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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number: 001-13561
EPR PROPERTIES
(Exact name of registrant as specified in its charter)
Maryland 43-1790877
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
909 Walnut Street,Suite 200
Kansas City, Missouri 64106
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:(816)472-1700

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common shares, par value $0.01 per shareEPRNew York Stock Exchange
5.75% Series C cumulative convertible preferred shares, par value $0.01 per shareEPR PrCNew York Stock Exchange
9.00% Series E cumulative convertible preferred shares, par value $0.01 per shareEPR PrENew York Stock Exchange
5.75% Series G cumulative redeemable preferred shares, par value $0.01 per shareEPR PrGNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No ☒

At October 30, 2024, there were 75,731,497 common shares outstanding.


CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our capital resources and liquidity, our expected pursuit of growth opportunities, our expected cash flows, the performance of our customers, our expected cash collections and our results of operations and financial condition. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance that the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions in this Quarterly Report on Form 10-Q.

Factors that could materially and adversely affect us include, but are not limited to, the factors listed below:
•Global economic uncertainty, disruptions in financial markets, and generally weakening economic conditions;
•Risks associated with COVID-19, or the future outbreak of any additional variants of COVID-19 or other highly infectious or contagious diseases;
•The impact of inflation on our customers and our results of operations;
•Reduction in discretionary spending by consumers;
•Covenants in our debt instruments that limit our ability to take certain actions;
•Adverse changes in our credit ratings;
•Rising interest rates;
•Defaults in the performance of lease terms by our tenants;
•Defaults by our customers and counterparties on their obligations owed to us;
•A borrower's bankruptcy or default;
•Risks associated with sales or divestitures of properties;
•Our ability to renew maturing leases on terms comparable to prior leases and/or our ability to locate substitute lessees for these properties on economically favorable terms or at all;
•Risks of operating in the experiential real estate industry (including the impact of labor strikes on the production, supply or theatrical release of motion pictures to our theatre tenants);
•Our ability to compete effectively;
•Risks associated with three tenants representing a substantial portion of our lease revenues;
•The ability of our build-to-suit tenants to achieve sufficient operating results within expected time-frames and therefore have capacity to pay their agreed-upon rent;
•Risks associated with our dependence on third-party managers to operate certain of our properties;
•Risks associated with our level of indebtedness;
•Risks associated with use of leverage to acquire properties;
•Financing arrangements that require lump-sum payments;
•Our ability to raise capital;
•The concentration of our investment portfolio;
•Our continued qualification as a real estate investment trust for U.S. federal income tax purposes and related tax matters;
•The ability of our subsidiaries to satisfy their obligations;
•Financing arrangements that expose us to funding and completion risks;
•Our reliance on a limited number of employees, the loss of which could harm operations;
•Risks associated with the employment of personnel by managers of certain of our properties;
•Risks associated with the gaming industry;
•Risks associated with gaming and other regulatory authorities;
•Delays or prohibitions of transfers of gaming properties due to required regulatory approvals;
•Risks associated with security breaches and other disruptions;
•Changes in accounting standards that may adversely affect our financial statements;
i

•Fluctuations in the value of real estate income and investments;
•Risks relating to real estate ownership, leasing and development, including local conditions such as an oversupply of space or a reduction in demand for real estate in the area, competition from other available space, whether tenants and users such as customers of our tenants consider a property attractive, changes in real estate taxes and other expenses, changes in market rental rates, the timing and costs associated with property improvements and rentals, changes in taxation or zoning laws or other governmental regulation, whether we are able to pass some or all of any increased operating costs through to tenants or other customers, and how well we manage our properties;
•Our ability to secure adequate insurance and risk of potential uninsured losses, including from natural disasters;
•Risks involved in joint ventures;
•Risks in leasing multi-tenant properties;
•Risks associated with litigation that could negatively impact our financial condition, cash flows, results of operations and the trading price of our shares;
•A failure to comply with the Americans with Disabilities Act or other laws;
•Risks of environmental liability;
•Risks associated with the relatively illiquid nature of our real estate investments;
•Risks associated with owning assets in foreign countries;
•Risks associated with owning, operating or financing properties for which the tenants', mortgagors' or our operations may be impacted by weather conditions, climate change and natural disasters;
•Risks associated with the development, redevelopment and expansion of properties and the acquisition of other real estate related companies;
•Our ability to pay dividends in cash or at current rates;
•Risks associated with the impact of inflation or market interest rates on the value of our shares;
•Fluctuations in the market prices for our shares;
•Certain limits on changes in control imposed under law and by our Declaration of Trust and Bylaws;
•Policy changes obtained without the approval of our shareholders;
•Equity issuances that could dilute the value of our shares;
•Future offerings of debt or equity securities, which may rank senior to our common shares;
•Risks associated with changes in foreign exchange rates; and
•Changes in laws and regulations, including tax laws and regulations.

Our forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors, see Item 1A - "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report") filed with the Securities and Exchange Commission ("SEC") on February 29, 2024.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law, we do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q.


ii

TABLE OF CONTENTS
 
  Page
Item 1.Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sale of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
iii

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
EPR PROPERTIES
Consolidated Balance Sheets
(Dollars in thousands except share data)
 September 30, 2024December 31, 2023
(unaudited)
Assets
Real estate investments, net of accumulated depreciation of $1,546,509 and $1,435,683 at September 30, 2024 and December 31, 2023, respectively
$4,534,450 $4,537,359 
Land held for development20,168 20,168 
Property under development76,913 131,265 
Operating lease right-of-use assets175,451 186,628 
Mortgage notes and related accrued interest receivable, net657,636 569,768 
Investment in joint ventures32,426 49,754 
Cash and cash equivalents35,328 78,079 
Restricted cash2,992 2,902 
Accounts receivable79,726 63,655 
Other assets74,072 61,307 
Total assets$5,689,162 $5,700,885 
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities$99,334 $94,927 
Operating lease liabilities214,809 226,961 
Common dividends payable23,811 25,275 
Preferred dividends payable6,032 6,032 
Unearned rents and interest88,503 77,440 
Debt2,852,970 2,816,095 
Total liabilities3,285,459 3,246,730 
Equity:
Common Shares, $0.01 par value; 125,000,000 shares authorized at September 30, 2024 and December 31, 2023; and 83,612,683 and 82,964,231 shares issued at September 30, 2024 and December 31, 2023, respectively
836 829 
Preferred Shares, $0.01 par value; 25,000,000 shares authorized:
5,392,916 Series C convertible shares issued at September 30, 2024 and December 31, 2023; liquidation preference of $134,822,900
54 54 
3,445,980 Series E convertible shares issued at September 30, 2024 and December 31, 2023; liquidation preference of $86,149,500
34 34 
6,000,000 Series G shares issued at September 30, 2024 and December 31, 2023; liquidation preference of $150,000,000
60 60 
Additional paid-in-capital3,946,634 3,924,467 
Treasury shares at cost: 7,883,581 and 7,631,725 common shares at September 30, 2024 and December 31, 2023, respectively
(285,413)(274,038)
Accumulated other comprehensive (loss) income(609)3,296 
Distributions in excess of net income(1,257,893)(1,200,547)
Total equity$2,403,703 $2,454,155 
Total liabilities and equity$5,689,162 $5,700,885 
See accompanying notes to consolidated financial statements.
1

EPR PROPERTIES
Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(Dollars in thousands except per share data)
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Rental revenue$148,677 $163,940 $436,051 $467,401 
Other income17,419 14,422 43,874 33,879 
Mortgage and other financing income14,411 11,022 40,909 32,407 
Total revenue180,507 189,384 520,834 533,687 
Property operating expense14,611 14,592 43,958 42,719 
Other expense15,631 13,124 43,440 31,235 
General and administrative expense11,935 13,464 37,863 42,677 
Retirement and severance expense— — 1,836 547 
Transaction costs175 847 375 1,153 
Provision (benefit) for credit losses, net(770)(719)2,371 (407)
Impairment charges— 20,887 11,812 64,672 
Depreciation and amortization42,795 42,432 124,738 127,341 
Total operating expenses84,377 104,627 266,393 309,937 
(Loss) gain on sale of real estate(3,419)2,550 15,989 1,415 
Income from operations92,711 87,307 270,430 225,165 
Costs associated with loan refinancing or payoff337 — 337 — 
Interest expense, net32,867 31,208 97,338 94,521 
Equity in loss (income) from joint ventures851 (533)5,384 2,067 
Impairment charges on joint ventures12,130 — 12,130 — 
Income before income taxes46,526 56,632 155,241 128,577 
Income tax (benefit) expense(124)372 780 1,060 
Net income46,650 56,260 154,461 127,517 
Preferred dividend requirements6,032 6,032 18,104 18,105 
Net income available to common shareholders of EPR Properties$40,618 $50,228 $136,357 $109,412 
Net income available to common shareholders of EPR Properties per share:
Basic$0.54 $0.67 $1.80 $1.45 
Diluted$0.53 $0.66 $1.80 $1.45 
Shares used for computation (in thousands):
Basic75,723 75,325 75,604 75,236 
Diluted76,108 75,816 75,945 75,655 
Other comprehensive income:
Net income$46,650 $56,260 $154,461 $127,517 
Foreign currency translation adjustment3,852 (6,088)(5,910)535 
Unrealized (loss) gain on derivatives, net(3,920)4,856 2,005 (54)
Comprehensive income attributable to EPR Properties$46,582 $55,028 $150,556 $127,998 

See accompanying notes to consolidated financial statements.
2

EPR PROPERTIES
Consolidated Statements of Changes in Equity
(Unaudited)
(Dollars in thousands except per share data)
EPR Properties Shareholders’ Equity 
 Common StockPreferred StockAdditional
paid-in capital		Treasury
shares		Accumulated
other
comprehensive income (loss)		Distributions
in excess of
net income		Total
SharesParSharesPar
Balance at December 31, 202282,545,501 $825 14,840,297 $148 $3,899,732 $(269,751)$1,897 $(1,097,132)$2,535,719 
Restricted share units issued to Trustees1,449 — — — — — — — — 
Issuance of nonvested shares and performance shares, net of cancellations352,090 4 — — 5,956 (588)— — 5,372 
Purchase of common shares for vesting— — — — — (3,565)— — (3,565)
Share-based compensation expense— — — — 4,322 — — — 4,322 
Foreign currency translation adjustment— — — — — — 230 — 230 
Change in unrealized loss on derivatives, net— — — — — — (304)— (304)
Net income— — — — — — — 57,657 57,657 
Issuances of common shares5,557 — — — 225 — — — 225 
Conversion of Series E Convertible Preferred shares to common shares632 — (1,311)— — — — — — 
Dividend equivalents accrued on performance shares— — — — — — — (353)(353)
Dividends to common shareholders ($0.8250 per share)
— — — — — — — (62,109)(62,109)
Dividends to Series C preferred shareholders ($0.359375 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series E preferred shareholders ($0.5625 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series G preferred shareholders ($0.359375 per share)
— — — — — — — (2,156)(2,156)
Balance at March 31, 202382,905,229 $829 14,838,986 $148 $3,910,235 $(273,904)$1,823 $(1,107,969)$2,531,162 
Restricted share units issued to Trustees42,048 — — — — — — — — 
Purchase of common shares for vesting— — — — — (97)— — (97)
Share-based compensation expense— — — — 4,477 — — — 4,477 
Share-based compensation included in retirement and severance expense— — — — 304 — — — 304 
Foreign currency translation adjustment— — — — — — 6,393 — 6,393 
Change in unrealized loss on derivatives, net— — — — — (4,606)— (4,606)
Net income— — — — — — — 13,600 13,600 
Issuances of common shares6,134 — — — 257 — — — 257 
Conversion of Series E Convertible Preferred shares to common shares42 — (90)— — — — — — 
Dividend equivalents accrued on performance shares— — — — — — — (450)(450)
Dividends to captive REIT preferred shareholders— — — — — — — (8)(8)
Dividends to common shareholders ($0.825 per share)
— — — — — — — (62,129)(62,129)
Dividends to Series C preferred shareholders ($0.359375 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series E preferred shareholders ($0.5625 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series G preferred shareholders ($0.359375 per share)
— — — — — — — (2,156)(2,156)
Balance at June 30, 202382,953,453 $829 14,838,896 $148 $3,915,273 $(274,001)$3,610 $(1,162,988)$2,482,871 
Continued on next page.
3

EPR Properties Shareholders’ Equity 
 Common StockPreferred StockAdditional
paid-in capital		Treasury
shares		Accumulated
other
comprehensive income (loss)		Distributions
in excess of
net income		Total
SharesParSharesPar
Continued from previous page.
Balance at June 30, 202382,953,453 $829 14,838,896 $148 $3,915,273 $(274,001)$3,610 $(1,162,988)$2,482,871 
Purchase of common shares for vesting— — — — — (34)— — (34)
Share-based compensation expense— — — — 4,354 — — — 4,354 
Foreign currency translation adjustment— — — — — — (6,088)— (6,088)
Change in unrealized gain on derivatives, net— — — — — — 4,856 — 4,856 
Net income— — — — — — — 56,260 56,260 
Issuances of common shares5,951 — — — 258 — — — 258 
Dividend equivalents accrued on performance shares— — — — — — — (504)(504)
Dividends to common shareholders ($0.825 per share)
— — — — — — — (62,144)(62,144)
Dividends to Series C preferred shareholders ($0.359375 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series E preferred shareholders ($0.5625 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series G preferred shareholders ($0.359375 per share)
— — — — — — — (2,156)(2,156)
Balance at September 30, 202382,959,404 $829 14,838,896 $148 $3,919,885 $(274,035)$2,378 $(1,175,408)$2,473,797 
Continued on next page.
4


 EPR Properties Shareholders’ Equity 
 Common StockPreferred StockAdditional
paid-in capital		Treasury sharesAccumulated
other
comprehensive income (loss)		Distributions
in excess of
net income		Total
SharesParSharesPar
Continued from previous page.
Balance at December 31, 202382,964,231 $829 14,838,896 $148 $3,924,467 $(274,038)$3,296 $(1,200,547)$2,454,155 
Issuance of nonvested shares and performance shares, net of cancellations583,135 6 — — 9,212 — — — 9,218 
Purchase of common shares for vesting— — — — — (11,375)— — (11,375)
Share-based compensation expense— — — — 3,692 — — — 3,692 
Share-based compensation included in retirement and severance expense— — — — 1,598 — — — 1,598 
Foreign currency translation adjustment— — — — — — (6,909)— (6,909)
Change in unrealized gain on derivatives, net— — — — — — 4,732 — 4,732 
Net income— — — — — — — 62,709 62,709 
Issuances of common shares6,245 — — — 273 — — — 273 
Dividend equivalents accrued on performance shares— — — — — — — (598)(598)
Dividends to common shareholders ($0.835 per share)
— — — — — — — (63,146)(63,146)
Dividends to Series C preferred shareholders ($0.359375 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series E preferred shareholders ($0.5625 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series G preferred shareholders ($0.359375 per share)
— — — — — — — (2,156)(2,156)
Balance at March 31, 202483,553,611 $835 14,838,896 $148 $3,939,242 $(285,413)$1,119 $(1,207,614)$2,448,317 
Restricted share units issued to Trustees41,754 1 — — — — — — 1 
Share-based compensation expense— — — — 3,538 — — — 3,538 
Foreign currency translation adjustment— — — — — — (2,853)— (2,853)
Change in unrealized gain on derivatives, net— — — — — 1,193 — 1,193 
Net income— — — — — — — 45,102 45,102 
Issuances of common shares7,472 — — — 309 — — — 309 
Dividend equivalents accrued on performance shares— — — — — — — (433)(433)
Dividend to captive REIT preferred shareholders— — — — — — — (8)(8)
Dividends to common shareholders ($0.855 per share)
— — — — — — — (64,338)(64,338)
Dividends to Series C preferred shareholders ($0.359375 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series E preferred shareholders ($0.5625 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series G preferred shareholders ($0.359375 per share)
— — — — — — — (2,156)(2,156)
Balance at June 30, 202483,602,837 $836 14,838,896 $148 $3,943,089 $(285,413)$(541)$(1,233,323)$2,424,796 
Continued on next page.
5

