Company: EPR-PE
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001045450-25-000051
Chunk: 98

Company: EPR PROPERTIES
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 98
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Long Term Debt Obligations$300,000 $629,597 $450,000 $575,000 $500,000 $424,995 $2,879,592 Interest on Long Term Debt Obligations116,328 109,150 71,575 46,862 26,752 38,130 408,797 Operating Lease Obligation - Corporate Office958 717 — — — — 1,675 Operating Ground Lease Obligations (1)27,844 26,401 25,075 24,192 22,635 190,198 316,345 Total$445,130 $765,865 $546,650 $646,054 $549,387 $653,323 $3,606,409 

(1) Our tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. As of December 31, 2024, rental revenue from one of our tenants, who is also a sub-tenant under certain ground leases, is being recognized on a cash basis. In addition, two of our ground leases do not currently have sub-tenants. In the event the tenant fails to pay the ground lease rent or the property does not have sub-tenants, we would be primarily responsible for the payment, assuming we do not sell or re-tenant the property. The above amounts exclude contingent rent due under leases where the ground lease payment, or a portion thereof, is based on the level of the tenant's sales.

Commitments

As of December 31, 2024, we had 15 development projects with commitments to fund an aggregate of approximately $164.4 million, of which approximately $113.2 million is expected to be funded in 2025. We advance development costs in periodic draws. If we determine that construction is not being completed in accordance with the terms of the development agreement, we can discontinue funding construction draws. We have agreed to lease the properties to the operators at pre-determined rates upon completion of construction.

We have certain commitments related to our mortgage notes and notes receivable investments that we may be required to fund in the future. We are generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of its direct control. As of December 31, 2024, we had three mortgage notes with commitments totaling