Company: EPR-PE
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001045450-25-000120
Chunk: 70

Company: EPR PROPERTIES
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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 results of our operations or cash flows or liquidity as defined by GAAP.

Net Debt to Adjusted EBITDAre Ratio

Net Debt to Adjusted EBITDAre Ratio is a supplemental measure derived from non-GAAP financial measures that we use to evaluate our capital structure and the magnitude of our debt against our operating performance. We believe that investors commonly use versions of this ratio in a similar manner. In addition, financial 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.

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):

36

June 30,20252024Net Debt:Debt$2,792,970 $2,819,029 Deferred financing costs, net16,622 22,200 Cash and cash equivalents(12,955)(33,731)Net Debt$2,796,637 $2,807,498 Gross Assets: Total Assets$5,560,880 $5,645,367 Accumulated depreciation1,641,916 1,504,427 Cash and cash equivalents(12,955)(33,731)Gross Assets$7,189,841 $7,116,063 Debt to Total Assets Ratio50 %50 %Net Debt to Gross Assets Ratio39 %39 %Three Months Ended June 30,20252024EBITDAre and Adjusted EBITDAre:Net income$75,643 $45,102 Interest expense, net33,246 32,820 Income tax expense681 557 Depreciation and amortization42,080 41,474 Gain on sale of real estate(16,779)(1,459)Impairment of real estate investments, net— 11,812 Allocated share of joint venture depreciation985 2,457 Allocated share of joint venture interest expense430