Company: EPR-PE
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001045450-25-000135
Chunk: 78

Company: EPR PROPERTIES
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 78
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13,710)(35,328)Net Debt$2,769,882 $2,838,264 Gross Assets: Total Assets$5,543,897 $5,689,162 Accumulated depreciation1,671,309 1,546,509 Cash and cash equivalents(13,710)(35,328)Gross Assets$7,201,496 $7,200,343 Debt to Total Assets Ratio50 %50 %Net Debt to Gross Assets Ratio38 %39 %Three Months Ended September 30,20252024EBITDAre and Adjusted EBITDAre:Net income$66,586 $46,650 Interest expense, net33,238 32,867 Income tax expense (benefit)725 (124)Depreciation and amortization42,409 42,795 (Gain) loss on sale of real estate and early ground lease termination(8,073)3,419 Costs associated with loan refinancing or payoff— 337 Allocated share of joint venture depreciation989 2,581 Allocated share of joint venture interest expense497 2,587 Impairment charges on joint ventures— 12,130 EBITDAre$136,371 $143,242 Retirement and severance expense1,094 — Transaction costs492 175 Provision (benefit) for credit losses, net9,117 (770)Adjusted EBITDAre (for 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. 

41

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