estimated weighted average market rate of 4.31% at September 30, 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2015 and 2014 (amounts in thousands except per share information): Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Income (numerator) Shares (denominator) Per Share Amount Income Shares Per Share Basic EPS: Income from continuing operations $ 50,054 $ 141,583 Less: preferred dividend requirements (5,951 ) (17,855 ) Income from continuing operations available to common shareholders $ 44,103 58,083 $ 0.76 $ 123,728 57,468 $ 2.15 Income from discontinued operations available to common shareholders $ 141 58,083 $ — $ 199 57,468 $ — Net income available to common shareholders $ 44,244 58,083 $ 0.76 $ 123,927 57,468 $ 2.15 Diluted EPS: Income from continuing operations available to common shareholders $ 44,103 58,083 $ 123,728 57,468 Effect of dilutive securities: Share options — 195 — 231 Income from continuing operations available to common shareholders $ 44,103 58,278 $ 0.76 $ 123,728 57,699 $ 2.15 Income from discontinued operations available to common shareholders $ 141 58,278 $ — $ 199 57,699 $ — Net income available to common shareholders $ 44,244 58,278 $ 0.76 $ 123,927 57,699 $ 2.15 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Income Shares Per Share Income Shares Per Share Basic EPS: Income from continuing operations $ 42,708 $ 123,613 Less: preferred dividend requirements (5,952 ) (17,856 ) Income from continuing operations available to common shareholders $ 36,756 53,792 $ 0.68 $ 105,757 53,268 $ 1.99 Income (loss) from discontinued operations available to common shareholders $ (3 ) 53,792 $ — $ 3,384 53,268 $ 0.06 Net income available to common shareholders $ 36,753 53,792 $ 0.68 $ 109,141 53,268 $ 2.05 Diluted EPS: Income from continuing operations available to common shareholders $ 36,756 53,792 $ 105,757 53,268 Effect of dilutive securities: Share options — 209 — 194 Income from continuing operations available to common shareholders $ 36,756 54,001 $ 0.68 $ 105,757 53,462 $ 1.98 Income (loss) from discontinued operations available to common shareholders $ (3 ) 54,001 $ — $ 3,384 53,462 $ 0.06 Net income available to common shareholders $ 36,753 54,001 $ 0.68 $ 109,141 53,462 $ 2.04 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 and nine months ended September 30, 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 and nine months ended September 30, 2015 and 2014 . For the three months ended September 30, 2015 and 2014 , options to purchase 323 thousand and 279 thousand shares of common shares, respectively, at per share prices ranging from $46.86 to $65.50 and $46.86 to $65.50 , respectively, were not included in the computation of diluted earnings per share because the options were anti-dilutive. For the nine months ended September 30, 2015 and 2014 , options to purchase 315 thousand and 378 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 Retirem

Chief Executive Officer Retirement (Notes)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Chief Executive Officer Retirement	Chief Executive Officer Retirement On February 24, 2015, the Company announced that David Brain, its then 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 nine months ended September 30, 2015 of $18.6 million . Retirement severance expense includes a 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	9 Months Ended
	Sep. 30, 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 September 30, 2015 , there were 1,066,138 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 shares Option price per share Weighted avg. exercise price Outstanding at December 31, 2014 950,214 $ 18.18 — $ 65.50 $ 42.48 Exercised (438,236 ) 18.18 — 61.53 37.12 Granted 121,546 61.79 — 61.79 61.79 Forfeited (79,055 ) 45.20 — 65.50 63.88 Outstanding at September 30, 2015 554,469 $ 19.02 — $ 65.50 $ 47.90 The weighted average fair value of options granted was $16.35 and $13.87 during the nine months ended September 30, 2015 and 2014 , respectively. The intrinsic value of stock options exercised was $6.7 million and $0.3 million for the nine months ended September 30, 2015 and 2014 , respectively. Additionally, the Company repurchased 371,343 shares into treasury shares in conjunction with the stock options exercised during the nine months ended September 30, 2015 with a total value of $19.5 million . At September 30, 2015 , stock-option expense to be recognized in future periods was $2.2 million . The expense related to share options included in the determination of net income for the nine months ended September 30, 2015 and 2014 was $2.2 million (including $1.4 million included in retirement severance expense in the accompanying consolidated statements of income) and $1.1 million , respectively. The following assumptions were used in applying the Black-Scholes option pricing model at the grant dates for the nine months ended September 30, 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 September 30, 2015 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 61,097 3.6 20.00 - 29.99 — — 30.00 - 39.99 12,196 4.4 40.00 - 49.99 235,593 4.6 50.00 - 59.99 111,917 7.8 60.00 - 65.50 133,666 6.7 554,469 5.6 $ 47.90 $ 3,557 The following table summarizes exercisable options at September 30, 2015 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 61,097 3.6 20.00 - 29.99 — — 30.00 - 39.99 12,196 4.4 40.00 - 49.99 192,222 4.1 50.00 - 59.99 32,518 6.9 60.00 - 65.50 45,310 1.3 343,343 3.9 $ 43.54 $ 3,347 Nonvested Shares A summary of the Company’s nonvested share activity and related information is as follows: Number of shares Weighted avg. grant date fair value Weighted avg. life remaining Outstanding at December 31, 2014 468,451 $ 49.29 Granted 218,285 60.69 Vested (295,487 ) 50.37 Forfeited (808 ) 54.69 Outstanding at September 30, 2015 390,441 $ 54.84 1.13 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 nine months ended September 30, 2015 and 2014 , respectively. At September 30, 2015 , unamortized share-based compensation expense related to nonvested shares was $13.7 million . Restricted Share Units A summary of the Company’s restricted share unit activity and related information is as follows: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Life Remaining Outstanding at December 31, 2014 19,685 $ 53.55 Granted 18,036 57.57 Vested (19,685 ) 53.55 Outstanding at September 30, 2015 18,036 $ 57.57 0.62 The holders of restricted share units receive dividend equivalents from the date of grant. The share units vest upon the earlier of the day preceding the next annual meeting of shareholders or a change of control. The settlement date for the shares is selected by the non-employee Trustee, and ranges from one year from the grant date to upon termination of service. At September 30, 2015 , unamortized share-based compensation expense related to restricted share units was $606 thousand .

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2015
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Discontinued Operations	Discontinued Operations Included in discontinued operations for the three and nine months ended September 30, 2015 and 2014 were certain post closing items related to the Toronto Dundas Square property. Also included in discontinued operations for the nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Rental revenue $ — $ — $ — $ 3 Tenant reimbursements — — 68 — Other income 172 — 172 — Total revenue 172 — 240 3 Property operating expense 2 3 12 13 Other expense (benefit) — — — (18 ) Transaction costs (benefit) — — — (3,376 ) Income (loss) before income taxes 170 (3 ) 228 3,384 Income tax expense 29 — 29 — Net income (loss) $ 141 $ (3 ) $ 199 $ 3,384

Other Commitments And Contingen

Other Commitments And Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Other Commitments And Contingencies	Other Commitments and Contingencies As of September 30, 2015 , the Company had an aggregate of approximately $259.7 million of commitments to fund development projects including eight entertainment development projects for which it had commitments to fund approximately $23.5 million , 27 education development projects for which it had commitments to fund approximately $205.6 million and three recreation development projects for which it had commitments to fund approximately $30.6 million . Development costs are advanced by the Company in periodic draws. If the Company determines that construction is not being completed in accordance with the terms of the development agreement, it can discontinue funding construction draws. The Company has agreed to lease the properties to the operators at pre-determined rates upon completion of construction. The Company has certain commitments related to its mortgage note investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of its direct control. As of September 30, 2015 , the Company had four mortgage notes receivable with commitments totaling approximately $43.8 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 $9.7 million as a deferred asset included in other assets and $9.7 million included in other liabilities in the accompanying consolidated balance sheet as of September 30, 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 July 30, 2015, the Appellate Division, Third Department affirmed the lower court’s decision granting summary judgment in favor of the Company. On August 27, 2015, the Cappelli Group filed a motion in the Appellate Division for leave to appeal to the Court of Appeals. The Company has filed a brief in opposition to the Cappelli Group’s motion. If the Appellate Division denies the relief requested by the Cappelli Group, they will then have 30 days to move in the Court of Appeals for leave to appeal. 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 (which has now been affirmed), 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. Oral arguments by the parties regarding the appeal were presented on 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, the Appellate Division, Third Department, 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	9 Months Ended
	Sep. 30, 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 September 30, 2015 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,004,372 $ 973,216 $ 910,798 $ 228,262 $ 84,457 $ 4,201,105 As of December 31, 2014 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,017,543 $ 734,512 $ 696,931 $ 206,795 $ 46,267 $ 3,702,048 Operating Data: Three Months Ended September 30, 2015 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 59,637 $ 13,990 $ 12,079 $ — $ — $ 85,706 Tenant reimbursements 3,718 — — — — 3,718 Other income 1 — — 55 662 718 Mortgage and other financing income 1,782 7,479 8,835 97 — 18,193 Total revenue 65,138 21,469 20,914 152 662 108,335 Property operating expense 5,413 — — 83 — 5,496 Other expense — — — 221 — 221 Total investment expenses 5,413 — — 304 — 5,717 Net operating income - before unallocated items 59,725 21,469 20,914 (152 ) 662 102,618 Reconciliation to Consolidated Statements of Income: General and administrative expense (7,482 ) Costs associated with loan refinancing or payoff (18 ) Interest expense, net (20,529 ) Transaction costs (783 ) Depreciation and amortization (23,498 ) Equity in income from joint ventures 339 Loss on sale of real estate (95 ) Income tax expense (498 ) Discontinued operations: Income from discontinued operations 141 Net income attributable to EPR Properties 50,195 Preferred dividend requirements (5,951 ) Net income available to common shareholders of EPR Properties $ 44,244 Three Months Ended September 30, 2014 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 60,616 $ 7,490 $ 6,069 $ 235 $ — $ 74,410 Tenant reimbursements 4,486 — — — — 4,486 Other income 5 — — 191 149 345 Mortgage and other financing income 1,789 7,561 10,050 97 — 19,497 Total revenue 66,896 15,051 16,119 523 149 98,738 Property operating expense 5,759 — — 189 — 5,948 Other expense — — — 248 — 248 Total investment expenses 5,759 — — 437 — 6,196 Net operating income - before unallocated items 61,137 15,051 16,119 86 149 92,542 Reconciliation to Consolidated Statements of Income: General and administrative expense (6,719 ) Interest expense, net (20,801 ) Transaction costs (369 ) Provision for loan loss (3,777 ) Depreciation and amortization (17,421 ) Equity in income from joint ventures 300 Income tax expense (1,047 ) Discontinued operations: Loss from discontinued operations (3 ) Net income attributable to EPR Properties 42,705 Preferred dividend requirements (5,952 ) Net income available to common shareholders of EPR Properties $ 36,753 Nine Months Ended September 30, 2015 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 179,407 $ 34,887 $ 26,012 $ — $ — $ 240,306 Tenant reimbursements 12,009 — — (23 ) — 11,986 Other income 504 — — 118 1,794 2,416 Mortgage and other financing income 5,346 23,056 25,629 290 — 54,321 Total revenue 197,266 57,943 51,641 385 1,794 309,029 Property operating expense 17,399 — — 224 — 17,623 Other expense — — — 533 — 533 Total investment expenses 17,399 — — 757 — 18,156 Net operating income - before unallocated items 179,867 57,943 51,641 (372 ) 1,794 290,873 Reconciliation to Consolidated Statements of Income: General and administrative expense (22,920 ) Retirement severance expense (18,578 ) Costs associated with loan refinancing or payoff (261 ) Interest expense, net (59,123 ) Transaction costs (6,818 ) Depreciation and amortization (64,702 ) Equity in income from joint ventures 701 Gain on sale of real estate 23,829 Income tax expense (1,418 ) Discontinued operations: Income from discontinued operations 199 Net income attributable to EPR Properties 141,782 Preferred dividend requirements (17,855 ) Net income available to common shareholders of EPR Properties $ 123,927 Nine Months Ended September 30, 2014 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 176,940 $ 18,486 $ 14,528 $ 805 $ — $ 210,759 Tenant reimbursements 13,355 — — — — 13,355 Other income (loss) (7 ) — — 284 429 706 Mortgage and other financing income 5,279 23,779 26,212 291 — 55,561 Total revenue 195,567 42,265 40,740 1,380 429 280,381 Property operating expense 17,413 — — 523 — 17,936 Other expense — — — 566 — 566 Total investment expenses 17,413 — — 1,089 — 18,502 Net operating income - before unallocated items 178,154 42,265 40,740 291 429 261,879 Reconciliation to Consolidated Statements of Income: General and administrative expense (21,260 ) Interest expense, net (61,254 ) Transaction costs (1,321 ) Provision for loan loss (3,777 ) Depreciation and amortization (48,750 ) Equity in income from joint ventures 878 Gain on sale of real estate 330 Gain on sale of investment in a direct financing lease 220 Income tax expense (3,332 ) Discontinued operations: Income from discontinued operations 8 Transaction (costs) benefit 3,376 Net income attributable to EPR Properties 126,997 Preferred dividend requirements (17,856 ) Net income available to common shareholders of EPR Properties $ 109,141

