ý
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Maryland
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43-1790877
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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909 Walnut Street, Suite 200
Kansas City, Missouri
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64106
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common shares of beneficial interest, par value $.01 per share
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New York Stock Exchange
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5.75% Series C cumulative convertible preferred shares of beneficial interest, par value $.01 per share
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New York Stock Exchange
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9.00% Series E cumulative convertible preferred shares of beneficial interest, par value $.01 per share
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New York Stock Exchange
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5.75% Series G cumulative redeemable preferred shares of beneficial interest, par value $.01 per share
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New York Stock Exchange
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Emerging growth company
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¨
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•
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Global economic uncertainty and disruptions in financial markets;
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Reduction in discretionary spending by consumers;
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Adverse changes in our credit ratings;
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Fluctuations in interest rates;
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Defaults in the performance of lease terms by our tenants;
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Defaults by our customers and counterparties on their obligations owed to us;
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A borrower's bankruptcy or default;
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Our ability to renew maturing leases on terms comparable to prior leases and/or our ability to locate substitute lessees for these properties on economically favorable terms;
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Risks of operating in the entertainment industry;
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Our ability to compete effectively;
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Risks associated with a single tenant representing a substantial portion of our lease revenues;
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The ability of our public charter school tenants to comply with their charters and continue to receive funding from local, state and federal governments, the approval by applicable governing authorities of substitute operators to assume control of any failed public charter schools and our ability to negotiate the terms of new leases with such substitute tenants on acceptable terms;
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The ability of our build-to-suit tenants to achieve sufficient operating results within expected timeframes and therefore have capacity to pay their agreed upon rent;
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The ability of our early childhood education tenant, Children's Learning Adventure, to successfully transition our properties to one or more third party operators;
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Risks associated with potential criminal proceedings against one of our waterpark mortgagors and certain related parties, which could negatively impact the likelihood of repayment of the related mortgage loans secured by the waterpark and other collateral;
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Risks relating to our tenants' exercise of purchase options or borrowers' exercise of prepayment options related to our education properties;
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Risks associated with our dependence on third-party managers to operate certain of our recreation anchored lodging properties;
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Risks associated with our level of indebtedness;
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Risks associated with use of leverage to acquire properties;
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Financing arrangements that require lump-sum payments;
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Our ability to raise capital;
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Covenants in our debt instruments that limit our ability to take certain actions;
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The concentration and lack of diversification of our investment portfolio;
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Our continued qualification as a real estate investment trust for U.S. federal income tax purposes and related tax matters;
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The ability of our subsidiaries to satisfy their obligations;
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Financing arrangements that expose us to funding or purchase risks;
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Our reliance on a limited number of employees, the loss of which could harm operations;
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Risks associated with the employment of personnel by managers of our recreation anchored lodging properties;
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Risks associated with security breaches and other disruptions;
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Changes in accounting standards that may adversely affect our financial statements;
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Fluctuations in the value of real estate income and investments;
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Risks relating to real estate ownership, leasing and development, including local conditions such as an oversupply of space or a reduction in demand for real estate in the area, competition from other available space, whether tenants and users such as customers of our tenants consider a property attractive, changes in real estate taxes and other expenses, changes in market rental rates, the timing and costs associated with property improvements and rentals, changes in taxation or zoning laws or other governmental regulation, whether we are able to pass some or all of any increased operating costs through to tenants or other customers, and how well we manage our properties;
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Our ability to secure adequate insurance and risk of potential uninsured losses, including from natural disasters;
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Risks involved in joint ventures;
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Risks in leasing multi-tenant properties;
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A failure to comply with the Americans with Disabilities Act or other laws;
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Risks of environmental liability;
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Risks associated with the relatively illiquid nature of our real estate investments;
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Risks with owning assets in foreign countries;
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Risks associated with owning, operating or financing properties for which the tenants', mortgagors' or our operations may be impacted by weather conditions and climate change;
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Risks associated with the development, redevelopment and expansion of properties and the acquisition of other real estate related companies;
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Our ability to pay dividends in cash or at current rates;
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Fluctuations in the market prices for our shares;
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Certain limits on changes in control imposed under law and by our Declaration of Trust and Bylaws;
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Policy changes obtained without the approval of our shareholders;
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Equity issuances that could dilute the value of our shares;
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Future offerings of debt or equity securities, which may rank senior to our common shares;
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Risks associated with changes in foreign exchange rates; and
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Changes in laws and regulations, including tax laws and regulations.
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Page
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Item 16.
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•
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$3.0 billion
or 43% related to entertainment properties, which includes megaplex theatres, entertainment retail centers (centers typically anchored by an entertainment component such as a megaplex theatre and containing other entertainment-related or retail properties), family entertainment centers and other retail parcels;
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$2.3 billion
or 33% related to recreation properties, which includes ski properties, attractions, golf entertainment complexes and other recreation facilities;
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$1.4 billion
or 21% related to education properties, which consists of investments in public charter schools, early education centers and K-12 private schools; and
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$194.9 million
or 3% related to other properties, which relates to the Resorts World Catskills (formerly Adelaar) casino and resort project in Sullivan County, New York.
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152
megaplex theatres located in 35 states;
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seven
entertainment retail centers (which included
seven
additional megaplex theatres) located in three states, and Canada;
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11
family entertainment centers located in six states;
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land parcels leased to restaurant and retail operators adjacent to several of our theatre properties;
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$20.0 million in construction in progress primarily for real estate development and redevelopment of megaplex theatres as well as other retail redevelopment projects; and
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$4.5 million in undeveloped land inventory.
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12
ski properties located in seven states;
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21
attractions located in 13 states;
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34
golf entertainment complexes located in 19 states;
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13
other recreation properties located in six states; and
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$249.9 million in construction in progress primarily for the development of an indoor waterpark hotel at the Resorts World Catskills casino and resort project located in Sullivan County, New York and golf entertainment complexes.
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59
public charter schools located in 19 states;
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69
early education centers located in 21 states;
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15
private schools located in nine states;
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$17.6 million in construction in progress for real estate development or expansions of public charter schools and early education centers; and
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$9.6 million in undeveloped land inventory.
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Year Option Exercisable
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Number of Education Properties
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Total Development Cost
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Total Potential Termination Fees/Prepayment Penalties in Option Period
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2019
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10
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$
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122,833
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$
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19,152
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2020
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15
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126,896
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22,967
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2021
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13
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131,709
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22,103
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2022
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4
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40,160
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8,915
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2023
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—
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—
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—
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Thereafter
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4
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155,888
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22,746
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•
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Specialty versus commodity real estate
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New or emerging generation of real estate as a result of age, technology or change in consumer lifestyle or habits
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Underlying activity long-lived
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Real estate that supports commercially successful activities
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Outlook for business stable or growing
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Best-of-class executions that create market-dominant properties
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Sustainable customer demand within the category despite a potential change in tenancy
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Tenants with a reliable track record of customer service and satisfaction
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Initially accretive with escalating yield over time
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Rent participation features which allow for participation in financial performance
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Scalable depth of opportunity
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Strong, stable rent coverage and the potential for cross-default features
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First mover advantage and/or dominant player in real estate ownership or financing
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Preferred tenant or borrower relationship that provides access to sites and development projects
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Data available to assess and monitor performance
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limiting our ability to obtain additional financing to fund our working capital needs, acquisitions, capital
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limiting our ability to use operating cash flow in other areas of our business because we must dedicate a substantial portion of these funds to service debt;
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limiting our ability to compete with other companies who are not as highly leveraged, as we may be less capable of responding to adverse economic and industry conditions;
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restricting us from making strategic acquisitions, developing properties or exploiting business opportunities;
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restricting the way in which we conduct our business because of financial and operating covenants in the agreements governing our existing and future indebtedness;
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exposing us to potential events of default (if not cured or waived) under financial and operating covenants contained in our debt instruments that could have a material adverse effect on our business, financial condition and operating results;
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increasing our vulnerability to a downturn in general economic conditions or in pricing of our investments;
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negatively impacting our credit ratings; and
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limiting our ability to react to changing market conditions in our industry and in our customers’ industries.
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we would not be allowed a deduction for dividends paid to shareholders in computing our taxable income and would be subject to federal income tax at regular corporate rates;
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we could be subject to increased state and local taxes;
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unless we are entitled to relief under statutory provisions, we could not elect to be treated as a REIT for four taxable years following the year in which we were disqualified; and
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we could be subject to tax penalties and interest.
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our TRSs may not directly or indirectly operate or manage a lodging facility, as defined by the Internal Revenue Code;
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the leases to our TRSs must be respected as true leases for federal income tax purposes and not as service contracts, partnerships, joint ventures, financings or other types of arrangements;
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the leased properties must constitute qualified lodging facilities (including customary amenities and facilities) under the Internal Revenue Code;
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our leased properties must be managed and operated on behalf of the TRSs by independent contractors who are less than 35% affiliated with us and who are actively engaged (or have affiliates so engaged) in the trade
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the rental and other terms of the leases must be arm's length.
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international, national, regional and local economic conditions;
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consequences of any armed conflict involving, or terrorist attack against, the United States or Canada;
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the threat of domestic terrorism or pandemic outbreaks, which could cause customers of our tenants to avoid public places where large crowds are in attendance, such as megaplex theatres or recreational properties operated by our tenants or recreation anchored lodging properties operated by our managers;
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our ability or the ability of our tenants or managers to secure adequate insurance;
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natural disasters, such as earthquakes, hurricanes and floods, which could exceed the aggregate limits of insurance coverage;
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local conditions such as an oversupply of space or lodging properties or a reduction in demand for real estate in the area;
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competition from other available space or, in the case of our recreation anchored lodging properties, competition from other lodging properties or alternative lodging options in our markets;
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whether tenants and users such as customers of our tenants consider a property attractive;
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the financial condition of our tenants, mortgagors and managers, including the extent of bankruptcies or defaults;
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whether we are able to pass some or all of any increased operating costs through to tenants or other customers;
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how well we manage our properties or how well the managers of our recreation anchored lodging properties manage those properties;
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in the case of our recreation anchored lodging properties, dependence on demand from business and leisure travelers, which may fluctuate and be seasonal;
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fluctuations in interest rates;
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changes in real estate taxes and other expenses;
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changes in market rental rates;
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the timing and costs associated with property improvements and rentals;
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changes in taxation or zoning laws;
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government regulation;
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availability of financing on acceptable terms or at all;
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potential liability under environmental or other laws or regulations; and
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general competitive factors.
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the risk that tenants will not perform under their leases or that managers will not perform under their management agreements, reducing our income from such leases or properties under such management;
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we may not always be able to lease properties at favorable rates or certain tenants may require significant capital expenditures by us to conform existing properties to their requirements;
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we may not always be able to sell a property when we desire to do so at a favorable price; and
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changes in tax, zoning or other laws could make properties less attractive or less profitable.
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as owner, we may have to pay for property damage and for investigation and clean-up costs incurred in connection with the contamination;
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the law may impose clean-up responsibility and liability regardless of whether the owner or operator knew
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even if more than one person is responsible for the contamination, each person who shares legal liability under environmental laws may be held responsible for all of the clean-up costs; and
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governmental entities and third parties may sue the owner or operator of a contaminated site for damages and costs.
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we may not succeed in completing developments or consummating desired acquisitions on time;
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we may face competition in pursuing development or acquisition opportunities, which could increase our costs;
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we may encounter difficulties and incur substantial expenses in integrating acquired properties into our operations and systems and, in any event, the integration may require a substantial amount of time on the part of both our management and employees and therefore divert their attention from other aspects of our business;
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we may undertake developments or acquisitions in new markets or industries where we do not have the same level of market knowledge, which may expose us to unanticipated risks in those markets and industries to which we are unable to effectively respond, such as an inability to attract qualified personnel with knowledge of such markets and industries;
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we may incur construction costs in connection with developments, which may be higher than projected, potentially making the project unfeasible or unprofitable;
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we may incur unanticipated capital expenditures in order to maintain or improve acquired properties;
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we may be unable to obtain zoning, occupancy or other governmental approvals;
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we may experience delays in receiving rental payments for developments that are not completed on time;
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our developments or acquisitions may not be profitable;
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we may need the consent of third parties such as anchor tenants, mortgage lenders and joint venture partners, and those consents may be withheld;
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we may incur adverse tax consequences if we fail to qualify as a REIT for U.S. federal income tax purposes following an acquisition;
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we may be subject to risks associated with providing mortgage financing to third parties in connection with transactions, including any default under such mortgage financing;
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we may face litigation or other claims in connection with, or as a result of, acquisitions, including claims from terminated employees, tenants, former stockholders or other third parties;
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the market price of our common shares, preferred shares and debt securities may decline, particularly if we do not achieve the perceived benefits of any acquisition as rapidly or to the extent anticipated by securities or industry analysts or if the effect of an acquisition on our financial condition, results of operations and cash flows is not consistent with the expectations of these analysts;
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we may issue shares in connection with acquisitions resulting in dilution to our existing shareholders; and
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we may assume debt or other liabilities in connection with acquisitions.
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a limit on beneficial ownership of our shares, which acts as a defense against a hostile takeover or acquisition of a significant or controlling interest, in addition to preserving our REIT status;
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the ability of the Board of Trustees to issue preferred or common shares, to reclassify preferred or common shares, and to increase the amount of our authorized preferred or common shares, without shareholder approval;
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limits on the ability of shareholders to remove trustees without cause;
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requirements for advance notice of shareholder proposals at shareholder meetings;
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provisions of Maryland law restricting business combinations and control share acquisitions not approved by the Board of Trustees and unsolicited takeovers;
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provisions of Maryland law protecting corporations (and by extension REITs) against unsolicited takeovers by limiting the duties of the trustees in unsolicited takeover situations;
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provisions in Maryland law providing that the trustees are not subject to any higher duty or greater scrutiny than that applied to any other director under Maryland law in transactions relating to the acquisition or potential acquisition of control;
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provisions of Maryland law creating a statutory presumption that an act of the trustees satisfies the applicable standards of conduct for trustees under Maryland law;
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provisions in loan or joint venture agreements putting the Company in default upon a change in control; and
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provisions of our compensation arrangements with our employees calling for severance compensation and vesting of equity compensation upon termination of employment upon a change in control or certain events of the employees' termination of service.
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Number of Properties
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Building Gross Square Footage
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Percentage Leased
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Rental Revenue for the Year
Ended December 31, 2018 |
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% of Company's Rental Revenue
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Entertainment
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Megaplex Theatres
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152
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10,679,882
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$
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229,413
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41.2
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%
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ERCs/Retail
|
7
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|
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2,071,566
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|
|
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61,395
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|
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11.0
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%
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Other Entertainment
|
11
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|
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690,369
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|
|
|
|
10,974
|
|
|
2.0
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%
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Total Entertainment
|
170
|
|
|
13,441,817
|
|
|
98.4
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%
|
|
301,782
|
|
|
54.2
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%
|
|
Recreation
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|
|
|
|
|
|
|
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Ski Properties
|
5
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|
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608,255
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|
|
|
|
24,981
|
|
|
4.5
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%
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Attractions
|
18
|
|
|
952,527
|
|
|
|
|
50,973
|
|
|
9.2
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%
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||
Golf Entertainment Complexes
|
31
|
|
|
1,974,304
|
|
|
|
|
59,533
|
|
|
10.7
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%
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Other Recreation
|
10
|
|
|
498,995
|
|
|
|
|
7,335
|
|
|
1.3
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%
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Total Recreation
|
64
|
|
|
4,034,081
|
|
|
100
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%
|
|
142,822
|
|
|
25.7
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%
|
|
Education
|
|
|
|
|
|
|
|
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||||||
Public Charter Schools
|
51
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|
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2,823,965
|
|
|
|
|
47,905
|
|
|
8.6
|
%
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Early Childhood Education
|
68
|
|
|
1,168,962
|
|
|
|
|
25,064
|
|
|
4.5
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%
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Private Schools
|
14
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|
|
710,667
|
|
|
|
|
29,673
|
|
|
5.3
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%
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Total Education
|
133
|
|
|
4,703,594
|
|
|
97.8
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%
|
|
102,642
|
|
|
18.4
|
%
|
|
Other
|
1
|
|
|
—
|
|
|
100
|
%
|
|
9,117
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
368
|
|
|
22,179,492
|
|
|
98.6
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%
|
|
$
|
556,363
|
|
|
100.0
|
%
|
Megaplex Theatre Portfolio
|
|
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Year
|
|
Number of
Properties
|
|
Square
Footage
|
|
Revenue for the Year
Ended December 31, 2018
|
|
% of Company's Total
Revenue
|
|
|||||
2019
|
|
3
|
|
|
303,831
|
|
|
$
|
6,511
|
|
|
1
|
%
|
|
2020
|
|
3
|
|
|
186,512
|
|
|
3,986
|
|
|
1
|
%
|
|
|
2021
|
|
9
|
|
|
643,849
|
|
|
11,106
|
|
|
2
|
%
|
|
|
2022
|
|
10
|
|
|
822,146
|
|
|
20,573
|
|
|
3
|
%
|
|
|
2023
|
|
9
|
|
|
892,232
|
|
|
21,257
|
|
|
3
|
%
|
|
|
2024
|
|
14
|
|
|
1,133,549
|
|
|
28,183
|
|
|
4
|
%
|
|
|
2025
|
|
5
|
|
|
287,555
|
|
|
10,028
|
|
|
2
|
%
|
|
|
2026
|
|
8
|
|
|
500,648
|
|
|
16,354
|
|
|
2
|
%
|
|
|
2027
|
|
17
|
|
|
992,828
|
|
|
24,184
|
|
|
4
|
%
|
|
|
2028
|
|
14
|
|
|
992,578
|
|
|
27,451
|
|
|
4
|
%
|
|
|
2029
|
|
10
|
|
|
714,593
|
|
|
12,486
|
|
|
2
|
%
|
|
|
2030
|
|
16
|
|
|
1,323,531
|
|
|
21,594
|
|
|
3
|
%
|
|
|
2031
|
|
14
|
|
|
1,025,239
|
|
|
22,847
|
|
|
3
|
%
|
|
|
2032
|
|
7
|
|
|
344,370
|
|
|
6,565
|
|
|
1
|
%
|
|
|
2033
|
|
9
|
|
|
462,822
|
|
|
6,708
|
|
|
1
|
%
|
|
|
2034
|
|
2
|
|
|
111,493
|
|
|
1,977
|
|
|
—
|
%
|
|
|
2035
|
|
2
|
|
|
51,037
|
|
|
2,297
|
|
|
—
|
%
|
|
|
2036
|
|
2
|
|
|
103,164
|
|
|
2,393
|
|
|
—
|
%
|
|
|
2037
|
|
3
|
|
|
310,360
|
|
|
7,726
|
|
|
1
|
%
|
|
|
2038
|
|
2
|
|
|
116,464
|
|
|
2,294
|
|
|
—
|
%
|
|
|
|
|
159
|
|
|
11,318,801
|
|
|
$
|
256,520
|
|
|
37
|
%
|
|
|
Recreation Portfolio
|
|
|
|||||||||||
Year
|
|
Number of
Properties
|
|
Square
Footage
|
|
Revenue for the Year
Ended December 31, 2018
|
|
% of Company's Total
Revenue
|
|
|||||
2019
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2023
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2024
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2025
|
|
1
|
|
|
—
|
|
|
1,850
|
|
|
—
|
%
|
|
|
2026
|
|
1
|
|
|
—
|
|
|
4,922
|
|
|
1
|
%
|
|
|
2027
|
|
2
|
|
|
239,547
|
|
|
17,715
|
|
|
2
|
%
|
|
|
2028
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2029
|
|
2
|
|
|
—
|
|
|
3,068
|
|
|
—
|
%
|
|
|
2030
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2031
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2032
|
|
5
|
|
|
183,723
|
|
|
6,235
|
|
|
1
|
%
|
|
|
2033
|
|
2
|
|
|
64,100
|
|
|
3,726
|
|
|
1
|
%
|
|
|
2034
|
|
7
|
|
|
399,205
|
|
|
11,706
|
|
|
2
|
%
|
|
|
2035
|
|
13
|
|
|
1,481,200
|
|
|
41,380
|
|
|
6
|
%
|
|
|
2036
|
|
5
|
|
|
263,758
|
|
|
10,124
|
|
|
1
|
%
|
|
|
2037
|
|
15
|
|
|
433,008
|
|
|
35,326
|
|
|
5
|
%
|
|
|
2038
|
|
7
|
|
|
748,340
|
|
|
5,824
|
|
|
1
|
%
|
|
|
Thereafter
|
|
2
|
|
|
—
|
|
|
1,008
|
|
|
—
|
%
|
|
|
|
|
62
|
|
|
3,812,881
|
|
|
$
|
142,884
|
|
|
20
|
%
|
|
|
Education Portfolio
|
|
|
|||||||||||
Year
|
|
Number of
Properties
|
|
Square
Footage
|
|
Revenue for the Year
Ended December 31, 2018
|
|
% of Company's Total
Revenue
|
|
|||||
2019
|
|
22
|
|
|
642,042
|
|
|
$
|
9,394
|
|
|
1
|
%
|
|
2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2021
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2022
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2023
|
|
1
|
|
|
26,872
|
|
|
313
|
|
|
—
|
%
|
|
|
2024
|
|
1
|
|
|
59,024
|
|
|
1,216
|
|
|
—
|
%
|
|
|
2025
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2026
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2027
|
|
6
|
|
|
358,498
|
|
|
4,558
|
|
|
1
|
%
|
|
|
2028
|
|
1
|
|
|
4,950
|
|
|
64
|
|
|
—
|
%
|
|
|
2029
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2030
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
2031
|
|
10
|
|
|
209,948
|
|
|
3,965
|
|
|
1
|
%
|
|
|
2032
|
|
6
|
|
|
324,148
|
|
|
7,405
|
|
|
1
|
%
|
|
|
2033
|
|
5
|
|
|
256,388
|
|
|
4,151
|
|
|
1
|
%
|
|
|
2034
|
|
11
|
|
|
714,590
|
|
|
23,936
|
|
|
3
|
%
|
|
|
2035
|
|
9
|
|
|
455,771
|
|
|
9,955
|
|
|
1
|
%
|
|
|
2036
|
|
10
|
|
|
555,335
|
|
|
15,348
|
|
|
2
|
%
|
|
|
2037
|
|
9
|
|
|
281,367
|
|
|
6,384
|
|
|
1
|
%
|
|
|
2038
|
|
8
|
|
|
239,945
|
|
|
4,580
|
|
|
1
|
%
|
|
|
Thereafter
|
|
32
|
|
|
472,852
|
|
|
13,766
|
|
|
2
|
%
|
|
|
|
|
131
|
|
|
4,601,730
|
|
|
$
|
105,035
|
|
|
15
|
%
|
|
Location
|
|
Building (gross
sq. ft)
|
|
Rental Revenue for the Year Ended
December 31, 2018
|
|
% of
Rental
Revenue
|
||||
Texas
|
|
3,148,261
|
|
|
$
|
77,801
|
|
|
14.0
|
%
|
Florida
|
|
1,572,118
|
|
|
40,723
|
|
|
7.3
|
%
|
|
Ontario, Canada
|
|
1,172,535
|
|
|
33,834
|
|
|
6.1
|
%
|
|
California
|
|
1,172,423
|
|
|
60,115
|
|
|
10.8
|
%
|
|
Ohio
|
|
1,097,201
|
|
|
15,421
|
|
|
2.8
|
%
|
|
Illinois
|
|
1,056,903
|
|
|
27,330
|
|
|
4.9
|
%
|
|
Virginia
|
|
1,052,528
|
|
|
23,824
|
|
|
4.3
|
%
|
|
Pennsylvania
|
|
1,002,204
|
|
|
24,088
|
|
|
4.3
|
%
|
|
North Carolina
|
|
869,989
|
|
|
23,782
|
|
|
4.3
|
%
|
|
Colorado
|
|
812,554
|
|
|
19,176
|
|
|
3.4
|
%
|
|
Arizona
|
|
753,503
|
|
|
20,301
|
|
|
3.6
|
%
|
|
New York
|
|
702,917
|
|
|
35,245
|
|
|
6.3
|
%
|
|
Michigan
|
|
699,275
|
|
|
12,547
|
|
|
2.3
|
%
|
|
Georgia
|
|
679,175
|
|
|
13,326
|
|
|
2.4
|
%
|
|
Louisiana
|
|
661,262
|
|
|
14,964
|
|
|
2.7
|
%
|
|
Tennessee
|
|
577,629
|
|
|
13,167
|
|
|
2.4
|
%
|
|
Missouri
|
|
517,613
|
|
|
1,970
|
|
|
0.4
|
%
|
|
Kansas
|
|
512,002
|
|
|
11,798
|
|
|
2.1
|
%
|
|
New Jersey
|
|
464,105
|
|
|
9,197
|
|
|
1.7
|
%
|
|
Indiana
|
|
457,998
|
|
|
7,424
|
|
|
1.3
|
%
|
|
Alabama
|
|
323,972
|
|
|
7,745
|
|
|
1.4
|
%
|
|
South Carolina
|
|
316,862
|
|
|
5,787
|
|
|
1.0
|
%
|
|
Kentucky
|
|
298,196
|
|
|
5,474
|
|
|
1.0
|
%
|
|
Minnesota
|
|
181,764
|
|
|
5,227
|
|
|
0.9
|
%
|
|
Idaho
|
|
179,036
|
|
|
2,763
|
|
|
0.5
|
%
|
|
Maryland
|
|
176,441
|
|
|
4,151
|
|
|
0.7
|
%
|
|
Connecticut
|
|
171,907
|
|
|
3,561
|
|
|
0.6
|
%
|
|
Arkansas
|
|
165,219
|
|
|
3,834
|
|
|
0.7
|
%
|
|
Massachusetts
|
|
165,028
|
|
|
1,496
|
|
|
0.3
|
%
|
|
Utah
|
|
160,000
|
|
|
2,485
|
|
|
0.4
|
%
|
|
Mississippi
|
|
116,900
|
|
|
3,439
|
|
|
0.6
|
%
|
|
Nebraska
|
|
107,402
|
|
|
1,836
|
|
|
0.3
|
%
|
|
Maine
|
|
107,000
|
|
|
1,870
|
|
|
0.3
|
%
|
|
New Hampshire
|
|
97,400
|
|
|
2,279
|
|
|
0.4
|
%
|
|
Iowa
|
|
93,755
|
|
|
1,339
|
|
|
0.2
|
%
|
|
Nevada
|
|
92,697
|
|
|
1,804
|
|
|
0.3
|
%
|
|
Oklahoma
|
|
90,737
|
|
|
6,374
|
|
|
1.2
|
%
|
|
Oregon
|
|
72,546
|
|
|
2,434
|
|
|
0.4
|
%
|
|
New Mexico
|
|
71,297
|
|
|
1,257
|
|
|
0.2
|
%
|
|
Washington
|
|
47,004
|
|
|
2,330
|
|
|
0.5
|
%
|
|
Montana
|
|
44,650
|
|
|
992
|
|
|
0.3
|
%
|
|
Wisconsin
|
|
22,580
|
|
|
377
|
|
|
0.1
|
%
|
|
Hawaii
|
|
—
|
|
|
1,476
|
|
|
0.3
|
%
|
|
|
|
22,084,588
|
|
|
$
|
556,363
|
|
|
100.0
|
%
|
Period
|
|
Total Number of Shares Purchased
|
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
|
||||||
October 1 through October 31, 2018 common stock
|
|
—
|
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
November 1 through November 30, 2018 common stock
|
|
8,862
|
|
(1)
|
|
70.08
|
|
|
—
|
|
|
—
|
|
||
December 1 through December 31, 2018 common stock
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
|
8,862
|
|
|
|
$
|
70.08
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Total Return Analysis
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
12/31/2013
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2016
|
|
12/31/2017
|
|
12/31/2018
|
||||||||||||
EPR Properties
|
$
|
100.00
|
|
|
$
|
124.85
|
|
|
$
|
134.88
|
|
|
$
|
174.87
|
|
|
$
|
168.90
|
|
|
$
|
176.91
|
|
MSCI U.S. REIT Index
|
$
|
100.00
|
|
|
$
|
130.38
|
|
|
$
|
133.67
|
|
|
$
|
145.16
|
|
|
$
|
152.52
|
|
|
$
|
145.55
|
|
Russell 1000 Index
|
$
|
100.00
|
|
|
$
|
113.24
|
|
|
$
|
114.28
|
|
|
$
|
128.05
|
|
|
$
|
155.82
|
|
|
$
|
148.37
|
|
Operating Statement Data
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Year Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Total revenue
|
$
|
700,731
|
|
|
$
|
575,991
|
|
|
$
|
493,242
|
|
|
$
|
421,017
|
|
|
$
|
385,051
|
|
Net income attributable to EPR Properties
|
266,983
|
|
|
262,968
|
|
|
224,982
|
|
|
194,532
|
|
|
179,633
|
|
|||||
Preferred dividend requirements
|
(24,142
|
)
|
|
(24,293
|
)
|
|
(23,806
|
)
|
|
(23,806
|
)
|
|
(23,807
|
)
|
|||||
Preferred share redemption costs
|
—
|
|
|
(4,457
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income available to common shareholders of EPR Properties
|
242,841
|
|
|
234,218
|
|
|
201,176
|
|
|
170,726
|
|
|
155,826
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
3.27
|
|
|
3.29
|
|
|
3.17
|
|
|
2.94
|
|
|
2.87
|
|
|||||
Diluted
|
3.27
|
|
|
3.29
|
|
|
3.17
|
|
|
2.93
|
|
|
2.86
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Shares used for computation (in thousands):
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
74,292
|
|
|
71,191
|
|
|
63,381
|
|
|
58,138
|
|
|
54,244
|
|
|||||
Diluted
|
74,337
|
|
|
71,254
|
|
|
63,474
|
|
|
58,328
|
|
|
54,444
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends declared per common share
|
4.32
|
|
|
4.08
|
|
|
3.84
|
|
|
3.63
|
|
|
3.42
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Data (at period end)
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
5,872
|
|
|
41,917
|
|
|
19,335
|
|
|
4,283
|
|
|
3,336
|
|
|||||
Total assets
|
6,131,390
|
|
|
6,191,493
|
|
|
4,865,022
|
|
|
4,217,270
|
|
|
3,686,275
|
|
|||||
Debt
|
2,986,054
|
|
|
3,028,827
|
|
|
2,485,625
|
|
|
1,981,920
|
|
|
1,629,750
|
|
|||||
Total liabilities
|
3,266,367
|
|
|
3,264,168
|
|
|
2,679,121
|
|
|
2,143,402
|
|
|
1,759,786
|
|
|||||
Equity
|
2,865,023
|
|
|
2,927,325
|
|
|
2,185,901
|
|
|
2,073,868
|
|
|
1,926,489
|
|
•
|
Our Entertainment segment included investments in
152
megaplex theatres,
seven
entertainment retail centers (which included
seven
additional megaplex theatres) and
11
family entertainment centers. Our portfolio of owned entertainment properties consisted of
13.4 million
square feet and was
98%
leased, including megaplex theatres that were
100%
leased.
