Company: EPR-PE
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001045450-25-000135
Chunk: 105

Company: EPR PROPERTIES
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 105
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 institutions use versions of this ratio in connection with debt agreements to set pricing and covenant limitations. Our method of calculating the Net Debt to Adjusted EBITDAre Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

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Reconciliations of debt, total assets and net income (all reported in accordance with GAAP) to Net Debt, Gross Assets, Net Debt to Gross Assets Ratio, EBITDAre, Adjusted EBITDAre and Net Debt to Adjusted EBITDAre Ratio (each of which is a non-GAAP financial measure), as applicable, are included in the following tables (unaudited, in thousands except ratios):

September 30,20252024Net Debt:Debt$2,768,387 $2,852,970 Deferred financing costs, net15,205 20,622 Cash and cash equivalents(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