EPR Properties (EPR) 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2016	Apr. 27, 2016
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		63,600,457

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Rental properties, net of accumulated depreciation of $562,195 and $534,303 at March 31, 2016 and December 31, 2015, respectively	$ 3,214,347	$ 3,025,199
Land held for development	22,530	23,610
Property under development	266,574	378,920
Mortgage notes and related accrued interest receivable	457,429	423,780
Investment in a direct financing lease, net	191,720	190,880
Investment in joint ventures	5,869	6,168
Cash and cash equivalents	10,980	4,283
Restricted cash	23,428	10,578
Accounts receivable, net	62,403	59,101
Other assets	88,260	94,751
Total assets	4,343,540	4,217,270
Liabilities:
Accounts payable and accrued liabilities	77,523	92,178
Common dividends payable	20,269	18,401
Preferred dividends payable	5,952	5,951
Unearned rents and interest	56,627	44,952
Debt	1,996,131	1,981,920
Total liabilities	2,156,502	2,143,402
Equity:
Common Shares, $.01 par value; 75,000,000 shares authorized; and 65,838,128 and 63,195,182 shares issued at March 31, 2016 and December 31, 2015, respectively	658	632
Preferred shares, $.01 par value; 25,000,000 shares authorized:
Additional paid-in-capital	2,643,605	2,508,445
Treasury shares at cost: 2,496,860 and 2,371,198 common shares at March 31, 2016 and December 31, 2015, respectively	(104,864)	(97,328)
Accumulated other comprehensive income	3,708	5,622
Distributions in excess of net income	(356,208)	(343,642)
Total equity	2,187,038	2,073,868
Total liabilities and equity	4,343,540	4,217,270
Series C Preferred Shares [Member]
Preferred shares, $.01 par value; 25,000,000 shares authorized:
Preferred shares	54	54
Series E Preferred Shares [Member]
Preferred shares, $.01 par value; 25,000,000 shares authorized:
Preferred shares	35	35
Series F Preferred Stock [Member]
Preferred shares, $.01 par value; 25,000,000 shares authorized:
Preferred shares	$ 50	$ 50

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Rental properties, accumulated depreciation	$ 562,195,000	$ 534,303,000
Common Shares, par value	$ 0.01	$ 0.01
Common Shares, shares authorized	75,000,000	75,000,000
Common Shares, shares issued	65,838,128	63,195,182
Preferred Shares, par value	$ 0.01	$ 0.01
Preferred Shares, shares authorized	25,000,000	25,000,000
Treasury Shares, common shares	2,496,860	2,371,198
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
	Mar. 31, 2016	Mar. 31, 2015
Rental revenue	$ 93,778	$ 76,740
Tenant reimbursements	3,865	4,303
Other income	1,210	550
Mortgage and other financing income	19,915	17,843
Total revenue	118,768	99,436
Property operating expense	5,481	6,357
Other expense	5	102
General and administrative expense	9,218	7,682
Retirement severance expense	0	18,578
Costs associated with loan refinancing or payoff	552	0
Interest expense, net	23,289	18,587
Transaction costs	444	1,606
Depreciation and amortization	25,955	19,355
Income before equity in income from joint ventures and other items	53,824	27,169
Equity in income from joint ventures	212	164
Gain on sale of real estate	0	23,924
Income before income taxes	54,036	51,257
Income tax benefit (expense)	144	(8,426)
Income from continuing operations	54,180	42,831
Discontinued operations:
Loss from discontinued operations	0	(10)
Net income attributable to EPR Properties	54,180	42,821
Preferred dividend requirements	(5,952)	(5,952)
Net income available to common shareholders of EPR Properties	$ 48,228	$ 36,869
Basic earnings per share data:
Income from continuing operations (in dollars per share)	$ 0.77	$ 0.65
Income from discontinued operations (in dollars per share)	0	0
Net income available to common shareholders (in dollars per share)	0.77	0.65
Diluted earnings per share data:
Income from continuing operations (in dollars per share)	0.77	0.64
Income from discontinued operations (in dollars per share)	0	0
Net income available to common shareholders (in dollars per share)	$ 0.77	$ 0.64
Shares used for computation (in thousands):
Basic (in shares)	62,664	57,111
Diluted (in shares)	62,744	57,378

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income attributable to EPR Properties	$ 54,180	$ 42,821
Other comprehensive income (loss):
Foreign currency translation adjustment	11,221	(17,302)
Change in unrealized gain (loss) on derivatives	(13,135)	13,447
Comprehensive income attributable to EPR Properties	$ 52,266	$ 38,966

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]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	$ 2,073,868	$ 632	$ 139	$ 2,508,445	$ (97,328)	$ 5,622	$ (343,642)
Balance (in shares) at Dec. 31, 2015		63,195,182	13,850,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of nonvested shares, net		300,752
Issuance of nonvested shares, net	(4,475)	$ (3)		(4,472)	0
Purchase of common shares for vesting	4,208				4,208
Amortization of nonvested shares	(2,528)			(2,528)
Share option expense	237			237
Foreign currency translation adjustment	11,221					11,221
Change in unrealized gain/loss on derivatives	(13,135)					(13,135)
Net income attributable to EPR Properties	54,180						54,180
Issuances of common shares (in shares)		2,253,900
Issuances of common shares	$ 125,253	$ 23		125,230
Stock option exercises, net (in shares)	88,294	88,294
Stock option exercises, net	$ (635)	$ 0		(2,693)	(3,328)
Dividends to common and preferred shareholders	(66,746)						(66,746)
Balance (in shares) at Mar. 31, 2016		65,838,128	13,850,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	$ 2,187,038	$ 658	$ 139	$ 2,643,605	$ (104,864)	$ 3,708	$ (356,208)

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Income (Loss) Available to Common Stockholders, Diluted	$ 48,228	$ 36,869
Operating activities:
Net income	54,180	42,821
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss from discontinued operations	0	10
Gain on sale of real estate	0	(23,924)
Deferred income tax expense (benefit)	(602)	6,888
Costs associated with loan refinancing or payoff	552	0
Equity in income from joint ventures	212	164
Distributions from joint ventures	511	0
Depreciation and amortization	25,955	19,355
Amortization of deferred financing costs	1,172	1,096
Amortization of above and below Market Leases	48	48
Share-based compensation expense to management and trustees	2,765	1,972
Share-based compensation expense included in retirement severance expense	0	6,377
Decrease (increase) in restricted cash	(2,221)	730
Decrease (increase) in mortgage notes accrued interest receivable	514	(599)
Increase in accounts receivable, net	(2,968)	(2,330)
Increase in direct financing lease receivable	(840)	(934)
Increase in other assets	(2,907)	(2,891)
Increase (decrease) in accounts payable and accrued liabilities	(6,878)	2,529
Increase in unearned rents and interest	8	6,079
Net operating cash provided by continuing operations	69,077	57,063
Net operating cash provided by discontinued operations	0	455
Net cash provided by operating activities	69,077	57,518
Investing activities:
Acquisition of rental properties and other assets	36,907	49,207
Proceeds from sale of real estate	1,920	43,790
Investment in mortgage notes receivable	(53,659)	(18,698)
Proceeds from mortgage note receivable paydown	19,496	148
Additions to properties under development	(61,765)	(69,195)
Net cash used by investing activities	(130,915)	(93,162)
Financing activities:
Proceeds from long-term debt facilities	162,000	453,914
Principal payments on long-term debt	(148,586)	(251,100)
Deferred financing fees paid	(36)	(2,878)
Proceeds from (Payments for) Other Financing Activities	(472)	0
Net proceeds from issuance of common shares	125,199	123
Impact of stock option exercises, net	(635)	(33)
Purchase of common shares for treasury	(4,208)	(8,222)
Dividends paid to shareholders	(64,823)	(56,796)
Net cash provided by financing activities	68,439	135,008
Effect of exchange rate changes on cash	96	(494)
Net increase in cash and cash equivalents	6,697	98,870
Cash and cash equivalents at beginning of the year	4,283	3,336
Cash and cash equivalents at end of the year	10,980	102,206
Supplemental schedule of non-cash activity:
Transfer of property under development to rental property	173,877	30,466
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses	18,505	11,610
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	34,257	34,871
Cash paid during the period for income taxes	418	397
Interest cost capitalized	2,291	4,348
Decrease in accrued capital expenditures	$ (7,320)	$ (5,009)

Organization

Organization	3 Months Ended
	Mar. 31, 2016
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	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the three month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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 consolidated balance sheet as of December 31, 2015 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, 2015 filed with the Securities and Exchange Commission (SEC) on February 25, 2016. Operating Segments For financial reporting purposes, the Company groups its investments into four reportable operating segments: Entertainment, Education, Recreation and Other. See Note 14 for financial information related to these operating segments. Rental Properties Rental properties are carried at cost less accumulated depreciation. Costs incurred for the acquisition and development of the properties are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally are estimated to be 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. Deferred Financing Costs Deferred financing costs are amortized over the terms of the related debt obligations or mortgage note receivable as applicable. The Company early adopted the FASB issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issue Costs, during 2015 and applied the guidance retrospectively. Deferred financing costs of $17.5 million and $18.3 million as of March 31, 2016 and December 31, 2015, respectively, are shown as a reduction of debt. The deferred financing costs related to our unsecured revolving credit facility are included in other assets. 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 through bankruptcy claims and increases the allowance for amounts deemed uncollectible. These estimates have a direct impact on the Company's net income. Revenue Recognition Rents that are fixed and determinable are recognized on a straight-line basis over the minimum term of the leases. Base rent escalation on leases that are dependent upon increases in the Consumer Price Index (CPI) is recognized when known. In addition, most of the Company's tenants are subject to additional rents if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents as well as participating interest for those mortgage agreements that contain similar such clauses are recognized at the time when specific triggering events occur as provided by the lease or mortgage agreements. Rental revenue included percentage rents of $0.6 million and $0.3 million for the three months ended March 31, 2016 and 2015 , respectively. The Company recognized no participating interest income in mortgage and other financing income for both the three months ended March 31, 2016 and 2015 , respectively. For the three months ended March 31, 2016 , mortgage and other financing income included a $3.6 million prepayment fee related to a mortgage note that was paid fully in advance of its maturity date. Direct financing lease income is recognized on the effective interest method to produce a level yield on funds not yet recovered. Estimated unguaranteed residual values at the date of lease inception represent management's initial estimates of fair value of the leased assets at the expiration of the lease, not to exceed original cost. Significant assumptions used in estimating residual values include estimated net cash flows over the remaining lease term and expected future real estate values. The Company evaluates on an annual basis (or more frequently, if necessary) the collectability of its direct financing lease receivable and unguaranteed residual value to determine whether they are impaired. A direct financing lease receivable is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a direct financing lease receivable is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the direct financing lease receivable's effective interest rate or to the fair value of the underlying collateral, less costs to sell, if such receivable is collateralized. Mortgage Notes and Other Notes Receivable Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower and the Company defers certain loan origination and commitment fees, net of certain origination costs, and amortizes them over the term of the related loan. Interest income on performing loans is accrued as earned. The Company evaluates the collectability of both interest and principal of each of its loans to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines that it is probable that it will be unable to collect all amounts due according to the existing contractual terms. An insignificant delay or shortfall in amounts of payments does not necessarily result in the loan being identified as impaired. When a loan is considered to be impaired, the amount of loss, if any, is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the Company’s interest in the underlying collateral, less costs to sell, if the loan is collateral dependent. For impaired loans, interest income is recognized on a cash basis, unless the Company determines based on the loan to estimated fair value ratio the loan should be on the cost recovery method, and any cash payments received would then be reflected as a reduction of principal. Interest income recognition is recommenced if and when the impaired loan becomes contractually current and performance is demonstrated to be resumed. Concentrations of Risk American Multi-Cinema, Inc. (AMC) is the lessee of a substantial portion ( 25% ) of the megaplex theatre rental properties held by the Company at March 31, 2016 primarily as a result of a series of sale leaseback transactions pertaining to AMC megaplex theatres. A substantial portion of the Company’s total revenues (approximately $21.8 million or 18% and $21.4 million or 21% , for the three months ended March 31, 2016 and 2015 , respectively) results 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. Share-Based Compensation Share-based compensation to employees of the Company is granted pursuant to the Company's Annual Incentive Program and Long-Term Incentive Plan. Share-based compensation to non-employee Trustees of the Company is granted pursuant to the Company's Trustee compensation program and shares to employees and non-employee Trustees are issued under the 2007 Equity Incentive Plan. Share-based compensation expense consists of share option expense, amortization of nonvested share grants, and amortization of share units issued to non-employee Trustees for payment of their annual retainers. Share-based compensation included in general and administrative expense in the accompanying consolidated statements of income totaled $2.8 million and $2.0 million for the three months ended March 31, 2016 and 2015 , respectively. Share-based compensation included in retirement severance expense in the accompanying consolidated statements of income totaled $6.4 million for the three months ended March 31, 2015 and related to the retirement of the Company's former President and Chief Executive Officer. Share Options Share options are granted to employees pursuant to the Long-Term Incentive Plan. The fair value of share options granted is estimated at the date of grant using the Black-Scholes option pricing model. Share options granted to employees vest over a period of four years and share option expense for these options is recognized on a straight-line basis over the vesting period. Expense recognized related to share options and included in general and administrative expense in the accompanying consolidated statements of income was $237 thousand and $274 thousand for the three months ended March 31, 2016 and 2015 , respectively. Expense recognized related to share options and included in retirement severance expense in the accompanying consolidated statements of income was $1.4 million for the three months ended March 31, 2015 and related to the retirement of the Company's former President and Chief Executive Officer. Nonvested Shares Issued to Employees The Company grants nonvested shares to employees pursuant to both the Annual Incentive Program and the Long-Term Incentive Plan. The Company amortizes the expense related to the nonvested shares awarded to employees under the Long-Term Incentive Plan and the premium awarded under the nonvested share alternative of the Annual Incentive Program on a straight-line basis over the future vesting period ( three or four years). Expense recognized related to nonvested shares and included in general and administrative expense in the accompanying consolidated statements of income was $2.3 million and $1.4 million for the three months ended March 31, 2016 and 2015 , respectively. Expense related to nonvested shares and included in retirement severance expense in the accompanying consolidated statements of income was $5.0 million for the three months ended March 31, 2015 and related to the retirement of the Company's former President and Chief Executive Officer. Restricted Share Units Issued to Non-Employee Trustees The Company issues restricted share units to non-employee Trustees for payment of their annual retainers. The fair value of the share units granted was based on the share price at the date of grant. The share units vest upon the earlier of the day preceding the next annual meeting of shareholders or a change of control. The settlement date for the shares is selected by the non-employee Trustee, and ranges from one year from the grant date to upon termination of service. This expense is amortized by the Company on a straight-line basis over the year of service by the non-employee Trustees. Total expense recognized related to shares issued to non-employee Trustees was $260 thousand and $264 thousand for the three months ended March 31, 2016 and 2015 , 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	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Rental Properties	Rental Properties The following table summarizes the carrying amounts of rental properties as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Buildings and improvements $ 2,884,181 $ 2,837,611 Furniture, fixtures & equipment 35,213 34,423 Land 857,148 687,468 3,776,542 3,559,502 Accumulated depreciation (562,195 ) (534,303 ) Total $ 3,214,347 $ 3,025,199 Depreciation expense on rental properties was $25.0 million and $18.4 million for the three months ended March 31, 2016 and 2015 , respectively.