 EPR Properties Shareholders’ Equity 
 Common StockPreferred StockAdditional
paid-in capital		Treasury sharesAccumulated
other
comprehensive income (loss)		Distributions
in excess of
net income		Total
SharesParSharesPar
Continued from previous page.
Balance at June 30, 202483,602,837 $836 14,838,896 $148 $3,943,089 $(285,413)$(541)$(1,233,323)$2,424,796 
Restricted share units issued to Trustees3,656 $— — $— $— $— $— $— $— 
Share-based compensation expense— — — — 3,264 — — — 3,264 
Foreign currency translation adjustment— — — — — — 3,852 — 3,852 
Change in unrealized loss on derivatives. net— — — — — — (3,920)— (3,920)
Net income— — — — — — — 46,650 46,650 
Issuances of common shares6,190 — — — 281 — — — 281 
Dividend equivalents accrued on performance shares— — — — — — — (443)(443)
Dividends to common shareholders ($0.855 per share)
— — — — — — — (64,745)(64,745)
Dividends to Series C preferred shareholders ($0.359375 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series E preferred shareholders ($0.5625 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series G preferred shareholders ($0.359375 per share)
— — — — — — — (2,156)(2,156)
Balance at September 30, 202483,612,683 $836 14,838,896 $148 $3,946,634 $(285,413)$(609)$(1,257,893)$2,403,703 
See accompanying notes to consolidated financial statements.
6

EPR PROPERTIES
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in thousands)
 Nine Months Ended September 30,
 20242023
Operating activities:
Net income$154,461 $127,517 
Adjustments to reconcile net income to net cash provided by operating activities:
Impairment charges11,812 64,672 
Impairment charges on joint ventures12,130 — 
Gain on sale of real estate(15,989)(1,415)
Deferred income tax benefit(1,254)(258)
Costs associated with loan refinancing or payoff337 — 
Equity in loss from joint ventures5,384 2,067 
Distributions from joint ventures— 1,300 
Provision (benefit) for credit losses, net2,371 (407)
Depreciation and amortization124,738 127,341 
Amortization of deferred financing costs6,657 6,449 
Amortization of above/below market leases and tenant allowances, net(252)(456)
Share-based compensation expense to management and Trustees10,494 13,153 
Share-based compensation expense included in retirement and severance expense1,598 304 
Change in assets and liabilities:
Operating lease assets and liabilities(975)273 
Mortgage notes accrued interest receivable(2,720)(497)
Accounts receivable(16,129)(1,311)
Other assets(7,176)(4,588)
Accounts payable and accrued liabilities12,031 14,261 
Unearned rents and interest2,681 21,687 
Net cash provided by operating activities300,199 370,092 
Investing activities:
Acquisition of and investments in real estate and other assets(42,388)(47,807)
Proceeds from sale of real estate65,149 34,957 
Investment in unconsolidated joint ventures(186)(4,259)
Investment in mortgage notes receivable(88,577)(17,563)
Proceeds from mortgage notes receivable paydowns457 408 
Investment in notes receivable— (3,025)
Proceeds from note receivable paydowns1,289 1,178 
Additions to properties under development(81,386)(60,922)
Net cash used by investing activities(145,642)(97,033)
Financing activities:
Proceeds from long-term debt facilities214,000 — 
Principal payments on debt(181,638)— 
Deferred financing fees paid— (369)
Costs associated with loan refinancing or payoff (cash portion)(9,534)— 
Net proceeds from issuance of common shares589 483 
Purchase of common shares for treasury for vesting(11,375)(3,696)
Dividends paid to shareholders(209,193)(204,145)
Net cash used by financing activities(197,151)(207,727)
Effect of exchange rate changes on cash(67)(22)
Net change in cash and cash equivalents and restricted cash(42,661)65,310 
Cash and cash equivalents and restricted cash at beginning of the period80,981 110,511 
Cash and cash equivalents and restricted cash at end of the period$38,320 $175,821 
Supplemental information continued on next page.
7

EPR PROPERTIES
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in thousands)
Continued from previous page
 Nine Months Ended September 30,
 20242023
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents at beginning of the period$78,079 $107,934 
Restricted cash at beginning of the period2,902 2,577 
Cash and cash equivalents and restricted cash at beginning of the period$80,981 $110,511 
Cash and cash equivalents at end of the period$35,328 $172,953 
Restricted cash at end of the period2,992 2,868 
Cash and cash equivalents and restricted cash at end of the period$38,320 $175,821 
Supplemental schedule of non-cash activity:
Transfer of property under development to real estate investments$111,805 $30,340 
Transfer of real estate investments to mortgage note$— $1,321 
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses$21,325 $25,431 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$81,222 $80,144 
Cash paid during the period for income taxes$1,471 $1,228 
Interest cost capitalized$2,304 $2,486 
Change in accrued capital expenditures$(13,731)$(5,981)
See accompanying notes to consolidated financial statements.
8


EPR PROPERTIES
Notes to Consolidated Financial Statements (Unaudited)

1. Organization

Description of Business
EPR Properties (the Company) was formed on August 22, 1997 as a Maryland real estate investment trust (REIT), and an initial public offering of the Company's common shares of beneficial interest (common shares) was completed on November 18, 1997. Since that time, the Company has been a leading diversified experiential net lease REIT specializing in select enduring experiential properties. The Company's underwriting is centered on key industry and property cash flow criteria, as well as the credit metrics of the Company's tenants and customers. The Company’s properties are located in the United States (U.S.) and Canada.

2. Summary of Significant Accounting Policies and Recently Issued Accounting Standards

Basis of Presentation
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the nine-month period ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Amounts as of December 31, 2023 have been derived from the audited Consolidated Financial Statements as of that date and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (SEC) on February 29, 2024.

The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The equity method of accounting is applied to joint venture entities in which the Company is not the primary beneficiary as defined in the FASB ASC Topic on Consolidation (Topic 810) but can exercise influence over the entity with respect to its operations and major decisions.

The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. The primary beneficiary generally is defined as the party with the controlling financial interest. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. As of September 30, 2024 and December 31, 2023, the Company does not have any investments in consolidated VIEs.

Deferred Financing Costs
Deferred financing costs are amortized over the terms of the related debt obligations, as applicable. Deferred financing costs of $20.6 million and $25.1 million as of September 30, 2024 and December 31, 2023, respectively, are shown as a reduction of "Debt" in the accompanying consolidated balance sheets. The deferred financing costs related to the unsecured revolving credit facility of $11.2 million and $4.1 million as of September 30, 2024 and December 31, 2023, respectively, are included in "Other assets" in the accompanying consolidated balance sheets.

Rental Revenue
The Company leases real estate to its tenants under leases classified as operating leases. The Company's leases generally provide for rent escalations throughout the lease terms. Rents that are fixed are recognized on a straight-line basis over the lease term. Base rent escalations that include a variable component are recognized upon the occurrence of the specified event as defined in the Company's lease agreements. Many of the Company's leasing
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arrangements include options to extend the lease, which are not included in the minimum lease terms unless the option is reasonably certain to be exercised. Straight-line rental revenue is subject to an evaluation for collectibility, and the Company records a direct write-off against rental revenue if collectibility of these future rents is not probable. During the nine months ended September 30, 2024 and 2023 the Company recognized straight-line write-offs totaling $0.1 million and $0.6 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recognized $13.3 million and $7.7 million, respectively, of straight-line rental revenue, net of write-offs.

Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments to third parties for lessor costs (such as property taxes and insurance) associated with the properties. In accordance with Topic 842, the Company does not include these lessee payments to third parties in rental revenue or property operating expenses. In certain situations, the Company pays these lessor costs directly to third parties and the tenants reimburse the Company. In accordance with Topic 842, these payments are presented on a gross basis in rental revenue and property operating expense. During the nine months ended September 30, 2024 and 2023, the Company recognized $1.4 million for both periods, in tenant reimbursements related to the gross-up of these reimbursed expenses that are included in rental revenue.

Certain of the Company's leases, particularly at its entertainment districts, require the tenants to make payments to the Company for property-related expenses such as common area maintenance. In accordance with Topic 842, the Company has elected to combine these non-lease components with the lease components in rental revenue. For the nine months ended September 30, 2024 and 2023, the amounts due for non-lease components included in rental revenue totaled $13.7 million and $14.8 million, respectively.

In addition, most of the Company's tenants are subject to additional rents (above base rents) if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents are recognized at the time when specified triggering events occur as provided by the lease agreement. Rental revenue included percentage rents of $9.8 million and $6.0 million for the nine months ended September 30, 2024 and 2023, respectively.

The Company regularly evaluates the collectibility of its receivables on a lease-by-lease basis. The evaluation primarily consists of reviewing past due account balances and considering such factors as the credit quality of the Company's tenants, historical trends of the tenant, current economic conditions and changes in customer payment terms. When the collectibility of lease receivables or future lease payments are no longer probable, the Company records a direct write-off of the receivable to rental revenue and recognizes future rental revenue on a cash basis.

Mortgage Notes and Other Notes Receivable
Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower less allowance for credit loss. Interest income is recognized using the effective interest method over the estimated life of the note. Interest income includes both the stated interest and the amortization or accretion of premiums or discounts (if any).

The Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables related to its mortgage notes and notes receivable. Accordingly, if accrued interest receivable is deemed to be uncollectible, the Company will record any necessary write-offs as a reversal of interest income. There were no accrued interest write-offs for the nine months ended September 30, 2024 and 2023. As of September 30, 2024, the Company believes that all outstanding accrued interest is collectible.

In the event the Company has a past due mortgage note or note receivable that the Company determines is collateral-dependent, the Company measures expected credit losses based on the fair value of the collateral with the credit allowance being the difference between the outstanding principal balance of the notes and the estimated fair value. As of September 30, 2024, the Company does not have any mortgage notes or notes receivable with past due principal balances. See Note 6 for further discussion of mortgage notes and notes receivable for which the Company elected to apply the collateral-dependent practical expedient.
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Concentrations of Risk
Topgolf USA (Topgolf), American-Multi Cinema, Inc. (AMC) and Regal Cinemas (Regal), a subsidiary of Cineworld Group, represented a significant portion of the Company's total revenue for the nine months ended September 30, 2024 and 2023. The following is a summary of the Company's total revenue derived from rental or interest payments from Topgolf, AMC and Regal (dollars in thousands):
Nine Months Ended September 30,
20242023
Total Revenue% of Company's Total RevenueTotal Revenue% of Company's Total Revenue
Topgolf$74,657 14.3 %$72,227 13.5 %
AMC70,662 13.6 %70,915 13.3 %
Regal57,677 11.1 %84,818 15.9 %

Impact of Recently Issued Accounting Standards
In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 31, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the Company's financial statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU enhances annual income tax disclosures by requiring entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, the ASU requires annual disclosure of income taxes paid disaggregated by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024 on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the Company's financial statements and related disclosures.

3. Real Estate Investments

The following table summarizes the carrying amounts of real estate investments as of September 30, 2024 and December 31, 2023 (in thousands):
September 30, 2024December 31, 2023
Buildings and improvements$4,697,894 $4,609,050 
Furniture, fixtures & equipment119,112 115,596 
Land1,235,500 1,219,943 
Leasehold interests28,453 28,453 
6,080,959 5,973,042 
Accumulated depreciation(1,546,509)(1,435,683)
Total$4,534,450 $4,537,359 
Depreciation expense on real estate investments was $121.9 million and $119.8 million for the nine months ended September 30, 2024 and 2023, respectively.

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4. Impairment Charges

The Company reviews its properties for changes in circumstances that indicate that the carrying value of a property may not be recoverable based on an estimate of undiscounted future cash flows. During the nine months ended September 30, 2024, the Company reassessed the holding period of a theatre property the Company was previously operating through a third-party management agreement but closed in September 2024. The property is currently vacant as the Company prepares to sell it. The Company determined that the carrying value of the theatre did not exceed the sum of the undiscounted cash flows and estimated the fair value of the real estate investments of this property using an independent appraisal. During the nine months ended September 30, 2024, the Company reduced the carrying value of the real estate investments, net to $6.5 million and recognized an impairment charge of $11.8 million on real estate investments, which is the amount that the carrying value of the asset exceeded the estimated fair value.

During the nine months ended September 30, 2024, the Company also recognized $12.1 million of impairment charges related to its equity investments in two unconsolidated real estate joint ventures that own two experiential lodging properties located in St. Pete Beach, Florida. See Note 9 for further details on these impairments.

5. Investments and Dispositions

The Company's investment spending during the nine months ended September 30, 2024 totaled $214.6 million, and included $52.0 million for the financing of a fitness & wellness property in Colorado, $33.4 million for the acquisition of an attraction property in New York and $19.9 million for the acquisition and financing of land for three build-to-suit eat & play developments in Illinois, Kansas and Oklahoma. Investment spending for the nine months ended September 30, 2024 also included experiential build-to-suit development and redevelopment projects.

During the nine months ended September 30, 2024, the Company completed the sale of two cultural properties, six vacant theatre properties, one leased theatre property and one vacant early childhood education center for net proceeds totaling $65.1 million and recognized a net gain on sale totaling $16.0 million.

6. Investment in Mortgage Notes and Notes Receivable

The Company measures expected credit losses on its mortgage notes and notes receivable on an individual basis because its financial instruments do not have similar risk characteristics. The Company uses a forward-looking commercial real estate loss forecasting tool to estimate its current expected credit losses (CECL) for each of its mortgage notes and notes receivable on a loan-by-loan basis. As of September 30, 2024, the Company did not anticipate any prepayments. Therefore, the contractual terms of its mortgage notes and notes receivable were used for the calculation of the expected credit losses. The Company updates the model inputs at each reporting period to reflect, if applicable, any newly originated loans, changes to loan specific information on existing loans and current macroeconomic conditions. The CECL allowance is a valuation account that is deducted from the related mortgage note or note receivable. Effective January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures.

