Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 25, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-13561 | |
Entity Registrant Name | EPR PROPERTIES | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 43-1790877 | |
Entity Address, Address Line One | 909 Walnut Street, | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Kansas City, | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 64106 | |
City Area Code | (816) | |
Local Phone Number | 472-1700 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 75,329,434 | |
Entity Central Index Key | 0001045450 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common shares, par value $0.01 per share | |
Trading Symbol | EPR | |
Entity Listing, Description | NYSE | |
Series C Preferred Shares [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.75% Series C cumulative convertible preferred shares, par value $0.01 per share | |
Trading Symbol | EPR PrC | |
Entity Listing, Description | NYSE | |
Series E Preferred Shares [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 9.00% Series E cumulative convertible preferred shares, par value $0.01 per share | |
Trading Symbol | EPR PrE | |
Entity Listing, Description | NYSE | |
Series G Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.75% Series G cumulative redeemable preferred shares, par value $0.01 per share | |
Trading Symbol | EPR PrG | |
Entity Listing, Description | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Real Estate Investment Property, Net | $ 4,571,514,000 | $ 4,714,136,000 |
Land held for development | 20,168,000 | 20,168,000 |
Property under development | 101,313,000 | 76,029,000 |
Operating Lease, Right-of-Use Asset | 190,309,000 | 200,985,000 |
Financing Receivable, after Allowance for Credit Loss, Current | 477,243,000 | 457,268,000 |
Investment in joint ventures | 53,855,000 | 52,964,000 |
Cash and cash equivalents | 172,953,000 | 107,934,000 |
Restricted cash | 2,868,000 | 2,577,000 |
Accounts receivable, net | 54,826,000 | 53,587,000 |
Other assets | 74,328,000 | 73,053,000 |
Total assets | 5,719,377,000 | 5,758,701,000 |
Liabilities: | ||
Accounts payable and accrued liabilities | 82,804,000 | 80,087,000 |
Operating Lease, Liability | 230,922,000 | 241,407,000 |
Dividends Payable, Current | 22,795,000 | 21,405,000 |
Preferred dividends payable | 6,032,000 | 6,033,000 |
Unearned rents and interest | 88,530,000 | 63,939,000 |
Debt | 2,814,497,000 | 2,810,111,000 |
Total liabilities | $ 3,245,580,000 | $ 3,222,982,000 |
Equity: | ||
Common Stock, Shares, Issued | 82,959,404 | 82,545,501 |
Common Stock, Value, Issued | $ 829,000 | $ 825,000 |
Additional paid-in-capital | 3,919,885,000 | 3,899,732,000 |
Treasury Stock, Value | (274,035,000) | (269,751,000) |
Accumulated other comprehensive income | 2,378,000 | 1,897,000 |
Distributions in excess of net income | 1,175,408,000 | 1,097,132,000 |
Total equity | 2,473,797,000 | 2,535,719,000 |
Total liabilities and equity | $ 5,719,377,000 | 5,758,701,000 |
Series C Preferred Shares [Member] | ||
Equity: | ||
Preferred Shares, shares issued | 5,392,916 | |
Preferred shares | $ 54,000 | 54,000 |
Preferred Shares, liquidation preference | $ 134,822,900 | $ 134,822,900 |
Series E Preferred Shares [Member] | ||
Equity: | ||
Preferred Shares, shares issued | 3,445,980 | 3,447,381 |
Preferred shares | $ 34,000 | $ 34,000 |
Preferred Shares, liquidation preference | $ 86,149,500 | $ 86,149,500 |
Series G Preferred Stock [Member] | ||
Equity: | ||
Preferred Shares, shares issued | 6,000,000 | 6,000,000 |
Preferred shares | $ 60,000 | $ 60,000 |
Preferred Shares, liquidation preference | $ 150,000,000 | $ 150,000,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Real Estate Owned, Accumulated Depreciation | $ 1,400,642,000 | $ 1,302,640,000 |
Common Shares, par value | $ 0.01 | $ 0.01 |
Common Shares, shares authorized | 125,000,000 | 100,000,000 |
Preferred Shares, par value | $ 0.01 | $ 0.01 |
Preferred Shares, shares authorized | 25,000,000 | 25,000,000 |
Treasury Stock, Common, Shares | 7,631,658 | 7,520,227 |
Dividends Payable, Current | $ 22,795,000 | $ 21,405,000 |
Series C Preferred Shares [Member] | ||
Preferred Shares, shares issued | 5,392,916 | |
Preferred Shares, liquidation preference | $ 134,822,900 | $ 134,822,900 |
Series E Preferred Shares [Member] | ||
Preferred Shares, shares issued | 3,445,980 | 3,447,381 |
Preferred Shares, liquidation preference | $ 86,149,500 | $ 86,149,500 |
Series G Preferred Stock [Member] | ||
Preferred Shares, shares issued | 6,000,000 | 6,000,000 |
Preferred Shares, liquidation preference | $ 150,000,000 | $ 150,000,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Lease, Lease Income | $ 163,940 | $ 140,471 | $ 467,401 | $ 422,949 |
Other income | 14,422 | 11,360 | 33,879 | 30,626 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 11,022 | 9,579 | 32,407 | 25,753 |
Total revenue | 189,384 | 161,410 | 533,687 | 479,328 |
Property operating expense | 14,592 | 14,707 | 42,719 | 42,238 |
Other expense | 13,124 | 9,135 | 31,235 | 26,104 |
General and Administrative Expense | 13,464 | 12,582 | 42,677 | 38,497 |
Severance Costs | 0 | 0 | 547 | 0 |
Transaction costs | 847 | 148 | 1,153 | 3,540 |
Financing Receivable, Credit Loss, Expense (Reversal) | (719) | 241 | (407) | 9,447 |
Asset Impairment Charges | 20,887 | 0 | 64,672 | 4,351 |
Depreciation and amortization | 42,432 | 41,539 | 127,341 | 122,349 |
Operating Costs and Expenses | 104,627 | 78,352 | 309,937 | 246,526 |
Gain on sale of real estate | 2,550 | 304 | 1,415 | 304 |
Operating Income (Loss) | 87,307 | 83,362 | 225,165 | 233,106 |
Interest expense, net | 31,208 | 32,747 | 94,521 | 99,296 |
Equity in (income) loss from joint ventures | (533) | (572) | 2,067 | (1,887) |
Impairment charges on joint ventures | 0 | 0 | 0 | 647 |
Income from Continuing Operations before Income Taxes, Noncontrolling Interest | 56,632 | 51,187 | 128,577 | 135,050 |
Income tax expense | 372 | 388 | 1,060 | 1,150 |
Net income | 56,260 | 50,799 | 127,517 | 133,900 |
Preferred dividend requirements | 6,032 | 6,033 | 18,105 | 18,099 |
Net income available to common shareholders of EPR Properties | 50,228 | 44,766 | 109,412 | 115,801 |
Foreign currency translation adjustment | (6,088) | (21,697) | 535 | (24,015) |
Unrealized Gain (Loss) on Derivatives | 4,856 | 12,119 | (54) | 15,157 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 55,028 | $ 41,221 | $ 127,998 | $ 125,042 |
Basic earnings per share data: | ||||
Net income available to common shareholders (in dollars per share) | $ 0.67 | $ 0.60 | $ 1.45 | $ 1.55 |
Diluted earnings per share data: | ||||
Net income available to common shareholders (in dollars per share) | $ 0.66 | $ 0.60 | $ 1.45 | $ 1.54 |
Shares used for computation (in thousands): | ||||
Basic (in shares) | 75,325 | 75,016 | 75,236 | 74,949 |
Diluted (in shares) | 75,816 | 75,183 | 75,655 | 75,102 |
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 Stock, Common | Accumulated other comprehensive income (loss) [Member] | Distributions in excess of net income [Member] | Series C Preferred Shares [Member] | Series C Preferred Shares [Member] Distributions in excess of net income [Member] | Series E Preferred Shares [Member] | Series E Preferred Shares [Member] Preferred Stock [Member] | Series E Preferred Shares [Member] Distributions in excess of net income [Member] | Series G Preferred Stock [Member] | Series G Preferred Stock [Member] Distributions in excess of net income [Member] | Performance Shares [Member] | Performance Shares [Member] Distributions in excess of net income [Member] | Captive REIT Preferred | Captive REIT Preferred Distributions in excess of net income [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Total equity | $ 2,618,039 | $ 822 | $ 148 | $ 3,876,817 | $ (264,817) | $ 9,955 | $ (1,004,886) | |||||||||||
Balance (in shares) at Dec. 31, 2021 | 82,225,061 | 14,840,297 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Stock Issued During Period, Shares, Other | 2,794 | |||||||||||||||||
Stock Issued During Period, Value, Other | 0 | |||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 243,286 | |||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 4,416 | $ 3 | 4,496 | (83) | ||||||||||||||
Treasury Stock, Retired, Cost Method, Amount | (4,250) | (4,250) | ||||||||||||||||
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards | 4,245 | 4,245 | ||||||||||||||||
Foreign currency translation adjustment | 2,606 | 2,606 | ||||||||||||||||
Unrealized Gain (Loss) on Derivatives | (2,090) | (2,090) | ||||||||||||||||
Net income | 42,192 | 42,192 | ||||||||||||||||
Issuances of common shares (in shares) | 4,730 | |||||||||||||||||
Issuances of common shares | 228 | $ 0 | 228 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 9,799 | |||||||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | $ (4) | $ 0 | (454) | (458) | ||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.7750 | |||||||||||||||||
Dividends to common and preferred shareholders | $ (58,099) | (58,099) | $ (1,938) | $ (1,938) | $ (1,939) | $ (1,939) | $ (2,156) | $ (2,156) | $ (136) | $ (136) | ||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.359375 | $ 0.5625 | $ 0.359375 | |||||||||||||||
Balance (in shares) at Mar. 31, 2022 | 82,485,670 | 14,840,297 | ||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 82,225,061 | 14,840,297 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
share based compensation included in severance expense | 0 | |||||||||||||||||
Foreign currency translation adjustment | (24,015) | |||||||||||||||||
Unrealized Gain (Loss) on Derivatives | 15,157 | |||||||||||||||||
Net income | 133,900 | |||||||||||||||||
Balance (in shares) at Sep. 30, 2022 | 82,538,739 | 14,840,297 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Total equity | 2,601,114 | $ 825 | $ 148 | 3,886,240 | (269,608) | 10,471 | (1,026,962) | |||||||||||
Balance (in shares) at Mar. 31, 2022 | 82,485,670 | 14,840,297 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Stock Issued During Period, Shares, Other | 38,605 | |||||||||||||||||
Stock Issued During Period, Value, Other | 0 | |||||||||||||||||
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards | 4,169 | 4,169 | ||||||||||||||||
Foreign currency translation adjustment | (4,924) | (4,924) | ||||||||||||||||
Unrealized Gain (Loss) on Derivatives | 5,128 | 5,128 | ||||||||||||||||
Net income | 40,909 | 40,909 | ||||||||||||||||
Issuances of common shares (in shares) | 5,587 | |||||||||||||||||
Issuances of common shares | $ 275 | $ 0 | 275 | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.825 | |||||||||||||||||
Dividends to common and preferred shareholders | $ (61,873) | (61,873) | $ (1,938) | (1,938) | $ (1,939) | (1,939) | $ (2,156) | (2,156) | (188) | (188) | ||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.359375 | $ 0.5625 | $ 0.359375 | |||||||||||||||
Balance (in shares) at Jun. 30, 2022 | 82,529,862 | 14,840,297 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Total equity | 2,578,577 | $ 825 | $ 148 | 3,890,684 | (269,608) | 10,675 | (1,054,147) | |||||||||||
Stock Issued During Period, Value, Other | 107 | 107 | ||||||||||||||||
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards | 4,138 | 4,138 | ||||||||||||||||
Foreign currency translation adjustment | (21,697) | (21,697) | ||||||||||||||||
Unrealized Gain (Loss) on Derivatives | 12,119 | 12,119 | ||||||||||||||||
Net income | 50,799 | 50,799 | ||||||||||||||||
Issuances of common shares (in shares) | 6,117 | |||||||||||||||||
Issuances of common shares | 296 | $ 0 | 296 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,760 | |||||||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | $ (7) | $ 0 | (129) | (136) | ||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.825 | |||||||||||||||||
Dividends to common and preferred shareholders | $ (61,889) | (61,889) | $ (1,938) | (1,938) | $ (1,939) | (1,939) | $ (2,156) | (2,156) | (263) | (263) | ||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.359375 | $ 0.5625 | $ 0.359375 | |||||||||||||||
Balance (in shares) at Sep. 30, 2022 | 82,538,739 | 14,840,297 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Total equity | 2,556,147 | $ 825 | $ 148 | 3,895,354 | (269,744) | 1,097 | (1,071,533) | |||||||||||
Total equity | 2,535,719 | $ 825 | $ 148 | 3,899,732 | (269,751) | 1,897 | (1,097,132) | |||||||||||
Balance (in shares) at Dec. 31, 2022 | 82,545,501 | 14,840,297 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Stock Issued During Period, Shares, Other | 1,449 | |||||||||||||||||
Stock Issued During Period, Value, Other | 0 | |||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 352,090 | |||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 5,372 | $ 4 | 5,956 | (588) | ||||||||||||||
Treasury Stock, Retired, Cost Method, Amount | (3,565) | (3,565) | ||||||||||||||||
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards | 4,322 | 4,322 | ||||||||||||||||
Foreign currency translation adjustment | 230 | 230 | ||||||||||||||||
Unrealized Gain (Loss) on Derivatives | (304) | (304) | ||||||||||||||||
Net income | 57,657 | 57,657 | ||||||||||||||||
Issuances of common shares (in shares) | 5,557 | |||||||||||||||||
Issuances of common shares | 225 | $ 0 | 225 | |||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 0 | |||||||||||||||||
Stock Redeemed or Called During Period, Shares | (1,311) | |||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 632 | |||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.825 | |||||||||||||||||
Dividends to common and preferred shareholders | $ (62,109) | (62,109) | $ (1,938) | (1,938) | $ (1,938) | (1,938) | $ (2,156) | (2,156) | (353) | (353) | ||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.359375 | $ 0.5625 | $ 0.359375 | |||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 82,905,229 | 14,838,986 | ||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 82,545,501 | 14,840,297 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
share based compensation included in severance expense | 304 | |||||||||||||||||
Foreign currency translation adjustment | 535 | |||||||||||||||||
Unrealized Gain (Loss) on Derivatives | (54) | |||||||||||||||||
Net income | 127,517 | |||||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 82,959,404 | 14,838,896 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Total equity | 2,531,162 | $ 829 | $ 148 | 3,910,235 | (273,904) | 1,823 | (1,107,969) | |||||||||||
Balance (in shares) at Mar. 31, 2023 | 82,905,229 | 14,838,986 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Stock Issued During Period, Shares, Other | 42,048 | |||||||||||||||||
Stock Issued During Period, Value, Other | 0 | |||||||||||||||||
Treasury Stock, Retired, Cost Method, Amount | (97) | (97) | ||||||||||||||||
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards | 4,477 | 4,477 | ||||||||||||||||
share based compensation included in severance expense | 304 | 304 | ||||||||||||||||
Foreign currency translation adjustment | 6,393 | 6,393 | ||||||||||||||||
Unrealized Gain (Loss) on Derivatives | (4,606) | (4,606) | ||||||||||||||||
Net income | 13,600 | 13,600 | ||||||||||||||||
Issuances of common shares (in shares) | 6,134 | |||||||||||||||||
Issuances of common shares | 257 | $ 0 | 257 | |||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 0 | |||||||||||||||||
Stock Redeemed or Called During Period, Shares | (90) | |||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 42 | |||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.825 | |||||||||||||||||
Dividends to common and preferred shareholders | $ (62,129) | (62,129) | $ (1,938) | (1,938) | $ (1,938) | (1,938) | $ (2,156) | (2,156) | (450) | (450) | $ (8) | $ (8) | ||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.359375 | $ 0.5625 | $ 0.359375 | |||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 82,953,453 | 14,838,896 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Total equity | 2,482,871 | $ 829 | $ 148 | 3,915,273 | (274,001) | 3,610 | (1,162,988) | |||||||||||
Treasury Stock, Retired, Cost Method, Amount | (34) | (34) | ||||||||||||||||
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards | 4,354 | 4,354 | ||||||||||||||||
Foreign currency translation adjustment | (6,088) | (6,088) | ||||||||||||||||
Unrealized Gain (Loss) on Derivatives | 4,856 | 4,856 | ||||||||||||||||
Net income | 56,260 | 56,260 | ||||||||||||||||
Issuances of common shares (in shares) | 5,951 | |||||||||||||||||
Issuances of common shares | $ 258 | $ 0 | 258 | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.825 | |||||||||||||||||
Dividends to common and preferred shareholders | $ (62,144) | (62,144) | $ (1,938) | $ (1,938) | $ (1,938) | $ (1,938) | $ (2,156) | $ (2,156) | $ (504) | $ (504) | ||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.359375 | $ 0.5625 | $ 0.359375 | |||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 82,959,404 | 14,838,896 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Total equity | $ 2,473,797 | $ 829 | $ 148 | $ 3,919,885 | $ (274,035) | $ 2,378 | $ (1,175,408) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities: | ||
Net income | $ 127,517 | $ 133,900 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Impairment of Real Estate | 64,672 | 4,351 |
Impairment Losses Related to Real Estate Partnerships | 0 | 647 |
Gain on sale of real estate | (1,415) | (304) |
Gain on Insurance Recovery | 0 | (552) |
Deferred income tax benefit | (258) | (37) |
Equity in (income) loss from joint ventures | (2,067) | 1,887 |
Proceeds from Equity Method Investment, Distribution | 1,300 | 780 |
Financing Receivable, Credit Loss, Expense (Reversal) | (407) | 9,447 |
Depreciation and amortization | 127,341 | 122,349 |
Amortization of deferred financing costs | 6,449 | 6,251 |
Amortization of above/below market leases and tenant allowances, net | (456) | (265) |
Share-based Payment Arrangement, Noncash Expense | 13,153 | 12,552 |
share based compensation included in severance expense | 304 | 0 |
Increase (Decrease) in Operating Lease Assets and Liabilities, Net | 273 | 237 |
Mortgage notes accrued interest receivable | (497) | 76 |
Accounts receivable | (1,311) | 26,162 |
Other assets | (4,588) | (1,090) |
Accounts payable and accrued liabilities | 14,261 | 23,762 |
Increase (Decrease) in Deferred Revenue | 21,687 | 13,296 |
Net cash provided by operating activities | 370,092 | 349,675 |
Investing activities: | ||
Payments to Acquire Productive Assets | 47,807 | 174,113 |
Proceeds from Sale of Productive Assets | 34,957 | 9,995 |
Payments to Acquire Interest in Subsidiaries and Affiliates | (4,259) | (19,690) |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 0 | 6,695 |
Payments for Derivative Instrument, Investing Activities | 0 | (3,830) |
Investment in mortgage notes receivable | (17,563) | (37,706) |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 408 | 1,621 |
Investment in promissory notes receivable | 3,025 | 0 |
Proceeds from promissory note receivable paydown | 1,178 | 582 |
Proceeds from Insurance Recovery | 0 | 3,700 |