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	9 Months Ended
	Sep. 30, 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 and combined unsecured revolving credit and term loan facility. The guarantees are joint and several, full and unconditional and subject to customary release provisions. The following summarizes the Company’s condensed consolidating information as of September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014 (in thousands): Condensed Consolidating Balance Sheet As of September 30, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 2,394,449 $ 544,430 $ — $ 2,938,879 Land held for development — 2,274 28,227 — 30,501 Property under development 5 166,431 208,097 — 374,533 Mortgage notes and related accrued interest receivable — 435,024 20,306 — 455,330 Investment in a direct financing lease, net — 190,029 — — 190,029 Investment in joint ventures — — 6,439 — 6,439 Cash and cash equivalents 11,378 719 2,517 — 14,614 Restricted cash 1,277 18,752 1,920 — 21,949 Deferred financing costs, net 23,986 — 275 — 24,261 Accounts receivable, net 183 44,347 11,476 — 56,006 Intercompany notes receivable — 175,757 — (175,757 ) — Investments in subsidiaries 3,718,967 — — (3,718,967 ) — Other assets 18,988 11,303 58,273 — 88,564 Total assets $ 3,774,784 $ 3,439,085 $ 881,960 $ (3,894,724 ) $ 4,201,105 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 41,243 $ 52,579 $ 4,914 $ — $ 98,736 Dividends payable 23,847 — — — 23,847 Unearned rents and interest — 44,077 7,919 — 51,996 Intercompany notes payable — — 175,757 (175,757 ) — Debt 1,721,000 — 316,455 — 2,037,455 Total liabilities 1,786,090 96,656 505,045 (175,757 ) 2,212,034 EPR Properties shareholders’ equity 1,988,694 3,342,429 376,538 (3,718,967 ) 1,988,694 Noncontrolling interests — — 377 — 377 Total equity $ 1,988,694 $ 3,342,429 $ 376,915 $ (3,718,967 ) $ 1,989,071 Total liabilities and equity $ 3,774,784 $ 3,439,085 $ 881,960 $ (3,894,724 ) $ 4,201,105 Condensed Consolidating Balance Sheet As of December 31, 2014 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 1,872,053 $ 579,481 $ — $ 2,451,534 Land held for development — — 206,001 — 206,001 Property under development — 175,439 6,359 — 181,798 Mortgage notes and related accrued interest receivable — 412,625 95,330 — 507,955 Investment in a direct financing lease, net — 199,332 — — 199,332 Investment in joint ventures — — 5,738 — 5,738 Cash and cash equivalents (1,234 ) 1,487 3,083 — 3,336 Restricted cash 1,000 10,466 1,606 — 13,072 Deferred financing costs, net 15,224 4,199 486 — 19,909 Accounts receivable, net 90 34,414 12,778 — 47,282 Intercompany notes receivable — — 175,757 (175,757 ) — Investments in subsidiaries 3,115,572 — — (3,115,572 ) — Other assets 21,272 9,151 35,668 — 66,091 Total assets $ 3,151,924 $ 2,719,166 $ 1,122,287 $ (3,291,329 ) $ 3,702,048 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 42,829 $ 32,613 $ 6,738 $ — $ 82,180 Dividends payable 22,233 — — — 22,233 Unearned rents and interest 750 20,295 4,578 — 25,623 Intercompany notes payable — — 175,757 (175,757 ) — Debt 1,160,000 160,310 325,213 — 1,645,523 Total liabilities 1,225,812 213,218 512,286 (175,757 ) 1,775,559 EPR Properties shareholders’ equity 1,926,112 2,505,948 609,624 (3,115,572 ) 1,926,112 Noncontrolling interests — — 377 — 377 Total equity $ 1,926,112 $ 2,505,948 $ 610,001 $ (3,115,572 ) $ 1,926,489 Total liabilities and equity $ 3,151,924 $ 2,719,166 $ 1,122,287 $ (3,291,329 ) $ 3,702,048 Condensed Consolidating Statement of Income Three Months Ended September 30, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantors Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 67,640 $ 18,066 $ — $ 85,706 Tenant reimbursements — 1,254 2,464 — 3,718 Other income — 1 717 — 718 Mortgage and other financing income 212 16,558 1,423 — 18,193 Intercompany fee income 665 — — (665 ) — Interest income on intercompany notes receivable — 2,390 — (2,390 ) — Total revenue 877 87,843 22,670 (3,055 ) 108,335 Equity in subsidiaries’ earnings 71,740 — — (71,740 ) — Property operating expense — 2,694 2,802 — 5,496 Intercompany fee expense — — 665 (665 ) — Other expense — — 221 — 221 General and administrative expense — 5,910 1,572 — 7,482 Costs associated with loan refinancing or payoff — 18 — — 18 Interest expense, net 20,843 (2,227 ) 1,913 — 20,529 Interest expense on intercompany notes payable — — 2,390 (2,390 ) — Transaction costs 746 — 37 — 783 Depreciation and amortization 422 19,151 3,925 — 23,498 Income before equity in income from joint ventures and other items 50,606 62,297 9,145 (71,740 ) 50,308 Equity in income from joint ventures — — 339 — 339 Loss on sale of real estate — (95 ) — — (95 ) Income before income taxes 50,606 62,202 9,484 (71,740 ) 50,552 Income tax expense 411 — 87 — 498 Income from continuing operations 50,195 62,202 9,397 (71,740 ) 50,054 Discontinued operations: Income from discontinued operations — 141 — — 141 Net income attributable to EPR Properties 50,195 62,343 9,397 (71,740 ) 50,195 Preferred dividend requirements (5,951 ) — — — (5,951 ) Net income available to common shareholders of EPR Properties $ 44,244 $ 62,343 $ 9,397 $ (71,740 ) $ 44,244 Comprehensive income attributable to EPR Properties $ 47,315 $ 62,340 $ 9,299 $ (71,639 ) $ 47,315 Condensed Consolidating Statement of Income Three Months Ended September 30, 2014 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 54,798 $ 19,612 $ — $ 74,410 Tenant reimbursements — 1,405 3,081 — 4,486 Other income — — 345 — 345 Mortgage and other financing income 187 17,539 1,771 — 19,497 Intercompany fee income 788 — — (788 ) — Interest income on intercompany notes receivable — — 5,961 (5,961 ) — Total revenue 975 73,742 30,770 (6,749 ) 98,738 Equity in subsidiaries’ earnings 58,203 — — (58,203 ) — Property operating expense — 2,618 3,330 — 5,948 Intercompany fee expense — — 788 (788 ) — Other expense — — 248 — 248 General and administrative expense — 4,726 1,993 — 6,719 Interest expense, net 15,787 838 4,176 — 20,801 Interest expense on intercompany notes payable — — 5,961 (5,961 ) — Transaction costs 292 — 77 — 369 Provision for loan loss — — 3,777 — 3,777 Depreciation and amortization 274 12,541 4,606 — 17,421 Income before equity in income from joint ventures and other items 42,825 53,019 5,814 (58,203 ) 43,455 Equity in income from joint ventures — — 300 — 300 Income before income taxes 42,825 53,019 6,114 (58,203 ) 43,755 Income tax expense 120 — 927 — 1,047 Income from continuing operations 42,705 53,019 5,187 (58,203 ) 42,708 Discontinued operations: Loss from discontinued operations — (3 ) — — (3 ) Net income attributable to EPR Properties 42,705 53,016 5,187 (58,203 ) 42,705 Preferred dividend requirements (5,952 ) — — — (5,952 ) Net income available to common shareholders of EPR Properties $ 36,753 $ 53,016 $ 5,187 $ (58,203 ) $ 36,753 Comprehensive income attributable to EPR Properties $ 42,036 $ 53,016 $ 3,336 $ (56,352 ) $ 42,036 Condensed Consolidating Statement of Income Nine Months Ended September 30, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantors Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 184,790 $ 55,516 $ — $ 240,306 Tenant reimbursements — 3,928 8,058 — 11,986 Other income — 3 2,413 — 2,416 Mortgage and other financing income 636 46,862 6,823 — 54,321 Intercompany fee income 2,062 — — (2,062 ) — Interest income on intercompany notes receivable 111 7,339 — (7,450 ) — Total revenue 2,809 242,922 72,810 (9,512 ) 309,029 Equity in subsidiaries’ earnings 224,052 — — (224,052 ) — Property operating expense — 8,612 9,011 — 17,623 Intercompany fee expense — — 2,062 (2,062 ) — Other expense — — 533 — 533 General and administrative expense — 17,554 5,366 — 22,920 Retirement severance expense 18,578 — — — 18,578 Costs associated with loan refinancing or payoff 243 18 — — 261 Interest expense, net 57,027 (3,608 ) 5,704 — 59,123 Interest expense on intercompany notes payable — — 7,450 (7,450 ) — Transaction costs 6,482 — 336 — 6,818 Depreciation and amortization 1,200 51,544 11,958 — 64,702 Income before equity in income from joint ventures and other items 143,331 168,802 30,390 (224,052 ) 118,471 Equity in income from joint ventures — — 701 — 701 Gain on sale of real estate — 23,653 176 — 23,829 Income before income taxes 143,331 192,455 31,267 (224,052 ) 143,001 Income tax expense (benefit) 1,549 — (131 ) — 1,418 Income from continuing operations 141,782 192,455 31,398 (224,052 ) 141,583 Discontinued operations: Income from discontinued operations — 199 — — 199 Net income attributable to EPR Properties 141,782 192,654 31,398 (224,052 ) 141,782 Preferred dividend requirements (17,855 ) — — — (17,855 ) Net income available to common shareholders of EPR Properties $ 123,927 $ 192,654 $ 31,398 $ (224,052 ) $ 123,927 Comprehensive income attributable to EPR Properties $ 134,626 $ 192,603 $ 27,973 $ (220,576 ) $ 134,626 Condensed Consolidating Statement of Income Nine Months Ended September 30, 2014 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantors Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 155,279 $ 55,480 $ — $ 210,759 Tenant reimbursements — 3,958 9,397 — 13,355 Other income — 1 705 — 706 Mortgage and other financing income 562 50,622 4,377 — 55,561 Intercompany fee income 2,366 — — (2,366 ) — Interest income on intercompany notes receivable — — 19,067 (19,067 ) — Total revenue 2,928 209,860 89,026 (21,433 ) 280,381 Equity in subsidiaries’ earnings 172,970 — — (172,970 ) — Property operating expense (1 ) 7,701 10,236 — 17,936 Intercompany fee expense — — 2,366 (2,366 ) — Other expense — — 566 — 566 General and administrative expense — 14,842 6,418 — 21,260 Interest expense, net 47,222 2,686 11,346 — 61,254 Interest expense on intercompany notes payable — — 19,067 (19,067 ) — Transaction costs 483 — 838 — 1,321 Provision for loan loss — — 3,777 — 3,777 Depreciation and amortization 823 35,386 12,541 — 48,750 Income before equity in income from joint ventures and other items 127,371 149,245 21,871 (172,970 ) 125,517 Equity in income from joint ventures — — 878 — 878 Gain on sale of land — — 330 — 330 Gain on sale of investment in a direct financing lease — 220 — — 220 Income before income taxes 127,371 149,465 23,079 (172,970 ) 126,945 Income tax expense 374 — 2,958 — 3,332 Income from continuing operations 126,997 149,465 20,121 (172,970 ) 123,613 Discontinued operations: Income (loss) from discontinued operations — (10 ) 18 — 8 Transaction costs (benefit) — 3,376 — — 3,376 Net income attributable to EPR Properties 126,997 152,831 20,139 (172,970 ) 126,997 Preferred dividend requirements (17,856 ) — — — (17,856 ) Net income available to common shareholders of EPR Properties $ 109,141 $ 152,831 $ 20,139 $ (172,970 ) $ 109,141 Comprehensive income attributable to EPR Properties $ 123,361 $ 152,974 $ 16,326 $ (169,300 ) $ 123,361 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 2,062 $ — $ (2,062 ) $ — Interest income (expense) on intercompany receivable/payable 111 7,339 (7,450 ) — Net cash provided (used) by other operating activities (83,543 ) 217,884 49,967 184,308 Net cash provided (used) by operating activities of continuing operations (81,370 ) 225,223 40,455 184,308 Net cash provided by operating activities of discontinued operations — 514 — 514 Net cash provided (used) by operating activities (81,370 ) 225,737 40,455 184,822 Investing activities: Acquisition of rental properties and other assets (392 ) (135,627 ) (10 ) (136,029 ) Proceeds from sale of real estate — 44,911 1,081 45,992 Investment in mortgage notes receivable — (18,073 ) (44,863 ) (62,936 ) Proceeds from mortgage note receivable paydown — 975 — 975 Proceeds from sale of investments in a direct financing lease, net — 4,741 — 4,741 Additions to property under development (5 ) (300,270 ) (24,584 ) (324,859 ) Advances to subsidiaries, net (374,011 ) 337,166 36,845 — Net cash used by investing activities (374,408 ) (66,177 ) (31,531 ) (472,116 ) Financing activities: Proceeds from long-term debt facilities 648,914 155,000 — 803,914 Principal payments on long-term debt (89,000 ) (315,310 ) (8,759 ) (413,069 ) Deferred financing fees paid (6,944 ) (6 ) (2 ) (6,952 ) Net proceeds from issuance of common shares 99,760 — — 99,760 Impact of stock option exercises, net (3,192 ) — — (3,192 ) Purchase of common shares for treasury (8,222 ) — — (8,222 ) Dividends paid to shareholders (172,926 ) — — (172,926 ) Net cash provided (used) by financing activities 468,390 (160,316 ) (8,761 ) 299,313 Effect of exchange rate changes on cash — (12 ) (729 ) (741 ) Net increase (decrease) in cash and cash equivalents 12,612 (768 ) (566 ) 11,278 Cash and cash equivalents at beginning of the period (1,234 ) 1,487 3,083 3,336 Cash and cash equivalents at end of the period $ 11,378 $ 719 $ 2,517 $ 14,614 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2014 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 2,366 $ — $ (2,366 ) $ — Interest income (expense) on intercompany receivable/payable — — — — Net cash provided (used) by other operating activities (59,343 ) 180,072 47,370 168,099 Net cash provided (used) by operating activities of continuing operations (56,977 ) 180,072 45,004 168,099 Net cash provided by operating activities of discontinued operations — 41 68 109 Net cash provided (used) by operating activities (56,977 ) 180,113 45,072 168,208 Investing activities: Acquisition of rental properties and other assets (283 ) (30,288 ) (25,814 ) (56,385 ) Proceeds from sale of real estate — — 3,647 3,647 Proceeds from settlement of derivative — — 5,725 5,725 Investment in mortgage note receivable — (21,808 ) (36,114 ) (57,922 ) Proceeds from mortgage note receivable paydown — 317 — 317 Investment in promissory notes receivable — (721 ) (3,666 ) (4,387 ) Proceeds from sale of investments in a direct financing lease, net — 46,092 — 46,092 Additions to property under development (821 ) (246,066 ) (9,641 ) (256,528 ) Advances to subsidiaries, net (70,690 ) 40,165 30,525 — Net cash used by investing activities (71,794 ) (212,309 ) (35,338 ) (319,441 ) Financing activities: Proceeds from long-term debt facilities 20,000 245,000 — 265,000 Principal payments on long-term debt — (213,431 ) (7,135 ) (220,566 ) Deferred financing fees paid (335 ) (275 ) (198 ) (808 ) Net proceeds from issuance of common shares 264,008 — — 264,008 Impact of stock option exercises, net (27 ) — — (27 ) Purchase of common shares for treasury (2,892 ) — — (2,892 ) Dividends paid to shareholders (152,874 ) — — (152,874 ) Net cash provided (used) by financing activities 127,880 31,294 (7,333 ) 151,841 Effect of exchange rate changes on cash — 47 (227 ) (180 ) Net increase (decrease) in cash and cash equivalents (891 ) (855 ) 2,174 428 Cash and cash equivalents at beginning of the period 449 2,727 4,782 7,958 Cash and cash equivalents at end of the period $ (442 ) $ 1,872 $ 6,956 $ 8,386

Subsequent Event (Notes)

Subsequent Event (Notes)	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events On October 13, 2015, the Company received a partial pay-down of $45.0 million on two of its mortgage notes receivable related to Schlitterbahn waterparks. Per the terms of the mortgage notes receivable, half of this amount pays back advances plus accrued interest and the other half, or approximately $22.5 million , further reduces the note balance but has no impact on the interest income the Company was previously receiving. The proceeds from the mortgage notes receivable partial pay-down were used to further reduce the balance outstanding on the Company's unsecured revolving credit facility.

