Company: EPR-PE
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001045450-25-000082
Chunk: 45

Company: EPR PROPERTIES
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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Interest expense, net(33,021)Equity in loss from joint ventures(2,647)Income tax expense(136)Net income65,803 Preferred dividend requirements(6,032)Net income available to common shareholders of EPR Properties$59,771 Three Months Ended March 31, 2024ExperientialEducationCorporate/UnallocatedConsolidatedRental revenue$132,824 $9,457 $— $142,281 Other income11,770 100 167 12,037 Mortgage and other financing income12,705 209 — 12,914 Total revenue157,299 9,766 167 167,232 Property operating expense14,540 129 251 14,920 Other expense12,976 — — 12,976 Total investment expenses27,516 129 251 27,896 Net operating income - before unallocated items129,783 9,637 (84)139,336 Reconciliation to Consolidated Statements of Income and Comprehensive Income:General and administrative expense(13,908)Retirement and severance expense(1,836)Transaction costs(1)(Provision) benefit for credit losses, net(2,737)Depreciation and amortization(40,469)Gain on sale of real estate17,949 Interest expense, net(31,651)Equity in loss from joint ventures(3,627)Income tax expense(347)Net income62,709 Preferred dividend requirements(6,032)Net income available to common shareholders of EPR Properties$56,677 

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14. Other Commitments and Contingencies 

As of March 31, 2025, the Company had 14 development projects with commitments to fund an aggregate of approximately $142.8 million. The Company advances development costs in periodic draws. If the Company determines that construction is not being completed in accordance with the terms of the development agreement, it can discontinue funding construction draws. The Company has agreed to lease the properties to the operators at pre-determined rates upon completion of construction.The Company has certain commitments related to its mortgage notes investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of its direct control. As of March 31, 2025, the Company had two mortgage notes with commitments totaling