Additions to properties under development | (60,922) | (58,919) |
Net cash used by investing activities | (97,033) | (271,665) |
Financing activities: | ||
Deferred financing fees paid | (369) | (328) |
Net proceeds from issuance of common shares | 483 | 576 |
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | (11) |
Issuances of captive REIT preferred shares | 0 | 107 |
Purchase of common shares for treasury | (3,696) | (4,250) |
Dividends paid to shareholders | (204,145) | (197,809) |
Net cash used by financing activities | (207,727) | (201,715) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (22) | (106) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 65,310 | (123,811) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 175,821 | 166,090 |
Cash and Cash Equivalents, at Carrying Value | 172,953 | 160,838 |
Restricted Cash and Cash Equivalents | 2,868 | 5,252 |
Supplemental schedule of non-cash activity: | ||
Transfer of property under development to rental property | 30,340 | 39,460 |
Real Estate Owned, Transfer from Real Estate Owned | 1,321 | 0 |
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses | 25,431 | 21,751 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 0 | 29,022 |
Supplemental disclosure of cash flow information: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 80,144 | 80,948 |
Cash paid during the period for income taxes | 1,228 | 1,011 |
Interest cost capitalized | 2,486 | 606 |
Change in accrued capital expenditures | $ (5,981) | $ (4,387) |
Organization
Organization | 9 Months Ended |
Sep. 30, 2023 | |
Organization [Abstract] | |
Organization | Organization Description of Business EPR Properties (the Company) was formed on August 22, 1997 as a Maryland real estate investment trust (REIT), and an initial public offering of the Company's common shares of beneficial interest (common shares) was completed on November 18, 1997. Since that time, the Company has been a leading diversified Experiential net lease REIT specializing in select enduring experiential properties. The Company's underwriting is centered on key industry and property cash flow criteria, as well as the credit metrics of the Company's tenants and customers. The Company’s properties are located in the United States (U.S.) and Canada. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
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 (GAAP) 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. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the nine-month period ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Amounts as of December 31, 2022 have been derived from the audited Consolidated Financial Statements as of that date and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (SEC) on February 23, 2023. 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 equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the FASB ASC Topic on Consolidation (Topic 810) but can exercise influence over the entity with respect to its operations and major decisions. The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. The primary beneficiary generally is defined as the party with the controlling financial interest. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. As of September 30, 2023 and December 31, 2022, the Company does not have any investments in consolidated VIEs. Update on Impact of COVID-19 Pandemic The COVID-19 pandemic severely impacted experiential real estate properties because such properties involve congregate social activity and discretionary spending. The Company's non-theatre properties have demonstrated strong recovery from the impacts of the pandemic. However, the Company's theatre customers were more severely impacted by the COVID-19 pandemic and have seen a slower recovery than its non-theatre customers due primarily to changes in the timing of film releases, production delays and experimentation with streaming. As a result, the Company continues to recognize revenue on a cash basis for certain tenants. As of September 30, 2023, the Company had deferred amounts due from tenants of approximately $0.8 million that were booked as receivables as a result of the COVID-19 pandemic. Additionally, as of September 30, 2023, the Company had amounts due from customers that were not booked as receivables totaling approximately $12.7 million because the full amounts were not deemed probable of collection as a result of the COVID-19 pandemic. The amounts not booked as receivables remain obligations of the customers and will be recognized as revenue when any such amounts are received. See discussion below regarding changes to Regal Cinema's deferred amounts not booked as a receivable as a result of the Company's comprehensive restructuring agreement with them, which became effective upon their emergence from bankruptcy. During the three and nine months ended September 30, 2023 and 2022, the Company collected $19.3 million, $35.7 million, $5.2 million and $11.5 million, respectively, in deferred rent and interest from cash basis customers and from customers for which the deferred payments were not previously recognized as revenue. These amounts include collections related to the Regal bankruptcy as further discussed below, including stub rent and pre-petition rent related to September of 2022 and property operating expense reimbursements. In addition, during the three and nine months ended September 30, 2023 and 2022, the Company collected $0.2 million, $1.3 million, $4.5 million and $19.6 million, respectively, of deferred rent and interest from accrual basis customers that reduced related accounts and interest receivable. The repayment terms for all of these deferments vary by customer. Regal Update On September 7, 2022, Cineworld Group, plc, Regal Entertainment Group and the Company's other Regal theatre tenants (collectively, Regal) filed for protection under Chapter 11 of the U.S. Bankruptcy Code (the Code). Prior to such filing date and continuing throughout the Chapter 11 bankruptcy cases, Regal leased 57 theatres from the Company pursuant to two master leases and 28 single property leases (the Regal Leases). As a result of the filing, Regal did not pay its rent or monthly deferral payment for September 2022 but subsequently paid portions of this amount, totaling approximately $4.0 million, pursuant to an order of the bankruptcy court issued during the Chapter 11 bankruptcy cases. Regal resumed monthly rent and deferral payments for all Regal Leases commencing in October 2022 and continued making these payments through July 2023. The remainder of the September 2022 rent was paid, at the direction of the court, at the time Regal emerged from the Chapter 11 bankruptcy cases, as discussed below. On June 27, 2023, the Company entered into a comprehensive restructuring agreement with Regal, evidenced by an Omnibus Lease Amendment Agreement (Omnibus Agreement), anchored by a new master lease (Master Lease) for 41 of the 57 properties previously leased to Regal (Master Lease Properties). On June 28, 2023, Regal’s Plan of Reorganization (the Plan) was confirmed by the bankruptcy court. The Plan became effective on July 31, 2023 (the Effective Date) and Regal emerged from the Chapter 11 bankruptcy cases. Pursuant to the Omnibus Agreement, the Master Lease and certain related agreements became effective upon the Effective Date. Material terms of the Omnibus Agreement, the Master Lease and related agreements include: • Beginning on August 1, 2023, the total annual fixed rent for the Master Lease Properties (Annual Base Rent) is now $65.0 million, escalating by 10% every five years. The Master Lease is a triple-net lease, and therefore, Annual Base Rent does not include taxes, insurance, utilities, common area maintenance and ground lease rent, for which Regal will be responsible for paying separately. Due to Regal's expected significantly improved credit profile, continuing box office recovery and Regal's payment history, among other factors, the Company will recognize revenue related to the Master Lease on an accrual basis beginning on the Effective Date. • Pursuant to the Master Lease, Regal will also pay annual percentage rent (Annual Percentage Rent) of 15% of annual gross sales exceeding $220.0 million and up to $270.0 million, and 12.5% of annual gross sales exceeding $270.0 million. These threshold amounts will increase every five years commensurate with escalations in Annual Base Rent. • The Master Lease Properties have been divided into three tranches within the Master Lease, with the initial term of each tranche expiring annually on the 11th, 13th and 15th anniversaries from the Effective Date. Each tranche has three five-year renewal options. The average lease term for the Master Lease Properties as of the Effective Date increased by four years to 13 years. • The Company has agreed to reimburse Regal for 50% of certain revenue-enhancing premises renovations to the Master Lease Properties, up to a maximum reimbursement of $32.5 million, provided that (a) Regal is not in default, (b) the maximum amount the Company will be required to reimburse in any calendar year will not exceed $10.0 million, and (c) reimbursable expenses have prior approval of the Company and relate to a project mobilized and physically commenced during the first five years of the Master Lease term. • On the Effective Date, Regal surrendered to the Company the remaining 16 properties not included in the Master Lease (Surrendered Properties), together with all furniture, fixtures and equipment located at the Surrendered Properties. The Company has entered into management agreements whereby Cinemark is managing four of the Surrendered Properties and Phoenix Theatres is managing one of the Surrendered Properties. The Company sold one of the remaining 11 Surrendered Properties during the three months ended September 30, 2023. The Company plans to sell the remaining ten properties and deploy the proceeds to acquire non-theatre experiential properties. In conjunction with taking back the Surrendered Properties, the Company recorded a non-cash impairment charge on eight of these properties during the nine months ended September 30, 2023 of $42.4 million based on recently appraised values. • As of July 31, 2023, Regal owed approximately $76.3 million of undiscounted deferred rent (the Deferred Rent Balance), of which the Deferred Rent Balance related to the Master Lease Properties was approximately $56.8 million (Master Lease Deferred Rent Balance) and the Deferred Rent Balance related to the Surrendered Properties was approximately $19.5 million (Surrendered Property Deferred Rent Balance). Of the Master Lease Deferred Rent Balance, approximately $50.1 million will be held in abeyance and will be forgiven in its entirety if Regal has no uncured events of default prior to the 15th anniversary of the Effective Date, and the remaining portion of the Master Lease Deferred Rent Balance will be waived and forgiven. If Regal has an uncured event of default at any time prior to the 15th anniversary of the Effective Date, the Master Lease Deferred Rent Balance held in abeyance will become due. The Surrendered Property Deferred Rent Balance will be included in the Company’s claims for rejection damages in the Chapter 11 bankruptcy cases, which will be treated as general unsecured claims for which no material recovery is expected. The deferred rent was not previously recognized as accounts receivable by the Company because payments from Regal were recognized on a cash-basis prior to the Effective Date of the Master Lease. The deferred rent related to the Master Lease Properties held in abeyance will not be recognized on the balance sheet because it is a contingent receivable only due in the event of a default and payment is not deemed probable. • Regal has provided the Company with a first lien security interest in all furniture, fixtures and equipment located at the Master Lease Properties. A parent entity of Regal has provided the Company a guaranty of Regal’s obligations under the Master Lease. • On or about the Effective Date, Regal paid the Company approximately $3.0 million representing the unpaid portion of post-petition September stub rent for all properties, and approximately $1.3 million representing the unpaid pre-petition September rent for the Master Lease Properties. Additionally, on or about the Effective Date, Regal reimbursed the Company $1.2 million for property operating expenses paid by the Company on Regal's behalf. Deferred Financing Costs Deferred financing costs are amortized over the terms of the related debt obligations, as applicable. Deferred financin g costs of $26.7 million and $31.1 million as of September 30, 2023 and December 31, 2022, respectively, are shown as a reduction of debt. The deferred financing costs related to the unsecured revolving credit facility of $4.7 million and $6.4 million as of September 30, 2023 and December 31, 2022, respectively, are included in "Other assets" in the accompanying consolidated balance s heets. Rental Revenue The Company leases real estate to its tenants under leases classified as operating leases. The Company's leases generally provide for rent escalations throughout the lease terms. Rents that are fixed are recognized on a straight-line basis over the lease term. Base rent escalations that include a variable component are recognized upon the occurrence of the specified event as defined in the Company's lease agreements. Many of the Company's leasing arrangements include options to e xtend the lease, which are not included in the minimum lease terms unless the option is reasonably certain to be exercised. Straight-line rental revenue is subject to an evaluation for collectibility, and the Company records a direct write-off against rental revenue if collectibility of these future rents is not probable. During the nine months ended September 30, 2023 and 2022, the Company recognized straight-line write-offs totaling $0.6 million and $0.2 million, respectively. For the nine months ended September 30, 2023 and 2022, the Company recognized $7.7 million and $4.7 million, respectively, of straight-line rental revenue, net of write-offs. Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments to third parties for lessor costs (such as property taxes and insurance) associated with the properties. In accordance with Topic 842, the Company does not include these lessee payments to third parties in rental revenue or property operating expenses. In certain situations, the Company pays these lessor costs directly to third parties and the tenants reimburse the Company. In accordance with Topic 842, these payments are presented on a gross basis in rental revenue and property operating expense. During the nine months ended September 30, 2023 and 2022, the Company recogni zed $1.4 million and $1.8 million, respectively, in tenant reimbursements related to the gross-up of these reimbursed expenses that are included in rental revenue. Certain of the Company's leases, particularly at its entertainment districts, require the tenants to make payments to the Company for property-related expenses such as common area maintenance. The Company has elected to combine these non-lease components with the lease components in rental revenue. For the nine months ended September 30, 2023 and 2022, the amounts due for non-lease components included in rental revenue tota led $14.8 million and $13.2 million, respectively. In addition, most of the Company's tenants are subject to additional rents (above base rents) if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents are recognized at the time when specific trigger ing events occur as provided by the lease agreement. Rental revenue included percentage rents of $6.0 million and $5.4 million for the nine months ended September 30, 2023 and 2022, respectively. The Company regularly evaluates the collectibility of its receivables on a lease-by-lease basis. 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, current economic conditions and changes in customer payment terms. When the collectibility of lease receivables or future lease payments are no longer probable, the Company records a direct write-off of the receivable to rental revenue and recognizes future rental revenue on a cash basis. 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 less allowance for credit loss. Interest income is recognized using the effective interest method over the estimated life of the note. Interest income includes both the stated interest and the amortization or accretion of premiums or discounts (if any). The Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables related to its mortgage notes and notes receivable. Accordingly, if accrued interest receivable is deemed to be uncollectible, the Company will record any necessary write-offs as a reversal of interest in come. There were no accrued interest write-offs for the nine months ended September 30, 2023. During the nine months ended September 30, 2022, the Company wrote off approximately $1.5 million of accrued interest and fees receivables against interest income related to one mortgage note receivable and two notes receivable. As of September 30, 2023, the Company believes that all outstanding accrued interest is collectible. In the event the Company has a past due mortgage note or note receivable that the Company determines is collateral-dependent, the Company measures expected credit losses based on the fair value of the collateral. As of September 30, 2023, the Company does not have any mortgage notes or notes receivable with past due principal balances. See Note 6 for further discussion of mortgage notes and notes receivable for which the Company elected to apply the collateral-dependent practical expedient. Concentrations of Risk Regal, Topgolf USA (Topgolf) and American-Multi Cinema, Inc. (AMC) represented a significant portion of the Company's total revenue for the nine months ended September 30, 2023 and 2022. The following is a su mmary of the Company's total revenue derived from rental or interest payments from Regal, Topgolf and AMC (dollars in thousands): Nine Months Ended September 30, 2023 2022 Total Revenue % of Company's Total Revenue Total Revenue % of Company's Total Revenue Regal $ 84,818 15.9 % $ 63,477 13.2 % Topgolf 72,227 13.5 % 69,464 14.5 % AMC 70,915 13.3 % 71,017 14.8 % Impact of Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) . The ASU contains practical expedients for reference rate reform - related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. On March 5, 2021, the Financial Conduct Authority (FCA) announced that the USD LIBOR will no longer be published after June 30, 2023. In December 2022, the FASB issued ASU No. 2022-06, Deferral of the Sunset Date of Topic 848. The guidance in ASU 2022-06 deferred the sunset date to December 31, 2024. The Company has transitioned existing contracts to a replacement index. These ASUs are not anticipated to have any significant impact on the Company's consolidated financial statements. |
Rental Properties
Rental Properties | 9 Months Ended |
