Company: EPR-PE
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001045450-25-000082
Chunk: 74

Company: EPR PROPERTIES
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 74
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124 Total revenue$175,033 $167,232 $7,801 

(1) For the three months ended March 31, 2025 compared to the three months ended March 31, 2024, the increase in minimum rent resulted from an increase of $2.5 million related to property acquisitions and developments completed in 2025 and 2024. In addition, there was an increase in minimum rent of $0.6 million related to rental revenue on existing properties. This was partially offset by a decrease in rental revenue of $0.5 million from property dispositions. 

During the three months ended March 31, 2025, there were no significant lease renewals on existing properties. 

(2) The increase in percentage rent (i.e., amounts above base rent) for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was due primarily to percentage rent recognized from one of our early childhood education center tenants. 

(3) The increase in mortgage and other financing income for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 related to interest income on a new mortgage note funded in 2024 and from additional investments on existing mortgage note receivables. In addition, $1.8 million of participating interest income was recognized during the three months ended March 31, 2025, which related to amounts under review with one borrower regarding the calculation of participating interest income from prior periods that was resolved during the three months ended March 31, 2025. No participating interest income was recognized during the three months ended March 31, 2024. 

25

Analysis of Expenses and Other Line Items

The following table summarizes our expenses and other line items (dollars in thousands):

Three Months Ended March 31,20252024ChangeProperty operating expense$15,171 $14,920 $251 Other expense12,611 12,976 (365)General and administrative expense14,024 13,908 116 Retirement and severance expense (1)— 1,836 (1,836)Transaction costs 567 1 566 Provision (benefit) for credit losses, net (2)(652)2,737 (3,389)Depreciation and amortization 41,089 40,469 620 Gain on sale of real estate (