EPR Properties (EPR) 10-Q 3 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
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, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		73,638,809

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Rental properties, net of accumulated depreciation of $661,029 and $635,535 at March 31, 2017 and December 31, 2016, respectively	$ 3,673,130	$ 3,595,762
Land held for development	22,530	22,530
Property under development	331,934	297,110
Mortgage notes and related accrued interest receivable	671,797	613,978
Investment in a direct financing lease, net	103,095	102,698
Investment in joint ventures	5,522	5,972
Cash and cash equivalents	14,446	19,335
Restricted cash	28,523	9,744
Accounts receivable, net	96,267	98,939
Other assets	99,538	98,954
Total assets	5,046,782	4,865,022
Liabilities:
Accounts payable and accrued liabilities	101,438	119,758
Common dividends payable	22,022	20,367
Preferred dividends payable	5,952	5,951
Unearned rents and interest	61,579	47,420
Debt	2,616,382	2,485,625
Total liabilities	2,807,373	2,679,121
Equity:
Common Shares, $.01 par value; 100,000,000 shares authorized; and 67,495,902 and 66,263,487 shares issued at March 31, 2017 and December 31, 2016, respectively	675	663
Preferred shares, $.01 par value; 25,000,000 shares authorized:
Additional paid-in-capital	2,755,108	2,677,046
Treasury shares at cost: 2,724,514 and 2,616,406 common shares at March 31, 2017 and December 31, 2016, respectively	(120,955)	(113,172)
Accumulated other comprehensive income	8,606	7,734
Distributions in excess of net income	(404,164)	(386,509)
Total equity	2,239,409	2,185,901
Total liabilities and equity	5,046,782	4,865,022
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, 2017	Dec. 31, 2016
Rental properties, accumulated depreciation	$ 661,029,000	$ 635,535,000
Common Shares, par value	$ 0.01	$ 0.01
Common Shares, shares authorized	100,000,000	100,000,000
Common Shares, shares issued	67,495,902	66,263,487
Preferred Shares, par value	$ 0.01	$ 0.01
Preferred Shares, shares authorized	25,000,000	25,000,000
Treasury Shares, common shares	2,724,514	2,616,406
Series C Preferred Shares [Member]
Preferred Shares, shares issued	5,399,050	5,399,050
Preferred Shares, liquidation preference	$ 134,976,250	$ 134,976,250
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, 2017	Mar. 31, 2016
Rental revenue	$ 107,037	$ 93,778
Tenant reimbursements	3,749	3,865
Other income	692	1,210
Mortgage and other financing income	17,634	19,915
Total revenue	129,112	118,768
Property operating expense	6,350	5,481
Other expense	0	5
General and administrative expense	11,057	9,218
Costs associated with loan refinancing or payoff	5	552
Interest expense, net	30,692	23,289
Transaction costs	57	444
Depreciation and amortization	28,077	25,955
Income before equity in income from joint ventures and other items	52,874	53,824
Equity in (loss) income from joint ventures	(8)	212
Gain on sale of real estate	2,004	0
Income before income taxes	54,870	54,036
Income tax (expense) benefit	(954)	144
Net income	53,916	54,180
Preferred dividend requirements	(5,952)	(5,952)
Net income available to common shareholders of EPR Properties	$ 47,964	$ 48,228
Basic earnings per share data:
Net income available to common shareholders (in dollars per share)	$ 0.75	$ 0.77
Diluted earnings per share data:
Net income available to common shareholders (in dollars per share)	$ 0.75	$ 0.77
Shares used for computation (in thousands):
Basic (in shares)	64,033	62,664
Diluted (in shares)	64,102	62,744

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income	$ 53,916	$ 54,180
Other comprehensive income (loss):
Foreign currency translation adjustment	1,674	11,221
Change in net unrealized loss on derivatives	(802)	(13,135)
Comprehensive income	$ 54,788	$ 52,266

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	$ 2,185,901	$ 663	$ 139	$ 2,677,046	$ (113,172)	$ 7,734	$ (386,509)
Balance (in shares) at Dec. 31, 2016		66,263,487	13,849,050
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of nonvested shares, net		283,154
Issuance of nonvested shares, net	(5,499)	$ (3)		(5,496)
Purchase of common shares for vesting	6,729				6,729
Amortization of nonvested shares	(3,264)			(3,264)
Share option expense	194			194
Foreign currency translation adjustment	1,674					1,674
Change in unrealized gain/loss on derivatives	(802)					(802)
Net income	53,916						53,916
Issuances of common shares (in shares)		931,870
Issuances of common shares	$ 68,201	$ 9		68,192
Stock option exercises, net (in shares)	17,391	17,391
Stock option exercises, net	$ (138)	$ 0		(916)	(1,054)
Dividends to common and preferred shareholders	(71,571)						(71,571)
Balance (in shares) at Mar. 31, 2017		67,495,902	13,849,050
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	$ 2,239,409	$ 675	$ 139	$ 2,755,108	$ (120,955)	$ 8,606	$ (404,164)

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net Income (Loss) Available to Common Stockholders, Diluted	$ 47,964	$ 48,228
Operating activities:
Net income	53,916	54,180
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on sale of real estate	(2,004)	0
Deferred income tax expense (benefit)	634	(602)
Costs associated with loan refinancing or payoff	5	552
Equity in (loss) income from joint ventures	(8)	212
Distributions from joint ventures	442	511
Depreciation and amortization	28,077	25,955
Amortization of deferred financing costs	1,456	1,172
Amortization of above market leases, net and tenant improvements	45	48
Share-based compensation expense to management and trustees	3,458	2,765
Increase in restricted cash	(1,786)	(2,221)
Increase in mortgage notes accrued interest receivable	1,098	514
Decrease (increase) in accounts receivable, net	2,720	(2,968)
Increase in direct financing lease receivable	(397)	(840)
Increase in other assets	(3,147)	(2,907)
Decrease in accounts payable and accrued liabilities	(12,492)	(6,878)
Increase in unearned rents and interest	2,738	8
Net cash provided by operating activities	74,771	69,077
Investing activities:
Acquisition of and investments in rental properties and other assets	60,764	36,907
Proceeds from sale of real estate	18,105	1,920
Investment in mortgage notes receivable	(67,057)	(53,659)
Proceeds from mortgage note receivable paydown	8,140	19,496
Investment in promissory notes receivable	554	0
Proceeds from promissory note receivable paydown	1,599	0
Additions to properties under development	(100,184)	(61,765)
Net cash used by investing activities	(200,715)	(130,915)
Financing activities:
Proceeds from long-term debt facilities	175,000	162,000
Principal payments on long-term debt	(45,331)	(148,586)
Deferred financing fees paid	(33)	(36)
Costs associated with loan refinancing or payoff (cash portion)	(1)	(472)
Net proceeds from issuance of common shares	68,141	125,199
Impact of stock option exercises, net	(138)	(635)
Purchase of common shares for treasury	(6,729)	(4,208)
Dividends paid to shareholders	(69,856)	(64,823)
Net cash provided by financing activities	121,053	68,439
Effect of exchange rate changes on cash	2	96
Net (decrease) increase in cash and cash equivalents	(4,889)	6,697
Cash and cash equivalents at beginning of the year	19,335	4,283
Cash and cash equivalents at end of the year	14,446	10,980
Supplemental schedule of non-cash activity:
Transfer of property under development to rental property	63,672	173,877
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses	21,698	18,505
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	41,030	34,257
Cash paid during the period for income taxes	317	418
Interest cost capitalized	2,791	2,291
Decrease in accrued capital expenditures	$ (5,506)	$ (7,320)

Organization

Organization	3 Months Ended
	Mar. 31, 2017
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, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies and Recently Issued Accounting Standards 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, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. 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 in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The consolidated balance sheet as of December 31, 2016 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, 2016 filed with the Securities and Exchange Commission (SEC) on March 1, 2017. 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 it is probable the assets will be sold 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. Accounting for Acquisitions Upon acquisition of real estate properties, the Company evaluates the acquisition to determine if it will be accounted for as business combination or an asset acquisition. In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether acquisitions should be accounted for as business combinations or asset acquisitions. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years, with early application of the guidance permitted. The Company has elected to early adopt ASU No. 2017-01 as of January 1, 2017. As a result the Company expects that fewer of its real estate acquisitions will be accounted for as business combinations. Costs incurred for asset acquisitions and development properties, including transaction costs, are capitalized. For asset acquisitions, the Company allocates the purchase price and other related costs incurred to the real estate assets acquired based on recent independent appraisals or methods similar to those used by independent appraisers and management judgment. Acquisition-related costs in connection with business combinations are expensed as incurred. Costs related to such transactions, as well as costs associated with terminated transactions, are included in the accompanying consolidated statements of income as transaction costs. Deferred Financing Costs Deferred financing costs are amortized over the terms of the related debt obligations or mortgage note receivable as applicable. Deferred financing costs of $28.2 million and $29.3 million as of March 31, 2017 and December 31, 2016, respectively, are shown as a reduction of debt. The deferred financing costs related to the unsecured revolving credit facility are included in other assets. Allowance for Doubtful Accounts Accounts receivable is reduced by an allowance for amounts where collection is not probable. The Company’s accounts receivable balance is comprised primarily of rents and operating cost recoveries due from tenants as well as accrued rental rate increases to be received over the life of the existing leases. The Company regularly evaluates the adequacy of its allowance for doubtful accounts. The evaluation primarily consists of reviewing past due account balances and considering such factors as the credit quality of the Company’s tenants, historical trends of the tenant and/or other debtor, current economic conditions and changes in customer payment terms. Additionally, with respect to tenants in bankruptcy, the Company estimates the expected recovery through bankruptcy claims and increases the allowance for amounts deemed uncollectible. 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 $0.8 million and $0.6 million for the three months ended March 31, 2017 and 2016 , 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 On December 21, 2016, American Multi-Cinema, Inc. (AMC) announced that it closed its acquisition of Carmike Cinemas Inc. (Carmike). Including the effects of this acquisition, AMC was the lessee of a substantial portion ( 35% ) of the megaplex theatre rental properties held by the Company at March 31, 2017 . For the three months ended March 31, 2017 , approximately $29.2 million or 22.7% of the Company's total revenues were derived from rental payments by AMC. For the three months ended March 31, 2016 , approximately $21.8 million or 18.3% of the Company's total revenues were derived from rental payments by AMC and approximately $4.9 million or 4.1% of the Company's total revenues were derived from rental payments by Carmike. These rental payments are 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 and share-based compensation to non-employee Trustees of the Company is granted pursuant to the Company's Trustee compensation program. Prior to May 12, 2016, share-based compensation granted to employees and non-employee Trustees were issued under the 2007 Equity Incentive Plan. The 2016 Equity Incentive Plan was approved by shareholders at the May 11, 2016 annual shareholder meeting and this plan replaced the 2007 Equity Incentive Plan. Accordingly, all share-based compensation granted on or after May 12, 2016 has been issued under the 2016 Equity Incentive Plan. Share-based compensation expense consists of share option expense and amortization of nonvested share grants issued to employees, 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 $3.5 million and $2.8 million for the three months ended March 31, 2017 and 2016 , respectively. 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 $194 thousand and $237 thousand for the three months ended March 31, 2017 and 2016 , respectively. Nonvested Shares Issued to Employees The Company grants nonvested shares to employees pursuant to both the Annual Incentive Program and the Long-Term Incentive Plan. The Company amortizes the expense related to the nonvested shares awarded to employees under the Long-Term Incentive Plan and the premium awarded under the nonvested share alternative of the Annual Incentive Program on a straight-line basis over the future vesting period ( three or four years). Expense recognized related to nonvested shares and included in general and administrative expense in the accompanying consolidated statements of income was $3.0 million and $2.3 million for the three months ended March 31, 2017 and 2016 , respectively. Restricted Share Units Issued to Non-Employee Trustees The Company issues restricted share units to non-employee Trustees for payment of their annual retainers under the Company's Trustee compensation program. 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 $280 thousand and $260 thousand for the three months ended March 31, 2017 and 2016 , 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. Impact of Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In April 2015, the FASB voted for a one-year deferral of the effective date of the new revenue recognition standard which was approved in July 2015. The new standard will become effective for the Company beginning with the first quarter 2018. The ASU does not apply to revenue recognition for lease contracts. A majority of the Company’s tenant-related revenue is recognized pursuant to lease contracts. This standard will apply to reimbursed tenant costs and revenues generated from the Company providing certain services at its multi-tenant properties after ASU No. 2016-02, Leases , is adopted. Additionally, it may apply to certain other transactions such as the sale of real estate. The standard permits the use of either the full retrospective method or the modified retrospective method. The Company anticipates it will use the modified retrospective method for transition, in which case the cumulative effect of applying the standard, if any, would be recognized at the date of initial application. The Company is beginning the process for implementing this guidance, including performing a preliminary review of all revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition. The Company is continuing to evaluate the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases, which amends existing accounting standards for lease accounting and is intended to improve financial reporting related to lease transactions. The ASU will require lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Lessor accounting will remain largely unchanged from current U.S. GAAP. However, ASU No. 2016-02 is expected to impact the Company’s consolidated financial statements as the Company has certain operating land leases and other arrangements for which it is the lessee. The ASU will become effective for the Company for interim and annual reporting periods in fiscal years beginning after December 15, 2018. The Company expects to adopt the new standard on its effective date. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact that ASU No. 2016-02 will have on its consolidated financial statements and related disclosures. The Company does not expect a significant change in its leasing activity between now and adoption. The Company believes substantially all of its leases will continue to be classified as operating leases under the new standard. Subsequent to the adoption of the new standard, common area maintenance provided in lease contracts will be accounted for as a non-lease component within the scope of the new revenue standard. As a result, the Company will be required to recognize revenues associated with leases separately from revenues associated with common area maintenance. The Company is continuing to evaluate whether the variable payment provisions in the new lease standard or the allocation and recognition provisions of the new revenue standard will affect the timing of recognition of lease and non-lease revenue. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which amends ASC Topic 326, Financial Instruments - Credit Losses. The standard changes the methodology for measuring credit losses on financial instruments and timing of when such losses are recorded. ASU No. 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments, which amends ASC Topic 230, Statement of Cash Flows. The standard clarifies the treatment of several cash flow issues with the objective of reducing diversity in practice. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017. The Company is currently reviewing the ASU to assess the potential impact on its consolidated financial statements and related disclosures but does not anticipate that this ASU will have a material impact. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows , which amends ASC Topic 230, Statement of Cash Flows. The standard requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Entities will also be required to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. ASU No. 2016-18 is effective for fiscal years beginning after December 15, 2017. The Company is currently reviewing the ASU to assess the potential impact on its consolidated financial statements and related disclosures but does not anticipate that this ASU will have a material impact. In February 2017, the FASB issued ASU No. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, which amends ASC Topic 610-20. This standard clarifies the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. ASU No. 2017-05 is effective for fiscal years beginning after December 15, 2017. The Company is currently reviewing the ASU to assess the potential impact on its consolidated financial statements and related disclosures but does not anticipate that this ASU will have a material impact.