Investments and Dispositions

Investments and Dispositions	3 Months Ended
	Mar. 31, 2016
Investments [Abstract]
Investments	Investments and Dispositions The Company's investment spending during the three months ended March 31, 2016 totaled $145.1 million , and included investments in each of its four operating segments. Entertainment investment spending during the three months ended March 31, 2016 totaled $47.7 million , and was related to the acquisition of one family entertainment center located in Georgia, which is subject to a long-term triple net lease, an additional investment in a mortgage note secured by an entertainment retail center located in North Carolina, as well as investments in the development or redevelopment of six megaplex theatres, one family entertainment center and four entertainment retail centers. Education investment spending during the three months ended March 31, 2016 totaled $45.8 million , and was related to investments in the development or expansion of 19 public charter schools, three private schools, and 14 early childhood education centers. Recreation investment spending during the three months ended March 31, 2016 totaled $51.4 million , and was related to build-to-suit construction of 11 Topgolf golf entertainment facilities, the investment in one ski resort located in Hunter, New York, which is subject to a long-term mortgage agreement, as well as the Adelaar waterpark project. Other investment spending during the three months ended March 31, 2016 totaled $0.2 million , and was related to the Adelaar casino and resort project in Sullivan County, New York. On January 5, 2016, the Company received prepayment on one mortgage note receivable of $19.3 million that was secured by a public charter school located in Washington D.C. In connection with the full payoff of this note, the Company received a prepayment fee of $3.6 million which is included in mortgage and other financing income. Additionally, $80 thousand of prepaid mortgage fees were expensed and are included in costs associated with loan refinancing or payoff. On February 26, 2016, the Company completed the sale of a land parcel at Adelaar for net proceeds of $1.5 million and no gain or loss was recognized. Subsequent to March 31, 2016, the Company received prepayment in full on one mortgage note receivable of $44.3 million that was secured by an entertainment retail center located in North Carolina.

Accounts Receivable, Net

Accounts Receivable, Net	3 Months Ended
	Mar. 31, 2016
Accounts Receivable, Net [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net The following table summarizes the carrying amounts of accounts receivable, net as of March 31, 2016 and December 31, 2015 (in thousands): March 31, December 31, Receivable from tenants $ 9,851 $ 9,999 Receivable from non-tenants 264 353 Straight-line rent receivable 55,746 52,336 Allowance for doubtful accounts (3,458 ) (3,587 ) Total $ 62,403 $ 59,101

Investments In Direct Financing

Investments In Direct Financing Lease	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 , with affiliates of Imagine Schools, Inc. (Imagine). Investment in a direct financing lease, net represents estimated unguaranteed residual values of leased assets and net unpaid rentals, less related deferred income. The following table summarizes the carrying amounts of investment in a direct financing lease, net as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Total minimum lease payments receivable $ 434,756 $ 439,646 Estimated unguaranteed residual value of leased assets 162,669 162,669 Less deferred income (1) (405,705 ) (411,435 ) Investment in a direct financing lease, net $ 191,720 $ 190,880 (1) Deferred income is net of $1.4 million of initial direct costs at March 31, 2016 and December 31, 2015 . Additionally, the Company determined that no allowance for losses was necessary at March 31, 2016 and December 31, 2015 . The Company’s direct financing lease has expiration dates ranging from approximately 16 to 19 years. Future minimum rentals receivable on this direct financing lease at March 31, 2016 are as follows (in thousands): Amount Year: 2016 $ 14,897 2017 20,380 2018 20,992 2019 21,621 2020 22,270 Thereafter 334,596 Total $ 434,756

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2016
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	Debt and Capital Markets On January 21, 2016, the Company issued 2,250,000 common shares in a registered public offering for a total net proceeds, after the underwriting discount and offering expenses, of approximately $125.0 million . The net proceeds from the public offering were used to pay down the Company's unsecured revolving credit facility. On February 18, 2016, the Company prepaid in full a mortgage note payable of $4.6 million which was secured by one theatre property. In connection with this note payoff, the Company paid $472 thousand in additional costs included in costs associated with loan refinancing or payoff. Subsequent to March 31, 2016, the Company issued an aggregate of 258,263 common shares under the direct share purchase component of its Dividend Reinvestment and Direct Share Purchase Plan (DSPP) for total net proceeds of $16.9 million . These proceeds were used to pay down a portion of the Company's unsecured revolving credit facility.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities The Company’s variable interest in VIEs currently are in the form of equity ownership and loans provided by the Company to a VIE or other partner. The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, and level of economic disproportionality between the Company and the other partner(s). Consolidated VIEs As of March 31, 2016 , the Company had invested in one real estate project which is a VIE. This entity does not have any significant assets and liabilities at March 31, 2016 and was established to facilitate the development of a theatre project. Unconsolidated VIE At March 31, 2016 , the Company’s recorded investment in SVVI, a VIE that is unconsolidated, was $164.5 million . The Company’s maximum exposure to loss associated with SVVI is limited to the Company’s outstanding mortgage note of $164.5 million . While this entity is a VIE, the Company has determined that the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance is not held by the Company.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2016
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 $9.2 million and $5.7 million recorded in “Accounts payable and accrued liabilities” and derivative assets of $32.6 million and $42.2 million recorded in “Other assets” in the consolidated balance sheet at March 31, 2016 and December 31, 2015 , respectively. Had the Company elected to offset derivatives in the consolidated balance sheet, the Company would have had a net derivative asset of $23.4 million and $36.5 million (with no derivative liability) at March 31, 2016 and December 31, 2015 , respectively. The Company had not posted or received collateral with its derivative counterparties as of March 31, 2016 or December 31, 2015 . See Note 10 for disclosures relating to the fair value of the derivative instruments as of March 31, 2016 and December 31, 2015 . Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions including the effect of changes in foreign currency exchange rates and interest rates on its LIBOR based borrowings. The Company manages 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. As of March 31, 2016, the Company had three interest rate swap agreements to fix the interest rate on $240.0 million of the unsecured term loan facility at 3.78% from January 5, 2016 to July 5, 2017. Additionally as of March 31, 2016, the Company had 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 three months ended March 31, 2016 and 2015 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. No hedge ineffectiveness on cash flow hedges was recognized during the three months ended March 31, 2016 and 2015 . Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of March 31, 2016 , the Company estimates t hat during the twelve months ending March 31, 2017, $5.0 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, USD, on its four Canadian properties. The Company uses cross currency swaps and foreign currency forwards to mitigate its exposure to fluctuations in the USD-CAD exchange rate on its Canadian properties. These foreign currency derivatives should hedge a significant portion of the Company's expected CAD denominated cash flow of the Canadian properties as their impact on the Company's cash flow when settled should move in the opposite direction of the exchange rates used to translate revenues and expenses of these properties. As of March 31, 2016 , the Company had a USD-CAD cross-currency swaps with a fixed original notional value of $100.0 million CAD and $98.1 million USD. The net effect of these swaps is to lock in an exchange rate of $1.05 CAD per USD on approximately $13.5 million of annual CAD denominated cash flows on the properties through June 2018. The effective portion of changes in the fair value of foreign currency derivatives designated and that qualify as cash flow hedges of foreign exchange risk is recorded in AOCI and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivative, as well as amounts excluded from the assessment of hedge effectiveness, is recognized directly in earnings. No hedge ineffectiveness on foreign currency derivatives was recognized for the three months ended March 31, 2016 and 2015 . As of March 31, 2016 , the Company estimates t hat during the twelve months ending March 31, 2017, $2.5 million of gains 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 USD-CAD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in USD for their fair value at or close to their settlement date. In order to hedge the net investment in four of the Canadian properties, on June 13, 2013 the Company entered into a forward contract with a fixed notional value of $100.0 million CAD and $94.3 million USD with a July 2018 settlement. The exchange rate of this forward contract is approximately $1.06 CAD per USD. 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 USD with a July 2018 settlement date. The exchange rate of this forward contract is approximately $1.13 CAD per USD. These forward contracts should hedge a significant portion of the Company’s CAD denominated net investment in these four centers through July 2018 as the impact on AOCI from marking the derivative to market should move in the opposite direction of the translation adjustment on the net assets of these four Canadian properties. For foreign currency derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in AOCI as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. No hedge ineffectiveness on net investment hedges was recognized for the three months ended March 31, 2016 and 2015 . Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three months ended March 31, 2016 . Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Three Months Ended March 31, 2016 and 2015 (Dollars in thousands) Three Months Ended March 31, Description 2016 2015 Interest Rate Swaps Amount of Loss Recognized in AOCI on Derivative (Effective Portion) $ (4,857 ) $ (1,502 ) Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) (1,314 ) (443 ) Cross Currency Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) (1,350 ) 3,062 Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) 719 547 Currency Forward Agreements Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) (7,523 ) 11,991 Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) — — Total Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) $ (13,730 ) $ 13,551 Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) (595 ) 104 (1) Included in "Interest expense, net" in the accompanying consolidated statements of income for the three months ended March 31, 2016 and 2015 . (2) Included in "Other income" in the accompanying consolidated statements of income for the three months ended March 31, 2016 and 2015 . Credit-risk-related Contingent Features The Company has agreements with each of its interest rate derivative counterparties that contain a provision where if the Company defaults on any of its obligations for borrowed money or credit in an amount exceeding $25.0 million and such default is not waived or cured within a specified period of time, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its interest rate derivative obligations. As of March 31, 2016 , the fair value of the Company’s derivatives in a liability position related to these agreements was $1.2 million . If the Company breached any of the contractual provisions of these derivative contracts, it would be required to settle its obligations under the agreements at their termination value of $1.2 million .

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures The Company has certain financial instruments that are required to be measured under the FASB’s Fair Value Measurements and Disclosures guidance. The Company currently does not have any non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis. As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs use quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Derivative Financial Instruments The Company uses interest rate swaps, foreign currency forwards and cross-currency swaps to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the FASB's fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Although the Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives also use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of March 31, 2016 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives and therefore, classified its derivatives as Level 2 within the fair value reporting hierarchy. The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. Assets and Liabilities Measured at Fair Value on a Recurring Basis at March 31, 2016 and December 31, 2015 (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 March 31, 2016 Cross-Currency Swaps* $ — $ 5,506 $ — $ 5,506 Currency Forward Agreements* $ — $ 27,064 $ — $ 27,064 Interest Rate Swap Agreements** $ — $ (9,217 ) $ — $ (9,217 ) December 31, 2015: Cross-Currency Swaps* $ — $ 7,575 $ — $ 7,575 Currency Forward Agreements* $ — $ 34,587 $ — $ 34,587 Interest Rate Swap Agreements** $ — $ (5,674 ) $ — $ (5,674 ) *Included in "Other assets" in the accompanying consolidated balance sheet. **Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheet. Non-recurring fair value measurements There were no assets or liabilities measured at fair value on a non-recurring basis during the three months ended March 31, 2016 and 2015. Fair Value of Financial Instruments Management compares the carrying value to the estimated fair value of the Company’s financial instruments. The following methods and assumptions were used by the Company to estimate the fair value of each class of financial instruments at March 31, 2016 and December 31, 2015 : Mortgage notes receivable and related accrued interest receivable: The fair value of the Company’s mortgage notes and related accrued interest receivable is estimated by discounting the future cash flows of each instrument using current market rates. At March 31, 2016 , the Company had a carrying value of $457.4 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 9.39% . 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 8.00% to 11.31% , management estimates the fair value of the fixed rate mortgage notes receivable to be approximately $432.2 million with an estimated weighted average market rate of 10.04% at March 31, 2016 . At December 31, 2015 , the Company had a carrying value of $423.8 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 9.36% . 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 $415.7 million with an estimated weighted average market rate of 10.05% at December 31, 2015 . Investment in a direct financing lease, net: The fair value of the Company’s investment in a direct financing lease is estimated by discounting the future cash flows of the instrument using current market rates. At March 31, 2016 and December 31, 2015 , the Company had an investment in a direct financing lease with a carrying value of $191.7 million and $190.9 million , respectively, and a weighted average effective interest rate of 12.00% for both periods. The investment in a direct financing lease bears interest at effective interest rates of 11.74% to 12.38% . The carrying value of the investment in a direct financing lease approximated the fair market value at March 31, 2016 and December 31, 2015 . Derivative instruments: Derivative instruments are carried at their fair market value. Debt instruments: The fair value of the Company's debt is estimated by discounting the future cash flows of each instrument using current market rates. At March 31, 2016 , the Company had a carrying value of $592.0 million in variable rate debt outstanding with a weighted average interest rate of approximately 2.61% . The carrying value of the variable rate debt outstanding approximated the fair market value at March 31, 2016 . At December 31, 2015 , the Company had a carrying value of $571.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 1.65% . The carrying value of the variable rate debt outstanding approximated the fair market value at December 31, 2015 . At March 31, 2016 and December 31, 2015 , $300.0 million 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 March 31, 2016 , the Company had a carrying value of $1.42 billion in fixed rate long-term debt outstanding with a weighted average interest rate of approximately 5.65% . Discounting the future cash flows for fixed rate debt using rates of 3.52% to 4.92% , management estimates the fair value of the fixed rate debt to be approximately $1.54 billion with an estimated weighted average market rate of 4.27% at March 31, 2016 . At December 31, 2015 , the Company had a carrying value of $1.43 billion in fixed rate long-term debt outstanding with an average weighted interest rate of approximately 5.66% . Discounting the future cash flows for fixed rate debt using rates of 3.33% to 4.94% , management estimates the fair value of the fixed rate debt to be approximately $1.55 billion with an estimated weighted average market rate of 4.28% at December 31, 2015 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three months ended March 31, 2016 and 2015 (amounts in thousands except per share information): Three Months Ended March 31, 2016 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 54,180 Less: preferred dividend requirements (5,952 ) Net income available to common shareholders $ 48,228 62,664 $ 0.77 Diluted EPS: Income from continuing operations available to common shareholders $ 48,228 62,664 Effect of dilutive securities: Share options — 80 Net income available to common shareholders $ 48,228 62,744 $ 0.77 Three Months Ended March 31, 2015 Income Shares Per Share Basic EPS: Income from continuing operations $ 42,831 Less: preferred dividend requirements (5,952 ) Income from continuing operations available to common shareholders $ 36,879 57,111 $ 0.65 Loss from discontinued operations available to common shareholders $ (10 ) 57,111 $ — Net income available to common shareholders $ 36,869 57,111 $ 0.65 Diluted EPS: Income from continuing operations available to common shareholders $ 36,879 57,111 Effect of dilutive securities: Share options — 267 Income from continuing operations available to common shareholders $ 36,879 57,378 $ 0.64 Loss from discontinued operations available to common shareholders $ (10 ) 57,378 $ — Net income available to common shareholders $ 36,869 57,378 $ 0.64 The additional 2.0 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion of the Company’s 9.0% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted earnings per share for the three months ended March 31, 2016 and 2015 because the effect is anti-dilutive. The dilutive effect of potential common shares from the exercise of share options is included in diluted earnings per share for the three months ended March 31, 2016 and 2015 . For the three months ended March 31, 2016 and 2015 , options to purchase 140 thousand and 249 thousand shares of common shares, respectively, at per share prices ranging from $51.64 to $65.50 for both periods, were not included in the computation of diluted earnings per share because the options were anti-dilutive.