Certain of the Company’s mortgage notes and notes receivable include commitments to fund future incremental amounts to its borrowers. These future funding commitments are also subject to the CECL model. The CECL allowance related to future funding is recorded as a liability and is included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets.

Investment in mortgage notes, including related accrued interest receivable, was $657.6 million and $569.8 million at September 30, 2024 and December 31, 2023, respectively. Investment in notes receivable, including related accrued interest receivable, was $3.4 million and $3.9 million at September 30, 2024 and December 31, 2023, respectively, and is included in "Other assets" in the accompanying consolidated balance sheets.

At September 30, 2024, one of the Company's mortgage notes receivable and two of the Company's notes receivable are considered collateral-dependent and expected credit losses are based on the fair value of the underlying collateral
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with the credit allowance being the difference between the outstanding principal balance of the notes and the estimated fair value at the reporting date. The Company assessed the fair value of the collateral as of September 30, 2024 on the mortgage note receivable and the notes receivable. The mortgage note receivable has a carrying amount at September 30, 2024 of approximately $10.4 million net of an allowance for credit loss totaling $0.4 million. The two notes receivable remain fully reserved with an allowance for credit loss totaling $6.9 million and $1.9 million, respectively, which represents the outstanding principal balances of the notes as of September 30, 2024. Income from these borrowers is recognized on a cash basis. During the nine months ended September 30, 2024 and 2023, the Company received cash basis interest payments of $0.7 million for each period from the mortgage note receivable borrower and $0.7 million for each period from one of the note receivable borrowers. During the nine months ended September 30, 2024 and 2023, the Company received principal payments totaling $0.8 million and $0.7 million, respectively, from one of the note receivable borrowers.

At September 30, 2024, the Company's investment in one of the notes receivable was a variable interest investment and the underlying entity is a VIE. The Company is not the primary beneficiary of this VIE because the Company does not individually have the power to direct the activities that are most significant to the entity and, accordingly, this investment is not consolidated. The Company's maximum exposure to loss associated with this VIE is limited to the Company's outstanding note receivable in the amount of $6.9 million, which is fully reserved in the allowance for credit losses at September 30, 2024.

The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and notes receivable for the nine months ended September 30, 2024 (in thousands):
Mortgage notes receivableUnfunded commitments - mortgage notes receivableNotes receivableUnfunded commitments - notes receivableTotal
Allowance for credit losses at December 31, 2023$3,656 $1,072 $9,687 $— $14,415 
Provision (benefit) for credit losses, net2,970 276 (875)— 2,371 
Charge-offs— — — — — 
Recoveries— — — — — 
Allowance for credit losses at September 30, 2024
$6,626 $1,348 $8,812 $— $16,786 

7. Accounts Receivable

The following table summarizes the carrying amounts of accounts receivable as of September 30, 2024 and December 31, 2023 (in thousands):
September 30, 2024December 31, 2023
Receivable from tenants$3,370 $7,298 
Receivable from non-tenants (1)6,966 824 
Straight-line rent receivable69,390 55,533 
Total$79,726 $63,655 

(1) Receivable from non-tenants includes a payment of $5.9 million made to the City of Kansas City, Missouri under protest related to an assessment of tax years ending December 31, 2018 through 2022. The City has denied the Company’s necessary deduction for dividends paid for each of these years resulting in assessment of additional tax, penalties and interest. The Company filed a lawsuit and demanded a refund of the $5.9 million payment during the nine months ended September 30, 2024. The Company has entered into discussions with City representatives to resolve this matter. Although there can be no assurances, based on the discussions and the Company's position in the lawsuit, the Company believes that it is more likely than not that the payment will be refunded.

As of September 30, 2024, as a result of the COVID-19 pandemic, the Company continues to recognize revenue on a cash basis for AMC and two other tenants, one of which has deferred rent from this period that is not booked as a
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receivable of approximately $11.5 million. The Company has collected all deferred receivables from accrual basis tenants that were deferred due to the COVID-19 pandemic. During the nine months ended September 30, 2024 and 2023, the Company collected $0.6 million and $35.7 million, respectively, in deferred rent and interest from cash basis customers and from customers for which the deferred payments were not previously recognized as revenue.

8. Capital Markets and Dividends

During the three and nine months ended September 30, 2024, the Company declared cash dividends totaling $0.855 and $2.545 per common share, respectively. Additionally, during the three and nine months ended September 30, 2024, the Company declared cash dividends of $0.359375 and $1.078125 per share, respectively, on each of the Company's 5.75% Series C cumulative convertible preferred shares and the Company's 5.75% Series G cumulative redeemable preferred shares, and cash dividends of $0.5625 and $1.6875 per share, respectively, on the Company's 9.00% Series E cumulative convertible preferred shares.

On July 3, 2024, the Company amended its Third Amended, Restated and Consolidated Credit Agreement, which governs its unsecured revolving credit facility, to incorporate the Canadian Overnight Repo Rate Average (CORRA) as a replacement index rate benchmark with respect to loans denominated in Canadian Dollars (CAD) as the Canadian Dollar Offered Rate (CDOR) has been phased out.

On August 22, 2024, the Company repaid its $136.6 million Series A unsecured private placement notes due 2024, using funds available under its $1.0 billion senior unsecured revolving credit facility.

On September 19, 2024, the Company entered into the Fourth Amended, Restated and Consolidated Credit Agreement (the Amended Credit Agreement) providing for a new amended and restated senior unsecured revolving credit facility. The Amended Credit Agreement amended, restated and replaced the Company's prior senior unsecured revolving credit facility provided under the Third Amended, Restated and Consolidated Credit Agreement. The amendments to the prior facility, among other things: (i) extended the maturity date of the revolving credit facility; (ii) generally reduced the interest rate payable on outstanding loans; (iii) eliminated the tangible net worth covenant; (iv) modified the secured debt to total assets financial covenant to permit increased secured debt if the Company so elects; and (v) modified and simplified the capitalization rates used to value assets under the facility.

The Amended Credit Agreement provides for an initial maximum principal amount of $1.0 billion, which includes a $100.0 million letter-of-credit subfacility and a $300.0 million foreign currency revolving credit subfacility. The new credit facility contains an "accordion" feature under which the Company may increase the total maximum principal amount available by $1.0 billion, to a total of $2.0 billion, subject to lender consent. The new credit facility matures on October 2, 2028. The Company has two options to extend the maturity date of the new credit facility by an additional six months each (for a total of 12 months), subject to applicable fees and the absence of any default. The unsecured revolving credit facility bears interest at a floating rate of SOFR plus 1.15% (based on our unsecured debt ratings and with a SOFR floor of zero), which was 5.98% at September 30, 2024. Additionally, the facility fee on the revolving credit facility is 0.25%.

In connection with entering into the Amended Credit Agreement, the Company incurred $9.0 million in fees that were capitalized in deferred financing costs and amortized as part of the effective yield. These fees are included in "Other assets" in the accompanying consolidated balance sheet as of September 30, 2024. During the nine months ended September 30, 2024, the Company also recorded a non-cash write-off of deferred financing costs (net of accumulated amortization), totaling $0.3 million to "Costs associated with loan refinancing or payoff" in connection with entering into the Amended Credit Agreement.



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9. Unconsolidated Real Estate Joint Ventures

The following table summarizes the Company's investments in unconsolidated joint ventures as of September 30, 2024 and December 31, 2023 (in thousands):
Investment as of
(Loss) Income for the Nine Months Ended
Property TypeLocationOwnership InterestSeptember 30, 2024December 31, 2023September 30, 2024September 30, 2023
Experiential lodgingSt. Pete Beach, FL65 %(1)$— $14,727 $(2,597)$(835)
Experiential lodgingWarrens, WI95 %(2)10,271 9,945 325 300 
Experiential lodgingBreaux Bridge, LA85 %(3)16,530 18,996 (2,651)(1,383)
Experiential lodgingHarrisville, PA62 %(4)5,625 6,086 (461)(149)
TheatresChinavarious— — — — 
$32,426 $49,754 $(5,384)$(2,067)

(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 September 30, 2024. The maturity date of this mortgage loan is May 18, 2025. The mortgage loan bears interest at SOFR plus 3.65%, with monthly interest payments required. The joint venture has an interest rate cap agreement to limit the variable portion of the interest rate (SOFR) on this note to 3.5% from June 1, 2024 to December 1, 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 plans to work 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 will result in the eventual removal of both experiential properties from the Company's portfolio. Accordingly, the Company determined that its investment in these joint ventures had no fair value and was not recoverable, and during the third quarter of 2024, recognized $12.1 million in other-than-temporary impairment charges on joint ventures related to these equity investments.

(2) 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 property 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 $23.7 million at September 30, 2024. The maturity date of this mortgage loan is September 15, 2031. The loan bears interest at an annual fixed rate of 4.00% with monthly interest payments required.

(3) 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 property and the other that holds the lodging operations, which are facilitated by a management agreement. The joint venture that holds the real estate property has a secured non-recourse senior mortgage loan of $38.5 million at September 30, 2024. The maturity date of this mortgage loan is March 8, 2034. The mortgage loan bears interest at an annual fixed rate of 3.85% through April 7, 2025 and increases to 4.25% from April 8, 2025 through maturity. Monthly interest payments are required. Additionally, the Company provided a subordinated loan to the joint venture for $11.3 million with a maturity date of March 8, 2034. The mortgage loan bears interest at an annual fixed rate of 7.25% through the sixth anniversary and increases to SOFR plus 7.20% with a cap of 8.00%, through maturity.

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(4) The Company has a 92% equity investment in two separate unconsolidated real estate joint ventures, that through subsequent joint ventures (described below), hold the investments in the real estate of the experiential lodging property and the lodging operations, which are facilitated by a management agreement. The Company's investments in these two unconsolidated real estate joint ventures were considered to be variable interest investments and the Company's investment in the joint venture that holds the lodging operations is a VIE. The Company is not the primary beneficiary of the VIE because the Company does not individually have the power to direct the activities that are most important to the joint venture and, accordingly, this investment is not consolidated. Other than the guarantee described below, the Company's maximum exposure to loss is limited to its initial investment, which was nominal.

The Company's investments in the two unconsolidated real estate joint ventures (representing 92% of each joint venture's equity) have a 67% equity interest in two separate consolidated joint ventures, one that holds the investments in the real estate of the experiential lodging property and the other that holds the lodging operations, which are facilitated by a management agreement. The consolidated joint venture that holds the real estate property has a secured non-recourse senior mortgage loan commitment of up to $22.5 million at September 30, 2024 in order to fund renovations, with $19.0 million outstanding at September 30, 2024. The maturity date of this mortgage loan is November 1, 2029. The mortgage loan bears interest at an annual fixed rate of 6.38% with monthly interest payments required. The Company has guaranteed $10.0 million in principal on the secured mortgage loan, and, upon completion of construction and achieving a specified debt service coverage ratio, the principal guarantee will be reduced to $5.0 million. The guarantee will be removed completely upon achievement of specified debt service coverage for three consecutive calculation periods. Additionally, the Company has guaranteed the completion of the renovations in the amount of approximately $13.9 million, with $2.1 million remaining to fund at September 30, 2024.

10. Derivative Instruments

All derivatives are recognized at fair value in the consolidated balance sheets within the line items "Other assets" and "Accounts payable and accrued liabilities" as applicable. The Company has elected not to offset its derivative position for purposes of balance sheet presentation and disclosure. The Company had derivative assets of $0.5 million and $1.3 million at September 30, 2024 and December 31, 2023, respectively. The Company had derivative liabilities of $1.9 million and $4.9 million at September 30, 2024 and December 31, 2023, respectively. The Company has not posted or received collateral with its derivative counterparties as of September 30, 2024 or December 31, 2023. See Note 11 for disclosures relating to the fair value of the derivative instruments.

Risk Management Objective of Using Derivatives
The Company is exposed to certain risk arising from both its business operations and economic conditions, including the effect of changes in foreign currency exchange rates on foreign currency transactions and interest rates on its SOFR-based borrowings. The Company manages this risk by following established risk management policies and procedures including the use of derivatives. The Company’s objective in using derivatives is to add stability to reported earnings and to manage its exposure to foreign exchange and interest rate movements or other identified risks. To accomplish this objective, the Company primarily uses interest rate swaps, cross-currency swaps and foreign currency forwards.

Cash Flow Hedges of Interest Rate Risk
The Company uses interest rate swaps as its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt or payment of variable-rate amounts from a counterparty, which results in the Company recording net interest expense that is fixed over the life of the agreements without exchange of the underlying notional amount.

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At September 30, 2024, the Company had one interest rate swap agreement designated as a cash flow hedge of interest rate risk. The interest rate swap agreement outstanding as of September 30, 2024 is summarized below:

Fixed rateNotional Amount (in millions)IndexMaturity
2.5325%$25.0 USD SOFRSeptember 30, 2026

The change in the fair value of interest rate derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction.

Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of September 30, 2024, the Company estimates that during the twelve months ending September 30, 2025, $17 thousand of losses will be reclassified from AOCI to interest expense.

Cash Flow Hedges of Foreign Exchange Risk
The Company is exposed to foreign currency exchange risk against its functional currency, USD, on CAD denominated cash flow from its six Canadian properties. The Company uses cross-currency swaps to mitigate its exposure to fluctuations in the USD-CAD exchange rate on cash inflows associated with these properties, which should hedge a significant portion of the Company's expected CAD denominated cash flows. As of September 30, 2024, the Company had the following cross-currency swaps:
Fixed rateNotional Amount (in millions, CAD)Annual Cash Flow (in millions, CAD)Maturity
$1.26 CAD per USD
$150.0 $10.8 October 1, 2024
$1.28 CAD per USD
200.0 4.5 October 1, 2024
$1.30 CAD per USD
90.0 8.1 December 1, 2024
$440.0 $23.4 

On September 17, 2024, the Company entered into six USD-CAD cross-currency swaps that will be effective October 1, 2024 with a total fixed original notional value of $170.0 million CAD and $125.0 million USD. The net effect of these swaps is to lock in an exchange rate of $1.35 CAD per USD on approximately $15.3 million annual CAD denominated cash flows through December 2026.

Additionally, on September 17, 2024, the Company entered into two USD-CAD cross-currency swaps that will be effective December 1, 2024 with a total fixed original notional value of $90.0 million CAD and $66.2 million USD. The net effect of these swaps is to lock in an exchange rate of $1.35 CAD per USD on approximately $8.1 million annual CAD denominated cash flows through December 2026.

The change in the fair value of foreign currency derivatives designated and that qualify as cash flow hedges of foreign exchange risk is recorded in AOCI and reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction. As of September 30, 2024, the Company estimates that during the twelve months ending September 30, 2025, $83 thousand of losses will be reclassified from AOCI to other income.

