Company: EPR-PE
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001045450-25-000082
Chunk: 56

Company: EPR PROPERTIES
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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 maintaining our leverage levels consistent with past practice. 

Liquidity Requirements

Short-term liquidity requirements consist primarily of normal recurring corporate operating expenses, debt service requirements and distributions to shareholders. We have historically met these requirements primarily through cash provided by operating activities. The table below summarizes our cash flows (dollars in thousands): 

27

Three Months Ended March 31,20252024Net cash provided by operating activities$99,369 $99,543 Net cash provided (used) by investing activities42,397 (38,551)Net cash used by financing activities(150,490)(79,484)

Commitments

As of March 31, 2025, we had 14 development projects with commitments to fund an aggregate of approximately $142.8 million, of which approximately $74.2 million is expected to be funded in the remainder of 2025. Development costs are advanced by us in periodic draws. If we determine that construction is not being completed in accordance with the terms of the development agreement, we may 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 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 our direct control. As of March 31, 2025, we had two mortgage notes with commitments totaling approximately $47.4 million, of which $1.9 million is expected to be funded in the remainder of 2025. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments.

Liquidity Analysis

We currently anticipate that our cash on hand, cash from operations, funds available under our unsecured revolving credit facility and proceeds from asset dispositions will provide adequate liquidity to meet our financial commitments, including the amounts needed to fund our operations, make recurring debt service payments, allow distributions to our shareholders and avoid corporate level federal income or excise tax in accordance with REIT Internal Revenue Code requirements. 

Long-term liquidity requirements consist primarily of debt maturities. Subsequent to March 31, 2025, we fully repaid our $300.0 million senior unsecured notes due April 1, 2025, using borrowings under our $1.0 billion senior unsecured revolving credit facility. We have $629.6 million of debt maturities due