Company: EPR-PE
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001045450-25-000120
Chunk: 77

Company: EPR PROPERTIES
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 77
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 challenges have been locating suitable properties, negotiating favorable lease or financing terms (on new or existing properties), managing our expanding portfolio and having a cost of capital that allows us to grow our investments in new properties beyond those funded primarily with free cash and disposition proceeds.

As of June 30, 2025, our total assets were approximately $5.6 billion (after accumulated depreciation of approximately $1.6 billion) with properties located in 43 states, Ontario and Quebec, Canada. Our total investments (a non-GAAP financial measure) were approximately $6.9 billion as of June 30, 2025. See "Non-GAAP Financial Measures" for the reconciliation of "Total assets" in the consolidated balance sheet to total investments at June 30, 2025 and December 31, 2024. We group our investments into two reportable segments, Experiential and Education. As of June 30, 2025, our Experiential investments comprised $6.5 billion, or 94%, and our Education investments comprised $0.4 billion, or 6%, of our total investments. 

As of June 30, 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):

•151 theatre properties;

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

•25 attraction properties;

•11 ski properties;

•four experiential lodging properties;

•23 fitness & wellness properties;

•one gaming property; and

•one cultural property.

As of June 30, 2025, our wholly-owned Experiential real estate portfolio consisted of approximately 18.5 million square feet, which includes 0.2 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 $84.2 million in property under development and $20.2 million in undeveloped land inventory.

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As of June 30, 2025, our Education portfolio consisted of the following property types (owned or financed):

•46 early childhood education center properties; and

•nine private school properties. 

As of June 30, 2025, our wholly-owned Education real estate portfolio consisted of approximately 1.1 million square feet and was 100% leased.

The combined wholly-owned portfolio consisted