Company: EPR-PE
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001045450-25-000120
Chunk: 96

Company: EPR PROPERTIES
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 96
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 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):

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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 2,310 EBITDAre$136,286 $135,073 Transaction costs669 199 Provision (benefit) for credit losses, net997 404 Adjusted EBITDAre (for the quarter)$137,952 $135,676 Adjusted EBITDAre (annualized) (1)$551,808 $542,704 Net Debt/Adjusted EBITDAre Ratio5.1 5.2 (1) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount but does not include the annualization of investments put in service, acquired or disposed of during the quarter, as well as the potential earnings on property under development, the annualization of percent rent and participating interest and adjustments for other items. 

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Total Investments

Total investments is a non-GAAP financial measure defined as the sum of the carrying values of real estate investments