Rental Properties

Rental Properties	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Rental Properties	Rental Properties The following table summarizes the carrying amounts of rental properties as of March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Buildings and improvements $ 3,363,699 $ 3,272,865 Furniture, fixtures & equipment 43,331 40,684 Land 927,129 917,748 4,334,159 4,231,297 Accumulated depreciation (661,029 ) (635,535 ) Total $ 3,673,130 $ 3,595,762 Depreciation expense on rental properties was $27.3 million and $25.0 million for the three months ended March 31, 2017 and 2016 , respectively.

Investments and Dispositions

Investments and Dispositions	3 Months Ended
	Mar. 31, 2017
Investments [Abstract]
Investments	Investments and Dispositions The Company's investment spending during the three months ended March 31, 2017 totaled $227.2 million , and included investments in each of its four operating segments. Entertainment investment spending during the three months ended March 31, 2017 totaled $30.1 million , including spending on build-to-suit development and redevelopment of megaplex theatres, entertainment retail centers and family entertainment centers. Education investment spending during the three months ended March 31, 2017 totaled $105.9 million , including spending on build-to-suit development and redevelopment of public charter schools, early education centers and private schools, as well as $7.3 million in acquisitions of four early education centers and an investment of $42.9 million in mortgage notes secured by eight early education centers and private schools. Recreation investment spending during the three months ended March 31, 2017 totaled $90.5 million , including spending on build-to-suit development of golf entertainment complexes and attractions, redevelopment of ski areas and $34.2 million in acquisitions of three other recreation facilities. Additionally, included in recreation investment spending was an investment of $10.5 million in a mortgage note secured by one other recreation facility. Other investment spending during the three months ended March 31, 2017 totaled $0.7 million , and was related to the Adelaar casino and resort project in Sullivan County, New York. During the three months ended March 31, 2017, pursuant to tenant purchase options, the Company completed the sale of two public charter schools located in Colorado and Arizona for net proceeds totaling $16.9 million . In connection with these sales, the Company recognized a gain on sale of $2.1 million . In addition, during the three months ended March 31, 2017, the Company completed the sale of a retail space located in Texas for net proceeds of $1.2 million . In connection with this sale, the Company recognized a loss on sale of $74 thousand . On March 30, 2017, the Company received a partial prepayment of $4.0 million on one mortgage note receivable that is secured by the observation deck of the John Hancock building in Chicago, Illinois. In connection with the partial prepayment of this note, the Company received a prepayment fee of $800.0 thousand , which will be recognized over the term of the remaining note using the effective interest method.

Accounts Receivable, Net

Accounts Receivable, Net	3 Months Ended
	Mar. 31, 2017
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, 2017 and December 31, 2016 (in thousands): March 31, December 31, Receivable from tenants $ 9,076 $ 7,564 Receivable from non-tenants 906 497 Receivable from insurance proceeds 507 1,967 Receivable from Sullivan County Infrastructure Revenue Bonds 16,021 22,164 Straight-line rent receivable 71,064 67,618 Allowance for doubtful accounts (1,307 ) (871 ) Total $ 96,267 $ 98,939

Investments In Direct Financing

Investments In Direct Financing Lease	3 Months Ended
	Mar. 31, 2017
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 12 public charter school properties as of March 31, 2017 and December 31, 2016 , with affiliates of Imagine Schools, Inc. 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, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Total minimum lease payments receivable $ 213,065 $ 215,753 Estimated unguaranteed residual value of leased assets 85,247 85,247 Less deferred income (1) (195,217 ) (198,302 ) Investment in a direct financing lease, net $ 103,095 $ 102,698 (1) Deferred income is net of $1.3 million of initial direct costs at March 31, 2017 and December 31, 2016 . Additionally, the Company determined that no allowance for losses was necessary at March 31, 2017 and December 31, 2016 . The Company’s direct financing lease has expiration dates ranging from approximately 15 to 18 years. Future minimum rentals receivable on this direct financing lease at March 31, 2017 are as follows (in thousands): Amount Year: 2017 $ 8,168 2018 11,182 2019 11,518 2020 11,863 2021 12,219 Thereafter 158,115 Total $ 213,065

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2017
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	Debt and Capital Markets During the three months ended March 31, 2017, the Company prepaid in full two mortgage notes payable totaling $17.9 million that were secured by two theatre properties. During the three months ended March 31, 2017 , the Company issued an aggregate of 928,219 common shares under the direct share purchase component of its Dividend Reinvestment and Direct Share Purchase Plan (DSPP) for total net proceeds of $67.9 million . These proceeds were used to pay down a portion of the Company's unsecured revolving credit facility. Subsequent to March 31, 2017, the Company prepaid in full four mortgage notes payable totaling $30.2 million that were secured by four theatre properties. In addition, the Company prepaid in full a mortgage note payable of $87.0 million that was secured by 11 theatre properties. In connection with this note payoff, the Company expects to record a gain on early extinguishment of debt of $1.0 million for the three months ended June 30, 2017. The gain represents the difference between the fair value of the note and the amount due at payoff as the note was recorded at fair value upon acquisition and was not anticipated to be paid off in advance of maturity.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2017
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, 2017 , the Company had invested approximately $11.2 million in one real estate project which is a VIE. This entity does not have any other significant assets or liabilities at March 31, 2017 and was established to facilitate the development of a theatre project. Unconsolidated VIE At March 31, 2017 , the Company's recorded investment in two unconsolidated VIEs totaled $174.9 million . The Company's maximum exposure to loss associated with these VIEs is limited to the Company's outstanding mortgage notes and related accrued interest receivable of $174.9 million . These mortgage notes are secured by three recreation properties and one public charter school. While these entities are VIEs, the Company has determined that the power to direct the activities of these VIEs that most significantly impact the VIEs' economic performance is not held by the Company.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2017
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 $0.9 million and $2.5 million recorded in “Accounts payable and accrued liabilities” and derivative assets of $33.6 million and $35.9 million recorded in “Other assets” in the consolidated balance sheet at March 31, 2017 and December 31, 2016 , respectively. The Company had not posted or received collateral with its derivative counterparties as of March 31, 2017 or December 31, 2016 . See Note 10 for disclosures relating to the fair value of the derivative instruments as of March 31, 2017 and December 31, 2016 . 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 these objectives, 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, 2017 , 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, 2017 , 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, 2017 and 2016 , 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, 2017 and 2016 . 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, 2017 , the Company estimates t hat during the twelve months ending March 31, 2018, $1.4 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, 2017 , 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, 2017 and 2016 . As of March 31, 2017 , the Company estimates t hat during the twelve months ending March 31, 2018, $2.7 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, 2017 and 2016 . 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, 2017 and 2016 . Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Three Months Ended March 31, 2017 and 2016 (Dollars in thousands) Three Months Ended March 31, Description 2017 2016 Interest Rate Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) $ 504 $ (4,857 ) Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) (1,071 ) (1,314 ) Cross Currency Swaps Amount of Loss Recognized in AOCI on Derivative (Effective Portion) (166 ) (1,350 ) Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) 662 719 Currency Forward Agreements Amount of Loss Recognized in AOCI on Derivative (Effective Portion) (1,549 ) (7,523 ) Amount of Income Reclassified from AOCI into Earnings (Effective Portion) — — Total Amount of Loss Recognized in AOCI on Derivative (Effective Portion) $ (1,211 ) $ (13,730 ) Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (409 ) (595 ) (1) Included in "Interest expense, net" in the accompanying consolidated statements of income for the three months ended March 31, 2017 and 2016 . (2) Included in "Other income" in the accompanying consolidated statements of income for the three months ended March 31, 2017 and 2016 . 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, 2017 , the fair value of the Company’s derivatives in a liability position related to these agreements was $0.9 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, after considering the right of offset, of $0.2 million .

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2017
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 Measurement 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 Measurement 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, 2017 , 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, 2017 and December 31, 2016 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, 2017 and December 31, 2016 (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, 2017 Cross-Currency Swaps* $ — $ 3,329 $ — $ 3,329 Currency Forward Agreements* $ — $ 30,234 $ — $ 30,234 Interest Rate Swap Agreements** $ — $ (907 ) $ — $ (907 ) December 31, 2016: Cross-Currency Swaps* $ — $ 4,158 $ — $ 4,158 Currency Forward Agreements* $ — $ 31,782 $ — $ 31,782 Interest Rate Swap Agreements** $ — $ (2,482 ) $ — $ (2,482 ) *Included in "Other assets" in the accompanying consolidated balance sheets. **Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets. 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, 2017 and 2016. Fair Value of 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, 2017 and December 31, 2016 : 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, 2017 , the Company had a carrying value of $671.8 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 8.66% . The fixed rate mortgage notes bear interest at rates of 7.00% to 11.31% . Discounting the future cash flows for fixed rate mortgage notes receivable using rates of 7.00% to 12.00% , management estimates the fair value of the fixed rate mortgage notes receivable to be approximately $711.7 million with an estimated weighted average market rate of 8.42% at March 31, 2017 . At December 31, 2016 , the Company had a carrying value of $614.0 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 8.77% . The fixed rate mortgage notes bear interest at rates of 7.00% to 11.31% . Discounting the future cash flows for fixed rate mortgage notes receivable using rates of 7.00% to 12.00% , management estimates the fair value of the fixed rate mortgage notes receivable to be $648.5 million with an estimated weighted average market rate of 8.48% at December 31, 2016 . 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, 2017 and December 31, 2016 , the Company had an investment in a direct financing lease with a carrying value of $103.1 million and $102.7 million , respectively, and a weighted average effective interest rate of 12.00% for both periods. At March 31, 2017 and December 31, 2016, the investment in a direct financing lease bears interest at effective interest rates of 11.79% to 12.38% . The carrying value of the investment in a direct financing lease approximated the fair market value at March 31, 2017 and December 31, 2016 . 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, 2017 , the Company had a carrying value of $525.0 million in variable rate debt outstanding with a weighted average interest rate of approximately 2.91% . The carrying value of the variable rate debt outstanding approximated the fair market value at March 31, 2017 . At December 31, 2016 , the Company had a carrying value of $375.0 million in variable rate debt outstanding with a weighted average interest rate of approximately 3.23% . The carrying value of the variable rate debt outstanding approximated the fair market value at December 31, 2016 . At March 31, 2017 and December 31, 2016 , $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, 2017 , the Company had a carrying value of $2.12 billion in fixed rate long-term debt outstanding with a weighted average interest rate of approximately 5.26% . Discounting the future cash flows for fixed rate debt using March 31, 2017 market rates of 3.06% to 4.67% , management estimates the fair value of the fixed rate debt to be approximately $2.20 billion with an estimated weighted average market rate of 4.12% at March 31, 2017 . At December 31, 2016 , the Company had a carrying value of $2.14 billion in fixed rate long-term debt outstanding with an average weighted interest rate of approximately 5.27% . Discounting the future cash flows for fixed rate debt using December 31, 2016 market rates of 2.97% to 4.75% , management estimates the fair value of the fixed rate debt to be approximately $2.21 billion with an estimated weighted average market rate of 4.26% at December 31, 2016 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
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, 2017 and 2016 (amounts in thousands except per share information): Three Months Ended March 31, 2017 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 53,916 Less: preferred dividend requirements (5,952 ) Net income available to common shareholders $ 47,964 64,033 $ 0.75 Diluted EPS: Net income available to common shareholders $ 47,964 64,033 Effect of dilutive securities: Share options — 69 Net income available to common shareholders $ 47,964 64,102 $ 0.75 Three Months Ended March 31, 2016 Income Shares Per Share 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: Net income 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 The additional 2.1 million and 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, 2017 and 2016 , respectively 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, 2017 and 2016 . However, options to purchase 4 thousand and 140 thousand shares of common shares at per share prices ranging from $61.79 to $76.63 and ranging from $51.64 to $65.50 for the were outstanding for the three months ended March 31, 2017 and 2016, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive.

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
	Mar. 31, 2017
Share-based Compensation [Abstract]
Equity Incentive Plans	Equity Incentive Plan All grants of common shares and options to purchase common shares were issued under the Company's 2007 Equity Incentive Plan prior to May 12, 2016 and under the 2016 Equity Incentive Plan on and after May 12, 2016. Under the 2016 Equity Incentive Plan, an aggregate of 1,950,000 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, 2017 , there were 1,664,631 shares available for grant under the 2016 Equity Incentive Plan. Share Options Share options granted under the 2007 Equity Incentive Plan and the 2016 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 options Option price per share Weighted avg. exercise price Outstanding at December 31, 2016 285,986 $ 19.02 — $ 61.79 $ 51.93 Exercised (17,391 ) 46.86 — 61.79 52.71 Granted 2,215 76.63 — 76.63 76.63 Forfeited/Expired (939 ) 60.03 — 60.03 60.03 Outstanding at March 31, 2017 269,871 $ 19.02 — $ 76.63 $ 52.06 The weighted average fair value of options granted was $7.91 during the three months ended March 31, 2017 . There were no options granted during the three months ended March 31, 2016 . The intrinsic value of stock options exercised was $0.4 million and $2.8 million for the three months ended March 31, 2017 and 2016 , respectively. Additionally, the Company repurchased 14,380 shares into treasury shares in conjunction with the stock options exercised during the three months ended March 31, 2017 with a total value of $1.1 million . At March 31, 2017 , stock-option expense to be recognized in future periods was $0.8 million . The expense related to share options included in the determination of net income for both the three months ended March 31, 2017 and 2016 was $0.2 million . The following assumptions were used in applying the Black-Scholes option pricing model at the grant dates for the three months ended March 31, 2017 : risk-free interest rate of 2.1% , dividend yield of 5.4% , volatility factors in the expected market price of the Company’s common shares of 22.0% , 0.74% 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, 2017 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 2.1 20.00 - 29.99 — — 30.00 - 39.99 1,428 2.8 40.00 - 49.99 87,289 4.8 50.00 - 59.99 80,917 6.4 60.00 - 69.99 86,925 7.4 70.00 - 76.63 2,215 9.9 269,871 6.1 $ 52.06 $ 5,828 The following table summarizes exercisable options at March 31, 2017 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 2.1 20.00 - 29.99 — — 30.00 - 39.99 1,428 2.8 40.00 - 49.99 87,289 4.8 50.00 - 59.99 54,242 6.2 60.00 - 69.99 43,998 7.0 70.00 - 76.63 — — 198,054 5.5 $ 49.67 $ 4,746 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, 2016 534,317 $ 59.22 Granted 283,154 76.63 Vested (208,822 ) 57.43 Outstanding at March 31, 2017 608,649 $ 67.94 1.70 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 $15.0 million and $9.2 million for the three months ended March 31, 2017 and 2016 , respectively. At March 31, 2017 , unamortized share-based compensation expense related to nonvested shares was $29.4 million . Restricted Share Units A summary of the Company’s restricted share unit activity and related information is as follows: Number of shares Weighted avg. grant date fair value Weighted avg. life remaining Outstanding at December 31, 2016 15,805 $ 70.93 Granted — — Vested — — Outstanding at March 31, 2017 15,805 $ 70.93 0.11 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, 2017 , unamortized share-based compensation expense related to restricted share units was $93 thousand .