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Net Investment Hedges
The Company is exposed to fluctuations in the USD-CAD exchange rate on its net investments in Canada. As such, the Company uses currency forward agreements to manage its exposure to changes in foreign exchange rates on certain of its foreign net investments. As of September 30, 2024, the Company had the following foreign currency forwards designated as net investment hedges:
Fixed rateNotional Amount (in millions, CAD)Maturity
$1.35 CAD per USD
$200.0 October 1, 2025
$1.35 CAD per USD
90.0 December 1, 2025
Total$290.0 

For qualifying foreign currency derivatives designated as net investment hedges, the change in the fair value of the derivatives is reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with the Company's accounting policy election. The earnings recognition of excluded components are presented in other income.

Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three and nine months ended September 30, 2024 and 2023.
Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (Dollars in thousands)
 Three Months Ended September 30,Nine Months Ended September 30,
Description2024202320242023
Cash Flow Hedges
Interest Rate Swaps
Amount of (Loss) Gain Recognized in AOCI on Derivative$(503)$218 $(132)$436 
Amount of Income Reclassified from AOCI into Earnings (1)189 178 551 463 
Cross-Currency Swaps
Amount of (Loss) Gain Recognized in AOCI on Derivative (415)467 39 11 
Amount of Income Reclassified from AOCI into Earnings (2)257 196 770 637 
Net Investment Hedges
Currency Forward Agreements
Amount of (Loss) Gain Recognized in AOCI on Derivative (2,556)4,545 3,419 599 
Total
Amount of (Loss) Gain Recognized in AOCI on Derivatives $(3,474)$5,230 $3,326 $1,046 
Amount of Income Reclassified from AOCI into Earnings 446 374 1,321 1,100 
Interest expense, net in accompanying consolidated statements of income and comprehensive income $32,867 $31,208 $97,338 $94,521 
Other income in accompanying consolidated statements of income and comprehensive income $17,419 $14,422 $43,874 $33,879 
(1) Included in "Interest expense, net" in the accompanying consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2024 and 2023.
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(2) Included in "Other income" in the accompanying consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2024 and 2023.

Credit-risk-related Contingent Features
The Company has an agreement with its interest rate derivative counterparty that contains a provision where if the Company defaults on any of its obligations for borrowed money or credit in an amount exceeding $50.0 million and such default is not waived or cured within a specified period of time, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its interest rate derivative agreements.

As of September 30, 2024, the fair value of the Company's derivatives in a liability position related to these agreements was $1.9 million. If the Company breached any of the contractual provisions of these derivative contracts, it would be required to settle its obligations under the agreements at their termination value of $1.8 million, after considering the right of offset. As of September 30, 2024, the Company had not posted any collateral related to these agreements and was not in breach of any provisions in these agreements.

11. Fair Value Disclosures

The Company has certain financial instruments that are required to be measured under the FASB’s Fair Value Measurement guidance. The Company currently does not have any non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

Derivative Financial Instruments
The Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives also use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of September 30, 2024, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives and therefore, classified its derivatives as Level 2 within the fair value reporting hierarchy.

The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type.

Assets and Liabilities Measured at Fair Value on a Recurring Basis at
September 30, 2024 and December 31, 2023
(Dollars in thousands)
DescriptionQuoted Prices in Active Markets for Identical Assets (Level I)Significant Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)		Balance at
end of period
September 30, 2024
Cross-Currency Swaps (1)$— $37 $— $37 
Cross-Currency Swaps (2)— (385)— (385)
Currency Forward Agreements (2)— (1,489)— (1,489)
Interest Rate Swap Agreements (1)— 477 — 477 
December 31, 2023
Cross-Currency Swaps (1)$— $384 $— $384 
Currency Forward Agreements (2)— (4,908)— (4,908)
Interest Rate Swap Agreements (1)— 876 — 876 
(1) Included in "Other assets" in the accompanying consolidated balance sheets.
(2) Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets.

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Non-recurring fair value measurements
The table below presents the Company's assets measured at fair value on a non-recurring basis as of September 30, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements are classified.
Assets Measured at Fair Value on a Non-Recurring Basis at September 30, 2024 and December 31, 2023
(Dollars in thousands)
DescriptionQuoted Prices in
Active Markets
for Identical
Assets (Level I)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)		Balance at
end of period
September 30, 2024
Real estate investments, net (1)$— $— $6,500 $6,500 
Investment in joint ventures (2)— — — — 
December 31, 2023
Real estate investments, net (3)$— $— $39,150 $39,150 

(1) As further discussed in Note 4, during the nine months ended September 30, 2024, the Company recorded an impairment charge of $11.8 million related to real estate investments, net, on one property. Management estimated the fair value of this investment taking into account various factors, including an independent appraisal, shortened hold period and market conditions. The significant inputs and assumptions used in the real estate appraisal included land valued at approximately $475 thousand per acre less demolition costs of approximately $13.91 per square foot of building. These measurements were classified within Level 3 of the fair value hierarchy because many of the assumptions were not observable.

(2) As further discussed in Note 9, during the nine months ended September 30, 2024, the Company recorded impairment charges of $12.1 million related to its investment in two unconsolidated real estate joint ventures that own two experiential lodging properties located in St. Pete Beach, Florida. Management estimated the fair value of these investments, taking into account various factors including implied asset value changes based on discounted cash flow projections and current market conditions. The Company determined, based on the inputs, that its valuation of investment in joint ventures was classified within Level 3 of the fair value hierarchy as many of the assumptions were not observable.

(3) During the year ended December 31, 2023, the Company recorded an impairment charge of $67.4 million related to real estate investments, net, on 12 properties. Management estimated the fair values of these investments taking into account various factors including independent appraisals, shortened hold periods and market conditions. The significant inputs and assumptions used in the real estate appraisals included market rents ranging from $4.50 per square foot to $20.00 per square foot, discount rates ranging from 8.50% to 11.50% and terminal capitalization rates ranging from 7.75% to 10.25%. These measurements were classified within Level 3 of the fair value hierarchy because many of the assumptions were not observable.

Fair Value of Financial Instruments
The following methods and assumptions were used by the Company to estimate the fair value of each class of financial instruments at September 30, 2024 and December 31, 2023:

Mortgage notes receivable and related accrued interest receivable, net:
The fair value of the Company’s mortgage notes and related accrued interest receivable, net, is estimated by discounting the future cash flows of each instrument using current market rates. At September 30, 2024, the Company had a carrying value of $657.6 million in fixed-rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 8.78%. The fixed-rate mortgage notes bear interest at rates of 6.50% to 12.50%. Discounting the future cash flows for fixed-rate mortgage notes receivable using rates of 6.50% to 10.90%, management estimates the fair value of the fixed-rate mortgage notes receivable to be approximately $693.9 million with an estimated weighted average market rate of 8.01% at September 30, 2024.
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At December 31, 2023, the Company had a carrying value of $569.8 million in fixed-rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 8.82%. The fixed-rate mortgage notes bear interest at rates of 6.99% to 12.32%. Discounting the future cash flows for fixed-rate mortgage notes receivable using rates of 7.15% to 10.25%, management estimates the fair value of the fixed-rate mortgage notes receivable to be $611.2 million with an estimated weighted average market rate of 7.84% at December 31, 2023.

Derivative instruments:
Derivative instruments are carried at their fair value.

Debt instruments:
The fair value of the Company's debt is estimated by discounting the future cash flows of each instrument using current market rates. At September 30, 2024, the Company had a carrying value of $194.0 million in variable-rate debt outstanding with an average interest rate of approximately 5.85%. The carrying value of the variable-rate debt outstanding approximated the fair value at September 30, 2024.

At December 31, 2023, the Company had a carrying value of $25.0 million in variable-rate debt outstanding with an interest rate of approximately 5.48%. The carrying value of the variable-rate debt outstanding approximated the fair value at December 31, 2023.

At both September 30, 2024 and December 31, 2023, the $25.0 million of variable-rate debt outstanding, discussed above, had been effectively converted to a fixed rate by an interest rate swap agreement. See Note 10 for additional information related to the Company's interest rate swap agreement.

At September 30, 2024, the Company had a carrying value of $2.68 billion in fixed-rate long-term debt outstanding with a weighted average interest rate of approximately 4.34%. Discounting the future cash flows for fixed-rate debt using September 30, 2024 market rates of 5.03% to 5.52%, management estimates the fair value of the fixed rate debt to be approximately $2.58 billion with an estimated weighted average market rate of 5.21% at September 30, 2024.

At December 31, 2023, the Company had a carrying value of $2.82 billion in fixed-rate long-term debt outstanding with a weighted average interest rate of approximately 4.34%. Discounting the future cash flows for fixed-rate debt using December 31, 2023 market rates of 6.46% to 6.70%, management estimates the fair value of the fixed rate debt to be approximately $2.58 billion with an estimated weighted average market rate of 6.60% at December 31, 2023.

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12. Earnings Per Share

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands except per share information):
 Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
 Income
(numerator)		Shares
(denominator)		Per Share
Amount		Income
(numerator)		Shares
(denominator)		Per Share
Amount
Basic EPS:
Net income$46,650 $154,461 
Less: preferred dividend requirements(6,032)(18,104)
Net income available to common shareholders$40,618 75,723 $0.54 $136,357 75,604 $1.80 
Diluted EPS:
Net income available to common shareholders$40,618 75,723 $136,357 75,604 
Effect of dilutive securities:
Performance shares— 385 — 341 
Net income available to common shareholders$40,618 76,108 $0.53 $136,357 75,945 $1.80 

 Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
 Income
(numerator)		Shares
(denominator)		Per Share
Amount		Income
(numerator) 		Shares
(denominator)		Per Share
Amount
Basic EPS:
Net income$56,260 $127,517 
Less: preferred dividend requirements (6,032)(18,105)
Net income available to common shareholders$50,228 75,325 $0.67 $109,412 75,236 $1.45 
Diluted EPS:
Net income available to common shareholders$50,228 75,325 $109,412 75,236 
Effect of dilutive securities:
Share options and performance shares— 491 — 419 
Net income available to common shareholders$50,228 75,816 $0.66 $109,412 75,655 $1.45 

The effect of the potential common shares from the conversion of the Company’s convertible preferred shares and from the exercise of share options are included in diluted earnings per share if the effect is dilutive. Potential common shares from the performance shares are included in diluted earnings per share upon the satisfaction of certain performance and market conditions. These conditions are evaluated at each reporting period and, if the conditions have been satisfied during the reporting period, the number of contingently issuable shares are included in the computation of diluted earnings per share.

The following shares have been excluded from the calculation of diluted earnings per share because they are anti-dilutive, or in the case of contingently issuable performance shares, are not probable of issuance:
•The additional 2.3 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for both the three and nine months ended September 30, 2024 and 2023.
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•The additional 1.7 million common shares that would result from the conversion of the Company’s 9.0% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for both the three and nine months ended September 30, 2024 and 2023.
•Outstanding options to purchase 57 thousand and 83 thousand common shares at per share prices ranging from $44.44 to $76.63 for the three and nine months ended September 30, 2024 and 2023, respectively.
•The effect of 116 thousand contingently issuable performance shares granted during 2024 for the three and nine months ended September 30, 2024.

13. Retirement of Executive Vice President, General Counsel and Secretary

On March 1, 2024, the Company's Executive Vice President, General Counsel and Secretary, Craig Evans, retired from the Company. Details of Mr. Evans' retirement are included in the previously disclosed Retirement and Release Agreement entered into between the Company and Mr. Evans. The role of General Counsel and Secretary was assumed by Paul Turvey upon Mr. Evans' retirement. For the nine months ended September 30, 2024, the Company recorded retirement and severance expense related to Mr. Evans' retirement, as well as the departure of another employee, totaling $1.8 million, which included cash payments totaling $0.2 million and accelerated vesting of nonvested shares totaling $1.6 million.

14. Equity Incentive Plans

All grants of common shares and options to purchase common shares were issued under the Company's 2007 Equity Incentive Plan prior to May 12, 2016, and under the 2016 Equity Incentive Plan on and after May 12, 2016. Under the 2016 Equity Incentive Plan, an aggregate of 3,950,000 common shares, options to purchase common shares and restricted share units, subject to adjustment in the event of certain capital events, may be granted. Additionally, the 2020 Long Term Incentive Plan (2020 LTIP) is a sub-plan under the Company's 2016 Equity Incentive Plan. Under the 2020 LTIP, the Company awards performance shares and restricted shares to the Company's executive officers. At September 30, 2024, there were 860,060 shares available for grant under the 2016 Equity Incentive Plan.

Nonvested Shares
A summary of the Company’s nonvested share activity and related information is as follows:
Number of sharesWeighted avg. grant date fair valueWeighted avg. life remaining
Outstanding at December 31, 2023609,228 $44.44 
Granted290,271 41.96 
Vested(284,885)45.47 
Outstanding at September 30, 2024614,614 $42.79 1.11

The holders of nonvested shares have voting rights and receive dividends from the date of grant. The fair value of the nonvested shares that vested was $13.7 million and $8.7 million for the nine months ended September 30, 2024 and 2023, respectively. Expense recognized related to nonvested shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $5.2 million and $5.7 million for the nine months ended September 30, 2024 and 2023, respectively. Expense related to nonvested shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.7 million and $0.4 million for the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024, unamortized share-based compensation expense related to nonvested shares was $11.3 million.

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Nonvested Performance Shares
A summary of the Company's nonvested performance share activity and related information is as follows:
Target Number of Performance SharesWeighted avg. grant date fair value (1)
Outstanding at December 31, 2023312,641 $70.04 
Granted116,266 44.76 
Vested (2)(102,438)75.14 
Outstanding at September 30, 2024
326,469 $59.44 
(1) The grant date fair value was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of the Company's future stock price over the three-year performance period for performance shares based on the Company's Total Shareholder Return (TSR) performance further described below and (ii) the Company's grant date fair value for performance shares based on the Company's estimated Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period.

(2) The achievement of the performance conditions for the performance shares granted during the year ended December 31, 2021 resulted in a performance payout percentage of 250% for both the Company's TSR relative to the TSRs of the Company's peer group companies and the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and a payout percentage of 200% for the Company's CAGR in AFFO per share over the three-year performance period. The achievement of the performance conditions and the above payout percentages resulted in the issuance of 243,290 common shares and 49,574 common shares from dividend equivalents. The fair value of the performance shares and dividend equivalents that vested was $12.6 million.

The number of common shares issuable upon settlement of the performance shares granted during the nine months ended September 30, 2024, 2023 and 2022 will be based upon the Company's achievement level relative to performance measures at December 31, 2026, 2025 and 2024, respectively. The achievement level for the performance shares granted during the nine months ended September 30, 2024 is 52.2% based upon the Company's TSR relative to the TSRs of the Company's peer group companies, 26.1% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 21.7% based upon the Company's estimated CAGR in AFFO per share over the three-year performance period. The achievement level for the performance shares granted during the years ended December 31, 2023 and 2022 is 50% based upon the Company's Total Shareholder Return (TSR) relative to the TSRs of the Company's peer group companies, 25% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 25% based upon the Company's Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period. The Company's achievement level relative to the performance measures is assigned a specific payout percentage, which is multiplied by a target number of performance shares.

