Company: EPR-PE
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001045450-25-000135
Chunk: 106

Company: EPR PROPERTIES
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 106
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 the quarter)$147,074 $142,647 Adjusted EBITDAre (annualized) (1)$588,296 $570,588 Net Debt/Adjusted EBITDAre Ratio4.7 5.0 (1) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount but does not include the annualization of investments put in service, acquired or disposed of during the quarter, as well as the potential earnings on property under development, the annualization of percent rent and participating interest and adjustments for other items. 

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Total Investments

Total investments is a non-GAAP financial measure defined as the sum of the carrying values of real estate investments (before accumulated depreciation), land held for development, property under development, mortgage notes receivable and related accrued interest receivable, net, investment in joint ventures, intangible assets, gross (before accumulated amortization and included in other assets) and notes receivable and related accrued interest receivable, net (included in other assets). Total investments is a useful measure for management and investors as it illustrates across which asset categories the Company's funds have been invested. Our method of calculating total investments may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. A reconciliation of total assets (computed in accordance with GAAP) to total investments is included in the following table (unaudited, in thousands):   

September 30, 2025December 31, 2024Total assets$5,543,897 $5,616,507 Operating lease right-of-use assets(168,730)(173,364)Cash and cash equivalents(13,710)(22,062)Restricted cash(15,982)(13,637)Accounts receivable(92,291)(84,589)Add: accumulated depreciation on real estate investments1,671,309 1,562,645 Add: accumulated amortization on intangible assets (1)31,020 31,876 Prepaid expenses and other current assets (1)(39,393)(39,464)Total investments$6,916,120 $6,877,912 Total Investments:Real estate investments, net of accumulated depreciation$4,380,628 $4,435,358 Add back accumulated depreciation on real estate investments1,671,309 1,562,645 Land held for development20,168 20,168 Property under