Company: EPR-PE
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001045450-25-000051
Chunk: 135

Company: EPR PROPERTIES
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 135
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,268 $25,416 Net operating losses14,208 11,296 Start-up costs2,144 2,301 Other2,385 2,698 Total deferred tax assets$41,005 $41,711 Fixed assets$(14,546)$— Capital improvements(2,562)(2,786)Straight-line receivable(904)(982)Other(2,129)(805)Total deferred tax liabilities$(20,141)$(4,573)Valuation allowance(34,936)(36,613)Net deferred tax (liability) asset $(14,072)$525 Additionally, during the years ended December 31, 2024, 2023 and 2022, the Company recognized current income and withholding tax expense of $3.0 million, $2.1 million and $1.4 million, respectively, primarily related to certain state income taxes and foreign withholding tax. The table below details the current and deferred income tax benefit (expense) for the years ended December 31, 2024, 2023 and 2022 (in thousands):202420232022Current TRS income tax$137 $— $(137)Current state income tax expense (360)(240)(226)Current foreign income tax(1,460)(513)(1)Current foreign withholding tax(1,290)(1,318)(1,041)Deferred TRS income tax (expense) benefit— — — Deferred foreign withholding tax— — — Deferred income tax benefit1,540 344 169 Income tax expense$(1,433)$(1,727)$(1,236)

74

EPR PROPERTIES Notes to Consolidated Financial StatementsDecember 31, 2024, 2023 and 2022

The Company's effective tax rate for the years ended December 31, 2024, 2023 and 2022 was 1.2%, 1.2% and 0.8%, respectively. The differences between the income tax expense calculated at the statutory U.S. federal income tax rates and the actual income tax expense recorded is mostly attributable to the dividends paid deduction available for REITs.Furthermore, the Company qualified as a REIT and distributed the necessary amount of taxable income such that no current U.S. federal income taxes were due for the years ended December 31, 2024, 2023 and 2022. Accordingly, no