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
	Mar. 31, 2016
Share-based Compensation [Abstract]
Equity Incentive Plans	Equity Incentive Plan All grants of common shares and options to purchase common shares are issued under the Company's 2007 Equity Incentive Plan and an aggregate of 3,650,000 common shares, options to purchase common shares and restricted share units, subject to adjustment in the event of certain capital events, may be granted. At March 31, 2016 , there were 766,007 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, 2015 516,305 $ 19.02 — $ 65.50 $ 48.42 Exercised (88,294 ) 19.41 — 61.79 30.51 Outstanding at March 31, 2016 428,011 $ 19.02 — $ 65.50 $ 52.11 There were no options granted during the three months ended March 31, 2016 . The weighted average fair value of options granted was $16.35 during the three months ended March 31, 2015 . The intrinsic value of stock options exercised was $2.8 million and $0.2 million for the three months ended March 31, 2016 and 2015 , respectively. Additionally, the Company repurchased 53,687 shares into treasury shares in conjunction with the stock options exercised during the three months ended March 31, 2016 with a total value of $3.3 million . At March 31, 2016 , stock-option expense to be recognized in future periods was $1.6 million . The expense related to share options included in the determination of net income for the three months ended March 31, 2016 and 2015 was $0.2 million and $1.7 million (including $1.4 million included in retirement severance expense in the accompanying consolidated statements of income), respectively. The following assumptions were used in applying the Black-Scholes option pricing model at the grant dates for the three months ended March 31, 2015 : risk-free interest rate of 1.9% , dividend yield of 5.9% , volatility factors in the expected market price of the Company’s common shares of 48.0% , 0.78% expected forfeiture rate and an expected life of approximately six years. The Company uses historical data to estimate the expected life of the option and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Additionally, expected volatility is computed based on the average historical volatility of the Company’s publicly traded shares. The following table summarizes outstanding options at March 31, 2016 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 3.1 20.00 - 29.99 — — 30.00 - 39.99 2,625 3.8 40.00 - 49.99 175,166 5.0 50.00 - 59.99 106,275 7.3 60.00 - 65.50 132,848 6.2 428,011 5.9 $ 52.11 $ 6,210 The following table summarizes exercisable options at March 31, 2016 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 3.1 20.00 - 29.99 — — 30.00 - 39.99 2,625 3.8 40.00 - 49.99 155,636 4.8 50.00 - 59.99 52,259 6.9 60.00 - 65.50 66,863 3.5 288,480 4.8 $ 50.24 $ 4,726 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, 2015 390,441 $ 54.84 Granted 300,752 61.53 Vested (156,767 ) 52.73 Forfeited — — Outstanding at March 31, 2016 534,426 $ 59.22 1.77 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 $9.2 million and $17.1 million (including $6.7 million in retirement severance expense in the accompanying consolidated statements of income) for the three months ended March 31, 2016 and 2015 , respectively. At March 31, 2016 , unamortized share-based compensation expense related to nonvested shares was $23.2 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, 2015 18,036 $ 57.57 Granted — — Vested — — Outstanding at March 31, 2016 18,036 $ 57.57 0.12 The holders of restricted share units receive dividend equivalents from the date of grant. The share units vest upon the earlier of the day preceding the next annual meeting of shareholders or a change of control. The settlement date for the shares is selected by the non-employee Trustee, and ranges from one year from the grant date to upon termination of service. At March 31, 2016 , unamortized share-based compensation expense related to restricted share units was $87 thousand .

Other Commitments And Contingen

Other Commitments And Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Other Commitments And Contingencies	Other Commitments and Contingencies As of March 31, 2016 , the Company had an aggregate of approximately $274.6 million of commitments to fund development projects including seven entertainment development projects for which it had commitments to fund approximately $43.1 million , 24 education development projects for which it had commitments to fund approximately $175.5 million , and four recreation development projects for which it had commitments to fund approximately $56.0 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. Additionally as of March 31, 2016 , the Company had a commitment to fund approximately $120.0 million over the next three years, of which none has been funded, to complete an indoor waterpark hotel and adventure park at its casino and resort project in Sullivan County, New York. The Company is also responsible for the construction of the casino and resort project common infrastructure, which is expected to be financed primarily through the issuance of tax-exempt public infrastructure bonds and currently budgeted at approximately $90.0 million , subject to budget adjustments and related approvals. Through March 31, 2016 , the Company has funded approximately $35.0 million for common infrastructure. The Company has certain commitments related to its mortgage note investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of its direct control. As of March 31, 2016 , the Company had four mortgage notes receivable with commitments totaling approximately $17.2 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 $9.6 million as a deferred asset included in other assets and $9.6 million included in other liabilities in the accompanying consolidated balance sheet as of March 31, 2016 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. In connection with construction of its development projects and related infrastructure, certain public agencies require posting of surety bonds to guarantee that the Company's obligations are satisfied. These bonds expire upon the completion of the improvements or infrastructure. As of March 31, 2016 , the Company had three surety bonds outstanding totaling $21.7 million . Prior proposed casino and resort developers Concord Associates, L.P., Concord Resort, LLC and Concord Kiamesha LLC, which are affiliates of Louis Cappelli and from whom the Company acquired the Adelaar resort property (the Cappelli Group), commenced litigation against the Company beginning in 2011 regarding matters relating to the acquisition of that property and our relationship with the Empire Resorts, Inc. This litigation involves three separate cases filed in state and federal court. The first case was filed on June 7, 2011 by the Cappelli Group in the Supreme Court of the State of New York, County of Sullivan, against two subsidiaries of the Company. The Company obtained a summary judgment on June 30, 2014 in this case which was affirmed on appeal. As a result, this case is now closed. The second case was filed on October 20, 2011 by the Cappelli Group against the Company and two of its 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 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). On January 26, 2016, the Westchester County Supreme Court denied the Company's motion to dismiss but ordered the Cappelli Group to amend its pleading and remove all claims and allegations previously determined by the Sullivan County case (discussed above). On February 18, 2016, the Cappelli Group revised their amended complaint, which the Company believes remains deficient. On March 23, 2016, the Company filed with the Westchester County Supreme Court a motion to dismiss the Cappelli Group’s revised amended complaint. The motion is currently pending. The third case was filed with the United States District Court for the Southern District of New York (the District Court) 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. On September 18, 2013, the District Court dismissed the complaint filed. Specifically, 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. On March 18, 2016, the Second Circuit affirmed the District Court’s dismissal of the case in favor of the Company, Empire and Genting. The plaintiffs may file a writ of certiorari seeking review by the Supreme Court of the United States within 90 days of the entry of the judgment. The Company has not determined that losses related to these matters are probable. Because of the favorable rulings described above, 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 the outcome of the claims and related litigation.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The Company groups investments into four reportable operating segments: Entertainment, Education, Recreation and Other. The financial information summarized below is presented by reportable operating segment: Balance Sheet Data: As of March 31, 2016 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,053,555 $ 1,040,058 $ 986,945 $ 208,864 $ 54,118 $ 4,343,540 As of December 31, 2015 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,006,926 $ 1,013,930 $ 935,266 $ 203,757 $ 57,391 $ 4,217,270 Operating Data: Three Months Ended March 31, 2016 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 60,138 $ 17,180 $ 14,696 $ 1,764 $ — $ 93,778 Tenant reimbursements 3,863 2 — — — 3,865 Other income 4 — 489 — 717 1,210 Mortgage and other financing income 2,152 10,731 6,998 34 — 19,915 Total revenue 66,157 27,913 22,183 1,798 717 118,768 Property operating expense 5,252 — 8 83 138 5,481 Other expense — — — 5 — 5 Total investment expenses 5,252 — 8 88 138 5,486 Net operating income - before unallocated items 60,905 27,913 22,175 1,710 579 113,282 Reconciliation to Consolidated Statements of Income: General and administrative expense (9,218 ) Costs associated with loan refinancing or payoff (552 ) Interest expense, net (23,289 ) Transaction costs (444 ) Depreciation and amortization (25,955 ) Equity in income from joint ventures 212 Income tax benefit 144 Net income attributable to EPR Properties 54,180 Preferred dividend requirements (5,952 ) Net income available to common shareholders of EPR Properties $ 48,228 Three Months Ended March 31, 2015 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 59,941 $ 10,094 $ 6,705 $ — $ — $ 76,740 Tenant reimbursements 4,326 — — (23 ) — 4,303 Other income 3 — — — 547 550 Mortgage and other financing income 1,782 7,783 8,181 97 — 17,843 Total revenue 66,052 17,877 14,886 74 547 99,436 Property operating expense 6,294 — — 63 — 6,357 Other expense — — — 102 — 102 Total investment expenses 6,294 — — 165 — 6,459 Net operating income - before unallocated items 59,758 17,877 14,886 (91 ) 547 92,977 Reconciliation to Consolidated Statements of Income: General and administrative expense (7,682 ) Retirement severance expense (18,578 ) Interest expense, net (18,587 ) Transaction costs (1,606 ) Depreciation and amortization (19,355 ) Equity in income from joint ventures 164 Gain on sale of real estate 23,924 Income tax expense (8,426 ) Discontinued operations: Loss from discontinued operations (10 ) Net income attributable to EPR Properties 42,821 Preferred dividend requirements (5,952 ) Net income available to common shareholders of EPR Properties $ 36,869