|
•
|
Our Recreation segment included investments in
12
ski properties,
21
attractions,
34
golf entertainment complexes and
13
other recreation facilities. Our portfolio of owned recreation properties was
100%
leased.
|
•
|
Our Education segment included investments in
59
public charter schools,
69
early education centers and
15
private schools. Our portfolio of owned education properties consisted of
4.7 million
square feet and was
98%
leased.
|
•
|
Our Other segment consisted primarily of land under ground lease, property under development and land held for development related to the Resorts World Catskills casino and resort project in Sullivan County, New York.
|
|
Year ended December 31,
|
|
|
|||||||
|
2018
|
|
2017
|
|
Increase
|
|||||
Total revenue (1)
|
$
|
700.7
|
|
|
$
|
576.0
|
|
|
22
|
%
|
Net income available to common shareholders per diluted share (2)
|
3.27
|
|
|
3.29
|
|
|
(1
|
)%
|
||
FFOAA per diluted share (3)
|
6.10
|
|
|
5.02
|
|
|
22
|
%
|
For the Year Ended December 31, 2018
|
||||||||||||||||||||||||
Operating Segment
|
|
Total Investment Spending
|
|
New Development
|
|
Re-development
|
|
Asset Acquisition
|
|
Mortgage Notes or Notes Receivable
|
|
Investment in Joint Ventures
|
||||||||||||
Entertainment
|
|
$
|
87,194
|
|
|
$
|
31,276
|
|
|
$
|
33,500
|
|
|
$
|
22,418
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Recreation
|
|
383,990
|
|
|
208,831
|
|
|
650
|
|
|
94,671
|
|
|
11,365
|
|
|
68,473
|
|
||||||
Education
|
|
86,907
|
|
|
49,749
|
|
|
—
|
|
|
17,691
|
|
|
19,467
|
|
|
—
|
|
||||||
Other
|
|
13,891
|
|
|
13,891
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total Investment Spending
|
|
$
|
571,982
|
|
|
$
|
303,747
|
|
|
$
|
34,150
|
|
|
$
|
134,780
|
|
|
$
|
30,832
|
|
|
$
|
68,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
For the Year Ended December 31, 2017
|
||||||||||||||||||||||||
Operating Segment
|
|
Total Investment Spending
|
|
New Development
|
|
Re-development
|
|
Asset Acquisition
|
|
Mortgage Notes or Notes Receivable
|
|
Investment in Joint Ventures
|
||||||||||||
Entertainment
|
|
$
|
319,665
|
|
|
$
|
62,521
|
|
|
$
|
95,520
|
|
|
$
|
154,144
|
|
|
$
|
7,480
|
|
|
$
|
—
|
|
Recreation
|
|
1,006,741
|
|
|
189,907
|
|
|
1,223
|
|
|
542,453
|
|
|
273,158
|
|
|
—
|
|
||||||
Education
|
|
255,127
|
|
|
119,047
|
|
|
—
|
|
|
38,497
|
|
|
97,583
|
|
|
—
|
|
||||||
Other
|
|
1,079
|
|
|
1,079
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total Investment Spending
|
|
$
|
1,582,612
|
|
|
$
|
372,554
|
|
|
$
|
96,743
|
|
|
$
|
735,094
|
|
|
$
|
378,221
|
|
|
$
|
—
|
|
|
Year ended December 31,
|
|
|
|
|
||||||||||||||||||||||
Contractual Obligations
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
||||||||||||||
Long Term Debt Obligations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
380,000
|
|
|
$
|
675,000
|
|
|
$
|
1,964,995
|
|
|
$
|
3,019,995
|
|
Interest on Long Term Debt Obligations
|
138,524
|
|
|
138,908
|
|
|
138,908
|
|
|
131,522
|
|
|
100,588
|
|
|
271,005
|
|
|
919,455
|
|
|||||||
Operating Lease Obligation - Corporate Office
|
856
|
|
|
856
|
|
|
884
|
|
|
967
|
|
|
967
|
|
|
2,658
|
|
|
7,188
|
|
|||||||
Operating Ground Lease Obligations (1)
|
22,867
|
|
|
23,236
|
|
|
23,600
|
|
|
22,996
|
|
|
22,303
|
|
|
257,446
|
|
|
372,448
|
|
|||||||
Total
|
$
|
162,247
|
|
|
$
|
163,000
|
|
|
$
|
163,392
|
|
|
$
|
535,485
|
|
|
$
|
798,858
|
|
|
$
|
2,496,104
|
|
|
$
|
4,319,086
|
|
•
|
Common shares outstanding of 74,347,856 multiplied by the last reported sales price of our common shares on the NYSE of $64.03 per share, or $4.8 billion;
|
•
|
Aggregate liquidation value of our Series C convertible preferred shares of $134.9 million;
|
•
|
Aggregate liquidation value of our Series E convertible preferred shares of $86.2 million;
|
•
|
Aggregate liquidation value of our Series G redeemable preferred shares of $150.0 million; and
|
•
|
Net debt of
$3.0 billion
.
|
|
Year ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
FFO:
|
|
|
|
|
|
||||||
Net income available to common shareholders of EPR Properties
|
$
|
242,841
|
|
|
$
|
234,218
|
|
|
$
|
201,176
|
|
Gain on sale of real estate (excluding land sale)
|
(3,037
|
)
|
|
(41,942
|
)
|
|
(2,819
|
)
|
|||
Gain on sale of investment in direct financing leases
|
(5,514
|
)
|
|
—
|
|
|
—
|
|
|||
Impairment charges
|
27,283
|
|
|
—
|
|
|
—
|
|
|||
Impairment of direct financing leases - residual value portion (1)
|
—
|
|
|
2,897
|
|
|
—
|
|
|||
Real estate depreciation and amortization
|
152,508
|
|
|
132,040
|
|
|
106,049
|
|
|||
Allocated share of joint venture depreciation
|
226
|
|
|
218
|
|
|
229
|
|
|||
FFO available to common shareholders of EPR Properties
|
$
|
414,307
|
|
|
$
|
327,431
|
|
|
$
|
304,635
|
|
|
|
|
|
|
|
||||||
FFO available to common shareholders of EPR Properties
|
$
|
414,307
|
|
|
$
|
327,431
|
|
|
$
|
304,635
|
|
Add: Preferred dividends for Series C preferred shares
|
7,759
|
|
|
7,763
|
|
|
7,764
|
|
|||
Add: Preferred dividends for Series E preferred shares
|
7,756
|
|
|
7,761
|
|
|
—
|
|
|||
Diluted FFO available to common shareholders of EPR Properties
|
$
|
429,822
|
|
|
$
|
342,955
|
|
|
$
|
312,399
|
|
FFOAA:
|
|
|
|
|
|
||||||
FFO available to common shareholders of EPR Properties
|
$
|
414,307
|
|
|
$
|
327,431
|
|
|
$
|
304,635
|
|
Costs associated with loan refinancing or payoff
|
31,958
|
|
|
1,549
|
|
|
905
|
|
|||
Transaction costs
|
3,698
|
|
|
523
|
|
|
7,869
|
|
|||
Severance expense
|
5,938
|
|
|
—
|
|
|
—
|
|
|||
Litigation settlement expense
|
2,090
|
|
|
—
|
|
|
—
|
|
|||
Preferred share redemption costs
|
—
|
|
|
4,457
|
|
|
—
|
|
|||
Termination fee included in gain on sale
|
1,864
|
|
|
20,049
|
|
|
2,819
|
|
|||
Impairment of direct financing leases - allowance for lease loss portion (1)
|
—
|
|
|
7,298
|
|
|
—
|
|
|||
Gain on early extinguishment of debt
|
—
|
|
|
(977
|
)
|
|
—
|
|
|||
Gain on sale of land
|
—
|
|
|
—
|
|
|
(2,496
|
)
|
|||
Gain on insurance recovery (included in other income)
|
—
|
|
|
(606
|
)
|
|
(4,684
|
)
|
|||
Deferred income tax expense (benefit)
|
573
|
|
|
812
|
|
|
(1,065
|
)
|
|||
FFOAA available to common shareholders of EPR Properties
|
$
|
460,428
|
|
|
$
|
360,536
|
|
|
$
|
307,983
|
|
|
|
|
|
|
|
||||||
FFOAA available to common shareholders of EPR Properties
|
$
|
460,428
|
|
|
$
|
360,536
|
|
|
$
|
307,983
|
|
Add: Preferred dividends for Series C preferred shares
|
7,759
|
|
|
7,763
|
|
|
7,764
|
|
|||
Add: Preferred dividends for Series E preferred shares
|
7,756
|
|
|
7,761
|
|
|
—
|
|
|||
Diluted FFOAA available to common shareholders of EPR Properties
|
$
|
475,943
|
|
|
$
|
376,060
|
|
|
$
|
315,747
|
|
AFFO:
|
|
|
|
|
|
||||||
FFOAA available to common shareholders of EPR Properties
|
$
|
460,428
|
|
|
$
|
360,536
|
|
|
$
|
307,983
|
|
Non-real estate depreciation and amortization
|
922
|
|
|
906
|
|
|
1,524
|
|
|||
Deferred financing fees amortization
|
5,797
|
|
|
6,167
|
|
|
4,787
|
|
|||
Share-based compensation expense to management and trustees
|
15,111
|
|
|
14,142
|
|
|
11,164
|
|
|||
Amortization of above/below-market leases, net and tenant allowances
|
(581
|
)
|
|
(107
|
)
|
|
183
|
|
|||
Maintenance capital expenditures (2)
|
(2,101
|
)
|
|
(5,523
|
)
|
|
(6,214
|
)
|
|||
Straight-line rental revenue, net
|
(10,229
|
)
|
|
(4,332
|
)
|
|
(17,012
|
)
|
|||
Non-cash portion of mortgage and other financing income
|
(3,043
|
)
|
|
(3,080
|
)
|
|
(3,769
|
)
|
|||
AFFO available to common shareholders of EPR Properties
|
$
|
466,304
|
|
|
$
|
368,709
|
|
|
$
|
298,646
|
|
FFO per common share attributable to EPR Properties:
|
|
|
|
|
|
||||||
Basic
|
$
|
5.58
|
|
|
$
|
4.60
|
|
|
$
|
4.81
|
|
Diluted
|
5.51
|
|
|
4.58
|
|
|
4.77
|
|
|||
FFOAA per common share attributable to EPR Properties:
|
|
|
|
|
|
||||||
Basic
|
$
|
6.20
|
|
|
$
|
5.06
|
|
|
$
|
4.86
|
|
Diluted
|
6.10
|
|
|
5.02
|
|
|
4.82
|
|
|||
Shares used for computation (in thousands):
|
|
|
|
|
|
||||||
Basic
|
74,292
|
|
|
71,191
|
|
|
63,381
|
|
|||
Diluted
|
74,337
|
|
|
71,254
|
|
|
63,474
|
|
|||
|
|
|
|
|
|
||||||
Weighted average shares outstanding-diluted EPS
|
74,337
|
|
|
71,254
|
|
|
63,474
|
|
|||
Effect of dilutive Series C preferred shares
|
2,114
|
|
|
2,068
|
|
|
2,032
|
|
|||
Adjusted weighted average shares outstanding - diluted Series C
|
76,451
|
|
|
73,322
|
|
|
65,506
|
|
|||
Effect of dilutive Series E preferred shares
|
1,607
|
|
|
1,586
|
|
|
—
|
|
|||
Adjusted weighted average shares outstanding - diluted Series C and Series E
|
78,058
|
|
|
74,908
|
|
|
65,506
|
|
|||
Other financial information:
|
|
|
|
|
|
||||||
Dividends per common share
|
$
|
4.32
|
|
|
$
|
4.08
|
|
|
$
|
3.84
|
|
(1)
|
Impairment charges recognized during the year ended December 31, 2017 total $10.2 million and related to our investment in direct financing leases, net, consisting of $2.9 million related to the residual value portion and $7.3 million related to the allowance for lease loss portion. See Note 7 to the consolidated financial statements in this Annual Report on Form 10-K for further details.
|
(2)
|
Includes maintenance capital expenditures and certain second-generation tenant improvements and leasing commissions.
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
|
Estimated
Fair Value
|
||||||||||||||||
December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed rate debt
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
350.0
|
|
|
$
|
625.0
|
|
|
$
|
1,940.0
|
|
|
$
|
2,915.0
|
|
|
$
|
2,908.6
|
|
Average interest rate
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
5.75
|
%
|
|
3.83
|
%
|
|
4.65
|
%
|
|
4.60
|
%
|
|
4.55
|
%
|
||||||||
Variable rate debt
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30.0
|
|
|
$
|
50.0
|
|
|
$
|
25.0
|
|
|
$
|
105.0
|
|
|
$
|
105.0
|
|
Average interest rate (as of December 31, 2018)
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
3.50
|
%
|
|
3.48
|
%
|
|
2.50
|
%
|
|
3.25
|
%
|
|
3.25
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
|
Estimated
Fair Value
|
||||||||||||||||
December 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed rate debt
|
$
|
11.7
|
|
|
$
|
—
|
|
|
$
|
250.0
|
|
|
$
|
—
|
|
|
$
|
350.0
|
|
|
$
|
2,165.0
|
|
|
$
|
2,776.7
|
|
|
$
|
2,881.9
|
|
Average interest rate
|
6.19
|
%
|
|
—
|
%
|
|
7.75
|
%
|
|
—
|
%
|
|
5.75
|
%
|
|
4.35
|
%
|
|
4.84
|
%
|
|
3.85
|
%
|
||||||||
Variable rate debt
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
210.0
|
|
|
$
|
75.0
|
|
|
$
|
285.0
|
|
|
$
|
285.0
|
|
Average interest rate (as of December 31, 2017)
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.49
|
%
|
|
2.19
|
%
|
|
2.41
|
%
|
|
2.41
|
%
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
Audited Financial Statements
|
|
|
|
Consolidated Balance Sheets
|
|
Consolidated Statements of Income
|
|
Consolidated Statements of Comprehensive Income
|
|
Consolidated Statements of Changes in Equity
|
|
Consolidated Statements of Cash Flows
|
|
Notes to Consolidated Financial Statements
|
|
|
|
Financial Statement Schedules
|
|
|
|
Schedule II – Valuation and Qualifying Accounts
|
|
Schedule III - Real Estate and Accumulated Depreciation
|
|
Kansas City, Missouri
|
February 28, 2019
|
EPR PROPERTIES
Consolidated Balance Sheets
(Dollars in thousands except share data)
|
|||||||
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
||||
Rental properties, net of accumulated depreciation of $883,174 and $741,334 at December 31, 2018 and 2017, respectively
|
$
|
5,024,057
|
|
|
$
|
4,604,231
|
|
Land held for development
|
34,177
|
|
|
33,692
|
|
||
Property under development
|
287,546
|
|
|
257,629
|
|
||
Mortgage notes and related accrued interest receivable
|
517,467
|
|
|
970,749
|
|
||
Investment in direct financing leases, net
|
20,558
|
|
|
57,903
|
|
||
Investment in joint ventures
|
34,486
|
|
|
5,602
|
|
||
Cash and cash equivalents
|
5,872
|
|
|
41,917
|
|
||
Restricted cash
|
12,635
|
|
|
17,069
|
|
||
Accounts receivable, net
|
98,369
|
|
|
93,693
|
|
||
Other assets
|
96,223
|
|
|
109,008
|
|
||
Total assets
|
$
|
6,131,390
|
|
|
$
|
6,191,493
|
|
Liabilities and Equity
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Accounts payable and accrued liabilities
|
$
|
168,463
|
|
|
$
|
136,929
|
|
Common dividends payable
|
26,765
|
|
|
25,203
|
|
||
Preferred dividends payable
|
6,034
|
|
|
4,982
|
|
||
Unearned rents and interest
|
79,051
|
|
|
68,227
|
|
||
Debt
|
2,986,054
|
|
|
3,028,827
|
|
||
Total liabilities
|
3,266,367
|
|
|
3,264,168
|
|
||
Equity:
|
|
|
|
||||
Common Shares, $.01 par value; 100,000,000 shares authorized; and 77,226,443 and 76,858,632 shares issued at December 31, 2018 and 2017, respectively
|
772
|
|
|
769
|
|
||
Preferred Shares, $.01 par value; 25,000,000 shares authorized:
|
|
|
|
||||
5,394,050 and 5,399,050 Series C convertible shares issued at December 31, 2018 and 2017; liquidation preference of $134,851,250
|
54
|
|
|
54
|
|
||
3,447,381 and 3,449,115 Series E convertible shares issued at December 31, 2018 and 2017, respectively; liquidation preference of $86,184,525
|
34
|
|
|
34
|
|
||
6,000,000 Series G shares issued at December 31, 2018 and 2017; liquidation preference of $150,000,000
|
60
|
|
|
60
|
|
||
Additional paid-in-capital
|
3,504,494
|
|
|
3,478,986
|
|
||
Treasury shares at cost: 2,878,587 and 2,733,552 common shares at December 31, 2018 and 2017, respectively
|
(130,728
|
)
|
|
(121,591
|
)
|
||
Accumulated other comprehensive income
|
12,085
|
|
|
12,483
|
|
||
Distributions in excess of net income
|
(521,748
|
)
|
|
(443,470
|
)
|
||
Total equity
|
$
|
2,865,023
|
|
|
$
|
2,927,325
|
|
Total liabilities and equity
|
$
|
6,131,390
|
|
|
$
|
6,191,493
|
|
EPR PROPERTIES
Consolidated Statements of Income
(Dollars in thousands except per share data)
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Rental revenue
|
$
|
556,363
|
|
|
$
|
484,203
|
|
|
$
|
415,184
|
|
Other income
|
2,076
|
|
|
3,095
|
|
|
9,039
|
|
|||
Mortgage and other financing income
|
142,292
|
|
|
88,693
|
|
|
69,019
|
|
|||
Total revenue
|
700,731
|
|
|
575,991
|
|
|
493,242
|
|
|||
Property operating expense
|
30,756
|
|
|
31,653
|
|
|
22,602
|
|
|||
Other expense
|
443
|
|
|
242
|
|
|
5
|
|
|||
General and administrative expense
|
48,889
|
|
|
43,383
|
|
|
37,543
|
|
|||
Severance expense
|
5,938
|
|
|
—
|
|
|
—
|
|
|||
Litigation settlement expense
|
2,090
|
|
|
—
|
|
|
—
|
|
|||
Costs associated with loan refinancing or payoff
|
31,958
|
|
|
1,549
|
|
|
905
|
|
|||
Gain on early extinguishment of debt
|
—
|
|
|
(977
|
)
|
|
—
|
|
|||
Interest expense, net
|
135,507
|
|
|
133,124
|
|
|
97,144
|
|
|||
Transaction costs
|
3,698
|
|
|
523
|
|
|
7,869
|
|
|||
Impairment charges
|
27,283
|
|
|
10,195
|
|
|
—
|
|
|||
Depreciation and amortization
|
153,430
|
|
|
132,946
|
|
|
107,573
|
|
|||
Income before equity in income from joint ventures and other items
|
260,739
|
|
|
223,353
|
|
|
219,601
|
|
|||
Equity in (loss) income from joint ventures
|
(22
|
)
|
|
72
|
|
|
619
|
|
|||
Gain on sale of real estate
|
3,037
|
|
|
41,942
|
|
|
5,315
|
|
|||
Gain on sale of investment in a direct financing lease
|
5,514
|
|
|
—
|
|
|
—
|
|
|||
Income before income taxes
|
269,268
|
|
|
265,367
|
|
|
225,535
|
|
|||
Income tax expense
|
(2,285
|
)
|
|
(2,399
|
)
|
|
(553
|
)
|
|||
Net income
|
266,983
|
|
|
262,968
|
|
|
224,982
|
|
|||
Preferred dividend requirements
|
(24,142
|
)
|
|
(24,293
|
)
|
|
(23,806
|
)
|
|||
Preferred share redemption costs
|
—
|
|
|
(4,457
|
)
|
|
—
|
|
|||
Net income available to common shareholders of EPR Properties
|
$
|
242,841
|
|
|
$
|
234,218
|
|
|
$
|
201,176
|
|
Per share data attributable to EPR Properties common shareholders:
|
|
|
|
|
|
||||||
Basic earnings per share data:
|
|
|
|
|
|
||||||
Net income available to common shareholders
|
$
|
3.27
|
|
|
$
|
3.29
|
|
|
$
|
3.17
|
|
Diluted earnings per share data:
|
|
|
|
|
|
||||||
Net income available to common shareholders
|
$
|
3.27
|
|
|
$
|
3.29
|
|
|
$
|
3.17
|
|
Shares used for computation (in thousands):
|
|
|
|
|
|
||||||
Basic
|
74,292
|
|
|
71,191
|
|
|
63,381
|
|
|||
Diluted
|
74,337
|
|
|
71,254
|
|
|
63,474
|
|
EPR PROPERTIES
Consolidated Statements of Comprehensive Income
(Dollars in thousands)
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net income
|
$
|
266,983
|
|
|
$
|
262,968
|
|
|
$
|
224,982
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Foreign currency translation adjustment
|
(16,177
|
)
|
|
12,569
|
|
|
5,142
|
|
|||
Change in unrealized gain (loss) on derivatives
|
15,779
|
|
|
(7,820
|
)
|
|
(3,030
|
)
|
|||
Comprehensive income attributable to EPR Properties
|
$
|
266,585
|
|
|
$
|
267,717
|
|
|
$
|
227,094
|
|
EPR PROPERTIES
Consolidated Statements of Changes in Equity
Years Ended December 31, 2018, 2017 and 2016
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||
|
EPR Properties Shareholders’ Equity
|
|
|
||||||||||||||||||||||||||||||
|
Common Stock
|
|
Preferred Stock
|
|
Additional
paid-in capital
|
|
Treasury
shares
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Distributions
in excess of
net income
|
|
Total
|
||||||||||||||||||||
|
Shares
|
|
Par
|
|
Shares
|
|
Par
|
|
|
||||||||||||||||||||||||
Balance at December 31, 2015
|
63,195,182
|
|
|
$
|
632
|
|
|
13,850,000
|
|
|
$
|
139
|
|
|
$
|
2,508,445
|
|
|
$
|
(97,328
|
)
|
|
$
|
5,622
|
|
|
$
|
(343,642
|
)
|
|
$
|
2,073,868
|
|
Restricted share units issued to Trustees
|
15,805
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Issuance of nonvested shares, net
|
300,752
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
4,472
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,475
|
|
|||||||
Purchase of common shares for vesting
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,211
|
)
|
|
—
|
|
|
—
|
|
|
(4,211
|
)
|
|||||||
Amortization of nonvested shares and restricted share units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,255
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,255
|
|
|||||||
Share option expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
909
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
909
|
|
|||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,142
|
|
|
—
|
|
|
5,142
|
|
|||||||
Change in unrealized gain (loss) on derivatives
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,030
|
)
|
|
—
|
|
|
(3,030
|
)
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
224,982
|
|
|
224,982
|
|
|||||||
Issuances of common shares
|
2,521,071
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
142,822
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
142,848
|
|
|||||||
Conversion of Series C Convertible Preferred shares to common shares
|
358
|
|
|
—
|
|
|
(950
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Stock option exercises, net
|
230,319
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
10,143
|
|
|
(11,633
|
)
|
|
—
|
|
|
—
|
|
|
(1,488
|
)
|
|||||||
Dividends to common and preferred shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(267,849
|
)
|
|
(267,849
|
)
|
|||||||
Balance at December 31, 2016
|
66,263,487
|
|
|
$
|
663
|
|
|
13,849,050
|
|
|
$
|
139
|
|
|
$
|
2,677,046
|
|
|
$
|
(113,172
|
)
|
|
$
|
7,734
|
|
|
$
|
(386,509
|
)
|
|
$
|
2,185,901
|
|
Restricted share units issued to Trustees
|
19,030
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Issuance of nonvested shares, net
|
296,914
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
5,585
|
|
|
(90
|
)
|
|
—
|
|
|
—
|
|
|
5,498
|
|
|||||||
Purchase of common shares for vesting
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,729
|
)
|
|
—
|
|
|
—
|
|
|
(6,729
|
)
|
|||||||
Amortization of nonvested shares and restricted share units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,446
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,446
|
|
|||||||
Share option expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
696
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
696
|
|
|||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,569
|
|
|
—
|
|
|
12,569
|
|
|||||||
Change in unrealized gain (loss) on derivatives
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,820
|
)
|
|
—
|
|
|
(7,820
|
)
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
262,968
|
|
|
262,968
|
|
|||||||
Issuances of common shares
|
1,398,280
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
99,322
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99,336
|
|
|||||||
Issuance of common shares for acquisition
|
8,851,264
|
|
|
89
|
|
|
—
|
|
|
—
|
|
|
657,384
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
657,473
|
|
|||||||
Conversion of Series E Convertible Preferred shares to common shares
|
404
|
|
|
—
|
|
|
(885
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||
Issuance of Series G Preferred Shares
|
—
|
|
|
—
|
|
|
6,000,000
|
|
|
60
|
|
|
144,430
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
144,490
|
|
|||||||
Redemption of Series F Preferred Shares
|
—
|
|
|
—
|
|
|
(5,000,000
|
)
|
|
(50
|
)
|
|
(120,518
|
)
|
|
—
|
|
|
—
|
|
|
(4,457
|
)
|
|
(125,025
|
)
|
|||||||
Stock option exercises, net
|
29,253
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,595
|
|
|
(1,600
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|||||||
Dividends to common and preferred shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(315,472
|
)
|
|
(315,472
|
)
|
|||||||
Balance at December 31, 2017
|
76,858,632
|
|
|
$
|
769
|
|
|
14,848,165
|
|
|
$
|
148
|
|
|
$
|
3,478,986
|
|
|
$
|
(121,591
|
)
|
|
$
|
12,483
|
|
|
$
|
(443,470
|
)
|
|
$
|
2,927,325
|
|
Continued on next page.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPR PROPERTIES
Consolidated Statements of Changes in Equity
Years Ended December 31, 2018, 2017 and 2016
(Dollars in thousands) (continued)
|
|||||||||||||||||||||||||||||||||
|
EPR Properties Shareholders’ Equity
|
|
|
||||||||||||||||||||||||||||||
|
Common Stock
|
|
Preferred Stock
|
|
Additional
paid-in capital
|
|
Treasury
shares
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Distributions
in excess of
net income
|
|
Total
|
||||||||||||||||||||
|
Shares
|
|
Par
|
|
Shares
|
|
Par
|
|
|
||||||||||||||||||||||||
Continued from previous page.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at December 31, 2017
|
76,858,632
|
|
|
$
|
769
|
|
|
14,848,165
|
|
|
$
|
148
|
|
|
$
|
3,478,986
|
|
|
$
|
(121,591
|
)
|
|
$
|
12,483
|
|
|
$
|
(443,470
|
)
|
|
$
|
2,927,325
|
|
Restricted share units issued to Trustees
|
23,571
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Issuance of nonvested shares, net
|
295,202
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
4,588
|
|
|
(617
|
)
|
|
—
|
|
|
—
|
|
|
3,974
|
|
|||||||
Purchase of common shares for vesting
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,156
|
)
|
|
—
|
|
|
—
|
|
|
(7,156
|
)
|
|||||||
Amortization of nonvested shares and restricted share units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,826
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,826
|
|
|||||||
Share option expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
285
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
285
|
|
|||||||
Share-based compensation included in severance expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,218
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,218
|
|
|||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,177
|
)
|
|
—
|
|
|
(16,177
|
)
|
|||||||
Change in unrealized gain (loss) on derivatives
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,779
|
|
|
—
|
|
|
15,779
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
266,983
|
|
|
266,983
|
|
|||||||
Issuances of common shares
|
20,553
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,286
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,286
|
|
|||||||
Conversion of Series E Convertible Preferred shares to common shares
|
800
|
|
|
—
|
|
|
(1,734
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Conversion of Series C Convertible Preferred shares to common shares
|
1,964
|
|
|
—
|
|
|
(5,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Stock option exercises, net
|
25,721
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,305
|
|
|
(1,364
|
)
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|||||||
Dividends to common and preferred shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(345,261
|
)
|
|
(345,261
|
)
|
|||||||
Balance at December 31, 2018
|
77,226,443
|
|
|
$
|
772
|
|
|
14,841,431
|
|
|
$
|
148
|
|
|
$
|
3,504,494
|
|
|
$
|
(130,728
|
)
|
|
$
|
12,085
|
|
|
$
|
(521,748
|
)
|
|
$
|
2,865,023
|
|
EPR PROPERTIES
Consolidated Statements of Cash Flows
(Dollars in thousands)
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Operating activities:
|
|
|
|
|
|
||||||
Net income attributable to EPR Properties
|
$
|
266,983
|
|
|
$
|
262,968
|
|
|
$
|
224,982
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Gain on early extinguishment of debt
|
—
|
|
|
(977
|
)
|
|
—
|
|
|||
Impairment charges
|
27,283
|
|
|
10,195
|
|
|
—
|
|
|||
Gain on sale of real estate
|
(3,037
|
)
|
|
(41,942
|
)
|
|
(5,315
|
)
|
|||
Gain on insurance recovery
|
—
|
|
|
(606
|
)
|
|
(4,684
|
)
|
|||
Deferred income tax expense (benefit)
|
573
|
|
|
812
|
|
|
(1,065
|
)
|
|||
Non-cash fee income
|
—
|
|
|
—
|
|
|
(1,588
|
)
|
|||
Gain on sale of investment in a direct financing lease
|
(5,514
|
)
|
|
—
|
|
|
—
|
|
|||
Costs associated with loan refinancing or payoff
|
31,958
|
|
|
1,549
|
|
|
905
|
|
|||
Equity in loss (income) from joint ventures
|
22
|
|
|
(72
|
)
|
|
(619
|
)
|
|||
Distributions from joint ventures
|
567
|
|
|
442
|
|
|
816
|
|
|||
Depreciation and amortization
|
153,430
|
|
|
132,946
|
|
|
107,573
|
|
|||
Amortization of deferred financing costs
|
5,797
|
|
|
6,167
|
|
|
4,787
|
|
|||
Amortization of above/below-market leases and tenant allowances, net
|
(581
|
)
|
|
(107
|
)
|
|
183
|
|
|||
Share-based compensation expense to management and trustees
|
15,111
|
|
|
14,142
|
|
|
11,164
|
|
|||
Share-based compensation expense included in severance expense
|
3,218
|
|
|
—
|
|
|
—
|
|
|||
(Increase) decrease in mortgage notes accrued interest receivable
|
(517
|
)
|
|
467
|
|
|
572
|
|
|||
(Increase) decrease in accounts receivable, net
|
(22,300
|
)
|
|
8,866
|
|
|
(37,627
|
)
|
|||
Increase in direct financing lease receivable
|
(563
|
)
|
|
(1,208
|
)
|
|
(3,255
|
)
|
|||
Increase in other assets
|
(1,055
|
)
|
|
(1,691
|
)
|
|
(3,320
|
)
|
|||
Increase in accounts payable and accrued liabilities
|
4,979
|
|
|
260
|
|
|
17,025
|
|
|||
Increase (decrease) in unearned rents and interest
|
7,974
|
|
|
6,061
|
|
|
(5,172
|
)
|
|||
Net cash provided by operating activities
|
484,328
|
|
|
398,272
|
|
|
305,362
|
|
|||
Investing activities:
|
|
|
|
|
|
||||||
Acquisition of and investments in rental properties and other assets
|
(187,460
|
)
|
|
(397,556
|
)
|
|
(219,169
|
)
|
|||
Proceeds from sale of real estate
|
22,134
|
|
|
191,569
|
|
|
23,860
|
|
|||
Investment in unconsolidated joint ventures
|
(29,473
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from settlement of derivative
|
30,796
|
|
|
—
|
|
|
—
|
|
|||
Investment in mortgage notes receivable
|
(36,105
|
)
|
|
(133,697
|
)
|
|
(192,539
|
)
|
|||
Proceeds from mortgage note receivable paydown
|
335,168
|
|
|
21,784
|
|
|
72,072
|
|
|||
Investment in promissory notes receivable
|
(7,863
|
)
|
|
(1,928
|
)
|
|
(1,546
|
)
|
|||
Proceeds from promissory note receivable paydown
|
7,500
|
|
|
1,599
|
|
|
—
|
|
|||
Proceeds from sale of infrastructure related to issuance of revenue bonds
|
—
|
|
|
—
|
|
|
43,462
|
|
|||
Proceeds from insurance recovery
|
—
|
|
|
606
|
|
|
4,610
|
|
|||
Proceeds from sale of investment in direct financing leases, net
|
43,447
|
|
|
—
|
|
|
20,951
|
|
|||
Additions to properties under development
|
(274,956
|
)
|
|
(384,449
|
)
|
|
(413,848
|
)
|
|||
Net cash used by investing activities
|
(96,812
|
)
|
|
(702,072
|
)
|
|
(662,147
|
)
|
|||
Financing activities:
|
|
|
|
|
|
||||||
Proceeds from long-term debt facilities and senior unsecured notes
|
908,000
|
|
|
1,371,000
|
|
|
1,380,000
|
|
|||
Principal payments on debt
|
(949,684
|
)
|
|
(823,288
|
)
|
|
(865,266
|
)
|
|||
Deferred financing fees paid
|
(8,642
|
)
|
|
(14,318
|
)
|
|
(14,385
|
)
|
|||
Costs associated with loan refinancing or payoff (cash portion)
|
(28,650
|
)
|
|
(7
|
)
|
|
(482
|
)
|
|||
Net proceeds from issuance of common shares
|
956
|
|
|
99,069
|
|
|
142,628
|
|
|||
Net proceeds from issuance of preferred shares
|
—
|
|
|
144,490
|
|
|
—
|
|
|||
Redemption of preferred shares
|
—
|
|
|
(125,025
|
)
|
|
—
|
|
|||
Impact of stock option exercises, net
|
(62
|
)
|
|
(5
|
)
|
|
(1,488
|
)
|
|||
Purchase of common shares for treasury for vesting
|
(7,156
|
)
|
|
(6,729
|
)
|
|
(4,211
|
)
|
|||
Dividends paid to shareholders
|
(342,315
|
)
|
|
(311,721
|
)
|
|
(265,662
|
)
|
|||
Net cash (used) provided by financing activities
|
(427,553
|
)
|
|
333,466
|
|
|
371,134
|
|
|||
Effect of exchange rate changes on cash
|
(442
|
)
|
|
241
|
|
|
(131
|
)
|
|||
Net (decrease) increase in cash and cash equivalents and restricted cash
|
(40,479
|
)
|
|
29,907
|
|
|
14,218
|
|
|||
Cash and cash equivalents and restricted cash at beginning of the year
|
58,986
|
|
|
29,079
|
|
|
14,861
|
|
|||
Cash and cash equivalents and restricted cash at end of the year
|
$
|
18,507
|
|
|
$
|
58,986
|
|
|
$
|
29,079
|
|
Supplemental information continued on next page.