Other Commitments And Contingen

Other Commitments And Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Other Commitments And Contingencies	Other Commitments and Contingencies As of March 31, 2017 , the Company had an aggregate of approximately $262.1 million of commitments to fund development projects including 15 entertainment development projects for which it had commitments to fund approximately $72.5 million , 21 education development projects for which it had commitments to fund approximately $113.1 million , and six recreation development projects for which it had commitments to fund approximately $76.5 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, 2017 , the Company had a commitment to fund approximately $155.0 million over the next three years, of which $2.9 million had been funded, to complete an indoor waterpark hotel and adventure park at the Adelaar 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. In June 2016, the Sullivan County Infrastructure Local Development Corporation issued $110.0 million of Series 2016 Revenue Bonds which is expected to fund a substantial portion of such construction costs. The Company received an initial reimbursement of $43.4 million of construction costs during the year ended December 31, 2016 and an additional reimbursement of $11.7 million during the three months ended March 31, 2017. The Company expects to receive an additional $33.2 million of reimbursements over the balance of the construction period. Construction of infrastructure improvements is currently expected to be completed in 2018. 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, 2017 , the Company had five mortgage notes receivable with commitments totaling approximately $11.2 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 $24.9 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 $10.5 million as a deferred asset included in other assets and $10.5 million included in other liabilities in the accompanying consolidated balance sheet as of March 31, 2017 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, 2017 , the Company had six surety bonds outstanding totaling $24.3 million . As of March 31, 2017 , the Company had two letters of credit totaling $5.0 million in connection with a performance guarantee to complete certain site improvements at two theatres. The letters of credit expire on June 1, 2018. 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 the Company's relationship with the Empire Resorts, Inc. and certain of its subsidiaries. This litigation involves three separate cases filed in state and federal court. Two of the cases, a state and the federal case, are closed and resulted in no liability by the Company. The remaining 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 (the Westchester Action), asserting a claim for breach of contract and the implied covenant of good faith, and seeking damages of at least $800 million , based on allegations that the Company had breached an agreement (the Casino Development Agreement), dated June 18, 2010. The Company moved to dismiss the complaint in the Westchester Action based on a decision issued by the Sullivan County Supreme Court ( one of the two closed cases referenced above) on June 30, 2014, as affirmed by the Appellate Division, Third Department (the Sullivan Action). 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 Action. On February 18, 2016, the Cappelli Group filed an amended complaint asserting a single cause of action for breach of the covenant of good faith and fair dealing based upon allegations the Company had interfered with plaintiffs’ ability to obtain financing which complied with the Casino Development Agreement. On March 23, 2016, the Company filed a motion to dismiss the Cappelli Group’s revised amended complaint. On January 5, 2017, the Westchester County Supreme Court denied the Company’s second motion to dismiss. Discovery is ongoing. The Company has not determined that losses related to the remaining Westchester Action are probable. In light of 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, 2017
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, 2017 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,177,829 $ 1,400,979 $ 1,209,703 $ 197,914 $ 60,357 $ 5,046,782 As of December 31, 2016 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,168,669 $ 1,308,288 $ 1,120,498 $ 202,394 $ 65,173 $ 4,865,022 Operating Data: Three Months Ended March 31, 2017 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 65,091 $ 22,357 $ 17,299 $ 2,290 $ — $ 107,037 Tenant reimbursements 3,749 — — — — 3,749 Other income 6 — — — 686 692 Mortgage and other financing income 1,179 8,549 7,906 — — 17,634 Total revenue 70,025 30,906 25,205 2,290 686 129,112 Property operating expense 5,835 — 28 340 147 6,350 Total investment expenses 5,835 — 28 340 147 6,350 Net operating income - before unallocated items 64,190 30,906 25,177 1,950 539 122,762 Reconciliation to Consolidated Statements of Income: General and administrative expense (11,057 ) Costs associated with loan refinancing or payoff (5 ) Interest expense, net (30,692 ) Transaction costs (57 ) Depreciation and amortization (28,077 ) Equity in loss from joint ventures (8 ) Gain on sale of real estate 2,004 Income tax expense (954 ) Net income 53,916 Preferred dividend requirements (5,952 ) Net income available to common shareholders of EPR Properties $ 47,964 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 54,180 Preferred dividend requirements (5,952 ) Net income available to common shareholders of EPR Properties $ 48,228

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	3 Months Ended
	Mar. 31, 2017
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 credit facilities and existing senior unsecured notes. 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, 2017 and December 31, 2016 and for the three months ended March 31, 2017 and 2016 (in thousands): Condensed Consolidating Balance Sheet As of March 31, 2017 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 3,234,232 $ 438,898 $ — $ 3,673,130 Land held for development — 1,258 21,272 — 22,530 Property under development — 287,647 44,287 — 331,934 Mortgage notes and related accrued interest receivable — 669,203 2,594 — 671,797 Investment in a direct financing lease, net — 103,095 — — 103,095 Investment in joint ventures — — 5,522 — 5,522 Cash and cash equivalents 11,614 1,515 1,317 — 14,446 Restricted cash 440 27,484 599 — 28,523 Accounts receivable, net 1,111 86,130 9,026 — 96,267 Intercompany notes receivable — 179,589 — (179,589 ) — Investments in subsidiaries 4,713,659 — — (4,713,659 ) — Other assets 25,203 21,759 52,576 — 99,538 Total assets $ 4,752,027 $ 4,611,912 $ 576,091 $ (4,893,248 ) $ 5,046,782 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 47,853 $ 49,771 $ 3,814 $ — $ 101,438 Dividends payable 27,974 — — — 27,974 Unearned rents and interest — 60,780 799 — 61,579 Intercompany notes payable — — 179,589 (179,589 ) — Debt 2,436,791 — 179,591 — 2,616,382 Total liabilities 2,512,618 110,551 363,793 (179,589 ) 2,807,373 Total equity 2,239,409 4,501,361 212,298 (4,713,659 ) 2,239,409 Total liabilities and equity $ 4,752,027 $ 4,611,912 $ 576,091 $ (4,893,248 ) $ 5,046,782 Condensed Consolidating Balance Sheet As of December 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 3,164,622 $ 431,140 $ — $ 3,595,762 Land held for development — 1,258 21,272 — 22,530 Property under development 1,010 247,239 48,861 — 297,110 Mortgage notes and related accrued interest receivable — 612,141 1,837 — 613,978 Investment in a direct financing lease, net — 102,698 — — 102,698 Investment in joint ventures — — 5,972 — 5,972 Cash and cash equivalents 16,586 1,157 1,592 — 19,335 Restricted cash 365 8,352 1,027 — 9,744 Accounts receivable, net 556 89,145 9,238 — 98,939 Intercompany notes receivable — 179,589 — (179,589 ) — Investments in subsidiaries 4,521,095 — — (4,521,095 ) — Other assets 21,768 23,068 54,118 — 98,954 Total assets $ 4,561,380 $ 4,429,269 $ 575,057 $ (4,700,684 ) $ 4,865,022 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 63,431 $ 52,061 $ 4,266 $ — $ 119,758 Dividends payable 26,318 — — — 26,318 Unearned rents and interest — 46,647 773 — 47,420 Intercompany notes payable — — 179,589 (179,589 ) — Debt 2,285,730 — 199,895 — 2,485,625 Total liabilities 2,375,479 98,708 384,523 (179,589 ) 2,679,121 Total equity 2,185,901 4,330,561 190,534 (4,521,095 ) 2,185,901 Total liabilities and equity $ 4,561,380 $ 4,429,269 $ 575,057 $ (4,700,684 ) $ 4,865,022 Condensed Consolidating Statement of Income Three Months Ended March 31, 2017 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 93,531 $ 13,506 $ — $ 107,037 Tenant reimbursements — 1,241 2,508 — 3,749 Other income — 6 686 — 692 Mortgage and other financing income 232 17,372 30 — 17,634 Intercompany fee income 684 — — (684 ) — Interest income on intercompany notes receivable — 2,444 — (2,444 ) — Total revenue 916 114,594 16,730 (3,128 ) 129,112 Equity in subsidiaries’ earnings 85,042 — — (85,042 ) — Property operating expense — 3,272 3,078 — 6,350 Intercompany fee expense — — 684 (684 ) — General and administrative expense — 9,642 1,415 — 11,057 Costs associated with loan refinancing or payoff — — 5 — 5 Interest expense, net 31,458 (2,653 ) 1,887 — 30,692 Interest expense on intercompany notes payable — — 2,444 (2,444 ) — Transaction costs 57 — — — 57 Depreciation and amortization 193 24,725 3,159 — 28,077 Income before equity in income from joint ventures and other items 54,250 79,608 4,058 (85,042 ) 52,874 Equity in loss from joint ventures — — (8 ) — (8 ) Gain on sale of real estate — 2,004 — — 2,004 Income before income taxes 54,250 81,612 4,050 (85,042 ) 54,870 Income tax expense (334 ) — (620 ) — (954 ) Net income 53,916 81,612 3,430 (85,042 ) 53,916 Preferred dividend requirements (5,952 ) — — — (5,952 ) Net income available to common shareholders of EPR Properties $ 47,964 $ 81,612 $ 3,430 $ (85,042 ) $ 47,964 Comprehensive income $ 54,788 $ 81,612 $ 2,727 $ (84,339 ) $ 54,788 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 $ — $ 80,329 $ 13,449 $ — $ 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 865 100,524 20,368 (2,989 ) 118,768 Equity in subsidiaries’ earnings 76,787 — — (76,787 ) — Property operating expense — 2,663 2,818 — 5,481 Intercompany fee expense — — 653 (653 ) — Other expense — — 5 — 5 General and administrative expense — 7,660 1,558 — 9,218 Costs associated with loan refinancing or payoff — — 552 — 552 Interest expense, net 22,190 (1,246 ) 2,345 — 23,289 Interest expense on intercompany notes payable — — 2,336 (2,336 ) — Transaction costs 443 — 1 — 444 Depreciation and amortization 443 22,074 3,438 — 25,955 Income before equity in income from joint ventures and other items 54,576 69,373 6,662 (76,787 ) 53,824 Equity in income from joint ventures — — 212 — 212 Income before income taxes 54,576 69,373 6,874 (76,787 ) 54,036 Income tax expense (396 ) — 540 — 144 Net income 54,180 69,373 7,414 (76,787 ) 54,180 Preferred dividend requirements (5,952 ) — — — (5,952 ) Net income available to common shareholders of EPR Properties $ 48,228 $ 69,373 $ 7,414 $ (76,787 ) $ 48,228 Comprehensive income $ 52,266 $ 69,373 $ 9,043 $ (78,416 ) $ 52,266 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 684 $ — $ (684 ) $ — Interest income (expense) on intercompany receivable/payable — 2,444 (2,444 ) — Net cash (used) provided by other operating activities (41,300 ) 106,658 9,413 74,771 Net cash (used) provided by operating activities (40,616 ) 109,102 6,285 74,771 Investing activities: Acquisition of rental properties and other assets (251 ) (60,414 ) (99 ) (60,764 ) Proceeds from sale of real estate — 18,105 — 18,105 Investment in mortgage notes receivable — (66,080 ) (977 ) (67,057 ) Proceeds from mortgage note receivable paydown — 8,140 — 8,140 Investment in promissory notes receivable — (554 ) — (554 ) Proceeds from promissory notes receivable paydown — 1,599 — 1,599 Additions to property under development (725 ) (95,709 ) (3,750 ) (100,184 ) Advances to subsidiaries, net (104,765 ) 86,169 18,596 — Net cash (used) provided by investing activities (105,741 ) (108,744 ) 13,770 (200,715 ) Financing activities: Proceeds from debt facilities and senior unsecured notes 175,000 — — 175,000 Principal payments on debt (25,000 ) — (20,331 ) (45,331 ) Deferred financing fees paid (33 ) — — (33 ) Costs associated with loan refinancing or payoff (cash portion) — — (1 ) (1 ) Net proceeds from issuance of common shares 68,141 — — 68,141 Impact of stock option exercises, net (138 ) — — (138 ) Purchase of common shares for treasury for vesting (6,729 ) — — (6,729 ) Dividends paid to shareholders (69,856 ) — — (69,856 ) Net cash provided (used) by financing activities 141,385 — (20,332 ) 121,053 Effect of exchange rate changes on cash — — 2 2 Net (decrease) increase in cash and cash equivalents (4,972 ) 358 (275 ) (4,889 ) Cash and cash equivalents at beginning of the period 16,586 1,157 1,592 19,335 Cash and cash equivalents at end of the period $ 11,614 $ 1,515 $ 1,317 $ 14,446 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 (used) provided by other operating activities (31,258 ) 86,174 14,161 69,077 Net cash (used) provided by operating activities (30,605 ) 88,510 11,172 69,077 Investing activities: Acquisition of rental properties and other assets (66 ) (36,771 ) (70 ) (36,907 ) Proceeds from sale of real estate — 444 1,476 1,920 Investment in mortgage note receivable — (53,659 ) — (53,659 ) Proceeds from mortgage note receivable paydown — 176 19,320 19,496 Additions to property under development — (60,332 ) (1,433 ) (61,765 ) Advances to subsidiaries, net (39,404 ) 62,022 (22,618 ) — Net cash used by investing activities (39,470 ) (88,120 ) (3,325 ) (130,915 ) Financing activities: Proceeds from debt facilities 162,000 — — 162,000 Principal payments on debt (141,000 ) (575 ) (7,011 ) (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 (575 ) (7,491 ) 68,439 Effect of exchange rate changes on cash — — 96 96 Net increase (decrease) in cash and cash equivalents 6,430 (185 ) 452 6,697 Cash and cash equivalents at beginning of the period 1,089 1,289 1,905 4,283 Cash and cash equivalents at end of the period $ 7,519 $ 1,104 $ 2,357 $ 10,980