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015 (in thousands): Condensed Consolidating Balance Sheet As of March 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 2,515,063 $ 699,284 $ — $ 3,214,347 Land held for development — 1,258 21,272 — 22,530 Property under development — 185,424 81,150 — 266,574 Mortgage notes and related accrued interest receivable — 454,729 2,700 — 457,429 Investment in a direct financing lease, net — 191,720 — — 191,720 Investment in joint ventures — — 5,869 — 5,869 Cash and cash equivalents 7,519 753 2,708 — 10,980 Restricted cash 525 20,803 2,100 — 23,428 Accounts receivable, net 298 50,003 12,102 — 62,403 Intercompany notes receivable — 175,757 — (175,757 ) — Investments in subsidiaries 3,946,482 — — (3,946,482 ) — Other assets 23,002 11,337 53,921 — 88,260 Total assets $ 3,977,826 $ 3,606,847 $ 881,106 $ (4,122,239 ) $ 4,343,540 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 39,918 $ 33,742 $ 3,863 $ — $ 77,523 Dividends payable 26,221 — — — 26,221 Unearned rents and interest — 48,316 8,311 — 56,627 Intercompany notes payable — — 175,757 (175,757 ) — Debt 1,724,649 — 271,482 — 1,996,131 Total liabilities 1,790,788 82,058 459,413 (175,757 ) 2,156,502 Total equity $ 2,187,038 $ 3,524,789 $ 421,693 $ (3,946,482 ) $ 2,187,038 Total liabilities and equity $ 3,977,826 $ 3,606,847 $ 881,106 $ (4,122,239 ) $ 4,343,540 Condensed Consolidating Balance Sheet As of December 31, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 2,485,411 $ 539,788 $ — $ 3,025,199 Land held for development — 1,258 22,352 — 23,610 Property under development — 152,197 226,723 — 378,920 Mortgage notes and related accrued interest receivable, net — 400,935 22,845 — 423,780 Investment in a direct financing lease, net — 190,880 — — 190,880 Investment in joint ventures — — 6,168 — 6,168 Cash and cash equivalents 1,089 735 2,459 — 4,283 Restricted cash 475 8,220 1,883 — 10,578 Accounts receivable, net 285 47,502 11,314 — 59,101 Intercompany notes receivable — 175,757 — (175,757 ) — Investments in subsidiaries 3,825,897 — — (3,825,897 ) — Other assets 23,053 10,607 61,091 — 94,751 Total assets $ 3,850,799 $ 3,473,502 $ 894,623 $ (4,001,654 ) $ 4,217,270 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 49,671 $ 38,759 $ 3,748 $ — $ 92,178 Dividends payable 24,352 — — — 24,352 Unearned rents and interest — 35,512 9,440 — 44,952 Intercompany notes payable — — 175,757 (175,757 ) — Debt 1,702,908 — 279,012 — 1,981,920 Total liabilities 1,776,931 74,271 467,957 (175,757 ) 2,143,402 Total equity $ 2,073,868 $ 3,399,231 $ 426,666 $ (3,825,897 ) $ 2,073,868 Total liabilities and equity $ 3,850,799 $ 3,473,502 $ 894,623 $ (4,001,654 ) $ 4,217,270 Condensed Consolidating Statement of Income Three Months Ended March 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 74,001 $ 19,777 $ — $ 93,778 Tenant reimbursements — 1,349 2,516 — 3,865 Other income — 491 719 — 1,210 Mortgage and other financing income 212 16,019 3,684 — 19,915 Intercompany fee income 653 — — (653 ) — Interest income on intercompany notes receivable — 2,336 — (2,336 ) — Total revenue 865 94,196 26,696 (2,989 ) 118,768 Equity in subsidiaries’ earnings 76,787 — — (76,787 ) — Property operating expense — 2,570 2,911 — 5,481 Intercompany fee expense — — 653 (653 ) — Other expense — — 5 — 5 General and administrative expense — 7,178 2,040 — 9,218 Costs associated with loan refinancing or payoff — — 552 — 552 Interest expense, net 22,190 (1,833 ) 2,932 — 23,289 Interest expense on intercompany notes payable — — 2,336 (2,336 ) — Transaction costs 443 — 1 — 444 Depreciation and amortization 443 21,391 4,121 — 25,955 Income before equity in income from joint ventures and other items 54,576 64,890 11,145 (76,787 ) 53,824 Equity in income from joint ventures — — 212 — 212 Income before income taxes 54,576 64,890 11,357 (76,787 ) 54,036 Income tax benefit (expense) (396 ) — 540 — 144 Net income attributable to EPR Properties 54,180 64,890 11,897 (76,787 ) 54,180 Preferred dividend requirements (5,952 ) — — — (5,952 ) Net income available to common shareholders of EPR Properties $ 48,228 $ 64,890 $ 11,897 $ (76,787 ) $ 48,228 Comprehensive income attributable to EPR Properties $ 52,266 $ 64,890 $ 13,526 $ (78,416 ) $ 52,266 Condensed Consolidating Statement of Income Three Months Ended March 31, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 57,810 $ 18,930 $ — $ 76,740 Tenant reimbursements — 1,410 2,893 — 4,303 Other income — 2 548 — 550 Mortgage and other financing income 212 15,128 2,503 — 17,843 Intercompany fee income 689 — — (689 ) — Interest income on intercompany notes receivable 111 2,391 — (2,502 ) — Total revenue 1,012 76,741 24,874 (3,191 ) 99,436 Equity in subsidiaries’ earnings 78,995 — — (78,995 ) — Property operating expense — 3,153 3,204 — 6,357 Intercompany fee expense — — 689 (689 ) — Other expense — — 102 — 102 General and administrative expense — 5,781 1,901 — 7,682 Retirement severance expense 18,578 — — — 18,578 Interest expense, net 16,360 287 1,940 — 18,587 Interest expense on intercompany notes payable — — 2,502 (2,502 ) — Transaction costs 1,354 — 252 — 1,606 Depreciation and amortization 390 14,940 4,025 — 19,355 Income before equity in income from joint ventures and other items 43,325 52,580 10,259 (78,995 ) 27,169 Equity in income from joint ventures — — 164 — 164 Gain on sale of real estate — 23,748 176 — 23,924 Income before income taxes 43,325 76,328 10,599 (78,995 ) 51,257 Income tax expense 504 — 7,922 — 8,426 Income from continuing operations 42,821 76,328 2,677 (78,995 ) 42,831 Discontinued operations: Loss from discontinued operations — (10 ) — — (10 ) Net income attributable to EPR Properties 42,821 76,318 2,677 (78,995 ) 42,821 Preferred dividend requirements (5,952 ) — — — (5,952 ) Net income available to common shareholders of EPR Properties $ 36,869 $ 76,318 $ 2,677 $ (78,995 ) $ 36,869 Comprehensive income attributable to EPR Properties $ 38,966 $ 76,271 $ (72 ) $ (76,199 ) $ 38,966 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 653 $ — $ (653 ) $ — Interest income (expense) on intercompany receivable/payable — 2,336 (2,336 ) — Net cash provided (used) by other operating activities (31,258 ) 82,581 17,754 69,077 Net cash provided (used) by operating activities (30,605 ) 84,917 14,765 69,077 Investing activities: Acquisition of rental properties and other assets (66 ) (36,771 ) (70 ) (36,907 ) Proceeds from sale of real estate — — 1,920 1,920 Investment in mortgage notes receivable — (53,659 ) — (53,659 ) Proceeds from mortgage note receivable paydown — 176 19,320 19,496 Additions to property under development — (53,161 ) (8,604 ) (61,765 ) Advances to subsidiaries, net (39,404 ) 58,516 (19,112 ) — Net cash used by investing activities (39,470 ) (84,899 ) (6,546 ) (130,915 ) Financing activities: Proceeds from long-term debt facilities 162,000 — — 162,000 Principal payments on long-term debt (141,000 ) — (7,586 ) (148,586 ) Deferred financing fees paid (28 ) — (8 ) (36 ) Costs associated with loan refinancing or payoff (cash portion) — — (472 ) (472 ) Net proceeds from issuance of common shares 125,199 — — 125,199 Impact of stock option exercises, net (635 ) — — (635 ) Purchase of common shares for treasury for vesting (4,208 ) — — (4,208 ) Dividends paid to shareholders (64,823 ) — — (64,823 ) Net cash provided (used) by financing activities 76,505 — (8,066 ) 68,439 Effect of exchange rate changes on cash — — 96 96 Net increase in cash and cash equivalents 6,430 18 249 6,697 Cash and cash equivalents at beginning of the period 1,089 735 2,459 4,283 Cash and cash equivalents at end of the period $ 7,519 $ 753 $ 2,708 $ 10,980 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 689 $ — $ (689 ) $ — Interest income (expense) on intercompany receivable/payable 111 2,391 (2,502 ) — Net cash provided (used) by other operating activities (33,933 ) 74,509 16,487 57,063 Net cash provided (used) by operating activities of continuing operations (33,133 ) 76,900 13,296 57,063 Net cash provided by operating activities of discontinued operations — 455 — 455 Net cash provided (used) by operating activities (33,133 ) 77,355 13,296 57,518 Investing activities: Acquisition of rental properties and other assets (86 ) (49,116 ) (5 ) (49,207 ) Proceeds from sale of real estate — 42,709 1,081 43,790 Investment in mortgage note receivable — (3,121 ) (15,577 ) (18,698 ) Proceeds from mortgage note receivable paydown — 148 — 148 Additions to property under development — (64,729 ) (4,466 ) (69,195 ) Advances to subsidiaries, net (100,872 ) 90,515 10,357 — Net cash provided (used) by investing activities (100,958 ) 16,406 (8,610 ) (93,162 ) Financing activities: Proceeds from long-term debt facilities 298,914 155,000 — 453,914 Principal payments on long-term debt — (248,181 ) (2,919 ) (251,100 ) Deferred financing fees paid (2,884 ) 6 — (2,878 ) Net proceeds from issuance of common shares 123 — — 123 Impact of stock option exercises, net (33 ) — — (33 ) Purchase of common shares for treasury for vesting (8,222 ) — — (8,222 ) Dividends paid to shareholders (56,796 ) — — (56,796 ) Net cash provided (used) by financing activities 231,102 (93,175 ) (2,919 ) 135,008 Effect of exchange rate changes on cash — (15 ) (479 ) (494 ) Net increase in cash and cash equivalents 97,011 571 1,288 98,870 Cash and cash equivalents at beginning of the period (1,234 ) 840 3,730 3,336 Cash and cash equivalents at end of the period $ 95,777 $ 1,411 $ 5,018 $ 102,206

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Deferred Charges, Policy [Policy Text Block]	Deferred Financing Costs Deferred financing costs are amortized over the terms of the related debt obligations or mortgage note receivable as applicable. The Company early adopted the FASB issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issue Costs, during 2015 and applied the guidance retrospectively. Deferred financing costs of $17.5 million and $18.3 million as of March 31, 2016 and December 31, 2015, respectively, are shown as a reduction of debt.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the three month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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 consolidated balance sheet as of December 31, 2015 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, 2015 filed with the Securities and Exchange Commission (SEC) on February 25, 2016.
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 14 for financial information related to these operating segments.
Rental Properties	Rental Properties Rental properties are carried at cost less accumulated depreciation. Costs incurred for the acquisition and development of the properties are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally are estimated to be 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 through bankruptcy claims and increases the allowance for amounts deemed uncollectible. These estimates have a direct impact on the Company's net income.
Revenue Recognition	Revenue Recognition Rents that are fixed and determinable are recognized on a straight-line basis over the minimum term of the leases. Base rent escalation on leases that are dependent upon increases in the Consumer Price Index (CPI) is recognized when known. In addition, most of the Company's tenants are subject to additional rents if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents as well as participating interest for those mortgage agreements that contain similar such clauses are recognized at the time when specific triggering events occur as provided by the lease or mortgage agreements. Rental revenue included percentage rents of $0.6 million and $0.3 million for the three months ended March 31, 2016 and 2015 , respectively. The Company recognized no participating interest income in mortgage and other financing income for both the three months ended March 31, 2016 and 2015 , respectively. For the three months ended March 31, 2016 , mortgage and other financing income included a $3.6 million prepayment fee related to a mortgage note that was paid fully in advance of its maturity date. 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 ( 25% ) of the megaplex theatre rental properties held by the Company at March 31, 2016 primarily as a result of a series of sale leaseback transactions pertaining to AMC megaplex theatres. A substantial portion of the Company’s total revenues (approximately $21.8 million or 18% and $21.4 million or 21% , for the three months ended March 31, 2016 and 2015 , respectively) results 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.
Share-Based Compensation	Share-Based Compensation Share-based compensation to employees of the Company is granted pursuant to the Company's Annual Incentive Program and Long-Term Incentive Plan. Share-based compensation to non-employee Trustees of the Company is granted pursuant to the Company's Trustee compensation program and shares to employees and non-employee Trustees are issued under the 2007 Equity Incentive Plan. Share-based compensation expense consists of share option expense, amortization of nonvested share grants, and amortization of share units issued to non-employee Trustees for payment of their annual retainers. Share-based compensation included in general and administrative expense in the accompanying consolidated statements of income totaled $2.8 million and $2.0 million for the three months ended March 31, 2016 and 2015 , respectively. Share-based compensation included in retirement severance expense in the accompanying consolidated statements of income totaled $6.4 million for the three months ended March 31, 2015 and related to the retirement of the Company's former President and Chief Executive Officer.
Share Options	Share Options 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 $237 thousand and $274 thousand for the three months ended March 31, 2016 and 2015 , respectively. Expense recognized related to share options and included in retirement severance expense in the accompanying consolidated statements of income was $1.4 million for the three months ended March 31, 2015 and related to the retirement of the Company's former President and Chief Executive Officer.
Nonvested Shares Issued To Employees	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 $2.3 million and $1.4 million for the three months ended March 31, 2016 and 2015 , respectively. Expense related to nonvested shares and included in retirement severance expense in the accompanying consolidated statements of income was $5.0 million for the three months ended March 31, 2015 and related to the retirement of the Company's former President and Chief Executive Officer.
Restricted Share Units Issued To Non-Employee Trustees	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 $260 thousand and $264 thousand for the three months ended March 31, 2016 and 2015 , respectively.
Derivative Instruments	Derivative Instruments The Company has acquired certain derivative instruments to reduce exposure to fluctuations in foreign currency exchange rates and variable interest rates. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. These derivatives consist of foreign currency forward contracts, cross-currency swaps and interest rate swaps. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. 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)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Summary Of Carrying Amounts Of Rental Properties	The following table summarizes the carrying amounts of rental properties as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Buildings and improvements $ 2,884,181 $ 2,837,611 Furniture, fixtures & equipment 35,213 34,423 Land 857,148 687,468 3,776,542 3,559,502 Accumulated depreciation (562,195 ) (534,303 ) Total $ 3,214,347 $ 3,025,199

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Accounts Receivable, Net [Abstract]
Schedule Of Accounts Receivable	The following table summarizes the carrying amounts of accounts receivable, net as of March 31, 2016 and December 31, 2015 (in thousands): March 31, December 31, Receivable from tenants $ 9,851 $ 9,999 Receivable from non-tenants 264 353 Straight-line rent receivable 55,746 52,336 Allowance for doubtful accounts (3,458 ) (3,587 ) Total $ 62,403 $ 59,101

Investments In Direct Financi26

Investments In Direct Financing Lease (Tables)	3 Months Ended
	Mar. 31, 2016
Capital Leases, Net Investment in Direct Financing Leases [Abstract]
Summary Of Carrying Amounts Of Investments In Direct Financing Leases, Net	The following table summarizes the carrying amounts of investment in a direct financing lease, net as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Total minimum lease payments receivable $ 434,756 $ 439,646 Estimated unguaranteed residual value of leased assets 162,669 162,669 Less deferred income (1) (405,705 ) (411,435 ) Investment in a direct financing lease, net $ 191,720 $ 190,880 (1) Deferred income is net of $1.4 million of initial direct costs at March 31, 2016 and December 31, 2015 .

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Summary of Derivative Instruments [Abstract]
Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income	Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three months ended March 31, 2016 . Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Three Months Ended March 31, 2016 and 2015 (Dollars in thousands) Three Months Ended March 31, Description 2016 2015 Interest Rate Swaps Amount of Loss Recognized in AOCI on Derivative (Effective Portion) $ (4,857 ) $ (1,502 ) Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) (1,314 ) (443 ) Cross Currency Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) (1,350 ) 3,062 Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) 719 547 Currency Forward Agreements Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) (7,523 ) 11,991 Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) — — Total Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) $ (13,730 ) $ 13,551 Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) (595 ) 104 (1) Included in "Interest expense, net" in the accompanying consolidated statements of income for the three months ended March 31, 2016 and 2015 . (2) Included in "Other income" in the accompanying consolidated statements of income for the three months ended March 31, 2016 and 2015 .

