Company: EPR-PE
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001045450-25-000082
Chunk: 69

Company: EPR PROPERTIES
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 69
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 as we continued to grow. We believe our management’s knowledge and industry relationships have facilitated opportunities for us to acquire, finance and lease properties. More recently, and as further discussed below, the challenging economic environment has increased our cost of capital, which has negatively impacted our ability to make investments in the near-term. Our 

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business is subject to a number of risks and uncertainties, including those described in Item 1A - “Risk Factors” in our 2024 Annual Report.

As of March 31, 2025, our total assets were approximately $5.5 billion (after accumulated depreciation of approximately $1.6 billion) with properties located in 44 states, Ontario and Quebec, Canada. Our total investments (a non-GAAP financial measure) were approximately $6.8 billion as of March 31, 2025. See "Non-GAAP Financial Measures" for the reconciliation of "Total assets" in the consolidated balance sheet to total investments at March 31, 2025 and December 31, 2024. We group our investments into two reportable segments, Experiential and Education. As of March 31, 2025, our Experiential investments comprised $6.4 billion, or 94%, and our Education investments comprised $0.4 billion, or 6%, of our total investments. 

As of March 31, 2025, our Experiential portfolio (excluding property under development, undeveloped land inventory and two joint venture properties) consisted of the following property types (owned or financed):

•154 theatre properties;

•58 eat & play properties (including seven theatres located in entertainment districts);

•25 attraction properties;

•11 ski properties;

•four experiential lodging properties;

•22 fitness & wellness properties;

•one gaming property; and

•one cultural property.

As of March 31, 2025, our wholly-owned Experiential real estate portfolio consisted of approximately 18.5 million square feet, which includes 0.3 million square feet of properties we intend to sell. The wholly-owned Experiential portfolio, excluding the properties we intend to sell, was 99% leased or operated and included $118.3 million in property under development and $20.2 million in undeveloped land inventory.

As of March 31, 2025, our Education portfolio consisted of the following property types (owned or financed):

•46 early childhood education center properties; and

•nine