|
|
|
|
|
|
EPR PROPERTIES
Consolidated Statements of Cash Flows
(Dollars in thousands)
Continued from previous page.
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
|
|
|
||||||
Reconciliation of cash and cash equivalents and restricted cash:
|
|
|
|
|
|
||||||
Cash and cash equivalents at beginning of the year
|
$
|
41,917
|
|
|
$
|
19,335
|
|
|
$
|
4,283
|
|
Restricted cash at beginning of the year
|
17,069
|
|
|
9,744
|
|
|
10,578
|
|
|||
Cash and cash equivalents and restricted cash at beginning of the year
|
$
|
58,986
|
|
|
$
|
29,079
|
|
|
$
|
14,861
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents at end of the year
|
$
|
5,872
|
|
|
$
|
41,917
|
|
|
$
|
19,335
|
|
Restricted cash at end of the year
|
12,635
|
|
|
17,069
|
|
|
9,744
|
|
|||
Cash and cash equivalents and restricted cash at end of the year
|
$
|
18,507
|
|
|
$
|
58,986
|
|
|
$
|
29,079
|
|
|
|
|
|
|
|
||||||
Supplemental schedule of non-cash activity:
|
|
|
|
|
|
||||||
Transfer of property under development to rental property
|
$
|
228,572
|
|
|
$
|
408,593
|
|
|
$
|
454,922
|
|
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses
|
$
|
18,252
|
|
|
$
|
24,062
|
|
|
$
|
19,626
|
|
Conversion or reclassification of mortgage notes receivable to rental properties
|
$
|
155,185
|
|
|
$
|
9,237
|
|
|
$
|
—
|
|
Conversion of rental property to mortgage note receivable
|
$
|
—
|
|
|
$
|
11,897
|
|
|
$
|
—
|
|
Issuance of common shares for acquisition
|
$
|
—
|
|
|
$
|
657,473
|
|
|
$
|
—
|
|
Assumption of liabilities net of accounts receivable for acquisition
|
$
|
—
|
|
|
$
|
12,083
|
|
|
$
|
—
|
|
Transfer of investment in direct financing lease to rental properties
|
$
|
—
|
|
|
$
|
35,807
|
|
|
$
|
—
|
|
Sale of investment in direct financing leases, net in exchange for mortgage note receivable
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
70,304
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Cash paid during the year for interest
|
$
|
145,559
|
|
|
$
|
136,345
|
|
|
$
|
96,410
|
|
Cash paid during the year for income taxes
|
$
|
1,363
|
|
|
$
|
1,499
|
|
|
$
|
1,684
|
|
Interest cost capitalized
|
$
|
9,903
|
|
|
$
|
9,879
|
|
|
$
|
10,697
|
|
Increase in accrued capital expenditures
|
$
|
32,993
|
|
|
$
|
333
|
|
|
$
|
6,035
|
|
|
2018
|
|
2017
|
||||
Assets:
|
|
|
|
||||
In-place leases, net of accumulated amortization of $7.7 million and $5.5 million, respectively
|
$
|
21,749
|
|
|
$
|
21,512
|
|
Above-market lease, net of accumulated amortization of $1.0 million and $0.8 million, respectively
|
154
|
|
|
351
|
|
||
Tradenames, net of accumulated amortization of $53 thousand and $23 thousand, respectively (1)
|
9,110
|
|
|
6,313
|
|
||
Contract value, net of accumulated amortization of $183 thousand and $0, respectively
|
10,785
|
|
|
—
|
|
||
Goodwill
|
693
|
|
|
693
|
|
||
Total intangible assets, net
|
$
|
42,491
|
|
|
$
|
28,869
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Below-market lease, net of accumulated amortization of $0.7 million and $0.3 million, respectively
|
$
|
(8,100
|
)
|
|
$
|
(8,792
|
)
|
|
In place leases
|
|
Tradenames (1)
|
|
Contract Value
|
|
Above-market lease
|
|
Below-market lease
|
||||||||||
Year:
|
|
|
|
|
|
|
|
|
|
||||||||||
2019
|
$
|
3,109
|
|
|
$
|
125
|
|
|
$
|
365
|
|
|
$
|
101
|
|
|
$
|
(450
|
)
|
2020
|
2,834
|
|
|
125
|
|
|
365
|
|
|
6
|
|
|
(438
|
)
|
|||||
2021
|
2,466
|
|
|
125
|
|
|
365
|
|
|
6
|
|
|
(408
|
)
|
|||||
2022
|
1,826
|
|
|
125
|
|
|
365
|
|
|
6
|
|
|
(373
|
)
|
|||||
2023
|
1,777
|
|
|
125
|
|
|
365
|
|
|
6
|
|
|
(351
|
)
|
|||||
Thereafter
|
9,737
|
|
|
3,132
|
|
|
8,960
|
|
|
29
|
|
|
(6,080
|
)
|
|||||
Total
|
$
|
21,749
|
|
|
$
|
3,757
|
|
|
$
|
10,785
|
|
|
$
|
154
|
|
|
$
|
(8,100
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average amortization period (years)
|
10.9
|
|
|
30.6
|
|
|
29.5
|
|
|
4.1
|
|
|
31.0
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Excludes $5.4 million in tradenames with indefinite lives.
|
|
2018
|
|
2017
|
||||
Fixed assets
|
$
|
12,948
|
|
|
$
|
15,445
|
|
Net operating losses
|
359
|
|
|
357
|
|
||
Start-up costs
|
347
|
|
|
—
|
|
||
Other
|
457
|
|
|
213
|
|
||
Total deferred tax assets
|
$
|
14,111
|
|
|
$
|
16,015
|
|
|
|
|
|
||||
Capital improvements
|
$
|
(2,079
|
)
|
|
$
|
(2,006
|
)
|
Straight-line receivable
|
(1,271
|
)
|
|
(1,891
|
)
|
||
Other
|
(1
|
)
|
|
—
|
|
||
Total deferred tax liabilities
|
$
|
(3,351
|
)
|
|
$
|
(3,897
|
)
|
|
|
|
|
||||
Net deferred tax asset
|
$
|
10,760
|
|
|
$
|
12,118
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Current TRS income tax
|
$
|
(221
|
)
|
|
$
|
(163
|
)
|
|
$
|
(36
|
)
|
Current state income tax expense
|
(422
|
)
|
|
(360
|
)
|
|
(414
|
)
|
|||
Current foreign income tax
|
—
|
|
|
(36
|
)
|
|
(77
|
)
|
|||
Current foreign withholding tax
|
(1,069
|
)
|
|
(1,071
|
)
|
|
(1,130
|
)
|
|||
Deferred TRS income tax
|
319
|
|
|
137
|
|
|
273
|
|
|||
Deferred foreign withholding tax
|
—
|
|
|
43
|
|
|
39
|
|
|||
Deferred income tax benefit (expense)
|
(892
|
)
|
|
(949
|
)
|
|
792
|
|
|||
Income tax expense
|
$
|
(2,285
|
)
|
|
$
|
(2,399
|
)
|
|
$
|
(553
|
)
|
|
2018
|
|
2017
|
||||
Buildings and improvements
|
$
|
4,593,159
|
|
|
$
|
4,123,356
|
|
Furniture, fixtures & equipment
|
97,463
|
|
|
87,630
|
|
||
Land
|
1,190,568
|
|
|
1,108,805
|
|
||
Leasehold interests
|
26,041
|
|
|
25,774
|
|
||
|
5,907,231
|
|
|
5,345,565
|
|
||
Accumulated depreciation
|
(883,174
|
)
|
|
(741,334
|
)
|
||
Total
|
$
|
5,024,057
|
|
|
$
|
4,604,231
|
|
|
|
April 6, 2017
|
|
|
Rental properties, net
|
|
$
|
481,006
|
|
Mortgage notes and related accrued interest receivable
|
|
251,038
|
|
|
Tradenames (included in other assets)
|
|
6,355
|
|
|
Below-market leases (included in accounts payable and accrued liabilities)
|
|
(7,611
|
)
|
|
Total investment
|
|
$
|
730,788
|
|
|
2018
|
|
2017
|
||||
Receivable from tenants
|
$
|
15,057
|
|
|
$
|
19,923
|
|
Receivable from non-tenants
|
1,379
|
|
|
3,932
|
|
||
Receivable from Sullivan County Infrastructure Revenue Bonds
|
11,500
|
|
|
14,718
|
|
||
Straight-line rent receivable
|
73,332
|
|
|
62,605
|
|
||
Allowance for doubtful accounts
|
(2,899
|
)
|
|
(7,485
|
)
|
||
Total
|
$
|
98,369
|
|
|
$
|
93,693
|
|
Description
|
Interest Rate
|
Payoff Date/Maturity Date
|
Periodic Payment Terms
|
Outstanding principal amount of mortgage
|
Carrying amount as of
December 31, |
||||||||
|
|
|
|
|
2018
|
2017
|
|||||||
One public charter school property located in Bridgeton, New Jersey
|
10.14
|
%
|
N/A
|
(1)
|
$
|
—
|
|
$
|
—
|
|
$
|
2,500
|
|
One public charter school property located in Evans, Georgia
|
8.50
|
%
|
N/A
|
(1)
|
—
|
|
—
|
|
9,631
|
|
|||
28 education facilities located in California, Florida, Georgia, Minnesota, Nevada, North Carolina, Ohio and Texas (2)
|
7.25
|
%
|
N/A
|
(2)
|
—
|
|
—
|
|
142,900
|
|
|||
Land located in Lincoln, California (3)
|
7.00
|
%
|
3/11/2018
|
Prepaid in full
|
—
|
|
—
|
|
1,474
|
|
|||
Land and building in Bellevue, Washington (4)
|
7.50
|
%
|
3/26/2018
|
Prepaid in full
|
—
|
|
—
|
|
9,056
|
|
|||
14 ski properties located in New Hampshire, Washington, Utah, Tennessee, Maine, Colorado, Vermont, Massachusetts, California and British Columbia, Canada (5)
|
8.50
|
%
|
9/27/2018
|
Prepaid in full
|
—
|
|
—
|
|
249,213
|
|
|||
Observation deck of the John Hancock building in Chicago, Illinois (6)
|
9.25
|
%
|
11/30/2018
|
Prepaid in full
|
—
|
|
—
|
|
31,105
|
|
|||
One public charter school property located in Queen Creek, Arizona (7)
|
9.00
|
%
|
12/11/2018
|
Prepaid in full
|
—
|
|
—
|
|
5,173
|
|
|||
Three charter school properties located in Gilbert and Queen Creek, Arizona (7)
|
10.00
|
%
|
12/11/2018
|
Prepaid in full
|
—
|
|
—
|
|
33,269
|
|
|||
Land located in Queen Creek, Arizona (8)
|
9.00
|
%
|
12/21/2018
|
Prepaid in full
|
—
|
|
—
|
|
1,454
|
|
|||
Three attractions located in Kansas City, Kansas, New Braunfels, Texas and South Padre Island, Texas
|
7.00% and 10.00%
|
|
5/1/2019
|
Interest only
|
179,846
|
|
179,846
|
|
174,265
|
|
|||
Eight charter school properties located in Indiana, Ohio, South Carolina and Pennsylvania
|
7.00
|
%
|
12/20/2021
|
Principal & Interest
|
54,535
|
|
54,535
|
|
57,890
|
|
|||
One health club located in Omaha, Nebraska
|
7.85
|
%
|
12/28/2026
|
Interest only
|
5,766
|
|
5,803
|
|
5,803
|
|
|||
One health club located in Omaha, Nebraska
|
7.85
|
%
|
1/3/2027
|
Interest only
|
10,905
|
|
10,977
|
|
10,880
|
|
|||
One golf entertainment complex located in Austin, Texas
|
11.31
|
%
|
7/1/2033
|
Principal & Interest-fully amortizing
|
11,934
|
|
11,934
|
|
12,249
|
|
|||
One public charter school property located in St. Paul, Minnesota
|
8.71% to 9.38%
|
|
6/30/2034
|
Interest only
|
8,595
|
|
8,835
|
|
8,711
|
|
|||
One public charter school property located in Jersey City, New Jersey
|
10.00
|
%
|
8/31/2034
|
Interest only
|
15,239
|
|
15,652
|
|
12,564
|
|
|||
One ski property located in West Dover and Wilmington, Vermont
|
11.43
|
%
|
12/1/2034
|
Interest only
|
51,050
|
|
51,050
|
|
51,050
|
|
|||
Four ski properties located in Ohio and Pennsylvania
|
10.59
|
%
|
12/1/2034
|
Interest only
|
37,562
|
|
37,562
|
|
37,562
|
|
|||
One ski property located in Chesterland, Ohio
|
11.04
|
%
|
12/1/2034
|
Interest only
|
4,550
|
|
4,550
|
|
4,550
|
|
|||
One ski property located in Hunter, New York
|
8.28
|
%
|
1/5/2036
|
Interest only
|
21,000
|
|
21,000
|
|
21,000
|
|
|||
One golf entertainment complex located in Midvale, Utah
|
10.25
|
%
|
5/31/2036
|
Interest only
|
17,505
|
|
17,505
|
|
17,505
|
|
|||
One public charter school property located in Millville, New Jersey
|
10.14
|
%
|
7/31/2036
|
Interest only
|
6,224
|
|
6,383
|
|
6,304
|
|
|||
One golf entertainment complex located in West Chester, Ohio
|
9.75
|
%
|
8/1/2036
|
Interest only
|
18,068
|
|
18,068
|
|
18,068
|
|
|||
One public charter school property located in Vineland, New Jersey
|
9.95
|
%
|
12/31/2036
|
Interest only
|
9,765
|
|
9,839
|
|
9,838
|
|
|||
One private school property located in Mableton, Georgia
|
8.67
|
%
|
4/30/2037
|
Interest only
|
4,674
|
|
4,952
|
|
4,717
|
|
|||
One public charter school property located in Roswell, Georgia
|
8.93
|
%
|
6/30/2037
|
Interest only
|
4,121
|
|
4,165
|
|
4,111
|
|
|||
One public charter school property located in Atlanta, Georgia
|
8.67
|
%
|
7/31/2037
|
Interest only
|
4,206
|
|
4,236
|
|
4,235
|
|
|||
One public charter school property located in Bronx, New York
|
8.75
|
%
|
8/31/2037
|
Interest only
|
23,718
|
|
23,718
|
|
11,330
|
|
|||
One public charter school property located in Colorado Springs, Colorado
|
9.02
|
%
|
9/30/2037
|
Interest only
|
14,084
|
|
14,325
|
|
11,684
|
|
|||
One health club located in Fort Collins, Colorado
|
7.85
|
%
|
1/31/2038
|
Interest only
|
10,292
|
|
10,360
|
|
—
|
|
|||
One early education center located in Lithia, Florida
|
7.50
|
%
|
8/30/2038
|
Interest only
|
2,172
|
|
2,172
|
|
658
|
|
|||
|
|
|
|
$
|
515,811
|
|
$
|
517,467
|
|
$
|
970,749
|
|
|
2018
|
|
2017
|
||||
Total minimum lease payments receivable
|
$
|
36,352
|
|
|
$
|
112,411
|
|
Estimated unguaranteed residual value of leased assets
|
16,509
|
|
|
47,000
|
|
||
Less deferred income
(1)
|
(32,303
|
)
|
|
(101,508
|
)
|
||
Investment in direct financing leases, net
|
$
|
20,558
|
|
|
$
|
57,903
|
|
|
|
|
|
|
Amount
|
||
Year:
|
|
||
2019
|
$
|
2,265
|
|
2020
|
2,333
|
|
|
2021
|
2,403
|
|
|
2022
|
2,475
|
|
|
2023
|
2,550
|
|
|
Thereafter
|
24,326
|
|
|
Total
|
$
|
36,352
|
|
|
2018
|
|
2017
|
||||
Mortgage note payable, 6.19%, prepaid in full on January 2, 2018 (1)
|
$
|
—
|
|
|
$
|
11,684
|
|
Senior unsecured notes payable, 7.75%, prepaid in full on February 28, 2018 (2)
|
—
|
|
|
250,000
|
|
||
Unsecured revolving variable rate credit facility, LIBOR + 1.00%, due February 27, 2022 (3)
|
30,000
|
|
|
210,000
|
|
||
Senior unsecured notes payable, 5.75%, due August 15, 2022 (4)
|
350,000
|
|
|
350,000
|
|
||
Unsecured term loan payable, LIBOR + 1.10%, $350,000 fixed at 2.71% through April 5, 2019 and 3.15% from April 6, 2019 to February 7, 2022, due February 27, 2023 (5)
|
400,000
|
|
|
400,000
|
|
||
Senior unsecured notes payable, 5.25%, due July 15, 2023 (4)
|
275,000
|
|
|
275,000
|
|
||
Senior unsecured notes payable, 4.35%, due August 22, 2024 (6)
|
148,000
|
|
|
148,000
|
|
||
Senior unsecured notes payable, 4.50%, due April 1, 2025 (4)
|
300,000
|
|
|
300,000
|
|
||
Senior unsecured notes payable, 4.56%, due August 22, 2026 (6)
|
192,000
|
|
|
192,000
|
|
||
Senior unsecured notes payable, 4.75%, due December 15, 2026 (4)
|
450,000
|
|
|
450,000
|
|
||
Senior unsecured notes payable, 4.50%, due June 1, 2027 (7) (4)
|
450,000
|
|
|
450,000
|
|
||
Senior unsecured notes payable, 4.95%, due April 15, 2028 (8) (4)
|
400,000
|
|
|
—
|
|
||
Bonds payable, variable rate, due August 1, 2047 (9)
|
24,995
|
|
|
24,995
|
|
||
Less: deferred financing costs, net
|
(33,941
|
)
|
|
(32,852
|
)
|
||
Total
|
$
|
2,986,054
|
|
|
$
|
3,028,827
|
|
|
Amount
|
||
Year:
|
|
||
2019
|
$
|
—
|
|
2020
|
—
|
|
|
2021
|
—
|
|
|
2022
|
380,000
|
|
|
2023
|
675,000
|
|
|
Thereafter
|
1,964,995
|
|
|
Less: deferred financing costs, net
|
(33,941
|
)
|
|
Total
|
$
|
2,986,054
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Interest on loans
|
$
|
137,570
|
|
|
$
|
135,023
|
|
|
$
|
101,181
|
|
Amortization of deferred financing costs
|
5,797
|
|
|
6,167
|
|
|
4,787
|
|
|||
Credit facility and letter of credit fees
|
2,411
|
|
|
2,005
|
|
|
1,873
|
|
|||
Interest cost capitalized
|
(9,904
|
)
|
|
(9,879
|
)
|
|
(10,697
|
)
|
|||
Interest income
|
(367
|
)
|
|
(192
|
)
|
|
—
|
|
|||
Interest expense, net
|
$
|
135,507
|
|
|
$
|
133,124
|
|
|
$
|
97,144
|
|
Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Years Ended December 31, 2018, 2017 and 2016
(Dollars in thousands)
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
Description
|
2018
|
|
2017
|
|
2016
|
||||||
Cash Flow Hedges
|
|
|
|
|
|
||||||
Interest Rate Swaps
|
|
|
|
|
|
||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative
|
$
|
3,172
|
|
|
$
|
2,479
|
|
|
$
|
(2,044
|
)
|
Amount of Income (Expense) Reclassified from AOCI into Earnings (1)
|
1,324
|
|
|
(2,498
|
)
|
|
(5,235
|
)
|
|||
Cross Currency Swaps
|
|
|
|
|
|
||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative
|
1,689
|
|
|
(793
|
)
|
|
(754
|
)
|
|||
Amount of Income Reclassified from AOCI into Earnings (2)
|
1,426
|
|
|
2,457
|
|
|
2,663
|
|
|||
Net Investment Hedges
|
|
|
|
|
|
||||||
Cross Currency Swaps
|
|
|
|
|
|
||||||
Amount of Gain Recognized in AOCI on Derivative
|
5,108
|
|
|
—
|
|
|
—
|
|
|||
Amount of Income Recognized in Earnings (2)
|
271
|
|
|
—
|
|
|
—
|
|
|||
Currency Forward Agreements
|
|
|
|
|
|
||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative
|
8,560
|
|
|
(9,547
|
)
|
|
(2,804
|
)
|
|||
Amount of Expense Reclassified from AOCI into Earnings (2)
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total
|
|
|
|
|
|
||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative
|
$
|
18,529
|
|
|
$
|
(7,861
|
)
|
|
$
|
(5,602
|
)
|
Amount of Income (Expense) Reclassified from AOCI into Earnings
|
2,750
|
|
|
(41
|
)
|
|
(2,572
|
)
|
|||
Amount of Income Recognized in Earnings
|
271
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Interest expense, net in accompanying consolidated statements of income
|
135,507
|
|
|
133,124
|
|
|
97,144
|
|
|||
Other income in accompanying consolidated statements of income
|
2,076
|
|
|
3,095
|
|
|
9,039
|
|
(1)
|
Included in “Interest expense, net” in accompanying consolidated statements of income.
|
(2)
|
Included in "Other income" in the accompanying consolidated statements of income.