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Assets Measured At Fair Value On A Recurring Basis	The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. Assets and Liabilities Measured at Fair Value on a Recurring Basis at March 31, 2016 and December 31, 2015 (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 March 31, 2016 Cross-Currency Swaps* $ — $ 5,506 $ — $ 5,506 Currency Forward Agreements* $ — $ 27,064 $ — $ 27,064 Interest Rate Swap Agreements** $ — $ (9,217 ) $ — $ (9,217 ) December 31, 2015: Cross-Currency Swaps* $ — $ 7,575 $ — $ 7,575 Currency Forward Agreements* $ — $ 34,587 $ — $ 34,587 Interest Rate Swap Agreements** $ — $ (5,674 ) $ — $ (5,674 ) *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	There were no assets or liabilities measured at fair value on a non-recurring basis during the three months ended March 31, 2016 and 2015.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Earnings Per Share	The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three months ended March 31, 2016 and 2015 (amounts in thousands except per share information): Three Months Ended March 31, 2016 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 54,180 Less: preferred dividend requirements (5,952 ) Net income available to common shareholders $ 48,228 62,664 $ 0.77 Diluted EPS: Income from continuing operations available to common shareholders $ 48,228 62,664 Effect of dilutive securities: Share options — 80 Net income available to common shareholders $ 48,228 62,744 $ 0.77 Three Months Ended March 31, 2015 Income Shares Per Share Basic EPS: Income from continuing operations $ 42,831 Less: preferred dividend requirements (5,952 ) Income from continuing operations available to common shareholders $ 36,879 57,111 $ 0.65 Loss from discontinued operations available to common shareholders $ (10 ) 57,111 $ — Net income available to common shareholders $ 36,869 57,111 $ 0.65 Diluted EPS: Income from continuing operations available to common shareholders $ 36,879 57,111 Effect of dilutive securities: Share options — 267 Income from continuing operations available to common shareholders $ 36,879 57,378 $ 0.64 Loss from discontinued operations available to common shareholders $ (10 ) 57,378 $ — Net income available to common shareholders $ 36,869 57,378 $ 0.64

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2015 516,305 $ 19.02 — $ 65.50 $ 48.42 Exercised (88,294 ) 19.41 — 61.79 30.51 Outstanding at March 31, 2016 428,011 $ 19.02 — $ 65.50 $ 52.11
Summary Of Outstanding Options	The following table summarizes outstanding options at March 31, 2016 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 3.1 20.00 - 29.99 — — 30.00 - 39.99 2,625 3.8 40.00 - 49.99 175,166 5.0 50.00 - 59.99 106,275 7.3 60.00 - 65.50 132,848 6.2 428,011 5.9 $ 52.11 $ 6,210
Summary Of Exercisable Options	The following table summarizes exercisable options at March 31, 2016 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 3.1 20.00 - 29.99 — — 30.00 - 39.99 2,625 3.8 40.00 - 49.99 155,636 4.8 50.00 - 59.99 52,259 6.9 60.00 - 65.50 66,863 3.5 288,480 4.8 $ 50.24 $ 4,726
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, 2015 390,441 $ 54.84 Granted 300,752 61.53 Vested (156,767 ) 52.73 Forfeited — — Outstanding at March 31, 2016 534,426 $ 59.22 1.77
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, 2015 18,036 $ 57.57 Granted — — Vested — — Outstanding at March 31, 2016 18,036 $ 57.57 0.12

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Reportable Operating Segments	Segment Information The Company groups investments into four reportable operating segments: Entertainment, Education, Recreation and Other. The financial information summarized below is presented by reportable operating segment: Balance Sheet Data: As of March 31, 2016 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,053,555 $ 1,040,058 $ 986,945 $ 208,864 $ 54,118 $ 4,343,540 As of December 31, 2015 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,006,926 $ 1,013,930 $ 935,266 $ 203,757 $ 57,391 $ 4,217,270 Operating Data: Three Months Ended March 31, 2016 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 60,138 $ 17,180 $ 14,696 $ 1,764 $ — $ 93,778 Tenant reimbursements 3,863 2 — — — 3,865 Other income 4 — 489 — 717 1,210 Mortgage and other financing income 2,152 10,731 6,998 34 — 19,915 Total revenue 66,157 27,913 22,183 1,798 717 118,768 Property operating expense 5,252 — 8 83 138 5,481 Other expense — — — 5 — 5 Total investment expenses 5,252 — 8 88 138 5,486 Net operating income - before unallocated items 60,905 27,913 22,175 1,710 579 113,282 Reconciliation to Consolidated Statements of Income: General and administrative expense (9,218 ) Costs associated with loan refinancing or payoff (552 ) Interest expense, net (23,289 ) Transaction costs (444 ) Depreciation and amortization (25,955 ) Equity in income from joint ventures 212 Income tax benefit 144 Net income attributable to EPR Properties 54,180 Preferred dividend requirements (5,952 ) Net income available to common shareholders of EPR Properties $ 48,228 Three Months Ended March 31, 2015 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 59,941 $ 10,094 $ 6,705 $ — $ — $ 76,740 Tenant reimbursements 4,326 — — (23 ) — 4,303 Other income 3 — — — 547 550 Mortgage and other financing income 1,782 7,783 8,181 97 — 17,843 Total revenue 66,052 17,877 14,886 74 547 99,436 Property operating expense 6,294 — — 63 — 6,357 Other expense — — — 102 — 102 Total investment expenses 6,294 — — 165 — 6,459 Net operating income - before unallocated items 59,758 17,877 14,886 (91 ) 547 92,977 Reconciliation to Consolidated Statements of Income: General and administrative expense (7,682 ) Retirement severance expense (18,578 ) Interest expense, net (18,587 ) Transaction costs (1,606 ) Depreciation and amortization (19,355 ) Equity in income from joint ventures 164 Gain on sale of real estate 23,924 Income tax expense (8,426 ) Discontinued operations: Loss from discontinued operations (10 ) Net income attributable to EPR Properties 42,821 Preferred dividend requirements (5,952 ) Net income available to common shareholders of EPR Properties $ 36,869

Condensed Consolidating Finan32

Condensed Consolidating Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2016
Condensed Consolidating Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet As of March 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 2,515,063 $ 699,284 $ — $ 3,214,347 Land held for development — 1,258 21,272 — 22,530 Property under development — 185,424 81,150 — 266,574 Mortgage notes and related accrued interest receivable — 454,729 2,700 — 457,429 Investment in a direct financing lease, net — 191,720 — — 191,720 Investment in joint ventures — — 5,869 — 5,869 Cash and cash equivalents 7,519 753 2,708 — 10,980 Restricted cash 525 20,803 2,100 — 23,428 Accounts receivable, net 298 50,003 12,102 — 62,403 Intercompany notes receivable — 175,757 — (175,757 ) — Investments in subsidiaries 3,946,482 — — (3,946,482 ) — Other assets 23,002 11,337 53,921 — 88,260 Total assets $ 3,977,826 $ 3,606,847 $ 881,106 $ (4,122,239 ) $ 4,343,540 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 39,918 $ 33,742 $ 3,863 $ — $ 77,523 Dividends payable 26,221 — — — 26,221 Unearned rents and interest — 48,316 8,311 — 56,627 Intercompany notes payable — — 175,757 (175,757 ) — Debt 1,724,649 — 271,482 — 1,996,131 Total liabilities 1,790,788 82,058 459,413 (175,757 ) 2,156,502 Total equity $ 2,187,038 $ 3,524,789 $ 421,693 $ (3,946,482 ) $ 2,187,038 Total liabilities and equity $ 3,977,826 $ 3,606,847 $ 881,106 $ (4,122,239 ) $ 4,343,540 Condensed Consolidating Balance Sheet As of December 31, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 2,485,411 $ 539,788 $ — $ 3,025,199 Land held for development — 1,258 22,352 — 23,610 Property under development — 152,197 226,723 — 378,920 Mortgage notes and related accrued interest receivable, net — 400,935 22,845 — 423,780 Investment in a direct financing lease, net — 190,880 — — 190,880 Investment in joint ventures — — 6,168 — 6,168 Cash and cash equivalents 1,089 735 2,459 — 4,283 Restricted cash 475 8,220 1,883 — 10,578 Accounts receivable, net 285 47,502 11,314 — 59,101 Intercompany notes receivable — 175,757 — (175,757 ) — Investments in subsidiaries 3,825,897 — — (3,825,897 ) — Other assets 23,053 10,607 61,091 — 94,751 Total assets $ 3,850,799 $ 3,473,502 $ 894,623 $ (4,001,654 ) $ 4,217,270 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 49,671 $ 38,759 $ 3,748 $ — $ 92,178 Dividends payable 24,352 — — — 24,352 Unearned rents and interest — 35,512 9,440 — 44,952 Intercompany notes payable — — 175,757 (175,757 ) — Debt 1,702,908 — 279,012 — 1,981,920 Total liabilities 1,776,931 74,271 467,957 (175,757 ) 2,143,402 Total equity $ 2,073,868 $ 3,399,231 $ 426,666 $ (3,825,897 ) $ 2,073,868 Total liabilities and equity $ 3,850,799 $ 3,473,502 $ 894,623 $ (4,001,654 ) $ 4,217,270
Condensed Consolidating Statement Of Income	Condensed Consolidating Statement of Income Three Months Ended March 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 74,001 $ 19,777 $ — $ 93,778 Tenant reimbursements — 1,349 2,516 — 3,865 Other income — 491 719 — 1,210 Mortgage and other financing income 212 16,019 3,684 — 19,915 Intercompany fee income 653 — — (653 ) — Interest income on intercompany notes receivable — 2,336 — (2,336 ) — Total revenue 865 94,196 26,696 (2,989 ) 118,768 Equity in subsidiaries’ earnings 76,787 — — (76,787 ) — Property operating expense — 2,570 2,911 — 5,481 Intercompany fee expense — — 653 (653 ) — Other expense — — 5 — 5 General and administrative expense — 7,178 2,040 — 9,218 Costs associated with loan refinancing or payoff — — 552 — 552 Interest expense, net 22,190 (1,833 ) 2,932 — 23,289 Interest expense on intercompany notes payable — — 2,336 (2,336 ) — Transaction costs 443 — 1 — 444 Depreciation and amortization 443 21,391 4,121 — 25,955 Income before equity in income from joint ventures and other items 54,576 64,890 11,145 (76,787 ) 53,824 Equity in income from joint ventures — — 212 — 212 Income before income taxes 54,576 64,890 11,357 (76,787 ) 54,036 Income tax benefit (expense) (396 ) — 540 — 144 Net income attributable to EPR Properties 54,180 64,890 11,897 (76,787 ) 54,180 Preferred dividend requirements (5,952 ) — — — (5,952 ) Net income available to common shareholders of EPR Properties $ 48,228 $ 64,890 $ 11,897 $ (76,787 ) $ 48,228 Comprehensive income attributable to EPR Properties $ 52,266 $ 64,890 $ 13,526 $ (78,416 ) $ 52,266 Condensed Consolidating Statement of Income Three Months Ended March 31, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 57,810 $ 18,930 $ — $ 76,740 Tenant reimbursements — 1,410 2,893 — 4,303 Other income — 2 548 — 550 Mortgage and other financing income 212 15,128 2,503 — 17,843 Intercompany fee income 689 — — (689 ) — Interest income on intercompany notes receivable 111 2,391 — (2,502 ) — Total revenue 1,012 76,741 24,874 (3,191 ) 99,436 Equity in subsidiaries’ earnings 78,995 — — (78,995 ) — Property operating expense — 3,153 3,204 — 6,357 Intercompany fee expense — — 689 (689 ) — Other expense — — 102 — 102 General and administrative expense — 5,781 1,901 — 7,682 Retirement severance expense 18,578 — — — 18,578 Interest expense, net 16,360 287 1,940 — 18,587 Interest expense on intercompany notes payable — — 2,502 (2,502 ) — Transaction costs 1,354 — 252 — 1,606 Depreciation and amortization 390 14,940 4,025 — 19,355 Income before equity in income from joint ventures and other items 43,325 52,580 10,259 (78,995 ) 27,169 Equity in income from joint ventures — — 164 — 164 Gain on sale of real estate — 23,748 176 — 23,924 Income before income taxes 43,325 76,328 10,599 (78,995 ) 51,257 Income tax expense 504 — 7,922 — 8,426 Income from continuing operations 42,821 76,328 2,677 (78,995 ) 42,831 Discontinued operations: Loss from discontinued operations — (10 ) — — (10 ) Net income attributable to EPR Properties 42,821 76,318 2,677 (78,995 ) 42,821 Preferred dividend requirements (5,952 ) — — — (5,952 ) Net income available to common shareholders of EPR Properties $ 36,869 $ 76,318 $ 2,677 $ (78,995 ) $ 36,869 Comprehensive income attributable to EPR Properties $ 38,966 $ 76,271 $ (72 ) $ (76,199 ) $ 38,966 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 653 $ — $ (653 ) $ — Interest income (expense) on intercompany receivable/payable — 2,336 (2,336 ) — Net cash provided (used) by other operating activities (31,258 ) 82,581 17,754 69,077 Net cash provided (used) by operating activities (30,605 ) 84,917 14,765 69,077 Investing activities: Acquisition of rental properties and other assets (66 ) (36,771 ) (70 ) (36,907 ) Proceeds from sale of real estate — — 1,920 1,920 Investment in mortgage notes receivable — (53,659 ) — (53,659 ) Proceeds from mortgage note receivable paydown — 176 19,320 19,496 Additions to property under development — (53,161 ) (8,604 ) (61,765 ) Advances to subsidiaries, net (39,404 ) 58,516 (19,112 ) — Net cash used by investing activities (39,470 ) (84,899 ) (6,546 ) (130,915 ) Financing activities: Proceeds from long-term debt facilities 162,000 — — 162,000 Principal payments on long-term debt (141,000 ) — (7,586 ) (148,586 ) Deferred financing fees paid (28 ) — (8 ) (36 ) Costs associated with loan refinancing or payoff (cash portion) — — (472 ) (472 ) Net proceeds from issuance of common shares 125,199 — — 125,199 Impact of stock option exercises, net (635 ) — — (635 ) Purchase of common shares for treasury for vesting (4,208 ) — — (4,208 ) Dividends paid to shareholders (64,823 ) — — (64,823 ) Net cash provided (used) by financing activities 76,505 — (8,066 ) 68,439 Effect of exchange rate changes on cash — — 96 96 Net increase in cash and cash equivalents 6,430 18 249 6,697 Cash and cash equivalents at beginning of the period 1,089 735 2,459 4,283 Cash and cash equivalents at end of the period $ 7,519 $ 753 $ 2,708 $ 10,980
Condensed Consolidating Statement Of Cash Flows	Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 653 $ — $ (653 ) $ — Interest income (expense) on intercompany receivable/payable — 2,336 (2,336 ) — Net cash provided (used) by other operating activities (31,258 ) 82,581 17,754 69,077 Net cash provided (used) by operating activities (30,605 ) 84,917 14,765 69,077 Investing activities: Acquisition of rental properties and other assets (66 ) (36,771 ) (70 ) (36,907 ) Proceeds from sale of real estate — — 1,920 1,920 Investment in mortgage notes receivable — (53,659 ) — (53,659 ) Proceeds from mortgage note receivable paydown — 176 19,320 19,496 Additions to property under development — (53,161 ) (8,604 ) (61,765 ) Advances to subsidiaries, net (39,404 ) 58,516 (19,112 ) — Net cash used by investing activities (39,470 ) (84,899 ) (6,546 ) (130,915 ) Financing activities: Proceeds from long-term debt facilities 162,000 — — 162,000 Principal payments on long-term debt (141,000 ) — (7,586 ) (148,586 ) Deferred financing fees paid (28 ) — (8 ) (36 ) Costs associated with loan refinancing or payoff (cash portion) — — (472 ) (472 ) Net proceeds from issuance of common shares 125,199 — — 125,199 Impact of stock option exercises, net (635 ) — — (635 ) Purchase of common shares for treasury for vesting (4,208 ) — — (4,208 ) Dividends paid to shareholders (64,823 ) — — (64,823 ) Net cash provided (used) by financing activities 76,505 — (8,066 ) 68,439 Effect of exchange rate changes on cash — — 96 96 Net increase in cash and cash equivalents 6,430 18 249 6,697 Cash and cash equivalents at beginning of the period 1,089 735 2,459 4,283 Cash and cash equivalents at end of the period $ 7,519 $ 753 $ 2,708 $ 10,980 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 689 $ — $ (689 ) $ — Interest income (expense) on intercompany receivable/payable 111 2,391 (2,502 ) — Net cash provided (used) by other operating activities (33,933 ) 74,509 16,487 57,063 Net cash provided (used) by operating activities of continuing operations (33,133 ) 76,900 13,296 57,063 Net cash provided by operating activities of discontinued operations — 455 — 455 Net cash provided (used) by operating activities (33,133 ) 77,355 13,296 57,518 Investing activities: Acquisition of rental properties and other assets (86 ) (49,116 ) (5 ) (49,207 ) Proceeds from sale of real estate — 42,709 1,081 43,790 Investment in mortgage note receivable — (3,121 ) (15,577 ) (18,698 ) Proceeds from mortgage note receivable paydown — 148 — 148 Additions to property under development — (64,729 ) (4,466 ) (69,195 ) Advances to subsidiaries, net (100,872 ) 90,515 10,357 — Net cash provided (used) by investing activities (100,958 ) 16,406 (8,610 ) (93,162 ) Financing activities: Proceeds from long-term debt facilities 298,914 155,000 — 453,914 Principal payments on long-term debt — (248,181 ) (2,919 ) (251,100 ) Deferred financing fees paid (2,884 ) 6 — (2,878 ) Net proceeds from issuance of common shares 123 — — 123 Impact of stock option exercises, net (33 ) — — (33 ) Purchase of common shares for treasury for vesting (8,222 ) — — (8,222 ) Dividends paid to shareholders (56,796 ) — — (56,796 ) Net cash provided (used) by financing activities 231,102 (93,175 ) (2,919 ) 135,008 Effect of exchange rate changes on cash — (15 ) (479 ) (494 ) Net increase in cash and cash equivalents 97,011 571 1,288 98,870 Cash and cash equivalents at beginning of the period (1,234 ) 840 3,730 3,336 Cash and cash equivalents at end of the period $ 95,777 $ 1,411 $ 5,018 $ 102,206