Sep. 30, 2023 | |
Real Estate [Abstract] | |
Rental Properties | Real Estate Investments The following table summarizes the carrying amounts of real estate investments as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Buildings and improvements $ 4,605,397 $ 4,637,801 Furniture, fixtures & equipment 115,133 115,677 Land 1,223,173 1,236,358 Leasehold interests 28,453 26,940 5,972,156 6,016,776 Accumulated depreciation (1,400,642) (1,302,640) Total $ 4,571,514 $ 4,714,136 Depreciation expense on real estate investments was $119.8 million and $118.7 million for the nine months ended September 30, 2023 and 2022, respectively. |
Investments and Dispositions
Investments and Dispositions | 9 Months Ended |
Sep. 30, 2023 | |
Investments [Abstract] | |
Investments | Investments and Dispositions The Company's investment spending during the nine months ended September 30, 2023 totaled $135.5 million, and included the acquisition of a fitness and wellness property for approximately $46.7 million and spending on build-to-suit experiential development and redevelopment projects. During the nine months ended September 30, 2023, the Company completed the sales of two vacant theatre properties, one vacant eat & play property, three vacant early childhood education centers and a land parcel for net proceeds totaling $35.0 million and recognized a net gain on sale totaling $1.4 million. Additionally, during the nine months ended September 30, 2023, the Company, as lessee, terminated one ground lease that held one theatre property. |
Receivables, Loans, Notes Recei
Receivables, Loans, Notes Receivable, and Others | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Financing Receivables | Investment in Mortgage Notes and Notes Receivable The Company measures expected credit losses on its mortgage notes and notes receivable on an individual basis because its financial instruments do not have similar risk characteristics. The Company uses a forward-looking commercial real estate loss forecasting tool to estimate its current expected credit losses (CECL) for each of its mortgage notes and notes receivable on a loan-by-loan basis. As of September 30, 2023, the Company did not anticipate any prepayments; therefore, the contractual terms of its mortgage notes and notes receivable were used for the calculation of the expected credit losses. The Company updates the model inputs at each reporting period to reflect, if applicable, any newly originated loans, changes to loan specific information on existing loans and current macroeconomic conditions. The CECL allowance is a valuation account that is deducted from the related mortgage note or note receivable. Effective January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. Certain of the Company’s mortgage notes and notes receivable include commitments to fund future incremental amounts to its borrowers. These future funding commitments are also subject to the CECL model. The allowance related to future funding is recorded as a liability and is included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets. Investment in mortgage notes, including related accrued interest receivable, was $477.2 million and $457.3 million at September 30, 2023 and December 31, 2022, respectively. During the nine months ended September 30, 2023, the Company amended a mortgage note receivable and note receivable secured by an eat & play investment with one borrower. The modified loan agreement consolidated all of the borrower's obligations into one mortgage note agreement, including land that was previously ground leased to the borrower. The maturity date of this mortgage note receivable was modified to be August 31, 2024 and was previously June 17, 2039. In connection with the modification, the Company forgave approximately $7.8 million of principal, which was fully reserved at December 31, 2022, and reduced the allowance for credit loss at March 31, 2023. The balance of this mortgage note receivable at September 30, 2023 was $10.8 million. Although foreclosure was not deemed probable and the principal balance of the mortgage note receivable was not past due at September 30, 2023 , based on the borrower's declining financial condition, the Company determined that the borrower continues to experience financial difficulty. The repayments are expected to be provided substantially through the sale or operation of the collateral, therefore, the Company elected to apply the collateral-dependent practical expedient. Expected credit losses are based on the fair value of the underlying collateral at the reporting date. The Company will continue to monitor and re-assess the borrower’s financial status at each reporting period and will continue to apply the practical expedient until the borrower is no longer experiencing financial difficulties or the repayment of the outstanding principal and interest is no longer in question. Income from this borrower is recognized on a cash basis. The Company received interest payments totaling $0.7 million from this borrower for the nine months ended September 30, 2023. During the nine months ended September 30, 2023, the borrower made all contractual interest payments according to the terms of the modified agreement. Investment in notes receivable, including related accrued interest receivable, w as $4.2 million and $2.9 million at September 30, 2023 and December 31, 2022, respectively, and is included in "Other assets" in the accompanying consolidated balance sheets. At September 30, 2023, two of the Company's notes receivable are considered collateral-dependent and expected credit losses are based on the fair value of the underlying collateral at the reporting date. The Company assessed the fair value of the collateral as of September 30, 2023 on these notes and the notes remain fully reserved with an allowance for credit loss totaling $7.6 million and $1.9 million, respectively, which represents the outstanding principal balance of the notes as of September 30, 2023. Income from these borrowers is recognized on a cash basis. During the nine months ended September 30, 2023 and 2022, the Company received principal payments totaling $0.7 million and $0.3 million, respectively, and cash basis interest payments totaling $0.7 million and $1.2 million, respectively, from one of these borrowers. At September 30, 2023, the Company's investment in one of the notes receivable was a variable interest investment and the underlying entity is a VIE. The Company is not the primary beneficiary of this VIE because the Company does not individually have the power to direct the activities that are most significant to the entity and, accordingly, this investment is not consolidated. The Company's maximum exposure to loss associated with this VIE is limited to the Company's outstanding note receivable in the amount of $7.6 million, which is fully reserved in the allowance for credit losses at September 30, 2023. The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and n otes receivable for the nine months ended September 30, 2023 (in thousands): Mortgage notes receivable Unfunded commitments - mortgage notes receivable Notes receivable Unfunded commitments - notes receivable Total Allowance for credit losses at December 31, 2022 $ 8,999 $ 751 $ 11,952 $ — $ 21,702 Provision (benefit) for credit losses, net 1,497 72 (1,976) — (407) Charge-offs (7,771) — (394) — (8,165) Recoveries — — — — — Allowance for credit losses at September 30, 2023 $ 2,725 $ 823 $ 9,582 $ — $ 13,130 |
Accounts Receivable, Net
Accounts Receivable, Net | 9 Months Ended |
Sep. 30, 2023 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Accounts Receivable, Net | Accounts Receivable The following table summarizes the carrying amounts of accounts receivable as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Receivable from tenants $ 1,747 $ 7,595 Receivable from non-tenants 732 1,006 Straight-line rent receivable 52,347 44,986 Total $ 54,826 $ 53,587 As of September 30, 2023, receivable from tenants includes payments of approximately $0.8 million that were deferred due to the COVID-19 pandemic and determined to be collectible. Additionally, the Company has amounts due from tenants that were not booked as receivables totaling approximately $12.7 million |
Capital Markets Long Term Debt
Capital Markets Long Term Debt (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | On February 17, 2023, the Company amended its Third Consolidated Credit Agreement, which governs its unsecured revolving credit facility, to modify the interest rate from LIBOR to SOFR. The facility bears interest at a floating rate of SOFR plus 1.30% (with a SOFR floor of zero), which was 6.62% at September 30, 2023, and has a facility fee of 0.25%. |
Unconsolidated Real Estate Join
Unconsolidated Real Estate Joint Ventures (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Unconsolidated Real Estate Joint Ventures The following table summarizes the Company's investments in unconsolidated joint ventures as of September 30, 2023 and December 31, 2022 (in thousands): Investment as of Income (Loss) for the Nine Months Ended Property Type Location Ownership Interest September 30, 2023 December 31, 2022 September 30, 2023 September 30, 2022 Experiential lodging St. Pete Beach, FL 65 % (1) $ 16,576 $ 18,712 $ (835) $ 1,807 Experiential lodging Warrens, WI 95 % (2) 11,165 10,865 300 (92) Experiential lodging Breaux Bridge, LA 85 % (3) 19,957 17,080 (1,383) 233 Experiential lodging Harrisville, PA 62 % (4) 6,157 6,307 (149) — Theatres China various — — — (61) $ 53,855 $ 52,964 $ (2,067) $ 1,887 (1) The Company has equity investments in two unconsolidated real estate joint ventures, one that holds the investment in the real estate of the experiential lodging properties and the other that holds the lodging operations, which are facilitated by a management agreement. The joint venture that holds the real property has a secured mortgage loan of $105.0 million at September 30, 2023. The maturity date of this mortgage loan is May 18, 2025. The note can be extended for two additional one-year periods from the original maturity date upon the satisfaction of certain conditions. The mortgage loan bears interest at SOFR plus 3.65%, with monthly interest payments required. The joint venture has an interest rate cap agreement to limit the variable portion of the interest rate (SOFR) on this note to 3.5% from May 19, 2022 to June 1, 2024. The Company received distributions of $1.3 million from its investments in these joint ventures during the nine months ended September 30, 2023. No distributions were received from these investments during the nine months ended September 30, 2022. (2) The Company has equity investments in two unconsolidated real estate joint ventures, one that holds the investment in the real estate of the experiential lodging property and the other that holds the lodging operations, which are facilitated by a management agreement. The joint venture that holds the real property has a secured mortgage loan of $23.7 million at September 30, 2023 that provides for additional draws of approximately $0.5 million to fund renovations. The maturity date of this mortgage loan is September 15, 2031. The loan bears interest at an annual fixed rate of 4.00% with monthly interest payments required. Additionally, the Company has guaranteed the completion of the renovations in the amount of a pproximately $14.2 million, with $2.6 million remaining to fund at September 30, 2023. (3) Th e Company has equity investments in two unconsolidated real estate joint ventures, one that holds the investment in the real estate of the experiential lodging property and the other that holds the lodging operations, which are facilitated by a management agreement. The joint venture that holds the real estate property has a secured senior mortgage loan of $38.5 million at September 30, 2023. The maturity date of this mortgage loan is March 8, 2034. The mortgage loan bears interest at an annual fixed rate of 3.85% through April 7, 2025 and increases to 4.25% from April 8, 2025 through maturity. Monthly interest payments are required. Additionally, the Company provided a subordinated loan to the joint venture for $11.3 million with a maturity date of March 8, 2034. The mortgage loan bears interest at an annual fixed rate of 7.25% through the sixth anniversary and increases to SOFR plus 7.20% with a cap of 8.00%, through maturity. (4) The Company has a 92% equity investment in two separate unconsolidated real estate joint ventures, that through subsequent joint ventures (described below), hold the investments in the real estate of the experiential lodging property and the lodging operations, which are facilitated by a management agreement. The Company's investments in these two unconsolidated real estate joint ventures were considered to be variable interest investments and the Company's investment in the joint venture that holds the lodging operations is a VIE. The Company is not the primary beneficiary of the VIE because the Company does not individually have the power to direct the activities that are most important to the joint venture and, accordingly, this investment is not consolidated. Other than the guarantee described below, the Company's maximum exposure to loss is limited to its initial investment, which was nominal. The Company's investments in the two unconsolidated real estate joint ventures (representing 92% of each joint venture's equity) have a 67% equity interest in two separate consolidated joint ventures, one that holds the investments in the real estate of the experiential lodging property and the other that holds the lodging operations, which are facilitated by a management agreement. The consolidated joint venture that holds the real estate property has a secured senior mortgage loan commitment of up to $22.5 million at September 30, 2023 in order to fund renovations, with $4.6 million outstanding at September 30, 2023. The maturity date of this mortgage loan is November 1, 2029. The mortgage loan bears interest at an annual fixed rate of 6.38% with monthly interest payments required. The Company has guaranteed $10.0 million in principal on the secured mortgage loan, and, upon completion of construction and achieving a specified debt service coverage ratio, the principal guarantee will be reduced to $5.0 million. The guarantee will be removed completely upon achievement of specified debt service coverage for three consecutive calculation periods. Additionally, the Company has guaranteed the completion of the renovations in the amount of approximately $13.9 million, with $11.1 million remaining to fund at September 30, 2023. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2023 | |
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 has elected not to offset its derivative position for purposes of balance sheet presentation and disclosure. The Compa ny had derivative assets of $11.7 million and $11.4 million at September 30, 2023 and December 31, 2022, respectively. The Company had no derivative liabilities at September 30, 2023 and December 31, 2022. The Company has not posted or received collateral with its derivative counterparties as of September 30, 2023 or December 31, 2022. See Note 11 for disclosures relating to the fair value of the derivative instruments. 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 on foreign currency transactions and interest rates on its SOFR-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 uses interest rate swaps as its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt or payment of variable-rate amounts from a counterparty, which results in the Company recording net interest expense that is fixed over the life of the agreements without exchange of the underlying notional amount. At September 30, 2023, the Company had one interest rate swap agreement designated as a cash flow hedge of interest rate risk. The interest rate swap agreement outstanding as of September 30, 2023 is summarized below: Fixed rate Notional Amount (in millions) Index Maturity 2.5325% $ 25.0 USD SOFR September 30, 2026 The change 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 within the same income statement line item as the earnings effect of the hedged transaction. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of September 30, 2023, the Company estimates t hat during the twelve months end ing September 30, 2024, $1.1 million of gains 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 CAD denominated cash flow from its six Canadian properties. The Company uses cross-currency swaps to mitigate its exposure to fluctuations in the USD-CAD exchange rate on cash inflows associated with these properties which should hedge a significant portion of the Company's expected CAD denominated cash flows. As of September 30, 2023, the Company had the following cross-currency swaps: Fixed rate Notional Amount (in millions, CAD) Annual Cash Flow (in millions, CAD) Maturity $1.26 CAD per USD $ 150.0 $ 10.8 October 1, 2024 $1.28 CAD per USD 200.0 4.5 October 1, 2024 $1.30 CAD per USD 90.0 8.1 December 1, 2024 $ 440.0 $ 23.4 The change 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 reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction. As of September 30, 2023, the Company estimates t hat during the twelve months ending September 30, 2024, $0.9 million of gains will be reclassified from AOCI to other income. Net Investment Hedges The Company is exposed to fluctuations in the USD-CAD exchange rate on its net investments in Canada. As such, the Company uses currency forward agreements to manage its exposure to changes in foreign exchange rates on certain of its foreign net investments. As of September 30, 2023, the Company had the following foreign currency forwards designated as net investment hedges: Fixed rate Notional Amount (in millions, CAD) Maturity $1.28 CAD per USD $ 200.0 October 1, 2024 $1.30 CAD per USD 90.0 December 2, 2024 Total $ 290.0 For qualifying foreign currency derivatives designated as net investment hedges, the change in the fair value of the derivatives are reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with the Company's accounting policy election. The earnings recognition of excluded components are presented in other income. Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three and nine months ended September 30, 2023 and 2022. Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and 2022 (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Description 2023 2022 2023 2022 Cash Flow Hedges Interest Rate Swaps Amount of Gain Recognized in AOCI on Derivative $ 218 $ 527 $ 436 $ 1,577 Amount of Income (Expense) Reclassified from AOCI into Earnings (1) 178 55 463 (58) Cross-Currency Swaps Amount of Gain Recognized in AOCI on Derivative 467 2,072 11 2,245 Amount of Income Reclassified from AOCI into Earnings (2) 196 128 637 29 Net Investment Hedges Cross-Currency Swaps Amount of Gain Recognized in AOCI on Derivative — — — 665 Amount of Income Recognized in Earnings (2) (3) — — — 170 Currency Forward Agreements Amount of Gain Recognized in AOCI on Derivative 4,545 9,703 599 10,641 Total Amount of Gain Recognized in AOCI on Derivatives $ 5,230 $ 12,302 $ 1,046 $ 15,128 Amount of Income (Expense) Reclassified from AOCI into Earnings 374 183 1,100 (29) Amount of Income Recognized in Earnings — — — 170 Interest expense, net in accompanying consolidated statements of income and comprehensive income $ 31,208 $ 32,747 $ 94,521 $ 99,296 Other income in accompanying consolidated statements of income and comprehensive income $ 14,422 $ 11,360 $ 33,879 $ 30,626 (1) Included in "Interest expense, net" in the accompanying consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2023 and 2022. (2) Included in "Other income" in the accompanying consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2023 and 2022. (3) Amounts represent derivative gains excluded from the effectiveness testing. Credit-risk-related Contingent Features The Company has an agreement with its interest rate derivative counterparty that contains a provision where if the Company defaults on any of its obligations for borrowed money or credit in an amount exceeding $50.0 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 agreements. As of September 30, 2023, the Company had no derivative s in a liability position related to these derivative agreements . As o f September 30, 2023, the Company had not posted any collateral related to these agreements and was not in breach of any provisions in these agreements. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value DisclosuresThe 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. Derivative Financial Instruments The Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives also use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of September 30, 2023, 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 measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. Assets Measured at Fair Value on a Recurring Basis at September 30, 2023 and December 31, 2022 (Dollars in thousands) Description Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Significant Balance at September 30, 2023 Cross-Currency Swaps (1) $ — $ 898 $ — $ 898 Currency Forward Agreements (1) — 9,286 — 9,286 Interest Rate Swap Agreements (1) — 1,493 — 1,493 December 31, 2022 Cross-Currency Swaps (1) $ — $ 1,523 $ — $ 1,523 Currency Forward Agreements (1) — 8,686 — 8,686 Interest Rate Swap Agreements (1) — 1,240 — 1,240 (1) Included in "Other assets" in the accompanying consolidated balance sheets. Non-recurring fair value measurements The table below presents the Company's assets measured at fair value on a non-recurring basis as of September 30, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements are classified. Assets Measured at Fair Value on a Non-Recurring Basis at September 30, 2023 and December 31, 2022 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at September 30, 2023 Real estate investments, net (1) $ — $ — $ 33,010 $ 33,010 December 31, 2022 Real estate investments, net $ — $ 4,700 $ 33,670 $ 38,370 Operating lease right-of-use asset — — 7,006 7,006 Mortgage notes and related accrued interest receivable, net — — 7,780 7,780 Investment in joint ventures — — — — Other assets (2) — — 1,316 1,316 (1) As further discussed in Note 4, during the nine months ended September 30, 2023, the Company recorded an impairment charge of $64.7 million related to real estate investments, net, on 11 properties. Management estimated the fair values of these investments taking into account various factors including independent appraisals, shortened hold periods and market conditions. The significant inputs and assumptions used in the real estate appraisals included market rents ranging from $4.50 per square foot to $20 per square foot, discount rates ranging from 9.50% to 11.50% and terminal capitalization rates ranging from 8.50% to 10.25%. These measurements were classified within Level 3 of the fair value hierarchy because many of the assumptions were not observable. (2) Includes collateral-dependent notes receivable, which are presented within "Other assets" in the accompanying consolidated balance sheets. 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 September 30, 2023 and December 31, 2022: Mortgage notes receivable and related accrued interest receivable, net: The fair value of the Company’s mortgage notes and related accrued interest receivable, net, is estimated by discounting the future cash flows of each instrument using current market rates. At September 30, 2023, the Company had a carrying value of $477.2 million in fixed-rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 8.90%. The fixed-rate mortgage notes bear interest at rates of 6.99% to 12.32%. Discounting the future cash flows for fixed-rate mortgage notes receivable using rates of 7.50% to 10.00%, management estimates the fair value of the fixed-rate mortgage notes receivable to be approximately $515.2 million with an estimated weighted average market rate of 7.82% at September 30, 2023. At December 31, 2022, the Company had a carrying value of $457.3 million in fixed-rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 8.92%. The fixed-rate mortgage notes bear interest at rates of 6.99% to 12.14%. Discounting the future cash flows for fixed-rate mortgage notes receivable using rates of 7.15% to 10.00%, management estimates the fair value of the fixed-rate mortgage notes receivable to be $500.0 million with an estimated weighted average market rate of 7.70% at December 31, 2022. Derivative instruments: Derivative instruments are carried at their fair value. Debt instruments: The fair value of the Company's debt is estimated by discounting the future cash flo ws of each instrument using current market rates. At September 30, 2023, the Company had a carrying value of $25.0 million in variable-rate debt outstanding with an average interest rate of approximately 5.47%. The carrying value of the variable-rate debt outstanding approximated the fair value at September 30, 2023. At December 31, 2022, the Company had a carrying value of $25.0 million in variable-rate debt outstanding with a weighted average interest rate of approximately 4.43%. The carrying value of the variable-rate debt outstanding approximated the fair value at December 31, 2022. At both September 30, 2023 and December 31, 2022, the $25.0 million of variable-rate debt outstanding, discussed above, had been effectively converted to a fixed rate by an interest rate swap agreement. See Note 10 for additional information related to the Company's interest rate swap agreement. At September 30, 2023, the Company had a carrying value of $2.82 billion in fixed-rate long-term debt outstanding with a weighted average interest rate of approximately 4.34%. Discounting the future cash flows for fixed-rate debt using September 30, 2023 market rates of 7.11% to 8.10%, management estimates the fair value of the fixed rate debt to be approximately $2.44 billion with an estimated weighted average market rate of 7.87% at September 30, 2023. At December 31, 2022, the Company had a carrying value of $2.82 billion in fixed-rate long-term debt outstanding with an average weighted interest rate of approximately 4.34%. Discounting the future cash flows for fixed-rate debt using December 31, 2022 market rates of 7.42% to 8.35%, management estimates the fair value of the fixed rate debt to be approximately $2.39 billion with an estimated weighted average market rate of 7.94% at December 31, 2022. |
Assets Measured At Fair Value On A Recurring Basis | The table below presents the Company’s financial assets measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. Assets Measured at Fair Value on a Recurring Basis at September 30, 2023 and December 31, 2022 (Dollars in thousands) Description Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Significant Balance at September 30, 2023 Cross-Currency Swaps (1) $ — $ 898 $ — $ 898 Currency Forward Agreements (1) — 9,286 — 9,286 Interest Rate Swap Agreements (1) — 1,493 — 1,493 December 31, 2022 Cross-Currency Swaps (1) $ — $ 1,523 $ — $ 1,523 Currency Forward Agreements (1) — 8,686 — 8,686 Interest Rate Swap Agreements (1) — 1,240 — 1,240 (1) Included in "Other assets" in the accompanying consolidated balance sheets. |
Fair Value Measurements, Nonrecurring [Table Text Block] | The table below presents the Company's assets measured at fair value on a non-recurring basis as of September 30, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements are classified. Assets Measured at Fair Value on a Non-Recurring Basis at September 30, 2023 and December 31, 2022 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at September 30, 2023 Real estate investments, net (1) $ — $ — $ 33,010 $ 33,010 December 31, 2022 Real estate investments, net $ — $ 4,700 $ 33,670 $ 38,370 Operating lease right-of-use asset — — 7,006 7,006 Mortgage notes and related accrued interest receivable, net — — 7,780 7,780 Investment in joint ventures — — — — Other assets (2) — — 1,316 1,316 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands except per share information): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Income Shares Per Share Income Shares Per Share Basic EPS: Net income $ 56,260 $ 127,517 Less: preferred dividend requirements (6,032) (18,105) Net income available to common shareholders $ 50,228 75,325 $ 0.67 $ 109,412 75,236 $ 1.45 Diluted EPS: Net income available to common shareholders $ 50,228 75,325 $ 109,412 75,236 Effect of dilutive securities: Performance shares — 491 — 419 Net income available to common shareholders $ 50,228 75,816 $ 0.66 $ 109,412 75,655 $ 1.45 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Income Shares Per Share Income Shares Per Share Basic EPS: Net income $ 50,799 $ 133,900 Less: preferred dividend requirements (6,033) (18,099) Net income available to common shareholders $ 44,766 75,016 $ 0.60 $ 115,801 74,949 $ 1.55 Diluted EPS: Net income available to common shareholders $ 44,766 75,016 $ 115,801 74,949 Effect of dilutive securities: Share options and performance shares — 167 — 153 Net income available to common shareholders $ 44,766 75,183 $ 0.60 $ 115,801 75,102 $ 1.54 The effect of the potential common shares from the conversion of the Company’s convertible preferred shares and from the exercise of share options are included in diluted earnings per share if the effect is dilutive. Potential common shares from the performance shares are included in diluted earnings per share upon the satisfaction of certain performance and market conditions. These conditions are evaluated at each reporting period and if the conditions have been satisfied during the reporting period, the number of contingently issuable shares are included in the computation of diluted earnings per share. The following shares have been excluded from the calculation of diluted earnings per share, either because they are anti-dilutive or, in the case of contingently issuable performance shares, are not probable of issuance: • The additional 2.3 million and 2.2 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for the three and nine months ended September 30, 2023 and 2022, respectively. • The additional 1.7 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 for both the three and nine months ended September 30, 2023 and 2022. • Outstanding options to purchase 82 thousand common shares at per share prices ranging from $44.44 to $76.63 for both the three and nine months ended September 30, 2023. • Outstanding options to purchase 95 thousand and 89 thousand common shares at per share prices ranging from $44.44 to $76.63 for the three and nine months ended September 30, 2022, respectively. • The effect of 99 thousand contingently issuable performance shares granted during 2022 for both the three and nine months ended September 30, 2022. |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans 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 3,950,000 common shares, options to purchase common shares and restricted share units, subject to adjustment in the event of certain capital events, may be granted. Additionally, the 2020 Long Term Incentive Plan (2020 LTIP) is a sub-plan under the Company's 2016 Equity Incentive Plan. Under the 2020 LTIP, the Company awards performance shares and restricted shares to the Company's executive officers. At September 30, 2023, there we re 1,490,224 shares available for grant under the 2016 Equity Incentive Plan. 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, 2022 503,912 $ 50.38 Granted 352,090 42.23 Vested (230,414) 54.01 Forfeited (13,809) 45.20 Outstanding at September 30, 2023 611,779 $ 44.44 1.15 The holders of nonvested shares have voting rights and receive dividends from the date of grant. The fair value of the nonvested shares that vested was $8.7 million and $10.2 million for the nine months ended September 30, 2023 and 2022, respectively. Expense recognized related to nonvested shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $5.7 million and $5.9 million for the nine months ended September 30, 2023 and 2022, respectively. Expense related to nonvested shares and included in severance expense in the accompanying consolidated statements of income and comprehensive income was $0.4 million for the nine months ended September 30, 2023. There was no expense related to nonvested shares included in severance expense for the nine months ended September 30, 2022. At September 30, 2023, unamortized share-based compensation expense related to nonvested shares was $12.4 million. Nonvested Performance Shares A summary of the Company's nonvested performance share activity and related information is as follows: Target Number of Performance Shares Outstanding at December 31, 2022 257,386 Granted 111,593 Vested (1) (56,338) Forfeited — Outstanding at September 30, 2023 312,641 (1) The performance conditions for the performance shares granted during the year ended December 31, 2020 were not achieved resulting in no pay-out. The number of common shares issuable upon settlement of the performance shares granted during the nine months ended September 30, 2023, 2022 and 2021 will be based upon the Company's achievement level relative to the following performance measures at December 31, 2025, 2024 and 2023, respectively: 50% based upon the Company's Total Shareholder Return (TSR) relative to the TSRs of the Company's peer group companies, 25% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 25% based upon the Company's Compounded Annual Growth Rate (CAGR) in AFFO per s hare over the three-year performance period. The Company's achievement level relative to the performance measures is assigned a specific payout percentage, which is multiplied by a target number of performance shares. The performance shares based on relative TSR performance have market conditions and are valued using a Monte Carlo simulation model on the grant date, which resulted in a grant date fair value of approximately $5.9 million and $6.0 million for the nine months ended September 30, 2023 and 2022, respectively. The estimated fair value is amortized to expense over the three-year performance periods, which end on December 31, 2025, 2024 and 2023 for performance shares granted in 2023, 2022 and 2021, respectively. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the performance shares with a market condition for the nine months ended September 30, 2023: risk-free interest rate of 4.4%, volatility factors in the expected market price of the Company's common shares of 52% and an expected life of approximately three years. The performance shares based on growth in AFFO per share have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common stock on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost a nd any compensation cost previously recorded will be reversed. At September 30, 2023, achievement of the performance condition was deemed probable for the performance shares granted during the nine months ended September 30, 2023, 2022 and 2021 with an expected payout percentage of 68.3%, 200% and 200%, respectively, which resulted in a grant date fair value of approximately $0.8 million, $2.3 million and $2.3 million, respectively. Expense recognized related to performance shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $5.9 million and $5.0 million for the nine months ended September 30, 2023 and 2022 , respectively. At September 30, 2023, unamortized share-based compensation expense related to nonvested performance shares was $9.2 million. The performance shares accrue dividend equivalents that are paid only if common shares are issued upon settlement of the performance shares. During the nine months ended September 30, 2023 and 2022, the Company accrued dividend equivalents expected to be paid on earned awards of $1.3 million and $587 thousand, respectively. 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, 2022 38,605 $ 50.77 Granted 43,497 41.67 Vested (40,054) 50.44 Outstanding at September 30, 2023 42,048 $ 41.67 0.67 The holders of restricted share units receive dividend equivalents from the date of grant. Total expense recognized related to shares issued to non-employee Trustees and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive inc ome was $1.5 million and $1.7 million for the nine months ended September 30, 2023 and 2022, respectively. At September 30, 2023, unamortized share-based compensation expense related to restricte d share units was $1.2 million. |
Leases, Codification Topic 842