|
Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2018 and 2017
(Dollars in thousands)
|
|||||||||||||||
Description
|
Quoted Prices in
Active Markets for Identical Assets (Level I) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Balance at
end of period |
||||||||
2018:
|
|
|
|
|
|
|
|
||||||||
Cross Currency Swaps*
|
$
|
—
|
|
|
$
|
6,278
|
|
|
$
|
—
|
|
|
$
|
6,278
|
|
Interest Rate Swap Agreements*
|
$
|
—
|
|
|
$
|
4,344
|
|
|
$
|
—
|
|
|
$
|
4,344
|
|
2017:
|
|
|
|
|
|
|
|
||||||||
Cross Currency Swaps*
|
$
|
—
|
|
|
$
|
1,041
|
|
|
$
|
—
|
|
|
$
|
1,041
|
|
Cross Currency Swaps**
|
$
|
—
|
|
|
$
|
(134
|
)
|
|
$
|
—
|
|
|
$
|
(134
|
)
|
Currency Forward Agreements*
|
$
|
—
|
|
|
$
|
22,235
|
|
|
$
|
—
|
|
|
$
|
22,235
|
|
Interest Rate Swap Agreements*
|
$
|
—
|
|
|
$
|
2,496
|
|
|
$
|
—
|
|
|
$
|
2,496
|
|
Description
|
Quoted Prices in
Active Markets for Identical Assets (Level I) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Balance at
end of period |
||||||||
2018:
|
|
|
|
|
|
|
|
||||||||
Land held for development
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,805
|
|
|
$
|
9,805
|
|
2017:
|
|
|
|
|
|
|
|
||||||||
Investment in direct financing leases, net
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35,807
|
|
|
$
|
35,807
|
|
|
Cash Distributions Per Share
|
||||||
|
2018
|
|
2017
|
||||
Taxable ordinary income (1)
|
$
|
4.1253
|
|
|
$
|
3.5434
|
|
Return of capital
|
—
|
|
|
0.2762
|
|
||
Long-term capital gain (2)
|
0.1747
|
|
|
0.2404
|
|
||
Totals
|
$
|
4.3000
|
|
|
$
|
4.0600
|
|
|
Cash Distributions per Share
|
||||||
|
2018
|
|
2017
|
||||
Taxable ordinary income (1)
|
$
|
1.3791
|
|
|
$
|
1.3462
|
|
Return of capital
|
—
|
|
|
—
|
|
||
Long-term capital gain (2)
|
0.0584
|
|
|
0.0913
|
|
||
Totals
|
$
|
1.4375
|
|
|
$
|
1.4375
|
|
|
Non-cash Distributions per Share
|
||||||
|
2018
|
|
2017
|
||||
Taxable ordinary income (3)
|
$
|
0.5953
|
|
|
$
|
0.3527
|
|
Return of capital
|
—
|
|
|
0.1152
|
|
||
Long-term capital gain (4)
|
0.0252
|
|
|
0.0239
|
|
||
Totals
|
$
|
0.6205
|
|
|
$
|
0.4918
|
|
|
Cash Distributions per Share
|
||||||
|
2018
|
|
2017
|
||||
Taxable ordinary income (1)
|
$
|
2.1586
|
|
|
$
|
2.1070
|
|
Return of capital
|
—
|
|
|
—
|
|
||
Long-term capital gain (2)
|
0.0914
|
|
|
0.1430
|
|
||
Totals
|
$
|
2.2500
|
|
|
$
|
2.2500
|
|
|
Non-cash Distributions per Share
|
||||||
|
2018
|
|
2017
|
||||
Taxable ordinary income (3)
|
$
|
0.5092
|
|
|
$
|
0.1428
|
|
Return of capital
|
—
|
|
|
0.1094
|
|
||
Long-term capital gain (4)
|
0.0216
|
|
|
0.0097
|
|
||
Totals
|
$
|
0.5308
|
|
|
$
|
0.2619
|
|
|
Cash Distributions per Share
|
|||
|
2017
|
|
||
Taxable ordinary income (1)
|
$
|
1.8310
|
|
|
Return of capital
|
—
|
|
|
|
Long-term capital gain (2)
|
0.1243
|
|
|
|
Totals
|
$
|
1.9553
|
|
|
|
Cash Distributions per Share
|
|||
|
2018
|
|
||
Taxable ordinary income (1)
|
$
|
1.2105
|
|
|
Return of capital
|
—
|
|
|
|
Long-term capital gain (2)
|
0.0513
|
|
|
|
Totals
|
$
|
1.2618
|
|
|
|
Year Ended December 31, 2018
|
|||||||||
|
Income
(numerator)
|
|
Shares
(denominator)
|
|
Per Share
Amount
|
|||||
Basic EPS:
|
|
|
|
|
|
|||||
Income from continuing operations
|
$
|
266,983
|
|
|
|
|
|
|||
Less: preferred dividend requirements
|
(24,142
|
)
|
|
|
|
|
||||
Net income available to common shareholders
|
$
|
242,841
|
|
|
74,292
|
|
|
$
|
3.27
|
|
Diluted EPS:
|
|
|
|
|
|
|||||
Net income available to common shareholders
|
$
|
242,841
|
|
|
74,292
|
|
|
|
||
Effect of dilutive securities:
|
|
|
|
|
|
|||||
Share options
|
—
|
|
|
45
|
|
|
|
|||
Net income available to common shareholders
|
$
|
242,841
|
|
|
74,337
|
|
|
$
|
3.27
|
|
|
Year Ended December 31, 2017
|
|||||||||
|
Income
(numerator)
|
|
Shares
(denominator)
|
|
Per Share
Amount
|
|||||
Basic EPS:
|
|
|
|
|
|
|||||
Income from continuing operations
|
$
|
262,968
|
|
|
|
|
|
|||
Less: preferred dividend requirements and redemption costs
|
(28,750
|
)
|
|
|
|
|
||||
Net income available to common shareholders
|
$
|
234,218
|
|
|
71,191
|
|
|
$
|
3.29
|
|
Diluted EPS:
|
|
|
|
|
|
|||||
Net income available to common shareholders
|
$
|
234,218
|
|
|
71,191
|
|
|
|
||
Effect of dilutive securities:
|
|
|
|
|
|
|||||
Share options
|
—
|
|
|
63
|
|
|
|
|||
Net income available to common shareholders
|
$
|
234,218
|
|
|
71,254
|
|
|
$
|
3.29
|
|
|
Year Ended December 31, 2016
|
|||||||||
|
Income
(numerator)
|
|
Shares
(denominator)
|
|
Per Share
Amount
|
|||||
Basic EPS:
|
|
|
|
|
|
|||||
Income from continuing operations
|
$
|
224,982
|
|
|
|
|
|
|||
Less: preferred dividend requirements
|
(23,806
|
)
|
|
|
|
|
||||
Net income available to common shareholders
|
$
|
201,176
|
|
|
63,381
|
|
|
$
|
3.17
|
|
Diluted EPS:
|
|
|
|
|
|
|||||
Net income available to common shareholders
|
$
|
201,176
|
|
|
63,381
|
|
|
|
||
Effect of dilutive securities:
|
|
|
|
|
|
|||||
Share options
|
—
|
|
|
93
|
|
|
|
|||
Net income available to common shareholders
|
$
|
201,176
|
|
|
63,474
|
|
|
$
|
3.17
|
|
|
Number of
shares
|
|
Option price
per share
|
|
Weighted avg.
exercise price
|
||||||||||||
Outstanding at December 31, 2015
|
516,305
|
|
|
$
|
19.02
|
|
|
—
|
|
|
$
|
65.50
|
|
|
$
|
48.42
|
|
Exercised
|
(230,319
|
)
|
|
19.41
|
|
|
—
|
|
|
65.50
|
|
|
44.05
|
|
|||
Outstanding at December 31, 2016
|
285,986
|
|
|
$
|
19.02
|
|
|
—
|
|
|
$
|
61.79
|
|
|
$
|
51.93
|
|
Exercised
|
(29,253
|
)
|
|
46.86
|
|
|
—
|
|
|
61.79
|
|
|
54.54
|
|
|||
Granted
|
2,215
|
|
|
76.63
|
|
|
—
|
|
|
76.63
|
|
|
76.63
|
|
|||
Forfeited/Expired
|
(1,342
|
)
|
|
51.64
|
|
|
—
|
|
|
61.79
|
|
|
59.52
|
|
|||
Outstanding at December 31, 2017
|
257,606
|
|
|
$
|
19.02
|
|
|
—
|
|
|
$
|
76.63
|
|
|
$
|
51.81
|
|
Exercised
|
(25,721
|
)
|
|
45.20
|
|
|
—
|
|
|
61.79
|
|
|
50.68
|
|
|||
Granted
|
3,835
|
|
|
56.94
|
|
|
—
|
|
|
56.94
|
|
|
56.94
|
|
|||
Forfeited/Expired
|
(845
|
)
|
|
51.64
|
|
|
—
|
|
|
61.79
|
|
|
61.12
|
|
|||
Outstanding at December 31, 2018
|
234,875
|
|
|
$
|
19.02
|
|
|
—
|
|
|
$
|
76.63
|
|
|
$
|
51.98
|
|
|
Amount
|
||
Year:
|
|
||
2019
|
$
|
7
|
|
2020
|
7
|
|
|
2021
|
3
|
|
|
Total
|
$
|
17
|
|
Exercise price range
|
Options
outstanding
|
|
Weighted avg.
life remaining
|
|
Weighted avg.
exercise price
|
|
Aggregate intrinsic
value (in thousands)
|
||||||
$ 19.02 - 19.99
|
11,097
|
|
|
0.4
|
|
|
|
|
|
||||
20.00 - 29.99
|
—
|
|
|
—
|
|
|
|
|
|
||||
30.00 - 39.99
|
1,428
|
|
|
1.0
|
|
|
|
|
|
||||
40.00 - 49.99
|
72,342
|
|
|
3.1
|
|
|
|
|
|
||||
50.00 - 59.99
|
71,868
|
|
|
5.2
|
|
|
|
|
|
||||
60.00 - 69.99
|
75,925
|
|
|
6.1
|
|
|
|
|
|
||||
70.00 - 76.63
|
2,215
|
|
|
8.1
|
|
|
|
|
|
||||
|
234,875
|
|
|
4.6
|
|
|
$
|
51.98
|
|
|
$
|
2,857
|
|
Exercise price range
|
Options
outstanding
|
|
Weighted avg.
life remaining
|
|
Weighted avg.
exercise price
|
|
Aggregate intrinsic
value (in thousands)
|
||||||
$ 19.02 - 19.99
|
11,097
|
|
|
0.4
|
|
|
|
|
|
||||
20.00 - 29.99
|
—
|
|
|
—
|
|
|
|
|
|
||||
30.00 - 39.99
|
1,428
|
|
|
1.0
|
|
|
|
|
|
||||
40.00 - 49.99
|
72,342
|
|
|
3.1
|
|
|
|
|
|
||||
50.00 - 59.99
|
68,033
|
|
|
5.0
|
|
|
|
|
|
||||
60.00 - 61.79
|
55,387
|
|
|
6.1
|
|
|
|
|
|
||||
70.00 - 76.63
|
554
|
|
|
8.1
|
|
|
|
|
|
||||
|
208,841
|
|
|
4.4
|
|
|
$
|
50.73
|
|
|
$
|
2,784
|
|
|
Number of
shares
|
|
Weighted avg.
grant date
fair value
|
|
Weighted avg.
life remaining
|
|||
Outstanding at December 31, 2017
|
620,122
|
|
|
$
|
68.07
|
|
|
|
Granted
|
295,202
|
|
|
56.94
|
|
|
|
|
Vested
|
(244,852
|
)
|
|
65.33
|
|
|
|
|
Forfeited
|
(15,416
|
)
|
|
64.39
|
|
|
|
|
Outstanding at December 31, 2018
|
655,056
|
|
|
$
|
64.16
|
|
|
0.78
|
|
Amount
|
||
Year:
|
|
||
2019
|
$
|
8,609
|
|
2020
|
5,570
|
|
|
2021
|
2,436
|
|
|
Total
|
$
|
16,615
|
|
|
Number of
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Weighted
Average
Life
Remaining
|
|||
Outstanding at December 31, 2017
|
19,030
|
|
|
$
|
70.91
|
|
|
|
Granted
|
23,571
|
|
|
61.25
|
|
|
|
|
Vested
|
(19,030
|
)
|
|
70.91
|
|
|
|
|
Outstanding at December 31, 2018
|
23,571
|
|
|
$
|
61.25
|
|
|
0.42
|
|
Amount
|
||
Year:
|
|
||
2019
|
$
|
520,139
|
|
2020
|
503,344
|
|
|
2021
|
492,165
|
|
|
2022
|
477,671
|
|
|
2023
|
449,686
|
|
|
Thereafter
|
3,953,717
|
|
|
Total
|
$
|
6,396,722
|
|
|
Amount
|
||
Year:
|
|
||
2019
|
$
|
22,867
|
|
2020
|
23,236
|
|
|
2021
|
23,600
|
|
|
2022
|
22,996
|
|
|
2023
|
22,303
|
|
|
Thereafter
|
257,446
|
|
|
Total
|
$
|
372,448
|
|
|
Amount
|
||
Year:
|
|
||
2019
|
$
|
856
|
|
2020
|
856
|
|
|
2021
|
884
|
|
|
2022
|
967
|
|
|
2023
|
967
|
|
|
Thereafter
|
2,658
|
|
|
Total
|
$
|
7,188
|
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
2018:
|
|
|
|
|
|
|
|
||||||||
Total revenue
|
$
|
154,968
|
|
|
$
|
202,867
|
|
|
$
|
176,409
|
|
|
$
|
166,487
|
|
Net income
|
29,538
|
|
|
91,581
|
|
|
91,833
|
|
|
54,031
|
|
||||
Net income available to common shareholders of EPR Properties
|
23,502
|
|
|
85,545
|
|
|
85,797
|
|
|
47,997
|
|
||||
Basic net income per common share
|
0.32
|
|
|
1.15
|
|
|
1.15
|
|
|
0.65
|
|
||||
Diluted net income per common share
|
0.32
|
|
|
1.15
|
|
|
1.15
|
|
|
0.65
|
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
2017:
|
|
|
|
|
|
|
|
||||||||
Total revenue
|
$
|
129,112
|
|
|
$
|
147,782
|
|
|
$
|
151,397
|
|
|
$
|
147,700
|
|
Net income
|
53,916
|
|
|
80,535
|
|
|
62,954
|
|
|
65,563
|
|
||||
Net income available to common shareholders of EPR Properties
|
47,964
|
|
|
74,583
|
|
|
57,003
|
|
|
54,668
|
|
||||
Basic net income per common share
|
0.75
|
|
|
1.02
|
|
|
0.77
|
|
|
0.74
|
|
||||
Diluted net income per common share
|
0.75
|
|
|
1.02
|
|
|
0.77
|
|
|
0.74
|
|
Operating Data:
|
|
|
|
|
|
|
|
||||||||||||
|
|
For the Year Ended December 31, 2018
|
|||||||||||||||||
|
|
Entertainment
|
Recreation
|
Education
|
Other
|
Corporate/Unallocated
|
Consolidated
|
||||||||||||
Rental revenue
|
|
$
|
301,782
|
|
$
|
142,822
|
|
$
|
102,642
|
|
$
|
9,117
|
|
$
|
—
|
|
$
|
556,363
|
|
Other income
|
|
270
|
|
62
|
|
—
|
|
—
|
|
1,744
|
|
2,076
|
|
||||||
Mortgage and other financing income
|
|
7,971
|
|
109,200
|
|
25,121
|
|
—
|
|
—
|
|
142,292
|
|
||||||
Total revenue
|
|
310,023
|
|
252,084
|
|
127,763
|
|
9,117
|
|
1,744
|
|
700,731
|
|
||||||
|
|
|
|
|
|
|
|
||||||||||||
Property operating expense
|
|
24,141
|
|
126
|
|
3,933
|
|
1,901
|
|
655
|
|
30,756
|
|
||||||
Other expense
|
|
—
|
|
—
|
|
—
|
|
—
|
|
443
|
|
443
|
|
||||||
Total investment expenses
|
|
24,141
|
|
126
|
|
3,933
|
|
1,901
|
|
1,098
|
|
31,199
|
|
||||||
Net operating income - before unallocated items
|
|
285,882
|
|
251,958
|
|
123,830
|
|
7,216
|
|
646
|
|
669,532
|
|
||||||
|
|
|
|
|
|
|
|
||||||||||||
Reconciliation to Consolidated Statements of Income:
|
|
|
|
|
|||||||||||||||
General and administrative expense
|
|
|
|
|
(48,889
|
)
|
|||||||||||||
Severance expense
|
|
|
|
(5,938
|
)
|
||||||||||||||
Litigation settlement expense
|
|
|
|
(2,090
|
)
|
||||||||||||||
Costs associated with loan refinancing or payoff
|
|
|
|
(31,958
|
)
|
||||||||||||||
Interest expense, net
|
|
|
|
|
|
|
(135,507
|
)
|
|||||||||||
Transaction costs
|
|
|
|
|
|
|
(3,698
|
)
|
|||||||||||
Impairment charges
|
|
|
|
|
|
|
(27,283
|
)
|
|||||||||||
Depreciation and amortization
|
|
|
|
(153,430
|
)
|
||||||||||||||
Equity in loss from joint ventures
|
|
|
|
|
(22
|
)
|
|||||||||||||
Gain on sale of real estate
|
|
|
|
3,037
|
|
||||||||||||||
Gain on sale of investment in a direct financing lease
|
|
|
|
5,514
|
|
||||||||||||||
Income tax expense
|
|
|
|
(2,285
|
)
|
||||||||||||||
Net income
|
|
|
|
266,983
|
|
||||||||||||||
Preferred dividend requirements
|
|
|
(24,142
|
)
|
|||||||||||||||
Net income available to common shareholders of EPR Properties
|
$
|
242,841
|
|
|
|
For the Year Ended December 31, 2017
|
|||||||||||||||||
|
|
Entertainment
|
Recreation
|
Education
|
Other
|
Corporate/Unallocated
|
Consolidated
|
||||||||||||
Rental revenue
|
|
$
|
283,247
|
|
$
|
112,763
|
|
$
|
79,031
|
|
$
|
9,162
|
|
$
|
—
|
|
$
|
484,203
|
|
Other income
|
|
614
|
|
—
|
|
1
|
|
—
|
|
2,480
|
|
3,095
|
|
||||||
Mortgage and other financing income
|
|
4,407
|
|
48,740
|
|
35,546
|
|
—
|
|
—
|
|
88,693
|
|
||||||
Total revenue
|
|
288,268
|
|
161,503
|
|
114,578
|
|
9,162
|
|
2,480
|
|
575,991
|
|
||||||
|
|
|
|
|
|
|
|
||||||||||||
Property operating expense
|
|
23,175
|
|
117
|
|
6,314
|
|
1,407
|
|
640
|
|
31,653
|
|
||||||
Other expense
|
|
—
|
|
—
|
|
—
|
|
—
|
|
242
|
|
242
|
|
||||||
Total investment expenses
|
|
23,175
|
|
117
|
|
6,314
|
|
1,407
|
|
882
|
|
31,895
|
|
||||||
Net operating income - before unallocated items
|
|
265,093
|
|
161,386
|
|
108,264
|
|
7,755
|
|
1,598
|
|
544,096
|
|
||||||
|
|
|
|
|
|
|
|
||||||||||||
Reconciliation to Consolidated Statements of Income:
|
|
|
|
|
|||||||||||||||
General and administrative expense
|
|
|
|
|
(43,383
|
)
|
|||||||||||||
Costs associated with loan refinancing or payoff
|
|
(1,549
|
)
|
||||||||||||||||
Gain on early extinguishment of debt
|
|
977
|
|
||||||||||||||||
Interest expense, net
|
|
|
|
|
|
|
(133,124
|
)
|
|||||||||||
Transaction costs
|
|
|
|
|
|
|
(523
|
)
|
|||||||||||
Impairment charges
|
|
|
|
|
|
|
(10,195
|
)
|
|||||||||||
Depreciation and amortization
|
|
|
|
|
(132,946
|
)
|
|||||||||||||
Equity in income from joint ventures
|
|
|
|
72
|
|
||||||||||||||
Gain on sale of real estate
|
|
|
|
41,942
|
|
||||||||||||||
Income tax expense
|
|
|
|
(2,399
|
)
|
||||||||||||||
Net income
|
|
|
|
262,968
|
|
||||||||||||||
Preferred dividend requirements
|
|
|
(24,293
|
)
|
|||||||||||||||
Preferred share redemption costs
|
|
|
|
|
(4,457
|
)
|
|||||||||||||
Net income available to common shareholders of EPR Properties
|
$
|
234,218
|
|
|
|
For the Year Ended December 31, 2016
|
|||||||||||||||||
|
|
Entertainment
|
Recreation
|
Education
|
Other
|
Corporate/Unallocated
|
Consolidated
|
||||||||||||
Rental revenue
|
|
$
|
266,247
|
|
$
|
62,527
|
|
$
|
77,775
|
|
$
|
8,635
|
|
$
|
—
|
|
$
|
415,184
|
|
Other income
|
|
249
|
|
4,482
|
|
1,648
|
|
—
|
|
2,660
|
|
9,039
|
|
||||||
Mortgage and other financing income
|
|
6,187
|
|
30,190
|
|
32,539
|
|
103
|
|
—
|
|
69,019
|
|
||||||
Total revenue
|
|
272,683
|
|
97,199
|
|
111,962
|
|
8,738
|
|
2,660
|
|
493,242
|
|
||||||
|
|
|
|
|
|
|
|
||||||||||||
Property operating expense
|
|
21,303
|
|
8
|
|
—
|
|
662
|
|
629
|
|
22,602
|
|
||||||
Other expense
|
|
—
|
|
—
|
|
—
|
|
5
|
|
—
|
|
5
|
|
||||||
Total investment expenses
|
|
21,303
|
|
8
|
|
—
|
|
667
|
|
629
|
|
22,607
|
|
||||||
Net operating income - before unallocated items
|
|
251,380
|
|
97,191
|
|
111,962
|
|
8,071
|
|
2,031
|
|
470,635
|
|
||||||
|
|
|
|
|
|
|
|
||||||||||||
Reconciliation to Consolidated Statements of Income:
|
|
|
|
|
|||||||||||||||
General and administrative expense
|
|
|
|
|
(37,543
|
)
|
|||||||||||||
Costs associated with loan refinancing or payoff
|
|
(905
|
)
|
||||||||||||||||
Interest expense, net
|
|
|
|
|
|
|
(97,144
|
)
|
|||||||||||
Transaction costs
|
|
|
|
|
|
|
(7,869
|
)
|
|||||||||||
Depreciation and amortization
|
|
|
|
|
(107,573
|
)
|
|||||||||||||
Equity in income from joint ventures
|
|
|
|
|
619
|
|
|||||||||||||
Gain on sale of real estate
|
|
|
|
|
5,315
|
|
|||||||||||||
Income tax expense
|
|
|
|
(553
|
)
|
||||||||||||||
Net income
|
|
|
|
224,982
|
|
||||||||||||||
Preferred dividend requirements
|
|
|
|
|
(23,806
|
)
|
|||||||||||||
Net income available to common shareholders of EPR Properties
|
|
|
$
|
201,176
|
|
EPR Properties
|
Schedule II - Valuation and Qualifying Accounts
|
December 31, 2018
|
Description
|
Balance at
December 31, 2017
|
|
Additions
During 2018
|
|
Deductions
During 2018
|
|
Balance at
December 31, 2018
|
||||||||
Reserve for Doubtful Accounts
|
$
|
7,485,000
|
|
|
$
|
2,851,000
|
|
|
$
|
(7,437,000
|
)
|
|
$
|
2,899,000
|
|
Allowance for Loan Losses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
EPR Properties
|
Schedule II - Valuation and Qualifying Accounts
|
December 31, 2017
|
Description
|
Balance at
December 31, 2016
|
|
Additions
During 2017
|
|
Deductions
During 2017
|
|
Balance at
December 31, 2017
|
||||||||
Reserve for Doubtful Accounts
|
$
|
871,000
|
|
|
$
|
7,256,000
|
|
|
$
|
(642,000
|
)
|
|
$
|
7,485,000
|
|
Allowance for Loan Losses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
EPR Properties
|
Schedule II - Valuation and Qualifying Accounts
|
December 31, 2016
|
Description
|
Balance at
December 31, 2015
|
|
Additions
During 2016
|
|
Deductions
During 2016
|
|
Balance at
December 31, 2016
|
||||||||
Reserve for Doubtful Accounts
|
$
|
3,210,000
|
|
|
$
|
—
|
|
|
$
|
(2,339,000
|
)
|
|
$
|
871,000
|
|
Allowance for Loan Losses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
EPR Properties
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2018
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Initial cost
|
|
Additions (Dispositions) (Impairments) Subsequent to acquisition
|
|
Gross Amount at December 31, 2018
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Debt
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Total
|
|
Accumulated
depreciation
|
|
Date
acquired
|
|
Depreciation
life
|
||||||||||||||||||
Megaplex Theatres
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Omaha, NE
|
|
—
|
|
|
5,215
|
|
|
16,700
|
|
|
59
|
|
|
5,215
|
|
|
16,759
|
|
|
21,974
|
|
|
(8,798
|
)
|
|
11/97
|
|
40 years
|
||||||||
Sugar Land, TX
|
|
—
|
|
|
—
|
|
|
19,100
|
|
|
67
|
|
|
—
|
|
|
19,167
|
|
|
19,167
|
|
|
(10,063
|
)
|
|
11/97
|
|
40 years
|
||||||||
San Antonio, TX
|
|
—
|
|
|
3,006
|
|
|
13,662
|
|
|
8,455
|
|
|
3,006
|
|
|
22,117
|
|
|
25,123
|
|
|
(8,414
|
)
|
|
11/97
|
|
40 years
|
||||||||
Columbus, OH
|
|
—
|
|
|
—
|
|
|
12,685
|
|
|
—
|
|
|
—
|
|
|
12,685
|
|
|
12,685
|
|
|
(6,501
|
)
|
|
11/97
|
|
40 years
|
||||||||
San Diego, CA
|
|
—
|
|
|
—
|
|
|
16,028
|
|
|
—
|
|
|
—
|
|
|
16,028
|
|
|
16,028
|
|
|
(8,215
|
)
|
|
11/97
|
|
40 years
|
||||||||
Ontario, CA
|
|
—
|
|
|
5,521
|
|
|
19,449
|
|
|
7,130
|
|
|
5,521
|
|
|
26,579
|
|
|
32,100
|
|
|
(10,370
|
)
|
|
11/97
|
|
40 years
|
||||||||
Houston, TX
|
|
—
|
|
|
6,023
|
|
|
20,037
|
|
|
—
|
|
|
6,023
|
|
|
20,037
|
|
|
26,060
|
|
|
(10,269
|
)
|
|
11/97
|
|
40 years
|
||||||||
Creve Coeur, MO
|
|
—
|
|
|
4,985
|
|
|
12,601
|
|
|
4,075
|
|
|
4,985
|
|
|
16,676
|
|
|
21,661
|
|
|
(7,355
|
)
|
|
11/97
|
|
40 years
|
||||||||
Leawood, KS
|
|
—
|
|
|
3,714
|
|
|
12,086
|
|
|
4,110
|
|
|
3,714
|
|
|
16,196
|
|
|
19,910
|
|
|
(6,791
|
)
|
|
11/97
|
|
40 years
|
||||||||
Houston, TX
|
|
—
|
|
|
4,304
|
|
|
21,496
|
|
|
76
|
|
|
4,304
|
|
|
21,572
|
|
|
25,876
|
|
|
(11,280
|
)
|
|
02/98
|
|
40 years
|
||||||||
South Barrington, IL
|
|
—
|
|
|
6,577