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 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 nine month period ended September 30, 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 30 to 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 $1.8 million and $1.7 million for the nine months ended September 30, 2015 and 2014 , respectively. Mortgage and other financing income included participating interest income of $1.5 million and $1.4 million for the nine months ended September 30, 2015 and 2014 , respectively. Lease termination fees are recognized when the related leases are canceled and the Company has no obligation to provide services to such former tenants. Termination fees of $127 thousand and $123 thousand were recognized during the nine months ended September 30, 2015 and 2014 , respectively. Direct financing lease income is recognized on the effective interest method to produce a level yield on funds not yet recovered. Estimated unguaranteed residual values at the date of lease inception represent management's initial estimates of fair value of the leased assets at the expiration of the lease, not to exceed original cost. Significant assumptions used in estimating residual values include estimated net cash flows over the remaining lease term and expected future real estate values. The Company evaluates on an annual basis (or more frequently, if necessary) the collectability of its direct financing lease receivable and unguaranteed residual value to determine whether they are impaired. A direct financing lease receivable is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a direct financing lease receivable is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the direct financing lease receivable's effective interest rate or to the fair value of the underlying collateral, less costs to sell, if such receivable is collateralized.
Mortgage Notes And Other Notes Receivable	Mortgage Notes and Other Notes Receivable Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower and the Company defers certain loan origination and commitment fees, net of certain origination costs, and amortizes them over the term of the related loan. Interest income on performing loans is accrued as earned. The Company evaluates the collectability of both interest and principal of each of its loans to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines that it is probable that it will be unable to collect all amounts due according to the existing contractual terms. An insignificant delay or shortfall in amounts of payments does not necessarily result in the loan being identified as impaired. When a loan is considered to be impaired, the amount of loss, if any, is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the Company’s interest in the underlying collateral, less costs to sell, if the loan is collateral dependent. For impaired loans, interest income is recognized on a cash basis, unless the Company determines based on the loan to estimated fair value ratio the loan should be on the cost recovery method, and any cash payments received would then be reflected as a reduction of principal. Interest income recognition is recommenced if and when the impaired loan becomes contractually current and performance is demonstrated to be resumed.
Concentrations Of Risk	Concentrations of Risk American Multi-Cinema, Inc. (AMC) is the lessee of a substantial portion ( 26% ) of the megaplex theatre rental properties held by the Company at September 30, 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 $64.3 million or 21% and $65.5 million or 23% , for the nine months ended September 30, 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 nine months ended September 30, 2015 and 2014 , approximately $25.5 million or 8% , and $30.2 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 $175.7 million or 9% and $200.4 million or 10% of the Company's net assets at September 30, 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 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.
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).
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's policy is 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)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Summary Of Carrying Amounts Of Rental Properties	The following table summarizes the carrying amounts of rental properties as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Buildings and improvements $ 2,751,714 $ 2,273,430 Furniture, fixtures & equipment 33,099 25,922 Land 666,015 617,842 3,450,828 2,917,194 Accumulated depreciation (511,949 ) (465,660 ) Total $ 2,938,879 $ 2,451,534 Dep

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	9 Months Ended
	Sep. 30, 2015
Accounts Receivable, Net [Abstract]
Schedule Of Accounts Receivable	The following table summarizes the carrying amounts of accounts receivable, net as of September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, Receivable from tenants $ 9,856 $ 6,705 Receivable from non-tenants 110 602 Straight-line rent receivable 49,294 41,529 Allowance for doubtful accounts (3,254 ) (1,554 ) Total $ 56,006 $ 47,282

Investments In Direct Financi29

Investments In Direct Financing Lease (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Total minimum lease payments receivable $ 444,500 $ 487,275 Estimated unguaranteed residual value of leased assets 162,669 172,880 Less deferred income (1) (417,140 ) (460,823 ) Investment in a direct financing lease, net $ 190,029 $ 199,332 (1) Deferred income is net of $1.4 million and $1.5 million of initial direct costs at September 30, 2015 and December 31, 2014 , respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2015 and 2014 . Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Three and Nine Months Ended September 30, 2015 and 2014 (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Description 2015 2014 2015 2014 Interest Rate Swaps Amount of Loss Recognized in AOCI on Derivative (Effective Portion) $ (3,097 ) $ 721 $ (4,884 ) $ (1,337 ) Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) (490 ) (462 ) (1,375 ) (1,371 ) Cross Currency Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) 2,068 2,080 4,622 2,105 Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) 662 169 1,691 430 Currency Forward Agreements Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) 10,719 6,827 20,732 5,876 Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) — — — — Total Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) $ 9,690 $ 9,628 $ 20,470 $ 6,644 Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) 172 (293 ) 316 (941 ) (1) Included in "Interest expense, net" in the accompanying consolidated statements of income for the three and nine months ended September 30, 2015 and 2014 . (2) Included in "Other income" in the accompanying consolidated statements of income for the three and nine months ended September 30, 2015 and 2014 .

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2015 and December 31, 2014 (Dollars in thousands) Description Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets (Liabilities) Balance at end of period September 30, 2015 Cross-Currency Swaps* $ — $ 7,521 $ — $ 7,521 Currency Forward Agreements* $ — $ 30,960 $ — $ 30,960 Interest Rate Swap Agreements** $ — $ (8,605 ) $ — $ (8,605 ) 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 nine months ended September 30, 2015 and 2014.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2015 and 2014 (amounts in thousands except per share information): Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Income (numerator) Shares (denominator) Per Share Amount Income Shares Per Share Basic EPS: Income from continuing operations $ 50,054 $ 141,583 Less: preferred dividend requirements (5,951 ) (17,855 ) Income from continuing operations available to common shareholders $ 44,103 58,083 $ 0.76 $ 123,728 57,468 $ 2.15 Income from discontinued operations available to common shareholders $ 141 58,083 $ — $ 199 57,468 $ — Net income available to common shareholders $ 44,244 58,083 $ 0.76 $ 123,927 57,468 $ 2.15 Diluted EPS: Income from continuing operations available to common shareholders $ 44,103 58,083 $ 123,728 57,468 Effect of dilutive securities: Share options — 195 — 231 Income from continuing operations available to common shareholders $ 44,103 58,278 $ 0.76 $ 123,728 57,699 $ 2.15 Income from discontinued operations available to common shareholders $ 141 58,278 $ — $ 199 57,699 $ — Net income available to common shareholders $ 44,244 58,278 $ 0.76 $ 123,927 57,699 $ 2.15 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Income Shares Per Share Income Shares Per Share Basic EPS: Income from continuing operations $ 42,708 $ 123,613 Less: preferred dividend requirements (5,952 ) (17,856 ) Income from continuing operations available to common shareholders $ 36,756 53,792 $ 0.68 $ 105,757 53,268 $ 1.99 Income (loss) from discontinued operations available to common shareholders $ (3 ) 53,792 $ — $ 3,384 53,268 $ 0.06 Net income available to common shareholders $ 36,753 53,792 $ 0.68 $ 109,141 53,268 $ 2.05 Diluted EPS: Income from continuing operations available to common shareholders $ 36,756 53,792 $ 105,757 53,268 Effect of dilutive securities: Share options — 209 — 194 Income from continuing operations available to common shareholders $ 36,756 54,001 $ 0.68 $ 105,757 53,462 $ 1.98 Income (loss) from discontinued operations available to common shareholders $ (3 ) 54,001 $ — $ 3,384 53,462 $ 0.06 Net income available to common shareholders $ 36,753 54,001 $ 0.68 $ 109,141 53,462 $ 2.04

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 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 shares Option price per share Weighted avg. exercise price Outstanding at December 31, 2014 950,214 $ 18.18 — $ 65.50 $ 42.48 Exercised (438,236 ) 18.18 — 61.53 37.12 Granted 121,546 61.79 — 61.79 61.79 Forfeited (79,055 ) 45.20 — 65.50 63.88 Outstanding at September 30, 2015 554,469 $ 19.02 — $ 65.50 $ 47.90
Summary Of Outstanding Options	The following table summarizes outstanding options at September 30, 2015 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 61,097 3.6 20.00 - 29.99 — — 30.00 - 39.99 12,196 4.4 40.00 - 49.99 235,593 4.6 50.00 - 59.99 111,917 7.8 60.00 - 65.50 133,666 6.7 554,469 5.6 $ 47.90 $ 3,557
Summary Of Exercisable Options	The following table summarizes exercisable options at September 30, 2015 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 61,097 3.6 20.00 - 29.99 — — 30.00 - 39.99 12,196 4.4 40.00 - 49.99 192,222 4.1 50.00 - 59.99 32,518 6.9 60.00 - 65.50 45,310 1.3 343,343 3.9 $ 43.54 $ 3,347
Summary Of Nonvested Share Activity	A summary of the Company’s nonvested share activity and related information is as follows: Number of shares Weighted avg. grant date fair value Weighted avg. life remaining Outstanding at December 31, 2014 468,451 $ 49.29 Granted 218,285 60.69 Vested (295,487 ) 50.37 Forfeited (808 ) 54.69 Outstanding at September 30, 2015 390,441 $ 54.84 1.13
Summary Of Restricted Share Unit Activity	A summary of the Company’s restricted share unit activity and related information is as follows: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Life Remaining Outstanding at December 31, 2014 19,685 $ 53.55 Granted 18,036 57.57 Vested (19,685 ) 53.55 Outstanding at September 30, 2015 18,036 $ 57.57 0.62

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Rental revenue $ — $ — $ — $ 3 Tenant reimbursements — — 68 — Other income 172 — 172 — Total revenue 172 — 240 3 Property operating expense 2 3 12 13 Other expense (benefit) — — — (18 ) Transaction costs (benefit) — — — (3,376 ) Income (loss) before income taxes 170 (3 ) 228 3,384 Income tax expense 29 — 29 — Net income (loss) $ 141 $ (3 ) $ 199 $ 3,384