Leases, Codification Topic 842 | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Lessor, Operating Leases | Operating Leases The Company’s real estate investments are leased under operating leases. In addition to its lessor arrangements on its real estate investments, as of September 30, 2023 and December 31, 2022, the Company was le ssee in 51 and 52 operating ground leases, respectively. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these ground leases. As of September 30, 2023, rental revenue from two of the Company's tenants, who are also sub-tenants under the ground leases, is being recognized on a cash basis. In most cases, the ground lease sub-tenants have continued to pay the rent under these ground leases, however, one of these properties does not currently have a sub-tenant. In the event the tenant fails to pay the ground lease rent or if the property does not have a sub-tenant, the Company is primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. The Company is also the lessee in an operating lease of its executive office. The following table summarizes rental revenue, including sublease arrangements and lease costs, for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Classification 2023 2022 2023 2022 Operating leases Rental revenue $ 155,689 $ 134,316 $ 446,454 $ 405,062 Sublease income - operating ground leases Rental revenue 8,251 6,155 20,947 17,887 Lease costs Operating ground lease cost Property operating expense $ 6,571 $ 6,602 $ 19,735 $ 18,707 Operating office lease cost General and administrative expense 224 226 672 678 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company groups its investments into two reportable operating segments: Experiential and Education. The financial information summarized below is presented by reportable operating segment (in thousands): Balance Sheet Data: As of September 30, 2023 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,102,759 $ 444,751 $ 171,867 $ 5,719,377 As of December 31, 2022 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,164,710 $ 473,580 $ 120,411 $ 5,758,701 Operating Data: Three Months Ended September 30, 2023 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 153,953 $ 9,987 $ — $ 163,940 Other income 14,275 — 147 14,422 Mortgage and other financing income 10,810 212 — 11,022 Total revenue 179,038 10,199 147 189,384 Property operating expense 14,144 156 292 14,592 Other expense 13,124 — — 13,124 Total investment expenses 27,268 156 292 27,716 Net operating income - before unallocated items 151,770 10,043 (145) 161,668 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (13,464) Transaction costs (847) (Provision) benefit for credit losses, net 719 Impairment charges (20,887) Depreciation and amortization (42,432) Gain on sale of real estate 2,550 Interest expense, net (31,208) Equity in income from joint ventures 533 Income tax expense (372) Net income 56,260 Preferred dividend requirements (6,032) Net income available to common shareholders of EPR Properties $ 50,228 Operating Data: Three Months Ended September 30, 2022 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 130,588 $ 9,883 $ — $ 140,471 Other income 11,200 — 160 11,360 Mortgage and other financing income 9,353 226 — 9,579 Total revenue 151,141 10,109 160 161,410 Property operating expense 14,707 — — 14,707 Other expense 9,135 — — 9,135 Total investment expenses 23,842 — — 23,842 Net operating income - before unallocated items 127,299 10,109 160 137,568 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (12,582) Transaction costs (148) (Provision) benefit for credit losses, net (241) Depreciation and amortization (41,539) Gain on sale of real estate 304 Interest expense, net (32,747) Equity in income from joint ventures 572 Income tax expense (388) Net income 50,799 Preferred dividend requirements (6,033) Net income available to common shareholders of EPR Properties $ 44,766 Operating Data: Nine Months Ended September 30, 2023 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 438,074 $ 29,327 $ — $ 467,401 Other income 33,208 1 670 33,879 Mortgage and other financing income 31,753 654 — 32,407 Total revenue 503,035 29,982 670 533,687 Property operating expense 42,065 156 498 42,719 Other expense 31,235 — — 31,235 Total investment expenses 73,300 156 498 73,954 Net operating income - before unallocated items 429,735 29,826 172 459,733 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (42,677) Severance expense (547) Transaction costs (1,153) (Provision) benefit for credit losses, net 407 Impairment charges (64,672) Depreciation and amortization (127,341) Gain on sale of real estate 1,415 Interest expense, net (94,521) Equity in loss from joint ventures (2,067) Income tax expense (1,060) Net income 127,517 Preferred dividend requirements (18,105) Net income available to common shareholders of EPR Properties $ 109,412 Operating Data: Nine Months Ended September 30, 2022 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 392,622 $ 30,327 $ — $ 422,949 Other income 28,095 — 2,531 30,626 Mortgage and other financing income 25,069 684 — 25,753 Total revenue 445,786 31,011 2,531 479,328 Property operating expense 41,758 (7) 487 42,238 Other expense 26,104 — — 26,104 Total investment expenses 67,862 (7) 487 68,342 Net operating income - before unallocated items 377,924 31,018 2,044 410,986 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (38,497) Transaction costs (3,540) (Provision) benefit for credit losses, net (9,447) Impairment charges (4,351) Depreciation and amortization (122,349) Gain on sale of real estate 304 Interest expense, net (99,296) Equity in income from joint ventures 1,887 Impairment charges on joint ventures (647) Income tax expense (1,150) Net income 133,900 Preferred dividend requirements (18,099) Net income available to common shareholders of EPR Properties $ 115,801 |
Other Commitments And Contingen
Other Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments And Contingencies | Other Commitments and Contingencies As of September 30, 2023 , the Company had 16 development projects with commitments to fund an aggregate of approximately $199.1 million. Development costs are advanced by the Company in periodic draws. If the Company determines that construction is not being completed in accordance with the terms of the development agreement, it can discontinue funding construction draws. The Company has agreed to lease the properties to the operators at pre-determined rates upon completion of construction. The Company has certain commitments related to its mortgage notes investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of its direct control. As of September 30, 2023, the Company had four mortgage notes with commitments totaling approximately $73.5 million. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income attributable to EPR Properties | $ 56,260 | $ 50,799 | $ 127,517 | $ 133,900 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 shares | Sep. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Name | Tonya L. Mater | |
Rule 10b5-1 Arrangement Adopted | false | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Tonya L. Mater [Member] | ||
Trading Arrangements, by Individual | ||
Title | Senior Vice President and Chief Accounting Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | September 20, 2023 | |
Termination Date | September 30, 2024 | |
Aggregate Available | 4,000 | 4,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2023 | |
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 (GAAP) 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. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the nine-month period ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Amounts as of December 31, 2022 have been derived from the audited Consolidated Financial Statements as of that date and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (SEC) on February 23, 2023. 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 equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the FASB ASC Topic on Consolidation (Topic 810) but can exercise influence over the entity with respect to its operations and major decisions. The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. The primary beneficiary generally is defined as the party with the controlling financial interest. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. As of September 30, 2023 and December 31, 2022, the Company does not have any investments in consolidated VIEs. Update on Impact of COVID-19 Pandemic The COVID-19 pandemic severely impacted experiential real estate properties because such properties involve congregate social activity and discretionary spending. The Company's non-theatre properties have demonstrated strong recovery from the impacts of the pandemic. However, the Company's theatre customers were more severely impacted by the COVID-19 pandemic and have seen a slower recovery than its non-theatre customers due primarily to changes in the timing of film releases, production delays and experimentation with streaming. As a result, the Company continues to recognize revenue on a cash basis for certain tenants. As of September 30, 2023, the Company had deferred amounts due from tenants of approximately $0.8 million that were booked as receivables as a result of the COVID-19 pandemic. Additionally, as of September 30, 2023, the Company had amounts due from customers that were not booked as receivables totaling approximately $12.7 million because the full amounts were not deemed probable of collection as a result of the COVID-19 |
Unusual Risks and Uncertainties [Table Text Block] | Regal Update On September 7, 2022, Cineworld Group, plc, Regal Entertainment Group and the Company's other Regal theatre tenants (collectively, Regal) filed for protection under Chapter 11 of the U.S. Bankruptcy Code (the Code). Prior to such filing date and continuing throughout the Chapter 11 bankruptcy cases, Regal leased 57 theatres from the Company pursuant to two master leases and 28 single property leases (the Regal Leases). As a result of the filing, Regal did not pay its rent or monthly deferral payment for September 2022 but subsequently paid portions of this amount, totaling approximately $4.0 million, pursuant to an order of the bankruptcy court issued during the Chapter 11 bankruptcy cases. Regal resumed monthly rent and deferral payments for all Regal Leases commencing in October 2022 and continued making these payments through July 2023. The remainder of the September 2022 rent was paid, at the direction of the court, at the time Regal emerged from the Chapter 11 bankruptcy cases, as discussed below. On June 27, 2023, the Company entered into a comprehensive restructuring agreement with Regal, evidenced by an Omnibus Lease Amendment Agreement (Omnibus Agreement), anchored by a new master lease (Master Lease) for 41 of the 57 properties previously leased to Regal (Master Lease Properties). On June 28, 2023, Regal’s Plan of Reorganization (the Plan) was confirmed by the bankruptcy court. The Plan became effective on July 31, 2023 (the Effective Date) and Regal emerged from the Chapter 11 bankruptcy cases. Pursuant to the Omnibus Agreement, the Master Lease and certain related agreements became effective upon the Effective Date. Material terms of the Omnibus Agreement, the Master Lease and related agreements include: • Beginning on August 1, 2023, the total annual fixed rent for the Master Lease Properties (Annual Base Rent) is now $65.0 million, escalating by 10% every five years. The Master Lease is a triple-net lease, and therefore, Annual Base Rent does not include taxes, insurance, utilities, common area maintenance and ground lease rent, for which Regal will be responsible for paying separately. Due to Regal's expected significantly improved credit profile, continuing box office recovery and Regal's payment history, among other factors, the Company will recognize revenue related to the Master Lease on an accrual basis beginning on the Effective Date. • Pursuant to the Master Lease, Regal will also pay annual percentage rent (Annual Percentage Rent) of 15% of annual gross sales exceeding $220.0 million and up to $270.0 million, and 12.5% of annual gross sales exceeding $270.0 million. These threshold amounts will increase every five years commensurate with escalations in Annual Base Rent. • The Master Lease Properties have been divided into three tranches within the Master Lease, with the initial term of each tranche expiring annually on the 11th, 13th and 15th anniversaries from the Effective Date. Each tranche has three five-year renewal options. The average lease term for the Master Lease Properties as of the Effective Date increased by four years to 13 years. • The Company has agreed to reimburse Regal for 50% of certain revenue-enhancing premises renovations to the Master Lease Properties, up to a maximum reimbursement of $32.5 million, provided that (a) Regal is not in default, (b) the maximum amount the Company will be required to reimburse in any calendar year will not exceed $10.0 million, and (c) reimbursable expenses have prior approval of the Company and relate to a project mobilized and physically commenced during the first five years of the Master Lease term. • On the Effective Date, Regal surrendered to the Company the remaining 16 properties not included in the Master Lease (Surrendered Properties), together with all furniture, fixtures and equipment located at the Surrendered Properties. The Company has entered into management agreements whereby Cinemark is managing four of the Surrendered Properties and Phoenix Theatres is managing one of the Surrendered Properties. The Company sold one of the remaining 11 Surrendered Properties during the three months ended September 30, 2023. The Company plans to sell the remaining ten properties and deploy the proceeds to acquire non-theatre experiential properties. In conjunction with taking back the Surrendered Properties, the Company recorded a non-cash impairment charge on eight of these properties during the nine months ended September 30, 2023 of $42.4 million based on recently appraised values. • As of July 31, 2023, Regal owed approximately $76.3 million of undiscounted deferred rent (the Deferred Rent Balance), of which the Deferred Rent Balance related to the Master Lease Properties was approximately $56.8 million (Master Lease Deferred Rent Balance) and the Deferred Rent Balance related to the Surrendered Properties was approximately $19.5 million (Surrendered Property Deferred Rent Balance). Of the Master Lease Deferred Rent Balance, approximately $50.1 million will be held in abeyance and will be forgiven in its entirety if Regal has no uncured events of default prior to the 15th anniversary of the Effective Date, and the remaining portion of the Master Lease Deferred Rent Balance will be waived and forgiven. If Regal has an uncured event of default at any time prior to the 15th anniversary of the Effective Date, the Master Lease Deferred Rent Balance held in abeyance will become due. The Surrendered Property Deferred Rent Balance will be included in the Company’s claims for rejection damages in the Chapter 11 bankruptcy cases, which will be treated as general unsecured claims for which no material recovery is expected. The deferred rent was not previously recognized as accounts receivable by the Company because payments from Regal were recognized on a cash-basis prior to the Effective Date of the Master Lease. The deferred rent related to the Master Lease Properties held in abeyance will not be recognized on the balance sheet because it is a contingent receivable only due in the event of a default and payment is not deemed probable. • Regal has provided the Company with a first lien security interest in all furniture, fixtures and equipment located at the Master Lease Properties. A parent entity of Regal has provided the Company a guaranty of Regal’s obligations under the Master Lease. |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs Deferred financing costs are amortized over the terms of the related debt obligations, as applicable. Deferred financin g costs of $26.7 million and $31.1 million as of September 30, 2023 and December 31, 2022, respectively, are shown as a reduction of debt. The deferred financing costs related to the unsecured revolving credit facility of $4.7 million and $6.4 million as of September 30, 2023 and December 31, 2022, respectively, are included in "Other assets" in the accompanying consolidated balance s |
Revenue Recognition | Rental Revenue The Company leases real estate to its tenants under leases classified as operating leases. The Company's leases generally provide for rent escalations throughout the lease terms. Rents that are fixed are recognized on a straight-line basis over the lease term. Base rent escalations that include a variable component are recognized upon the occurrence of the specified event as defined in the Company's lease agreements. Many of the Company's leasing arrangements include options to e xtend the lease, which are not included in the minimum lease terms unless the option is reasonably certain to be exercised. Straight-line rental revenue is subject to an evaluation for collectibility, and the Company records a direct write-off against rental revenue if collectibility of these future rents is not probable. During the nine months ended September 30, 2023 and 2022, the Company recognized straight-line write-offs totaling $0.6 million and $0.2 million, respectively. For the nine months ended September 30, 2023 and 2022, the Company recognized $7.7 million and $4.7 million, respectively, of straight-line rental revenue, net of write-offs. Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments to third parties for lessor costs (such as property taxes and insurance) associated with the properties. In accordance with Topic 842, the Company does not include these lessee payments to third parties in rental revenue or property operating expenses. In certain situations, the Company pays these lessor costs directly to third parties and the tenants reimburse the Company. In accordance with Topic 842, these payments are presented on a gross basis in rental revenue and property operating expense. During the nine months ended September 30, 2023 and 2022, the Company recogni zed $1.4 million and $1.8 million, respectively, in tenant reimbursements related to the gross-up of these reimbursed expenses that are included in rental revenue. Certain of the Company's leases, particularly at its entertainment districts, require the tenants to make payments to the Company for property-related expenses such as common area maintenance. The Company has elected to combine these non-lease components with the lease components in rental revenue. For the nine months ended September 30, 2023 and 2022, the amounts due for non-lease components included in rental revenue tota led $14.8 million and $13.2 million, respectively. In addition, most of the Company's tenants are subject to additional rents (above base rents) if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents are recognized at the time when specific trigger ing events occur as provided by the lease agreement. Rental revenue included percentage rents of $6.0 million and $5.4 million for the nine months ended September 30, 2023 and 2022, respectively. The Company regularly evaluates the collectibility of its receivables on a lease-by-lease basis. 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, current economic conditions and changes in customer payment terms. When the collectibility of lease receivables or future lease payments are no longer probable, the Company records a direct write-off of the receivable to rental revenue and recognizes future rental revenue on a cash basis. |
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 less allowance for credit loss. Interest income is recognized using the effective interest method over the estimated life of the note. Interest income includes both the stated interest and the amortization or accretion of premiums or discounts (if any). The Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables related to its mortgage notes and notes receivable. Accordingly, if accrued interest receivable is deemed to be uncollectible, the Company will record any necessary write-offs as a reversal of interest in come. There were no accrued interest write-offs for the nine months ended September 30, 2023. During the nine months ended September 30, 2022, the Company wrote off approximately $1.5 million of accrued interest and fees receivables against interest income related to one mortgage note receivable and two notes receivable. As of September 30, 2023, the Company believes that all outstanding accrued interest is collectible. In the event the Company has a past due mortgage note or note receivable that the Company determines is collateral-dependent, the Company measures expected credit losses based on the fair value of the collateral. As of September 30, 2023, the Company does not have any mortgage notes or notes receivable with past due principal balances. See Note 6 for further discussion of mortgage notes and notes receivable for which the Company elected to apply the collateral-dependent practical expedient. |