Subsequent Events (Notes)

Subsequent Events (Notes)	3 Months Ended
	Mar. 31, 2017
Subsequent Event [Line Items]
Subsequent Event, Pro Forma Business Combinations or Disposals [Text Block]	Subsequent Event On April 6, 2017, the Company completed the acquisition with CNL Lifestyle Properties, Inc. (CNL Lifestyle). The Company acquired the Northstar California Resort, 15 attraction properties (waterparks and amusement parks) and five small family entertainment centers for aggregate consideration valued at $455.5 million . Additionally, the Company provided $251.0 million of five-year, 8.5% secured debt financing to funds affiliated with Och-Ziff Real Estate (OZRE) for its purchase of 14 CNL Lifestyle ski properties valued at $374.5 million . Immediately following the acquisition, the Company sold the five family entertainment centers for approximately $6.8 million . The Company’s aggregate initial investment in this transaction at closing, excluding capitalized transaction costs, was $706.5 million and was funded with $647.4 million of the Company’s common shares, consisting of 8,851,264 newly issued, registered common shares, and $59.1 million of cash, before purchase price adjustments. Calculation of final purchase price adjustments is expected to be completed during the second quarter of 2017 and will adjust the cash portion of the purchase price paid to CNL Lifestyle and the amount advanced to OZRE, which final adjustments are not expected to be material. The number of common shares issued was determined based on a price of $73.1421 per share, which was the volume weighted average price per common share on the New York Stock Exchange for the ten business days ending on April 4, 2017. CNL Lifestyle subsequently distributed the common shares to its stockholders on April 20, 2017. The Company recorded the investment based on the April 6, 2017 closing price of $74.28 . The Company's portion of the cash purchase price was funded with borrowings under its unsecured revolving credit facility. This transaction was previously announced as a business combination and, accordingly, related expenses were recognized as transaction costs through December 31, 2016. In connection with the adoption of ASU No. 2017-01 on January 1, 2017, this transaction was determined to be an asset acquisition. As such, transaction costs related to this asset acquisition incurred in 2017 have been and will be capitalized.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the three month period ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. 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 in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The consolidated balance sheet as of December 31, 2016 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, 2016 filed with the Securities and Exchange Commission (SEC) on March 1, 2017.
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 it is probable the assets will be sold 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.
Business Combinations and Other Purchase of Business Transactions, Policy [Policy Text Block]	Accounting for Acquisitions Upon acquisition of real estate properties, the Company evaluates the acquisition to determine if it will be accounted for as business combination or an asset acquisition. In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether acquisitions should be accounted for as business combinations or asset acquisitions. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years, with early application of the guidance permitted. The Company has elected to early adopt ASU No. 2017-01 as of January 1, 2017. As a result the Company expects that fewer of its real estate acquisitions will be accounted for as business combinations. Costs incurred for asset acquisitions and development properties, including transaction costs, are capitalized. For asset acquisitions, the Company allocates the purchase price and other related costs incurred to the real estate assets acquired based on recent independent appraisals or methods similar to those used by independent appraisers and management judgment. Acquisition-related costs in connection with business combinations are expensed as incurred. Costs related to such transactions, as well as costs associated with terminated transactions, are included in the accompanying consolidated statements of income as transaction costs.
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. Deferred financing costs of $28.2 million and $29.3 million as of March 31, 2017 and December 31, 2016, respectively, are shown as a reduction of debt. The deferred financing costs related to the unsecured revolving credit facility are included in other assets.
Allowance For Doubtful Accounts	Allowance for Doubtful Accounts Accounts receivable is reduced by an allowance for amounts where collection is not probable. The Company’s accounts receivable balance is comprised primarily of rents and operating cost recoveries due from tenants as well as accrued rental rate increases to be received over the life of the existing leases. The Company regularly evaluates the adequacy of its allowance for doubtful accounts. The evaluation primarily consists of reviewing past due account balances and considering such factors as the credit quality of the Company’s tenants, historical trends of the tenant and/or other debtor, current economic conditions and changes in customer payment terms. Additionally, with respect to tenants in bankruptcy, the Company estimates the expected recovery through bankruptcy claims and increases the allowance for amounts deemed uncollectible. 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 $0.8 million and $0.6 million for the three months ended March 31, 2017 and 2016 , 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 On December 21, 2016, American Multi-Cinema, Inc. (AMC) announced that it closed its acquisition of Carmike Cinemas Inc. (Carmike). Including the effects of this acquisition, AMC was the lessee of a substantial portion ( 35% ) of the megaplex theatre rental properties held by the Company at March 31, 2017 . For the three months ended March 31, 2017 , approximately $29.2 million or 22.7% of the Company's total revenues were derived from rental payments by AMC. For the three months ended March 31, 2016 , approximately $21.8 million or 18.3% of the Company's total revenues were derived from rental payments by AMC and approximately $4.9 million or 4.1% of the Company's total revenues were derived from rental payments by Carmike. These rental payments are 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 and share-based compensation to non-employee Trustees of the Company is granted pursuant to the Company's Trustee compensation program. Prior to May 12, 2016, share-based compensation granted to employees and non-employee Trustees were issued under the 2007 Equity Incentive Plan. The 2016 Equity Incentive Plan was approved by shareholders at the May 11, 2016 annual shareholder meeting and this plan replaced the 2007 Equity Incentive Plan. Accordingly, all share-based compensation granted on or after May 12, 2016 has been issued under the 2016 Equity Incentive Plan. Share-based compensation expense consists of share option expense and amortization of nonvested share grants issued to employees, 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 $3.5 million and $2.8 million for the three months ended March 31, 2017 and 2016 , respectively.
Share Options	Share Options Share options are granted to employees pursuant to the Long-Term Incentive Plan. The fair value of share options granted is estimated at the date of grant using the Black-Scholes option pricing model. Share options granted to employees vest over a period of four years and share option expense for these options is recognized on a straight-line basis over the vesting period. Expense recognized related to share options and included in general and administrative expense in the accompanying consolidated statements of income was $194 thousand and $237 thousand for the three months ended March 31, 2017 and 2016 , respectively.
Nonvested Shares Issued To Employees	Nonvested Shares Issued to Employees The Company grants nonvested shares to employees pursuant to both the Annual Incentive Program and the Long-Term Incentive Plan. The Company amortizes the expense related to the nonvested shares awarded to employees under the Long-Term Incentive Plan and the premium awarded under the nonvested share alternative of the Annual Incentive Program on a straight-line basis over the future vesting period ( three or four years). Expense recognized related to nonvested shares and included in general and administrative expense in the accompanying consolidated statements of income was $3.0 million and $2.3 million for the three months ended March 31, 2017 and 2016 , respectively.
Restricted Share Units Issued To Non-Employee Trustees	Restricted Share Units Issued to Non-Employee Trustees The Company issues restricted share units to non-employee Trustees for payment of their annual retainers under the Company's Trustee compensation program. 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 $280 thousand and $260 thousand for the three months ended March 31, 2017 and 2016 , 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.
New Accounting Pronouncements, Policy [Policy Text Block]	Impact of Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In April 2015, the FASB voted for a one-year deferral of the effective date of the new revenue recognition standard which was approved in July 2015. The new standard will become effective for the Company beginning with the first quarter 2018. The ASU does not apply to revenue recognition for lease contracts. A majority of the Company’s tenant-related revenue is recognized pursuant to lease contracts. This standard will apply to reimbursed tenant costs and revenues generated from the Company providing certain services at its multi-tenant properties after ASU No. 2016-02, Leases , is adopted. Additionally, it may apply to certain other transactions such as the sale of real estate. The standard permits the use of either the full retrospective method or the modified retrospective method. The Company anticipates it will use the modified retrospective method for transition, in which case the cumulative effect of applying the standard, if any, would be recognized at the date of initial application. The Company is beginning the process for implementing this guidance, including performing a preliminary review of all revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition. The Company is continuing to evaluate the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases, which amends existing accounting standards for lease accounting and is intended to improve financial reporting related to lease transactions. The ASU will require lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Lessor accounting will remain largely unchanged from current U.S. GAAP. However, ASU No. 2016-02 is expected to impact the Company’s consolidated financial statements as the Company has certain operating land leases and other arrangements for which it is the lessee. The ASU will become effective for the Company for interim and annual reporting periods in fiscal years beginning after December 15, 2018. The Company expects to adopt the new standard on its effective date. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact that ASU No. 2016-02 will have on its consolidated financial statements and related disclosures. The Company does not expect a significant change in its leasing activity between now and adoption. The Company believes substantially all of its leases will continue to be classified as operating leases under the new standard. Subsequent to the adoption of the new standard, common area maintenance provided in lease contracts will be accounted for as a non-lease component within the scope of the new revenue standard. As a result, the Company will be required to recognize revenues associated with leases separately from revenues associated with common area maintenance. The Company is continuing to evaluate whether the variable payment provisions in the new lease standard or the allocation and recognition provisions of the new revenue standard will affect the timing of recognition of lease and non-lease revenue. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which amends ASC Topic 326, Financial Instruments - Credit Losses. The standard changes the methodology for measuring credit losses on financial instruments and timing of when such losses are recorded. ASU No. 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments, which amends ASC Topic 230, Statement of Cash Flows. The standard clarifies the treatment of several cash flow issues with the objective of reducing diversity in practice. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017. The Company is currently reviewing the ASU to assess the potential impact on its consolidated financial statements and related disclosures but does not anticipate that this ASU will have a material impact. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows , which amends ASC Topic 230, Statement of Cash Flows. The standard requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Entities will also be required to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. ASU No. 2016-18 is effective for fiscal years beginning after December 15, 2017. The Company is currently reviewing the ASU to assess the potential impact on its consolidated financial statements and related disclosures but does not anticipate that this ASU will have a material impact. In February 2017, the FASB issued ASU No. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, which amends ASC Topic 610-20. This standard clarifies the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. ASU No. 2017-05 is effective for fiscal years beginning after December 15, 2017. The Company is currently reviewing the ASU to assess the potential impact on its consolidated financial statements and related disclosures but does not anticipate that this ASU will have a material impact.

Rental Properties (Tables)

Rental Properties (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Summary Of Carrying Amounts Of Rental Properties	The following table summarizes the carrying amounts of rental properties as of March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Buildings and improvements $ 3,363,699 $ 3,272,865 Furniture, fixtures & equipment 43,331 40,684 Land 927,129 917,748 4,334,159 4,231,297 Accumulated depreciation (661,029 ) (635,535 ) Total $ 3,673,130 $ 3,595,762

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Accounts Receivable, Net [Abstract]
Schedule Of Accounts Receivable	The following table summarizes the carrying amounts of accounts receivable, net as of March 31, 2017 and December 31, 2016 (in thousands): March 31, December 31, Receivable from tenants $ 9,076 $ 7,564 Receivable from non-tenants 906 497 Receivable from insurance proceeds 507 1,967 Receivable from Sullivan County Infrastructure Revenue Bonds 16,021 22,164 Straight-line rent receivable 71,064 67,618 Allowance for doubtful accounts (1,307 ) (871 ) Total $ 96,267 $ 98,939

Investments In Direct Financi27

Investments In Direct Financing Lease (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Total minimum lease payments receivable $ 213,065 $ 215,753 Estimated unguaranteed residual value of leased assets 85,247 85,247 Less deferred income (1) (195,217 ) (198,302 ) Investment in a direct financing lease, net $ 103,095 $ 102,698 (1) Deferred income is net of $1.3 million of initial direct costs at March 31, 2017 and December 31, 2016 .

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 and 2016 . Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Three Months Ended March 31, 2017 and 2016 (Dollars in thousands) Three Months Ended March 31, Description 2017 2016 Interest Rate Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) $ 504 $ (4,857 ) Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) (1,071 ) (1,314 ) Cross Currency Swaps Amount of Loss Recognized in AOCI on Derivative (Effective Portion) (166 ) (1,350 ) Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) 662 719 Currency Forward Agreements Amount of Loss Recognized in AOCI on Derivative (Effective Portion) (1,549 ) (7,523 ) Amount of Income Reclassified from AOCI into Earnings (Effective Portion) — — Total Amount of Loss Recognized in AOCI on Derivative (Effective Portion) $ (1,211 ) $ (13,730 ) Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (409 ) (595 ) (1) Included in "Interest expense, net" in the accompanying consolidated statements of income for the three months ended March 31, 2017 and 2016 . (2) Included in "Other income" in the accompanying consolidated statements of income for the three months ended March 31, 2017 and 2016 .

