Company: EPR-PE
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001045450-25-000051
Chunk: 149

Company: EPR PROPERTIES
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 149
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4 and 2023 (in thousands):Investment as of December 31,(Loss) Income for the Year Ended December 31,Property TypeLocationOwnership Interest2024202320242023Experiential lodgingSt. Pete Beach, FL65 %(1)$— $14,727 $(2,597)$(2,684)Experiential lodgingWarrens, WI95 %(2)7,835 9,945 (2,111)(919)Experiential lodgingBreaux Bridge, LA85 %(3)— 18,996 (3,095)(2,944)Experiential lodgingHarrisville, PA66 %(4)6,184 6,086 (1,006)(221)TheatresChinavarious(5)— — — — $14,019 $49,754 $(8,809)$(6,768)(1) The Company has equity investments in two unconsolidated real estate joint ventures, one that holds the investment in the real estate of the experiential lodging properties and the other that holds the lodging operations, which are facilitated by a management agreement. The joint venture that holds the real property has a secured non-recourse mortgage loan of $105.0 million at December 31, 2024. The maturity date of this mortgage loan is May 18, 2025. The note can be extended for two additional one-year periods from the original maturity date upon the satisfaction of certain conditions. The mortgage loan bears interest at SOFR plus 3.65%, with monthly interest payments required.  The Company received distributions of $1.3 million from its investments in these joint ventures during the year ended December 31, 2023. No distributions were received during the year ended December 31, 2024. On September 26, 2024, Hurricane Helene made landfall on St. Pete Beach as a Category 3 storm and damaged the joint ventures' experiential lodging properties. On October 9, 2024, further damage was caused by Hurricane Milton. The properties will remain closed as the joint ventures continue to assess and repair damage and the Company does not anticipate that the properties will re-open until well into 2025. The Company is working in good faith with its joint venture partners, the non-recourse debt provider and the insurance companies to identify a path forward which the Company expects to result in the