The performance shares based on relative TSR performance have market conditions and are valued using a Monte Carlo simulation model on the grant date, which resulted in a grant date fair value of approximately $4.1 million and $5.9 million for the nine months ended September 30, 2024 and 2023, respectively. The estimated fair value is amortized to expense over the three-year performance periods, which end on December 31, 2026, 2025 and 2024 for performance shares granted in 2024, 2023 and 2022, respectively. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the performance shares with a market condition for the nine months ended September 30, 2024: risk-free interest rate of 4.5%, volatility factors in the expected market price of the Company's common shares of 30% and an expected life of approximately three years.

The performance shares based on growth in AFFO per share have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common stock on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost and any compensation cost previously recorded will be reversed. At September 30, 2024, achievement of the performance condition was deemed probable for the performance shares granted during the nine months ended September 30, 2022 with an expected payout percentage of 200%, which resulted in a grant
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date fair value of approximately $2.3 million. Achievement of the performance condition for the performance shares granted during the nine months ended September 30, 2024 and 2023 was deemed not probable at September 30, 2024.

Expense recognized related to performance shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $4.0 million and $5.9 million for the nine months ended September 30, 2024 and 2023, respectively. Expense related to performance shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.9 million for the nine months ended September 30, 2024. At September 30, 2024, unamortized share-based compensation expense related to nonvested performance shares was $5.7 million.

The performance shares accrue dividend equivalents that are paid only if common shares are issued upon settlement of the performance shares. During the nine months ended September 30, 2024 and 2023, the Company accrued dividend equivalents expected to be paid on earned awards of $1.5 million and $1.3 million, respectively.

Restricted Share Units
A summary of the Company’s restricted share unit activity and related information is as follows:
Number of sharesWeighted avg. grant date fair valueWeighted avg. life remaining
Outstanding at December 31, 202342,048 $41.67 
Granted45,410 40.69 
Vested(42,048)41.67 
Outstanding at September 30, 202445,410 $40.69 0.67

The holders of restricted share units receive dividend equivalents from the date of grant. Total expense recognized related to shares issued to non-employee Trustees and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $1.3 million and $1.5 million for the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024, unamortized share-based compensation expense related to restricted share units was $1.3 million.

15. Operating Leases

The Company’s real estate investments are leased under operating leases. In addition to its lessor arrangements on its real estate investments, as of September 30, 2024 and December 31, 2023, the Company was lessee in 51 operating ground leases. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these ground leases. As of September 30, 2024, rental revenue from one of the Company's tenants, who are also sub-tenants under the ground leases, is being recognized on a cash basis. In most cases, the ground lease sub-tenants have continued to pay the rent under these ground leases, however, two of these properties do not currently have sub-tenants. In the event the tenant fails to pay the ground lease rent or if the property does not have a sub-tenant, the Company is primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. The Company is also the lessee in an operating lease of its executive office.

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The following table summarizes rental revenue, including sublease arrangements and lease costs, for the three and nine months ended September 30, 2024 and 2023 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Classification2024202320242023
Operating leasesRental revenue$142,189 $155,689 $416,589 $446,454 
Sublease income - operating ground leasesRental revenue6,488 8,251 19,462 20,947 
Lease costs
Operating ground lease costProperty operating expense$6,531 $6,571 $19,617 $19,735 
Operating office lease costGeneral and administrative expense224 224 672 672 

16. Segment Information

The Company groups its investments into two reportable operating segments: Experiential and Education.

The financial information summarized below is presented by reportable operating segment (in thousands):
Balance Sheet Data:
As of September 30, 2024
ExperientialEducationCorporate/UnallocatedConsolidated
Total Assets$5,227,247 $418,529 $43,386 $5,689,162 
As of December 31, 2023
ExperientialEducationCorporate/UnallocatedConsolidated
Total Assets$5,189,831 $433,177 $77,877 $5,700,885 

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Operating Data:
Three Months Ended September 30, 2024
ExperientialEducationCorporate/UnallocatedConsolidated
Rental revenue$139,241 $9,436 $— $148,677 
Other income17,232 — 187 17,419 
Mortgage and other financing income
14,206 205 — 14,411 
Total revenue170,679 9,641 187 180,507 
Property operating expense
14,180 189 242 14,611 
Other expense15,631 — — 15,631 
Total investment expenses
29,811 189 242 30,242 
Net operating income - before unallocated items140,868 9,452 (55)150,265 
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense(11,935)
Transaction costs(175)
(Provision) benefit for credit losses, net770 
Depreciation and amortization(42,795)
Loss on sale of real estate(3,419)
Costs associated with loan refinancing or payoff(337)
Interest expense, net(32,867)
Equity in loss from joint ventures(851)
Impairment charges on joint ventures(12,130)
Income tax benefit124 
Net income46,650 
Preferred dividend requirements(6,032)
Net income available to common shareholders of EPR Properties$40,618 
Operating Data:
Three Months Ended September 30, 2023
ExperientialEducationCorporate/UnallocatedConsolidated
Rental revenue$153,953 $9,987 $— $163,940 
Other income14,275 — 147 14,422 
Mortgage and other financing income
10,810 212 — 11,022 
Total revenue179,038 10,199 147 189,384 
Property operating expense
14,144 156 292 14,592 
Other expense13,124 — — 13,124 
Total investment expenses
27,268 156 292 27,716 
Net operating income - before unallocated items151,770 10,043 (145)161,668 
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense(13,464)
Transaction costs(847)
(Provision) benefit for credit losses, net719 
Impairment charges(20,887)
Depreciation and amortization(42,432)
Gain on sale of real estate2,550 
Interest expense, net(31,208)
Equity in income from joint ventures533 
Income tax expense(372)
Net income56,260 
Preferred dividend requirements(6,032)
Net income available to common shareholders of EPR Properties$50,228 

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Operating Data:
Nine Months Ended September 30, 2024
ExperientialEducationCorporate/UnallocatedConsolidated
Rental revenue$407,638 $28,413 $— $436,051 
Other income43,215 100 559 43,874 
Mortgage and other financing income40,285 624 — 40,909 
Total revenue491,138 29,137 559 520,834 
Property operating expense42,762 475 721 43,958 
Other expense43,440 — — 43,440 
Total investment expenses86,202 475 721 87,398 
Net operating income - before unallocated items404,936 28,662 (162)433,436 
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense(37,863)
Retirement and severance expense(1,836)
Transaction costs(375)
(Provision) benefit for credit losses, net(2,371)
Impairment charges(11,812)
Depreciation and amortization(124,738)
Gain on sale of real estate15,989 
Costs associated with loan refinancing or payoff(337)
Interest expense, net(97,338)
Equity in loss from joint ventures(5,384)
Impairment charges on joint ventures(12,130)
Income tax expense(780)
Net income154,461 
Preferred dividend requirements(18,104)
Net income available to common shareholders of EPR Properties$136,357 
Operating Data:
Nine Months Ended September 30, 2023
ExperientialEducationCorporate/UnallocatedConsolidated
Rental revenue$438,074 $29,327 $— $467,401 
Other income33,208 1 670 33,879 
Mortgage and other financing income31,753 654 — 32,407 
Total revenue503,035 29,982 670 533,687 
Property operating expense42,065 156 498 42,719 
Other expense31,235 — — 31,235 
Total investment expenses73,300 156 498 73,954 
Net operating income - before unallocated items429,735 29,826 172 459,733 
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense(42,677)
Retirement and severance expense(547)
Transaction costs(1,153)
(Provision) benefit for credit losses, net407 
Impairment charges(64,672)
Depreciation and amortization(127,341)
Gain on sale of real estate1,415 
Interest expense, net(94,521)
Equity in loss from joint ventures(2,067)
Income tax expense(1,060)
Net income127,517 
Preferred dividend requirements(18,105)
Net income available to common shareholders of EPR Properties$109,412 
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17. Other Commitments and Contingencies

As of September 30, 2024, the Company had 13 development projects with commitments to fund an aggregate of approximately $144.1 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 September 30, 2024, the Company had five mortgage notes with commitments totaling approximately $73.1 million. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments.

In connection with construction of the Company's development projects and related infrastructure, certain public agencies require posting of surety bonds to guarantee that the Company's obligations will be satisfied. These bonds expire upon the completion of the improvements or infrastructure. As of September 30, 2024, the Company had three surety bonds outstanding totaling $0.6 million.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q of EPR Properties (the “Company”, “EPR”, “we” or “us”). The forward-looking statements included in this discussion and elsewhere in this Quarterly Report on Form 10-Q involve risks and uncertainties, including anticipated financial performance, anticipated liquidity and capital resources, business prospects, industry trends, shareholder returns, performance of leases by tenants, performance on loans to customers and other matters, which reflect management's best judgment based on factors currently known. See “Cautionary Statement Concerning Forward-Looking Statements,” which is incorporated herein by reference. Actual results and experience could differ materially from the anticipated results and other expectations expressed in our forward-looking statements as a result of a number of factors, including but not limited to those discussed in Item 1A - "Risk Factors" in our 2023 Annual Report.

Overview

Business
Our principal business objective is to enhance shareholder value by achieving predictable and increasing Funds From Operations As Adjusted ("FFOAA") and dividends per share. Our strategy is to focus on long-term investments in the Experiential sector that benefit from our depth of knowledge and relationships, and which we believe offer sustained performance throughout most economic cycles.

Our investment portfolio includes ownership of and long-term mortgages on Experiential and Education properties. Substantially all of our owned single-tenant properties are leased pursuant to long-term, triple-net leases, under which the tenants typically pay all operating expenses of the property. Tenants at our owned multi-tenant properties are typically required to pay common area maintenance charges to reimburse us for their pro-rata portion of these costs. We also own certain experiential lodging assets structured using traditional REIT lodging structures.

It has been our strategy to structure leases and financings to ensure a positive spread between our cost of capital and the rentals or interest paid by our tenants. We have primarily acquired or developed new properties that are pre-leased to a single tenant or multi-tenant properties with a high occupancy rate. We have also entered into certain joint ventures and provided mortgage note financing. We intend to continue entering into some or all of these types of arrangements in the foreseeable future.

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Historically, our primary challenges had been locating suitable properties, negotiating favorable lease or financing terms (on new or existing properties), and managing our portfolio as we continued to grow. We believe our management’s knowledge and industry relationships have facilitated opportunities for us to acquire, finance and lease properties. More recently, and as further discussed below, the challenging economic environment has increased our cost of capital, which has negatively impacted our ability to make investments in the near-term. Our business is subject to a number of risks and uncertainties, including those described in Item 1A - “Risk Factors” in our 2023 Annual Report.

As of September 30, 2024, our total assets were approximately $5.7 billion (after accumulated depreciation of approximately $1.5 billion) with properties located in 44 states, Ontario and Quebec, Canada. Our total investments (a non-GAAP financial measure) were approximately $6.9 billion at September 30, 2024. See "Non-GAAP Financial Measures" for the reconciliation of "Total assets" in the consolidated balance sheet to total investments at September 30, 2024 and December 31, 2023. We group our investments into two reportable segments, Experiential and Education. As of September 30, 2024, our Experiential investments comprised $6.4 billion, or 93%, and our Education investments comprised $0.5 billion, or 7%, of our total investments.

As of September 30, 2024, our Experiential portfolio (excluding property under development and undeveloped land inventory) consisted of the following property types (owned or financed):
•159 theatre properties;
•58 eat & play properties (including seven theatres located in entertainment districts);
•24 attraction properties;
•11 ski properties;
•seven experiential lodging properties;
•22 fitness & wellness properties;
•one gaming property; and
•one cultural property.

As of September 30, 2024, our owned Experiential real estate portfolio consisted of approximately 19.5 million square feet, which includes 0.4 million square feet of properties we intend to sell. The Experiential portfolio, excluding the properties we intend to sell, was 99% leased and included $76.9 million in property under development and $20.2 million in undeveloped land inventory.

As of September 30, 2024, our Education portfolio consisted of the following property types (owned or financed):
•60 early childhood education center properties; and
•nine private school properties.

As of September 30, 2024, our owned Education real estate portfolio consisted of approximately 1.3 million square feet, which includes 39 thousand square feet of properties we intend to sell. The Education portfolio, excluding the properties we intend to sell, was 100% leased.

The combined owned portfolio consisted of 20.8 million square feet and was 99% leased excluding the 0.4 million square feet of properties we intend to sell.

Challenging Economic Environment
REITs are generally experiencing heightened risks and uncertainties resulting from current challenging economic conditions, including significant volatility and negative pressure in financial and capital markets, higher cost of capital, lasting impacts of high inflation and other risks and uncertainties associated with the current economic environment. Although we intend to continue making future investments, we expect our levels of investment spending to be reduced in the near-term due to elevated costs of capital, and near-term investments will be funded primarily from cash on hand, excess cash flow, disposition proceeds and borrowing availability under our unsecured revolving credit facility, subject to maintaining our leverage levels consistent with past practice. As a result, we
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intend to continue to be more selective in making future investments and acquisitions until such time as economic conditions improve and our cost of capital improves.

As of September 30, 2024, as a result of the COVID-19 pandemic, we continue to recognize revenue on a cash basis for AMC and two other tenants, one of which has deferred rent from this period that is not booked as a receivable of approximately $11.5 million. We collected all deferred receivables from accrual basis tenants that were deferred due to the COVID-19 pandemic. During the nine months ended September 30, 2024 and 2023, we collected $0.6 million and $35.7 million, respectively, in deferred rent and interest from cash basis customers and from customers for which the deferred payments were not previously recognized as revenue.

Operating Results
Our total revenue, net income available to common shareholders per diluted share and Funds From Operations As Adjusted ("FFOAA") per diluted share (a non-GAAP financial measure) are detailed below for the three and nine months ended September 30, 2024 and 2023 (in millions, except per share information):
Three Months Ended September 30,Nine Months Ended September 30,
20242023Change20242023Change
Total revenue$180.5 $189.4 (5)%$520.8 $533.7 (2)%
Net income available to common shareholders per diluted share$0.53 $0.66 (20)%$1.80 $1.45 24 %
FFOAA per diluted share$1.30 $1.47 (12)%$3.64 $4.00 (9)%

The major factors impacting our results for the three and nine months ended September 30, 2024, as compared to the three and nine months ended September 30, 2023 were as follows:
•The decrease in rental revenue due to a comprehensive restructuring agreement with Regal and higher deferred rental payments from cash basis tenants received in 2023;
•The effect of property acquisitions and dispositions that occurred in 2024 and 2023;
•The increase in other income and other expense related to additional operating properties;
•The decrease in impairment charges and general and administrative expense;
•The increase in equity in loss from joint ventures and the increase in impairment charges on joint ventures;
•The recognition of provision for credit losses, net for the nine months ended September 30, 2024 versus the recognition of benefit for credit losses, net for nine months ended September 30, 2023; and
•The recognition of loss on sale of real estate versus gain in sale of real estate for the three months ended September 30, 2024 versus the three months ended September 30, 2023 and the recognition of higher gain on sale of real estate for the nine months ended September 30, 2024 versus the nine months ended September 30, 2023.