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 and December 31, 2016 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, 2017 and December 31, 2016 (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, 2017 Cross-Currency Swaps* $ — $ 3,329 $ — $ 3,329 Currency Forward Agreements* $ — $ 30,234 $ — $ 30,234 Interest Rate Swap Agreements** $ — $ (907 ) $ — $ (907 ) December 31, 2016: Cross-Currency Swaps* $ — $ 4,158 $ — $ 4,158 Currency Forward Agreements* $ — $ 31,782 $ — $ 31,782 Interest Rate Swap Agreements** $ — $ (2,482 ) $ — $ (2,482 ) *Included in "Other assets" in the accompanying consolidated balance sheets. **Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets.
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, 2017 and 2016.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 and 2016 (amounts in thousands except per share information): Three Months Ended March 31, 2017 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 53,916 Less: preferred dividend requirements (5,952 ) Net income available to common shareholders $ 47,964 64,033 $ 0.75 Diluted EPS: Net income available to common shareholders $ 47,964 64,033 Effect of dilutive securities: Share options — 69 Net income available to common shareholders $ 47,964 64,102 $ 0.75 Three Months Ended March 31, 2016 Income Shares Per Share 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: Net income 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

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2017
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 options Option price per share Weighted avg. exercise price Outstanding at December 31, 2016 285,986 $ 19.02 — $ 61.79 $ 51.93 Exercised (17,391 ) 46.86 — 61.79 52.71 Granted 2,215 76.63 — 76.63 76.63 Forfeited/Expired (939 ) 60.03 — 60.03 60.03 Outstanding at March 31, 2017 269,871 $ 19.02 — $ 76.63 $ 52.06
Summary Of Outstanding Options	The following table summarizes outstanding options at March 31, 2017 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 2.1 20.00 - 29.99 — — 30.00 - 39.99 1,428 2.8 40.00 - 49.99 87,289 4.8 50.00 - 59.99 80,917 6.4 60.00 - 69.99 86,925 7.4 70.00 - 76.63 2,215 9.9 269,871 6.1 $ 52.06 $ 5,828
Summary Of Exercisable Options	The following table summarizes exercisable options at March 31, 2017 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 2.1 20.00 - 29.99 — — 30.00 - 39.99 1,428 2.8 40.00 - 49.99 87,289 4.8 50.00 - 59.99 54,242 6.2 60.00 - 69.99 43,998 7.0 70.00 - 76.63 — — 198,054 5.5 $ 49.67 $ 4,746
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, 2016 534,317 $ 59.22 Granted 283,154 76.63 Vested (208,822 ) 57.43 Outstanding at March 31, 2017 608,649 $ 67.94 1.70
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 avg. grant date fair value Weighted avg. life remaining Outstanding at December 31, 2016 15,805 $ 70.93 Granted — — Vested — — Outstanding at March 31, 2017 15,805 $ 70.93 0.11

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,177,829 $ 1,400,979 $ 1,209,703 $ 197,914 $ 60,357 $ 5,046,782 As of December 31, 2016 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,168,669 $ 1,308,288 $ 1,120,498 $ 202,394 $ 65,173 $ 4,865,022 Operating Data: Three Months Ended March 31, 2017 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 65,091 $ 22,357 $ 17,299 $ 2,290 $ — $ 107,037 Tenant reimbursements 3,749 — — — — 3,749 Other income 6 — — — 686 692 Mortgage and other financing income 1,179 8,549 7,906 — — 17,634 Total revenue 70,025 30,906 25,205 2,290 686 129,112 Property operating expense 5,835 — 28 340 147 6,350 Total investment expenses 5,835 — 28 340 147 6,350 Net operating income - before unallocated items 64,190 30,906 25,177 1,950 539 122,762 Reconciliation to Consolidated Statements of Income: General and administrative expense (11,057 ) Costs associated with loan refinancing or payoff (5 ) Interest expense, net (30,692 ) Transaction costs (57 ) Depreciation and amortization (28,077 ) Equity in loss from joint ventures (8 ) Gain on sale of real estate 2,004 Income tax expense (954 ) Net income 53,916 Preferred dividend requirements (5,952 ) Net income available to common shareholders of EPR Properties $ 47,964 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 54,180 Preferred dividend requirements (5,952 ) Net income available to common shareholders of EPR Properties $ 48,228

Condensed Consolidating Finan33

Condensed Consolidating Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2017
Condensed Consolidating Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet As of March 31, 2017 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 3,234,232 $ 438,898 $ — $ 3,673,130 Land held for development — 1,258 21,272 — 22,530 Property under development — 287,647 44,287 — 331,934 Mortgage notes and related accrued interest receivable — 669,203 2,594 — 671,797 Investment in a direct financing lease, net — 103,095 — — 103,095 Investment in joint ventures — — 5,522 — 5,522 Cash and cash equivalents 11,614 1,515 1,317 — 14,446 Restricted cash 440 27,484 599 — 28,523 Accounts receivable, net 1,111 86,130 9,026 — 96,267 Intercompany notes receivable — 179,589 — (179,589 ) — Investments in subsidiaries 4,713,659 — — (4,713,659 ) — Other assets 25,203 21,759 52,576 — 99,538 Total assets $ 4,752,027 $ 4,611,912 $ 576,091 $ (4,893,248 ) $ 5,046,782 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 47,853 $ 49,771 $ 3,814 $ — $ 101,438 Dividends payable 27,974 — — — 27,974 Unearned rents and interest — 60,780 799 — 61,579 Intercompany notes payable — — 179,589 (179,589 ) — Debt 2,436,791 — 179,591 — 2,616,382 Total liabilities 2,512,618 110,551 363,793 (179,589 ) 2,807,373 Total equity 2,239,409 4,501,361 212,298 (4,713,659 ) 2,239,409 Total liabilities and equity $ 4,752,027 $ 4,611,912 $ 576,091 $ (4,893,248 ) $ 5,046,782 Condensed Consolidating Balance Sheet As of December 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 3,164,622 $ 431,140 $ — $ 3,595,762 Land held for development — 1,258 21,272 — 22,530 Property under development 1,010 247,239 48,861 — 297,110 Mortgage notes and related accrued interest receivable — 612,141 1,837 — 613,978 Investment in a direct financing lease, net — 102,698 — — 102,698 Investment in joint ventures — — 5,972 — 5,972 Cash and cash equivalents 16,586 1,157 1,592 — 19,335 Restricted cash 365 8,352 1,027 — 9,744 Accounts receivable, net 556 89,145 9,238 — 98,939 Intercompany notes receivable — 179,589 — (179,589 ) — Investments in subsidiaries 4,521,095 — — (4,521,095 ) — Other assets 21,768 23,068 54,118 — 98,954 Total assets $ 4,561,380 $ 4,429,269 $ 575,057 $ (4,700,684 ) $ 4,865,022 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 63,431 $ 52,061 $ 4,266 $ — $ 119,758 Dividends payable 26,318 — — — 26,318 Unearned rents and interest — 46,647 773 — 47,420 Intercompany notes payable — — 179,589 (179,589 ) — Debt 2,285,730 — 199,895 — 2,485,625 Total liabilities 2,375,479 98,708 384,523 (179,589 ) 2,679,121 Total equity 2,185,901 4,330,561 190,534 (4,521,095 ) 2,185,901 Total liabilities and equity $ 4,561,380 $ 4,429,269 $ 575,057 $ (4,700,684 ) $ 4,865,022
Condensed Consolidating Statement Of Income	Condensed Consolidating Statement of Income Three Months Ended March 31, 2017 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 93,531 $ 13,506 $ — $ 107,037 Tenant reimbursements — 1,241 2,508 — 3,749 Other income — 6 686 — 692 Mortgage and other financing income 232 17,372 30 — 17,634 Intercompany fee income 684 — — (684 ) — Interest income on intercompany notes receivable — 2,444 — (2,444 ) — Total revenue 916 114,594 16,730 (3,128 ) 129,112 Equity in subsidiaries’ earnings 85,042 — — (85,042 ) — Property operating expense — 3,272 3,078 — 6,350 Intercompany fee expense — — 684 (684 ) — General and administrative expense — 9,642 1,415 — 11,057 Costs associated with loan refinancing or payoff — — 5 — 5 Interest expense, net 31,458 (2,653 ) 1,887 — 30,692 Interest expense on intercompany notes payable — — 2,444 (2,444 ) — Transaction costs 57 — — — 57 Depreciation and amortization 193 24,725 3,159 — 28,077 Income before equity in income from joint ventures and other items 54,250 79,608 4,058 (85,042 ) 52,874 Equity in loss from joint ventures — — (8 ) — (8 ) Gain on sale of real estate — 2,004 — — 2,004 Income before income taxes 54,250 81,612 4,050 (85,042 ) 54,870 Income tax expense (334 ) — (620 ) — (954 ) Net income 53,916 81,612 3,430 (85,042 ) 53,916 Preferred dividend requirements (5,952 ) — — — (5,952 ) Net income available to common shareholders of EPR Properties $ 47,964 $ 81,612 $ 3,430 $ (85,042 ) $ 47,964 Comprehensive income $ 54,788 $ 81,612 $ 2,727 $ (84,339 ) $ 54,788 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 $ — $ 80,329 $ 13,449 $ — $ 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 865 100,524 20,368 (2,989 ) 118,768 Equity in subsidiaries’ earnings 76,787 — — (76,787 ) — Property operating expense — 2,663 2,818 — 5,481 Intercompany fee expense — — 653 (653 ) — Other expense — — 5 — 5 General and administrative expense — 7,660 1,558 — 9,218 Costs associated with loan refinancing or payoff — — 552 — 552 Interest expense, net 22,190 (1,246 ) 2,345 — 23,289 Interest expense on intercompany notes payable — — 2,336 (2,336 ) — Transaction costs 443 — 1 — 444 Depreciation and amortization 443 22,074 3,438 — 25,955 Income before equity in income from joint ventures and other items 54,576 69,373 6,662 (76,787 ) 53,824 Equity in income from joint ventures — — 212 — 212 Income before income taxes 54,576 69,373 6,874 (76,787 ) 54,036 Income tax expense (396 ) — 540 — 144 Net income 54,180 69,373 7,414 (76,787 ) 54,180 Preferred dividend requirements (5,952 ) — — — (5,952 ) Net income available to common shareholders of EPR Properties $ 48,228 $ 69,373 $ 7,414 $ (76,787 ) $ 48,228 Comprehensive income $ 52,266 $ 69,373 $ 9,043 $ (78,416 ) $ 52,266 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 684 $ — $ (684 ) $ — Interest income (expense) on intercompany receivable/payable — 2,444 (2,444 ) — Net cash (used) provided by other operating activities (41,300 ) 106,658 9,413 74,771 Net cash (used) provided by operating activities (40,616 ) 109,102 6,285 74,771 Investing activities: Acquisition of rental properties and other assets (251 ) (60,414 ) (99 ) (60,764 ) Proceeds from sale of real estate — 18,105 — 18,105 Investment in mortgage notes receivable — (66,080 ) (977 ) (67,057 ) Proceeds from mortgage note receivable paydown — 8,140 — 8,140 Investment in promissory notes receivable — (554 ) — (554 ) Proceeds from promissory notes receivable paydown — 1,599 — 1,599 Additions to property under development (725 ) (95,709 ) (3,750 ) (100,184 ) Advances to subsidiaries, net (104,765 ) 86,169 18,596 — Net cash (used) provided by investing activities (105,741 ) (108,744 ) 13,770 (200,715 ) Financing activities: Proceeds from debt facilities and senior unsecured notes 175,000 — — 175,000 Principal payments on debt (25,000 ) — (20,331 ) (45,331 ) Deferred financing fees paid (33 ) — — (33 ) Costs associated with loan refinancing or payoff (cash portion) — — (1 ) (1 ) Net proceeds from issuance of common shares 68,141 — — 68,141 Impact of stock option exercises, net (138 ) — — (138 ) Purchase of common shares for treasury for vesting (6,729 ) — — (6,729 ) Dividends paid to shareholders (69,856 ) — — (69,856 ) Net cash provided (used) by financing activities 141,385 — (20,332 ) 121,053 Effect of exchange rate changes on cash — — 2 2 Net (decrease) increase in cash and cash equivalents (4,972 ) 358 (275 ) (4,889 ) Cash and cash equivalents at beginning of the period 16,586 1,157 1,592 19,335 Cash and cash equivalents at end of the period $ 11,614 $ 1,515 $ 1,317 $ 14,446
Condensed Consolidating Statement Of Cash Flows	Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 684 $ — $ (684 ) $ — Interest income (expense) on intercompany receivable/payable — 2,444 (2,444 ) — Net cash (used) provided by other operating activities (41,300 ) 106,658 9,413 74,771 Net cash (used) provided by operating activities (40,616 ) 109,102 6,285 74,771 Investing activities: Acquisition of rental properties and other assets (251 ) (60,414 ) (99 ) (60,764 ) Proceeds from sale of real estate — 18,105 — 18,105 Investment in mortgage notes receivable — (66,080 ) (977 ) (67,057 ) Proceeds from mortgage note receivable paydown — 8,140 — 8,140 Investment in promissory notes receivable — (554 ) — (554 ) Proceeds from promissory notes receivable paydown — 1,599 — 1,599 Additions to property under development (725 ) (95,709 ) (3,750 ) (100,184 ) Advances to subsidiaries, net (104,765 ) 86,169 18,596 — Net cash (used) provided by investing activities (105,741 ) (108,744 ) 13,770 (200,715 ) Financing activities: Proceeds from debt facilities and senior unsecured notes 175,000 — — 175,000 Principal payments on debt (25,000 ) — (20,331 ) (45,331 ) Deferred financing fees paid (33 ) — — (33 ) Costs associated with loan refinancing or payoff (cash portion) — — (1 ) (1 ) Net proceeds from issuance of common shares 68,141 — — 68,141 Impact of stock option exercises, net (138 ) — — (138 ) Purchase of common shares for treasury for vesting (6,729 ) — — (6,729 ) Dividends paid to shareholders (69,856 ) — — (69,856 ) Net cash provided (used) by financing activities 141,385 — (20,332 ) 121,053 Effect of exchange rate changes on cash — — 2 2 Net (decrease) increase in cash and cash equivalents (4,972 ) 358 (275 ) (4,889 ) Cash and cash equivalents at beginning of the period 16,586 1,157 1,592 19,335 Cash and cash equivalents at end of the period $ 11,614 $ 1,515 $ 1,317 $ 14,446 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 (used) provided by other operating activities (31,258 ) 86,174 14,161 69,077 Net cash (used) provided by operating activities (30,605 ) 88,510 11,172 69,077 Investing activities: Acquisition of rental properties and other assets (66 ) (36,771 ) (70 ) (36,907 ) Proceeds from sale of real estate — 444 1,476 1,920 Investment in mortgage note receivable — (53,659 ) — (53,659 ) Proceeds from mortgage note receivable paydown — 176 19,320 19,496 Additions to property under development — (60,332 ) (1,433 ) (61,765 ) Advances to subsidiaries, net (39,404 ) 62,022 (22,618 ) — Net cash used by investing activities (39,470 ) (88,120 ) (3,325 ) (130,915 ) Financing activities: Proceeds from debt facilities 162,000 — — 162,000 Principal payments on debt (141,000 ) (575 ) (7,011 ) (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 (575 ) (7,491 ) 68,439 Effect of exchange rate changes on cash — — 96 96 Net increase (decrease) in cash and cash equivalents 6,430 (185 ) 452 6,697 Cash and cash equivalents at beginning of the period 1,089 1,289 1,905 4,283 Cash and cash equivalents at end of the period $ 7,519 $ 1,104 $ 2,357 $ 10,980