|
|
|
27,723
|
|
|
4,618
|
|
|
6,577
|
|
|
32,341
|
|
|
38,918
|
|
|
(14,984
|
)
|
|
03/98
|
|
40 years
|
||||||||
Mesquite, TX
|
|
—
|
|
|
2,912
|
|
|
20,288
|
|
|
4,885
|
|
|
2,912
|
|
|
25,173
|
|
|
28,085
|
|
|
(11,414
|
)
|
|
04/98
|
|
40 years
|
||||||||
Hampton, VA
|
|
—
|
|
|
3,822
|
|
|
24,678
|
|
|
4,510
|
|
|
3,822
|
|
|
29,188
|
|
|
33,010
|
|
|
(13,221
|
)
|
|
06/98
|
|
40 years
|
||||||||
Pompano Beach, FL
|
|
—
|
|
|
6,771
|
|
|
9,899
|
|
|
3,845
|
|
|
6,771
|
|
|
13,744
|
|
|
20,515
|
|
|
(8,733
|
)
|
|
08/98
|
|
24 years
|
||||||||
Raleigh, NC
|
|
—
|
|
|
2,919
|
|
|
5,559
|
|
|
3,492
|
|
|
2,919
|
|
|
9,051
|
|
|
11,970
|
|
|
(3,380
|
)
|
|
08/98
|
|
40 years
|
||||||||
Davie, FL
|
|
—
|
|
|
2,000
|
|
|
13,000
|
|
|
11,512
|
|
|
2,000
|
|
|
24,512
|
|
|
26,512
|
|
|
(10,808
|
)
|
|
11/98
|
|
40 years
|
||||||||
Aliso Viejo, CA
|
|
—
|
|
|
8,000
|
|
|
14,000
|
|
|
—
|
|
|
8,000
|
|
|
14,000
|
|
|
22,000
|
|
|
(7,000
|
)
|
|
12/98
|
|
40 years
|
||||||||
Boise, ID
|
|
—
|
|
|
—
|
|
|
16,003
|
|
|
—
|
|
|
—
|
|
|
16,003
|
|
|
16,003
|
|
|
(8,002
|
)
|
|
12/98
|
|
40 years
|
||||||||
Woodridge, IL
|
|
—
|
|
|
9,926
|
|
|
8,968
|
|
|
—
|
|
|
9,926
|
|
|
8,968
|
|
|
18,894
|
|
|
(8,968
|
)
|
|
06/99
|
|
18 years
|
||||||||
Cary, NC
|
|
—
|
|
|
3,352
|
|
|
11,653
|
|
|
3,091
|
|
|
3,352
|
|
|
14,744
|
|
|
18,096
|
|
|
(5,844
|
)
|
|
12/99
|
|
40 years
|
||||||||
Tampa, FL
|
|
—
|
|
|
6,000
|
|
|
12,809
|
|
|
1,452
|
|
|
6,000
|
|
|
14,261
|
|
|
20,261
|
|
|
(7,403
|
)
|
|
06/99
|
|
40 years
|
||||||||
Metairie, LA
|
|
—
|
|
|
—
|
|
|
11,740
|
|
|
3,049
|
|
|
—
|
|
|
14,789
|
|
|
14,789
|
|
|
(5,036
|
)
|
|
03/02
|
|
40 years
|
||||||||
Harahan, LA
|
|
—
|
|
|
5,264
|
|
|
14,820
|
|
|
—
|
|
|
5,264
|
|
|
14,820
|
|
|
20,084
|
|
|
(6,237
|
)
|
|
03/02
|
|
40 years
|
||||||||
Hammond, LA
|
|
—
|
|
|
2,404
|
|
|
6,780
|
|
|
1,607
|
|
|
1,839
|
|
|
8,952
|
|
|
10,791
|
|
|
(2,909
|
)
|
|
03/02
|
|
40 years
|
||||||||
Houma, LA
|
|
—
|
|
|
2,404
|
|
|
6,780
|
|
|
—
|
|
|
2,404
|
|
|
6,780
|
|
|
9,184
|
|
|
(2,853
|
)
|
|
03/02
|
|
40 years
|
||||||||
Harvey, LA
|
|
—
|
|
|
4,378
|
|
|
12,330
|
|
|
3,735
|
|
|
4,266
|
|
|
16,177
|
|
|
20,443
|
|
|
(5,309
|
)
|
|
03/02
|
|
40 years
|
||||||||
Greenville, SC
|
|
—
|
|
|
1,660
|
|
|
7,570
|
|
|
247
|
|
|
1,660
|
|
|
7,817
|
|
|
9,477
|
|
|
(3,195
|
)
|
|
06/02
|
|
40 years
|
||||||||
Sterling Heights, MI
|
|
—
|
|
|
5,975
|
|
|
17,956
|
|
|
3,400
|
|
|
5,975
|
|
|
21,356
|
|
|
27,331
|
|
|
(10,622
|
)
|
|
06/02
|
|
40 years
|
||||||||
Olathe, KS
|
|
—
|
|
|
4,000
|
|
|
15,935
|
|
|
2,558
|
|
|
3,042
|
|
|
19,451
|
|
|
22,493
|
|
|
(7,894
|
)
|
|
06/02
|
|
40 years
|
||||||||
Livonia, MI
|
|
—
|
|
|
4,500
|
|
|
17,525
|
|
|
—
|
|
|
4,500
|
|
|
17,525
|
|
|
22,025
|
|
|
(7,193
|
)
|
|
08/02
|
|
40 years
|
||||||||
Alexandria, VA
|
|
—
|
|
|
—
|
|
|
22,035
|
|
|
—
|
|
|
—
|
|
|
22,035
|
|
|
22,035
|
|
|
(8,952
|
)
|
|
10/02
|
|
40 years
|
||||||||
Little Rock, AR
|
|
—
|
|
|
3,858
|
|
|
7,990
|
|
|
—
|
|
|
3,858
|
|
|
7,990
|
|
|
11,848
|
|
|
(3,213
|
)
|
|
12/02
|
|
40 years
|
||||||||
Macon, GA
|
|
—
|
|
|
1,982
|
|
|
5,056
|
|
|
—
|
|
|
1,982
|
|
|
5,056
|
|
|
7,038
|
|
|
(1,991
|
)
|
|
03/03
|
|
40 years
|
||||||||
Lawrence, KS
|
|
—
|
|
|
1,500
|
|
|
3,526
|
|
|
2,017
|
|
|
1,500
|
|
|
5,543
|
|
|
7,043
|
|
|
(1,544
|
)
|
|
06/03
|
|
40 years
|
||||||||
Columbia, SC
|
|
—
|
|
|
1,000
|
|
|
10,534
|
|
|
339
|
|
|
1,000
|
|
|
10,873
|
|
|
11,873
|
|
|
(3,153
|
)
|
|
11/03
|
|
40 years
|
||||||||
Hialeah, FL
|
|
—
|
|
|
7,985
|
|
|
—
|
|
|
—
|
|
|
7,985
|
|
|
—
|
|
|
7,985
|
|
|
—
|
|
|
12/03
|
|
n/a
|
||||||||
Phoenix, AZ
|
|
—
|
|
|
4,276
|
|
|
15,934
|
|
|
3,518
|
|
|
4,276
|
|
|
19,452
|
|
|
23,728
|
|
|
(6,114
|
)
|
|
03/04
|
|
40 years
|
||||||||
Hamilton, NJ
|
|
—
|
|
|
4,869
|
|
|
18,143
|
|
|
—
|
|
|
4,869
|
|
|
18,143
|
|
|
23,012
|
|
|
(6,690
|
)
|
|
03/04
|
|
40 years
|
||||||||
Mesa, AZ
|
|
—
|
|
|
4,446
|
|
|
16,565
|
|
|
3,263
|
|
|
4,446
|
|
|
19,828
|
|
|
24,274
|
|
|
(6,375
|
)
|
|
03/04
|
|
40 years
|
||||||||
Peoria, IL
|
|
—
|
|
|
2,948
|
|
|
11,177
|
|
|
—
|
|
|
2,948
|
|
|
11,177
|
|
|
14,125
|
|
|
(4,028
|
)
|
|
07/04
|
|
40 years
|
||||||||
Lafayette, LA
|
|
—
|
|
|
—
|
|
|
10,318
|
|
|
—
|
|
|
—
|
|
|
10,318
|
|
|
10,318
|
|
|
(3,735
|
)
|
|
07/04
|
|
40 years
|
||||||||
Hurst, TX
|
|
—
|
|
|
5,000
|
|
|
11,729
|
|
|
1,015
|
|
|
5,000
|
|
|
12,744
|
|
|
17,744
|
|
|
(4,500
|
)
|
|
11/04
|
|
40 years
|
||||||||
Melbourne, FL
|
|
—
|
|
|
3,817
|
|
|
8,830
|
|
|
320
|
|
|
3,817
|
|
|
9,150
|
|
|
12,967
|
|
|
(3,203
|
)
|
|
12/04
|
|
40 years
|
||||||||
D'Iberville, MS
|
|
—
|
|
|
2,001
|
|
|
8,043
|
|
|
3,612
|
|
|
808
|
|
|
12,848
|
|
|
13,656
|
|
|
(3,723
|
)
|
|
12/04
|
|
40 years
|
EPR Properties
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2018
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Initial cost
|
|
Additions (Dispositions) (Impairments) Subsequent to acquisition
|
|
Gross Amount at December 31, 2018
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Debt
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Total
|
|
Accumulated
depreciation
|
|
Date
acquired
|
|
Depreciation
life
|
||||||||||||||||||
Wilmington, NC
|
|
—
|
|
|
1,650
|
|
|
7,047
|
|
|
3,033
|
|
|
1,650
|
|
|
10,080
|
|
|
11,730
|
|
|
(2,599
|
)
|
|
02/05
|
|
40 years
|
||||||||
Chattanooga, TN
|
|
—
|
|
|
2,799
|
|
|
11,467
|
|
|
—
|
|
|
2,799
|
|
|
11,467
|
|
|
14,266
|
|
|
(3,966
|
)
|
|
03/05
|
|
40 years
|
||||||||
Conroe, TX
|
|
—
|
|
|
1,836
|
|
|
8,230
|
|
|
—
|
|
|
1,836
|
|
|
8,230
|
|
|
10,066
|
|
|
(2,777
|
)
|
|
06/05
|
|
40 years
|
||||||||
Indianapolis, IN
|
|
—
|
|
|
1,481
|
|
|
4,565
|
|
|
2,375
|
|
|
1,481
|
|
|
6,940
|
|
|
8,421
|
|
|
(1,714
|
)
|
|
06/05
|
|
40 years
|
||||||||
Hattiesburg, MS
|
|
—
|
|
|
1,978
|
|
|
7,733
|
|
|
4,720
|
|
|
1,978
|
|
|
12,453
|
|
|
14,431
|
|
|
(3,438
|
)
|
|
09/05
|
|
40 years
|
||||||||
Arroyo Grande, CA
|
|
—
|
|
|
2,641
|
|
|
3,810
|
|
|
—
|
|
|
2,641
|
|
|
3,810
|
|
|
6,451
|
|
|
(1,246
|
)
|
|
12/05
|
|
40 years
|
||||||||
Auburn, CA
|
|
—
|
|
|
2,178
|
|
|
6,185
|
|
|
(65
|
)
|
|
2,113
|
|
|
6,185
|
|
|
8,298
|
|
|
(2,023
|
)
|
|
12/05
|
|
40 years
|
||||||||
Fresno, CA
|
|
—
|
|
|
7,600
|
|
|
11,613
|
|
|
2,894
|
|
|
7,600
|
|
|
14,507
|
|
|
22,107
|
|
|
(4,816
|
)
|
|
12/05
|
|
40 years
|
||||||||
Modesto, CA
|
|
—
|
|
|
2,542
|
|
|
3,910
|
|
|
1,889
|
|
|
2,542
|
|
|
5,799
|
|
|
8,341
|
|
|
(1,399
|
)
|
|
12/05
|
|
40 years
|
||||||||
Columbia, MD
|
|
—
|
|
|
—
|
|
|
12,204
|
|
|
—
|
|
|
—
|
|
|
12,204
|
|
|
12,204
|
|
|
(3,890
|
)
|
|
03/06
|
|
40 years
|
||||||||
Garland, TX
|
|
—
|
|
|
8,028
|
|
|
14,825
|
|
|
—
|
|
|
8,028
|
|
|
14,825
|
|
|
22,853
|
|
|
(4,725
|
)
|
|
03/06
|
|
40 years
|
||||||||
Garner, NC
|
|
—
|
|
|
1,305
|
|
|
6,899
|
|
|
—
|
|
|
1,305
|
|
|
6,899
|
|
|
8,204
|
|
|
(2,185
|
)
|
|
04/06
|
|
40 years
|
||||||||
Winston Salem, NC
|
|
—
|
|
|
—
|
|
|
12,153
|
|
|
4,188
|
|
|
—
|
|
|
16,341
|
|
|
16,341
|
|
|
(4,535
|
)
|
|
07/06
|
|
40 years
|
||||||||
Huntsville, AL
|
|
—
|
|
|
3,508
|
|
|
14,802
|
|
|
—
|
|
|
3,508
|
|
|
14,802
|
|
|
18,310
|
|
|
(4,564
|
)
|
|
08/06
|
|
40 years
|
||||||||
Kalamazoo, MI
|
|
—
|
|
|
5,125
|
|
|
12,216
|
|
|
5,950
|
|
|
5,125
|
|
|
18,166
|
|
|
23,291
|
|
|
(9,704
|
)
|
|
11/06
|
|
17 years
|
||||||||
Pensacola, FL
|
|
—
|
|
|
5,316
|
|
|
15,099
|
|
|
—
|
|
|
5,316
|
|
|
15,099
|
|
|
20,415
|
|
|
(4,530
|
)
|
|
12/06
|
|
40 years
|
||||||||
Slidell, LA
|
|
10,635
|
|
|
—
|
|
|
11,499
|
|
|
—
|
|
|
—
|
|
|
11,499
|
|
|
11,499
|
|
|
(3,450
|
)
|
|
12/06
|
|
40 years
|
||||||||
Panama City Beach, FL
|
|
—
|
|
|
6,486
|
|
|
11,156
|
|
|
—
|
|
|
6,486
|
|
|
11,156
|
|
|
17,642
|
|
|
(3,231
|
)
|
|
05/07
|
|
40 years
|
||||||||
Kalispell, MT
|
|
—
|
|
|
2,505
|
|
|
7,323
|
|
|
—
|
|
|
2,505
|
|
|
7,323
|
|
|
9,828
|
|
|
(2,075
|
)
|
|
08/07
|
|
40 years
|
||||||||
Greensboro, NC
|
|
—
|
|
|
—
|
|
|
12,606
|
|
|
914
|
|
|
—
|
|
|
13,520
|
|
|
13,520
|
|
|
(4,246
|
)
|
|
11/07
|
|
40 years
|
||||||||
Glendora, CA
|
|
—
|
|
|
—
|
|
|
10,588
|
|
|
—
|
|
|
—
|
|
|
10,588
|
|
|
10,588
|
|
|
(2,691
|
)
|
|
10/08
|
|
40 years
|
||||||||
Ypsilanti, MI
|
|
—
|
|
|
4,716
|
|
|
227
|
|
|
2,817
|
|
|
4,716
|
|
|
3,044
|
|
|
7,760
|
|
|
(147
|
)
|
|
12/09
|
|
40 years
|
||||||||
Manchester, CT
|
|
—
|
|
|
3,628
|
|
|
11,474
|
|
|
—
|
|
|
3,628
|
|
|
11,474
|
|
|
15,102
|
|
|
(2,582
|
)
|
|
12/09
|
|
40 years
|
||||||||
Centreville, VA
|
|
—
|
|
|
3,628
|
|
|
1,769
|
|
|
—
|
|
|
3,628
|
|
|
1,769
|
|
|
5,397
|
|
|
(398
|
)
|
|
12/09
|
|
40 years
|
||||||||
Davenport, IA
|
|
—
|
|
|
3,599
|
|
|
6,068
|
|
|
2,265
|
|
|
3,564
|
|
|
8,368
|
|
|
11,932
|
|
|
(1,445
|
)
|
|
12/09
|
|
40 years
|
||||||||
Fairfax, VA
|
|
—
|
|
|
2,630
|
|
|
11,791
|
|
|
2,000
|
|
|
2,630
|
|
|
13,791
|
|
|
16,421
|
|
|
(2,723
|
)
|
|
12/09
|
|
40 years
|
||||||||
Flint, MI
|
|
—
|
|
|
1,270
|
|
|
1,723
|
|
|
—
|
|
|
1,270
|
|
|
1,723
|
|
|
2,993
|
|
|
(388
|
)
|
|
12/09
|
|
40 years
|
||||||||
Hazlet, NJ
|
|
—
|
|
|
3,719
|
|
|
4,716
|
|
|
—
|
|
|
3,719
|
|
|
4,716
|
|
|
8,435
|
|
|
(1,061
|
)
|
|
12/09
|
|
40 years
|
||||||||
Huber Heights, OH
|
|
—
|
|
|
970
|
|
|
3,891
|
|
|
—
|
|
|
970
|
|
|
3,891
|
|
|
4,861
|
|
|
(875
|
)
|
|
12/09
|
|
40 years
|
||||||||
North Haven, CT
|
|
—
|
|
|
5,442
|
|
|
1,061
|
|
|
2,000
|
|
|
3,458
|
|
|
5,045
|
|
|
8,503
|
|
|
(1,364
|
)
|
|
12/09
|
|
40 years
|
||||||||
Okolona, KY
|
|
—
|
|
|
5,379
|
|
|
3,311
|
|
|
—
|
|
|
5,379
|
|
|
3,311
|
|
|
8,690
|
|
|
(745
|
)
|
|
12/09
|
|
40 years
|
||||||||
Voorhees, NJ
|
|
—
|
|
|
1,723
|
|
|
9,614
|
|
|
—
|
|
|
1,723
|
|
|
9,614
|
|
|
11,337
|
|
|
(2,163
|
)
|
|
12/09
|
|
40 years
|
||||||||
Louisville, KY
|
|
—
|
|
|
4,979
|
|
|
6,567
|
|
|
—
|
|
|
4,979
|
|
|
6,567
|
|
|
11,546
|
|
|
(1,478
|
)
|
|
12/09
|
|
40 years
|
||||||||
Beaver Creek, OH
|
|
—
|
|
|
1,578
|
|
|
6,630
|
|
|
1,700
|
|
|
1,578
|
|
|
8,330
|
|
|
9,908
|
|
|
(1,501
|
)
|
|
12/09
|
|
40 years
|
||||||||
West Springfield, MA
|
|
—
|
|
|
2,540
|
|
|
3,755
|
|
|
—
|
|
|
2,540
|
|
|
3,755
|
|
|
6,295
|
|
|
(845
|
)
|
|
12/09
|
|
40 years
|
||||||||
Cincinnati, OH
|
|
—
|
|
|
1,361
|
|
|
1,741
|
|
|
—
|
|
|
635
|
|
|
2,467
|
|
|
3,102
|
|
|
(456
|
)
|
|
12/09
|
|
40 years
|
||||||||
Pasadena, TX
|
|
—
|
|
|
2,951
|
|
|
10,684
|
|
|
1,759
|
|
|
2,951
|
|
|
12,443
|
|
|
15,394
|
|
|
(2,279
|
)
|
|
06/10
|
|
40 years
|
||||||||
Plano, TX
|
|
—
|
|
|
1,052
|
|
|
1,968
|
|
|
—
|
|
|
1,052
|
|
|
1,968
|
|
|
3,020
|
|
|
(418
|
)
|
|
06/10
|
|
40 years
|
||||||||
McKinney, TX
|
|
—
|
|
|
1,917
|
|
|
3,319
|
|
|
—
|
|
|
1,917
|
|
|
3,319
|
|
|
5,236
|
|
|
(705
|
)
|
|
06/10
|
|
40 years
|
||||||||
Mishawaka, IN
|
|
—
|
|
|
2,399
|
|
|
5,454
|
|
|
1,383
|
|
|
2,399
|
|
|
6,837
|
|
|
9,236
|
|
|
(1,267
|
)
|
|
06/10
|
|
40 years
|
||||||||
Grand Prairie, TX
|
|
—
|
|
|
1,873
|
|
|
3,245
|
|
|
2,104
|
|
|
1,873
|
|
|
5,349
|
|
|
7,222
|
|
|
(905
|
)
|
|
06/10
|
|
40 years
|
||||||||
Redding, CA
|
|
—
|
|
|
2,044
|
|
|
4,500
|
|
|
1,177
|
|
|
2,044
|
|
|
5,677
|
|
|
7,721
|
|
|
(956
|
)
|
|
06/10
|
|
40 years
|
||||||||
Pueblo, CO
|
|
—
|
|
|
2,238
|
|
|
5,162
|
|
|
1,265
|
|
|
2,238
|
|
|
6,427
|
|
|
8,665
|
|
|
(1,100
|
)
|
|
06/10
|
|
40 years
|
||||||||
Beaumont, TX
|
|
—
|
|
|
1,065
|
|
|
11,669
|
|
|
1,644
|
|
|
1,065
|
|
|
13,313
|
|
|
14,378
|
|
|
(2,546
|
)
|
|
06/10
|
|
40 years
|
||||||||
Pflugerville, TX
|
|
—
|
|
|
4,356
|
|
|
11,533
|
|
|
2,056
|
|
|
4,356
|
|
|
13,589
|
|
|
17,945
|
|
|
(2,524
|
)
|
|
06/10
|
|
40 years
|
EPR Properties
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2018
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Initial cost
|
|
Additions (Dispositions) (Impairments) Subsequent to acquisition
|
|
Gross Amount at December 31, 2018
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Debt
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Total
|
|
Accumulated
depreciation
|
|
Date
acquired
|
|
Depreciation
life
|
||||||||||||||||||
Houston, TX
|
|
—
|
|
|
4,109
|
|
|
9,739
|
|
|
—
|
|
|
4,109
|
|
|
9,739
|
|
|
13,848
|
|
|
(2,070
|
)
|
|
06/10
|
|
40 years
|
||||||||
El Paso, TX
|
|
—
|
|
|
4,598
|
|
|
13,207
|
|
|
2,296
|
|
|
4,598
|
|
|
15,503
|
|
|
20,101
|
|
|
(2,848
|
)
|
|
06/10
|
|
40 years
|
||||||||
Colorado Springs, CO
|
|
—
|
|
|
4,134
|
|
|
11,220
|
|
|
1,427
|
|
|
2,938
|
|
|
13,843
|
|
|
16,781
|
|
|
(2,497
|
)
|
|
06/10
|
|
40 years
|
||||||||
Virginia Beach, VA
|
|
—
|
|
|
—
|
|
|
1,736
|
|
|
—
|
|
|
—
|
|
|
1,736
|
|
|
1,736
|
|
|
(1,736
|
)
|
|
12/10
|
|
40 years
|
||||||||
Hooksett, NH
|
|
—
|
|
|
2,639
|
|
|
11,605
|
|
|
—
|
|
|
2,639
|
|
|
11,605
|
|
|
14,244
|
|
|
(2,273
|
)
|
|
03/11
|
|
40 years
|
||||||||
Saco, ME
|
|
—
|
|
|
1,508
|
|
|
3,826
|
|
|
—
|
|
|
1,508
|
|
|
3,826
|
|
|
5,334
|
|
|
(749
|
)
|
|
03/11
|
|
40 years
|
||||||||
Merrimack, NH
|
|
—
|
|
|
3,160
|
|
|
5,642
|
|
|
—
|
|
|
3,160
|
|
|
5,642
|
|
|
8,802
|
|
|
(1,105
|
)
|
|
03/11
|
|
40 years
|
||||||||
Westbrook, ME
|
|
—
|
|
|
2,273
|
|
|
7,119
|
|
|
—
|
|
|
2,273
|
|
|
7,119
|
|
|
9,392
|
|
|
(1,394
|
)
|
|
03/11
|
|
40 years
|
||||||||
Twin Falls, ID
|
|
—
|
|
|
—
|
|
|
4,783
|
|
|
—
|
|
|
—
|
|
|
4,783
|
|
|
4,783
|
|
|
(787
|
)
|
|
04/11
|
|
40 years
|
||||||||
Dallas, TX
|
|
—
|
|
|
—
|
|
|
12,146
|
|
|
750
|
|
|
—
|
|
|
12,896
|
|
|
12,896
|
|
|
(2,097
|
)
|
|
03/12
|
|
40 years
|
||||||||
Albuquerque, NM
|
|
—
|
|
|
—
|
|
|
13,733
|
|
|
—
|
|
|
—
|
|
|
13,733
|
|
|
13,733
|
|
|
(1,745
|
)
|
|
06/12
|
|
40 years
|
||||||||
Southern Pines, NC
|
|
—
|
|
|
1,709
|
|
|
4,747
|
|
|
12
|
|
|
1,709
|
|
|
4,759
|
|
|
6,468
|
|
|
(772
|
)
|
|
06/12
|
|
40 years
|
||||||||
Austin, TX
|
|
—
|
|
|
2,608
|
|
|
6,373
|
|
|
—
|
|
|
2,608
|
|
|
6,373
|
|
|
8,981
|
|
|
(863
|
)
|
|
09/12
|
|
40 years
|
||||||||
Champaign, IL
|
|
—
|
|
|
—
|
|
|
9,381
|
|
|
125
|
|
|
—
|
|
|
9,506
|
|
|
9,506
|
|
|
(1,208
|
)
|
|
09/12
|
|
40 years
|
||||||||
Gainesville, VA
|
|
—
|
|
|
—
|
|
|
10,846
|
|
|
—
|
|
|
—
|
|
|
10,846
|
|
|
10,846
|
|
|
(1,378
|
)
|
|
02/13
|
|
40 years
|
||||||||
Lafayette, LA
|
|
14,360
|
|
|
—
|
|
|
12,728
|
|
|
—
|
|
|
—
|
|
|
12,728
|
|
|
12,728
|
|
|
(1,671
|
)
|
|
08/13
|
|
40 years
|
||||||||
New Iberia, LA
|
|
—
|
|
|
—
|
|
|
1,630
|
|
|
—
|
|
|
—
|
|
|
1,630
|
|
|
1,630
|
|
|
(214
|
)
|
|
08/13
|
|
40 years
|
||||||||
Tuscaloosa, AL
|
|
—
|
|
|
—
|
|
|
11,287
|
|
|
—
|
|
|
1,815
|
|
|
9,472
|
|
|
11,287
|
|
|
(1,243
|
)
|
|
09/13
|
|
40 years
|
||||||||
Tampa, FL
|
|
—
|
|
|
1,700
|
|
|
23,483
|
|
|
3,769
|
|
|
1,700
|
|
|
27,252
|
|
|
28,952
|
|
|
(4,463
|
)
|
|
10/13
|
|
40 years
|
||||||||
Warrenville, IL
|
|
—
|
|
|
14,000
|
|
|
17,318
|
|
|
4,816
|
|
|
14,000
|
|
|
22,134
|
|
|
36,134
|
|
|
(3,731
|
)
|
|
10/13
|
|
40 years
|
||||||||
San Francisco, CA
|
|
—
|
|
|
2,077
|
|
|
12,914
|
|
|
—
|
|
|
2,077
|
|
|
12,914
|
|
|
14,991
|
|
|
(969
|
)
|
|
08/13
|
|
40 years
|
||||||||
Opelika, AL
|
|
—
|
|
|
1,314
|
|
|
8,951
|
|
|
—
|
|
|
1,314
|
|
|
8,951
|
|
|
10,265
|
|
|
(1,007
|
)
|
|
11/12
|
|
40 years
|
||||||||
Bedford, IN
|
|
—
|
|
|
349
|
|
|
1,594
|
|
|
—
|
|
|
349
|
|
|
1,594
|
|
|
1,943
|
|
|
(213
|
)
|
|
04/14
|
|
40 years
|
||||||||
Seymour, IN
|
|
—
|
|
|
1,028
|
|
|
2,291
|
|
|
—
|
|
|
1,028
|
|
|
2,291
|
|
|
3,319
|
|
|
(287
|
)
|
|
04/14
|
|
40 years
|
||||||||
Wilder, KY
|
|
—
|
|
|
983
|
|
|
11,233
|
|
|
2,004
|
|
|
983
|
|
|
13,237
|
|
|
14,220
|
|
|
(1,490
|
)
|
|
04/14
|
|
40 years
|
||||||||
Bowling Green, KY
|
|
—
|
|
|
1,241
|
|
|
10,222
|
|
|
—
|
|
|
1,241
|
|
|
10,222
|
|
|
11,463
|
|
|
(1,270
|
)
|
|
04/14
|
|
40 years
|
||||||||
New Albany, IN
|
|
—
|
|
|
2,461
|
|
|
14,807
|
|
|
—
|
|
|
2,461
|
|
|
14,807
|
|
|
17,268
|
|
|
(1,803
|
)
|
|
04/14
|
|
40 years
|
||||||||
Clarksville, TN
|
|
—
|
|
|
3,764
|
|
|
16,769
|
|
|
4,706
|
|
|
3,764
|
|
|
21,475
|
|
|
25,239
|
|
|
(2,125
|
)
|
|
04/14
|
|
40 years
|
||||||||
Williamsport, PA
|
|
—
|
|
|
2,243
|
|
|
6,684
|
|
|
—
|
|
|
2,243
|
|
|
6,684
|
|
|
8,927
|
|
|
(857
|
)
|
|
04/14
|
|
40 years
|
||||||||
Noblesville, IN
|
|
—
|
|
|
886
|
|
|
7,453
|
|
|
2,019
|
|
|
886
|
|
|
9,472
|
|
|
10,358
|
|
|
(1,000
|
)
|
|
04/14
|
|
40 years
|
||||||||
Moline, IL
|
|
—
|
|
|
1,963
|
|
|
10,183
|
|
|
—
|
|
|
1,963
|
|
|
10,183
|
|
|
12,146
|
|
|
(1,255
|
)
|
|
04/14
|
|
40 years
|
||||||||
O'Fallon, MO
|
|
—
|
|
|
1,046
|
|
|
7,342
|
|
|
—
|
|
|
1,046
|
|
|
7,342
|
|
|
8,388
|
|
|
(899
|
)
|
|
04/14
|
|
40 years
|
||||||||
McDonough, GA
|
|
—
|
|
|
2,235
|
|
|
16,842
|
|
|
—
|
|
|
2,235
|
|
|
16,842
|
|
|
19,077
|
|
|
(2,068
|
)
|
|
04/14
|
|
40 years
|
||||||||
Sterling Heights, MI
|
|
—
|
|
|
10,849
|
|
|
—
|
|
|
258
|
|
|
10,919
|
|
|
188
|
|
|
11,107
|
|
|
(1
|
)
|
|
12/14
|
|
15 years
|
||||||||
Virginia Beach, VA
|
|
—
|
|
|
2,544
|
|
|
6,478
|
|
|
—
|
|
|
2,544
|
|
|
6,478
|
|
|
9,022
|
|
|
(621
|
)
|
|
02/15
|
|
40 years
|
||||||||
Yulee, FL
|
|
—
|
|
|
1,036
|
|
|
6,934
|
|
|
—
|
|
|
1,036
|
|
|
6,934
|
|
|
7,970
|
|
|
(664
|
)
|
|
02/15
|
|
40 years
|
||||||||
Jacksonville, FL
|
|
—
|
|
|
5,080
|
|
|
22,064
|
|
|
—
|
|
|
5,080
|
|
|
22,064
|
|
|
27,144
|
|
|
(3,153
|
)
|
|
05/15
|
|
25 years
|
||||||||
Denham Springs, LA
|
|
—
|
|
|
—
|
|
|
5,093
|
|
|
4,162
|
|
|
—
|
|
|
9,255
|
|
|
9,255
|
|
|
(518
|
)
|
|
05/15
|
|
40 years
|
||||||||
Crystal Lake, IL
|
|
—
|
|
|
2,980
|
|
|
13,521
|
|
|
568
|
|
|
2,980
|
|
|
14,089
|
|
|
17,069
|
|
|
(1,972
|
)
|
|
07/15
|
|
25 years
|
||||||||
Laredo, TX
|
|
—
|
|
|
1,353
|
|
|
7,886
|
|
|
—
|
|
|
1,353
|
|
|
7,886
|
|
|
9,239
|
|
|
(591
|
)
|
|
12/15
|
|
40 years
|
||||||||
Corpus, Christi, TX
|
|
—
|
|
|
1,286
|
|
|
8,252
|
|
|
—
|
|
|
1,286
|
|
|
8,252
|
|
|
9,538
|
|
|
(395
|
)
|
|
12/15
|
|
40 years
|
||||||||
Delmont, PA
|
|
—
|
|
|
673
|
|
|
621
|
|
|
—
|
|
|
673
|
|
|
621
|
|
|
1,294
|
|
|
(74
|
)
|
|
06/16
|
|
25 years
|
||||||||
Kennewick, WA
|
|
—
|
|
|
2,484
|
|
|
4,901
|
|
|
—
|
|
|
2,484
|
|
|
4,901
|
|
|
7,385
|
|
|
(550
|
)
|
|
06/16
|
|
25 years
|
||||||||
Franklin, TN
|
|
—
|
|
|
10,158
|
|
|
17,549
|
|
|
9,018
|
|
|
10,158
|
|
|
26,567
|
|
|
36,725
|
|
|
(2,359
|
)
|
|
06/16
|
|
25 years
|
||||||||
Mobile, AL
|
|
—
|
|
|
2,116
|
|
|
16,657
|
|
|
—
|
|
|
2,116
|
|
|
16,657
|
|
|
18,773
|
|
|
(1,770
|
)
|
|
06/16
|
|
25 years
|
EPR Properties
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2018
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Initial cost
|
|
Additions (Dispositions) (Impairments) Subsequent to acquisition
|
|
Gross Amount at December 31, 2018
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Debt
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Total
|
|
Accumulated
depreciation
|
|
Date
acquired
|
|
Depreciation