For further detail on items impacting our operating results, see section below titled "Results of Operations." FFOAA is a non-GAAP financial measure. For the definitions and further details on the calculations of FFOAA and certain other non-GAAP financial measures, see the section below titled "Non-GAAP Financial Measures."

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying consolidated financial statements and related notes. In preparing these financial statements, management has made its best estimates and assumptions that affect the reported assets and liabilities and the reported amounts of revenues and expenses during the reporting period. The most significant assumptions and estimates relate to the valuation of real estate, accounting for real estate acquisitions, assessing the collectibility of receivables and the credit loss related to mortgage and other notes receivable. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ
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from these estimates. A summary of critical accounting policies and estimates is included in our 2023 Annual Report. For the nine months ended September 30, 2024, there were no changes to critical accounting policies.

Recent Developments

Investment Spending
Our investment spending during the nine months ended September 30, 2024 and 2023 totaled $214.6 million and $135.5 million, respectively, and is detailed below (in thousands):
Nine Months Ended September 30, 2024
Operating SegmentTotal Investment SpendingNew DevelopmentRe-developmentAsset Acquisition Mortgage Notes or Notes ReceivableInvestment in Joint Ventures
Experiential:
Theatres$370 $— $370 $— $— $— 
Eat & Play31,944 20,963 797 — 10,184 — 
Attractions55,798 — 164 33,437 22,197 — 
Ski1,729 — — — 1,729 — 
Experiential Lodging7,757 — — — — 7,757 
Fitness & Wellness115,171 21,756 37,944 — 55,471 — 
Cultural1,860 — 1,860 — — — 
Total Experiential214,629 42,719 41,135 33,437 89,581 7,757 
Education:
Total Education— — — — — — 
Total Investment Spending$214,629 $42,719 $41,135 $33,437 $89,581 $7,757 

Nine Months Ended September 30, 2023
Operating SegmentTotal Investment SpendingNew DevelopmentRe-developmentAsset Acquisition Mortgage Notes or Notes ReceivableInvestment in Joint Ventures
Experiential:
Theatres$2,787 $— $2,787 $— $— $— 
Eat & Play19,769 18,607 1,162 — — — 
Attractions17,411 — 3,610 — 13,801 — 
Ski3,762 — — — 3,762 — 
Experiential Lodging13,152 — — — — 13,152 
Fitness & Wellness73,813 25,561 1,457 43,770 3,025 — 
Cultural4,801 — 4,801 — — — 
Total Experiential135,495 44,168 13,817 43,770 20,588 13,152 
Education:
Total Education— — — — — — 
Total Investment Spending$135,495 $44,168 $13,817 $43,770 $20,588 $13,152 

The above amounts include $2.3 million and $2.5 million in capitalized interest for the nine months ended September 30, 2024 and 2023, respectively, and $114 thousand and $103 thousand in capitalized other general and administrative direct project costs for the nine months ended September 30, 2024 and 2023, respectively. Excluded from the table above is approximately $5.4 million and $7.1 million of maintenance capital expenditures and other spending for the nine months ended September 30, 2024 and 2023, respectively.

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Dispositions
During the nine months ended September 30, 2024, we completed the sales of two cultural properties, six vacant theatre properties, one leased theatre property and one vacant early childhood education center for net proceeds totaling $65.1 million. In connection with these sales, we recognized a net gain on sale totaling $16.0 million.

Impairment Charges
During the nine months ended September 30, 2024, we reassessed the holding period of one of our theatre properties that is operated through a third-party management agreement. We determined that the carrying value of the theatre property did not exceed the sum of the undiscounted cash flows and estimated the fair value of the real estate investments of this property using an independent appraisal. Accordingly, we recognized impairment charges totaling $11.8 million for the nine months ended September 30, 2024.

During and subsequent to the nine months ended September 30, 2024, two experiential lodging properties located in St. Pete Beach, Florida that we hold as equity investments through joint ventures, were significantly damaged by two weather events. 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 we do not anticipate that the properties will re-open until well into 2025. We plan to work in good faith with our joint venture partners, the non-recourse debt provider and the insurance companies to identify a path forward which we expect will result in the eventual removal of both experiential properties from our portfolio. Accordingly, we determined that our investment in these joint ventures had no fair value and was not recoverable, and during the third quarter of 2024, recognized $12.1 million in other-than-temporary impairment charges on joint ventures related to these equity investments.

Retirement and Severance Expense
On March 1, 2024, our Executive Vice President, General Counsel and Secretary, Craig Evans, retired. Details of Mr. Evans' retirement are included in the previously disclosed Retirement and Release Agreement entered into between us and Mr. Evans. The role of General Counsel and Secretary was assumed by Paul Turvey upon Mr. Evans' retirement. For the three months ended March 31, 2024, we recorded retirement and severance expense related to Mr. Evans' retirement, as well as the departure of another employee, totaling $1.8 million, which included cash payments totaling $0.2 million and accelerated vesting of nonvested shares totaling $1.6 million.

Capital Markets Activities
On August 22, 2024, we repaid our $136.6 million Series A unsecured private placement notes due 2024, using funds available on our $1.0 billion senior unsecured revolving credit facility.

During the nine months ended September 30, 2024, we entered into a Fourth Amended, Restated and Consolidated Credit Agreement (the "Amended Credit Agreement"). See discussion below in Liquidity and Capital Resources and Note 8 to the consolidated financial statements in this Quarterly Report on Form 10-Q for additional information.

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Results of Operations

Three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023

Analysis of Revenue

The following table summarizes our total revenue (dollars in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
20242023Change20242023Change
Minimum rent (1)$132,828 $151,080 $(18,252)$396,418 $436,284 $(39,866)
Percentage rent (2)5,944 2,096 3,848 9,817 6,032 3,785 
Straight-line rent (3)4,414 4,407 7 13,335 7,661 5,674 
Tenant reimbursements5,038 5,987 (949)15,111 16,237 (1,126)
Other rental revenue453 370 83 1,370 1,187 183 
Total Rental Revenue$148,677 $163,940 $(15,263)$436,051 $467,401 $(31,350)
Other income (4)17,419 14,422 2,997 43,874 33,879 9,995 
Mortgage and other financing income (5)14,411 11,022 3,389 40,909 32,407 8,502 
Total revenue$180,507 $189,384 $(8,877)$520,834 $533,687 $(12,853)

(1) For the three months ended September 30, 2024 compared to the three months ended September 30, 2023, the decrease in minimum rent resulted from a decrease of $2.7 million related to the comprehensive restructuring agreement with Regal entered into on June 27, 2023, a $16.9 million decrease in deferred rental repayments from cash basis tenants, a $1.2 million decrease from property dispositions and a $0.9 million decrease from vacant properties. This decrease was partially offset by an increase in rental revenue of $1.8 million related to property acquisitions and developments completed in 2024 and 2023 and an increase in rental revenue on existing properties of $1.6 million.

During the three months ended September 30, 2024, there were no significant lease renewals on existing properties.

For the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, the decrease in minimum rent resulted from a decrease of $11.5 million related to the comprehensive restructuring agreement with Regal entered into on June 27, 2023, a $32.7 million decrease in deferred rental repayments from cash basis tenants, a $4.6 million decrease from property dispositions and a $1.6 million decrease from vacant properties. This decrease was partially offset by an increase in rental revenue of $5.9 million related to property acquisitions and developments completed in 2024 and 2023 and an increase in rental revenue on existing properties of $4.6 million.

During the nine months ended September 30, 2024, we renewed ten lease agreements on approximately 295 thousand square feet and experienced a decrease of approximately 0.5% in rental rates and paid no leasing commissions with respect to these lease renewals.

(2) The increase in percentage rent (amounts above base rent) for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 was due primarily to higher percentage rent recognized from our theatre tenants, one cultural property tenant, one attraction property tenant and our gaming tenant.

(3) The increase in straight-line rent for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was due to property acquisitions and developments completed in 2024 and 2023 as well as straight-line rent receivable for Regal recognized during the nine months ended September 30, 2024 in connection with reestablishing accrual basis accounting for Regal at August 1, 2023.
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(4) The increase in other income for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 related primarily to an increase in operating income from the addition of five operating theatre properties in the third quarter of 2023 that were previously leased by Regal. One of these properties was closed on September 20, 2024 and is currently vacant as we prepare to sell it.

(5) The increase in mortgage and other financing income during the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 related to interest income on new mortgage notes funded in 2024 and 2023 and from additional investments on existing mortgage note receivables.

Analysis of Expenses and Other Line Items

The following table summarizes our expenses and other line items (dollars in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
20242023Change20242023Change
Property operating expense$14,611 $14,592 $19 $43,958 $42,719 $1,239 
Other expense (1)15,631 13,124 2,507 43,440 31,235 12,205 
General and administrative expense (2)11,935 13,464 (1,529)37,863 42,677 (4,814)
Retirement and severance expense— — — 1,836 547 1,289 
Transaction costs 175 847 (672)375 1,153 (778)
Provision (benefit) for credit losses, net(770)(719)(51)2,371 (407)2,778 
Impairment charges (3)— 20,887 (20,887)11,812 64,672 (52,860)
Depreciation and amortization 42,795 42,432 363 124,738 127,341 (2,603)
(Loss) gain on sale of real estate (4)(3,419)2,550 (5,969)15,989 1,415 14,574 
Costs associated with loan refinancing or payoff337 — 337 337 — 337 
Interest expense, net (5)32,867 31,208 1,659 97,338 94,521 2,817 
Equity in loss (income) from joint ventures (6)851 (533)1,384 5,384 2,067 3,317 
Impairment charges on joint ventures (7)12,130 — 12,130 12,130 — 12,130 
Income tax (benefit) expense(124)372 (496)780 1,060 (280)
Preferred dividend requirements6,032 6,032 — 18,104 18,105 (1)
(1) The increase in other expense for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 related primarily to the addition of operating expense from five theatre properties that were previously leased by Regal. One of these properties was closed on September 20, 2024 and is currently vacant as we prepare to sell it.

(2) The decrease in general and administrative expense for the three months ended September 30, 2024 compared to the three months ended September 30, 2024 related primarily to a decrease in payroll and benefit costs. The decrease in general and administrative expense during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 related to a decrease in payroll and benefit costs, a decrease in franchise taxes due to a state legislative change that went into effect during the second quarter of 2024 as well as a decrease in professional fees, including those related to the comprehensive restructuring agreement with Regal in 2023.

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(3) Impairment charges recognized during the nine months ended September 30, 2024 related to one theatre property that was operated through a third-party management agreement but, as disclosed above, was closed on September 20, 2024 and is currently vacant as we prepare to sell it. Impairment charges recognized during the three months ended September 30, 2023, related to two theatre properties that were part of a workout with a smaller theatre tenant and impairment charges recognized during the nine months ended September 30, 2023 related to these two theatre properties and eight properties surrendered by Regal not included in the new master lease.

(4) The loss on sale of real estate for the three months ended September 30, 2024 related to the sale of two theatre properties and one vacant early childhood education center. The net gain on sale of real estate for the three months ended September 30, 2023 related to the sales of two vacant theatre properties and two early childhood education centers.
The gain on sale of real estate for the nine months ended September 30, 2024 related to the sale of two cultural properties, six vacant theatre properties, one leased theatre property and one vacant early childhood education center. The net gain on sale of real estate for the nine months ended September 30, 2023 related to the sale of two vacant theatre properties, one vacant eat & play property, three vacant early childhood education centers and a land parcel.
(5) The increase in interest expense, net for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 resulted primarily from an increase in average borrowings and an increase in our weighted average interest rate on outstanding debt due to borrowings on our unsecured revolving credit facility. This increase was also due to a decrease in interest income from short-term investments related to cash on hand.
(6) The increase in equity in loss from joint ventures for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 primarily related to higher expenses, including insurance, depreciation and interest, at our joint ventures during the three and nine months ended September 30, 2024 as well as the impact from Hurricane Helene that damaged two hotels in St. Pete Beach, Florida as discussed above.
(7) The increase in impairment charges on joint ventures for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 related to other-than-temporary impairments of our equity investments in two joint ventures holding two experiential lodging properties located in St. Pete Beach, Florida due to hurricane damage described above.
Liquidity and Capital Resources

Cash and cash equivalents were $35.3 million at September 30, 2024. As of September 30, 2024, we had no uninsured deposits. In addition, we had restricted cash of $3.0 million at September 30, 2024, which related primarily to escrow deposits required for property management and debt agreements or held for potential acquisitions and redevelopments.

Mortgage Debt, Senior Notes and Unsecured Revolving Credit Facility
At September 30, 2024, we had total debt outstanding of $2.9 billion, of which 99% was unsecured.

At September 30, 2024, we had outstanding $2.5 billion in aggregate principal amount of unsecured senior notes (excluding the private placement notes discussed below) ranging in interest rates from 3.60% to 4.95%. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the ratio of our debt to adjusted total assets to exceed 60%; (ii) a limitation on incurrence of any secured debt that would cause the ratio of secured debt to adjusted total assets to exceed 40%; (iii) a limitation on incurrence of any debt that would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of our total unencumbered assets such that they are not less than 150% of our outstanding unsecured debt. Interest payments on our unsecured senior notes are due semiannually.

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At September 30, 2024, we had $169.0 million outstanding balance under our $1.0 billion unsecured revolving credit facility. On July 3, 2024, we amended our Third Amended, Restated and Consolidated Credit Agreement, which governs our unsecured revolving credit facility, to incorporate the Canadian Overnight Repo Rate Average (CORRA) as a replacement index rate benchmark with respect to loans denominated in Canadian Dollars (CAD) as the Canadian Dollar Offered Rate (CDOR) has been phased out.

On September 19, 2024, we entered into the Amended Credit Agreement providing for a new amended and restated senior unsecured revolving credit facility. The Amended Credit Agreement amended, restated and replaced our prior senior unsecured revolving credit facility provided under the Third Amended, Restated and Consolidated Credit Agreement. The amendments to the prior facility, among other things: (i) extended the maturity date of the revolving credit facility; (ii) generally reduced the interest rate payable on outstanding loans; (iii) eliminated the tangible net worth covenant; (iv) modified the secured debt to total assets financial covenant to permit increased secured debt if we so elect; and (v) modified and simplified the capitalization rates used to value assets under the facility.

The Amended Credit Agreement provides for an initial maximum principal amount of borrowing availability of $1.0 billion, which includes a $100.0 million letter-of-credit subfacility and a $300.0 million foreign currency revolving credit subfacility. The new credit facility contains an "accordion" feature under which we may increase the total maximum principal amount available by $1.0 billion, to a total of $2.0 billion, subject to lender consent. The new credit facility matures on October 2, 2028. We have two options to extend the maturity date of the new credit facility by an additional six months each (for a total of 12 months), subject to paying additional fees and the absence of any default. The unsecured revolving credit facility bears interest at a floating rate of SOFR plus 1.15% (based on our unsecured debt ratings and with a SOFR floor of zero), which was 5.98% at September 30, 2024. Additionally, the facility fee on the revolving credit facility is 0.25%.

