Company: EPR-PE
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001045450-25-000135
Chunk: 90

Company: EPR PROPERTIES
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 90
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 as Managing Director in the Net Lease Division of Ares Management Corporation (“Ares”), a global alternative investment manager operating in the credit, private equity and real estate markets. Prior to Ares, Mr. Fox served as Executive Vice President, Asset Management and Operations at Realty Income, where he oversaw and managed approximately 7,000 properties across the U.S. and U.K. For the three months ended September 30, 2025, we recorded retirement and severance expense related to Mr. Zimmerman's expected retirement totaling $1.1 million, which included cash payments totaling $0.3 million and accelerated vesting of nonvested shares totaling $0.8 million. 

Capital Markets Activities

Upon maturity, on April 1, 2025, we fully repaid $300.0 million of senior unsecured notes using borrowings under our $1.0 billion senior unsecured revolving credit facility. 

As discussed further below, on June 3, 2025, we filed a new universal shelf registration statement and a new shelf registration statement for our Dividend Reinvestment and Direct Share Purchase Plan (“DSP Plan”) with the SEC.  

On September 22, 2025, we entered into amendment number one to our Fourth Amended, Restated and Consolidated Credit Agreement, dated as of September 19, 2024 (the "Amended Credit Agreement"), to remove the SOFR index adjustment with respect to loans denominated in U.S. dollars. 

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Results of Operations

Three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 

Analysis of Revenue

The following table summarizes our total revenue (dollars in thousands):

Three Months Ended September 30,Nine Months Ended September 30,20252024Change20252024ChangeMinimum rent (1)$138,908 $132,828 $6,080 $407,586 $396,418 $11,168 Percentage rent (2)7,042 5,944 1,098 14,893 9,817 5,076 Straight-line rent3,541 4,414 (873)12,075 13,335 (1,260)Tenant reimbursements4,888 5,038 (150)15,569 15,111 458 Other rental revenue459 453 6 1,425 1,370 55