Concentrations Of Risk | Concentrations of Risk Regal, Topgolf USA (Topgolf) and American-Multi Cinema, Inc. (AMC) represented a significant portion of the Company's total revenue for the nine months ended September 30, 2023 and 2022. The following is a su mmary of the Company's total revenue derived from rental or interest payments from Regal, Topgolf and AMC (dollars in thousands): Nine Months Ended September 30, 2023 2022 Total Revenue % of Company's Total Revenue Total Revenue % of Company's Total Revenue Regal $ 84,818 15.9 % $ 63,477 13.2 % Topgolf 72,227 13.5 % 69,464 14.5 % AMC 70,915 13.3 % 71,017 14.8 % |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) . The ASU contains practical expedients for reference rate reform - related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. On March 5, 2021, the Financial Conduct Authority (FCA) announced that the USD LIBOR will no longer be published after June 30, 2023. In December 2022, the FASB issued ASU No. 2022-06, Deferral of the Sunset Date of Topic 848. The guidance in ASU 2022-06 deferred the sunset date to December 31, 2024. The Company has transitioned existing contracts to a replacement index. These ASUs are not anticipated to have any significant impact on the Company's consolidated financial statements. |
Rental Properties (Tables)
Rental Properties (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Real Estate [Abstract] | |
Summary Of Carrying Amounts Of Rental Properties | The following table summarizes the carrying amounts of real estate investments as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Buildings and improvements $ 4,605,397 $ 4,637,801 Furniture, fixtures & equipment 115,133 115,677 Land 1,223,173 1,236,358 Leasehold interests 28,453 26,940 5,972,156 6,016,776 Accumulated depreciation (1,400,642) (1,302,640) Total $ 4,571,514 $ 4,714,136 |
Receivables, Loans, Notes Rec_2
Receivables, Loans, Notes Receivable, and Others (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Allowance for Credit Losses [Text Block] | The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and n otes receivable for the nine months ended September 30, 2023 (in thousands): Mortgage notes receivable Unfunded commitments - mortgage notes receivable Notes receivable Unfunded commitments - notes receivable Total Allowance for credit losses at December 31, 2022 $ 8,999 $ 751 $ 11,952 $ — $ 21,702 Provision (benefit) for credit losses, net 1,497 72 (1,976) — (407) Charge-offs (7,771) — (394) — (8,165) Recoveries — — — — — Allowance for credit losses at September 30, 2023 $ 2,725 $ 823 $ 9,582 $ — $ 13,130 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule Of Accounts Receivable | The following table summarizes the carrying amounts of accounts receivable as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Receivable from tenants $ 1,747 $ 7,595 Receivable from non-tenants 732 1,006 Straight-line rent receivable 52,347 44,986 Total $ 54,826 $ 53,587 As of September 30, 2023, receivable from tenants includes payments of approximately $0.8 million that were deferred due to the COVID-19 pandemic and determined to be collectible. Additionally, the Company has amounts due from tenants that were not booked as receivables totaling approximately $12.7 million |
Capital Markets Issuance of Sha
Capital Markets Issuance of Shares (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Common And Preferred Shares Disclosure [Text Block] | During the three and nine months ended September 30, 2023 , the Company declared cash dividends totaling $0.825 and $2.475 per common share, respectively. Additionally, d uring the three and nine months ended September 30, 2023, the Board declared cash dividends of $0.359375 and $1.078125 per share on each of the Company's 5.75% Series C cumulative convertible preferred shares and the Company's 5.75% Series G cumulative redeemable preferred shares, and cash dividends of $0.5625 and $1.6875 per share on the Company's 9.00% Series E cumulative convertible preferred shares. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Derivative Instruments [Abstract] | |
Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income | Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three and nine months ended September 30, 2023 and 2022. Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and 2022 (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Description 2023 2022 2023 2022 Cash Flow Hedges Interest Rate Swaps Amount of Gain Recognized in AOCI on Derivative $ 218 $ 527 $ 436 $ 1,577 Amount of Income (Expense) Reclassified from AOCI into Earnings (1) 178 55 463 (58) Cross-Currency Swaps Amount of Gain Recognized in AOCI on Derivative 467 2,072 11 2,245 Amount of Income Reclassified from AOCI into Earnings (2) 196 128 637 29 Net Investment Hedges Cross-Currency Swaps Amount of Gain Recognized in AOCI on Derivative — — — 665 Amount of Income Recognized in Earnings (2) (3) — — — 170 Currency Forward Agreements Amount of Gain Recognized in AOCI on Derivative 4,545 9,703 599 10,641 Total Amount of Gain Recognized in AOCI on Derivatives $ 5,230 $ 12,302 $ 1,046 $ 15,128 Amount of Income (Expense) Reclassified from AOCI into Earnings 374 183 1,100 (29) Amount of Income Recognized in Earnings — — — 170 Interest expense, net in accompanying consolidated statements of income and comprehensive income $ 31,208 $ 32,747 $ 94,521 $ 99,296 Other income in accompanying consolidated statements of income and comprehensive income $ 14,422 $ 11,360 $ 33,879 $ 30,626 (1) Included in "Interest expense, net" in the accompanying consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2023 and 2022. (2) Included in "Other income" in the accompanying consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2023 and 2022. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings Per Share | The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands except per share information): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Income Shares Per Share Income Shares Per Share Basic EPS: Net income $ 56,260 $ 127,517 Less: preferred dividend requirements (6,032) (18,105) Net income available to common shareholders $ 50,228 75,325 $ 0.67 $ 109,412 75,236 $ 1.45 Diluted EPS: Net income available to common shareholders $ 50,228 75,325 $ 109,412 75,236 Effect of dilutive securities: Performance shares — 491 — 419 Net income available to common shareholders $ 50,228 75,816 $ 0.66 $ 109,412 75,655 $ 1.45 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Income Shares Per Share Income Shares Per Share Basic EPS: Net income $ 50,799 $ 133,900 Less: preferred dividend requirements (6,033) (18,099) Net income available to common shareholders $ 44,766 75,016 $ 0.60 $ 115,801 74,949 $ 1.55 Diluted EPS: Net income available to common shareholders $ 44,766 75,016 $ 115,801 74,949 Effect of dilutive securities: Share options and performance shares — 167 — 153 Net income available to common shareholders $ 44,766 75,183 $ 0.60 $ 115,801 75,102 $ 1.54 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
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, 2022 503,912 $ 50.38 Granted 352,090 42.23 Vested (230,414) 54.01 Forfeited (13,809) 45.20 Outstanding at September 30, 2023 611,779 $ 44.44 1.15 The holders of nonvested shares have voting rights and receive dividends from the date of grant. The fair value of the nonvested shares that vested was $8.7 million and $10.2 million for the nine months ended September 30, 2023 and 2022, respectively. Expense recognized related to nonvested shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $5.7 million and $5.9 million for the nine months ended September 30, 2023 and 2022, respectively. Expense related to nonvested shares and included in severance expense in the accompanying consolidated statements of income and comprehensive income was $0.4 million for the nine months ended September 30, 2023. There was no expense related to nonvested shares included in severance expense for the nine months ended September 30, 2022. At September 30, 2023, unamortized share-based compensation expense related to nonvested shares was $12.4 million. Nonvested Performance Shares A summary of the Company's nonvested performance share activity and related information is as follows: Target Number of Performance Shares Outstanding at December 31, 2022 257,386 Granted 111,593 Vested (1) (56,338) Forfeited — Outstanding at September 30, 2023 312,641 (1) The performance conditions for the performance shares granted during the year ended December 31, 2020 were not achieved resulting in no pay-out. The number of common shares issuable upon settlement of the performance shares granted during the nine months ended September 30, 2023, 2022 and 2021 will be based upon the Company's achievement level relative to the following performance measures at December 31, 2025, 2024 and 2023, respectively: 50% based upon the Company's Total Shareholder Return (TSR) relative to the TSRs of the Company's peer group companies, 25% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 25% based upon the Company's Compounded Annual Growth Rate (CAGR) in AFFO per s hare over the three-year performance period. The Company's achievement level relative to the performance measures is assigned a specific payout percentage, which is multiplied by a target number of performance shares. The performance shares based on relative TSR performance have market conditions and are valued using a Monte Carlo simulation model on the grant date, which resulted in a grant date fair value of approximately $5.9 million and $6.0 million for the nine months ended September 30, 2023 and 2022, respectively. The estimated fair value is amortized to expense over the three-year performance periods, which end on December 31, 2025, 2024 and 2023 for performance shares granted in 2023, 2022 and 2021, respectively. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the performance shares with a market condition for the nine months ended September 30, 2023: risk-free interest rate of 4.4%, volatility factors in the expected market price of the Company's common shares of 52% and an expected life of approximately three years. The performance shares based on growth in AFFO per share have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common stock on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost a nd any compensation cost previously recorded will be reversed. At September 30, 2023, achievement of the performance condition was deemed probable for the performance shares granted during the nine months ended September 30, 2023, 2022 and 2021 with an expected payout percentage of 68.3%, 200% and 200%, respectively, which resulted in a grant date fair value of approximately $0.8 million, $2.3 million and $2.3 million, respectively. Expense recognized related to performance shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $5.9 million and $5.0 million for the nine months ended September 30, 2023 and 2022 , respectively. At September 30, 2023, unamortized share-based compensation expense related to nonvested performance shares was $9.2 million. |
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, 2022 38,605 $ 50.77 Granted 43,497 41.67 Vested (40,054) 50.44 Outstanding at September 30, 2023 42,048 $ 41.67 0.67 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Operating Segments | Segment Information The Company groups its investments into two reportable operating segments: Experiential and Education. The financial information summarized below is presented by reportable operating segment (in thousands): Balance Sheet Data: As of September 30, 2023 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,102,759 $ 444,751 $ 171,867 $ 5,719,377 As of December 31, 2022 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,164,710 $ 473,580 $ 120,411 $ 5,758,701 Operating Data: Three Months Ended September 30, 2023 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 153,953 $ 9,987 $ — $ 163,940 Other income 14,275 — 147 14,422 Mortgage and other financing income 10,810 212 — 11,022 Total revenue 179,038 10,199 147 189,384 Property operating expense 14,144 156 292 14,592 Other expense 13,124 — — 13,124 Total investment expenses 27,268 156 292 27,716 Net operating income - before unallocated items 151,770 10,043 (145) 161,668 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (13,464) Transaction costs (847) (Provision) benefit for credit losses, net 719 Impairment charges (20,887) Depreciation and amortization (42,432) Gain on sale of real estate 2,550 Interest expense, net (31,208) Equity in income from joint ventures 533 Income tax expense (372) Net income 56,260 Preferred dividend requirements (6,032) Net income available to common shareholders of EPR Properties $ 50,228 Operating Data: Three Months Ended September 30, 2022 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 130,588 $ 9,883 $ — $ 140,471 Other income 11,200 — 160 11,360 Mortgage and other financing income 9,353 226 — 9,579 Total revenue 151,141 10,109 160 161,410 Property operating expense 14,707 — — 14,707 Other expense 9,135 — — 9,135 Total investment expenses 23,842 — — 23,842 Net operating income - before unallocated items 127,299 10,109 160 137,568 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (12,582) Transaction costs (148) (Provision) benefit for credit losses, net (241) Depreciation and amortization (41,539) Gain on sale of real estate 304 Interest expense, net (32,747) Equity in income from joint ventures 572 Income tax expense (388) Net income 50,799 Preferred dividend requirements (6,033) Net income available to common shareholders of EPR Properties $ 44,766 Operating Data: Nine Months Ended September 30, 2023 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 438,074 $ 29,327 $ — $ 467,401 Other income 33,208 1 670 33,879 Mortgage and other financing income 31,753 654 — 32,407 Total revenue 503,035 29,982 670 533,687 Property operating expense 42,065 156 498 42,719 Other expense 31,235 — — 31,235 Total investment expenses 73,300 156 498 73,954 Net operating income - before unallocated items 429,735 29,826 172 459,733 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (42,677) Severance expense (547) Transaction costs (1,153) (Provision) benefit for credit losses, net 407 Impairment charges (64,672) Depreciation and amortization (127,341) Gain on sale of real estate 1,415 Interest expense, net (94,521) Equity in loss from joint ventures (2,067) Income tax expense (1,060) Net income 127,517 Preferred dividend requirements (18,105) Net income available to common shareholders of EPR Properties $ 109,412 Operating Data: Nine Months Ended September 30, 2022 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 392,622 $ 30,327 $ — $ 422,949 Other income 28,095 — 2,531 30,626 Mortgage and other financing income 25,069 684 — 25,753 Total revenue 445,786 31,011 2,531 479,328 Property operating expense 41,758 (7) 487 42,238 Other expense 26,104 — — 26,104 Total investment expenses 67,862 (7) 487 68,342 Net operating income - before unallocated items 377,924 31,018 2,044 410,986 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (38,497) Transaction costs (3,540) (Provision) benefit for credit losses, net (9,447) Impairment charges (4,351) Depreciation and amortization (122,349) Gain on sale of real estate 304 Interest expense, net (99,296) Equity in income from joint ventures 1,887 Impairment charges on joint ventures (647) Income tax expense (1,150) Net income 133,900 Preferred dividend requirements (18,099) Net income available to common shareholders of EPR Properties $ 115,801 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
Aug. 01, 2023 USD ($) properties | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2023 property | Sep. 30, 2023 years | Sep. 30, 2023 mortgagenotes | Jul. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Revenue Recognition [Abstract] | ||||||||||||||
Straight Line Rent | $ 7,700 | $ 4,700 | ||||||||||||
Straight line rent write off | 600 | 200 | ||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Operating Lease, Lease Income | $ 163,940 | $ 140,471 | 467,401 | 422,949 | ||||||||||
Deferred Costs | $ 26,700 | $ 31,100 | ||||||||||||
Recovery of Direct Costs | 14,800 | 13,200 | ||||||||||||
Operating Lease, Percentage Revenue | 6,000 | 5,400 | ||||||||||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 0 | 1,500 | ||||||||||||
Number of Master Leases | 2 | |||||||||||||
Number Of Mortgage Notes Receivable | mortgagenotes | 4 | |||||||||||||
Asset Impairment Charges | 20,887 | 0 | 64,672 | 4,351 | ||||||||||
Number of impaired properties | property | 11 | |||||||||||||
Deferred Rent Receivables, Net | 800 | |||||||||||||
Collections, Deferred Rent, Cash basis tenants | 19,300 | 5,200 | 35,700 | 11,500 | ||||||||||
Collections, Deferred Rent, Accrual Basis Tenants | 200 | 4,500 | $ 1,300 | 19,600 | ||||||||||
Fair Value Disclosure, off-Balance-Sheet Risks, Face Amount, Asset | 12,700 | |||||||||||||
Regal [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Number of Properties Leased | 57 | |||||||||||||
Number of Leases | 28 | |||||||||||||
Number of Properties Leased in Master Lease | 41 | |||||||||||||
Number of Surrendered Properties | properties | 16 | |||||||||||||
Asset Impairment Charges | $ 42,400 | |||||||||||||
Deferred Rent Receivables, Net | 4,000 | $ 76,300 | ||||||||||||
Reimbursement percentage | 50% | |||||||||||||
Regal [Member] | Maximum [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Annual Gross Sales Threshold | $ 270,000 | |||||||||||||
Other Commitment | 32,500 | |||||||||||||
Regal [Member] | Maximum [Member] | Annual | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Other Commitment | 10,000 | |||||||||||||
Regal [Member] | Minimum [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Annual Gross Sales Threshold | 220,000 | |||||||||||||
Regal [Member] | Master Lease | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Operating Lease, Lease Income | $ 65,000 | |||||||||||||
Number of years in lease extension | 5 | |||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 13 years | |||||||||||||
Percentage Rent, Percentage | 0.15 | |||||||||||||
Fixed Rent, Escalator | 10% | |||||||||||||
Deferred Rent Receivables, Net | 56,800 | |||||||||||||
Lessor, Operating Lease, Number of Options to Extend | 3 | |||||||||||||
Number of Tranches | 3 | |||||||||||||
Rent Escalation Period | 5 years | 5 years | 5 years | |||||||||||