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2015 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,004,372 $ 973,216 $ 910,798 $ 228,262 $ 84,457 $ 4,201,105 As of December 31, 2014 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,017,543 $ 734,512 $ 696,931 $ 206,795 $ 46,267 $ 3,702,048 Operating Data: Three Months Ended September 30, 2015 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 59,637 $ 13,990 $ 12,079 $ — $ — $ 85,706 Tenant reimbursements 3,718 — — — — 3,718 Other income 1 — — 55 662 718 Mortgage and other financing income 1,782 7,479 8,835 97 — 18,193 Total revenue 65,138 21,469 20,914 152 662 108,335 Property operating expense 5,413 — — 83 — 5,496 Other expense — — — 221 — 221 Total investment expenses 5,413 — — 304 — 5,717 Net operating income - before unallocated items 59,725 21,469 20,914 (152 ) 662 102,618 Reconciliation to Consolidated Statements of Income: General and administrative expense (7,482 ) Costs associated with loan refinancing or payoff (18 ) Interest expense, net (20,529 ) Transaction costs (783 ) Depreciation and amortization (23,498 ) Equity in income from joint ventures 339 Loss on sale of real estate (95 ) Income tax expense (498 ) Discontinued operations: Income from discontinued operations 141 Net income attributable to EPR Properties 50,195 Preferred dividend requirements (5,951 ) Net income available to common shareholders of EPR Properties $ 44,244 Three Months Ended September 30, 2014 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 60,616 $ 7,490 $ 6,069 $ 235 $ — $ 74,410 Tenant reimbursements 4,486 — — — — 4,486 Other income 5 — — 191 149 345 Mortgage and other financing income 1,789 7,561 10,050 97 — 19,497 Total revenue 66,896 15,051 16,119 523 149 98,738 Property operating expense 5,759 — — 189 — 5,948 Other expense — — — 248 — 248 Total investment expenses 5,759 — — 437 — 6,196 Net operating income - before unallocated items 61,137 15,051 16,119 86 149 92,542 Reconciliation to Consolidated Statements of Income: General and administrative expense (6,719 ) Interest expense, net (20,801 ) Transaction costs (369 ) Provision for loan loss (3,777 ) Depreciation and amortization (17,421 ) Equity in income from joint ventures 300 Income tax expense (1,047 ) Discontinued operations: Loss from discontinued operations (3 ) Net income attributable to EPR Properties 42,705 Preferred dividend requirements (5,952 ) Net income available to common shareholders of EPR Properties $ 36,753 Nine Months Ended September 30, 2015 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 179,407 $ 34,887 $ 26,012 $ — $ — $ 240,306 Tenant reimbursements 12,009 — — (23 ) — 11,986 Other income 504 — — 118 1,794 2,416 Mortgage and other financing income 5,346 23,056 25,629 290 — 54,321 Total revenue 197,266 57,943 51,641 385 1,794 309,029 Property operating expense 17,399 — — 224 — 17,623 Other expense — — — 533 — 533 Total investment expenses 17,399 — — 757 — 18,156 Net operating income - before unallocated items 179,867 57,943 51,641 (372 ) 1,794 290,873 Reconciliation to Consolidated Statements of Income: General and administrative expense (22,920 ) Retirement severance expense (18,578 ) Costs associated with loan refinancing or payoff (261 ) Interest expense, net (59,123 ) Transaction costs (6,818 ) Depreciation and amortization (64,702 ) Equity in income from joint ventures 701 Gain on sale of real estate 23,829 Income tax expense (1,418 ) Discontinued operations: Income from discontinued operations 199 Net income attributable to EPR Properties 141,782 Preferred dividend requirements (17,855 ) Net income available to common shareholders of EPR Properties $ 123,927 Nine Months Ended September 30, 2014 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 176,940 $ 18,486 $ 14,528 $ 805 $ — $ 210,759 Tenant reimbursements 13,355 — — — — 13,355 Other income (loss) (7 ) — — 284 429 706 Mortgage and other financing income 5,279 23,779 26,212 291 — 55,561 Total revenue 195,567 42,265 40,740 1,380 429 280,381 Property operating expense 17,413 — — 523 — 17,936 Other expense — — — 566 — 566 Total investment expenses 17,413 — — 1,089 — 18,502 Net operating income - before unallocated items 178,154 42,265 40,740 291 429 261,879 Reconciliation to Consolidated Statements of Income: General and administrative expense (21,260 ) Interest expense, net (61,254 ) Transaction costs (1,321 ) Provision for loan loss (3,777 ) Depreciation and amortization (48,750 ) Equity in income from joint ventures 878 Gain on sale of real estate 330 Gain on sale of investment in a direct financing lease 220 Income tax expense (3,332 ) Discontinued operations: Income from discontinued operations 8 Transaction (costs) benefit 3,376 Net income attributable to EPR Properties 126,997 Preferred dividend requirements (17,856 ) Net income available to common shareholders of EPR Properties $ 109,141

Condensed Consolidating Finan36

Condensed Consolidating Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2015
Condensed Consolidating Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet As of September 30, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 2,394,449 $ 544,430 $ — $ 2,938,879 Land held for development — 2,274 28,227 — 30,501 Property under development 5 166,431 208,097 — 374,533 Mortgage notes and related accrued interest receivable — 435,024 20,306 — 455,330 Investment in a direct financing lease, net — 190,029 — — 190,029 Investment in joint ventures — — 6,439 — 6,439 Cash and cash equivalents 11,378 719 2,517 — 14,614 Restricted cash 1,277 18,752 1,920 — 21,949 Deferred financing costs, net 23,986 — 275 — 24,261 Accounts receivable, net 183 44,347 11,476 — 56,006 Intercompany notes receivable — 175,757 — (175,757 ) — Investments in subsidiaries 3,718,967 — — (3,718,967 ) — Other assets 18,988 11,303 58,273 — 88,564 Total assets $ 3,774,784 $ 3,439,085 $ 881,960 $ (3,894,724 ) $ 4,201,105 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 41,243 $ 52,579 $ 4,914 $ — $ 98,736 Dividends payable 23,847 — — — 23,847 Unearned rents and interest — 44,077 7,919 — 51,996 Intercompany notes payable — — 175,757 (175,757 ) — Debt 1,721,000 — 316,455 — 2,037,455 Total liabilities 1,786,090 96,656 505,045 (175,757 ) 2,212,034 EPR Properties shareholders’ equity 1,988,694 3,342,429 376,538 (3,718,967 ) 1,988,694 Noncontrolling interests — — 377 — 377 Total equity $ 1,988,694 $ 3,342,429 $ 376,915 $ (3,718,967 ) $ 1,989,071 Total liabilities and equity $ 3,774,784 $ 3,439,085 $ 881,960 $ (3,894,724 ) $ 4,201,105 Condensed Consolidating Balance Sheet As of December 31, 2014 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 1,872,053 $ 579,481 $ — $ 2,451,534 Land held for development — — 206,001 — 206,001 Property under development — 175,439 6,359 — 181,798 Mortgage notes and related accrued interest receivable — 412,625 95,330 — 507,955 Investment in a direct financing lease, net — 199,332 — — 199,332 Investment in joint ventures — — 5,738 — 5,738 Cash and cash equivalents (1,234 ) 1,487 3,083 — 3,336 Restricted cash 1,000 10,466 1,606 — 13,072 Deferred financing costs, net 15,224 4,199 486 — 19,909 Accounts receivable, net 90 34,414 12,778 — 47,282 Intercompany notes receivable — — 175,757 (175,757 ) — Investments in subsidiaries 3,115,572 — — (3,115,572 ) — Other assets 21,272 9,151 35,668 — 66,091 Total assets $ 3,151,924 $ 2,719,166 $ 1,122,287 $ (3,291,329 ) $ 3,702,048 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 42,829 $ 32,613 $ 6,738 $ — $ 82,180 Dividends payable 22,233 — — — 22,233 Unearned rents and interest 750 20,295 4,578 — 25,623 Intercompany notes payable — — 175,757 (175,757 ) — Debt 1,160,000 160,310 325,213 — 1,645,523 Total liabilities 1,225,812 213,218 512,286 (175,757 ) 1,775,559 EPR Properties shareholders’ equity 1,926,112 2,505,948 609,624 (3,115,572 ) 1,926,112 Noncontrolling interests — — 377 — 377 Total equity $ 1,926,112 $ 2,505,948 $ 610,001 $ (3,115,572 ) $ 1,926,489 Total liabilities and equity $ 3,151,924 $ 2,719,166 $ 1,122,287 $ (3,291,329 ) $ 3,702,048
Condensed Consolidating Statement Of Income	Condensed Consolidating Statement of Income Three Months Ended September 30, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantors Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 67,640 $ 18,066 $ — $ 85,706 Tenant reimbursements — 1,254 2,464 — 3,718 Other income — 1 717 — 718 Mortgage and other financing income 212 16,558 1,423 — 18,193 Intercompany fee income 665 — — (665 ) — Interest income on intercompany notes receivable — 2,390 — (2,390 ) — Total revenue 877 87,843 22,670 (3,055 ) 108,335 Equity in subsidiaries’ earnings 71,740 — — (71,740 ) — Property operating expense — 2,694 2,802 — 5,496 Intercompany fee expense — — 665 (665 ) — Other expense — — 221 — 221 General and administrative expense — 5,910 1,572 — 7,482 Costs associated with loan refinancing or payoff — 18 — — 18 Interest expense, net 20,843 (2,227 ) 1,913 — 20,529 Interest expense on intercompany notes payable — — 2,390 (2,390 ) — Transaction costs 746 — 37 — 783 Depreciation and amortization 422 19,151 3,925 — 23,498 Income before equity in income from joint ventures and other items 50,606 62,297 9,145 (71,740 ) 50,308 Equity in income from joint ventures — — 339 — 339 Loss on sale of real estate — (95 ) — — (95 ) Income before income taxes 50,606 62,202 9,484 (71,740 ) 50,552 Income tax expense 411 — 87 — 498 Income from continuing operations 50,195 62,202 9,397 (71,740 ) 50,054 Discontinued operations: Income from discontinued operations — 141 — — 141 Net income attributable to EPR Properties 50,195 62,343 9,397 (71,740 ) 50,195 Preferred dividend requirements (5,951 ) — — — (5,951 ) Net income available to common shareholders of EPR Properties $ 44,244 $ 62,343 $ 9,397 $ (71,740 ) $ 44,244 Comprehensive income attributable to EPR Properties $ 47,315 $ 62,340 $ 9,299 $ (71,639 ) $ 47,315 Condensed Consolidating Statement of Income Three Months Ended September 30, 2014 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 54,798 $ 19,612 $ — $ 74,410 Tenant reimbursements — 1,405 3,081 — 4,486 Other income — — 345 — 345 Mortgage and other financing income 187 17,539 1,771 — 19,497 Intercompany fee income 788 — — (788 ) — Interest income on intercompany notes receivable — — 5,961 (5,961 ) — Total revenue 975 73,742 30,770 (6,749 ) 98,738 Equity in subsidiaries’ earnings 58,203 — — (58,203 ) — Property operating expense — 2,618 3,330 — 5,948 Intercompany fee expense — — 788 (788 ) — Other expense — — 248 — 248 General and administrative expense — 4,726 1,993 — 6,719 Interest expense, net 15,787 838 4,176 — 20,801 Interest expense on intercompany notes payable — — 5,961 (5,961 ) — Transaction costs 292 — 77 — 369 Provision for loan loss — — 3,777 — 3,777 Depreciation and amortization 274 12,541 4,606 — 17,421 Income before equity in income from joint ventures and other items 42,825 53,019 5,814 (58,203 ) 43,455 Equity in income from joint ventures — — 300 — 300 Income before income taxes 42,825 53,019 6,114 (58,203 ) 43,755 Income tax expense 120 — 927 — 1,047 Income from continuing operations 42,705 53,019 5,187 (58,203 ) 42,708 Discontinued operations: Loss from discontinued operations — (3 ) — — (3 ) Net income attributable to EPR Properties 42,705 53,016 5,187 (58,203 ) 42,705 Preferred dividend requirements (5,952 ) — — — (5,952 ) Net income available to common shareholders of EPR Properties $ 36,753 $ 53,016 $ 5,187 $ (58,203 ) $ 36,753 Comprehensive income attributable to EPR Properties $ 42,036 $ 53,016 $ 3,336 $ (56,352 ) $ 42,036 Condensed Consolidating Statement of Income Nine Months Ended September 30, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantors Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 184,790 $ 55,516 $ — $ 240,306 Tenant reimbursements — 3,928 8,058 — 11,986 Other income — 3 2,413 — 2,416 Mortgage and other financing income 636 46,862 6,823 — 54,321 Intercompany fee income 2,062 — — (2,062 ) — Interest income on intercompany notes receivable 111 7,339 — (7,450 ) — Total revenue 2,809 242,922 72,810 (9,512 ) 309,029 Equity in subsidiaries’ earnings 224,052 — — (224,052 ) — Property operating expense — 8,612 9,011 — 17,623 Intercompany fee expense — — 2,062 (2,062 ) — Other expense — — 533 — 533 General and administrative expense — 17,554 5,366 — 22,920 Retirement severance expense 18,578 — — — 18,578 Costs associated with loan refinancing or payoff 243 18 — — 261 Interest expense, net 57,027 (3,608 ) 5,704 — 59,123 Interest expense on intercompany notes payable — — 7,450 (7,450 ) — Transaction costs 6,482 — 336 — 6,818 Depreciation and amortization 1,200 51,544 11,958 — 64,702 Income before equity in income from joint ventures and other items 143,331 168,802 30,390 (224,052 ) 118,471 Equity in income from joint ventures — — 701 — 701 Gain on sale of real estate — 23,653 176 — 23,829 Income before income taxes 143,331 192,455 31,267 (224,052 ) 143,001 Income tax expense (benefit) 1,549 — (131 ) — 1,418 Income from continuing operations 141,782 192,455 31,398 (224,052 ) 141,583 Discontinued operations: Income from discontinued operations — 199 — — 199 Net income attributable to EPR Properties 141,782 192,654 31,398 (224,052 ) 141,782 Preferred dividend requirements (17,855 ) — — — (17,855 ) Net income available to common shareholders of EPR Properties $ 123,927 $ 192,654 $ 31,398 $ (224,052 ) $ 123,927 Comprehensive income attributable to EPR Properties $ 134,626 $ 192,603 $ 27,973 $ (220,576 ) $ 134,626 Condensed Consolidating Statement of Income Nine Months Ended September 30, 2014 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantors Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 155,279 $ 55,480 $ — $ 210,759 Tenant reimbursements — 3,958 9,397 — 13,355 Other income — 1 705 — 706 Mortgage and other financing income 562 50,622 4,377 — 55,561 Intercompany fee income 2,366 — — (2,366 ) — Interest income on intercompany notes receivable — — 19,067 (19,067 ) — Total revenue 2,928 209,860 89,026 (21,433 ) 280,381 Equity in subsidiaries’ earnings 172,970 — — (172,970 ) — Property operating expense (1 ) 7,701 10,236 — 17,936 Intercompany fee expense — — 2,366 (2,366 ) — Other expense — — 566 — 566 General and administrative expense — 14,842 6,418 — 21,260 Interest expense, net 47,222 2,686 11,346 — 61,254 Interest expense on intercompany notes payable — — 19,067 (19,067 ) — Transaction costs 483 — 838 — 1,321 Provision for loan loss — — 3,777 — 3,777 Depreciation and amortization 823 35,386 12,541 — 48,750 Income before equity in income from joint ventures and other items 127,371 149,245 21,871 (172,970 ) 125,517 Equity in income from joint ventures — — 878 — 878 Gain on sale of land — — 330 — 330 Gain on sale of investment in a direct financing lease — 220 — — 220 Income before income taxes 127,371 149,465 23,079 (172,970 ) 126,945 Income tax expense 374 — 2,958 — 3,332 Income from continuing operations 126,997 149,465 20,121 (172,970 ) 123,613 Discontinued operations: Income (loss) from discontinued operations — (10 ) 18 — 8 Transaction costs (benefit) — 3,376 — — 3,376 Net income attributable to EPR Properties 126,997 152,831 20,139 (172,970 ) 126,997 Preferred dividend requirements (17,856 ) — — — (17,856 ) Net income available to common shareholders of EPR Properties $ 109,141 $ 152,831 $ 20,139 $ (172,970 ) $ 109,141 Comprehensive income attributable to EPR Properties $ 123,361 $ 152,974 $ 16,326 $ (169,300 ) $ 123,361 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 2,062 $ — $ (2,062 ) $ — Interest income (expense) on intercompany receivable/payable 111 7,339 (7,450 ) — Net cash provided (used) by other operating activities (83,543 ) 217,884 49,967 184,308 Net cash provided (used) by operating activities of continuing operations (81,370 ) 225,223 40,455 184,308 Net cash provided by operating activities of discontinued operations — 514 — 514 Net cash provided (used) by operating activities (81,370 ) 225,737 40,455 184,822 Investing activities: Acquisition of rental properties and other assets (392 ) (135,627 ) (10 ) (136,029 ) Proceeds from sale of real estate — 44,911 1,081 45,992 Investment in mortgage notes receivable — (18,073 ) (44,863 ) (62,936 ) Proceeds from mortgage note receivable paydown — 975 — 975 Proceeds from sale of investments in a direct financing lease, net — 4,741 — 4,741 Additions to property under development (5 ) (300,270 ) (24,584 ) (324,859 ) Advances to subsidiaries, net (374,011 ) 337,166 36,845 — Net cash used by investing activities (374,408 ) (66,177 ) (31,531 ) (472,116 ) Financing activities: Proceeds from long-term debt facilities 648,914 155,000 — 803,914 Principal payments on long-term debt (89,000 ) (315,310 ) (8,759 ) (413,069 ) Deferred financing fees paid (6,944 ) (6 ) (2 ) (6,952 ) Net proceeds from issuance of common shares 99,760 — — 99,760 Impact of stock option exercises, net (3,192 ) — — (3,192 ) Purchase of common shares for treasury (8,222 ) — — (8,222 ) Dividends paid to shareholders (172,926 ) — — (172,926 ) Net cash provided (used) by financing activities 468,390 (160,316 ) (8,761 ) 299,313 Effect of exchange rate changes on cash — (12 ) (729 ) (741 ) Net increase (decrease) in cash and cash equivalents 12,612 (768 ) (566 ) 11,278 Cash and cash equivalents at beginning of the period (1,234 ) 1,487 3,083 3,336 Cash and cash equivalents at end of the period $ 11,378 $ 719 $ 2,517 $ 14,614
Condensed Consolidating Statement Of Cash Flows	Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 2,062 $ — $ (2,062 ) $ — Interest income (expense) on intercompany receivable/payable 111 7,339 (7,450 ) — Net cash provided (used) by other operating activities (83,543 ) 217,884 49,967 184,308 Net cash provided (used) by operating activities of continuing operations (81,370 ) 225,223 40,455 184,308 Net cash provided by operating activities of discontinued operations — 514 — 514 Net cash provided (used) by operating activities (81,370 ) 225,737 40,455 184,822 Investing activities: Acquisition of rental properties and other assets (392 ) (135,627 ) (10 ) (136,029 ) Proceeds from sale of real estate — 44,911 1,081 45,992 Investment in mortgage notes receivable — (18,073 ) (44,863 ) (62,936 ) Proceeds from mortgage note receivable paydown — 975 — 975 Proceeds from sale of investments in a direct financing lease, net — 4,741 — 4,741 Additions to property under development (5 ) (300,270 ) (24,584 ) (324,859 ) Advances to subsidiaries, net (374,011 ) 337,166 36,845 — Net cash used by investing activities (374,408 ) (66,177 ) (31,531 ) (472,116 ) Financing activities: Proceeds from long-term debt facilities 648,914 155,000 — 803,914 Principal payments on long-term debt (89,000 ) (315,310 ) (8,759 ) (413,069 ) Deferred financing fees paid (6,944 ) (6 ) (2 ) (6,952 ) Net proceeds from issuance of common shares 99,760 — — 99,760 Impact of stock option exercises, net (3,192 ) — — (3,192 ) Purchase of common shares for treasury (8,222 ) — — (8,222 ) Dividends paid to shareholders (172,926 ) — — (172,926 ) Net cash provided (used) by financing activities 468,390 (160,316 ) (8,761 ) 299,313 Effect of exchange rate changes on cash — (12 ) (729 ) (741 ) Net increase (decrease) in cash and cash equivalents 12,612 (768 ) (566 ) 11,278 Cash and cash equivalents at beginning of the period (1,234 ) 1,487 3,083 3,336 Cash and cash equivalents at end of the period $ 11,378 $ 719 $ 2,517 $ 14,614 Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2014 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 2,366 $ — $ (2,366 ) $ — Interest income (expense) on intercompany receivable/payable — — — — Net cash provided (used) by other operating activities (59,343 ) 180,072 47,370 168,099 Net cash provided (used) by operating activities of continuing operations (56,977 ) 180,072 45,004 168,099 Net cash provided by operating activities of discontinued operations — 41 68 109 Net cash provided (used) by operating activities (56,977 ) 180,113 45,072 168,208 Investing activities: Acquisition of rental properties and other assets (283 ) (30,288 ) (25,814 ) (56,385 ) Proceeds from sale of real estate — — 3,647 3,647 Proceeds from settlement of derivative — — 5,725 5,725 Investment in mortgage note receivable — (21,808 ) (36,114 ) (57,922 ) Proceeds from mortgage note receivable paydown — 317 — 317 Investment in promissory notes receivable — (721 ) (3,666 ) (4,387 ) Proceeds from sale of investments in a direct financing lease, net — 46,092 — 46,092 Additions to property under development (821 ) (246,066 ) (9,641 ) (256,528 ) Advances to subsidiaries, net (70,690 ) 40,165 30,525 — Net cash used by investing activities (71,794 ) (212,309 ) (35,338 ) (319,441 ) Financing activities: Proceeds from long-term debt facilities 20,000 245,000 — 265,000 Principal payments on long-term debt — (213,431 ) (7,135 ) (220,566 ) Deferred financing fees paid (335 ) (275 ) (198 ) (808 ) Net proceeds from issuance of common shares 264,008 — — 264,008 Impact of stock option exercises, net (27 ) — — (27 ) Purchase of common shares for treasury (2,892 ) — — (2,892 ) Dividends paid to shareholders (152,874 ) — — (152,874 ) Net cash provided (used) by financing activities 127,880 31,294 (7,333 ) 151,841 Effect of exchange rate changes on cash — 47 (227 ) (180 ) Net increase (decrease) in cash and cash equivalents (891 ) (855 ) 2,174 428 Cash and cash equivalents at beginning of the period 449 2,727 4,782 7,958 Cash and cash equivalents at end of the period $ (442 ) $ 1,872 $ 6,956 $ 8,386