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Operating Segments
Number of Reportable Operating Segments | segment	4
Revenue Recognition [Abstract]
Percentage rents	$ 800	$ 600
Prepaymentfee		3,600
Concentrations of Risk [Abstract]
Rental revenue	107,037	93,778
Share-based Compensation [Abstract]
Share based compensation	$ 3,458	2,765
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	$ 800
Deferred Costs	$ 28,200		$ 29,300
American Multi-Cinema, Inc. [Member]
Concentrations of Risk [Abstract]
Percent of megaplex theatre rental leased by AMC	35.00%
Rental revenue	$ 29,200	$ 21,800
Percentage of lease revenue in total revenue	22.70%	18.30%
Carmike Cinemas, Inc [Member]
Concentrations of Risk [Abstract]
Rental revenue		$ 4,900
Percentage of lease revenue in total revenue		4.10%
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	$ 194	$ 237
Restricted Stock [Member]
Share-based Compensation [Abstract]
Share based compensation expense related to employees and trustees	$ 3,000	2,300
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	$ 280	$ 260

Rental Properties (Summary Of C

Rental Properties (Summary Of Carrying Amounts Of Rental Properties) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Real Estate Properties [Line Items]
Carrying amounts of rental properties	$ 4,334,159		$ 4,231,297
Accumulated depreciation	(661,029)		(635,535)
Total	3,673,130		3,595,762
Depreciation expense on rental properties	27,300	$ 25,000
Building and improvements [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	3,363,699		3,272,865
Furniture, fixtures & equipment [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	43,331		40,684
Land [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	$ 927,129		$ 917,748

Investments and Dispositions (D

Investments and Dispositions (Details)	Mar. 30, 2017USD ($)	Mar. 31, 2017USD ($)segmentproperties	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Gain on sale of real estate		$ 2,004,000	$ 0
Payments to Acquire Productive Assets		227,200,000
Proceeds from mortgage note receivable paydown		$ 8,140,000	19,496,000
Number of Reportable Operating Segments | segment		4
Prepaymentfee			$ 3,600,000
Education Property Member
Real Estate Properties [Line Items]
number of properties sold | properties		2
Entertainment Reportable Operating Segment [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets		$ 30,100,000
Proceeds from mortgage note receivable paydown	$ 4,000,000
Prepaymentfee	$ 800,000
Entertainment Reportable Operating Segment [Member] | Entertainment Retail Center Properties [Member]
Real Estate Properties [Line Items]
Proceeds from Sale of Property, Plant, and Equipment		1,200,000
Gain on sale of real estate		74,000
Education Reportable Operating Segment [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets		105,900,000
Education Reportable Operating Segment [Member] | Education Property Member
Real Estate Properties [Line Items]
Proceeds from Sale of Property, Plant, and Equipment		16,900,000
Gain on sale of real estate		$ 2,100,000
Education Reportable Operating Segment [Member] | early childhood education center [Member]
Real Estate Properties [Line Items]
Number of properties acquired (in properties)		4
Payments to Acquire Productive Assets		$ 7,300,000
Recreation Reportable Operating Segment [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets		$ 90,500,000
Recreation Reportable Operating Segment [Member] | Other Recreation [Member]
Real Estate Properties [Line Items]
Number of properties acquired (in properties)		3
Payments to Acquire Productive Assets		$ 34,200,000
Recreation Reportable Operating Segment [Member] | fitness center [Member] [Domain]
Real Estate Properties [Line Items]
Number of properties acquired (in properties)		1
Payments to Acquire Productive Assets		$ 10,500,000
Other Reportable Operating Segment [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets		700,000
Mortgage Receivable [Member] | Education Property Member
Real Estate Properties [Line Items]
Mortgage Notes, Additional Funding		$ 42,900,000
Number of Additional Properties Securing Mortgage Note | properties		8

Accounts Receivable, Net (Sched

Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Insurance Settlements Receivable	$ 507	$ 1,967
Revenue Bond Receivable	16,021	22,164
Straight-line rent receivable	71,064	67,618
Allowance for doubtful accounts	(1,307)	(871)
Total	96,267	98,939
Tenants [Member]
Carrying amounts of accounts receivable	9,076	7,564
Non-Tenants [Member]
Carrying amounts of accounts receivable	$ 906	$ 497

Investments In Direct Financi38

Investments In Direct Financing Lease (Narrative) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)properties	Dec. 31, 2016USD ($)properties
Net Investment in Direct Financing and Sales Type Leases	$ 103,095,000	$ 102,698,000
Capital Leases, Net Investment in Direct Financing Leases, Initial Direct Costs	1,300,000	1,300,000
Allowance for lease losses	$ 0	$ 0
Future Minimum Rentals Receivable	The Company’s direct financing lease has expiration dates ranging from approximately 15 to 18 years. Future minimum rentals receivable on this direct financing lease at March 31, 2017 are as follows (in thousands): Amount Year: 2017 $ 8,168 2018 11,182 2019 11,518 2020 11,863 2021 12,219 Thereafter 158,115 Total $ 213,065
Imagine Schools Member
Number of public charter school properties (in properties) | properties	12	12

Investments In Direct Financi39

Investments In Direct Financing Lease (Summary Of Carrying Amounts Of Investment In Direct Financing Lease, Net) (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2017USD ($)years	Dec. 31, 2016USD ($)
Total minimum lease payments receivable		$ 213,065	$ 215,753
Estimated unguaranteed residual value of leased assets		85,247	85,247
Less deferred income	[1]	(195,217)	(198,302)
Investment in a direct financing lease, net		103,095	102,698
Capital Leases, Net Investment in Direct Financing Leases, Initial Direct Costs		$ 1,300	$ 1,300
Minimum [Member]
Length of lease (in years) | years		15
Maximum [Member]
Length of lease (in years) | years		18
[1]	Deferred income is net of $1.3 million of initial direct costs at March 31, 2017 and December 31, 2016.

Investments In Direct Financi40

Investments In Direct Financing Lease (Future Minimum Rentals Receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Capital Leases, Net Investment in Direct Financing Leases [Abstract]
2,017	$ 8,168
2,018	11,182
2,019	11,518
2,020	11,863
2,021	12,219
Thereafter	158,115
Total	$ 213,065	$ 215,753

Debt and Capital Markets (Sched

Debt and Capital Markets (Schedule of Long-term Debt Instruments) (Details) $ in Thousands	Apr. 05, 2017USD ($)properties	Apr. 03, 2017USD ($)loansproperties	Mar. 31, 2017USD ($)loanspropertiesshares	Mar. 31, 2016USD ($)	Apr. 06, 2017properties	Dec. 31, 2016shares
Debt Instrument [Line Items]
Extinguishment of Debt, Amount			$ 17,900
Number Of Mortgage Notes Receivable | loans			2
Number of Properties Securing Mortgage Note | properties			2
Common Shares, shares issued | shares			67,495,902			66,263,487
Net proceeds from issuance of common shares			$ 68,141	$ 125,199
direct share purchase plan [Member]
Debt Instrument [Line Items]
Common Shares, shares issued | shares			928,219
Net proceeds from issuance of common shares			$ 67,900
Subsequent Event [Member]
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	$ 87,000	$ 30,200
Number Of Mortgage Notes Receivable | loans		4
Number of Properties Securing Mortgage Note | properties	11	4			14
Gain (Loss) on Extinguishment of Debt	$ 1,000

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Millions	Mar. 31, 2017USD ($)
Variable Interest Entity, Consolidated, Carrying Amount, Assets	$ 11.2
Variable Interest entity, number of entities	2
Investment in unconsolidated VIE	$ 174.9
Unconsolidated investment maximum exposure to loss	$ 174.9
SVVI [Member]
Number of properties securing unconsolidated variable interest entity	3
Education Property Member | Education Reportable Operating Segment [Member]
Number of properties securing unconsolidated variable interest entity	1

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) CAD in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)swap_agreementspropertiesCAD / $	Mar. 31, 2017CADCAD / $	Dec. 31, 2016USD ($)
credit risk related contingent features default on debt amount	$ 25
Derivative Liability, Fair Value, Gross Liability	0.9		$ 2.5
Derivative Asset, Fair Value, Gross Asset	33.6		$ 35.9
Cash Flow Hedging [Member]
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months	2.7
Interest Rate Swap [Member]
Fair value of derivatives in a liability position	0.9
Assets needed to settle obligations under the agreements	0.2
Interest Rate Risk [Member]
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months	$ 1.4
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
Description of Foreign Currency Exposure	13.5
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
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	1.13
interest rate swap 3.78percent [Member] | Interest Rate Swap [Member]
Number of entered into interest rate swap agreements (in interest rate swaps) | swap_agreements	3
Derivative fixed interest rate	3.78%	3.78%
Derivative, Notional Amount	$ 240
interest rate swap 2.94percent [Member] [Member] | Interest Rate Swap [Member]
Number of entered into interest rate swap agreements (in interest rate swaps) | swap_agreements	2
Derivative fixed interest rate	2.94%	2.94%
interest rate swap 2.94percent [Member] [Member] | Minimum [Member] | Interest Rate Swap [Member]
Derivative, Notional Amount	$ 60
interest rate swap 2.94percent [Member] [Member] | 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, 2017	Mar. 31, 2016
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		$ (1,211)	$ (13,730)
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)		(409)	(595)
Interest Rate Swap [Member]
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	[1]	(1,071)	(1,314)
Cross Currency Swaps [Member]
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		(166)	(1,350)
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	[2]	662	719
Currency Forward Agreements [Member]
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		(1,549)	(7,523)
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)		0	0
Interest Expense [Member] | Interest Rate Swap [Member]
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		$ 504	$ (4,857)
[1]	(1)Included in "Interest expense, net" in the accompanying consolidated statements of income for the three months ended March 31, 2017 and 2016.
[2]	Included in "Other income" in the accompanying consolidated statements of income for the three months ended March 31, 2017 and 2016.

Fair Value Disclosures (Assets

Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Derivative Liability, Fair Value, Gross Liability		$ (900)	$ (2,500)
Derivative Asset, Fair Value, Gross Asset		33,600	35,900
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps [Member]
Derivative Asset, Fair Value, Gross Asset	[1]	3,329	4,158
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Asset, Fair Value, Gross Asset	[1]	3,329	4,158
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements [Member]
Derivative Asset, Fair Value, Gross Asset	[1]	30,234	31,782
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Asset, Fair Value, Gross Asset	[1]	30,234	31,782
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Derivative Liability, Fair Value, Gross Liability		(907)	(2,482)	[2]
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Liability, Fair Value, Gross Liability	[2]	$ (907)	$ (2,482)
[1]	Included in "Other assets" in the accompanying consolidated balance sheets.
[2]	**Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets.

Fair Value Disclosures (Narrati

Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Mortgage notes and related accrued interest receivable	$ 671,797	$ 613,978
Investment in a direct financing lease, net	$ 103,095	$ 102,698
Finance lease investment weighted average interest rate	12.00%	12.00%
Minimum interest on investments in direct finance lease	11.79%	11.79%
Maximum interest on investments in direct finance lease	12.38%	12.38%
Debt	$ 2,616,382	$ 2,485,625
Fixed Rate Mortgage Notes Receivable [Member]
Mortgage notes and related accrued interest receivable	$ 671,800	$ 614,000
Weighted average interest rate of mortgage notes receivable	8.66%	8.77%
Receivable interest rate minimum	7.00%	7.00%
Receivable interest rate maximum	11.31%	11.31%
Weighted market rate used for determining future cash flow for notes receivable	8.42%	8.48%
Fair value of notes receivable	$ 711,700	$ 648,500
Variable Rate Debt [Member]
Debt	$ 525,000	$ 375,000
Long-term debt, weighted average interest rate	2.91%	3.23%
Variable Rate Converted to Fixed Rate [Member]
Debt	$ 300,000	$ 300,000
Fixed Rate Debt [Member]
Debt	$ 2,120,000	$ 2,140,000
Long-term debt, weighted average interest rate	5.26%	5.27%
Weighted market rate for determining fair value of debt	4.12%	4.26%
Fair value of debt	$ 2,200,000
Long-term Debt, Fair Value		$ 2,210,000
Minimum [Member] | Fixed Rate Mortgage Notes Receivable [Member]
market rate used as discount factor to determine fair value of notes	7.00%	7.00%
Minimum [Member] | Fixed Rate Debt [Member]
market rate used as discount factor to determine fair value of debt	3.06%	2.97%
Maximum [Member] | Fixed Rate Mortgage Notes Receivable [Member]
market rate used as discount factor to determine fair value of notes	12.00%	12.00%
Maximum [Member] | Fixed Rate Debt [Member]
market rate used as discount factor to determine fair value of debt	4.67%	4.75%

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, 2017	Mar. 31, 2016
Basic EPS:
Income from continuing operations	$ 53,916	$ 54,180
Less: preferred dividend requirements	$ (5,952)	$ (5,952)
Weighted average number of shares outstanding, basic	64,033	62,664
Net income available to common shareholders of EPR Properties	$ 47,964	$ 48,228
Net income available to common shareholders (in dollars per share)	$ 0.75	$ 0.77
Diluted EPS:
Share options (in shares)	69	80
Income from continuing operations available to common shareholders, diluted	$ 47,964	$ 48,228
Weighted average number of shares outstanding, diluted	64,102	62,744
Net income available to common shareholders, diluted	$ 47,964	$ 48,228
Net income available to common shareholders (in dollars per share)	$ 0.75	$ 0.77

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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	$ 61.79	$ 51.64
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 76.63	$ 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	2,100	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	4	140

