Company: EPR-PE
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001045450-25-000051
Chunk: 115

Company: EPR PROPERTIES
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 115
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 investments, which are the amounts that the carrying value of the assets exceeded the estimated fair value.

We identified the assessment of the fair values of real estate investments based on recent independent appraisals used to determine the impairment charges as a critical audit matter. There is a high degree of subjective auditor judgment in evaluating the relevance of land value per acre used to determine the fair value of these assets. 

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of an internal control related to the critical audit matter. This 

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control related to the determination of land value per acre. We involved valuation professionals with specialized skills and knowledge, who assisted in comparing the Company’s estimated assumptions of land value per acre to a range of independently developed estimates based on publicly available industry data.

/s/ KPMG LLP

We have served as the Company’s auditor since 2002.

Chicago, IllinoisFebruary 27, 2025

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EPR PROPERTIES

Consolidated Balance Sheets

(Dollars in thousands except share data)

 December 31, 20242023AssetsReal estate investments, net of accumulated depreciation of $1,562,645 and $1,435,683 at December 31, 2024 and 2023, respectively$4,435,358 $4,537,359 Land held for development20,168 20,168 Property under development112,263 131,265 Operating lease right-of-use assets173,364 186,628 Mortgage notes and related accrued interest receivable, net of allowance for credit losses of $17,111 and $3,656 at December 31, 2024 and 2023, respectively665,796 569,768 Investment in joint ventures14,019 49,754 Cash and cash equivalents22,062 78,079 Restricted cash13,637 2,902 Accounts receivable84,589 63,655 Other assets75,251 61,307 Total assets$5,616,507 $5,700,885 Liabilities and EquityLiabilities:Accounts payable and accrued liabilities$107,976 $94,927 Operating lease liabilities212,400 226,961 Common dividends payable25,831 25,275 Preferred dividends payable6,032 6,032 Unearned rents and interest80,565 77,440 Debt2,860,