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Operating Segments
Number of Reportable Operating Segments | segment	4
Revenue Recognition [Abstract]
Percentage rents	$ 600,000	$ 300,000
Mortgage And Other Participating Interest Income	0	0
Concentrations of Risk [Abstract]
Rental revenue	93,778,000	76,740,000
Total revenue	118,768,000	99,436,000
Share-based Compensation [Abstract]
Share based compensation	$ 2,765,000	1,972,000
Share based compensation, future vesting period minimum (in years)	4 years
Range of settlement date for shares for non-employee trustee from grant date, minimum (in years)	1 year
Share based compensation expense related to employees and trustees	$ 1,600,000
Share-based compensation expense included in retirement severance expense	0	6,377,000
Retirement severance expense	0	18,578,000
Deferred Costs	17,500,000		$ 18,300,000
Prepaymentfee	$ 3,600,000
American Multi-Cinema, Inc. [Member]
Concentrations of Risk [Abstract]
Percent of megaplex theatre rental leased by AMC	25.00%
Rental revenue	$ 21,800,000	$ 21,400,000
Percentage of lease revenue in total revenue	18.00%	21.00%
Minimum [Member]
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	$ 237,000	$ 274,000
Restricted Stock [Member]
Share-based Compensation [Abstract]
Share based compensation expense related to employees and trustees	$ 2,300,000	1,400,000
Restricted Stock [Member] | Minimum [Member]
Share-based Compensation [Abstract]
Share based compensation, future vesting period minimum (in years)	3 years
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation [Abstract]
Share based compensation, future vesting period minimum (in years)	4 years
Restricted Share Units [Member]
Share-based Compensation [Abstract]
Range of settlement date for shares for non-employee trustee from grant date, minimum (in years)	1 year
Restricted Share Units [Member] | Non-Employee Trustees [Member]
Share-based Compensation [Abstract]
Share based compensation expense related to employees and trustees	$ 260,000	264,000
Chief Executive Officer [Member] | Accelerated Vesting of Shares [Member] | Employee Severance [Member] | Share Options [Member]
Share-based Compensation [Abstract]
Retirement severance expense		1,400,000
Chief Executive Officer [Member] | Accelerated Vesting of Shares [Member] | Employee Severance [Member] | Nonvested Shares [Member]
Share-based Compensation [Abstract]
Retirement severance expense		$ 5,000,000

Rental Properties (Summary Of C

Rental Properties (Summary Of Carrying Amounts Of Rental Properties) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Real Estate Properties [Line Items]
Carrying amounts of rental properties	$ 3,776,542		$ 3,559,502
Accumulated depreciation	(562,195)		(534,303)
Total	3,214,347		3,025,199
Depreciation expense on rental properties	25,000	$ 18,400
Building and improvements [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	2,884,181		2,837,611
Furniture, fixtures & equipment [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	35,213		34,423
Land [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	$ 857,148		$ 687,468

Investments and Dispositions (D

Investments and Dispositions (Details)	Apr. 22, 2016USD ($)	Feb. 26, 2016USD ($)	Jan. 05, 2016USD ($)	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets				$ 145,100,000
Proceeds from mortgage note receivable paydown				$ 19,496,000	$ 148,000
Number of Reportable Operating Segments | segment				4
Gain on sale of real estate				$ 0	23,924,000
Prepaymentfee				3,600,000
Costs associated with loan refinancing or payoff				552,000	$ 0
Theatre Properties [Member]
Real Estate Properties [Line Items]
Costs associated with loan refinancing or payoff				472,000
Entertainment Reportable Operating Segment [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets				$ 47,700,000
Entertainment Reportable Operating Segment [Member] | Theatre Properties [Member]
Real Estate Properties [Line Items]
number of development properties				6
Entertainment Reportable Operating Segment [Member] | Theatre Redevelopment Properties [Member]
Real Estate Properties [Line Items]
Number of properties acquired (in properties)				1
number of development properties				1
Entertainment Reportable Operating Segment [Member] | Entertainment Retail Center Properties [Member]
Real Estate Properties [Line Items]
number of development properties				4
Education Reportable Operating Segment [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets				$ 45,800,000
Education Reportable Operating Segment [Member] | Public Charter School Property Member
Real Estate Properties [Line Items]
Proceeds from mortgage note receivable paydown			$ 19,300,000
number of development properties				19
Prepaymentfee			3,600,000
Costs associated with loan refinancing or payoff			$ 80,000
Education Reportable Operating Segment [Member] | Private School Property [Member]
Real Estate Properties [Line Items]
number of development properties				3
Education Reportable Operating Segment [Member] | early childhood education center [Member]
Real Estate Properties [Line Items]
number of development properties				14
Recreation Reportable Operating Segment [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets				$ 51,400,000
Recreation Reportable Operating Segment [Member] | TopGolf [Member]
Real Estate Properties [Line Items]
number of development properties				11
Recreation Reportable Operating Segment [Member] | Ski Resorts [Member]
Real Estate Properties [Line Items]
Number of properties acquired (in properties)				1
Other Reportable Operating Segment [Member]
Real Estate Properties [Line Items]
Proceeds from Sale of Property, Plant, and Equipment				$ 1,500,000
Payments to Acquire Productive Assets				$ 200,000
Gain on sale of real estate		$ 0
Subsequent Event [Member] | Entertainment Reportable Operating Segment [Member] | Entertainment Retail Center Properties [Member]
Real Estate Properties [Line Items]
Proceeds from mortgage note receivable paydown	$ 44,300,000

Accounts Receivable, Net (Sched

Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Straight-line rent receivable	$ 55,746	$ 52,336
Allowance for doubtful accounts	(3,458)	(3,587)
Total	62,403	59,101
Tenants [Member]
Carrying amounts of accounts receivable	9,851	9,999
Non-Tenants [Member]
Carrying amounts of accounts receivable	$ 264	$ 353

Investments In Direct Financi37

Investments In Direct Financing Lease (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)yearsproperties	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)properties
Net Investment in Direct Financing and Sales Type Leases	$ 191,720,000		$ 190,880,000
Capital Leases, Net Investment in Direct Financing Leases, Initial Direct Costs	1,400,000		$ 1,400,000
Allowance for lease losses	0	$ 0
Payments to Acquire Productive Assets	$ 145,100,000
Future Minimum Rentals Receivable	The Company’s direct financing lease has expiration dates ranging from approximately 16 to 19 years. Future minimum rentals receivable on this direct financing lease at March 31, 2016 are as follows (in thousands): Amount Year: 2016 $ 14,897 2017 20,380 2018 20,992 2019 21,621 2020 22,270 Thereafter 334,596 Total $ 434,756
Minimum [Member]
Length of lease (in years) | years	16
Maximum [Member]
Length of lease (in years) | years	19
Imagine Schools Member
Number of public charter school properties (in properties) | properties	21		21,000

Investments In Direct Financi38

Investments In Direct Financing Lease (Summary Of Carrying Amounts Of Investment In Direct Financing Lease, Net) (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Capital Leases, Net Investment in Direct Financing Leases [Abstract]
Total minimum lease payments receivable		$ 434,756	$ 439,646
Estimated unguaranteed residual value of leased assets		162,669	162,669
Less deferred income	[1]	(405,705)	(411,435)
Investment in a direct financing lease, net		191,720	190,880
Capital Leases, Net Investment in Direct Financing Leases, Initial Direct Costs		$ 1,400	$ 1,400
[1]	Deferred income is net of $1.4 million of initial direct costs at March 31, 2016 and December 31, 2015

Investments In Direct Financi39

Investments In Direct Financing Lease (Future Minimum Rentals Receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Capital Leases, Net Investment in Direct Financing Leases [Abstract]
2,016	$ 14,897
2,017	20,380
2,018	20,992
2,019	21,621
2,020	22,270
Thereafter	334,596
Total	$ 434,756	$ 439,646

Debt and Capital Markets (Sched

Debt and Capital Markets (Schedule of Long-term Debt Instruments) (Details) $ in Thousands	Feb. 18, 2016USD ($)properties	Jan. 21, 2016USD ($)shares	Jun. 30, 2016USD ($)shares	Mar. 31, 2016USD ($)shares	Mar. 31, 2015USD ($)	Dec. 31, 2015shares
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	$ 4,600
Number of Properties Securing Mortgage Note | properties	1
Costs associated with loan refinancing or payoff				$ 552	$ 0
Common Shares, shares issued | shares		2,250,000		65,838,128		63,195,182
Net proceeds from issuance of common shares		$ 125,000		$ 125,199	$ 123
Subsequent Event [Member]
Debt Instrument [Line Items]
Common Shares, shares issued | shares			258,263
Net proceeds from issuance of common shares			$ 16,900
Theatre Properties [Member]
Debt Instrument [Line Items]
Costs associated with loan refinancing or payoff				$ 472

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - SVVI [Member] $ in Millions	Mar. 31, 2016USD ($)
Investment in unconsolidated VIE	$ 164.5
Unconsolidated investment maximum exposure to loss	$ 164.5

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) CAD in Millions, $ in Millions	Aug. 12, 2015USD ($)swap_agreements	Sep. 06, 2013USD ($)swap_agreements	Mar. 31, 2016USD ($)propertiesCAD / $	Mar. 31, 2016CADCAD / $	Dec. 31, 2015USD ($)	Feb. 28, 2014CADCAD / $
credit risk related contingent features default on debt amount			$ 25
Derivative Liability, Fair Value, Gross Liability			9.2		$ 5.7
Derivative Asset			23.4		36.5
Derivative Asset, Fair Value, Gross Asset			32.6		$ 42.2
Cash Flow Hedging [Member]
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months			2.5
Interest Rate Swap [Member]
Number of entered into interest rate swap agreements (in interest rate swaps) | swap_agreements	2	3
Derivative fixed interest rate	2.94%	3.78%
Derivative, Notional Amount		$ 240
Fair value of derivatives in a liability position			1.2
Assets needed to settle obligations under the agreements			1.2
Interest Rate Risk [Member]
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months			$ 5
Cross Currency Swaps [Member]
Net exchange rate, CAD to US dollar | CAD / $			1.05	1.05
Cross Currency Swaps 2018 [Member]
Derivative, Notional Amount			$ 98.1	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			$ 94.3	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
Maximum [Member] | Interest Rate Swap [Member]
Derivative, Notional Amount	$ 300

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
		Mar. 31, 2016	Mar. 31, 2015
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		$ (13,730)	$ 13,551
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)		(595)	104
Interest Rate Swap [Member]
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	[1]	(1,314)	(443)
Cross Currency Swaps [Member]
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		(1,350)	3,062
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	[2]	719	547
Currency Forward Agreements [Member]
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		(7,523)	11,991
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	[2]	0	0
Interest Expense [Member] | Interest Rate Swap [Member]
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		$ (4,857)	$ (1,502)
[1]	(1)Included in "Interest expense, net" in the accompanying consolidated statements of income for the three months ended March 31, 2016 and 2015.
[2]	Included in "Other income" in the accompanying consolidated statements of income for the three months ended March 31, 2016 and 2015.