Equity Incentive Plans (Summary

Equity Incentive Plans (Summary Of Share Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	May 12, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Non-employee Trustee Length of Period Subsequent to Grant Date Options Not Exercisable	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	6 years 1 month
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	198,054
Maximum term of options granted (in years)	10 years
Exercisable rate for employees options, per year	25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Outstanding at Beginning of Period	285,986
Number of Shares, Exercised	(17,391)
Number of Shares, Granted	2,215
Number of Shares, Outstanding at End of Period	269,871
Average Exercise Price, Outstanding at Beginning of Period	$ 52.06		$ 51.93
Average Exercise Price, Exercised	52.71
Average Exercise Price, Outstanding at End of Period	52.06		51.93
Weighted average fair value of options granted	$ 7.91
Intrinsic value of stock options exercised	$ 400	$ 2,800
Repurchase of treasury stock (in shares)	14,380
Repurchase of treasury stock, value	$ 1,100
Share based compensation expenses recognized in future periods	$ 800
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 76.63
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	(939)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price	$ 60.03
Minimum [Member]
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	46.86
Option Price Per Share, Outstanding at End of Period	19.02		19.02
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Price Per Share	76.63
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Price Per Share	60.03
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Option Price Per Share, Outstanding at Beginning of Period	76.63		61.79
Option Price Per Share, Exercised	61.79
Option Price Per Share, Outstanding at End of Period	76.63		$ 61.79
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Price Per Share	76.63
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Price Per Share	$ 60.03
Share Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Stock-option expense	$ 194	$ 237
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	2.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	22.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Forfeiture Rate	0.74%
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	5.40%
2016 Equity Incentive Plan [Member]
Common shares, options to purchase common shares and restricted share units, expected to granted (in shares)				1,950,000
Number of shares available for grant (in shares)	1,664,631
Exercise Price Range Nineteen Point Two to Nineteen Point Nine Nine [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	2 years 1 month
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 1 month
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	11,097
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Outstanding at End of Period	11,097
Thirty To Thirty Nine Point Nine Nine Member
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	2 years 9 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 9 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	1,428
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Outstanding at End of Period	1,428
Forty To Forty Nine Point Nine Nine Member
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years 9 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 9 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	87,289
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Outstanding at End of Period	87,289
Fifty To Fifty Nine Point Nine Nine Member
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	6 years 5 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	6 years 2 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	54,242
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Outstanding at End of Period	80,917
Sixty To Sixty Five Point Five Zero Member
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	7 years 5 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	7 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	43,998
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Outstanding at End of Period	86,925
Seventy To Seventy Six Point Six Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	9 years 11 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Outstanding at End of Period	2,215

Equity Incentive Plans (Summa50

Equity Incentive Plans (Summary Of Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 76.63	$ 65.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 61.79	$ 51.64
Options outstanding (in shares)	269,871		285,986
Weighted avg. life remaining (in years)	6 years 1 month
Weighted avg. exercise price	$ 52.06		$ 51.93
Aggregate intrinsic value	$ 5,828
Share Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	22.00%
Minimum [Member] | Share Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	5.40%
Exercise Price Range Nineteen Point Two to Nineteen Point Nine Nine [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 19.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 19.02
Options outstanding (in shares)	11,097
Weighted avg. life remaining (in years)	2 years 1 month
Twenty To Twenty Nine Point Nine Nine Member
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 29.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	20
Thirty To Thirty Nine Point Nine Nine Member
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	39.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 30
Options outstanding (in shares)	1,428
Weighted avg. life remaining (in years)	2 years 9 months
Forty To Forty Nine Point Nine Nine Member
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 49.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 40
Options outstanding (in shares)	87,289
Weighted avg. life remaining (in years)	4 years 9 months
Fifty To Fifty Nine Point Nine Nine Member
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 59.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 50
Options outstanding (in shares)	80,917
Weighted avg. life remaining (in years)	6 years 5 months
Sixty To Sixty Five Point Five Zero Member
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 69.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 60
Options outstanding (in shares)	86,925
Weighted avg. life remaining (in years)	7 years 5 months
Seventy To Seventy Six Point Six Three [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 76.63
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 70
Options outstanding (in shares)	2,215
Weighted avg. life remaining (in years)	9 years 11 months

Equity Incentive Plans (Summa51

Equity Incentive Plans (Summary Of Exercisable Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 76.63	$ 65.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 61.79	$ 51.64
Options outstanding (in shares)	198,054
Weighted avg. life remaining (in years)	5 years 6 months
Weighted avg. exercise price	$ 49.67
Aggregate intrinsic value	$ 4,746
Exercise Price Range Nineteen Point Two to Nineteen Point Nine Nine [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 19.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 19.02
Options outstanding (in shares)	11,097
Weighted avg. life remaining (in years)	2 years 1 month
Twenty To Twenty Nine Point Nine Nine Member
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 29.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	20
Thirty To Thirty Nine Point Nine Nine Member
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	39.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 30
Options outstanding (in shares)	1,428
Weighted avg. life remaining (in years)	2 years 9 months
Forty To Forty Nine Point Nine Nine Member
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 49.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 40
Options outstanding (in shares)	87,289
Weighted avg. life remaining (in years)	4 years 9 months
Fifty To Fifty Nine Point Nine Nine Member
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 59.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 50
Options outstanding (in shares)	54,242
Weighted avg. life remaining (in years)	6 years 2 months
Sixty To Sixty Five Point Five Zero Member
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 69.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 60
Options outstanding (in shares)	43,998
Weighted avg. life remaining (in years)	7 years
Seventy To Seventy Six Point Six Three [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 76.63
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 70

Equity Incentive Plans (Summa52

Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Outstanding at December 31, 2016	534,317
Number of Shares, Vested	(208,822)
Number of Shares, Outstanding at March 31, 2017	608,649
Number of Shares, Granted	283,154
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2015	$ 59.22
Weighted Average Grant Date Fair Value, Granted	76.63
Weighted Average Grant Date Fair Value, Vested	57.43
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2016	$ 67.94
Weighted Average Life Remaining, Outstanding at September 30, 2016 (in years)	1 year 8 months 12 days
Share based compensation, future vesting period minimum (in years)	4 years
Fair value of non-vested shares	$ 15	$ 9.2
Unamortized share-based compensation expense	$ 29.4
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share based compensation, future vesting period minimum (in years)	4 years
Maximum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share based compensation, future vesting period minimum (in years)	4 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share based compensation, future vesting period minimum (in years)	3 years
Minimum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share based compensation, future vesting period minimum (in years)	3 years

Equity Incentive Plans (Summa53

Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Range of settlement date for shares for non-employee trustee from grant date, minimum	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Outstanding at December 31, 2016 | shares	534,317
Number of Shares, Granted | shares	283,154
Number of Shares, Vested | shares	(208,822)
Number of Shares, Outstanding at March 31, 2017 | shares	608,649
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2015 | $ / shares	$ 59.22
Weighted Average Grant Date Fair Value, Granted | $ / shares	76.63
Weighted Average Grant Date Fair Value, Vested | $ / shares	57.43
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2016 | $ / shares	$ 67.94
Weighted Average Life Remaining, Outstanding at September 30, 2016 (in years)	1 year 8 months 12 days
Unamortized share-based compensation expense | $	$ 29,400
Restricted Share Units [Member]
Range of settlement date for shares for non-employee trustee from grant date, minimum	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Outstanding at December 31, 2016 | shares	15,805
Number of Shares, Granted | shares	0
Number of Shares, Vested | shares	0
Number of Shares, Outstanding at March 31, 2017 | shares	15,805
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2015 | $ / shares	$ 70.93
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 September 30, 2016 | $ / shares	$ 70.93
Weighted Average Life Remaining, Outstanding at September 30, 2016 (in years)	1 month 11 days
Unamortized share-based compensation expense | $	$ 93

Other Commitments And Conting54

Other Commitments And Contingencies (Details)	Jun. 30, 2014claim	Oct. 20, 2011USD ($)claim	Mar. 31, 2017USD ($)developmentprojectloansmortgagenotesproperties	Dec. 31, 2016USD ($)
Loss Contingency, Claims Settled and Dismissed, Number | claim	2	2
Commitment to fund project development			$ 262,100,000
Number of Surety Bonds			6
Surety bonds			$ 24,300,000
Number of Mortgage Notes Receivable (in mortgage notes) | mortgagenotes			5
Mortgage notes receivable with commitments			$ 11,200,000
Guarantor Obligations, Maximum Exposure, Undiscounted			$ 24,900,000
Loss Contingency, Damages Sought, Value		$ 800,000,000
Loss Contingency, Claims Dismissed, Number | claim	1
Loss Contingency, New Claims Filed, Number | claim		3
Theatre Properties [Member]
Development projects in process (in projects) | developmentproject			15
Commitment to fund project development			$ 72,500,000
recreationproperties [Member]
Development projects in process (in projects) | developmentproject			6
Commitment to fund project development			$ 76,500,000
Concord Resort [Member]
Commitment to fund project development			155,000,000
Adelaar Infrastructure [Member]
Special Assessment Bond			110,000,000
Property under development			11,700,000	$ 43,400,000
Anticipated reimbursement received from payment of economic development revenue bonds			$ 33,200,000
Education Property Member
Development projects in process (in projects) | developmentproject			21
Commitment to fund project development			$ 113,100,000
Louisiana Theatre Properties [Member]
Development projects in process (in projects) | developmentproject			2
Economic development revenue bond term			30 years
Deferred assets related to guarantee			$ 10,500,000
Deferred liabilities related to guarantee			10,500,000
Loss contingency			$ 0
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%
Theatre Properties [Member]
Number of Properties Under Improvement | properties			2
Waterpark Hotel and Adventure Park [Member] | Kiamesha Lake NY [Member]
Commitment to fund project development			$ 2,900,000
Letter of Credit [Member]
Debt Instrument, Number of Instruments | loans			2
Debt Instrument, Face Amount			$ 5,000,000

Segment Information Balance She

Segment Information Balance Sheet Data (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Operating Segments | segment	4
Total Assets	$ 5,046,782	$ 4,865,022
Entertainment Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	2,177,829	2,168,669
Education Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	1,400,979	1,308,288
Recreation Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	1,209,703	1,120,498
Other Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	197,914	202,394
Corporate / Unallocated
Segment Reporting Information [Line Items]
Total Assets	$ 60,357	$ 65,173

Segment Information Operating D

Segment Information Operating Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Rental revenue	$ 107,037	$ 93,778
Tenant reimbursements	3,749	3,865
Other income	692	1,210
Mortgage and other financing income	17,634	19,915
Total revenue	129,112	118,768
Property operating expense	6,350	5,481
Other expense	0	5
Total investment expenses	6,350	5,486
Net Operating Income - Before Unallocated Items	122,762	113,282
Reconciliation to Consolidated Statements of Income:
General and administrative expense	(11,057)	(9,218)
Costs associated with loan refinancing	(5)	(552)
Interest expense, net	(30,692)	(23,289)
Transaction costs	(57)	(444)
Depreciation and amortization	(28,077)	(25,955)
Equity in (loss) income from joint ventures	(8)	212
Gain on sale of real estate	2,004	0
Income tax (expense) benefit	(954)	144
Net income attributable to EPR Properties	53,916	54,180
Preferred dividend requirements	(5,952)	(5,952)
Net income available to common shareholders of EPR Properties	47,964	48,228
Entertainment Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Rental revenue	65,091	60,138
Tenant reimbursements	3,749	3,863
Other income	6	4
Mortgage and other financing income	1,179	2,152
Total revenue	70,025	66,157
Property operating expense	5,835	5,252
Other expense		0
Total investment expenses	5,835	5,252
Net Operating Income - Before Unallocated Items	64,190	60,905
Education Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Rental revenue	22,357	17,180
Tenant reimbursements	0	2
Other income	0	0
Mortgage and other financing income	8,549	10,731
Total revenue	30,906	27,913
Property operating expense	0	0
Other expense		0
Total investment expenses	0	0
Net Operating Income - Before Unallocated Items	30,906	27,913
Recreation Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Rental revenue	17,299	14,696
Tenant reimbursements	0	0
Other income	0	489
Mortgage and other financing income	7,906	6,998
Total revenue	25,205	22,183
Property operating expense	28	8
Other expense		0
Total investment expenses	28	8
Net Operating Income - Before Unallocated Items	25,177	22,175
Other Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Rental revenue	2,290	1,764
Tenant reimbursements	0	0
Other income	0	0
Mortgage and other financing income	0	34
Total revenue	2,290	1,798
Property operating expense	340	83
Other expense		5
Total investment expenses	340	88
Net Operating Income - Before Unallocated Items	1,950	1,710
Corporate / Unallocated
Segment Reporting Information [Line Items]
Rental revenue	0	0
Tenant reimbursements	0	0
Other income	686	717
Mortgage and other financing income	0	0
Total revenue	686	717
Property operating expense	147	138
Other expense		0
Total investment expenses	147	138
Net Operating Income - Before Unallocated Items	$ 539	$ 579