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)properties	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)segmentproperties	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Mar. 31, 2015USD ($)
Allowance for Loan and Lease Losses, Write-offs			$ 3,800
Loss Contingency, Estimate of Possible Loss	$ 7,900		$ 7,900			$ 7,900
Operating Segments
Number of Reportable Operating Segments | segment			4
Revenue Recognition [Abstract]
Percentage rents			$ 1,800	$ 1,700
Mortgage And Other Participating Interest Income			1,500	1,400
Gain (Loss) on Contract Termination			127	100
Concentrations of Risk [Abstract]
Rental revenue	85,706	$ 74,410	240,306	210,759
Total revenue	108,335	98,738	309,029	280,381
Share-based Compensation [Abstract]
Share based compensation			$ 6,218	6,984
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			$ 2,200
Share-based compensation expense included in retirement severance expense			6,377	0
Retirement severance expense	$ 0	$ 0	$ 18,578	0
American Multi-Cinema, Inc. [Member]
Concentrations of Risk [Abstract]
Percent of megaplex theatre rental leased by AMC			26.00%
Rental revenue			$ 64,300	$ 65,500
Percentage of lease revenue in total revenue			21.00%	23.00%
ONTARIO | Entertainment Retail Center Properties [Member]
Concentrations of Risk [Abstract]
Number of real estate properties (in properties) | properties	4		4
ONTARIO | Four Entertainment Retail Centers [Member]
Concentrations of Risk [Abstract]
Percentage of lease revenue in total revenue			8.00%	11.00%
Total revenue			$ 25,500	$ 30,200
Net assets of wholly owned subsidiaries	$ 175,700		$ 175,700		$ 200,400
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		$ 6,500			6,500
Loss Contingency, Accrual, Current	$ 1,400		$ 1,400			$ 1,400
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] | Minimum [Member]
Rental Properties [Abstract]
Estimated useful live of buildings (in years)			30 years
Building [Member] | Maximum [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			$ 830	1,100
Restricted Stock [Member]
Share-based Compensation [Abstract]
Share based compensation expense related to employees and trustees			$ 4,600	5,100
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			$ 784	$ 797
Chief Executive Officer [Member] | Accelerated Vesting of Shares [Member] | Employee Severance [Member] | Share Options [Member]
Share-based Compensation [Abstract]
Retirement severance expense			1,400
Chief Executive Officer [Member] | Accelerated Vesting of Shares [Member] | Employee Severance [Member] | Nonvested Shares [Member]
Share-based Compensation [Abstract]
Retirement severance expense			$ 5,000

Rental Properties (Summary Of C

Rental Properties (Summary Of Carrying Amounts Of Rental Properties) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Real Estate Properties [Line Items]
Carrying amounts of rental properties	$ 3,450,828		$ 2,917,194
Accumulated depreciation	(511,949)		(465,660)
Total	2,938,879		2,451,534
Depreciation expense on rental properties	62,000	$ 46,000
Building and improvements [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	2,751,714		2,273,430
Furniture, fixtures & equipment [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	33,099		25,922
Land [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	$ 666,015		$ 617,842

Investments and Dispositions (D

Investments and Dispositions (Details)	May. 22, 2015USD ($)	Jan. 27, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)segmentproperties	Sep. 30, 2014USD ($)
Real Estate Properties [Line Items]
Nonmonetary Transaction, Gain (Loss) Recognized on Transfer					$ 0
Proceeds from Sale of Property, Plant, and Equipment	$ 4,700,000
Payments to Acquire Productive Assets					$ 509,500,000
Number of Reportable Operating Segments | segment					4
Gain (loss) on sale of real estate			$ (95,000)	$ 0	$ 23,829,000	$ 330,000
Entertainment Reportable Operating Segment [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets					$ 82,900,000
Entertainment Reportable Operating Segment [Member] | Theatre Properties [Member]
Real Estate Properties [Line Items]
Number of properties acquired (in properties) | properties					3
Proceeds from Sale of Property, Plant, and Equipment		$ 42,700,000			$ 2,200,000
number of development properties | properties					7
Gain (loss) on sale of real estate		$ 23,700,000			$ 100,000
Entertainment Reportable Operating Segment [Member] | Theatre Redevelopment Properties [Member]
Real Estate Properties [Line Items]
number of development properties | properties					2
Entertainment Reportable Operating Segment [Member] | Entertainment Retail Center Properties [Member]
Real Estate Properties [Line Items]
number of development properties | properties					5
Education Reportable Operating Segment [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets					$ 219,800,000
Education Reportable Operating Segment [Member] | Public Charter School Property Member
Real Estate Properties [Line Items]
Number of properties acquired (in properties) | properties					2
Proceeds from Sale of Property, Plant, and Equipment					$ 1,100,000
number of development properties | properties					27
Gain (loss) 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 | properties					4
Education Reportable Operating Segment [Member] | early childhood education center [Member]
Real Estate Properties [Line Items]
number of development properties | properties					26
Recreation Reportable Operating Segment [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets					$ 198,100,000
Recreation Reportable Operating Segment [Member] | TopGolf [Member]
Real Estate Properties [Line Items]
number of development properties | properties					15
Recreation Reportable Operating Segment [Member] | Ski Resorts [Member]
Real Estate Properties [Line Items]
Number of properties acquired (in properties) | properties					1
Other Reportable Operating Segment [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets					$ 8,700,000

Accounts Receivable, Net (Sched

Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Straight-line rent receivable	$ 49,294	$ 41,529
Allowance for doubtful accounts	(3,254)	(1,554)
Total	56,006	47,282
Tenants [Member]
Carrying amounts of accounts receivable	9,856	6,705
Non-Tenants [Member]
Carrying amounts of accounts receivable	$ 110	$ 602

Investments In Direct Financi41

Investments In Direct Financing Lease (Narrative) (Details)	May. 22, 2015USD ($)properties	Sep. 30, 2015USD ($)yearsproperties	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)properties	May. 21, 2015USD ($)
number of properties sold | properties	1
Net Investment in Direct Financing and Sales Type Leases		$ 190,029,000		$ 199,332,000	$ 4,700,000
originalacquisitioncost					$ 4,100,000
Capital Leases, Net Investment in Direct Financing Leases, Initial Direct Costs		1,400,000		1,500,000
Allowance for lease losses		0		$ 0
Payments to Acquire Productive Assets		509,500,000
Proceeds from Sale of Property, Plant, and Equipment	$ 4,700,000
Gain (Loss) on Disposition of Property Plant Equipment	$ 0
Gain (Loss) on Contract Termination		$ 127,000	$ 100,000
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 September 30, 2015 are as follows (in thousands): Amount Year: 2015 $ 4,853 2016 19,787 2017 20,380 2018 20,992 2019 21,622 Thereafter 356,866 Total $ 444,500
Minimum [Member]
Length of lease (in years) | years		17
Maximum [Member]
Length of lease (in years) | years		20
Imagine Schools [Member]
Number of public charter school properties (in properties) | properties		21		23
Gain (Loss) on Contract Termination		$ 0