life
|
||||||||||||||||||
El Paso, TX
|
|
—
|
|
|
2,957
|
|
|
10,961
|
|
|
3,905
|
|
|
2,957
|
|
|
14,866
|
|
|
17,823
|
|
|
(1,230
|
)
|
|
06/16
|
|
25 years
|
||||||||
Edinburg, TX
|
|
—
|
|
|
1,982
|
|
|
16,964
|
|
|
5,680
|
|
|
1,982
|
|
|
22,644
|
|
|
24,626
|
|
|
(2,032
|
)
|
|
06/16
|
|
25 years
|
||||||||
Hendersonville, TN
|
|
—
|
|
|
2,784
|
|
|
8,034
|
|
|
4,160
|
|
|
2,784
|
|
|
12,194
|
|
|
14,978
|
|
|
(734
|
)
|
|
07/16
|
|
30 years
|
||||||||
Houston, TX
|
|
—
|
|
|
965
|
|
|
10,002
|
|
|
—
|
|
|
965
|
|
|
10,002
|
|
|
10,967
|
|
|
(333
|
)
|
|
10/16
|
|
40 years
|
||||||||
Detroit, MI
|
|
—
|
|
|
4,299
|
|
|
13,810
|
|
|
—
|
|
|
4,299
|
|
|
13,810
|
|
|
18,109
|
|
|
(997
|
)
|
|
11/16
|
|
30 years
|
||||||||
Fort Worth, TX
|
|
—
|
|
|
—
|
|
|
11,385
|
|
|
—
|
|
|
—
|
|
|
11,385
|
|
|
11,385
|
|
|
(166
|
)
|
|
02/17
|
|
40 years
|
||||||||
Fort Wayne, IN
|
|
—
|
|
|
1,926
|
|
|
11,054
|
|
|
—
|
|
|
1,926
|
|
|
11,054
|
|
|
12,980
|
|
|
(715
|
)
|
|
05/17
|
|
27 years
|
||||||||
Wichita, KS
|
|
—
|
|
|
267
|
|
|
7,535
|
|
|
—
|
|
|
267
|
|
|
7,535
|
|
|
7,802
|
|
|
(519
|
)
|
|
05/17
|
|
23 years
|
||||||||
Wichita, KS
|
|
—
|
|
|
3,132
|
|
|
23,270
|
|
|
—
|
|
|
3,132
|
|
|
23,270
|
|
|
26,402
|
|
|
(1,659
|
)
|
|
05/17
|
|
23 years
|
||||||||
Richmond, TX
|
|
—
|
|
|
7,251
|
|
|
36,534
|
|
|
(27
|
)
|
|
7,251
|
|
|
36,507
|
|
|
43,758
|
|
|
(1,361
|
)
|
|
08/17
|
|
40 years
|
||||||||
Tomball, TX
|
|
—
|
|
|
3,416
|
|
|
26,918
|
|
|
—
|
|
|
3,416
|
|
|
26,918
|
|
|
30,334
|
|
|
(978
|
)
|
|
08/17
|
|
40 years
|
||||||||
Cleveland, OH
|
|
—
|
|
|
2,671
|
|
|
17,526
|
|
|
—
|
|
|
2,671
|
|
|
17,526
|
|
|
20,197
|
|
|
(1,087
|
)
|
|
08/17
|
|
25 years
|
||||||||
Little Rock, AR
|
|
—
|
|
|
1,789
|
|
|
10,780
|
|
|
—
|
|
|
1,789
|
|
|
10,780
|
|
|
12,569
|
|
|
(283
|
)
|
|
01/18
|
|
40 years
|
||||||||
Conway, AR
|
|
—
|
|
|
1,316
|
|
|
5,553
|
|
|
—
|
|
|
1,316
|
|
|
5,553
|
|
|
6,869
|
|
|
(168
|
)
|
|
03/18
|
|
30 years
|
||||||||
Lynbrook, NY
|
|
—
|
|
|
1,753
|
|
|
28,400
|
|
|
—
|
|
|
1,753
|
|
|
28,400
|
|
|
30,153
|
|
|
(363
|
)
|
|
06/18
|
|
40 years
|
||||||||
Long Island, NY
|
|
—
|
|
|
—
|
|
|
12,479
|
|
|
267
|
|
|
—
|
|
|
12,746
|
|
|
12,746
|
|
|
—
|
|
|
12/18
|
|
25 years
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
ERC's/Retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Dallas, TX
|
|
—
|
|
|
3,060
|
|
|
15,281
|
|
|
18,983
|
|
|
3,060
|
|
|
34,264
|
|
|
37,324
|
|
|
(16,866
|
)
|
|
11/97
|
|
40 years
|
||||||||
Westminster, CO
|
|
—
|
|
|
6,205
|
|
|
12,600
|
|
|
22,859
|
|
|
6,205
|
|
|
35,459
|
|
|
41,664
|
|
|
(18,393
|
)
|
|
12/01
|
|
40 years
|
||||||||
Westminster, CO
|
|
—
|
|
|
5,850
|
|
|
17,314
|
|
|
4,257
|
|
|
5,850
|
|
|
21,571
|
|
|
27,421
|
|
|
(7,528
|
)
|
|
06/99
|
|
40 years
|
||||||||
Houston, TX
|
|
—
|
|
|
3,653
|
|
|
1,365
|
|
|
(1,531
|
)
|
|
3,408
|
|
|
79
|
|
|
3,487
|
|
|
(14
|
)
|
|
05/00
|
|
40 years
|
||||||||
Southfield, MI
|
|
—
|
|
|
8,000
|
|
|
20,518
|
|
|
6,298
|
|
|
8,000
|
|
|
26,816
|
|
|
34,816
|
|
|
(26,773
|
)
|
|
05/03
|
|
15 years
|
||||||||
New Rochelle, NY
|
|
—
|
|
|
6,100
|
|
|
97,696
|
|
|
10,774
|
|
|
6,100
|
|
|
108,470
|
|
|
114,570
|
|
|
(41,540
|
)
|
|
10/03
|
|
40 years
|
||||||||
Kanata, ON
|
|
—
|
|
|
10,044
|
|
|
36,630
|
|
|
27,615
|
|
|
9,236
|
|
|
65,053
|
|
|
74,289
|
|
|
(21,622
|
)
|
|
03/04
|
|
40 years
|
||||||||
Mississagua, ON
|
|
—
|
|
|
9,221
|
|
|
17,593
|
|
|
19,988
|
|
|
11,150
|
|
|
35,652
|
|
|
46,802
|
|
|
(10,169
|
)
|
|
03/04
|
|
40 years
|
||||||||
Oakville, ON
|
|
—
|
|
|
10,044
|
|
|
23,646
|
|
|
5,407
|
|
|
9,236
|
|
|
29,861
|
|
|
39,097
|
|
|
(10,947
|
)
|
|
03/04
|
|
40 years
|
||||||||
Whitby, ON
|
|
—
|
|
|
10,202
|
|
|
21,960
|
|
|
24,076
|
|
|
12,051
|
|
|
44,187
|
|
|
56,238
|
|
|
(14,415
|
)
|
|
03/04
|
|
40 years
|
||||||||
Burbank, CA
|
|
—
|
|
|
16,584
|
|
|
35,016
|
|
|
12,536
|
|
|
16,584
|
|
|
47,552
|
|
|
64,136
|
|
|
(14,043
|
)
|
|
03/05
|
|
40 years
|
||||||||
Cleveland, OH
|
|
—
|
|
|
2,389
|
|
|
3,546
|
|
|
—
|
|
|
2,389
|
|
|
3,546
|
|
|
5,935
|
|
|
(266
|
)
|
|
08/17
|
|
25 years
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other Entertainment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Northbrook, IL
|
|
—
|
|
|
—
|
|
|
7,025
|
|
|
586
|
|
|
—
|
|
|
7,611
|
|
|
7,611
|
|
|
(1,346
|
)
|
|
07/11
|
|
40 years
|
||||||||
Oakbrook, IL
|
|
—
|
|
|
—
|
|
|
8,068
|
|
|
536
|
|
|
—
|
|
|
8,604
|
|
|
8,604
|
|
|
(1,298
|
)
|
|
03/12
|
|
40 years
|
||||||||
Jacksonville, FL
|
|
—
|
|
|
4,510
|
|
|
5,061
|
|
|
4,670
|
|
|
4,510
|
|
|
9,731
|
|
|
14,241
|
|
|
(2,354
|
)
|
|
02/12
|
|
30 years
|
||||||||
Indianapolis, IN
|
|
—
|
|
|
4,298
|
|
|
6,320
|
|
|
5,454
|
|
|
4,377
|
|
|
11,695
|
|
|
16,072
|
|
|
(1,854
|
)
|
|
02/12
|
|
40 years
|
||||||||
Warrenville, IL
|
|
—
|
|
|
—
|
|
|
6,469
|
|
|
2,216
|
|
|
—
|
|
|
8,685
|
|
|
8,685
|
|
|
(1,429
|
)
|
|
10/13
|
|
40 years
|
||||||||
Schaumburg, IL
|
|
—
|
|
|
598
|
|
|
5,372
|
|
|
—
|
|
|
598
|
|
|
5,372
|
|
|
5,970
|
|
|
(537
|
)
|
|
04/15
|
|
30 years
|
||||||||
Marietta, GA
|
|
—
|
|
|
3,116
|
|
|
11,872
|
|
|
—
|
|
|
3,116
|
|
|
11,872
|
|
|
14,988
|
|
|
(1,341
|
)
|
|
02/16
|
|
35 years
|
||||||||
Orlando, FL
|
|
—
|
|
|
9,382
|
|
|
16,225
|
|
|
58
|
|
|
9,382
|
|
|
16,283
|
|
|
25,665
|
|
|
(509
|
)
|
|
05/16
|
|
40 years
|
||||||||
Stapleton, CO
|
|
—
|
|
|
1,062
|
|
|
6,329
|
|
|
—
|
|
|
1,062
|
|
|
6,329
|
|
|
7,391
|
|
|
(212
|
)
|
|
05/16
|
|
40 years
|
||||||||
Dallas, TX
|
|
—
|
|
|
3,318
|
|
|
7,835
|
|
|
4
|
|
|
3,318
|
|
|
7,839
|
|
|
11,157
|
|
|
(298
|
)
|
|
12/16
|
|
40 years
|
||||||||
San Antonio, TX
|
|
—
|
|
|
6,502
|
|
|
15,338
|
|
|
—
|
|
|
6,502
|
|
|
15,338
|
|
|
21,840
|
|
|
(103
|
)
|
|
08/17
|
|
40 years
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Ski Areas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Bellfontaine, OH
|
|
—
|
|
|
5,108
|
|
|
5,994
|
|
|
8,327
|
|
|
5,251
|
|
|
14,178
|
|
|
19,429
|
|
|
(3,931
|
)
|
|
11/05
|
|
40 years
|
EPR Properties
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2018
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Initial cost
|
|
Additions (Dispositions) (Impairments) Subsequent to acquisition
|
|
Gross Amount at December 31, 2018
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Debt
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Total
|
|
Accumulated
depreciation
|
|
Date
acquired
|
|
Depreciation
life
|
||||||||||||||||||
Tannersville, PA
|
|
—
|
|
|
34,940
|
|
|
34,629
|
|
|
4,377
|
|
|
34,940
|
|
|
39,006
|
|
|
73,946
|
|
|
(14,546
|
)
|
|
09/13
|
|
40 years
|
||||||||
McHenry, MD
|
|
—
|
|
|
8,394
|
|
|
15,910
|
|
|
3,207
|
|
|
9,708
|
|
|
17,803
|
|
|
27,511
|
|
|
(6,106
|
)
|
|
12/12
|
|
40 years
|
||||||||
Wintergreen, VA
|
|
—
|
|
|
5,739
|
|
|
16,126
|
|
|
635
|
|
|
5,739
|
|
|
16,761
|
|
|
22,500
|
|
|
(3,673
|
)
|
|
02/15
|
|
40 years
|
||||||||
Northstar, CA
|
|
—
|
|
|
48,178
|
|
|
88,532
|
|
|
—
|
|
|
48,178
|
|
|
88,532
|
|
|
136,710
|
|
|
(11,125
|
)
|
|
04/17
|
|
40 years
|
||||||||
Northstar, CA
|
|
—
|
|
|
7,827
|
|
|
18,112
|
|
|
—
|
|
|
7,827
|
|
|
18,112
|
|
|
25,939
|
|
|
(905
|
)
|
|
04/17
|
|
40 years
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Attractions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Tannersville, PA
|
|
—
|
|
|
—
|
|
|
120,354
|
|
|
1,615
|
|
|
—
|
|
|
121,969
|
|
|
121,969
|
|
|
(10,361
|
)
|
|
05/15
|
|
40 years
|
||||||||
Powells Point, NC
|
|
—
|
|
|
5,284
|
|
|
39,516
|
|
|
(2,604
|
)
|
|
5,284
|
|
|
36,912
|
|
|
42,196
|
|
|
(1,930
|
)
|
|
10/16
|
|
30 years
|
||||||||
Corfu, NY
|
|
—
|
|
|
5,112
|
|
|
43,637
|
|
|
2,500
|
|
|
5,112
|
|
|
46,137
|
|
|
51,249
|
|
|
(3,885
|
)
|
|
04/17
|
|
30 years
|
||||||||
Oklahoma City, OK
|
|
—
|
|
|
7,976
|
|
|
17,624
|
|
|
—
|
|
|
7,976
|
|
|
17,624
|
|
|
25,600
|
|
|
(1,286
|
)
|
|
04/17
|
|
30 years
|
||||||||
Hot Springs, AR
|
|
—
|
|
|
3,351
|
|
|
4,967
|
|
|
—
|
|
|
3,351
|
|
|
4,967
|
|
|
8,318
|
|
|
(360
|
)
|
|
04/17
|
|
30 years
|
||||||||
Riviera Beach, FL
|
|
—
|
|
|
17,450
|
|
|
29,713
|
|
|
—
|
|
|
17,450
|
|
|
29,713
|
|
|
47,163
|
|
|
(2,172
|
)
|
|
04/17
|
|
30 years
|
||||||||
Oklahoma City, OK
|
|
—
|
|
|
1,423
|
|
|
18,097
|
|
|
—
|
|
|
1,423
|
|
|
18,097
|
|
|
19,520
|
|
|
(1,361
|
)
|
|
04/17
|
|
30 years
|
||||||||
Palm Springs, CA
|
|
—
|
|
|
4,109
|
|
|
—
|
|
|
—
|
|
|
4,109
|
|
|
—
|
|
|
4,109
|
|
|
—
|
|
|
04/17
|
|
n/a
|
||||||||
Springs, TX
|
|
—
|
|
|
18,776
|
|
|
31,402
|
|
|
—
|
|
|
18,776
|
|
|
31,402
|
|
|
50,178
|
|
|
(2,350
|
)
|
|
04/17
|
|
30 years
|
||||||||
Glendale, AZ
|
|
—
|
|
|
—
|
|
|
20,514
|
|
|
2,969
|
|
|
—
|
|
|
23,483
|
|
|
23,483
|
|
|
(1,837
|
)
|
|
04/17
|
|
30 years
|
||||||||
Kapolei, HI
|
|
—
|
|
|
—
|
|
|
8,351
|
|
|
1,542
|
|
|
—
|
|
|
9,893
|
|
|
9,893
|
|
|
(710
|
)
|
|
04/17
|
|
30 years
|
||||||||
Federal Way, WA
|
|
—
|
|
|
—
|
|
|
13,949
|
|
|
(63
|
)
|
|
—
|
|
|
13,886
|
|
|
13,886
|
|
|
(1,085
|
)
|
|
04/17
|
|
30 years
|
||||||||
Colony, TX
|
|
—
|
|
|
—
|
|
|
7,617
|
|
|
(567
|
)
|
|
—
|
|
|
7,050
|
|
|
7,050
|
|
|
(535
|
)
|
|
04/17
|
|
30 years
|
||||||||
Garland, TX
|
|
—
|
|
|
—
|
|
|
5,601
|
|
|
389
|
|
|
—
|
|
|
5,990
|
|
|
5,990
|
|
|
(452
|
)
|
|
04/17
|
|
30 years
|
||||||||
Santa Monica, CA
|
|
—
|
|
|
—
|
|
|
13,874
|
|
|
15,717
|
|
|
—
|
|
|
29,591
|
|
|
29,591
|
|
|
(2,408
|
)
|
|
04/17
|
|
30 years
|
||||||||
Concord, CA
|
|
—
|
|
|
—
|
|
|
9,808
|
|
|
5,787
|
|
|
—
|
|
|
15,595
|
|
|
15,595
|
|
|
(1,166
|
)
|
|
04/17
|
|
30 years
|
||||||||
St. Louis, MO
|
|
—
|
|
|
5,481
|
|
|
41,951
|
|
|
—
|
|
|
5,481
|
|
|
41,951
|
|
|
47,432
|
|
|
—
|
|
|
12/18
|
|
40 years
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Golf Entertainment Complexes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Colony, TX
|
|
—
|
|
|
4,004
|
|
|
13,665
|
|
|
(240
|
)
|
|
4,004
|
|
|
13,425
|
|
|
17,429
|
|
|
(1,678
|
)
|
|
12/12
|
|
40 years
|
||||||||
Allen, TX
|
|
—
|
|
|
—
|
|
|
10,007
|
|
|
1,151
|
|
|
—
|
|
|
11,158
|
|
|
11,158
|
|
|
(2,552
|
)
|
|
02/12
|
|
29 years
|
||||||||
Dallas, TX
|
|
—
|
|
|
—
|
|
|
10,007
|
|
|
1,771
|
|
|
—
|
|
|
11,778
|
|
|
11,778
|
|
|
(2,578
|
)
|
|
02/12
|
|
30 years
|
||||||||
Houston, TX
|
|
—
|
|
|
—
|
|
|
12,403
|
|
|
394
|
|
|
—
|
|
|
12,797
|
|
|
12,797
|
|
|
(2,017
|
)
|
|
09/12
|
|
40 years
|
||||||||
Alpharetta, GA
|
|
—
|
|
|
5,608
|
|
|
16,616
|
|
|
—
|
|
|
5,608
|
|
|
16,616
|
|
|
22,224
|
|
|
(1,869
|
)
|
|
05/13
|
|
40 years
|
||||||||
Scottsdale, AZ
|
|
—
|
|
|
—
|
|
|
16,942
|
|
|
—
|
|
|
—
|
|
|
16,942
|
|
|
16,942
|
|
|
(1,906
|
)
|
|
06/13
|
|
40 years
|
||||||||
Spring, TX
|
|
—
|
|
|
4,928
|
|
|
14,522
|
|
|
—
|
|
|
4,928
|
|
|
14,522
|
|
|
19,450
|
|
|
(1,694
|
)
|
|
07/13
|
|
40 years
|
||||||||
San Antonio, TX
|
|
—
|
|
|
—
|
|
|
15,976
|
|
|
—
|
|
|
—
|
|
|
15,976
|
|
|
15,976
|
|
|
(1,531
|
)
|
|
12/13
|
|
40 years
|
||||||||
Tampa, FL
|
|
—
|
|
|
—
|
|
|
15,726
|
|
|
(67
|
)
|
|
—
|
|
|
15,659
|
|
|
15,659
|
|
|
(1,676
|
)
|
|
02/14
|
|
40 years
|
||||||||
Gilbert, AZ
|
|
—
|
|
|
4,735
|
|
|
16,130
|
|
|
(267
|
)
|
|
4,735
|
|
|
15,863
|
|
|
20,598
|
|
|
(1,586
|
)
|
|
02/14
|
|
40 years
|
||||||||
Overland Park, KS
|
|
—
|
|
|
5,519
|
|
|
17,330
|
|
|
—
|
|
|
5,519
|
|
|
17,330
|
|
|
22,849
|
|
|
(1,509
|
)
|
|
05/14
|
|
40 years
|
||||||||
Centennial, CO
|
|
—
|
|
|
3,013
|
|
|
19,106
|
|
|
403
|
|
|
3,013
|
|
|
19,509
|
|
|
22,522
|
|
|
(1,620
|
)
|
|
06/14
|
|
40 years
|
||||||||
Atlanta, GA
|
|
—
|
|
|
8,143
|
|
|
17,289
|
|
|
—
|
|
|
8,143
|
|
|
17,289
|
|
|
25,432
|
|
|
(1,477
|
)
|
|
06/14
|
|
40 years
|
||||||||
Ashburn VA
|
|
—
|
|
|
—
|
|
|
16,873
|
|
|
—
|
|
|
—
|
|
|
16,873
|
|
|
16,873
|
|
|
(1,406
|
)
|
|
06/14
|
|
40 years
|
||||||||
Naperville, IL
|
|
—
|
|
|
8,824
|
|
|
20,279
|
|
|
(665
|
)
|
|
8,824
|
|
|
19,614
|
|
|
28,438
|
|
|
(1,635
|
)
|
|
08/14
|
|
40 years
|
||||||||
Oklahoma City, OK
|
|
—
|
|
|
3,086
|
|
|
16,421
|
|
|
(252
|
)
|
|
3,086
|
|
|
16,169
|
|
|
19,255
|
|
|
(1,415
|
)
|
|
09/14
|
|
40 years
|
||||||||
Webster, TX
|
|
—
|
|
|
5,631
|
|
|
17,732
|
|
|
927
|
|
|
5,338
|
|
|
18,952
|
|
|
24,290
|
|
|
(1,479
|
)
|
|
11/14
|
|
40 years
|
||||||||
Virginia Beach, VA
|
|
—
|
|
|
6,948
|
|
|
18,715
|
|
|
296
|
|
|
6,948
|
|
|
19,011
|
|
|
25,959
|
|
|
(1,422
|
)
|
|
12/14
|
|
40 years
|
||||||||
Edison, NJ
|
|
—
|
|
|
—
|
|
|
22,792
|
|
|
1,422
|
|
|
—
|
|
|
24,214
|
|
|
24,214
|
|
|
(1,205
|
)
|
|
04/15
|
|
40 years
|
EPR Properties
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2018
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Initial cost
|
|
Additions (Dispositions) (Impairments) Subsequent to acquisition
|
|
Gross Amount at December 31, 2018
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Debt
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Total
|
|
Accumulated
depreciation
|
|
Date
acquired
|
|
Depreciation
life
|
||||||||||||||||||
Jacksonville, FL
|
|
—
|
|
|
6,732
|
|
|
21,823
|
|
|
(1,201
|
)
|
|
6,732
|
|
|
20,622
|
|
|
27,354
|
|
|
(1,145
|
)
|
|
09/15
|
|
40 years
|
||||||||
Roseville, CA
|
|
—
|
|
|
6,868
|
|
|
23,959
|
|
|
(1,928
|
)
|
|
6,868
|
|
|
22,031
|
|
|
28,899
|
|
|
(1,263
|
)
|
|
10/15
|
|
30 years
|
||||||||
Portland, OR
|
|
—
|
|
|
—
|
|
|
23,466
|
|
|
(541
|
)
|
|
—
|
|
|
22,925
|
|
|
22,925
|
|
|
(1,372
|
)
|
|
11/15
|
|
40 years
|
||||||||
Orlando, FL
|
|
—
|
|
|
8,586
|
|
|
22,493
|
|
|
1,120
|
|
|
8,586
|
|
|
23,613
|
|
|
32,199
|
|
|
(728
|
)
|
|
01/16
|
|
40 years
|
||||||||
Charlotte, NC
|
|
—
|
|
|
4,676
|
|
|
21,422
|
|
|
(867
|
)
|
|
4,676
|
|
|
20,555
|
|
|
25,231
|
|
|
(824
|
)
|
|
04/16
|
|
40 years
|
||||||||
Fort Worth, TX
|
|
—
|
|
|
4,674
|
|
|
17,537
|
|
|
—
|
|
|
4,674
|
|
|
17,537
|
|
|
22,211
|
|
|
(731
|
)
|
|
08/16
|
|
40 years
|
||||||||
Nashville, TN
|
|
—
|
|
|
—
|
|
|
26,685
|
|
|
136
|
|
|
—
|
|
|
26,821
|
|
|
26,821
|
|
|
(894
|
)
|
|
12/16
|
|
40 years
|
||||||||
Huntsville, AL
|
|
—
|
|
|
53
|
|
|
17,595
|
|
|
(1,938
|
)
|
|
53
|
|
|
15,657
|
|
|
15,710
|
|
|
(534
|
)
|
|
08/17
|
|
40 years
|
||||||||
El Paso, TX
|
|
—
|
|
|
2,688
|
|
|
17,373
|
|
|
—
|
|
|
2,688
|
|
|
17,373
|
|
|
20,061
|
|
|
(458
|
)
|
|
02/18
|
|
40 years
|
||||||||
Pittsburgh, PA
|
|
—
|
|
|
7,897
|
|
|
21,812
|
|
|
—
|
|
|
7,897
|
|
|
21,812
|
|
|
29,709
|
|
|
(290
|
)
|
|
07/18
|
|
40 years
|
||||||||
Philadelphia, PA
|
|
—
|
|
|
5,484
|
|
|
25,211
|
|
|
—
|
|
|
5,484
|
|
|
25,211
|
|
|
30,695
|
|
|
(112
|
)
|
|
12/18
|
|
40 years
|
||||||||
Auburn Hills, MI
|
|
—
|
|
|
4,219
|
|
|
27,704
|
|
|
—
|
|
|
4,219
|
|
|
27,704
|
|
|
31,923
|
|
|
(61
|
)
|
|
12/18
|
|
40 years
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other Recreation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Denver, CO
|
|
—
|
|
|
753
|
|
|
6,218
|
|
|
—
|
|
|
753
|
|
|
6,218
|
|
|
6,971
|
|
|
(397
|
)
|
|
02/17
|
|
30 years
|
||||||||
Olathe, KS
|
|
—
|
|
|
2,417
|
|
|
16,878
|
|
|
—
|
|
|
2,417
|
|
|
16,878
|
|
|
19,295
|
|
|
(985
|
)
|
|
03/17
|
|
30 years
|
||||||||
Fort Worth, TX
|
|
—
|
|
|
824
|
|
|
7,066
|
|
|
—
|
|
|
824
|
|
|
7,066
|
|
|
7,890
|
|
|
(412
|
)
|
|
03/17
|
|
30 years
|
||||||||
Tampa, FL
|
|
—
|
|
|
—
|
|
|
8,665
|
|
|
2,493
|
|
|
2,493
|
|
|
8,665
|
|
|
11,158
|
|
|
(385
|
)
|
|
08/17
|
|
30 years
|
||||||||
Roseville, CA
|
|
—
|
|
|
1,807
|
|
|
6,082
|
|
|
—
|
|
|
1,807
|
|
|
6,082
|
|
|
7,889
|
|
|
(293
|
)
|
|
09/17
|
|
30 years
|
||||||||
Fort Lauderdale, FL
|
|
—
|
|
|
—
|
|
|
10,816
|
|
|
—
|
|
|
—
|
|
|
10,816
|
|
|
10,816
|
|
|
(420
|
)
|
|
10/17
|
|
30 years
|
||||||||
Fort Collins, CO
|
|
—
|
|
|
2,043
|
|
|
5,769
|
|
|
—
|
|
|
2,043
|
|
|
5,769
|
|
|
7,812
|
|
|
(215
|
)
|
|
01/18
|
|
30 years
|
||||||||
Pagosa Springs, CO
|
|
—
|
|
|
9,791
|
|
|
15,635
|
|
|
—
|
|
|
9,791
|
|
|
15,635
|
|
|
25,426
|
|
|
(381
|
)
|
|
06/18
|
|
30 years
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Public Charter Schools
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Columbus, OH
|
|
—
|
|
|
700
|
|
|
3,790
|
|
|
—
|
|
|
700
|
|
|
3,790
|
|
|
4,490
|
|
|
(241
|
)
|
|
09/07
|
|
40 years
|
||||||||
Groveport, OH
|
|
—
|
|
|
600
|
|
|
12,250
|
|
|
—
|
|
|
600
|
|
|
12,250
|
|
|
12,850
|
|
|
(778
|
)
|
|
10/07
|
|
40 years
|
||||||||
Cleveland, OH
|
|
—
|
|
|
640
|
|
|
5,613
|
|
|
—
|
|
|
640
|
|
|
5,613
|
|
|
6,253
|
|
|
(655
|
)
|
|
10/04
|
|
30 years
|
||||||||
Baton Rouge, LA
|
|
—
|
|
|
996
|
|
|
5,638
|
|
|
—
|
|
|
996
|
|
|
5,638
|
|
|
6,634
|
|
|
(1,067
|
)
|
|
03/11
|
|
40 years
|
||||||||
Goodyear, AZ
|
|
—
|
|
|
766
|
|
|
6,517
|
|
|
—
|
|
|
766
|
|
|
6,517
|
|
|
7,283
|
|
|
(1,387
|
)
|
|
04/11
|
|
30 years
|
||||||||
Phoenix, AZ
|
|
—
|
|
|
1,060
|
|
|
8,140
|
|
|
—
|
|
|
1,060
|
|
|
8,140
|
|
|
9,200
|
|
|
(1,635
|
)
|
|
11/11
|
|
40 years
|
||||||||
Buckeye, AZ
|
|
—
|
|
|
914
|
|
|
9,715
|
|
|
14,461
|
|
|
914
|
|
|
24,176
|
|
|
25,090
|
|
|
(3,278
|
)
|
|
04/12
|
|
40 years
|
||||||||
Tarboro, NC
|
|
—
|
|
|
350
|
|
|
12,560
|
|
|
3,037
|
|
|
350
|
|
|
15,597
|
|
|
15,947
|
|
|
(2,408
|
)
|
|
07/12
|
|
40 years
|
||||||||
Chester Upland, PA
|
|
—
|
|
|
518
|
|
|
5,900
|
|
|
—
|
|
|
518
|
|
|
5,900
|
|
|
6,418
|
|
|
(1,027
|
)
|
|
03/13
|
|
30 years
|
||||||||
Hollywood, SC
|
|
—
|
|
|
806
|
|
|
5,776
|
|
|
1,805
|
|
|
806
|
|
|
7,581
|
|
|
8,387
|
|
|
(1,042
|
)
|
|
03/13
|
|
40 years
|
||||||||
Camden, NJ
|
|
—
|
|
|
548
|
|
|
10,569
|
|
|
7,271
|
|
|
548
|
|
|
17,840
|
|
|
18,388
|
|
|
(3,113
|
)
|
|
04/13
|
|
30 years
|
||||||||
Queen Creek, AZ
|
|
—
|
|
|
2,612
|
|
|
—
|
|
|
(1,845
|
)
|
|
767
|
|
|
—
|
|
|
767
|
|
|
—
|
|
|
04/13
|
|
n/a
|
||||||||
Chicago, IL
|
|
—
|
|
|
509
|
|
|
5,895
|
|
|
4,619
|
|
|
509
|
|
|
10,514
|
|
|
11,023
|
|
|
(1,212
|
)
|
|
05/13
|
|
40 years
|
||||||||
Gilbert, AZ
|
|
—
|
|
|
1,336
|
|
|
6,593
|
|
|
—
|
|
|
1,336
|
|
|
6,593
|
|
|
7,929
|
|
|
(865
|
)
|
|
05/13
|
|
40 years
|
||||||||
Columbus, OH
|
|
—
|
|
|
600
|
|
|
5,720
|
|
|
—
|
|
|
600
|
|
|
5,720
|
|
|
6,320
|
|
|
(363
|
)
|
|
05/13
|
|
40 years
|
||||||||
Dayton, OH
|
|
—
|
|
|
599
|
|
|
5,068
|
|
|
—
|
|
|
599
|
|
|
5,068
|
|
|
5,667
|
|
|
(322
|
)
|
|
05/13
|
|
40 years
|
||||||||
Chandler, AZ
|
|
—
|
|
|
1,039
|
|
|
9,590
|
|
|
—
|
|
|
1,039
|
|
|
9,590
|
|
|
10,629
|
|
|
(1,537
|
)
|
|
07/13
|
|
40 years
|
||||||||
Salt Lake City, UT
|
|
—
|
|
|
8,173
|
|
|
10,982
|
|
|
1,928
|
|
|
8,173
|
|
|
12,910
|
|
|
21,083
|
|
|
(1,425
|
)
|
|
07/13
|
|
40 years
|
||||||||
Palm Beach, FL
|
|
—
|
|
|
3,323
|
|
|
15,824
|
|
|
(81
|
)
|
|
3,323
|
|
|
15,743
|
|
|
19,066
|
|
|
(2,117
|
)
|
|
10/13
|
|
30 years
|
||||||||
Columbus, OH
|
|
—
|
|
|
840
|
|
|
5,640
|
|
|
—
|
|
|
840
|
|
|
5,640
|
|
|
6,480
|
|
|
(358
|
)
|
|
11/13
|
|
40 years
|
||||||||
Lancaster, CA