In connection with entering into the Amended Credit Agreement, we incurred $9.0 million in fees that were capitalized in deferred financing costs and amortized as part of the effective yield. These fees are included in "Other assets" in the accompanying consolidated balance sheet as of September 30, 2024. During the nine months ended September 30, 2024, we also recorded a non-cash write-off of deferred financing costs (net of accumulated amortization), totaling $0.3 million to "Costs associated with loan refinancing or payoff" in connection with entering into the Amended Credit Agreement.

At September 30, 2024, we had outstanding $179.6 million of Series B senior unsecured notes that were issued in a private placement transaction and are due on August 22, 2026. At September 30, 2024, the interest rate for these Series B private placement notes was 4.56%. The private placement notes were originally issued in two tranches: Series A due 2024; and Series B due 2026. On August 22, 2024, we repaid in full the Series A notes for $136.6 million using funds available under our $1.0 billion senior unsecured revolving credit facility.

Our unsecured revolving credit facility and the private placement notes contain financial covenants or restrictions that limit our levels of consolidated debt, secured debt, investments outside certain categories, stock repurchases and dividend distributions and require us to meet certain coverage levels for fixed charges and debt service. Additionally, these debt instruments contain cross-default provisions if we default under other indebtedness exceeding certain amounts. Those cross-default thresholds vary from $50.0 million to $75.0 million, depending upon the debt instrument. We were in compliance with all financial and other covenants under our debt instruments at September 30, 2024.

Our principal investing activities are acquiring, developing and financing Experiential properties. These investing activities have generally been financed with senior unsecured notes and the proceeds from equity offerings. Our unsecured revolving credit facility and cash from operations are also used to finance the acquisition or development of properties, and to provide mortgage financing. We have and expect to continue to issue debt securities in public or private offerings. We have and may in the future assume mortgage debt in connection with property acquisitions or incur new mortgage debt on existing properties. We may also issue equity securities in connection with acquisitions. Continued growth of our real estate investments and mortgage financing portfolios will depend in part on our continued ability to access funds through additional borrowings and securities offerings and, to a lesser extent, our ability to assume debt in connection with property acquisitions. We may also fund investments with the
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proceeds from asset dispositions. As discussed above, due to our current elevated cost of capital, we intend to fund our investments in the near term primarily from cash on hand, excess cash flow, disposition proceeds and borrowing availability under our unsecured revolving credit facility, subject to maintaining our leverage levels consistent with past practice.

Liquidity Requirements
Short-term liquidity requirements consist primarily of normal recurring corporate operating expenses, debt service requirements and distributions to shareholders. We have historically met these requirements primarily through cash provided by operating activities. The table below summarizes our cash flows (dollars in thousands):
Nine Months Ended September 30,
20242023
Net cash provided by operating activities$300,199 $370,092 
Net cash used by investing activities(145,642)(97,033)
Net cash used by financing activities(197,151)(207,727)

Commitments
As of September 30, 2024, we had 13 development projects with commitments to fund an aggregate of approximately $144.1 million, of which approximately $31.1 million is expected to be funded in the remainder of 2024. Development costs are advanced by us in periodic draws. If we determine that construction is not being completed in accordance with the terms of the development agreement, we may discontinue funding construction draws. We have agreed to lease the properties to the operators at pre-determined rates upon completion of construction.

We have certain commitments related to our mortgage notes investments that we may be required to fund in the future. We are generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of our direct control. As of September 30, 2024, we had five mortgage notes with commitments totaling approximately $73.1 million, of which $20.2 million is expected to be funded in the remainder of 2024. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments.

In connection with construction of our development projects and related infrastructure, certain public agencies require posting of surety bonds to guarantee that our obligations will be satisfied. These bonds expire upon the completion of the improvements or infrastructure. As of September 30, 2024, we had three surety bonds outstanding totaling $0.6 million.

Liquidity Analysis
We currently anticipate that our cash on hand, cash from operations, funds available under our unsecured revolving credit facility and proceeds from asset dispositions will provide adequate liquidity to meet our financial commitments, including the amounts needed to fund our operations, make recurring debt service payments, allow distributions to our shareholders and avoid corporate level federal income or excise tax in accordance with REIT Internal Revenue Code requirements.

Long-term liquidity requirements consist primarily of debt maturities. We have $300.0 million of debt maturities due April 1, 2025. We currently believe that we will be able to repay, extend, refinance or otherwise settle our debt maturities as the debt comes due and that we will be able to fund our remaining commitments, as necessary. However, there can be no assurance that additional financing or capital will be available, or that terms will be acceptable or advantageous to us, particularly in light of the challenging economic environment and our elevated cost of capital.

Our primary use of cash after paying operating expenses, debt service, distributions to shareholders and funding existing commitments is in growing our investment portfolio through acquiring, developing and financing additional properties. We expect to finance these investments with borrowings under our unsecured revolving credit facility as well as debt and equity financing alternatives or proceeds from asset dispositions. If we borrow the maximum amount available under our unsecured revolving credit facility, there can be no assurance that we will be able to
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obtain additional or substitute investment financing. We may also assume mortgage debt in connection with property acquisitions. The availability and terms of any such financing or sales will depend upon market and other conditions.

The challenging economic environment has increased our cost of capital, which has negatively impacted our ability to make investments in the near-term. As a result, we intend to continue to be more selective in making investments, acquisitions, utilizing cash on hand, excess cash flow and borrowings under our line of credit until such time as economic conditions improve and our cost of capital returns to acceptable levels.

Capital Structure
We believe that our shareholders are best served by a conservative capital structure. Therefore, we seek to maintain a conservative debt level on our balance sheet as measured primarily by our net debt to adjusted EBITDAre ratio (see "Non-GAAP Financial Measures" for definitions). Because adjusted EBITDAre, as defined, does not include the annualization of investments put in service, acquired or disposed of during the quarter, or the potential earnings on property under development, the annualization of percentage rent and adjustments for other items, we also look at an additional ratio that reflects these adjustments. We also seek to maintain conservative interest, fixed charge, debt service coverage and net debt to gross asset ratios (see "Non-GAAP Financial Measures" for calculations).

Non-GAAP Financial Measures

Funds From Operations (FFO), Funds From Operations As Adjusted (FFOAA) and Adjusted Funds From Operations (AFFO)
The National Association of Real Estate Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. Pursuant to the definition of FFO by the Board of Governors of NAREIT, we calculate FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from disposition of real estate and impairment losses on real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. We have calculated FFO for all periods presented in accordance with this definition.

In addition to FFO, we present FFOAA and AFFO. FFOAA is presented by adding to FFO retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, costs associated with loan refinancing or payoff, preferred share redemption costs and impairment of operating lease right-of-use assets and subtracting sale participation income, gain on insurance recovery and deferred income tax (benefit) expense. AFFO is presented by adding to FFOAA non-real estate depreciation and amortization, deferred financing fees amortization and share-based compensation expense to management and Trustees, and subtracting amortization of above and below market leases, net and tenant allowances, maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue (removing the impact of straight-line ground sublease expense), the non-cash portion of mortgage and other financing income and the allocated share of joint venture non-cash items.

FFO, FFOAA and AFFO are widely used measures of the operating performance of real estate companies and are provided here as supplemental measures to GAAP net income available to common shareholders and earnings per share, and management provides FFO, FFOAA and AFFO herein because it believes this information is useful to investors in this regard. FFO, FFOAA and AFFO are non-GAAP financial measures. FFO, FFOAA and AFFO do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered alternatives to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO, FFOAA and AFFO the same way so comparisons with other REITs may not be meaningful.

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The following table summarizes our FFO, FFOAA and AFFO including per share amounts for FFO and FFOAA, for the three and nine months ended September 30, 2024 and 2023 and reconciles such measures to net income available to common shareholders, the most directly comparable GAAP measure (unaudited, in thousands, except per share information):
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
FFO:
Net income available to common shareholders of EPR Properties$40,618 $50,228 $136,357 $109,412 
Loss (gain) on sale of real estate3,419 (2,550)(15,989)(1,415)
Impairment of real estate investments, net— 20,887 11,812 64,672 
Real estate depreciation and amortization42,620 42,224 124,191 126,718 
Allocated share of joint venture depreciation2,581 2,315 7,454 6,532 
Impairment charges on joint ventures12,130 — 12,130 — 
FFO available to common shareholders of EPR Properties$101,368 $113,104 $275,955 $305,919 
FFO available to common shareholders of EPR Properties$101,368 $113,104 $275,955 $305,919 
Add: Preferred dividends for Series C preferred shares1,938 1,938 5,814 5,814 
Add: Preferred dividends for Series E preferred shares1,938 1,938 5,814 5,814 
Diluted FFO available to common shareholders of EPR Properties$105,244 $116,980 $287,583 $317,547 
FFOAA:
FFO available to common shareholders of EPR Properties$101,368 $113,104 $275,955 $305,919 
Retirement and severance expense— — 1,836 547 
Transaction costs175 847 375 1,153 
Provision (benefit) for credit losses, net(770)(719)2,371 (407)
Costs associated with loan refinancing or payoff337 — 337 — 
Deferred income tax benefit(728)(76)(1,254)(258)
FFOAA available to common shareholders of EPR Properties$100,382 $113,156 $279,620 $306,954 
FFOAA available to common shareholders of EPR Properties$100,382 $113,156 $279,620 $306,954 
Add: Preferred dividends for Series C preferred shares1,938 1,938 5,814 5,814 
Add: Preferred dividends for Series E preferred shares1,938 1,938 5,814 5,814 
Diluted FFOAA available to common shareholders of EPR Properties$104,258 $117,032 $291,248 $318,582 
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 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
AFFO:
FFOAA available to common shareholders of EPR Properties$100,382 $113,156 $279,620 $306,954 
Non-real estate depreciation and amortization175 208 547 623 
Deferred financing fees amortization2,211 2,170 6,657 6,449 
Share-based compensation expense to management and trustees3,264 4,354 10,494 13,153 
Amortization of above and below market leases, net and tenant allowances(84)(182)(252)(456)
Maintenance capital expenditures (1)(2,561)(1,753)(5,437)(7,384)
Straight-lined rental revenue(4,414)(4,407)(13,335)(7,661)
Straight-lined ground sublease expense20 77 77 1,043 
Non-cash portion of mortgage and other financing income(396)(290)(1,813)(553)
Allocated share of joint venture non-cash items712 — 712 — 
AFFO available to common shareholders of EPR Properties$99,309 $113,333 $277,270 $312,168 
AFFO available to common shareholders of EPR Properties$99,309 $113,333 $277,270 $312,168 
Add: Preferred dividends for Series C preferred shares1,938 1,938 5,814 5,814 
Add: Preferred dividends for Series E preferred shares1,938 1,938 5,814 5,814 
Diluted AFFO available to common shareholders of EPR Properties$103,185 $117,209 $288,898 $323,796 
FFO per common share:
Basic$1.34 $1.50 $3.65 $4.07 
Diluted1.31 1.47 3.60 3.99 
FFOAA per common share:
Basic$1.33 $1.50 $3.70 $4.08 
Diluted1.30 1.47 3.64 4.00 
Shares used for computation (in thousands):
Basic75,723 75,325 75,604 75,236 
Diluted76,108 75,816 75,945 75,655 
Weighted average shares outstanding-diluted EPS76,108 75,816 75,945 75,655 
Effect of dilutive Series C preferred shares2,319 2,287 2,310 2,279 
Effect of dilutive Series E preferred shares1,664 1,663 1,664 1,663 
Adjusted weighted average shares outstanding-diluted Series C and Series E80,091 79,766 79,919 79,597 
Other financial information:
Dividends per common share$0.855 $0.825 $2.545 $2.475 
(1) Includes maintenance capital expenditures and certain second-generation tenant improvements and leasing commissions.

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The effect of the conversion of our convertible preferred shares is calculated using the if-converted method and the conversion, which results in the most dilution is included in the computation of per share amounts. The conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares would be dilutive to FFO, FFOAA and AFFO per share for the three and nine months ended September 30, 2024 and September 30, 2023. Therefore, the additional common shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFO and FFOAA per share and would be included in a calculation of AFFO per share.

Net Debt
Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced for cash and cash equivalents. By excluding deferred financing costs, net, and reducing debt for cash and cash equivalents on hand, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. We believe this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding our financial condition. Our method of calculating Net Debt may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Gross Assets
Gross Assets represents total assets (reported in accordance with GAAP) adjusted to exclude accumulated depreciation and reduced for cash and cash equivalents. By excluding accumulated depreciation and reducing cash and cash equivalents, the result provides an estimate of the investment made by us. We believe that investors commonly use versions of this calculation in a similar manner. Our method of calculating Gross Assets may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Net Debt to Gross Assets Ratio
Net Debt to Gross Assets Ratio is a supplemental measure derived from non-GAAP financial measures that we use to evaluate capital structure and the magnitude of debt to gross assets. We believe that investors commonly use versions of this ratio in a similar manner. Our method of calculating the Net Debt to Gross Assets Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

EBITDAre
NAREIT developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, we calculate EBITDAre as net income, computed in accordance with GAAP, excluding interest expense (net), income tax (benefit) expense, depreciation and amortization, gains and losses from disposition of real estate, impairment losses on real estate, costs associated with loan refinancing or payoff and adjustments for unconsolidated partnerships, joint ventures and other affiliates.

Management provides EBITDAre herein because it believes this information is useful to investors as a supplemental performance measure because it can help facilitate comparisons of operating performance between periods and with other REITs. Our method of calculating EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDAre is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or cash flows or liquidity as defined by GAAP.
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Adjusted EBITDAre
Management uses Adjusted EBITDAre in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDAre is useful to investors because it excludes various items that management believes are not indicative of operating performance, and because it is an informative measure to use in computing various financial ratios to evaluate the Company. We define Adjusted EBITDAre as EBITDAre (defined above) for the quarter excluding sale participation income, gain on insurance recovery, retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, impairment losses on operating lease right-of-use assets and prepayment fees.

Our method of calculating Adjusted EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Adjusted EBITDAre is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered as an alternative to net income or any other GAAP measure as a measurement of the results of our operations or cash flows or liquidity as defined by GAAP.

