Company: EPR-PE
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001045450-25-000082
Chunk: 75

Company: EPR PROPERTIES
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 75
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3)9,384 17,949 (8,565)Interest expense, net33,021 31,651 1,370 Equity in loss from joint ventures2,647 3,627 (980)Income tax expense136 347 (211)Preferred dividend requirements6,032 6,032 — 

(1) Retirement and severance expense for the three months ended March 31, 2024 related primarily to the retirement of our former Executive Vice President, General Counsel and Secretary. There was no retirement and severance expense for the three months ended March 31, 2025. 

(2) The change in provision (benefit) for credit losses, net for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was due primarily to a release from an additional $4.0 million in funding commitments on one mortgage note receivable and changes in our estimated current expected credit losses based on macro-economic conditions.

(3) The gain on sale of real estate for the three months ended March 31, 2025 related to the sale of one vacant theatre property, two operating theatre properties, one vacant early childhood education center and 10 early childhood education centers. The gain on sale of real estate for the three months ended March 31, 2024 related to the sales of two cultural properties and one vacant theatre property. 

Liquidity and Capital Resources

Cash and cash equivalents were $20.6 million at March 31, 2025.  In addition, we had restricted cash of $6.4 million at March 31, 2025, which related primarily to escrow deposits required for property management, mortgage note and debt agreements or held for potential acquisitions, developments and redevelopments. 

Mortgage Debt, Senior Notes and Unsecured Revolving Credit Facility 

At March 31, 2025, we had total debt outstanding of $2.8 billion, of which 99% was unsecured.

At March 31, 2025, we had outstanding $2.5 billion in aggregate principal amount of unsecured senior notes (excluding the private placement notes discussed below) ranging in interest rates from 3.60% to 4.95%. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the ratio of our debt to adjusted total assets to exceed 60%; (ii)