Condensed Consolidating Finan57

Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Rental properties, net	$ 3,673,130	$ 3,595,762
Land held for development	22,530	22,530
Property under development	331,934	297,110
Mortgage notes and related accrued interest receivable	671,797	613,978
Investment in a direct financing lease, net	103,095	102,698
Investment in joint ventures	5,522	5,972
Cash and cash equivalents	14,446	19,335	$ 10,980	$ 4,283
Restricted cash	28,523	9,744
Accounts receivable, net	96,267	98,939
Intercompany notes receivable	0	0
Investments in subsidiaries	0	0
Other assets	99,538	98,954
Total assets	5,046,782	4,865,022
Accounts payable and accrued liabilities	101,438	119,758
Dividends payable	27,974	26,318
Unearned rents and interest	61,579	47,420
Intercompany notes payable	0	0
Debt	2,616,382	2,485,625
Total liabilities	2,807,373	2,679,121
Total equity	2,239,409	2,185,901
Total liabilities and equity	5,046,782	4,865,022
EPR Properties (Issuer) [Member]
Rental properties, net	0	0
Land held for development	0	0
Property under development	0	1,010
Mortgage notes and related accrued interest receivable	0	0
Investment in a direct financing lease, net	0	0
Investment in joint ventures	0	0
Cash and cash equivalents	11,614	16,586	7,519	1,089
Restricted cash	440	365
Accounts receivable, net	1,111	556
Intercompany notes receivable	0	0
Investments in subsidiaries	4,713,659	4,521,095
Other assets	25,203	21,768
Total assets	4,752,027	4,561,380
Accounts payable and accrued liabilities	47,853	63,431
Dividends payable	27,974	26,318
Unearned rents and interest	0	0
Intercompany notes payable	0	0
Debt	2,436,791	2,285,730
Total liabilities	2,512,618	2,375,479
Total equity	2,239,409	2,185,901
Total liabilities and equity	4,752,027	4,561,380
Wholly-Owned Subsidiary Guarantors [Member]
Rental properties, net	3,234,232	3,164,622
Land held for development	1,258	1,258
Property under development	287,647	247,239
Mortgage notes and related accrued interest receivable	669,203	612,141
Investment in a direct financing lease, net	103,095	102,698
Investment in joint ventures	0	0
Cash and cash equivalents	1,515	1,157	1,104	1,289
Restricted cash	27,484	8,352
Accounts receivable, net	86,130	89,145
Intercompany notes receivable	179,589	179,589
Investments in subsidiaries	0	0
Other assets	21,759	23,068
Total assets	4,611,912	4,429,269
Accounts payable and accrued liabilities	49,771	52,061
Dividends payable	0	0
Unearned rents and interest	60,780	46,647
Intercompany notes payable	0	0
Debt	0	0
Total liabilities	110,551	98,708
Total equity	4,501,361	4,330,561
Total liabilities and equity	4,611,912	4,429,269
Non-Guarantor Subsidiaries [Member]
Rental properties, net	438,898	431,140
Land held for development	21,272	21,272
Property under development	44,287	48,861
Mortgage notes and related accrued interest receivable	2,594	1,837
Investment in a direct financing lease, net	0	0
Investment in joint ventures	5,522	5,972
Cash and cash equivalents	1,317	1,592	$ 2,357	$ 1,905
Restricted cash	599	1,027
Accounts receivable, net	9,026	9,238
Intercompany notes receivable	0	0
Investments in subsidiaries	0	0
Other assets	52,576	54,118
Total assets	576,091	575,057
Accounts payable and accrued liabilities	3,814	4,266
Dividends payable	0	0
Unearned rents and interest	799	773
Intercompany notes payable	179,589	179,589
Debt	179,591	199,895
Total liabilities	363,793	384,523
Total equity	212,298	190,534
Total liabilities and equity	576,091	575,057
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	(179,589)	(179,589)
Investments in subsidiaries	(4,713,659)	(4,521,095)
Other assets	0	0
Total assets	(4,893,248)	(4,700,684)
Accounts payable and accrued liabilities	0	0
Dividends payable	0	0
Unearned rents and interest	0	0
Intercompany notes payable	(179,589)	(179,589)
Debt	0	0
Total liabilities	(179,589)	(179,589)
Total equity	(4,713,659)	(4,521,095)
Total liabilities and equity	$ (4,893,248)	$ (4,700,684)

Condensed Consolidating Finan58

Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Rental revenue	$ 107,037	$ 93,778
Tenant reimbursements	3,749	3,865
Other income	692	1,210
Mortgage and other financing income	17,634	19,915
Intercompany fee income	0	0
Interest income on intercompany notes receivable	0	0
Total revenue	129,112	118,768
Equity in subsidiaries' earnings	0	0
Property operating expense	6,350	5,481
Intercompany fee expense	0	0
Other expense	0	5
General and administrative expense	11,057	9,218
Costs associated with loan refinancing or payoff	5	552
Interest expense, net	30,692	23,289
Interest expense on intercompany notes payable	0	0
Transaction costs	57	444
Depreciation and amortization	28,077	25,955
Income before equity in income from joint ventures and other items	52,874	53,824
Equity in (loss) income from joint ventures	(8)	212
Gain on sale of real estate	2,004	0
Income before income taxes	54,870	54,036
Income tax (expense) benefit	(954)	144
Income from continuing operations	53,916	54,180
Net income attributable to EPR Properties	53,916	54,180
Dividends, Preferred Stock	(5,952)	(5,952)
Net income available to common shareholders of EPR Properties	47,964	48,228
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	54,788	52,266
EPR Properties (Issuer) [Member]
Rental revenue	0	0
Tenant reimbursements	0	0
Other income	0	0
Mortgage and other financing income	232	212
Intercompany fee income	684	653
Interest income on intercompany notes receivable	0	0
Total revenue	916	865
Equity in subsidiaries' earnings	85,042	76,787
Property operating expense	0	0
Intercompany fee expense	0	0
Other expense		0
General and administrative expense	0	0
Costs associated with loan refinancing or payoff	0	0
Interest expense, net	31,458	22,190
Interest expense on intercompany notes payable	0	0
Transaction costs	57	443
Depreciation and amortization	193	443
Income before equity in income from joint ventures and other items	54,250	54,576
Equity in (loss) income from joint ventures	0	0
Gain on sale of real estate	0
Income before income taxes	54,250	54,576
Income tax (expense) benefit	(334)	(396)
Net income attributable to EPR Properties	53,916	54,180
Dividends, Preferred Stock	(5,952)	(5,952)
Net income available to common shareholders of EPR Properties	47,964	48,228
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	54,788	52,266
Wholly-Owned Subsidiary Guarantors [Member]
Rental revenue	93,531	80,329
Tenant reimbursements	1,241	1,349
Other income	6	491
Mortgage and other financing income	17,372	16,019
Intercompany fee income	0	0
Interest income on intercompany notes receivable	2,444	2,336
Total revenue	114,594	100,524
Equity in subsidiaries' earnings	0	0
Property operating expense	3,272	2,663
Intercompany fee expense	0	0
Other expense		0
General and administrative expense	9,642	7,660
Costs associated with loan refinancing or payoff	0	0
Interest expense, net	(2,653)	(1,246)
Interest expense on intercompany notes payable	0	0
Transaction costs	0	0
Depreciation and amortization	24,725	22,074
Income before equity in income from joint ventures and other items	79,608	69,373
Equity in (loss) income from joint ventures	0	0
Gain on sale of real estate	2,004
Income before income taxes	81,612	69,373
Income tax (expense) benefit	0	0
Net income attributable to EPR Properties	81,612	69,373
Dividends, Preferred Stock	0	0
Net income available to common shareholders of EPR Properties	81,612	69,373
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	81,612	69,373
Non-Guarantor Subsidiaries [Member]
Rental revenue	13,506	13,449
Tenant reimbursements	2,508	2,516
Other income	686	719
Mortgage and other financing income	30	3,684
Intercompany fee income	0	0
Interest income on intercompany notes receivable	0	0
Total revenue	16,730	20,368
Equity in subsidiaries' earnings	0	0
Property operating expense	3,078	2,818
Intercompany fee expense	684	653
Other expense		5
General and administrative expense	1,415	1,558
Costs associated with loan refinancing or payoff	5	552
Interest expense, net	1,887	2,345
Interest expense on intercompany notes payable	2,444	2,336
Transaction costs	0	1
Depreciation and amortization	3,159	3,438
Income before equity in income from joint ventures and other items	4,058	6,662
Equity in (loss) income from joint ventures	(8)	212
Gain on sale of real estate	0
Income before income taxes	4,050	6,874
Income tax (expense) benefit	(620)	540
Net income attributable to EPR Properties	3,430	7,414
Dividends, Preferred Stock	0	0
Net income available to common shareholders of EPR Properties	3,430	7,414
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	2,727	9,043
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	(684)	(653)
Interest income on intercompany notes receivable	(2,444)	(2,336)
Total revenue	(3,128)	(2,989)
Equity in subsidiaries' earnings	(85,042)	(76,787)
Property operating expense	0	0
Intercompany fee expense	(684)	(653)
Other expense		0
General and administrative expense	0	0
Costs associated with loan refinancing or payoff	0	0
Interest expense, net	0	0
Interest expense on intercompany notes payable	(2,444)	(2,336)
Transaction costs	0	0
Depreciation and amortization	0	0
Income before equity in income from joint ventures and other items	(85,042)	(76,787)
Equity in (loss) income from joint ventures	0	0
Gain on sale of real estate	0
Income before income taxes	(85,042)	(76,787)
Income tax (expense) benefit	0	0
Net income attributable to EPR Properties	(85,042)	(76,787)
Dividends, Preferred Stock	0	0
Net income available to common shareholders of EPR Properties	(85,042)	(76,787)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (84,339)	$ (78,416)

Condensed Consolidating Finan59

Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Intercompany fee income (expense)	$ 0	$ 0
Interest income (expense) on intercompany receivable/payable	0	0
Net cash provided (used) by other operating activities	74,771	69,077
Net cash provided by operating activities	74,771	69,077
Acquisition of rental properties and other assets	(60,764)	(36,907)
Proceeds from sale of real estate	18,105	1,920
Investment in mortgage notes receivable	(67,057)	(53,659)
Proceeds from mortgage note receivable paydown	8,140	19,496
Investment in promissory notes receivable	554	0
Proceeds from Sale and Collection of Notes Receivable	1,599	0
Additions to properties under development	(100,184)	(61,765)
Advances to subsidiaries, net	0	0
Net cash used by investing activities	(200,715)	(130,915)
Proceeds from long-term debt facilities	175,000	162,000
Principal payments on long-term debt	(45,331)	(148,586)
Deferred financing fees paid	(33)	(36)
Costs associated with loan refinancing or payoff (cash portion)	(1)	(472)
Net proceeds from issuance of common shares	68,141	125,199
Impact of stock option exercises, net	(138)	(635)
Purchase of common shares for treasury	(6,729)	(4,208)
Dividends paid to shareholders	(69,856)	(64,823)
Net cash provided by financing activities	121,053	68,439
Effect of exchange rate changes on cash	2	96
Net increase (decrease) in cash and cash equivalents	(4,889)	6,697
Cash and cash equivalents at beginning of the year	19,335	4,283
Cash and cash equivalents at end of the year	14,446	10,980
EPR Properties (Issuer) [Member]
Intercompany fee income (expense)	684	(653)
Interest income (expense) on intercompany receivable/payable	0	0
Net cash provided (used) by other operating activities	(41,300)	(31,258)
Net cash provided by operating activities	(40,616)	(30,605)
Acquisition of rental properties and other assets	(251)	(66)
Proceeds from sale of real estate	0	0
Investment in mortgage notes receivable	0	0
Proceeds from mortgage note receivable paydown	0	0
Investment in promissory notes receivable	0
Proceeds from Sale and Collection of Notes Receivable	0
Additions to properties under development	(725)	0
Advances to subsidiaries, net	(104,765)	(39,404)
Net cash used by investing activities	(105,741)	(39,470)
Proceeds from long-term debt facilities	175,000	162,000
Principal payments on long-term debt	(25,000)	(141,000)
Deferred financing fees paid	(33)	(28)
Costs associated with loan refinancing or payoff (cash portion)	0	0
Net proceeds from issuance of common shares	68,141	125,199
Impact of stock option exercises, net	(138)	(635)
Purchase of common shares for treasury	(6,729)	(4,208)
Dividends paid to shareholders	(69,856)	(64,823)
Net cash provided by financing activities	141,385	76,505
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	(4,972)	6,430
Cash and cash equivalents at beginning of the year	16,586	1,089
Cash and cash equivalents at end of the year	11,614	7,519
Wholly-Owned Subsidiary Guarantors [Member]
Intercompany fee income (expense)	0	0
Interest income (expense) on intercompany receivable/payable	2,444	2,336
Net cash provided (used) by other operating activities	106,658	86,174
Net cash provided by operating activities	109,102	88,510
Acquisition of rental properties and other assets	(60,414)	(36,771)
Proceeds from sale of real estate	18,105	444
Investment in mortgage notes receivable	(66,080)	(53,659)
Proceeds from mortgage note receivable paydown	8,140	176
Investment in promissory notes receivable	554
Proceeds from Sale and Collection of Notes Receivable	1,599
Additions to properties under development	(95,709)	(60,332)
Advances to subsidiaries, net	86,169	62,022
Net cash used by investing activities	(108,744)	(88,120)
Proceeds from long-term debt facilities	0	0
Principal payments on long-term debt	0	(575)
Deferred financing fees paid	0	0
Costs associated with loan refinancing or payoff (cash portion)	0	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	(575)
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	358	(185)
Cash and cash equivalents at beginning of the year	1,157	1,289
Cash and cash equivalents at end of the year	1,515	1,104
Non-Guarantor Subsidiaries [Member]
Intercompany fee income (expense)	(684)	653
Interest income (expense) on intercompany receivable/payable	(2,444)	(2,336)
Net cash provided (used) by other operating activities	9,413	14,161
Net cash provided by operating activities	6,285	11,172
Acquisition of rental properties and other assets	(99)	(70)
Proceeds from sale of real estate	0	1,476
Investment in mortgage notes receivable	(977)	0
Proceeds from mortgage note receivable paydown	0	19,320
Investment in promissory notes receivable	0
Proceeds from Sale and Collection of Notes Receivable	0
Additions to properties under development	(3,750)	(1,433)
Advances to subsidiaries, net	18,596	(22,618)
Net cash used by investing activities	13,770	(3,325)
Proceeds from long-term debt facilities	0	0
Principal payments on long-term debt	(20,331)	(7,011)
Deferred financing fees paid	0	(8)
Costs associated with loan refinancing or payoff (cash portion)	(1)	(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	(20,332)	(7,491)
Effect of exchange rate changes on cash	2	96
Net increase (decrease) in cash and cash equivalents	(275)	452
Cash and cash equivalents at beginning of the year	1,592	1,905
Cash and cash equivalents at end of the year	$ 1,317	$ 2,357

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions	Apr. 06, 2017USD ($)properties$ / sharesshares	Apr. 05, 2017properties	Apr. 03, 2017properties	Mar. 31, 2017properties
Subsequent Event [Line Items]
Number of Properties Securing Mortgage Note | properties				2
Subsequent Event [Member]
Subsequent Event [Line Items]
Property, Plant and Equipment, Additions	$ 706.5
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 251
Mortgage Loans on Real Estate, Interest Rate	8.50%
Number of Properties Securing Mortgage Note | properties	14	11	4
Stock Issued During Period, Value, Other	$ 647.4
Stock Issued During Period, Shares, Acquisitions | shares	8,851,264
Payments to Acquire Property, Plant, and Equipment	$ 59.1
volume weighted average price per common share | $ / shares	$ 73.1421
Closing Price at Acquisition Date | $ / shares	$ 74.28
attractions [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of properties acquired | properties	15
family entertainment center [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of properties acquired | properties	5
Property, Plant and Equipment, Disposals	$ 6.8
attractions and family entertainment centers [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Property, Plant and Equipment, Additions	455.5
Ski Resorts [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Property, Plant and Equipment, Additions	$ 374.5