Fair Value Disclosures (Assets

Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Derivative Liability, Fair Value, Gross Liability		$ (9,200)	$ (5,700)
Derivative Asset, Fair Value, Gross Asset		32,600	42,200
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps [Member]
Derivative Asset, Fair Value, Gross Asset	[1]	5,506	7,575
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Asset, Fair Value, Gross Asset	[1]	5,506	7,575
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements [Member]
Derivative Asset, Fair Value, Gross Asset	[1]	27,064	34,587
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Asset, Fair Value, Gross Asset	[1]	27,064	34,587
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Derivative Liability, Fair Value, Gross Liability	[2]	(9,217)	(5,674)
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Liability, Fair Value, Gross Liability	[2]	$ (9,217)	$ (5,674)
[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	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Mortgage notes and related accrued interest receivable	$ 457,429	$ 423,780
Investment in a direct financing lease, net	$ 191,720	$ 190,880
Finance lease investment weighted average interest rate	12.00%	12.00%
Minimum interest on investments in direct finance lease	11.74%	11.74%
Maximum interest on investments in direct finance lease	12.38%	12.38%
Debt	$ 1,996,131	$ 1,981,920
Fixed Rate Mortgage Notes Receivable [Member]
Mortgage notes and related accrued interest receivable	$ 457,400	$ 423,800
Weighted average interest rate of mortgage notes receivable	9.39%	9.36%
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	10.04%	10.05%
Fair value of notes receivable	$ 432,200	$ 415,700
Variable Rate Debt [Member]
Debt	$ 592,000	$ 571,000
Long-term debt, weighted average interest rate	2.61%	1.65%
Variable Rate Converted to Fixed Rate [Member]
Debt	$ 300,000	$ 300,000
Fixed Rate Debt [Member]
Debt	$ 1,420,000	$ 1,430,000
Long-term debt, weighted average interest rate	5.65%	5.66%
Weighted market rate for determining fair value of debt	4.27%	4.28%
Fair value of debt	$ 1,540,000
Long-term Debt, Fair Value		$ 1,550,000
Minimum [Member] | Fixed Rate Mortgage Notes Receivable [Member]
market rate used as discount factor to determine fair value of notes	8.00%	8.50%
Minimum [Member] | Fixed Rate Debt [Member]
market rate used as discount factor to determine fair value of debt	3.52%	3.33%
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	4.92%	4.94%

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
	Mar. 31, 2016	Mar. 31, 2015
Basic EPS:
Income from continuing operations	$ 54,180	$ 42,831
Less: preferred dividend requirements	$ (5,952)	(5,952)
Income from continuing operations available to common shareholders		$ 36,879
Weighted average number of shares outstanding, basic	62,664	57,111
Income from continuing operations, per basic share (in dollars per share)	$ 0.77	$ 0.65
Income from discontinued operations available to common shareholders		$ (10)
Income from discontinued operations, per basic share (in dollars per share)	$ 0	$ 0
Net income available to common shareholders of EPR Properties	$ 48,228	$ 36,869
Net income available to common shareholders (in dollars per share)	$ 0.77	$ 0.65
Diluted EPS:
Share options (in shares)	80	267
Income from continuing operations available to common shareholders, diluted	$ 48,228	$ 36,879
Weighted average number of shares outstanding, diluted	62,744	57,378
Income from continuing operations, per diluted share (in dollars per share)	$ 0.77	$ 0.64
Net Income Loss From Discontinuing Operation Available To Common Stockholders Diluted		$ (10)
Income from discontinued operations, per diluted share (in dollars per share)	$ 0	$ 0
Net income available to common shareholders, diluted	$ 48,228	$ 36,869
Net income available to common shareholders (in dollars per share)	$ 0.77	$ 0.64

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 51.64	$ 51.64
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 65.50	$ 65.50
Series C Cumulative Convertible Preferred Share [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares	2,000	2,000
Preferred share dividend percentage	5.75%	5.75%
Series E Cumulative Convertible Preferred Share [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares	1,600	1,600
Preferred share dividend percentage	9.00%	9.00%
Share Options [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares	140	249

Equity Incentive Plans (Summary

Equity Incentive Plans (Summary Of Share Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	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	516,305
Number of Shares, Exercised	(88,294)
Number of Shares, Granted	0
Number of Shares, Outstanding at End of Period	428,011
Average Exercise Price, Outstanding at Beginning of Period	$ 52.11		$ 48.42
Average Exercise Price, Exercised	30.51
Average Exercise Price, Outstanding at End of Period	$ 52.11		48.42
Weighted average fair value of options granted		$ 16.35
Intrinsic value of stock options exercised	$ 2,800	$ 200
Repurchase of treasury stock (in shares)	53,687
Repurchase of treasury stock, value	$ 3,300
Share based compensation expenses recognized in future periods	1,600
Retirement severance expense	$ 0	18,578
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
Option Price Per Share, Exercised	19.41
Option Price Per Share, Outstanding at End of Period	$ 19.02		19.02
Maximum [Member]
Share based compensation, future vesting period minimum (in years)	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Option Price Per Share, Outstanding at Beginning of Period	$ 65.50		65.50
Option Price Per Share, Exercised	61.79
Option Price Per Share, Outstanding at End of Period	$ 65.50		$ 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		1,700
Stock-option expense	$ 237	$ 274
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum		1.90%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		48.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Forfeiture Rate		0.78%
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		5.90%
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)	766,007

Equity Incentive Plans (Summa49

Equity Incentive Plans (Summary Of Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 51.64	$ 51.64
Exercise price range, upper limit	$ 65.50	$ 65.50
Options outstanding (in shares)	428,011		516,305
Weighted avg. life remaining (in years)	5 years 11 months
Weighted avg. exercise price	$ 52.11		$ 48.42
Aggregate intrinsic value	$ 6,210
$19.02 - 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)	11,097
Weighted avg. life remaining (in years)	3 years 1 month
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)	2,625
Weighted avg. life remaining (in years)	3 years 9 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)	175,166
Weighted avg. life remaining (in years)	4 years 12 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)	106,275
Weighted avg. life remaining (in years)	7 years 3 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)	132,848
Weighted avg. life remaining (in years)	6 years 2 months
Share Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		48.00%
Minimum [Member] | Share Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate		5.90%

Equity Incentive Plans (Summa50

Equity Incentive Plans (Summary Of Exercisable Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 51.64	$ 51.64
Exercise price range, upper limit	$ 65.50	$ 65.50
Options outstanding (in shares)	288,480
Weighted avg. life remaining (in years)	4 years 9 months
Weighted avg. exercise price	$ 50.24
Aggregate intrinsic value	$ 4,726
$19.02 - 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)	11,097
Weighted avg. life remaining (in years)	3 years 1 month
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)	2,625
Weighted avg. life remaining (in years)	3 years 9 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)	155,636
Weighted avg. life remaining (in years)	4 years 9 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)	52,259
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)	66,863
Weighted avg. life remaining (in years)	3 years 6 months

Equity Incentive Plans (Summa51

Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Outstanding at December 31, 2012	390,441
Number of Shares, Vested	(156,767)
Number of Shares, Outstanding at March 31, 2013	534,426
Number of Shares, Granted	300,752
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2012	$ 54.84
Weighted Average Grant Date Fair Value, Granted	61.53
Weighted Average Grant Date Fair Value, Vested	52.73
Weighted Average Grant Date Fair Value, Outstanding at March 31, 2013	$ 59.22
Weighted Average Life Remaining, Outstanding at March 31, 2013 (in years)	1 year 9 months 9 days
Share based compensation, future vesting period minimum (in years)	4 years
Fair value of non-vested shares	$ 9.2	$ 17.1
Unamortized share-based compensation expense	$ 23.2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 0
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 (Summa52

Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / 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	390,441
Number of Shares, Granted | shares	300,752
Number of Shares, Vested | shares	(156,767)
Number of Shares, Outstanding at March 31, 2013 | shares	534,426
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2012 | $ / shares	$ 54.84
Weighted Average Grant Date Fair Value, Granted | $ / shares	61.53
Weighted Average Grant Date Fair Value, Vested | $ / shares	52.73
Weighted Average Grant Date Fair Value, Outstanding at March 31, 2013 | $ / shares	$ 59.22
Weighted Average Life Remaining, Outstanding at March 31, 2013 (in years)	1 year 9 months 9 days
Range of settlement date for shares for non-employee trustee from grant date, minimum (in years)	1 year
Unamortized share-based compensation expense | $	$ 23,200
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	18,036
Number of Shares, Granted | shares	0
Number of Shares, Vested | shares	0
Number of Shares, Outstanding at March 31, 2013 | shares	18,036
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2012 | $ / shares	$ 57.57
Weighted Average Grant Date Fair Value, Granted | $ / shares	0
Weighted Average Grant Date Fair Value, Vested | $ / shares	0
Weighted Average Grant Date Fair Value, Outstanding at March 31, 2013 | $ / shares	$ 57.57
Weighted Average Life Remaining, Outstanding at March 31, 2013 (in years)	1 month 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 | $	$ 87

Other Commitments And Conting53

Other Commitments And Contingencies (Details)	Oct. 20, 2011USD ($)	Mar. 31, 2016USD ($)developmentprojectmortgagenotes	Dec. 31, 2015USD ($)
Commitment to fund project development		$ 274,600,000
Property under development		$ 266,574,000	$ 378,920,000
Number of Surety Bonds		3
Surety bonds		$ 21,700,000
Number of Mortgage Notes Receivable (in mortgage notes) | mortgagenotes		4
Mortgage notes receivable with commitments		$ 17,200,000
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		7
Commitment to fund project development		$ 43,100,000
recreationproperties [Member]
Development projects in process (in projects) | developmentproject		4
Commitment to fund project development		$ 56,000,000
Concord Resort [Member]
Commitment to fund project development		120,000,000
Adelaar Infrastructure [Member]
Commitment to fund project development		90,000,000
Property under development		$ 35,000,000
Public Charter School Property Member
Development projects in process (in projects) | developmentproject		24
Commitment to fund project development		$ 175,500,000
Louisiana Theatre Properties [Member]
Development projects in process (in projects) | developmentproject		2
Economic development revenue bond term		30 years
Deferred assets related to guarantee		$ 9,600,000
Deferred liabilities related to guarantee		9,600,000
Loss contingency		0
Adelaar [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	3 Months Ended
	Mar. 31, 2016USD ($)segment	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Operating Segments | segment	4
Total Assets	$ 4,343,540	$ 4,217,270
Entertainment Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	2,053,555	2,006,926
Education Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	1,040,058	1,013,930
Recreation Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	986,945	935,266
Other Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	208,864	203,757
Corporate / Unallocated
Segment Reporting Information [Line Items]
Total Assets	$ 54,118	$ 57,391

Segment Information Operating D

Segment Information Operating Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Rental revenue	$ 93,778	$ 76,740
Tenant reimbursements	3,865	4,303
Other income	1,210	550
Mortgage and other financing income	19,915	17,843
Total revenue	118,768	99,436
Property operating expense	5,481	6,357
Other expense	5	102
Total investment expenses	5,486	6,459
Net Operating Income - Before Unallocated Items	113,282	92,977
Reconciliation to Consolidated Statements of Income:
General and administrative expense	(9,218)	(7,682)
Retirement severance expense	0	(18,578)
Costs associated with loan refinancing	(552)	0
Interest expense, net	(23,289)	(18,587)
Transaction costs	(444)	(1,606)
Depreciation and amortization	(25,955)	(19,355)
Equity in income from joint ventures	212	164
Gain on sale of real estate		23,924
Income tax benefit (expense)	144	(8,426)
Income (loss) from discontinued operations	0	10
Net income attributable to EPR Properties	54,180	42,821
Preferred dividend requirements	(5,952)	(5,952)
Net income available to common shareholders of EPR Properties	48,228	36,869
Entertainment Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Rental revenue	60,138	59,941
Tenant reimbursements	3,863	4,326
Other income	4	3
Mortgage and other financing income	2,152	1,782
Total revenue	66,157	66,052
Property operating expense	5,252	6,294
Other expense	0	0
Total investment expenses	5,252	6,294
Net Operating Income - Before Unallocated Items	60,905	59,758
Education Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Rental revenue	17,180	10,094
Tenant reimbursements	2	0
Other income	0	0
Mortgage and other financing income	10,731	7,783
Total revenue	27,913	17,877
Property operating expense	0	0
Other expense	0	0
Total investment expenses	0	0
Net Operating Income - Before Unallocated Items	27,913	17,877
Recreation Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Rental revenue	14,696	6,705
Tenant reimbursements	0	0
Other income	489	0
Mortgage and other financing income	6,998	8,181
Total revenue	22,183	14,886
Property operating expense	8	0
Other expense	0	0
Total investment expenses	8	0
Net Operating Income - Before Unallocated Items	22,175	14,886
Other Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Rental revenue	1,764	0
Tenant reimbursements	0	(23)
Other income	0	0
Mortgage and other financing income	34	97
Total revenue	1,798	74
Property operating expense	83	63
Other expense	5	102
Total investment expenses	88	165
Net Operating Income - Before Unallocated Items	1,710	(91)
Corporate / Unallocated
Segment Reporting Information [Line Items]
Rental revenue	0	0
Tenant reimbursements	0	0
Other income	717	547
Mortgage and other financing income	0	0
Total revenue	717	547
Property operating expense	138	0
Other expense	0	0
Total investment expenses	138	0
Net Operating Income - Before Unallocated Items	$ 579	$ 547