Investments In Direct Financi42

Investments In Direct Financing Lease (Summary Of Carrying Amounts Of Investment In Direct Financing Lease, Net) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	May. 21, 2015	Dec. 31, 2014
Capital Leases, Net Investment in Direct Financing Leases [Abstract]
Total minimum lease payments receivable		$ 444,500		$ 487,275
Estimated unguaranteed residual value of leased assets		162,669		172,880
Less deferred income	[1]	(417,140)		(460,823)
Investment in a direct financing lease, net		190,029	$ 4,700	199,332
Capital Leases, Net Investment in Direct Financing Leases, Initial Direct Costs		$ 1,400		$ 1,500
[1]	Deferred income is net of $1.4 million and $1.5 million of initial direct costs at September 30, 2015 and December 31, 2014

Investments In Direct Financi43

Investments In Direct Financing Lease (Future Minimum Rentals Receivable) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Capital Leases, Net Investment in Direct Financing Leases [Abstract]
2,015	$ 4,853
2,016	19,787
2,017	20,380
2,018	20,992
2,019	21,622
Thereafter	356,866
Total	$ 444,500	$ 487,275

Debt and Capital Markets (Sched

Debt and Capital Markets (Schedule of Long-term Debt Instruments) (Details) $ in Thousands	Oct. 01, 2015USD ($)shares	Aug. 06, 2015USD ($)properties	Jul. 31, 2015USD ($)properties	Apr. 24, 2015USD ($)	Mar. 06, 2015USD ($)properties	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Jul. 24, 2015USD ($)	Mar. 31, 2015USD ($)	Mar. 16, 2015USD ($)	Dec. 31, 2014shares
Debt Instrument [Line Items]
Costs associated with loan refinancing or payoff						$ 18	$ 0	$ 261	$ 0
Extinguishment of Debt, Amount		$ 61,500	$ 4,800		$ 30,400
Number of Properties Securing Mortgage Note | properties		6	1		1
Common Shares, shares issued | shares						61,498,390		61,498,390					58,952,404
Net proceeds from issuance of common shares								$ 99,760	$ 264,008
Term loan payable, due April 24,2020 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity				$ 350,000
Debt Instrument, Basis Spread on Variable Rate				1.40%
Line of Credit Facility, Amount Outstanding										$ 65,000
Term loan payable, due July 23, 2018 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity											$ 285,000
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
Line of Credit Facility, Amount Outstanding						$ 196,000		$ 196,000
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
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%
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%
Costs associated with loan refinancing or payoff						$ 243
Line of Credit Facility, Current Borrowing Capacity				$ 650,000
Debt Instrument, Basis Spread on Variable Rate				1.25%
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
Line of Credit Facility, Maximum Borrowing Capacity				$ 2,000,000
direct share purchase plan [Member]
Debt Instrument [Line Items]
Common Shares, shares issued | shares						1,862,582		1,862,582
Net proceeds from issuance of common shares						$ 99,400
direct share purchase plan [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Common Shares, shares issued | shares	595,506
Net proceeds from issuance of common shares	$ 31,700

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - SVVI [Member] $ in Millions	Sep. 30, 2015USD ($)
Investment in unconsolidated VIE	$ 201.3
Unconsolidated investment maximum exposure to loss	$ 201.3

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ in Thousands, CAD in Millions	Aug. 12, 2015USD ($)swap_agreements	Sep. 06, 2013USD ($)swap_agreements	Jan. 05, 2012USD ($)swap_agreements	Sep. 30, 2015USD ($)propertiesCAD / $	Sep. 30, 2014USD ($)	Sep. 30, 2015CADCAD / $	Dec. 31, 2014USD ($)	Feb. 28, 2014CADCAD / $
credit risk related contingent features default on debt amount				$ 25,000
Derivative Liability, Fair Value, Gross Liability				8,600			$ 5,100
Derivative Asset				29,900			9,700
Derivative Asset, Fair Value, Gross Asset				38,500			$ 14,800
Proceeds from settlement of derivative				0	$ (5,725)
Cash Flow Hedging [Member]
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months				2,800
Interest Rate Swap [Member]
Number of entered into interest rate swap agreements (in interest rate swaps) | swap_agreements	2	3	3
Amount of hedged term loan			$ 240,000
Derivative fixed interest rate	2.94%	2.38%	2.51%
Derivative, Notional Amount		$ 240,000	$ 240,000
Fair value of derivatives in a liability position				8,600
Assets needed to settle obligations under the agreements				8,800
Interest Rate Risk [Member]
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months				$ 4,600
Cross Currency Swaps [Member]
Net exchange rate, CAD to US dollar | CAD / $				1.05		1.05
Cross Currency Swaps 2018 [Member]
Derivative, Notional Amount				$ 98,100		CAD 100
Currency Forward Agreements [Member] | Net Investment Hedging [Member]
Number of Canadian properties exposed to foreign currency exchange risk (in properties) | properties				4
Derivative, Notional Amount				$ 94,300		CAD 100		CAD 100
Net exchange rate, CAD to US dollar | CAD / $				1.06		1.06
Currency Forward Agreements 2018 [Member] | Net Investment Hedging [Member]
Derivative, Notional Amount | CAD								CAD 88.1
Net exchange rate, CAD to US dollar | CAD / $								1.13
Minimum [Member] | Interest Rate Swap [Member]
Derivative, Notional Amount	$ 60,000
Maximum [Member] | Interest Rate Swap [Member]
Derivative, Notional Amount	$ 300,000

Derivative Instruments (Summary

Derivative Instruments (Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015	Sep. 30, 2014
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	$ 9,690		$ 9,628		$ 20,470	$ 6,644
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	172		(293)		316	(941)
Interest Rate Swap [Member]
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	(490)	[1]	(462)	[1]	(1,375)	(1,371)
Cross Currency Swaps [Member]
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	2,068		2,080		4,622	2,105
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	662	[2]	169	[2]	1,691	430
Currency Forward Agreements [Member]
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	10,719		6,827		20,732	5,876
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	0	[2]	0	[2]	0	0
Interest Expense [Member] | Interest Rate Swap [Member]
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	$ (3,097)		$ 721		$ (4,884)	$ (1,337)
[1]	(1)Included in "Interest expense, net" in the accompanying consolidated statements of income for the three and nine months ended September 30, 2015 and 2014.
[2]	Included in "Other income" in the accompanying consolidated statements of income for the three and nine months ended September 30, 2015 and 2014.

Fair Value Disclosures (Assets

Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Derivative Liability, Fair Value, Gross Liability		$ (8,600)	$ (5,100)
Derivative Asset, Fair Value, Gross Asset		38,500	14,800
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps [Member]
Derivative Asset, Fair Value, Gross Asset	[1]	7,521	4,592
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Asset, Fair Value, Gross Asset	[1]	7,521	4,592
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements [Member]
Derivative Asset, Fair Value, Gross Asset	[1]	30,960	10,227
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Asset, Fair Value, Gross Asset	[1]	30,960	10,227
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Derivative Liability, Fair Value, Gross Liability	[2]	(8,605)	(5,096)
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Liability, Fair Value, Gross Liability	[2]	$ (8,605)	$ (5,096)
[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 ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2014	Sep. 30, 2015	Dec. 31, 2014	May. 21, 2015
Mortgage notes and related accrued interest receivable		$ 455,330	$ 507,955
Investment in a direct financing lease, net		$ 190,029	$ 199,332	$ 4,700
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		$ 2,037,455	$ 1,645,523
Fixed Rate Mortgage Notes Receivable [Member]
Mortgage notes and related accrued interest receivable		$ 455,300	$ 508,000
Weighted average interest rate of mortgage notes receivable		8.98%	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		$ 440,000	$ 488,800
Variable Rate Debt [Member]
Debt		$ 571,000	$ 372,000
Long-term debt, weighted average interest rate		1.47%	1.57%
Variable Rate Converted to Fixed Rate [Member]
Debt		$ 300,000	$ 240,000
Fixed Rate Debt [Member]
Debt		$ 1,470,000	$ 1,270,000
Long-term debt, weighted average interest rate		5.66%	5.94%
Weighted market rate for determining fair value of debt		4.31%	3.76%
Fair value of debt		$ 1,580,000
Long-term Debt, Fair Value			$ 1,380,000
Minimum [Member] | Fixed Rate Mortgage Notes Receivable [Member]
market rate used as discount factor to determine fair value of notes		8.50%	9.00%
Minimum [Member] | Fixed Rate Debt [Member]
market rate used as discount factor to determine fair value of debt		2.76%	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		4.96%	4.56%

Earnings Per Share (Computation

Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic EPS:
Income from continuing operations	$ 50,054	$ 42,708	$ 141,583	$ 123,613
Less: preferred dividend requirements	(5,951)	(5,952)	(17,855)	(17,856)
Income from continuing operations available to common shareholders	$ 44,103	$ 36,756	$ 123,728	$ 105,757
Weighted average number of shares outstanding, basic	58,083	53,792	57,468	53,268
Income from continuing operations, per basic share (in dollars per share)	$ 0.76	$ 0.68	$ 2.15	$ 1.99
Income from discontinued operations available to common shareholders	$ 141	$ (3)	$ 199	$ 3,384
Income from discontinued operations, per basic share (in dollars per share)	$ 0	$ 0	$ 0	$ 0.06
Net income available to common shareholders of EPR Properties	$ 44,244	$ 36,753	$ 123,927	$ 109,141
Net income available to common shareholders (in dollars per share)	$ 0.76	$ 0.68	$ 2.15	$ 2.05
Diluted EPS:
Share options (in shares)	195	209	231	194
Income from continuing operations available to common shareholders, diluted	$ 44,103	$ 36,756	$ 123,728	$ 105,757
Weighted average number of shares outstanding, diluted	58,278	54,001	57,699	53,462
Income from continuing operations, per diluted share (in dollars per share)	$ 0.76	$ 0.68	$ 2.15	$ 1.98
Net Income Loss From Discontinuing Operation Available To Common Stockholders Diluted	$ 141	$ (3)	$ 199	$ 3,384
Income from discontinued operations, per diluted share (in dollars per share)	$ 0	$ 0	$ 0	$ 0.06
Net income available to common shareholders, diluted	$ 44,244	$ 36,753	$ 123,927	$ 109,141
Net income available to common shareholders (in dollars per share)	$ 0.76	$ 0.68	$ 2.15	$ 2.04

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 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	$ 46.86	$ 46.86	$ 51.64	$ 45.20
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 65.50	$ 65.50	$ 65.50	$ 65.50
Series C Cumulative Convertible Preferred Share [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares	2,000	2,000	2,000	2,000
Preferred share dividend percentage	5.75%	5.75%	5.75%	5.75%
Series E Cumulative Convertible Preferred Share [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares	1,600	1,600	1,600	1,600
Preferred share dividend percentage	9.00%	9.00%	9.00%	9.00%
Share Options [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares	323	279	315	378

Chief Executive Officer Retir52

Chief Executive Officer Retirement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Retirement severance expense	$ 0	$ 0	$ 18,578	$ 0
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 ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	May. 09, 2007
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			(438,236)
Number of Shares, Granted			121,546
Number of Shares, Outstanding at End of Period	554,469		554,469
Average Exercise Price, Outstanding at Beginning of Period	$ 47.90		$ 47.90		$ 42.48
Average Exercise Price, Exercised			37.12
Average Exercise Price, Granted			61.79
Average Exercise Price, Outstanding at End of Period	$ 47.90		47.90		42.48
Weighted average fair value of options granted			$ 16.35	$ 13.87
Intrinsic value of stock options exercised			$ 6,700	$ 300
Repurchase of treasury stock (in shares)			371,343
Repurchase of treasury stock, value			$ 19,500
Share based compensation expenses recognized in future periods			2,200
Retirement severance expense	$ 0	$ 0	$ 18,578	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period			79,055
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price			$ 63.88
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	$ 19.02		$ 19.02		18.18
Option Price Per Share, Exercised			18.18
Option Price Per Share, Granted			61.79
Option Price Per Share, Outstanding at End of Period	19.02		19.02		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		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		$ 65.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Price Per Share			$ 65.50
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			$ 2,200
Stock-option expense			$ 830	$ 1,100
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)	1,066,138		1,066,138

Equity Incentive Plans (Summa54

Equity Incentive Plans (Summary Of Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 46.86	$ 46.86	$ 51.64	$ 45.20
Exercise price range, upper limit	$ 65.50	$ 65.50	$ 65.50	$ 65.50
Options outstanding (in shares)	554,469		554,469		950,214
Weighted avg. life remaining (in years)			5 years 7 months
Weighted avg. exercise price	$ 47.90		$ 47.90		$ 42.48
Aggregate intrinsic value	$ 3,557		$ 3,557
$18.18 - 19.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit			$ 19.02
Exercise price range, upper limit			$ 19.99
Options outstanding (in shares)	61,097		61,097
Weighted avg. life remaining (in years)			3 years 7 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)	12,196		12,196
Weighted avg. life remaining (in years)			4 years 5 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)	235,593		235,593
Weighted avg. life remaining (in years)			4 years 7 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)	111,917		111,917
Weighted avg. life remaining (in years)			7 years 9 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)	133,666		133,666
Weighted avg. life remaining (in years)			6 years 8 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 (Summa55

Equity Incentive Plans (Summary Of Exercisable Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 46.86	$ 46.86	$ 51.64	$ 45.20
Exercise price range, upper limit	$ 65.50	$ 65.50	$ 65.50	$ 65.50
Options outstanding (in shares)	343,343		343,343
Weighted avg. life remaining (in years)			3 years 11 months
Weighted avg. exercise price	$ 43.54		$ 43.54
Aggregate intrinsic value	$ 3,347		$ 3,347
$18.18 - 19.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit			$ 19.02
Exercise price range, upper limit			$ 19.99
Options outstanding (in shares)	61,097		61,097
Weighted avg. life remaining (in years)			3 years 7 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)	12,196		12,196
Weighted avg. life remaining (in years)			4 years 5 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)	192,222		192,222
Weighted avg. life remaining (in years)			4 years 1 month
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)	32,518		32,518
Weighted avg. life remaining (in years)			6 years 11 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)	45,310		45,310
Weighted avg. life remaining (in years)			1 year 4 months

