Company: EPR-PE
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001045450-25-000082
Chunk: 63

Company: EPR PROPERTIES
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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 in accordance with GAAP) to Net Debt, Gross Assets, Net Debt to Gross Assets Ratio, EBITDAre, Adjusted EBITDAre and Net Debt to Adjusted EBITDAre Ratio (each of which is a non-GAAP financial measure), as applicable, are included in the following tables (unaudited, in thousands except ratios):

March 31,20252024Net Debt:Debt$2,791,962 $2,817,710 Deferred financing costs, net17,630 23,519 Cash and cash equivalents(20,572)(59,476)Net Debt$2,789,020 $2,781,753 Gross Assets: Total Assets$5,532,549 $5,694,036 Accumulated depreciation1,595,820 1,470,507 Cash and cash equivalents(20,572)(59,476)Gross Assets$7,107,797 $7,105,067 Debt to Total Assets Ratio50 %49 %Net Debt to Gross Assets Ratio39 %39 %Three Months Ended March 31,20252024EBITDAre and Adjusted EBITDAre:Net income$65,803 $62,709 Interest expense, net33,021 31,651 Income tax expense136 347 Depreciation and amortization41,089 40,469 Gain on sale of real estate(9,384)(17,949)Allocated share of joint venture depreciation1,036 2,416 Allocated share of joint venture interest expense375 2,131 EBITDAre$132,076 $121,774 Retirement and severance expense— 1,836 Transaction costs567 1 Provision (benefit) for credit losses, net(652)2,737 Adjusted EBITDAre (for the quarter)$131,991 $126,348 Adjusted EBITDAre (annualized) (1)$527,964 $505,392 Net Debt/Adjusted EBITDAre Ratio5.3 5.5 (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