Condensed Consolidating Finan56

Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Rental properties, net	$ 3,214,347	$ 3,025,199
Land held for development	22,530	23,610
Property under development	266,574	378,920
Mortgage notes and related accrued interest receivable	457,429	423,780
Investment in a direct financing lease, net	191,720	190,880
Investment in joint ventures	5,869	6,168
Cash and cash equivalents	10,980	4,283	$ 102,206	$ 3,336
Restricted cash	23,428	10,578
Accounts receivable, net	62,403	59,101
Intercompany notes receivable	0	0
Investments in subsidiaries	0	0
Other assets	88,260	94,751
Total assets	4,343,540	4,217,270
Accounts payable and accrued liabilities	77,523	92,178
Dividends payable	26,221	24,352
Unearned rents and interest	56,627	44,952
Intercompany notes payable	0	0
Debt	1,996,131	1,981,920
Total liabilities	2,156,502	2,143,402
Total equity	2,187,038	2,073,868
Total liabilities and equity	4,343,540	4,217,270
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
Accounts receivable, net	0	0
Intercompany notes receivable	(175,757)	(175,757)
Investments in subsidiaries	(3,946,482)	(3,825,897)
Other assets	0	0
Total assets	(4,122,239)	(4,001,654)
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)
Total equity	(3,946,482)	(3,825,897)
Total liabilities and equity	(4,122,239)	(4,001,654)
EPR Properties (Issuer) [Member]
Rental properties, net	0	0
Land held for development	0	0
Property under development	0	0
Mortgage notes and related accrued interest receivable	0	0
Investment in a direct financing lease, net	0	0
Investment in joint ventures	0	0
Cash and cash equivalents	7,519	1,089	95,777	(1,234)
Restricted cash	525	475
Accounts receivable, net	298	285
Intercompany notes receivable	0	0
Investments in subsidiaries	3,946,482	3,825,897
Other assets	23,002	23,053
Total assets	3,977,826	3,850,799
Accounts payable and accrued liabilities	39,918	49,671
Dividends payable	26,221	24,352
Unearned rents and interest	0	0
Intercompany notes payable	0	0
Debt	1,724,649	1,702,908
Total liabilities	1,790,788	1,776,931
Total equity	2,187,038	2,073,868
Total liabilities and equity	3,977,826	3,850,799
Wholly-Owned Subsidiary Guarantors [Member]
Rental properties, net	2,515,063	2,485,411
Land held for development	1,258	1,258
Property under development	185,424	152,197
Mortgage notes and related accrued interest receivable	454,729	400,935
Investment in a direct financing lease, net	191,720	190,880
Investment in joint ventures	0	0
Cash and cash equivalents	753	735	1,411	840
Restricted cash	20,803	8,220
Accounts receivable, net	50,003	47,502
Intercompany notes receivable	175,757	175,757
Investments in subsidiaries	0	0
Other assets	11,337	10,607
Total assets	3,606,847	3,473,502
Accounts payable and accrued liabilities	33,742	38,759
Dividends payable	0	0
Unearned rents and interest	48,316	35,512
Intercompany notes payable	0	0
Debt	0	0
Total liabilities	82,058	74,271
Total equity	3,524,789	3,399,231
Total liabilities and equity	3,606,847	3,473,502
Non-Guarantor Subsidiaries [Member]
Rental properties, net	699,284	539,788
Land held for development	21,272	22,352
Property under development	81,150	226,723
Mortgage notes and related accrued interest receivable	2,700	22,845
Investment in a direct financing lease, net	0	0
Investment in joint ventures	5,869	6,168
Cash and cash equivalents	2,708	2,459	$ 5,018	$ 3,730
Restricted cash	2,100	1,883
Accounts receivable, net	12,102	11,314
Intercompany notes receivable	0	0
Investments in subsidiaries	0	0
Other assets	53,921	61,091
Total assets	881,106	894,623
Accounts payable and accrued liabilities	3,863	3,748
Dividends payable	0	0
Unearned rents and interest	8,311	9,440
Intercompany notes payable	175,757	175,757
Debt	271,482	279,012
Total liabilities	459,413	467,957
Total equity	421,693	426,666
Total liabilities and equity	$ 881,106	$ 894,623

Condensed Consolidating Finan57

Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Rental revenue	$ 93,778	$ 76,740
Tenant reimbursements	3,865	4,303
Other income	1,210	550
Mortgage and other financing income	19,915	17,843
Intercompany fee income	0	0
Interest income on intercompany notes receivable	0	0
Total revenue	118,768	99,436
Equity in subsidiaries' earnings	0	0
Property operating expense	5,481	6,357
Intercompany fee expense	0	0
Other expense	5	102
General and administrative expense	9,218	7,682
Retirement severance expense	0	18,578
Costs associated with loan refinancing or payoff	552	0
Interest expense, net	23,289	18,587
Interest expense on intercompany notes payable	0	0
Transaction costs	444	1,606
Depreciation and amortization	25,955	19,355
Income before equity in income from joint ventures and other items	53,824	27,169
Equity in income from joint ventures	212	164
Gain on sale of real estate	0	23,924
Income before income taxes	54,036	51,257
Income tax benefit (expense)	144	(8,426)
Income from continuing operations	54,180	42,831
Income (loss) from discontinued operations	0	(10)
Net income attributable to EPR Properties	54,180	42,821
Dividends, Preferred Stock	(5,952)	(5,952)
Net income available to common shareholders of EPR Properties	48,228	36,869
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	52,266	38,966
EPR Properties (Issuer) [Member]
Rental revenue	0	0
Tenant reimbursements	0	0
Other income	0	0
Mortgage and other financing income	212	212
Intercompany fee income	653	689
Interest income on intercompany notes receivable	0	111
Total revenue	865	1,012
Equity in subsidiaries' earnings	76,787	78,995
Property operating expense	0	0
Intercompany fee expense	0	0
Other expense	0	0
General and administrative expense	0	0
Retirement severance expense		18,578
Costs associated with loan refinancing or payoff	0
Interest expense, net	22,190	16,360
Interest expense on intercompany notes payable	0	0
Transaction costs	443	1,354
Depreciation and amortization	443	390
Income before equity in income from joint ventures and other items	54,576	43,325
Equity in income from joint ventures	0	0
Gain on sale of real estate		0
Income before income taxes	54,576	43,325
Income tax benefit (expense)	396	(504)
Income from continuing operations		42,821
Income (loss) from discontinued operations		0
Net income attributable to EPR Properties	54,180	42,821
Dividends, Preferred Stock	(5,952)	(5,952)
Net income available to common shareholders of EPR Properties	48,228	36,869
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	52,266	38,966
Wholly-Owned Subsidiary Guarantors [Member]
Rental revenue	74,001	57,810
Tenant reimbursements	1,349	1,410
Other income	491	2
Mortgage and other financing income	16,019	15,128
Intercompany fee income	0	0
Interest income on intercompany notes receivable	2,336	2,391
Total revenue	94,196	76,741
Equity in subsidiaries' earnings	0	0
Property operating expense	2,570	3,153
Intercompany fee expense	0	0
Other expense	0	0
General and administrative expense	7,178	5,781
Retirement severance expense		0
Costs associated with loan refinancing or payoff	0
Interest expense, net	(1,833)	287
Interest expense on intercompany notes payable	0	0
Transaction costs	0	0
Depreciation and amortization	21,391	14,940
Income before equity in income from joint ventures and other items	64,890	52,580
Equity in income from joint ventures	0	0
Gain on sale of real estate		23,748
Income before income taxes	64,890	76,328
Income tax benefit (expense)	0	0
Income from continuing operations		76,328
Income (loss) from discontinued operations		(10)
Net income attributable to EPR Properties	64,890	76,318
Dividends, Preferred Stock	0	0
Net income available to common shareholders of EPR Properties	64,890	76,318
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	64,890	76,271
Non-Guarantor Subsidiaries [Member]
Rental revenue	19,777	18,930
Tenant reimbursements	2,516	2,893
Other income	719	548
Mortgage and other financing income	3,684	2,503
Intercompany fee income	0	0
Interest income on intercompany notes receivable	0	0
Total revenue	26,696	24,874
Equity in subsidiaries' earnings	0	0
Property operating expense	2,911	3,204
Intercompany fee expense	653	689
Other expense	5	102
General and administrative expense	2,040	1,901
Retirement severance expense		0
Costs associated with loan refinancing or payoff	552
Interest expense, net	2,932	1,940
Interest expense on intercompany notes payable	2,336	2,502
Transaction costs	1	252
Depreciation and amortization	4,121	4,025
Income before equity in income from joint ventures and other items	11,145	10,259
Equity in income from joint ventures	212	164
Gain on sale of real estate		176
Income before income taxes	11,357	10,599
Income tax benefit (expense)	(540)	(7,922)
Income from continuing operations		2,677
Income (loss) from discontinued operations		0
Net income attributable to EPR Properties	11,897	2,677
Dividends, Preferred Stock	0	0
Net income available to common shareholders of EPR Properties	11,897	2,677
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	13,526	(72)
Consolidated Elimination [Member]
Rental revenue	0	0
Tenant reimbursements	0	0
Other income	0	0
Mortgage and other financing income	0	0
Intercompany fee income	(653)	(689)
Interest income on intercompany notes receivable	(2,336)	(2,502)
Total revenue	(2,989)	(3,191)
Equity in subsidiaries' earnings	(76,787)	(78,995)
Property operating expense	0	0
Intercompany fee expense	(653)	(689)
Other expense	0	0
General and administrative expense	0	0
Retirement severance expense		0
Costs associated with loan refinancing or payoff	0
Interest expense, net	0	0
Interest expense on intercompany notes payable	(2,336)	(2,502)
Transaction costs	0	0
Depreciation and amortization	0	0
Income before equity in income from joint ventures and other items	(76,787)	(78,995)
Equity in income from joint ventures	0	0
Gain on sale of real estate		0
Income before income taxes	(76,787)	(78,995)
Income tax benefit (expense)	0	0
Income from continuing operations		(78,995)
Income (loss) from discontinued operations		0
Net income attributable to EPR Properties	(76,787)	(78,995)
Dividends, Preferred Stock	0	0
Net income available to common shareholders of EPR Properties	(76,787)	(78,995)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (78,416)	$ (76,199)

Condensed Consolidating Finan58

Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands	Jan. 21, 2016	Mar. 31, 2016	Mar. 31, 2015
Intercompany fee income (expense)		$ 0	$ 0
Interest income (expense) on intercompany receivable/payable		0	0
Net cash provided (used) by other operating activities		69,077	57,063
Net operating cash provided by continuing operations		69,077	57,063
Cash Provided by (Used in) Operating Activities, Discontinued Operations		0	455
Net cash provided by operating activities		69,077	57,518
Acquisition of rental properties and other assets		(36,907)	(49,207)
Proceeds from sale of real estate		1,920	43,790
Investment in mortgage notes receivable		(53,659)	(18,698)
Proceeds from mortgage note receivable paydown		19,496	148
Additions to properties under development		(61,765)	(69,195)
Advances to subsidiaries, net		0	0
Net cash used by investing activities		(130,915)	(93,162)
Proceeds from long-term debt facilities		162,000	453,914
Principal payments on long-term debt		(148,586)	(251,100)
Deferred financing fees paid		(36)	(2,878)
Proceeds from (Payments for) Other Financing Activities		(472)	0
Net proceeds from issuance of common shares	$ 125,000	125,199	123
Impact of stock option exercises, net		(635)	(33)
Purchase of common shares for treasury		(4,208)	(8,222)
Dividends paid to shareholders		(64,823)	(56,796)
Net cash provided by financing activities		68,439	135,008
Effect of exchange rate changes on cash		96	(494)
Net increase (decrease) in cash and cash equivalents		6,697	98,870
Cash and cash equivalents at beginning of the year		4,283	3,336
Cash and cash equivalents at end of the year		10,980	102,206
EPR Properties (Issuer) [Member]
Intercompany fee income (expense)		653	689
Interest income (expense) on intercompany receivable/payable		0	111
Net cash provided (used) by other operating activities		(31,258)	(33,933)
Net operating cash provided by continuing operations			(33,133)
Cash Provided by (Used in) Operating Activities, Discontinued Operations			0
Net cash provided by operating activities		(30,605)	(33,133)
Acquisition of rental properties and other assets		(66)	(86)
Proceeds from sale of real estate		0	0
Investment in mortgage notes receivable		0	0
Proceeds from mortgage note receivable paydown		0	0
Additions to properties under development		0	0
Advances to subsidiaries, net		(39,404)	(100,872)
Net cash used by investing activities		(39,470)	(100,958)
Proceeds from long-term debt facilities		162,000	298,914
Principal payments on long-term debt		(141,000)	0
Deferred financing fees paid		(28)	(2,884)
Proceeds from (Payments for) Other Financing Activities		0
Net proceeds from issuance of common shares		125,199	123
Impact of stock option exercises, net		(635)	(33)
Purchase of common shares for treasury		(4,208)	(8,222)
Dividends paid to shareholders		(64,823)	(56,796)
Net cash provided by financing activities		76,505	231,102
Effect of exchange rate changes on cash		0	0
Net increase (decrease) in cash and cash equivalents		6,430	97,011
Cash and cash equivalents at beginning of the year		1,089	(1,234)
Cash and cash equivalents at end of the year		7,519	95,777
Wholly-Owned Subsidiary Guarantors [Member]
Intercompany fee income (expense)		0	0
Interest income (expense) on intercompany receivable/payable		2,336	2,391
Net cash provided (used) by other operating activities		82,581	74,509
Net operating cash provided by continuing operations			76,900
Cash Provided by (Used in) Operating Activities, Discontinued Operations			455
Net cash provided by operating activities		84,917	77,355
Acquisition of rental properties and other assets		(36,771)	(49,116)
Proceeds from sale of real estate		0	42,709
Investment in mortgage notes receivable		(53,659)	(3,121)
Proceeds from mortgage note receivable paydown		176	148
Additions to properties under development		(53,161)	(64,729)
Advances to subsidiaries, net		58,516	90,515
Net cash used by investing activities		(84,899)	16,406
Proceeds from long-term debt facilities		0	155,000
Principal payments on long-term debt		0	(248,181)
Deferred financing fees paid		0	6
Proceeds from (Payments for) Other Financing Activities		0
Net proceeds from issuance of common shares		0	0
Impact of stock option exercises, net		0	0
Purchase of common shares for treasury		0	0
Dividends paid to shareholders		0	0
Net cash provided by financing activities		0	(93,175)
Effect of exchange rate changes on cash		0	(15)
Net increase (decrease) in cash and cash equivalents		18	571
Cash and cash equivalents at beginning of the year		735	840
Cash and cash equivalents at end of the year		753	1,411
Non-Guarantor Subsidiaries [Member]
Intercompany fee income (expense)		(653)	(689)
Interest income (expense) on intercompany receivable/payable		(2,336)	(2,502)
Net cash provided (used) by other operating activities		17,754	16,487
Net operating cash provided by continuing operations			13,296
Cash Provided by (Used in) Operating Activities, Discontinued Operations			0
Net cash provided by operating activities		14,765	13,296
Acquisition of rental properties and other assets		(70)	(5)
Proceeds from sale of real estate		1,920	1,081
Investment in mortgage notes receivable		0	(15,577)
Proceeds from mortgage note receivable paydown		19,320	0
Additions to properties under development		(8,604)	(4,466)
Advances to subsidiaries, net		(19,112)	10,357
Net cash used by investing activities		(6,546)	(8,610)
Proceeds from long-term debt facilities		0	0
Principal payments on long-term debt		(7,586)	(2,919)
Deferred financing fees paid		(8)	0
Proceeds from (Payments for) Other Financing Activities		(472)
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 by financing activities		(8,066)	(2,919)
Effect of exchange rate changes on cash		96	(479)
Net increase (decrease) in cash and cash equivalents		249	1,288
Cash and cash equivalents at beginning of the year		2,459	3,730
Cash and cash equivalents at end of the year		$ 2,708	$ 5,018