Equity Incentive Plans (Summa56

Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 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	390,441
Number of Shares, Granted	218,285
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2012	$ 49.29
Weighted Average Grant Date Fair Value, Granted	60.69
Weighted Average Grant Date Fair Value, Vested	50.37
Weighted Average Grant Date Fair Value, Outstanding at March 31, 2013	$ 54.84
Weighted Average Life Remaining, Outstanding at March 31, 2013 (in years)	1 year 1 month 18 days
Share based compensation, future vesting period minimum (in years)	4 years
Fair value of non-vested shares	$ 17.1	$ 7.3
Unamortized share-based compensation expense	$ 13.7
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	808
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 54.69
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	$ 6.7

Equity Incentive Plans (Summa57

Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
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 | shares	468,451
Number of Shares, Granted | shares	218,285
Number of Shares, Vested | shares	(295,487)
Number of Shares, Outstanding at March 31, 2013 | shares	390,441
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2012	$ 49.29
Weighted Average Grant Date Fair Value, Granted	60.69
Weighted Average Grant Date Fair Value, Vested	50.37
Weighted Average Grant Date Fair Value, Outstanding at March 31, 2013	$ 54.84
Weighted Average Life Remaining, Outstanding at March 31, 2013 (in years)	1 year 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 | $	$ 13,700
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 | shares	19,685
Number of Shares, Granted | shares	18,036
Number of Shares, Vested | shares	(19,685)
Number of Shares, Outstanding at March 31, 2013 | shares	18,036
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2012	$ 53.55
Weighted Average Grant Date Fair Value, Granted	57.57
Weighted Average Grant Date Fair Value, Vested	53.55
Weighted Average Grant Date Fair Value, Outstanding at March 31, 2013	$ 57.57
Weighted Average Life Remaining, Outstanding at March 31, 2013 (in years)	7 months 12 days
Range of settlement date for shares for non-employee trustee from grant date, minimum (in years)	1 year
Unamortized share-based compensation expense | $	$ 606

Discontinued Operations (Operat

Discontinued Operations (Operating Results Relating To Assets Disposed) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental revenue	$ 0	$ 0	$ 0	$ 3
Tenant reimbursements	0	0	68	0
Discontinued Operation, Amount of Other Income (Loss) from Disposition of Discontinued Operation, Net of Tax	172	0	172	0
Total revenue	172	0	240	3
Property operating expense	2	3	12	13
Other expense (benefit)	0	0	0	(18)
Transaction (costs) benefit	0	0	0	3,376
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax	170	(3)	228	3,384
Discontinued Operation, Tax Effect of Discontinued Operation	29	0	29	0
Net income	$ 141	$ (3)	$ 199	$ 3,384

Other Commitments And Conting59

Other Commitments And Contingencies (Details)	Oct. 20, 2011USD ($)	Sep. 30, 2015USD ($)mortgagenotesdevelopmentproject
Commitment to fund project development		$ 259,700,000
Number of Mortgage Notes Receivable (in mortgage notes) | mortgagenotes		4
Mortgage notes receivable with commitments		$ 43,800,000
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) | developmentproject		8
Commitment to fund project development		$ 23,500,000
recreationproperties [Member]
Development projects in process (in projects) | developmentproject		3
Commitment to fund project development		$ 30,600,000
Public Charter School Property Member
Development projects in process (in projects) | developmentproject		27
Commitment to fund project development		$ 205,600,000
Louisiana Theatre Properties [Member]
Development projects in process (in projects) | developmentproject		2
Economic development revenue bond term		30 years
Deferred assets related to guarantee		$ 9,700,000
Deferred liabilities related to guarantee		9,700,000
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 She

Segment Information Balance Sheet Data (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)segment	Dec. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Operating Segments | segment	4
Total Assets	$ 4,201,105	$ 3,702,048
Entertainment Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	2,004,372	2,017,543
Education Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	973,216	734,512
Recreation Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	910,798	696,931
Other Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	228,262	206,795
Corporate / Unallocated
Segment Reporting Information [Line Items]
Total Assets	$ 84,457	$ 46,267

Segment Information Operating D

Segment Information Operating Data (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Rental revenue	$ 85,706	$ 74,410	$ 240,306	$ 210,759
Tenant reimbursements	3,718	4,486	11,986	13,355
Other income	718	345	2,416	706
Mortgage and other financing income	18,193	19,497	54,321	55,561
Total revenue	108,335	98,738	309,029	280,381
Property operating expense	5,496	5,948	17,623	17,936
Other expense	221	248	533	566
Total investment expenses	5,717	6,196	18,156	18,502
Net Operating Income - Before Unallocated Items	102,618	92,542	290,873	261,879
Reconciliation to Consolidated Statements of Income:
General and administrative expense	(7,482)	(6,719)	(22,920)	(21,260)
Retirement severance expense	0	0	(18,578)	0
Costs associated with loan refinancing	(18)	0	(261)	0
Interest expense, net	(20,529)	(20,801)	(59,123)	(61,254)
Transaction costs	(783)	(369)	(6,818)	(1,321)
Provision for loan loss	0	(3,777)	0	(3,777)
Depreciation and amortization	(23,498)	(17,421)	(64,702)	(48,750)
Equity in income from joint ventures	339	300	701	878
Gain on sale of investment in a direct financing lease	0	0	0	220
Income Tax Expense (Benefit)	(498)	(1,047)	(1,418)	(3,332)
Income (loss) from discontinued operations	(141)	3	(199)	(8)
Transaction (costs) benefit	0	0	0	3,376
Net income attributable to EPR Properties	50,195	42,705	141,782	126,997
Preferred dividend requirements	(5,951)	(5,952)	(17,855)	(17,856)
Net income available to common shareholders of EPR Properties	44,244	36,753	123,927	109,141
Gain (loss) on sale of real estate	(95)	0	23,829	330
Entertainment Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Rental revenue	59,637	60,616	179,407	176,940
Tenant reimbursements	3,718	4,486	12,009	13,355
Other income	1	5	504	(7)
Mortgage and other financing income	1,782	1,789	5,346	5,279
Total revenue	65,138	66,896	197,266	195,567
Property operating expense	5,413	5,759	17,399	17,413
Other expense	0	0	0	0
Total investment expenses	5,413	5,759	17,399	17,413
Net Operating Income - Before Unallocated Items	59,725	61,137	179,867	178,154
Education Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Rental revenue	13,990	7,490	34,887	18,486
Tenant reimbursements	0	0	0	0
Other income	0	0	0	0
Mortgage and other financing income	7,479	7,561	23,056	23,779
Total revenue	21,469	15,051	57,943	42,265
Property operating expense	0	0	0	0
Other expense	0	0	0	0
Total investment expenses	0	0	0	0
Net Operating Income - Before Unallocated Items	21,469	15,051	57,943	42,265
Recreation Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Rental revenue	12,079	6,069	26,012	14,528
Tenant reimbursements	0	0	0	0
Other income	0	0	0	0
Mortgage and other financing income	8,835	10,050	25,629	26,212
Total revenue	20,914	16,119	51,641	40,740
Property operating expense	0	0	0	0
Other expense	0	0	0	0
Total investment expenses	0	0	0	0
Net Operating Income - Before Unallocated Items	20,914	16,119	51,641	40,740
Other Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Rental revenue	0	235	0	805
Tenant reimbursements	0	0	(23)	0
Other income	55	191	118	284
Mortgage and other financing income	97	97	290	291
Total revenue	152	523	385	1,380
Property operating expense	83	189	224	523
Other expense	221	248	533	566
Total investment expenses	304	437	757	1,089
Net Operating Income - Before Unallocated Items	(152)	86	(372)	291
Corporate / Unallocated
Segment Reporting Information [Line Items]
Rental revenue	0	0	0	0
Tenant reimbursements	0	0	0	0
Other income	662	149	1,794	429
Mortgage and other financing income	0	0	0	0
Total revenue	662	149	1,794	429
Property operating expense	0	0	0	0
Other expense	0	0	0	0
Total investment expenses	0	0	0	0
Net Operating Income - Before Unallocated Items	$ 662	$ 149	$ 1,794	$ 429

Condensed Consolidating Finan62

Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	May. 21, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Rental properties, net	$ 2,938,879		$ 2,451,534
Land held for development	30,501		206,001
Property under development	374,533		181,798
Mortgage notes and related accrued interest receivable	455,330		507,955
Investment in a direct financing lease, net	190,029	$ 4,700	199,332
Investment in joint ventures	6,439		5,738
Cash and cash equivalents	14,614		3,336	$ 8,386	$ 8,386	$ 7,958
Restricted cash	21,949		13,072
Deferred financing costs, net	24,261		19,909
Accounts receivable, net	56,006		47,282
Intercompany notes receivable	0		0
Investments in subsidiaries	0		0
Other assets	88,564		66,091
Total assets	4,201,105		3,702,048
Accounts payable and accrued liabilities	98,736		82,180
Dividends payable	23,847		22,233
Unearned rents and interest	51,996		25,623
Intercompany notes payable	0		0
Debt	2,037,455		1,645,523
Total liabilities	2,212,034		1,775,559
EPR Properties shareholders’ equity	1,988,694		1,926,112
Noncontrolling interests	377		377
Total equity	1,989,071		1,926,489
Total liabilities and equity	4,201,105		3,702,048
EPR Properties (Issuer) [Member]
Rental properties, net	0		0
Land held for development	0		0
Property under development	5		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	11,378		(1,234)	(442)		449
Restricted cash	1,277		1,000
Deferred financing costs, net	23,986		15,224
Accounts receivable, net	183		90
Intercompany notes receivable	0		0
Investments in subsidiaries	3,718,967		3,115,572
Other assets	18,988		21,272
Total assets	3,774,784		3,151,924
Accounts payable and accrued liabilities	41,243		42,829
Dividends payable	23,847		22,233
Unearned rents and interest	0		750
Intercompany notes payable	0		0
Debt	1,721,000		1,160,000
Total liabilities	1,786,090		1,225,812
EPR Properties shareholders’ equity	1,988,694		1,926,112
Noncontrolling interests	0		0
Total equity	1,988,694		1,926,112
Total liabilities and equity	3,774,784		3,151,924
Wholly-Owned Subsidiary Guarantors [Member]
Rental properties, net	2,394,449		1,872,053
Land held for development	2,274		0
Property under development	166,431		175,439
Mortgage notes and related accrued interest receivable	435,024		412,625
Investment in a direct financing lease, net	190,029		199,332
Investment in joint ventures	0		0
Cash and cash equivalents	719		1,487	1,872		2,727
Restricted cash	18,752		10,466
Deferred financing costs, net	0		4,199
Accounts receivable, net	44,347		34,414
Intercompany notes receivable	175,757		0
Investments in subsidiaries	0		0
Other assets	11,303		9,151
Total assets	3,439,085		2,719,166
Accounts payable and accrued liabilities	52,579		32,613
Dividends payable	0		0
Unearned rents and interest	44,077		20,295
Intercompany notes payable	0		0
Debt	0		160,310
Total liabilities	96,656		213,218
EPR Properties shareholders’ equity	3,342,429		2,505,948
Noncontrolling interests	0		0
Total equity	3,342,429		2,505,948
Total liabilities and equity	3,439,085		2,719,166
Non-Guarantor Subsidiaries [Member]
Rental properties, net	544,430		579,481
Land held for development	28,227		206,001
Property under development	208,097		6,359
Mortgage notes and related accrued interest receivable	20,306		95,330
Investment in a direct financing lease, net	0		0
Investment in joint ventures	6,439		5,738
Cash and cash equivalents	2,517		3,083	$ 6,956		$ 4,782
Restricted cash	1,920		1,606
Deferred financing costs, net	275		486
Accounts receivable, net	11,476		12,778
Intercompany notes receivable	0		175,757
Investments in subsidiaries	0		0
Other assets	58,273		35,668
Total assets	881,960		1,122,287
Accounts payable and accrued liabilities	4,914		6,738
Dividends payable	0		0
Unearned rents and interest	7,919		4,578
Intercompany notes payable	175,757		175,757
Debt	316,455		325,213
Total liabilities	505,045		512,286
EPR Properties shareholders’ equity	376,538		609,624
Noncontrolling interests	377		377
Total equity	376,915		610,001
Total liabilities and equity	881,960		1,122,287
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	(3,718,967)		(3,115,572)
Other assets	0		0
Total assets	(3,894,724)		(3,291,329)
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	(3,718,967)		(3,115,572)
Noncontrolling interests	0		0
Total equity	(3,718,967)		(3,115,572)
Total liabilities and equity	$ (3,894,724)		$ (3,291,329)