|
|
—
|
|
|
2,109
|
|
|
6,032
|
|
|
166
|
|
|
2,109
|
|
|
6,198
|
|
|
8,307
|
|
|
(855
|
)
|
|
12/13
|
|
30 years
|
EPR Properties
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2018
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Initial cost
|
|
Additions (Dispositions) (Impairments) Subsequent to acquisition
|
|
Gross Amount at December 31, 2018
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Debt
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Total
|
|
Accumulated
depreciation
|
|
Date
acquired
|
|
Depreciation
life
|
||||||||||||||||||
Kernersville, NC
|
|
—
|
|
|
1,362
|
|
|
8,182
|
|
|
(244
|
)
|
|
1,362
|
|
|
7,938
|
|
|
9,300
|
|
|
(1,110
|
)
|
|
12/13
|
|
40 years
|
||||||||
Fort Collins, CO
|
|
—
|
|
|
618
|
|
|
5,031
|
|
|
5,134
|
|
|
618
|
|
|
10,165
|
|
|
10,783
|
|
|
(1,345
|
)
|
|
02/14
|
|
40 years
|
||||||||
Wilson, NC
|
|
—
|
|
|
424
|
|
|
5,342
|
|
|
4,553
|
|
|
449
|
|
|
9,870
|
|
|
10,319
|
|
|
(1,001
|
)
|
|
03/14
|
|
30 years
|
||||||||
Baker, LA
|
|
—
|
|
|
190
|
|
|
6,563
|
|
|
203
|
|
|
190
|
|
|
6,766
|
|
|
6,956
|
|
|
(689
|
)
|
|
04/14
|
|
40 years
|
||||||||
Charlotte, NC
|
|
—
|
|
|
1,559
|
|
|
1,477
|
|
|
19,519
|
|
|
1,559
|
|
|
20,996
|
|
|
22,555
|
|
|
(1,400
|
)
|
|
05/14
|
|
30 years
|
||||||||
Chicago, IL
|
|
—
|
|
|
1,544
|
|
|
6,074
|
|
|
4,154
|
|
|
1,544
|
|
|
10,228
|
|
|
11,772
|
|
|
(1,004
|
)
|
|
05/14
|
|
40 years
|
||||||||
Chandler, AZ
|
|
—
|
|
|
1,530
|
|
|
6,877
|
|
|
144
|
|
|
1,530
|
|
|
7,021
|
|
|
8,551
|
|
|
(612
|
)
|
|
08/14
|
|
40 years
|
||||||||
Port Royal, SC
|
|
—
|
|
|
387
|
|
|
4,383
|
|
|
1,259
|
|
|
387
|
|
|
5,642
|
|
|
6,029
|
|
|
(462
|
)
|
|
09/14
|
|
40 years
|
||||||||
Macon, GA
|
|
—
|
|
|
401
|
|
|
7,883
|
|
|
—
|
|
|
401
|
|
|
7,883
|
|
|
8,284
|
|
|
(3,035
|
)
|
|
02/15
|
|
15 years
|
||||||||
Memphis, TN
|
|
—
|
|
|
1,535
|
|
|
4,089
|
|
|
2,646
|
|
|
1,535
|
|
|
6,735
|
|
|
8,270
|
|
|
(733
|
)
|
|
02/15
|
|
30 years
|
||||||||
Parker, CO
|
|
—
|
|
|
2,190
|
|
|
6,815
|
|
|
57
|
|
|
2,136
|
|
|
6,926
|
|
|
9,062
|
|
|
(858
|
)
|
|
01/15
|
|
40 years
|
||||||||
Rock Hill, SC
|
|
—
|
|
|
2,046
|
|
|
8,024
|
|
|
(27
|
)
|
|
2,046
|
|
|
7,997
|
|
|
10,043
|
|
|
(786
|
)
|
|
04/15
|
|
30 years
|
||||||||
Palm Bay, FL
|
|
—
|
|
|
782
|
|
|
6,212
|
|
|
2,035
|
|
|
782
|
|
|
8,247
|
|
|
9,029
|
|
|
(864
|
)
|
|
03/15
|
|
40 years
|
||||||||
East Point, GA
|
|
—
|
|
|
553
|
|
|
5,938
|
|
|
—
|
|
|
553
|
|
|
5,938
|
|
|
6,491
|
|
|
(561
|
)
|
|
05/15
|
|
30 years
|
||||||||
Trenton, NJ
|
|
—
|
|
|
1,351
|
|
|
15,327
|
|
|
—
|
|
|
1,351
|
|
|
15,327
|
|
|
16,678
|
|
|
(830
|
)
|
|
08/15
|
|
40 years
|
||||||||
Memphis, TN
|
|
—
|
|
|
910
|
|
|
7,927
|
|
|
(41
|
)
|
|
910
|
|
|
7,886
|
|
|
8,796
|
|
|
(443
|
)
|
|
09/15
|
|
40 years
|
||||||||
Bridgeton, NJ
|
|
—
|
|
|
153
|
|
|
2,392
|
|
|
(39
|
)
|
|
153
|
|
|
2,353
|
|
|
2,506
|
|
|
(202
|
)
|
|
09/15
|
|
30 years
|
||||||||
Macon, GA
|
|
—
|
|
|
351
|
|
|
7,460
|
|
|
—
|
|
|
351
|
|
|
7,460
|
|
|
7,811
|
|
|
(788
|
)
|
|
11/15
|
|
30 years
|
||||||||
Galloway, NJ
|
|
—
|
|
|
575
|
|
|
3,692
|
|
|
(816
|
)
|
|
575
|
|
|
2,876
|
|
|
3,451
|
|
|
(246
|
)
|
|
12/15
|
|
30 years
|
||||||||
Bronx, NY
|
|
—
|
|
|
1,232
|
|
|
8,472
|
|
|
—
|
|
|
1,232
|
|
|
8,472
|
|
|
9,704
|
|
|
(512
|
)
|
|
01/16
|
|
40 years
|
||||||||
Parker, CO
|
|
—
|
|
|
1,248
|
|
|
12,892
|
|
|
356
|
|
|
1,248
|
|
|
13,248
|
|
|
14,496
|
|
|
(802
|
)
|
|
04/16
|
|
40 years
|
||||||||
Holland, OH
|
|
—
|
|
|
549
|
|
|
4,642
|
|
|
25
|
|
|
549
|
|
|
4,667
|
|
|
5,216
|
|
|
(276
|
)
|
|
04/16
|
|
40 years
|
||||||||
Holly Springs, NC
|
|
—
|
|
|
1,703
|
|
|
10,240
|
|
|
(67
|
)
|
|
1,703
|
|
|
10,173
|
|
|
11,876
|
|
|
(452
|
)
|
|
03/17
|
|
30 years
|
||||||||
Evans, GA
|
|
—
|
|
|
669
|
|
|
8,838
|
|
|
—
|
|
|
669
|
|
|
8,838
|
|
|
9,507
|
|
|
(450
|
)
|
|
03/17
|
|
30 years
|
||||||||
Chicoppe, MA
|
|
—
|
|
|
1,489
|
|
|
6,382
|
|
|
—
|
|
|
1,489
|
|
|
6,382
|
|
|
7,871
|
|
|
(336
|
)
|
|
05/17
|
|
30 years
|
||||||||
Walnut Creek, CA
|
|
—
|
|
|
4,917
|
|
|
6,418
|
|
|
785
|
|
|
4,917
|
|
|
7,203
|
|
|
12,120
|
|
|
(426
|
)
|
|
07/17
|
|
30 years
|
||||||||
Lexington, NC
|
|
—
|
|
|
441
|
|
|
6,678
|
|
|
—
|
|
|
441
|
|
|
6,678
|
|
|
7,119
|
|
|
(98
|
)
|
|
12/17
|
|
30 years
|
||||||||
Ridgeland, SC
|
|
—
|
|
|
446
|
|
|
6,486
|
|
|
—
|
|
|
446
|
|
|
6,486
|
|
|
6,932
|
|
|
(74
|
)
|
|
03/18
|
|
30 years
|
||||||||
East Point, GA
|
|
—
|
|
|
1,258
|
|
|
—
|
|
|
—
|
|
|
1,258
|
|
|
—
|
|
|
1,258
|
|
|
—
|
|
|
04/18
|
|
30 years
|
||||||||
Spring, TX
|
|
—
|
|
|
1,155
|
|
|
6,179
|
|
|
—
|
|
|
1,155
|
|
|
6,179
|
|
|
7,334
|
|
|
(94
|
)
|
|
04/18
|
|
30 years
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Early Childhood Education
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Lake Pleasant, AZ
|
|
—
|
|
|
986
|
|
|
3,524
|
|
|
—
|
|
|
986
|
|
|
3,524
|
|
|
4,510
|
|
|
(702
|
)
|
|
03/13
|
|
30 years
|
||||||||
Goodyear, AZ
|
|
—
|
|
|
1,308
|
|
|
7,275
|
|
|
11
|
|
|
1,308
|
|
|
7,286
|
|
|
8,594
|
|
|
(1,352
|
)
|
|
06/13
|
|
30 years
|
||||||||
Oklahoma City, OK
|
|
—
|
|
|
1,149
|
|
|
9,839
|
|
|
385
|
|
|
1,149
|
|
|
10,224
|
|
|
11,373
|
|
|
(1,559
|
)
|
|
08/13
|
|
40 years
|
||||||||
Coppell, TX
|
|
—
|
|
|
1,547
|
|
|
10,168
|
|
|
(99
|
)
|
|
1,547
|
|
|
10,069
|
|
|
11,616
|
|
|
(1,527
|
)
|
|
09/13
|
|
30 years
|
||||||||
Las Vegas, NV
|
|
—
|
|
|
944
|
|
|
9,191
|
|
|
—
|
|
|
944
|
|
|
9,191
|
|
|
10,135
|
|
|
(1,620
|
)
|
|
09/13
|
|
30 years
|
||||||||
Las Vegas, NV
|
|
—
|
|
|
985
|
|
|
6,721
|
|
|
145
|
|
|
985
|
|
|
6,866
|
|
|
7,851
|
|
|
(1,205
|
)
|
|
09/13
|
|
30 years
|
||||||||
Mesa, AZ
|
|
—
|
|
|
762
|
|
|
6,987
|
|
|
—
|
|
|
762
|
|
|
6,987
|
|
|
7,749
|
|
|
(1,481
|
)
|
|
01/14
|
|
30 years
|
||||||||
Gilbert, AZ
|
|
—
|
|
|
1,295
|
|
|
9,192
|
|
|
—
|
|
|
1,295
|
|
|
9,192
|
|
|
10,487
|
|
|
(1,424
|
)
|
|
03/14
|
|
30 years
|
||||||||
Cedar Park, TX
|
|
—
|
|
|
1,520
|
|
|
10,500
|
|
|
(412
|
)
|
|
1,278
|
|
|
10,330
|
|
|
11,608
|
|
|
(1,427
|
)
|
|
07/14
|
|
30 years
|
||||||||
Thornton, CO
|
|
—
|
|
|
1,384
|
|
|
10,542
|
|
|
—
|
|
|
1,384
|
|
|
10,542
|
|
|
11,926
|
|
|
(1,248
|
)
|
|
07/14
|
|
30 years
|
||||||||
Chicago, IL
|
|
—
|
|
|
1,294
|
|
|
4,375
|
|
|
19
|
|
|
1,294
|
|
|
4,394
|
|
|
5,688
|
|
|
(318
|
)
|
|
07/14
|
|
30 years
|
EPR Properties
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2018
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Initial cost
|
|
Additions (Dispositions) (Impairments) Subsequent to acquisition
|
|
Gross Amount at December 31, 2018
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Debt
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Total
|
|
Accumulated
depreciation
|
|
Date
acquired
|
|
Depreciation
life
|
||||||||||||||||||
Centennial, CO
|
|
—
|
|
|
1,249
|
|
|
10,771
|
|
|
417
|
|
|
1,249
|
|
|
11,188
|
|
|
12,437
|
|
|
(1,472
|
)
|
|
08/14
|
|
30 years
|
||||||||
McKinney, TX
|
|
—
|
|
|
1,812
|
|
|
12,419
|
|
|
930
|
|
|
1,812
|
|
|
13,349
|
|
|
15,161
|
|
|
(1,935
|
)
|
|
11/14
|
|
30 years
|
||||||||
Lakewood, CO
|
|
—
|
|
|
291
|
|
|
823
|
|
|
40
|
|
|
291
|
|
|
863
|
|
|
1,154
|
|
|
(126
|
)
|
|
01/15
|
|
30 years
|
||||||||
Castle Rock, CO
|
|
—
|
|
|
250
|
|
|
1,646
|
|
|
—
|
|
|
250
|
|
|
1,646
|
|
|
1,896
|
|
|
(235
|
)
|
|
01/15
|
|
30 years
|
||||||||
Emeryville, CA
|
|
—
|
|
|
1,814
|
|
|
5,780
|
|
|
—
|
|
|
1,814
|
|
|
5,780
|
|
|
7,594
|
|
|
(546
|
)
|
|
03/15
|
|
30 years
|
||||||||
Lafayette, CO
|
|
—
|
|
|
293
|
|
|
663
|
|
|
57
|
|
|
293
|
|
|
720
|
|
|
1,013
|
|
|
(129
|
)
|
|
04/15
|
|
25 years
|
||||||||
Ashburn, VA
|
|
—
|
|
|
2,289
|
|
|
14,748
|
|
|
—
|
|
|
2,289
|
|
|
14,748
|
|
|
17,037
|
|
|
(1,268
|
)
|
|
06/15
|
|
30 years
|
||||||||
West Chester, OH
|
|
—
|
|
|
1,807
|
|
|
12,913
|
|
|
153
|
|
|
1,807
|
|
|
13,066
|
|
|
14,873
|
|
|
(992
|
)
|
|
07/15
|
|
30 years
|
||||||||
Ellisville, MO
|
|
—
|
|
|
2,465
|
|
|
15,063
|
|
|
—
|
|
|
2,465
|
|
|
15,063
|
|
|
17,528
|
|
|
(961
|
)
|
|
07/15
|
|
30 years
|
||||||||
Chanhassen, MN
|
|
—
|
|
|
2,603
|
|
|
15,613
|
|
|
303
|
|
|
2,603
|
|
|
15,916
|
|
|
18,519
|
|
|
(1,154
|
)
|
|
08/15
|
|
30 years
|
||||||||
Maple Grove, MN
|
|
—
|
|
|
3,743
|
|
|
14,927
|
|
|
63
|
|
|
3,743
|
|
|
14,990
|
|
|
18,733
|
|
|
(1,752
|
)
|
|
08/15
|
|
30 years
|
||||||||
Carmel, IN
|
|
—
|
|
|
1,567
|
|
|
12,854
|
|
|
199
|
|
|
1,567
|
|
|
13,053
|
|
|
14,620
|
|
|
(1,140
|
)
|
|
09/15
|
|
30 years
|
||||||||
Atlanta, GA
|
|
—
|
|
|
956
|
|
|
1,850
|
|
|
—
|
|
|
956
|
|
|
1,850
|
|
|
2,806
|
|
|
(200
|
)
|
|
10/15
|
|
30 years
|
||||||||
Atlanta, GA
|
|
—
|
|
|
1,262
|
|
|
2,038
|
|
|
—
|
|
|
1,262
|
|
|
2,038
|
|
|
3,300
|
|
|
(221
|
)
|
|
10/15
|
|
30 years
|
||||||||
Fishers, IN
|
|
—
|
|
|
1,226
|
|
|
13,144
|
|
|
538
|
|
|
1,226
|
|
|
13,682
|
|
|
14,908
|
|
|
(643
|
)
|
|
12/15
|
|
30 years
|
||||||||
Westerville, OH
|
|
—
|
|
|
2,988
|
|
|
14,339
|
|
|
56
|
|
|
2,988
|
|
|
14,395
|
|
|
17,383
|
|
|
(877
|
)
|
|
04/16
|
|
30 years
|
||||||||
Las Vegas, NV
|
|
—
|
|
|
1,476
|
|
|
14,422
|
|
|
—
|
|
|
1,476
|
|
|
14,422
|
|
|
15,898
|
|
|
(1,009
|
)
|
|
06/16
|
|
30 years
|
||||||||
Louisville, KY
|
|
—
|
|
|
377
|
|
|
1,526
|
|
|
—
|
|
|
377
|
|
|
1,526
|
|
|
1,903
|
|
|
(123
|
)
|
|
08/16
|
|
30 years
|
||||||||
Louisville, KY
|
|
—
|
|
|
216
|
|
|
1,006
|
|
|
—
|
|
|
216
|
|
|
1,006
|
|
|
1,222
|
|
|
(81
|
)
|
|
08/16
|
|
30 years
|
||||||||
Cheshire, CT
|
|
—
|
|
|
420
|
|
|
3,650
|
|
|
—
|
|
|
420
|
|
|
3,650
|
|
|
4,070
|
|
|
(194
|
)
|
|
11/16
|
|
30 years
|
||||||||
Edina, MN
|
|
—
|
|
|
1,235
|
|
|
5,493
|
|
|
(323
|
)
|
|
1,235
|
|
|
5,170
|
|
|
6,405
|
|
|
(209
|
)
|
|
11/16
|
|
30 years
|
||||||||
Eagan, MN
|
|
—
|
|
|
783
|
|
|
4,833
|
|
|
(286
|
)
|
|
783
|
|
|
4,547
|
|
|
5,330
|
|
|
(229
|
)
|
|
11/16
|
|
30 years
|
||||||||
Louisville, KY
|
|
—
|
|
|
481
|
|
|
2,050
|
|
|
—
|
|
|
481
|
|
|
2,050
|
|
|
2,531
|
|
|
(142
|
)
|
|
12/16
|
|
30 years
|
||||||||
Bala Cynwyd, PA
|
|
—
|
|
|
1,785
|
|
|
3,759
|
|
|
—
|
|
|
1,785
|
|
|
3,759
|
|
|
5,544
|
|
|
(261
|
)
|
|
12/16
|
|
30 years
|
||||||||
Schaumburg, IL
|
|
—
|
|
|
642
|
|
|
4,962
|
|
|
—
|
|
|
642
|
|
|
4,962
|
|
|
5,604
|
|
|
(55
|
)
|
|
12/16
|
|
30 years
|
||||||||
Kennesaw, GA
|
|
—
|
|
|
690
|
|
|
844
|
|
|
—
|
|
|
690
|
|
|
844
|
|
|
1,534
|
|
|
(56
|
)
|
|
01/17
|
|
30 years
|
||||||||
Charlotte, NC
|
|
—
|
|
|
1,200
|
|
|
2,557
|
|
|
—
|
|
|
1,200
|
|
|
2,557
|
|
|
3,757
|
|
|
(73
|
)
|
|
01/17
|
|
35 years
|
||||||||
Charlotte, NC
|
|
—
|
|
|
2,501
|
|
|
2,079
|
|
|
—
|
|
|
2,501
|
|
|
2,079
|
|
|
4,580
|
|
|
(60
|
)
|
|
01/17
|
|
35 years
|
||||||||
Richardson, TX
|
|
—
|
|
|
474
|
|
|
2,046
|
|
|
—
|
|
|
474
|
|
|
2,046
|
|
|
2,520
|
|
|
(61
|
)
|
|
01/17
|
|
35 years
|
||||||||
Frisco, TX
|
|
—
|
|
|
999
|
|
|
3,064
|
|
|
—
|
|
|
999
|
|
|
3,064
|
|
|
4,063
|
|
|
(90
|
)
|
|
01/17
|
|
35 years
|
||||||||
Allen, TX
|
|
—
|
|
|
910
|
|
|
3,719
|
|
|
—
|
|
|
910
|
|
|
3,719
|
|
|
4,629
|
|
|
(111
|
)
|
|
01/17
|
|
35 years
|
||||||||
Southlake, TX
|
|
—
|
|
|
920
|
|
|
2,766
|
|
|
—
|
|
|
920
|
|
|
2,766
|
|
|
3,686
|
|
|
(83
|
)
|
|
01/17
|
|
35 years
|
||||||||
Lewis Center, OH
|
|
—
|
|
|
410
|
|
|
4,285
|
|
|
—
|
|
|
410
|
|
|
4,285
|
|
|
4,695
|
|
|
(119
|
)
|
|
01/17
|
|
35 years
|
||||||||
Dublin, OH
|
|
—
|
|
|
581
|
|
|
4,223
|
|
|
—
|
|
|
581
|
|
|
4,223
|
|
|
4,804
|
|
|
(117
|
)
|
|
01/17
|
|
35 years
|
||||||||
Plano, TX
|
|
—
|
|
|
400
|
|
|
2,647
|
|
|
—
|
|
|
400
|
|
|
2,647
|
|
|
3,047
|
|
|
(81
|
)
|
|
01/17
|
|
35 years
|
||||||||
Carrollton, TX
|
|
—
|
|
|
329
|
|
|
1,389
|
|
|
—
|
|
|
329
|
|
|
1,389
|
|
|
1,718
|
|
|
(44
|
)
|
|
01/17
|
|
35 years
|
||||||||
Davenport, FL
|
|
—
|
|
|
3,000
|
|
|
5,877
|
|
|
—
|
|
|
3,000
|
|
|
5,877
|
|
|
8,877
|
|
|
(169
|
)
|
|
01/17
|
|
35 years
|
||||||||
Tallahassee, FL
|
|
—
|
|
|
952
|
|
|
3,205
|
|
|
—
|
|
|
952
|
|
|
3,205
|
|
|
4,157
|
|
|
(98
|
)
|
|
01/17
|
|
35 years
|
||||||||
Sunrise, FL
|
|
—
|
|
|
1,400
|
|
|
1,856
|
|
|
—
|
|
|
1,400
|
|
|
1,856
|
|
|
3,256
|
|
|
(55
|
)
|
|
01/17
|
|
35 years
|
||||||||
Chaska, MN
|
|
—
|
|
|
328
|
|
|
6,140
|
|
|
—
|
|
|
328
|
|
|
6,140
|
|
|
6,468
|
|
|
(170
|
)
|
|
01/17
|
|
35 years
|
||||||||
Loretto, MN
|
|
—
|
|
|
286
|
|
|
3,511
|
|
|
—
|
|
|
286
|
|
|
3,511
|
|
|
3,797
|
|
|
(100
|
)
|
|
01/17
|
|
35 years
|
EPR Properties
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2018
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Initial cost
|
|
Additions (Dispositions) (Impairments) Subsequent to acquisition
|
|
Gross Amount at December 31, 2018
|
|
|
|
|
|
|
||||||||||||||||||||||
Location
|
|
Debt
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Land
|
|
Buildings,
Equipment, Leasehold Interests &
Improvements
|
|
Total
|
|
Accumulated
depreciation
|
|
Date
acquired
|
|
Depreciation
life
|
||||||||||||||||||
Minneapolis, MN
|
|
—
|
|
|
920
|
|
|
3,700
|
|
|
—
|
|
|
920
|
|
|
3,700
|
|
|
4,620
|
|
|
(103
|
)
|
|
01/17
|
|
35 years
|
||||||||
Wayzata, MN
|
|
—
|
|
|
810
|
|
|
1,962
|
|
|
—
|
|
|
810
|
|
|
1,962
|
|
|
2,772
|
|
|
(57
|
)
|
|
01/17
|
|
35 years
|
||||||||
Plymouth, MN
|
|
—
|
|
|
1,563
|
|
|
4,905
|
|
|
—
|
|
|
1,563
|
|
|
4,905
|
|
|
6,468
|
|
|
(142
|
)
|
|
01/17
|
|
35 years
|
||||||||
Maple Grove, MN
|
|
—
|
|
|
951
|
|
|
3,291
|
|
|
—
|
|
|
951
|
|
|
3,291
|
|
|
4,242
|
|
|
(94
|
)
|
|
01/17
|
|
35 years
|
||||||||
Chula Vista, CA
|
|
—
|
|
|
210
|
|
|
2,186
|
|
|
—
|
|
|
210
|
|
|
2,186
|
|
|
2,396
|
|
|
(68
|
)
|
|
01/17
|
|
35 years
|
||||||||
Lincolnshire, IL
|
|
—
|
|
|
1,006
|
|
|
4,799
|
|
|
—
|
|
|
1,006
|
|
|
4,799
|
|
|
5,805
|
|
|
(104
|
)
|
|
02/17
|
|
30 years
|
||||||||
New Berlin, WI
|
|
—
|
|
|
368
|
|
|
1,704
|
|
|
—
|
|
|
368
|
|
|
1,704
|
|
|
2,072
|
|
|
(109
|
)
|
|
02/17
|
|
30 years
|
||||||||
Oak Creek, WI
|
|
—
|
|
|
283
|
|
|
1,690
|
|
|
—
|
|
|
283
|
|
|
1,690
|
|
|
1,973
|
|
|
(108
|
)
|
|
02/17
|
|
30 years
|
||||||||
Minnetonka, MN
|
|
—
|
|
|
911
|
|
|
4,833
|
|
|
659
|
|
|
931
|
|
|
5,472
|
|
|
6,403
|
|
|
(245
|
)
|
|
03/17
|
|
30 years
|
||||||||
Crowley, TX
|
|
—
|
|
|
1,150
|
|
|
2,862
|
|
|
—
|
|
|
1,150
|
|
|
2,862
|
|
|
4,012
|
|
|
(158
|
)
|
|
05/17
|
|
30 years
|
||||||||
Fort Worth, TX
|
|
—
|
|
|
1,927
|
|
|
2,077
|
|
|
—
|
|
|
1,927
|
|
|
2,077
|
|
|
4,004
|
|
|
(118
|
)
|
|
05/17
|
|
30 years
|
||||||||
Berlin, CT
|
|
—
|
|
|
494
|
|
|
2,958
|
|
|
—
|
|
|
494
|
|
|
2,958
|
|
|
3,452
|
|
|
(155
|
)
|
|
06/17
|
|
30 years
|
||||||||
Portland, OR
|
|
—
|
|
|
2,604
|
|
|
585
|
|
|
—
|
|
|
2,604
|
|
|
585
|
|
|
3,189
|
|
|
(18
|
)
|
|
01/18
|
|
35 years
|
||||||||
Orlando, FL
|
|
—
|
|
|
955
|
|
|
4,273
|
|
|
—
|
|
|
955
|
|
|
4,273
|
|
|
5,228
|
|
|
(110
|
)
|
|
02/18
|
|
35 years
|
||||||||
Fort Mill, SC
|
|
—
|
|
|
629
|
|
|
3,957
|
|
|
—
|
|
|
629
|
|
|
3,957
|
|
|
4,586
|
|
|
(40
|
)
|
|
09/18
|
|
35 years
|
||||||||
Indian Land, SC
|
|
—
|
|
|
907
|
|
|
3,784
|
|
|
—
|
|
|
907
|
|
|
3,784
|
|
|
4,691
|
|
|
(41
|
)
|
|
09/18
|
|
35 years
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Private Schools
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
San Jose, CA
|
|
—
|
|
|
9,966
|
|
|
25,535
|
|
|
2,407
|
|
|
9,966
|
|
|
27,942
|
|
|
37,908
|
|
|
(3,532
|
)
|
|
12/13
|
|
40 years
|
||||||||
Brooklyn, NY
|
|
—
|
|
|
—
|
|
|
46,440
|
|
|
3,255
|
|
|
—
|
|
|
49,695
|
|
|
49,695
|
|
|
(5,202
|
)
|
|
12/13
|
|
40 years
|
||||||||
Chicago, IL
|
|
—
|
|
|
3,057
|
|
|
46,784
|
|
|
—
|
|
|
3,057
|
|
|
46,784
|
|
|
49,841
|
|
|
(4,094
|
)
|
|
02/14
|
|
40 years
|
||||||||
McLean, VA
|
|
—
|
|
|
12,792
|
|
|
43,472
|
|
|
3,170
|
|
|
12,792
|
|
|
46,642
|
|
|
59,434
|
|
|
(2,895
|
)
|
|
06/15
|
|
40 years
|
||||||||
Mission Viejo, CA
|
|
—
|
|
|
1,378
|
|
|
3,687
|
|
|
—
|
|
|
1,378
|
|
|
3,687
|
|
|
5,065
|
|
|
(287
|
)
|
|
09/16
|
|
30 years
|
||||||||
Cumming, GA
|
|
—
|
|
|
500
|
|
|
6,892
|
|
|
—
|
|
|
500
|
|
|
6,892
|
|
|
7,392
|
|
|
(215
|
)
|
|
01/17
|
|
35 years
|
||||||||
Cumming, GA
|
|
—
|
|
|
325
|
|
|
4,898
|
|
|
—
|
|
|
325
|
|
|
4,898
|
|
|
5,223
|
|
|
(157
|
)
|
|
01/17
|
|
35 years
|
||||||||
Henderson, NV
|
|
—
|
|
|
1,400
|
|
|
6,914
|
|
|
—
|
|
|
1,400
|
|
|
6,914
|
|
|
8,314
|
|
|
(211
|
)
|
|
01/17
|
|
35 years
|
||||||||
Atlanta, GA
|
|
—
|
|
|
2,001
|
|
|
5,989
|
|
|
—
|
|
|
2,001
|
|
|
5,989
|
|
|
7,990
|
|
|
(165
|
)
|
|
01/17
|
|
35 years
|
||||||||
Pearland, TX
|
|
—
|
|
|
2,360
|
|
|
9,292
|
|
|
—
|
|
|
2,360
|
|
|
9,292
|
|
|
11,652
|
|
|
(271
|
)
|
|
01/17
|
|
35 years
|
||||||||
Pearland, TX
|
|
—
|
|
|
372
|
|
|
2,568
|
|
|
—
|
|
|
372
|
|
|
2,568
|
|
|
2,940
|
|
|
(74
|
)
|
|
01/17
|
|
35 years
|
||||||||
Palm Harbor, FL
|
|
—
|
|
|
1,490
|
|
|
1,400
|
|
|
—
|
|
|
1,490
|
|
|
1,400
|
|
|
2,890
|
|
|
(43
|
)
|
|
01/17
|
|
35 years
|
||||||||
Mason, OH
|
|
—
|
|
|
975
|
|
|
11,243
|
|
|
—
|
|
|
975
|
|
|
11,243
|
|
|
12,218
|
|
|
(310
|
)
|
|
01/17
|
|
35 years
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Kiamesha Lake, NY
|
|
—
|
|
|
155,658
|
|
|
—
|
|
|
19,055
|
|
|
156,785
|
|
|
17,928
|
|
|
174,713
|
|
|
(37
|
)
|
|
07/10
|
|
n/a
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Property under development
|
|
—
|
|
|
287,546
|
|
|
—
|
|
|
—
|
|
|
287,546
|
|
|
—
|
|
|
287,546
|
|
|
—
|
|
|
n/a
|
|
n/a
|
||||||||
Land held for development
|
|
—
|
|
|
50,725
|
|
|
—
|
|
|
(16,548
|
)
|
|
34,177
|
|
|
—
|
|
|
34,177
|
|
|
—
|
|
|
n/a
|
|
n/a
|
||||||||
Senior unsecured notes payable and term loan
|
|
2,995,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
n/a
|
|
n/a
|
||||||||
Less: deferred financing costs, net
|
|
(33,941
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
||||||||
Total
|
|
$
|
2,986,054
|
|
|
$
|
1,529,104
|
|
|
$
|
4,215,855
|
|
|
$
|
483,995
|
|
|
$
|
1,512,291
|
|
|
$
|
4,716,663
|
|
|
$
|
6,228,954
|
|
|
$
|
(883,174
|
)
|
|
|
|
|
EPR Properties
Schedule III - Real Estate and Accumulated Depreciation (continued)
Reconciliation
(Dollars in thousands)
December 31, 2018
|
|||
|
|
||
Real Estate:
|
|
||
Reconciliation:
|
|
||
Balance at beginning of the year
|
$
|
5,636,886
|
|
Acquisition and development of rental properties during the year
|
629,944
|
|
|
Disposition of rental properties during the year
|
(21,328
|
)
|
|
Impairment of rental properties during the year
|
(16,548
|
)
|
|
Balance at close of year
|
$
|
6,228,954
|
|
Accumulated Depreciation:
|
|
||
Reconciliation:
|
|
||
Balance at beginning of the year
|
$
|
741,334
|
|
Depreciation during the year
|
144,042
|
|
|
Disposition of rental properties during the year
|
(2,202
|
)
|
|
Balance at close of year
|
$
|
883,174
|
|
(2)
|
Financial Statement Schedules
:
See Part II, Item 8 hereof
|
(3)
|
Exhibits
|
Exhibit No.