Weighted Average Lease Term, Increase | 4 years | |||||||||||||
Regal [Member] | Master Lease | Maximum [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Percentage Rent, Percentage | 0.125 | |||||||||||||
Regal [Member] | Surrendered Properties | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Deferred Rent Receivables, Net | 19,500 | |||||||||||||
Regal [Member] | Abeyance | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Deferred Rent Receivables, Net | $ 50,100 | |||||||||||||
Experiential Reportable Operating Segment [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Operating Lease, Lease Income | $ 153,953 | $ 130,588 | $ 438,074 | $ 392,622 | ||||||||||
Experiential Reportable Operating Segment [Member] | Regal [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Number of impaired properties | property | 8 | |||||||||||||
Eat & Play Properties [Member] | Experiential Reportable Operating Segment [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
number of properties sold | 1 | |||||||||||||
Managed Property | Regal [Member] | Phoenix Theatres | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Number of Surrendered Properties | properties | 1 | |||||||||||||
Managed Property | Regal [Member] | Cinemark | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Number of Surrendered Properties | properties | 4 | |||||||||||||
Properties for sale | Regal [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Number of Surrendered Properties | properties | 11 | |||||||||||||
Theatre Properties [Member] | Experiential Reportable Operating Segment [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Number of impaired properties | property | 2 | |||||||||||||
number of properties sold | 2 | |||||||||||||
Theatre Properties [Member] | Experiential Reportable Operating Segment [Member] | Regal [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
number of properties sold | 1 | |||||||||||||
Number of Properties to sell | 10 | |||||||||||||
Notes Receivable [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Number Of Mortgage Notes Receivable | years | 2 | |||||||||||||
Number of Notes Receivable | 2 | 2 | ||||||||||||
Mortgage Receivable [Member] | Eat & Play Properties [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Number Of Mortgage Notes Receivable | 1 | 1 | ||||||||||||
Accounts Receivable | Regal [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Monetary Default, Cure Amount | $ 1,300 | |||||||||||||
Reimbursable Administrative Priority Expenses | $ 3,000 | |||||||||||||
Reimbursement, property operating expenses | $ 1,200 | |||||||||||||
triple-net lessor costs [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Recovery of Direct Costs | 1,400 | $ 1,800 | ||||||||||||
Regal [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Operating Lease, Lease Income | $ 84,818 | $ 63,477 | ||||||||||||
Percentage of lease revenue in total revenue | 15.90% | 13.20% | ||||||||||||
American Multi-Cinema, Inc. [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Operating Lease, Lease Income | $ 70,915 | $ 71,017 | ||||||||||||
Percentage of lease revenue in total revenue | 13.30% | 14.80% | ||||||||||||
TopGolf [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Operating Lease, Lease Income | $ 72,227 | $ 69,464 | ||||||||||||
Percentage of lease revenue in total revenue | 13.50% | 14.50% | ||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Concentrations of Risk [Abstract] | ||||||||||||||
Deferred Costs | $ 4,700 | $ 6,400 |
Rental Properties (Summary Of C
Rental Properties (Summary Of Carrying Amounts Of Rental Properties) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Real Estate Properties [Line Items] | |||
Carrying amounts of rental properties | $ 5,972,156 | $ 6,016,776 | |
Accumulated depreciation | (1,400,642) | (1,302,640) | |
Real Estate Investment Property, Net | 4,571,514 | 4,714,136 | |
Depreciation expense on rental properties | 119,800 | $ 118,700 | |
Building and improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Carrying amounts of rental properties | 4,605,397 | 4,637,801 | |
Furniture, fixtures & equipment [Member] | |||
Real Estate Properties [Line Items] | |||
Carrying amounts of rental properties | 115,133 | 115,677 | |
Land [Member] | |||
Real Estate Properties [Line Items] | |||
Carrying amounts of rental properties | 1,223,173 | 1,236,358 | |
Leaseholds and Leasehold Improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Carrying amounts of rental properties | $ 28,453 | $ 26,940 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) property | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) property | Sep. 30, 2022 USD ($) | |
Impairment [Abstract] | ||||
Asset Impairment Charges [Text Block] | Impairment ChargesThe Company reviews its properties for changes in circumstances that indicate that the carrying value of a property may not be recoverable based on an estimate of undiscounted future cash flows. During the nine months ended September 30, 2023, the Company reassessed the holding period of the Regal Surrendered Properties not included in the Master Lease, four other theatre properties that are part of a workout with a smaller theatre tenant and one early childhood education center property subject to a lease termination triggered by a casualty event. The Company determined that the estimated cash flows for eight of the Regal Surrendered Properties, two of the other theatre properties and the early childhood education center property were not sufficient to recover the carrying values and estimated the fair value of the real estate investments of these properties using independent appraisals. During the nine months ended September 30, 2023, the Company reduced the carrying value of the real estate investments, net to $33.0 million and recognized impairment charges of $64.7 million on real estate investments, which is the amount that the carrying values of the assets exceeded the estimated fair values. | |||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Number of impaired properties | 11 | 11 | ||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | $ | $ 33,000 | $ 33,000 | ||
Asset Impairment Charges | $ | 20,887 | $ 0 | $ 64,672 | $ 4,351 |
Regal [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Asset Impairment Charges | $ | $ 42,400 | |||
Experiential Reportable Operating Segment [Member] | Theatre Properties [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Number of impaired properties | 2 | 2 | ||
Number of properties reassessed | 4 | 4 | ||
Experiential Reportable Operating Segment [Member] | Regal [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Number of impaired properties | 8 | 8 | ||
Education Reportable Operating Segment [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Number of impaired properties | 1 | 1 |
Investments and Dispositions (D
Investments and Dispositions (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) properties | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) properties | Sep. 30, 2022 USD ($) | Dec. 31, 2022 | |
Real Estate Properties [Line Items] | |||||
Payments to Acquire Productive Assets | $ 47,807 | $ 174,113 | |||
Proceeds from Sale of Property, Plant, and Equipment | 35,000 | ||||
Gain on sale of real estate | $ 2,550 | $ 304 | $ 1,415 | $ 304 | |
Number of Properties Subject to Ground Leases | 51 | 51 | 52 | ||
Contract Termination | |||||
Real Estate Properties [Line Items] | |||||
Number of Properties Subject to Ground Leases | properties | 1 | 1 | |||
Experiential Reportable Operating Segment [Member] | |||||
Real Estate Properties [Line Items] | |||||
Payments to Acquire Property, Plant, and Equipment | $ 135,500 | ||||
Experiential Reportable Operating Segment [Member] | Fitness and wellness | |||||
Real Estate Properties [Line Items] | |||||
Payments to Acquire Productive Assets | $ 46,700 | ||||
Experiential Reportable Operating Segment [Member] | Eat & Play Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
number of properties sold | 1 | ||||
Experiential Reportable Operating Segment [Member] | Theatre Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
number of properties sold | 2 | ||||
Experiential Reportable Operating Segment [Member] | Theatre Properties [Member] | Contract Termination | |||||
Real Estate Properties [Line Items] | |||||
number of properties sold | 1 | ||||
Education Reportable Operating Segment [Member] | early childhood education center [Member] | |||||
Real Estate Properties [Line Items] | |||||
number of properties sold | 3 |
Investment in Mortgage Notes an
Investment in Mortgage Notes and Notes Receivable (Details) | 9 Months Ended | |||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 | Sep. 30, 2023 years | Sep. 30, 2023 mortgagenotes | Dec. 31, 2022 USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Notes Receivable | $ 4,200,000 | $ 2,900,000 | ||||
Number Of Mortgage Notes Receivable | mortgagenotes | 4 | |||||
Financing Receivable, Allowance for Credit Loss | 13,130,000 | 21,702,000 | ||||
Provision for Loan, Lease, and Other Losses | (407,000) | |||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 8,165,000 | |||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | |||||
Financing Receivable, after Allowance for Credit Loss, Current | 477,243,000 | 457,268,000 | ||||
Mortgage Receivable [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 2,725,000 | 8,999,000 | ||||
Provision for Loan, Lease, and Other Losses | 1,497,000 | |||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 7,771,000 | |||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | |||||
Mortgage Receivable [Member] | Eat & Play Properties [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | 10,800,000 | |||||
Number Of Mortgage Notes Receivable | 1 | 1 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 7,800,000 | |||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 700,000 | |||||
Unfunded Loan Commitment [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 823,000 | 751,000 | ||||
Provision for Loan, Lease, and Other Losses | 72,000 | |||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | |||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | |||||
Notes Receivable [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Number Of Mortgage Notes Receivable | years | 2 | |||||
Financing Receivable, Allowance for Credit Loss | 9,582,000 | 11,952,000 | ||||
Provision for Loan, Lease, and Other Losses | (1,976,000) | |||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 394,000 | |||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | |||||
Notes Receivable [Member] | Theatre Properties [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Provision for Loan, Lease, and Other Losses | 1,900,000 | |||||
Note Receivable Unfunded Loan Commitment | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 0 | $ 0 | ||||
Provision for Loan, Lease, and Other Losses | 0 | |||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | |||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | |||||
Note, 8.0%, due May 2, 2024 [Member] | Attraction Properties [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Number Of Mortgage Notes Receivable | years | 1 | |||||
Provision for Loan, Lease, and Other Losses | 7,600,000 | |||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 700,000 | $ 1,200,000 | ||||
Proceeds from Loans | $ 700,000 | $ 300,000 |
Accounts Receivable, Net (Sched
Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Straight-Line Rent Receivable | $ 52,347 | $ 44,986 |
Total | 54,826 | 53,587 |
Deferred Rent Receivables, Net | 800 | |
Tenants [Member] | ||
Total | 1,747 | 7,595 |
Non-Tenants [Member] | ||
Carrying amounts of accounts receivable | $ 732 | $ 1,006 |
Capital Markets (Details)
Capital Markets (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class of Stock [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.825 | $ 2.475 | |
Long-term Debt, Percentage Rate, SOFR Floor | 0% | 0% | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.30% | 1.30% | |
Debt Instrument, Interest Rate, Effective Percentage | 6.62% | 6.62% | |
Long-term Debt, Percentage Rate, Facility Fee | 0.25% | 0.25% | |
Series C Preferred Shares [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Dividends Per Share, Declared | $ 0.359375 | $ 1.078125 | |
Preferred Stock, Dividend Rate, Percentage | 5.75% | 5.75% | |
Series E Preferred Shares [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Dividends Per Share, Declared | 0.5625 | $ 1.6875 | |
Preferred Stock, Dividend Rate, Percentage | 9% | 9% | |
Series G Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Dividends Per Share, Declared | $ 0.359375 | $ 1.078125 | |
Preferred Stock, Dividend Rate, Percentage | 5.75% |
Unconsolidated Real Estate Jo_2
Unconsolidated Real Estate Joint Ventures (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) properties years | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) properties years | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 53,855 | $ 53,855 | $ 52,964 | ||
Equity in (income) loss from joint ventures | $ 533 | $ 572 | $ (2,067) | $ 1,887 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.30% | 1.30% | |||
Proceeds from Equity Method Investment, Distribution | $ 1,300 | 780 | |||
St. Petersburg Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 65% | 65% | |||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 16,576 | $ 16,576 | 18,712 | ||
Equity in (income) loss from joint ventures | $ (835) | 1,807 | |||
Number of unconsolidated real estate joint ventures | properties | 2 | 2 | |||
Maximum Availability Joint Venture Mortgage Loan | $ 105,000 | $ 105,000 | |||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 3.65% | 3.65% | |||
Number of Extension Options | 2 | 2 | |||
Years in Extension | years | 1 | 1 | |||
Proceeds from Equity Method Investment, Distribution | $ 1,300 | 0 | |||
Warrens Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 95% | 95% | |||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 11,165 | $ 11,165 | 10,865 | ||
Equity in (income) loss from joint ventures | $ 300 | (92) | |||
Number of unconsolidated real estate joint ventures | properties | 2 | 2 | |||
Long Term Funding Commitment For Project Development | $ 14,200 | $ 14,200 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4% | 4% | |||
Maximum Availability Joint Venture Mortgage Loan | $ 23,700 | $ 23,700 | |||
Long Term Funding Commitment For Project Development, Remaining | 2,600 | 2,600 | |||
Construction Availability Joint Venture Mortgage Loan | $ 500 | $ 500 | |||
Breaux Bridge Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 85% | 85% | |||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 19,957 | $ 19,957 | 17,080 | ||
Equity in (income) loss from joint ventures | $ (1,383) | 233 | |||
Number of unconsolidated real estate joint ventures | properties | 2 | 2 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.85% | 3.85% | |||
Maximum Availability Joint Venture Mortgage Loan | $ 38,500 | $ 38,500 | |||
Subordinated Joint Venture Mortgage Loan | $ 11,300 | $ 11,300 | |||
Breaux Bridge Joint Venture | Subordinated Debt | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.25% | 7.25% | |||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 7.20% | 7.20% | |||
Long-term debt, Percentage Capped | 8% | 8% | |||
Breaux Bridge Joint Venture | Maximum [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.25% | 4.25% | |||
Harrisville PA Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 62% | 62% | |||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 6,157 | $ 6,157 | 6,307 | ||
Equity in (income) loss from joint ventures | $ (149) | 0 | |||
Number of unconsolidated real estate joint ventures | properties | 2 | 2 | |||
Long Term Funding Commitment For Project Development | $ 13,900 | $ 13,900 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.38% | 6.38% | |||
Maximum Availability Joint Venture Mortgage Loan | $ 22,500 | $ 22,500 | |||
Long Term Funding Commitment For Project Development, Remaining | $ 11,100 | $ 11,100 | |||
Equity method investment, ownership percentage, unconsolidated real estate joint venture | 92% | 92% | |||
Equity Method Investment, Ownership Percentage, Consolidated Real Estate Joint Venture | 67% | 67% | |||
Carrying Amount Joint Venture Mortgage Loan | $ 4,600 | $ 4,600 | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 10,000 | 10,000 | |||
Guaranty Liabilities | 5,000 | 5,000 | |||
Theatre Project China Member | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 0 | 0 | $ 0 | ||
Equity in (income) loss from joint ventures | $ 0 | $ (61) | |||
Interest Rate Swap [Member] | St. Petersburg Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Derivative, Fixed Interest Rate | 3.50% | 3.50% |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2023 CAD ($) | Dec. 31, 2022 USD ($) | Apr. 29, 2022 $ / $ | |
Derivative Asset, Fair Value, Gross Asset | $ 11,700,000 | $ 11,400,000 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | $ 0 | ||
Credit Risk Derivatives, at Fair Value, Net | 50,000,000 | |||
Cash Flow Hedging [Member] | ||||
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | 900,000 | |||
Interest Rate Risk [Member] | ||||
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | $ 1,100,000 | |||
Currency Swap [Member] | ||||
Number of Canadian properties exposed to foreign currency exchange risk (in properties) | 6 | |||
Cross Currency Swaps October 2024 | ||||
Net exchange rate, CAD to US dollar | $ / $ | 1.28 | |||
Foreign Currency Forward October 2024 | Net Investment Hedging [Member] | ||||
Net exchange rate, CAD to US dollar | 1.28 | 1.28 | ||
Foreign Currency Forward December 2024 | Net Investment Hedging [Member] | ||||
Net exchange rate, CAD to US dollar | 1.30 | 1.30 | ||
Cross Currency Swap October 2024 $1.26 | ||||
Net exchange rate, CAD to US dollar | $ / $ | 1.26 | |||
Cross Currency Swap December 2024 | ||||
Net exchange rate, CAD to US dollar | $ / $ | 1.30 | |||
interest rate swap 2.5325 percent | Interest Rate Swap [Member] | ||||
Derivative fixed interest rate | 2.5325% | 2.5325% | ||
Derivative, Notional Amount | $ 25,000,000 | |||
Canada, Dollars | Net Investment Hedging [Member] | ||||
Derivative, Notional Amount | 290 | |||
Canada, Dollars | Cross Currency Swaps [Member] | ||||
Derivative, Notional Amount | $ 440 | |||
Foreign currency exposure | 23,400,000 | |||
Canada, Dollars | Cross Currency Swaps October 2024 | ||||
Derivative, Notional Amount | 200 | |||
Foreign currency exposure | 4,500,000 | |||
Canada, Dollars | Foreign Currency Forward October 2024 | Net Investment Hedging [Member] | ||||
Derivative, Notional Amount | 200 | |||
Canada, Dollars | Foreign Currency Forward December 2024 | Net Investment Hedging [Member] | ||||
Derivative, Notional Amount | 90 | |||
Canada, Dollars | Cross Currency Swap October 2024 $1.26 | ||||
Derivative, Notional Amount | 150 | |||
Foreign currency exposure | 10,800,000 | |||
Canada, Dollars | Cross Currency Swap December 2024 | ||||
Derivative, Notional Amount | $ 90 | |||
Foreign currency exposure | $ 8,100,000 |