Condensed Consolidating Finan63

Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Rental revenue	$ 85,706	$ 74,410	$ 240,306	$ 210,759
Tenant reimbursements	3,718	4,486	11,986	13,355
Other income	718	345	2,416	706
Mortgage and other financing income	18,193	19,497	54,321	55,561
Intercompany fee income	0	0	0	0
Interest income on intercompany notes receivable	0	0	0	0
Total revenue	108,335	98,738	309,029	280,381
Equity in subsidiaries' earnings	0	0	0	0
Property operating expense	5,496	5,948	17,623	17,936
Intercompany fee expense	0	0	0	0
Other expense	221	248	533	566
General and administrative expense	7,482	6,719	22,920	21,260
Retirement severance expense	0	0	18,578	0
Costs associated with loan refinancing or payoff	18	0	261	0
Interest expense, net	20,529	20,801	59,123	61,254
Interest expense on intercompany notes payable	0	0	0	0
Transaction costs	783	369	6,818	1,321
Provision for loan loss	0	3,777	0	3,777
Depreciation and amortization	23,498	17,421	64,702	48,750
Income before equity in income from joint ventures and other items	50,308	43,455	118,471	125,517
Equity in income from joint ventures	339	300	701	878
Gain (loss) on sale of real estate	(95)	0	23,829	330
gain on sale of investment in a direct financing lease	0	0	0	220
Income before income taxes	50,552	43,755	143,001	126,945
Income tax expense	498	1,047	1,418	3,332
Income from continuing operations	50,054	42,708	141,583	123,613
Income (loss) from discontinued operations	141	(3)	199	8
Transaction (costs) benefit	0	0	0	3,376
Net income attributable to EPR Properties	50,195	42,705	141,782	126,997
Net income attributable to EPR Properties	50,195	42,705	141,782	126,997
Dividends, Preferred Stock	(5,951)	(5,952)	(17,855)	(17,856)
Net income available to common shareholders of EPR Properties	44,244	36,753	123,927	109,141
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	47,315	42,036	134,626	123,361
EPR Properties (Issuer) [Member]
Rental revenue	0	0	0	0
Tenant reimbursements	0	0	0	0
Other income	0	0	0	0
Mortgage and other financing income	212	187	636	562
Intercompany fee income	665	788	2,062	2,366
Interest income on intercompany notes receivable	0	0	111	0
Total revenue	877	975	2,809	2,928
Equity in subsidiaries' earnings	71,740	58,203	224,052	172,970
Property operating expense	0	0	0	(1)
Intercompany fee expense	0	0	0	0
Other expense	0	0	0	0
General and administrative expense	0	0	0	0
Retirement severance expense			18,578
Costs associated with loan refinancing or payoff	0		243
Interest expense, net	20,843	15,787	57,027	47,222
Interest expense on intercompany notes payable	0	0	0	0
Transaction costs	746	292	6,482	483
Provision for loan loss		0		0
Depreciation and amortization	422	274	1,200	823
Income before equity in income from joint ventures and other items	50,606	42,825	143,331	127,371
Equity in income from joint ventures	0	0	0	0
Gain (loss) on sale of real estate	0		0	0
gain on sale of investment in a direct financing lease				0
Income before income taxes	50,606	42,825	143,331	127,371
Income tax expense	411	120	1,549	374
Income from continuing operations	50,195	42,705	141,782	126,997
Income (loss) from discontinued operations	0	0	0	0
Transaction (costs) benefit				0
Net income attributable to EPR Properties	50,195	42,705	141,782	126,997
Dividends, Preferred Stock	(5,951)	(5,952)	(17,855)	(17,856)
Net income available to common shareholders of EPR Properties	44,244	36,753	123,927	109,141
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	47,315	42,036	134,626	123,361
Wholly-Owned Subsidiary Guarantors [Member]
Rental revenue	67,640	54,798	184,790	155,279
Tenant reimbursements	1,254	1,405	3,928	3,958
Other income	1	0	3	1
Mortgage and other financing income	16,558	17,539	46,862	50,622
Intercompany fee income	0	0	0	0
Interest income on intercompany notes receivable	2,390	0	7,339	0
Total revenue	87,843	73,742	242,922	209,860
Equity in subsidiaries' earnings	0	0	0	0
Property operating expense	2,694	2,618	8,612	7,701
Intercompany fee expense	0	0	0	0
Other expense	0	0	0	0
General and administrative expense	5,910	4,726	17,554	14,842
Retirement severance expense			0
Costs associated with loan refinancing or payoff	18		18
Interest expense, net	(2,227)	838	(3,608)	2,686
Interest expense on intercompany notes payable	0	0	0	0
Transaction costs	0	0	0	0
Provision for loan loss		0		0
Depreciation and amortization	19,151	12,541	51,544	35,386
Income before equity in income from joint ventures and other items	62,297	53,019	168,802	149,245
Equity in income from joint ventures	0	0	0	0
Gain (loss) on sale of real estate	(95)		23,653	0
gain on sale of investment in a direct financing lease				220
Income before income taxes	62,202	53,019	192,455	149,465
Income tax expense	0	0	0	0
Income from continuing operations	62,202	53,019	192,455	149,465
Income (loss) from discontinued operations	141	(3)	199	(10)
Transaction (costs) benefit				3,376
Net income attributable to EPR Properties	62,343	53,016	192,654	152,831
Dividends, Preferred Stock	0	0	0	0
Net income available to common shareholders of EPR Properties	62,343	53,016	192,654	152,831
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	62,340	53,016	192,603	152,974
Non-Guarantor Subsidiaries [Member]
Rental revenue	18,066	19,612	55,516	55,480
Tenant reimbursements	2,464	3,081	8,058	9,397
Other income	717	345	2,413	705
Mortgage and other financing income	1,423	1,771	6,823	4,377
Intercompany fee income	0	0	0	0
Interest income on intercompany notes receivable	0	5,961	0	19,067
Total revenue	22,670	30,770	72,810	89,026
Equity in subsidiaries' earnings	0	0	0	0
Property operating expense	2,802	3,330	9,011	10,236
Intercompany fee expense	665	788	2,062	2,366
Other expense	221	248	533	566
General and administrative expense	1,572	1,993	5,366	6,418
Retirement severance expense			0
Costs associated with loan refinancing or payoff	0		0
Interest expense, net	1,913	4,176	5,704	11,346
Interest expense on intercompany notes payable	2,390	5,961	7,450	19,067
Transaction costs	37	77	336	838
Provision for loan loss		3,777		3,777
Depreciation and amortization	3,925	4,606	11,958	12,541
Income before equity in income from joint ventures and other items	9,145	5,814	30,390	21,871
Equity in income from joint ventures	339	300	701	878
Gain (loss) on sale of real estate	0		176	330
gain on sale of investment in a direct financing lease				0
Income before income taxes	9,484	6,114	31,267	23,079
Income tax expense	87	927	(131)	2,958
Income from continuing operations	9,397	5,187	31,398	20,121
Income (loss) from discontinued operations	0	0	0	18
Transaction (costs) benefit				0
Net income attributable to EPR Properties	9,397	5,187	31,398	20,139
Dividends, Preferred Stock	0	0	0	0
Net income available to common shareholders of EPR Properties	9,397	5,187	31,398	20,139
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	9,299	3,336	27,973	16,326
Consolidated Elimination [Member]
Rental revenue	0	0	0	0
Tenant reimbursements	0	0	0	0
Other income	0	0	0	0
Mortgage and other financing income	0	0	0	0
Intercompany fee income	(665)	(788)	(2,062)	(2,366)
Interest income on intercompany notes receivable	(2,390)	(5,961)	(7,450)	(19,067)
Total revenue	(3,055)	(6,749)	(9,512)	(21,433)
Equity in subsidiaries' earnings	(71,740)	(58,203)	(224,052)	(172,970)
Property operating expense	0	0	0	0
Intercompany fee expense	(665)	(788)	(2,062)	(2,366)
Other expense	0	0	0	0
General and administrative expense	0	0	0	0
Retirement severance expense			0
Costs associated with loan refinancing or payoff	0		0
Interest expense, net	0	0	0	0
Interest expense on intercompany notes payable	(2,390)	(5,961)	(7,450)	(19,067)
Transaction costs	0	0	0	0
Provision for loan loss		0		0
Depreciation and amortization	0	0	0	0
Income before equity in income from joint ventures and other items	(71,740)	(58,203)	(224,052)	(172,970)
Equity in income from joint ventures	0	0	0	0
Gain (loss) on sale of real estate	0		0	0
gain on sale of investment in a direct financing lease				0
Income before income taxes	(71,740)	(58,203)	(224,052)	(172,970)
Income tax expense	0	0	0	0
Income from continuing operations	(71,740)	(58,203)	(224,052)	(172,970)
Income (loss) from discontinued operations	0	0	0	0
Transaction (costs) benefit				0
Net income attributable to EPR Properties	(71,740)	(58,203)	(224,052)	(172,970)
Dividends, Preferred Stock	0	0	0	0
Net income available to common shareholders of EPR Properties	(71,740)	(58,203)	(224,052)	(172,970)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (71,639)	$ (56,352)	$ (220,576)	$ (169,300)

Condensed Consolidating Finan64

Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Intercompany fee income (expense)	$ 0	$ 0
Interest income (expense) on intercompany receivable/payable	0	0
Net cash provided (used) by other operating activities	184,308	168,099
Net operating cash provided by continuing operations	184,308	168,099
Cash Provided by (Used in) Operating Activities, Discontinued Operations	514	109
Net cash provided by operating activities	184,822	168,208
Acquisition of rental properties and other assets	(136,029)	(56,385)
Proceeds from sale of real estate	45,992	3,647
Proceeds from settlement of derivative	0	5,725
Investment in mortgage notes receivable	(62,936)	(57,922)
Proceeds from mortgage note receivable paydown	975	317
Investment in promissory notes receivable	0	(4,387)
Proceeds from Sale of Lease Receivables	4,741	46,092
Additions to properties under development	(324,859)	(256,528)
Advances to subsidiaries, net	0	0
Net cash used by investing activities	(472,116)	(319,441)
Proceeds from long-term debt facilities	803,914	265,000
Principal payments on long-term debt	(413,069)	(220,566)
Deferred financing fees paid	(6,952)	(808)
Net proceeds from issuance of common shares	99,760	264,008
Impact of stock option exercises, net	(3,192)	(27)
Purchase of common shares for treasury	(8,222)	(2,892)
Dividends paid to shareholders	(172,926)	(152,874)
Net cash provided (used) by financing activities	299,313	151,841
Effect of exchange rate changes on cash	(741)	(180)
Net increase (decrease) in cash and cash equivalents	11,278	428
Cash and cash equivalents at beginning of the year	3,336	7,958
Cash and cash equivalents at end of the year	14,614	8,386
EPR Properties (Issuer) [Member]
Intercompany fee income (expense)	2,062	2,366
Interest income (expense) on intercompany receivable/payable	111	0
Net cash provided (used) by other operating activities	(83,543)	(59,343)
Net operating cash provided by continuing operations	(81,370)	(56,977)
Cash Provided by (Used in) Operating Activities, Discontinued Operations	0	0
Net cash provided by operating activities	(81,370)	(56,977)
Acquisition of rental properties and other assets	(392)	(283)
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
Proceeds from Sale of Lease Receivables	0	0
Additions to properties under development	(5)	(821)
Advances to subsidiaries, net	(374,011)	(70,690)
Net cash used by investing activities	(374,408)	(71,794)
Proceeds from long-term debt facilities	648,914	20,000
Principal payments on long-term debt	(89,000)	0
Deferred financing fees paid	(6,944)	(335)
Net proceeds from issuance of common shares	99,760	264,008
Impact of stock option exercises, net	(3,192)	(27)
Purchase of common shares for treasury	(8,222)	(2,892)
Dividends paid to shareholders	(172,926)	(152,874)
Net cash provided (used) by financing activities	468,390	127,880
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	12,612	(891)
Cash and cash equivalents at beginning of the year	(1,234)	449
Cash and cash equivalents at end of the year	11,378	(442)
Wholly-Owned Subsidiary Guarantors [Member]
Intercompany fee income (expense)	0	0
Interest income (expense) on intercompany receivable/payable	7,339	0
Net cash provided (used) by other operating activities	217,884	180,072
Net operating cash provided by continuing operations	225,223	180,072
Cash Provided by (Used in) Operating Activities, Discontinued Operations	514	41
Net cash provided by operating activities	225,737	180,113
Acquisition of rental properties and other assets	(135,627)	(30,288)
Proceeds from sale of real estate	44,911	0
Proceeds from settlement of derivative		0
Investment in mortgage notes receivable	(18,073)	(21,808)
Proceeds from mortgage note receivable paydown	975	317
Investment in promissory notes receivable		(721)
Proceeds from Sale of Lease Receivables	4,741	46,092
Additions to properties under development	(300,270)	(246,066)
Advances to subsidiaries, net	337,166	40,165
Net cash used by investing activities	(66,177)	(212,309)
Proceeds from long-term debt facilities	155,000	245,000
Principal payments on long-term debt	(315,310)	(213,431)
Deferred financing fees paid	(6)	(275)
Net proceeds from issuance of common shares	0	0
Impact of stock option exercises, net	0	0
Purchase of common shares for treasury	0	0
Dividends paid to shareholders	0	0
Net cash provided (used) by financing activities	(160,316)	31,294
Effect of exchange rate changes on cash	(12)	47
Net increase (decrease) in cash and cash equivalents	(768)	(855)
Cash and cash equivalents at beginning of the year	1,487	2,727
Cash and cash equivalents at end of the year	719	1,872
Non-Guarantor Subsidiaries [Member]
Intercompany fee income (expense)	(2,062)	(2,366)
Interest income (expense) on intercompany receivable/payable	(7,450)	0
Net cash provided (used) by other operating activities	49,967	47,370
Net operating cash provided by continuing operations	40,455	45,004
Cash Provided by (Used in) Operating Activities, Discontinued Operations	0	68
Net cash provided by operating activities	40,455	45,072
Acquisition of rental properties and other assets	(10)	(25,814)
Proceeds from sale of real estate	1,081	3,647
Proceeds from settlement of derivative		5,725
Investment in mortgage notes receivable	(44,863)	(36,114)
Proceeds from mortgage note receivable paydown	0	0
Investment in promissory notes receivable		(3,666)
Proceeds from Sale of Lease Receivables	0	0
Additions to properties under development	(24,584)	(9,641)
Advances to subsidiaries, net	36,845	30,525
Net cash used by investing activities	(31,531)	(35,338)
Proceeds from long-term debt facilities	0	0
Principal payments on long-term debt	(8,759)	(7,135)
Deferred financing fees paid	(2)	(198)
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	(8,761)	(7,333)
Effect of exchange rate changes on cash	(729)	(227)
Net increase (decrease) in cash and cash equivalents	(566)	2,174
Cash and cash equivalents at beginning of the year	3,083	4,782
Cash and cash equivalents at end of the year	$ 2,517	$ 6,956

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ in Thousands	Oct. 13, 2015	Sep. 30, 2015	Sep. 30, 2014
Subsequent Event [Line Items]
Proceeds from mortgage note receivable paydown		$ 975	$ 317
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from mortgage note receivable paydown	$ 45,000
Increase (Decrease) in Notes Receivables	$ 22,500