|
|
Description
|
|
|
|
|
Composite of Amended and Restated Declaration of Trust of the Company (inclusive of all amendments through June 1, 2018), which is attached as Exhibit 3.1 to the Company's Form 10-Q (Commission File No. 001-13561) filed on July 31, 2018, is hereby incorporated by reference as Exhibit 3.1
|
|
|
|
|
|
Articles Supplementary designating the powers, preferences and rights of the 5.750% Series C Cumulative Convertible Preferred Shares, which is attached as Exhibit 3.2 to the Company's Form 8-K (Commission File No. 001-13561) filed on December 21, 2006, is hereby incorporated by reference as Exhibit 3.2
|
|
|
|
|
|
Articles Supplementary designating powers, preferences and rights of the 9.000% Series E Cumulative Convertible Preferred Shares, which is attached as Exhibit 3.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on April 2, 2008, is hereby incorporated by reference as Exhibit 3.3
|
|
|
|
|
|
Articles Supplementary designating the powers, preferences and rights of the 5.750% Series G Cumulative Redeemable Preferred Shares, which is attached as Exhibit 3.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on November 30, 2017, is hereby incorporated by reference as Exhibit 3.4
|
|
|
|
|
|
Amended and Restated Bylaws of the Company (inclusive of all amendments through March 20, 2017), which is attached as Exhibit 3.2 to the Company's Form 8-K (Commission File No. 001-13561) filed on March 21, 2017, is hereby incorporated by reference as Exhibit 3.5
|
|
|
|
|
|
Form of share certificate for common shares of beneficial interest of the Company, which is attached as Exhibit 4.3 to the Company's Registration Statement on Form S-3ASR (Registration No. 333-35281), filed on June 3, 2013, is hereby incorporated by reference as Exhibit 4.1
|
|
|
|
|
|
Form of 5.750% Series C Cumulative Convertible Preferred Shares Certificate, which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on December 21, 2006, is hereby incorporated by reference as Exhibit 4.2
|
|
|
|
|
|
Form of 9.000% Series E Cumulative Convertible Preferred Shares, which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on April 2, 2008, is hereby incorporated by reference as Exhibit 4.3
|
|
|
|
|
|
Form of 5.750% Series G Cumulative Redeemable Preferred Shares Certificate, which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on November 30, 2017, is hereby incorporated by reference as Exhibit 4.4
|
|
|
|
|
|
Indenture, dated June 30, 2010, by and among the Company, certain of its subsidiaries, and UMB Bank, n.a., as trustee (including the form of 5.750% Senior Notes due 2022 included as Exhibit A thereto), which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on July 1, 2010, is hereby incorporated by reference as Exhibit 4.5
|
|
|
|
|
|
Indenture, dated June 18, 2013, by and among the Company, certain of its subsidiaries, and U.S. Bank National Association, as trustee (including the form of 5.250% Senior Notes due 2023 included as Exhibit A thereto), which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on June 18, 2013, is hereby incorporated by reference as Exhibit 4.6
|
|
|
|
|
|
Indenture, dated March 16, 2015, by and among the Company, certain of its subsidiaries, and UMB Bank, n.a., as trustee (including the form of 4.500% Senior Notes due 2025 included as Exhibit A thereto), which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on March 16, 2015, is hereby incorporated by reference as Exhibit 4.7
|
|
|
|
|
Indenture, dated December 14, 2016, by and among the Company, certain of its subsidiaries, and UMB Bank, n.a., as trustee (including the form of 4.750% Senior Notes due 2026 included as Exhibit A thereto), which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on December 14, 2016, is hereby incorporated by reference as Exhibit 4.8
|
|
|
|
|
|
Indenture, dated May 23, 2017, by and among the Company, certain of its subsidiaries, and UMB Bank, n.a., as trustee (including the form of 4.500% Senior Notes due 2027 included as Exhibit A thereto), which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 23, 2017, is hereby incorporated by reference as Exhibit 4.9
|
|
|
|
|
|
Indenture, dated April 16, 2018, by and between the Company and UMB Bank, n.a., as trustee (including the form of 4.950% Senior Notes due 2028 included as Exhibit A thereto), which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on April 16, 2018, is hereby incorporated by reference as Exhibit 4.10
|
|
|
|
|
|
Note Purchase Agreement, dated August 1, 2016, by and among the Company and the purchasers named therein, which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on August 3, 2016, is hereby incorporated by reference as Exhibit 4.11
|
|
|
|
|
|
First Amendment to Note Purchase Agreement, dated September 27, 2017, by and among the Company and the purchasers named therein, which is attached as Exhibit 10.2 to the Company's Form 8-K (Commission File No. 001-13561) filed on September 27, 2017, is hereby incorporated as Exhibit 4.12
|
|
|
|
|
|
Second Amended, Restated and Consolidated Credit Agreement, dated September 27, 2017, by and among the Company, as borrower, KeyBank National Association, as administrative agent, and the other agents and lenders party thereto, which is attached as Exhibit 10.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on September 27, 2017, is hereby incorporated by reference as Exhibit 10.1
|
|
|
|
|
|
Form of Indemnification Agreement entered into between the Company and each of its trustees and officers, which is attached as Exhibit 10.2 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 14, 2007, is hereby incorporated by reference as Exhibit 10.2
|
|
|
|
|
|
Deferred Compensation Plan for Non-Employee Trustees, which is attached as Exhibit 10.10 to Amendment No. 2, filed on November 5, 1997, to the Company's Registration Statement on Form S-11 (Registration No. 333-35281), is hereby incorporated by reference as Exhibit 10.3
|
|
|
|
|
|
2007 Equity Incentive Plan, as amended, which is attached as Exhibit 10.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 15, 2013, is hereby incorporated by reference as Exhibit 10.4
|
|
|
|
|
|
Form of 2007 Equity Incentive Plan Nonqualified Share Option Agreement for Employee Trustees, which is attached as Exhibit 10.2 to the Company's Registration Statement on Form S-8 (Registration No. 333-142831) filed on May 11, 2007, is hereby incorporated by reference as Exhibit 10.5
|
|
|
|
|
|
Form of 2007 Equity Incentive Plan Nonqualified Share Option Agreement for Non-Employee Trustees, which is attached as Exhibit 10.3 to the Company's Registration Statement on Form S-8 (Registration No. 333-142831) filed on May 11, 2007, is hereby incorporated by reference as Exhibit 10.6
|
|
|
|
|
|
Form of 2007 Equity Incentive Plan Restricted Shares Agreement for Employees, which is attached as Exhibit 10.4 to the Company's Registration Statement on Form S-8 (Registration No. 333-142831) filed on May 11, 2007, is hereby incorporated by reference as Exhibit 10.7
|
|
|
|
|
|
Form of 2007 Equity Incentive Plan Restricted Shares Agreement for Non-Employee Trustees, which is attached as Exhibit 10.3 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 20, 2009, is hereby incorporated by reference as Exhibit 10.8
|
|
|
|
|
|
EPR Properties 2016 Equity Incentive Plan, which is attached as Exhibit 10.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 12, 2016, is hereby incorporated by reference as Exhibit 10.9
|
|
|
|
|
|
Form of 2016 Equity Incentive Plan Incentive and Nonqualified Share Option Award Agreement for Employees, which is attached as Exhibit 10.2 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 12, 2016, is hereby incorporated by reference as Exhibit 10.10
|
|
|
|
|
Form of 2016 Equity Incentive Plan Restricted Shares Award Agreement for Employees, which is attached as Exhibit 10.3 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 12, 2016, is hereby incorporated by reference as Exhibit 10.11
|
|
|
|
|
|
Form of 2016 Equity Incentive Plan Restricted Share Unit Award Agreement for Non-Employee Trustees, which is attached as Exhibit 10.4 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 12, 2016, is hereby incorporated by reference as Exhibit 10.12
|
|
|
|
|
|
Annual Performance-Based Incentive Plan, which is attached as Exhibit 10.1 to the Company's 8-K (Commission File No. 001-13561) filed on June 2, 2017, is hereby incorporated by reference as Exhibit 10.13
|
|
|
|
|
|
Employment Agreement, dated May 13, 2015, by and between the Company and Gregory K. Silvers, which is attached as Exhibit 10.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 18, 2015, is hereby incorporated by reference as Exhibit 10.14
|
|
|
|
|
|
Employment Agreement, dated May 13, 2015, by and between the Company and Mark A. Peterson, which is attached as Exhibit 10.2 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 18, 2015, is hereby incorporated by reference as Exhibit 10.15
|
|
|
|
|
|
Amended and Restated Employment Agreement, effective March 31, 2018, by and between the Company and Morgan G. Earnest II, which is attached as Exhibit 10.1 to the Company's Form 8-K/A (Commission File No. 001-13561) filed on April 6, 2018, is hereby incorporated by reference as Exhibit 10.16
|
|
|
|
|
|
Employment Agreement, dated May 13, 2015, by and between the Company and Craig L. Evans, which is attached as Exhibit 10.4 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 18, 2015, is hereby incorporated by reference as Exhibit 10.17
|
|
|
|
|
|
Employment Agreement, dated May 13, 2015, by and between the Company and Michael L. Hirons, which is attached as Exhibit 10.6 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 18, 2015, is hereby incorporated by reference as Exhibit 10.19
|
|
|
|
|
|
EPR Properties Employee Severance Plan (as amended June 1, 2018), which is attached as Exhibit 10.1 to the Company's Form 10-Q (Commission File No. 001-13561) filed on July 31, 2018, is hereby incorporated by reference as Exhibit 10.20
|
|
|
|
|
|
The list of the Company's Subsidiaries is attached hereto as Exhibit 21
|
|
|
|
|
|
Consent of KPMG LLP is attached hereto as Exhibit 23
|
|
|
|
|
|
Certification of Gregory K. Silvers pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is attached hereto as Exhibit 31.1
|
|
|
|
|
|
Certification of Mark A. Peterson pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is attached hereto as Exhibit 31.2
|
|
|
|
|
|
Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is attached hereto as Exhibit 32.1
|
|
|
|
|
|
Certification by Chief Financial Officer pursuant to 18 USC 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is attached hereto as Exhibit 32.2
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
101.CAL
|
|
XBRL Extension Calculation Linkbase
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
|
* Management contracts or compensatory plans
|
|
|
EPR Properties
|
||
|
|
|
|
|
Dated:
|
February 28, 2019
|
By
|
|
/s/ Gregory K. Silvers
|
|
|
|
|
Gregory K. Silvers, President and Chief Executive
Officer (Principal Executive Officer)
|
|
|
|
|
Signature and Title
|
|
Date
|
|
|
|
/s/ Robert J. Druten
|
|
February 28, 2019
|
Robert J. Druten, Chairman of the Board
|
|
|
|
|
|
/s/ Gregory K. Silvers
|
|
February 28, 2019
|
Gregory K. Silvers, President, Chief Executive Officer (Principal Executive Officer) and Trustee
|
|
|
|
|
|
/s/ Mark A. Peterson
|
|
February 28, 2019
|
Mark A. Peterson, Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
|
|
|
|
|
|
/s/ Tonya L. Mater
|
|
February 28, 2019
|
Tonya L. Mater, Vice President and Chief Accounting Officer (Principal Accounting Officer)
|
|
|
|
|
|
/s/ Thomas M. Bloch
|
|
February 28, 2019
|
Thomas M. Bloch, Trustee
|
|
|
|
|
|
/s/ Barrett Brady
|
|
February 28, 2019
|
Barrett Brady, Trustee
|
|
|
|
|
|
/s/ Peter C. Brown
|
|
February 28, 2019
|
Peter C. Brown, Trustee
|
|
|
|
|
|
/s/ James B. Connor
|
|
February 28, 2019
|
James B. Connor, Trustee
|
|
|
|
|
|
/s/ Jack A. Newman, Jr.
|
|
February 28, 2019
|
Jack A. Newman, Jr., Trustee
|
|
|
|
|
|
/s/ Robin P. Sterneck
|
|
February 28, 2019
|
Robin P. Sterneck, Trustee
|
|
|
Subsidiary
|
|
Jurisdiction of Incorporation or Formation
|
|
|
|
30 West Pershing, LLC
|
|
Missouri
|
Adelaar Developer II, LLC
|
|
Delaware
|
Adelaar Developer, LLC
|
|
Delaware
|
Atlantic - EPR I
|
|
Delaware
|
Atlantic - EPR II
|
|
Delaware
|
Burbank Village, Inc.
|
|
Delaware
|
Burbank Village, L.P.
|
|
Delaware
|
Cantera 30, Inc.
|
|
Delaware
|
Cantera 30 Theatre, L.P.
|
|
Delaware
|
Catskill Resorts TRS, LLC
|
|
Delaware
|
Cinescape Equity, LLC
|
|
Delaware
|
Cinescape Mezz, LLC
|
|
Delaware
|
Cinescape Property, LLC
|
|
Delaware
|
CLP Northstar Commercial, LLC
|
|
Delaware
|
CLP Northstar, LLC
|
|
Delaware
|
Early Childhood Education, LLC
|
|
Delaware
|
ECE I, LLC
|
|
Delaware
|
ECE II, LLC
|
|
Delaware
|
Education Capital Solutions, LLC
|
|
Delaware
|
EPR Apex, Inc.
|
|
Delaware
|
EPR Camelback, LLC
|
|
Delaware
|
EPR Canada, Inc.
|
|
Missouri
|
EPR Concord II, L.P.
|
|
Delaware
|
EPR Escape, LLC
|
|
Delaware
|
EPR Experience, LLC
|
|
Delaware
|
EPR Fitness, LLC
|
|
Delaware
|
EPR Gaming Properties, LLC
|
|
Delaware
|
EPR Go Zone Holdings, LLC
|
|
Delaware
|
EPR Hialeah, Inc.
|
|
Missouri
|
EPR iDenver Holdings, LLC
|
|
Delaware
|
EPR iHurst Holdings, LLC
|
|
Delaware
|
EPR Irvine, LLC
|
|
Delaware
|
EPR iTampa, LLC
|
|
Delaware
|
EPR Karting, LLC
|
|
Delaware
|
EPR Lodging, LLC
|
|
Delaware
|
EPR Macomb Holdings, LLC
|
|
Delaware
|
EPR North Finance Trust
|
|
Ontario
|
EPR North GP ULC
|
|
British Columbia
|
EPR North Holdings GP ULC
|
|
British Columbia
|
EPR North Holdings LP
|
|
Ontario
|
EPR North Properties LP
|
|
Ontario
|
EPR North Trust
|
|
Kansas
|
EPR North US GP Trust
|
|
Delaware
|
EPR North US LP
|
|
Delaware
|
EPR Parks, LLC
|
|
Delaware
|
EPR Resorts, LLC
|
|
Delaware
|
EPR Springs, LLC
|
|
Delaware
|
EPR St. Petes TRS, Inc.
|
|
Delaware
|
EPR TRS Holdings, Inc.
|
|
Missouri
|
EPR TRS I, Inc.
|
|
Missouri
|
EPR TRS II, Inc.
|
|
Missouri
|
EPR TRS III, Inc.
|
|
Missouri
|
EPR TRS IV, Inc.
|
|
Missouri
|
EPR Tuscaloosa, LLC
|
|
Delaware
|
EPT 301, LLC
|
|
Missouri
|
EPT 909, Inc.
|
|
Delaware
|
EPT Aliso Viejo, Inc.
|
|
Delaware
|
EPT Arroyo, Inc.
|
|
Delaware
|
EPT Auburn, Inc.
|
|
Delaware
|
EPT Biloxi, Inc.
|
|
Delaware
|
EPT Boise, Inc.
|
|
Delaware
|
EPT Chattanooga, Inc.
|
|
Delaware
|
EPT Columbiana, Inc.
|
|
Delaware
|
EPT Concord II, LLC
|
|
Delaware
|
EPT Concord, LLC
|
|
Delaware
|
EPT Dallas, LLC
|
|
Delaware
|
EPT Davie, Inc.
|
|
Delaware
|
EPT Deer Valley, Inc.
|
|
Delaware
|
EPT DownREIT II, Inc.
|
|
Missouri
|
EPT DownREIT, Inc.
|
|
Missouri
|
EPT East, Inc.
|
|
Delaware
|
EPT Firewheel, Inc.
|
|
Delaware
|
EPT First Colony, Inc.
|
|
Delaware
|
EPT Fontana, LLC
|
|
Delaware
|
EPT Fresno, Inc.
|
|
Delaware
|
EPT Gulf Pointe, Inc.
|
|
Delaware
|
EPT Hamilton, Inc.
|
|
Delaware
|
EPT Hattiesburg, Inc.
|
|
Delaware
|
EPT Huntsville, Inc.
|
|
Delaware
|
EPT Hurst, Inc.
|
|
Delaware
|
EPT Indianapolis, Inc.
|
|
Delaware
|
EPT Kalamazoo, Inc.
|
|
Missouri
|
EPT Kenner, LLC
|
|
Delaware
|
EPT Lafayette, Inc.
|
|
Delaware
|
EPT Lawrence, Inc.
|
|
Delaware
|
EPT Leawood, Inc.
|
|
Delaware
|
EPT Little Rock, Inc.
|
|
Delaware
|
EPT Macon, Inc.
|
|
Delaware
|
EPT Mad River, Inc.
|
|
Missouri
|
EPT Manchester, Inc.
|
|
Delaware
|
EPT Melbourne, Inc.
|
|
Missouri
|
EPT Mesa, Inc.
|
|
Delaware
|
EPT Mesquite, Inc.
|
|
Delaware
|
EPT Modesto, Inc.
|
|
Delaware
|
EPT Mount Attitash, Inc.
|
|
Delaware
|
EPT Mount Snow, Inc.
|
|
Delaware
|
EPT New England, LLC
|
|
Delaware
|
EPT New Roc GP, Inc.
|
|
Delaware
|
EPT New Roc, LLC
|
|
Delaware
|
EPT Nineteen, Inc.
|
|
Delaware
|
EPT Pensacola, Inc.
|
|
Missouri
|
EPT Pompano, Inc.
|
|
Delaware
|
EPT Raleigh Theatres, Inc.
|
|
Delaware
|
EPT Ski Properties, Inc.
|
|
Delaware
|
EPT Slidell, Inc.
|
|
Delaware
|
EPT South Barrington, Inc.
|
|
Delaware
|
EPT Twin Falls, LLC
|
|
Delaware
|
EPT Virginia Beach, Inc.
|
|
Delaware
|
EPT Waterparks, Inc.
|
|
Delaware
|
EPT White Plains, LLC
|
|
Delaware
|
EPT Wilmington, Inc.
|
|
Delaware
|
Flik Depositor, Inc.
|
|
Delaware
|
Flik, Inc.
|
|
Delaware
|
Go To The Show, L.L.C.
|
|
Louisiana
|
International Hotel Ventures, Inc.
|
|
Delaware
|
Kanata Entertainment Holdings, Inc.
|
|
New Brunswick
|
McHenry FFE, LLC
|
|
Delaware
|
Megaplex Four, Inc.
|
|
Missouri
|
Megaplex Nine, Inc.
|
|
Missouri
|
Mississauga Entertainment Holdings, Inc.
|
|
New Brunswick
|
New Roc Associates, L.P.
|
|
New York
|
Oakville Entertainment Holdings, Inc.
|
|
New Brunswick
|
Rittenhouse Holding, LLC
|
|
Delaware
|
Strategic Undertakings, LLC
|
|
Delaware
|
Suffolk Retail, LLC
|
|
Delaware
|
Tampa Veterans 24, Inc.
|
|
Delaware
|
Tampa Veterans 24, L.P.
|
|
Delaware
|
Texas Waterpark Holding Garland, LLC
|
|
Delaware
|
Texas Waterpark Holding The Colony, LLC
|
|
Delaware
|
Theatre Sub, Inc.
|
|
Missouri
|
WestCol Center, LLC
|
|
Delaware
|
Whitby Entertainment Holdings, Inc.
|
|
New Brunswick
|
1.
|
I have reviewed this Annual Report on Form 10-K of EPR Properties;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date:
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February 28, 2019
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/s/ Gregory K. Silvers
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Gregory K. Silvers
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President and Chief Executive Officer
(Principal Executive Officer)
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1.
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I have reviewed this Annual Report on Form 10-K of EPR Properties;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date:
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February 28, 2019
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/s/ Mark A. Peterson
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Mark A. Peterson
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Executive Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
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(1)
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the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.
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/s/ Gregory K. Silvers
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Gregory K. Silvers
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President and Chief Executive Officer
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(Principal Executive Officer)
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(1)
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the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.
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/s/ Mark A. Peterson
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Mark A. Peterson
Executive Vice President, Chief Financial Officer
and Treasurer (Principal Financial
Officer)
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