Derivative Instruments (Summary
Derivative Instruments (Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | $ 374 | $ 183 | $ 1,100 | $ (29) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 170 |
Derivative, Gain (Loss) on Derivative, Net | 5,230 | 12,302 | 1,046 | 15,128 |
Interest Expense | 31,208 | 32,747 | 94,521 | 99,296 |
Other Income | 14,422 | 11,360 | 33,879 | 30,626 |
Interest Rate Swap [Member] | ||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | 178 | 55 | 463 | (58) |
Cross Currency Swaps [Member] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 467 | 2,072 | 11 | 2,245 |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | 196 | 128 | 637 | 29 |
Currency Swap [Member] | Net Investment Hedging [Member] | ||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax | 0 | 0 | 0 | 665 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 170 |
foreign currency forward | ||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax | 4,545 | 9,703 | 599 | 10,641 |
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 218 | $ 527 | $ 436 | $ 1,577 |
Fair Value Disclosures (Assets
Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2023 | Sep. 30, 2023 USD ($) property | Dec. 31, 2022 USD ($) | |
Long-term Debt | $ 2,814,497,000 | $ 2,810,111,000 | |
Derivative Asset, Fair Value, Gross Asset | 11,700,000 | 11,400,000 | |
Real Estate Investment Property, Net | 4,571,514,000 | 4,714,136,000 | |
Operating Lease, Right-of-Use Asset | 190,309,000 | 200,985,000 | |
Financing Receivable, after Allowance for Credit Loss, Current | 477,243,000 | 457,268,000 | |
Investment in joint ventures | 53,855,000 | 52,964,000 | |
Other assets | $ 74,328,000 | 73,053,000 | |
Number of impaired properties | property | 11 | ||
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
fair value input, price per square foot | $ 4.50 | ||
fair value input, discount rate | 9.50% | ||
fair value input, Terminal Capitalization Rate | 8.50% | ||
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||
fair value input, price per square foot | $ 20 | ||
fair value input, discount rate | 11.50% | ||
fair value input, Terminal Capitalization Rate | 10.25% | ||
Fair Value, Recurring [Member] | Cross Currency Swaps [Member] | |||
Derivative Asset, Fair Value, Gross Asset | $ (898,000) | 1,523,000 | |
Fair Value, Recurring [Member] | Cross Currency Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Derivative Asset, Fair Value, Gross Asset | (898,000) | 1,523,000 | |
Fair Value, Recurring [Member] | Currency Forward | |||
Derivative Asset, Fair Value, Gross Asset | (9,286,000) | (8,686,000) | |
Fair Value, Recurring [Member] | Currency Forward | Fair Value, Inputs, Level 2 [Member] | |||
Derivative Asset, Fair Value, Gross Asset | (9,286,000) | (8,686,000) | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | |||
Derivative Asset, Fair Value, Gross Asset | (1,493,000) | (1,240,000) | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Derivative Asset, Fair Value, Gross Asset | (1,493,000) | (1,240,000) | |
Fair Value, Nonrecurring [Member] | |||
Real Estate Investment Property, Net | 33,010,000 | 38,370,000 | |
Operating Lease, Right-of-Use Asset | 7,006,000 | ||
Financing Receivable, after Allowance for Credit Loss, Current | 7,780,000 | ||
Investment in joint ventures | 0 | ||
Other assets | 1,316,000 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Real Estate Investment Property, Net | 0 | 4,700,000 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Real Estate Investment Property, Net | $ 33,010,000 | 33,670,000 | |
Operating Lease, Right-of-Use Asset | 7,006,000 | ||
Financing Receivable, after Allowance for Credit Loss, Current | 7,780,000 | ||
Investment in joint ventures | 0 | ||
Other assets | 1,316,000 | ||
Fixed Rate Mortgage Notes Receivable Member | |||
Mortgage Receivable Weighted Average Interest Rate | 8.92% | 8.90% | |
Receivable Interest Rate Stated Percentage Rate Range Minimum | 6.99% | 6.99% | |
Receivable Interest Rate Stated Percentage Rate Range Maximum | 12.14% | 12.32% | |
Notes Receivable, Fair Value Disclosure | $ 515,200,000 | 500,000,000 | |
Weighted Average Market Rate Used As Discount Factor To Determine Fair Value Of Notes | 7.70% | 7.82% | |
Financing Receivable, after Allowance for Credit Loss, Current | $ 477,200,000 | 457,300,000 | |
Fixed Rate Mortgage Notes Receivable Member | Minimum [Member] | |||
market rate used as discount factor to determine fair value of notes | 7.15% | 7.50% | |
Fixed Rate Mortgage Notes Receivable Member | Maximum [Member] | |||
market rate used as discount factor to determine fair value of notes | 10% | 10% | |
Fixed Rate Debt Member | |||
Long-term Debt | $ 2,820,000,000 | $ 2,820,000,000 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.34% | 4.34% | |
Long-term Debt, Fair Value | $ 2,440,000,000 | $ 2,390,000,000 | |
Weighted Average Market Rate Used As Discount Factor To Determine Fair Value Of Debt | 7.94% | 7.87% | |
Fixed Rate Debt Member | Minimum [Member] | |||
market rate used as discount factor to determine fair value of debt | 7.42% | 7.11% | |
Fixed Rate Debt Member | Maximum [Member] | |||
market rate used as discount factor to determine fair value of debt | 8.35% | 8.10% | |
Variable Rate Converted to Fixed Rate [Member] | |||
Long-term Debt | $ 25,000,000 | 25,000,000 | |
Variable Rate Debt Member | |||
Long-term Debt | $ 25,000,000 | $ 25,000,000 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.47% | 4.43% |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic EPS: | ||||
Income from continuing operations | $ 56,260 | $ 50,799 | $ 127,517 | $ 133,900 |
Less: preferred dividend requirements | (6,032) | (6,033) | (18,105) | (18,099) |
Net income available to common shareholders of EPR Properties | $ 50,228 | $ 44,766 | $ 109,412 | $ 115,801 |
Net income available to common shareholders (in dollars per share) | $ 0.67 | $ 0.60 | $ 1.45 | $ 1.55 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 50,228 | $ 44,766 | $ 109,412 | $ 115,801 |
Weighted average number of shares outstanding, basic | 75,325 | 75,016 | 75,236 | 74,949 |
Diluted EPS: | ||||
Share options (in shares) | 491 | 167 | 419 | 153 |
Weighted average number of shares outstanding, diluted | 75,816 | 75,183 | 75,655 | 75,102 |
Net income available to common shareholders (in dollars per share) | $ 0.66 | $ 0.60 | $ 1.45 | $ 1.54 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Series C Preferred Shares [Member] | ||||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||||
Common shares upon conversion of convertible preferred shares | 2,300 | 2,200 | 2,300 | 2,200 |
Preferred Stock, Dividend Rate, Percentage | 5.75% | 5.75% | ||
Series E Preferred Shares [Member] | ||||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||||
Common shares upon conversion of convertible preferred shares | 1,700 | 1,700 | 1,700 | |
Preferred Stock, Dividend Rate, Percentage | 9% | 9% | ||
Share Options [Member] | ||||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||||
Common shares upon conversion of convertible preferred shares | 82 | 95 | 82 | 89 |
Performance Shares [Member] | January 1, 2022 Award Date | ||||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||||
Common shares upon conversion of convertible preferred shares | 99 | 99 | ||
Performance Shares [Member] | January 1, 2020 Award Date | ||||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||||
Common shares upon conversion of convertible preferred shares | 56 | 56 | ||
Minimum [Member] | ||||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ 44.44 | $ 44.44 | $ 44.44 | $ 44.44 |
Maximum [Member] | ||||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||||
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ 76.63 | $ 76.63 | $ 76.63 | $ 76.63 |
Equity Incentive Plans (Summary
Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | May 12, 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, 2022 | 503,912 | ||||
Number of Shares, Granted | 352,090 | ||||
Number of Shares, Vested | (230,414) | ||||
Number of Shares, Outstanding at September 30, 2023 | 611,779 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 45.20 | ||||
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022 | 50.38 | ||||
Weighted Average Grant Date Fair Value, Granted | 42.23 | ||||
Weighted Average Grant Date Fair Value, Vested | 54.01 | ||||
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023 | $ 44.44 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (13,809) | ||||
Weighted Average Life Remaining, Outstanding at September 30, 2023 (in years) | 1 year 1 month 24 days | ||||
Fair value of non-vested shares | $ 8,700 | $ 10,200 | |||
Unamortized share-based compensation expense | $ 12,400 | ||||
2016 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Common shares, options to purchase common shares and restricted share units, expected to granted (in shares) | 3,950,000 | ||||
Number of shares available for grant (in shares) | 1,490,224 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Share-based Payment Arrangement, Expense | $ 5,700 | 5,900 | |||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Number of Shares, Outstanding at December 31, 2022 | 257,386 | ||||
Number of Shares, Granted | 111,593 | ||||
Number of Shares, Vested | (56,338) | ||||
Number of Shares, Outstanding at September 30, 2023 | 312,641 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||||
Unamortized share-based compensation expense | $ 9,200 | ||||
Share-based Compensation, Performance Measure Percent, Peer TSR | 50% | ||||
Share-based Compensation, Performance Measure Percent, MSCI US REIT Index TSR | 25% | ||||
Share-based Compensation, Performance Measure Percent, Growth in AFFO per share | 25% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 4.40% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 52% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | ||||
Dividend, Share-based Payment Arrangement | $ 1,300 | 587 | |||
Share-based Payment Arrangement, Expense | 5,900 | 5,000 | |||
Performance Shares [Member] | Market Condition | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Share Based Compensation Arrangement, Equity Instrument, Other Than Options, Market Condition, Grant Date Fair Value | $ 5,900 | $ 6,000 | |||
Performance Shares [Member] | Performance Condition | Granted in 2021 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200% | ||||
Share-based Compensation Arrangement, Equity Instruments Other Than Options, Performance Condition, Nonvested, Grant Date Fair Value | $ 2,300 | ||||
Performance Shares [Member] | Performance Condition | Granted in 2022 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200% | ||||
Share-based Compensation Arrangement, Equity Instruments Other Than Options, Performance Condition, Nonvested, Grant Date Fair Value | $ 2,300 | ||||
Performance Shares [Member] | Performance Condition | Granted in 2023 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 68.30% | ||||
Share-based Compensation Arrangement, Equity Instruments Other Than Options, Performance Condition, Nonvested, Grant Date Fair Value | $ 800 |
Equity Incentive Plans (Summa_2
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Number of Shares, Outstanding at December 31, 2022 | 503,912 | |||
Number of Shares, Granted | 352,090 | |||
Number of Shares, Vested | (230,414) | |||
Number of Shares, Outstanding at September 30, 2023 | 611,779 | 611,779 | ||
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022 | $ 50.38 | |||
Weighted Average Grant Date Fair Value, Granted | 42.23 | |||
Weighted Average Grant Date Fair Value, Vested | $ 54.01 | |||
Weighted Average Life Remaining, Outstanding at September 30, 2023 (in years) | 1 year 1 month 24 days | |||
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023 | $ 44.44 | $ 44.44 | ||
Unamortized share-based compensation expense | $ 12,400 | $ 12,400 | ||
Severance Costs | $ 0 | $ 0 | $ 547 | $ 0 |
Restricted Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Number of Shares, Outstanding at December 31, 2022 | 38,605 | |||
Number of Shares, Granted | 43,497 | |||
Number of Shares, Vested | (40,054) | |||
Number of Shares, Outstanding at September 30, 2023 | 42,048 | 42,048 | ||
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022 | $ 50.77 | |||
Weighted Average Grant Date Fair Value, Granted | 41.67 | |||
Weighted Average Grant Date Fair Value, Vested | $ 50.44 | |||
Weighted Average Life Remaining, Outstanding at September 30, 2023 (in years) | 8 months 1 day | |||
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023 | $ 41.67 | $ 41.67 | ||
Unamortized share-based compensation expense | $ 1,200 | $ 1,200 | ||
Restricted Share Units [Member] | Non-Employee Trustees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Share-based Payment Arrangement, Expense | 1,500 | 1,700 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Share-based Payment Arrangement, Expense | 5,700 | $ 5,900 | ||
Severance Costs | $ 400 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 | |
Operating Leases [Abstract] | |||||
Lease, Cost | The following table summarizes rental revenue, including sublease arrangements and lease costs, for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Classification 2023 2022 2023 2022 Operating leases Rental revenue $ 155,689 $ 134,316 $ 446,454 $ 405,062 Sublease income - operating ground leases Rental revenue 8,251 6,155 20,947 17,887 Lease costs Operating ground lease cost Property operating expense $ 6,571 $ 6,602 $ 19,735 $ 18,707 Operating office lease cost General and administrative expense 224 226 672 678 | ||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Number of Properties Subject to Ground Leases | 51 | 51 | 52 | ||
Operating Lease, Lease Income | $ 163,940 | $ 140,471 | $ 467,401 | $ 422,949 | |
Property operating expense | 14,592 | 14,707 | 42,719 | 42,238 | |
General and Administrative Expense | $ 13,464 | 12,582 | $ 42,677 | 38,497 | |
Number of tenants, ground lease subtenants, cash basis | 2 | 2 | |||
Property Subject to Operating Lease | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Operating Lease, Lease Income | $ 155,689 | 134,316 | $ 446,454 | 405,062 | |
vacant | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Number of Properties Subject to Ground Leases | 1 | 1 | |||
Ground Lease Arrangement [Member] | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Sublease Income | $ 8,251 | 6,155 | $ 20,947 | 17,887 | |
Property operating expense | 6,571 | 6,602 | 19,735 | 18,707 | |
Office Lease [Member] | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
General and Administrative Expense | $ 224 | $ 226 | $ 672 | $ 678 |
Segment Information Balance She
Segment Information Balance Sheet Data (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) Integer | Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of Reportable Operating Segments | Integer | 2 | |
Total Assets | $ 5,719,377 | $ 5,758,701 |
Experiential Reportable Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 5,102,759 | 5,164,710 |
Education Reportable Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 444,751 | 473,580 |
Corporate / Unallocated | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 171,867 | $ 120,411 |
Segment Information Operating D
Segment Information Operating Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Operating Lease, Lease Income | $ 163,940 | $ 140,471 | $ 467,401 | $ 422,949 |
Other income | 14,422 | 11,360 | 33,879 | 30,626 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 11,022 | 9,579 | 32,407 | 25,753 |
Revenues | 189,384 | 161,410 | 533,687 | 479,328 |
Property operating expense | 14,592 | 14,707 | 42,719 | 42,238 |
Other expense | 13,124 | 9,135 | 31,235 | 26,104 |
Total investment expenses | 27,716 | 23,842 | 73,954 | 68,342 |
Net Operating Income - Before Unallocated Items | 161,668 | 137,568 | 459,733 | 410,986 |
Reconciliation to Consolidated Statements of Income: | ||||
General and administrative expense | (13,464) | (12,582) | (42,677) | (38,497) |
Severance Costs | 0 | 0 | (547) | 0 |
Transaction costs | (847) | (148) | (1,153) | (3,540) |
Financing Receivable, Credit Loss, Expense (Reversal) | 719 | (241) | 407 | (9,447) |
Asset Impairment Charges | (20,887) | 0 | (64,672) | (4,351) |
Depreciation and amortization | (42,432) | (41,539) | (127,341) | (122,349) |
Gain on sale of real estate | 2,550 | 304 | 1,415 | 304 |
Interest expense, net | (31,208) | (32,747) | (94,521) | (99,296) |
Equity in (income) loss from joint ventures | 533 | 572 | (2,067) | 1,887 |
Impairment charges on joint ventures | 0 | 0 | 0 | (647) |
Income tax expense | (372) | (388) | (1,060) | (1,150) |
Net income attributable to EPR Properties | 56,260 | 50,799 | 127,517 | 133,900 |
Preferred dividend requirements | (6,032) | (6,033) | (18,105) | (18,099) |
Net Income (Loss) Available to Common Stockholders, Basic | 50,228 | 44,766 | 109,412 | 115,801 |
Experiential Reportable Operating Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Lease, Lease Income | 153,953 | 130,588 | 438,074 | 392,622 |
Other income | 14,275 | 11,200 | 33,208 | 28,095 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 10,810 | 9,353 | 31,753 | 25,069 |
Revenues | 179,038 | 151,141 | 503,035 | 445,786 |
Property operating expense | 14,144 | 14,707 | 42,065 | 41,758 |
Other expense | 13,124 | 9,135 | 31,235 | 26,104 |
Total investment expenses | 27,268 | 23,842 | 73,300 | 67,862 |
Net Operating Income - Before Unallocated Items | 151,770 | 127,299 | 429,735 | 377,924 |
Education Reportable Operating Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Lease, Lease Income | 9,987 | 9,883 | 29,327 | 30,327 |
Other income | 0 | 0 | 1 | 0 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 212 | 226 | 654 | 684 |
Revenues | 10,199 | 10,109 | 29,982 | 31,011 |
Property operating expense | 156 | 0 | 156 | (7) |
Other expense | 0 | 0 | 0 | 0 |
Total investment expenses | 156 | 0 | 156 | (7) |
Net Operating Income - Before Unallocated Items | 10,043 | 10,109 | 29,826 | 31,018 |
Corporate / Unallocated | ||||
Segment Reporting Information [Line Items] | ||||
Operating Lease, Lease Income | 0 | 0 | 0 | 0 |
Other income | 147 | 160 | 670 | 2,531 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 0 | 0 | 0 | 0 |
Revenues | 147 | 160 | 670 | 2,531 |
Property operating expense | 292 | 0 | 498 | 487 |
Other expense | 0 | 0 | 0 | 0 |
Total investment expenses | 292 | 0 | 498 | 487 |
Net Operating Income - Before Unallocated Items | $ (145) | $ 160 | $ 172 | $ 2,044 |
Other Commitments And Conting_2
Other Commitments And Contingencies (Details) $ in Millions | Sep. 30, 2023 USD ($) mortgagenotes |
Number Of Mortgage Notes Receivable | mortgagenotes | 4 |
Mortgage Note and Notes Receivable Commitments | $ 73.5 |
Number of Surety Bonds | 3 |
Surety bonds | $ 2.6 |
Experiential Reportable Operating Segment [Member] | |
Development projects in process (in projects) | 16 |
Other Commitment | $ 199.1 |
Uncategorized Items - epr-20230
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 110,511,000 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 289,901,000 |