Net Debt to Adjusted EBITDAre Ratio
Net Debt to Adjusted EBITDAre Ratio is a supplemental measure derived from non-GAAP financial measures that we use to evaluate our capital structure and the magnitude of our debt against our operating performance. We believe that investors commonly use versions of this ratio in a similar manner. In addition, financial institutions use versions of this ratio in connection with debt agreements to set pricing and covenant limitations. Our method of calculating the Net Debt to Adjusted EBITDAre Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

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Reconciliations of debt, total assets and net income (all reported in accordance with GAAP) to Net Debt, Gross Assets, Net Debt to Gross Assets Ratio, EBITDAre, Adjusted EBITDAre 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):
September 30,
20242023
Net Debt:
Debt$2,852,970 $2,814,497 
Deferred financing costs, net20,622 26,732 
Cash and cash equivalents(35,328)(172,953)
Net Debt$2,838,264 $2,668,276 
Gross Assets:
Total Assets$5,689,162 $5,719,377 
Accumulated depreciation1,546,509 1,400,642 
Cash and cash equivalents(35,328)(172,953)
Gross Assets$7,200,343 $6,947,066 
Debt to Total Assets Ratio50 %49 %
Net Debt to Gross Assets Ratio39 %38 %
Three Months Ended September 30,
20242023
EBITDAre and Adjusted EBITDAre:
Net income$46,650 $56,260 
Interest expense, net32,867 31,208 
Income tax (benefit) expense(124)372 
Depreciation and amortization42,795 42,432 
Loss (gain) on sale of real estate3,419 (2,550)
Impairment of real estate investments, net— 20,887 
Costs associated with loan refinancing or payoff337 — 
Allocated share of joint venture depreciation2,581 2,315 
Allocated share of joint venture interest expense2,587 2,164 
Impairment charges on joint ventures12,130 — 
EBITDAre$143,242 $153,088 
Transaction costs175 847 
Provision (benefit) for credit losses, net(770)(719)
Adjusted EBITDAre (for the quarter)$142,647 $153,216 
Adjusted EBITDAre (annualized) (1)$570,588 $612,864 
Net Debt/Adjusted EBITDAre Ratio5.0 4.4 
(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 (before accumulated depreciation), land held for development, property under development, mortgage notes receivable and related accrued interest receivable, net, investment in joint ventures, intangible assets, gross (before accumulated amortization and included in other assets) and notes receivable and related accrued interest receivable, net (included in other assets). Total investments is a useful measure for management and investors as it illustrates across which asset categories the Company's funds have been invested. Our method of calculating total investments may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. A reconciliation of total assets (computed in accordance with GAAP) to total investments is included in the following table (unaudited, in thousands):
September 30, 2024December 31, 2023
Total assets$5,689,162 $5,700,885 
Operating lease right-of-use assets(175,451)(186,628)
Cash and cash equivalents(35,328)(78,079)
Restricted cash(2,992)(2,902)
Accounts receivable(79,726)(63,655)
Add: accumulated depreciation on real estate investments1,546,509 1,435,683 
Add: accumulated amortization on intangible assets (1)31,545 30,589 
Prepaid expenses and other current assets (1)(37,630)(22,718)
Total investments$6,936,089 $6,813,175 
Total Investments:
Real estate investments, net of accumulated depreciation$4,534,450 $4,537,359 
Add back accumulated depreciation on real estate investments1,546,509 1,435,683 
Land held for development20,168 20,168 
Property under development76,913 131,265 
Mortgage notes and related accrued interest receivable, net657,636 569,768 
Investment in joint ventures32,426 49,754 
Intangible assets, gross (1)64,544 65,299 
Notes receivable and related accrued interest receivable, net (1)3,443 3,879 
Total investments$6,936,089 $6,813,175 
(1) Included in "Other assets" in the accompanying consolidated balance sheet. Other assets include the following:
September 30, 2024December 31, 2023
Intangible assets, gross$64,544 $65,299 
Less: accumulated amortization on intangible assets(31,545)(30,589)
Notes receivable and related accrued interest receivable, net3,443 3,879 
Prepaid expenses and other current assets37,630 22,718 
Total other assets$74,072 $61,307 
            
Impact of Recently Issued Accounting Standards

See Note 2 to the consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information on the impact of recently issued accounting standards on our business.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risks, primarily relating to potential losses due to changes in interest rates and foreign currency exchange rates. We seek to mitigate the effects of fluctuations in interest rates by matching the term of new investments with new long-term fixed rate borrowings whenever possible. As of September 30, 2024, we had a $1.0 billion unsecured revolving credit facility with $169.0 million outstanding. We also had a $25.0 million bond that bears interest at a floating rate but has been fixed through an interest rate swap agreement.

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As of September 30, 2024, we had a 65% investment interest in two unconsolidated real estate joint ventures related to two experiential lodging properties located in St. Pete Beach, Florida. At September 30, 2024, the joint ventures had a secured mortgage loan with an outstanding balance of $105.0 million. The mortgage loan bears interest at SOFR plus 3.65%, with monthly interest payments required. The joint venture includes an interest rate cap agreement to limit the variable portion of the interest rate (SOFR) on this note to 3.5% from June 1, 2024 to December 1, 2024.

We are subject to risks associated with debt financing, including the risk that existing indebtedness may not be refinanced or that the terms of such refinancing may not be as favorable as the terms of current indebtedness. The majority of our borrowings are subject to contractual agreements or mortgages, which limit the amount of indebtedness we may incur. Accordingly, if we are unable to raise additional equity or borrow money due to these limitations or otherwise, our ability to make additional real estate investments may be limited.

We are exposed to foreign currency risk against our functional currency, the U.S. dollar, on our six Canadian properties and the rents received from tenants of the properties are payable in CAD. To hedge our CAD denominated cash flows and our net investment in our six Canadian properties, we entered into cross-currency swaps designated as cash flow hedges and foreign currency forwards designated as net investment hedges as further described below.

Cash Flow Hedges of Interest Rate Risk
To hedge our interest rate risk, we entered into an interest rate swap agreement on our variable rate secured bonds with a notional amount of $25.0 million. The interest rate cap agreement limits the variable portion of the interest rate (SOFR) on this bond to 2.5325% until September 30, 2026.

Cash Flow Hedges of Foreign Exchange Risk-Cross Currency Swaps
We entered into three USD-CAD cross-currency swaps that became effective July 1, 2022, mature on October 1, 2024, and have a total fixed original notional value of $150.0 million CAD and $118.7 million USD. The net effect of these swaps provides a fixed exchange rate of $1.26 CAD per USD on approximately $10.8 million annual CAD denominated cash flows.

We entered into two USD-CAD cross-currency swaps that became effective May 1, 2022, mature on October 1, 2024 and have a total fixed notional value of $200.0 million CAD and $156.0 million USD. The net effect of these swaps provides a fixed exchange rate of $1.28 CAD per USD on approximately $4.5 million of annual CAD denominated cash flows.

We entered into three USD-CAD cross-currency swaps that became effective June 1, 2022, mature on December 1, 2024 and have a total fixed notional value of $90.0 million CAD and $69.5 million USD. The net effect of these swaps provides a fixed exchange rate of $1.30 CAD per USD on approximately $8.1 million of annual CAD denominated cash flows.

On September 17, 2024, we entered into six USD-CAD cross-currency swaps that will be effective October 1, 2024 with a total fixed original notional value of $170.0 million CAD and $125.0 million USD. The net effect of these swaps is to lock in an exchange rate of $1.35 CAD per USD on approximately $15.3 million annual CAD denominated cash flows through December 2026.

Additionally, on September 17, 2024, we entered into two USD-CAD cross-currency swaps that will be effective December 1, 2024 with a total fixed original notional value of $90.0 million CAD and $66.2 million USD. The net effect of these swaps is to lock in an exchange rate of $1.35 CAD per USD on approximately $8.1 million annual CAD denominated cash flows through December 2026.

Net Investment Hedges - Foreign Currency Forward Contracts
We entered into two forward contracts that became effective December 13, 2023 with a fixed notional value of $200.0 million CAD and $148.3 million USD with a settlement date of October 1, 2025. The exchange rate of these forward contracts is approximately $1.35 CAD per USD.
46


We entered into a forward contract that became effective December 13, 2023 with a fixed notional value of $90.0 million CAD and $66.8 million USD with a settlement date of December 1, 2025. The exchange rate of this forward contract is approximately $1.35 CAD per USD.

For foreign currency derivatives designated as net investment hedges, the change in the fair value of the derivatives are reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated.

See Note 10 to the consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information on our derivative financial instruments and hedging activities.

Item 4. Controls and Procedures

Evaluation of disclosures controls and procedures
As of September 30, 2024, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Based upon and as of the date of that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in reports we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Limitations on the effectiveness of controls
Our disclosure controls were designed to provide reasonable assurance that the controls and procedures would meet their objectives. Our management, including the Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls will prevent all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable assurance of achieving the designed control objectives and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusions of two or more people, or by management override of the control. Because of the inherent limitations in a cost-effective, maturing control system, misstatements due to error or fraud may occur and not be detected.

Change in internal controls
There have not been any changes in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter of the fiscal year to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We are subject to certain claims and lawsuits in the ordinary course of business, the outcome of which cannot be determined at this time. In the opinion of management, any liability we might incur upon the resolution of these claims and lawsuits will not, in the aggregate, have a material adverse effect on our consolidated financial position or results of operations.

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Item 1A. Risk Factors

There have been no material changes to the risk factors associated with our business previously disclosed in Item 1A - "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on February 29, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no reportable events during the quarter ended September 30, 2024.

Item 3. Defaults Upon Senior Securities

There were no reportable events during the quarter ended September 30, 2024.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the quarter ended September 30, 2024, no trustee or officer of the Company, as defined in Rule 16a-1(f) of the Exchange Act, adopted, modified, or terminated any "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K. There were no reportable events during the quarter ended September 30, 2024 otherwise reportable under this Item 5.

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Item 6. Exhibits
Fourth Amended, Restated and Consolidated Credit Agreement, dated as of September 19, 2024, by and among the Company, as borrower, KeyBank National Association, as administrative agent, and the other agents and lenders party thereto, which is attached as Exhibit 10.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on September 23, 2024, is hereby incorporated by reference as Exhibit 10.1.
Certification of Gregory K. Silvers pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, is attached hereto as Exhibit 31.1.
Certification of Mark A. Peterson pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, is attached hereto as Exhibit 31.2.
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is attached hereto as Exhibit 32.1.
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is attached hereto as Exhibit 32.2.
101.INS*XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*Inline XBRL Taxonomy Extension Schema
101.CAL*Inline XBRL Extension Calculation Linkbase
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase
104*Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

* Filed herewith.
** Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EPR Properties
Dated:October 31, 2024By/s/ Gregory K. Silvers
Gregory K. Silvers, Chairman, President and Chief Executive Officer (Principal Executive Officer)
Dated:October 31, 2024By/s/ Tonya L. Mater
Tonya L. Mater, Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)

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EXHIBIT 31.1
CERTIFICATION

PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.
I, Gregory K. Silvers, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of EPR Properties;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. 
Date:October 31, 2024/s/ Gregory K. Silvers
 Gregory K. Silvers
 Chairman, President and Chief Executive Officer
(Principal Executive Officer)


EXHIBIT 31.2
CERTIFICATION

PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.
I, Mark A. Peterson, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of EPR Properties;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date:October 31, 2024/s/ Mark A. Peterson
Mark. A. Peterson
Executive Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)


EXHIBIT 32.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350 AS
ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT
I, Gregory K. Silvers, President and Chief Executive Officer of EPR Properties (the “Issuer”), have executed this certification for furnishing to the Securities and Exchange Commission in connection with the filing with the Commission of the registrant’s Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the “Report”). I hereby certify that, to the best of my knowledge and belief:
(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.
/s/ Gregory K. Silvers
Gregory K. Silvers
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
Date: October 31, 2024



EXHIBIT 32.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350 AS
ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT
I, Mark A. Peterson, Executive Vice President and Chief Financial Officer of EPR Properties (the “Issuer”), have executed this certification for furnishing to the Securities and Exchange Commission in connection with the filing with the Commission of the registrant’s Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the “Report”). I hereby certify that, to the best of my knowledge and belief:
(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.
/s/ Mark A. Peterson
Mark A. Peterson
Executive Vice President, Chief Financial Officer
and Treasurer (Principal Financial
Officer)
Date: October 31, 2024

v3.24.3
Document and Entity Information Document - shares
 9 Months Ended
Sep. 30, 2024
Oct. 30, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-13561  
Entity Registrant Name EPR PROPERTIES  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 43-1790877  
Entity Address, Address Line One 909 Walnut Street,  
Entity Address, Address Line Two Suite 200  
Entity Address, City or Town Kansas City,  
Entity Address, State or Province MO  
Entity Address, Postal Zip Code 64106  
City Area Code (816)  
Local Phone Number 472-1700  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   75,731,497
Entity Central Index Key 0001045450  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Common Stock [Member]    
Entity Information [Line Items]    
Title of 12(b) Security Common shares, par value $0.01 per share  
Trading Symbol EPR  
Entity Listing, Description NYSE  
Series C Preferred Shares [Member]    
Entity Information [Line Items]    
Title of 12(b) Security 5.75% Series C cumulative convertible preferred shares, par value $0.01 per share  
Trading Symbol EPR PrC  
Entity Listing, Description NYSE  
Series E Preferred Shares [Member]    
Entity Information [Line Items]    
Title of 12(b) Security 9.00% Series E cumulative convertible preferred shares, par value $0.01 per share  
Trading Symbol EPR PrE  
Entity Listing, Description NYSE  
Series G Preferred Stock [Member]    
Entity Information [Line Items]    
Title of 12(b) Security 5.75% Series G cumulative redeemable preferred shares, par value $0.01 per share  
Trading Symbol EPR PrG  
Entity Listing, Description NYSE  
v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets    
Real Estate Investment Property, Net $ 4,534,450 $ 4,537,359
Land held for development 20,168 20,168
Property under development 76,913 131,265
Operating Lease, Right-of-Use Asset 175,451 186,628
Financing Receivable, after Allowance for Credit Loss, Current 657,636 569,768
Investment in joint ventures 32,426 49,754
Cash and cash equivalents 35,328 78,079
Restricted cash 2,992 2,902
Accounts receivable, net 79,726 63,655
Other assets 74,072 61,307
Total assets 5,689,162 5,700,885
Liabilities:    
Accounts payable and accrued liabilities 99,334 94,927
Operating Lease, Liability 214,809 226,961
Dividends Payable, Current 23,811 25,275
Preferred dividends payable 6,032 6,032
Unearned rents and interest 88,503 77,440
Debt 2,852,970 2,816,095
Total liabilities $ 3,285,459 $ 3,246,730
Equity:    
Common Stock, Shares, Issued 83,612,683 82,964,231
Common Stock, Value, Issued $ 836 $ 829
Additional paid-in-capital 3,946,634 3,924,467
Treasury Stock, Value (285,413) (274,038)
Accumulated other comprehensive income (609) 3,296
Distributions in excess of net income 1,257,893 1,200,547
Total equity 2,403,703 2,454,155
Total liabilities and equity $ 5,689,162 $ 5,700,885
Series C Preferred Shares [Member]    
Equity:    
Preferred Shares, shares issued 5,392,916 5,392,916
Preferred shares $ 54 $ 54
Series E Preferred Shares [Member]    
Equity:    
Preferred Shares, shares issued 3,445,980 3,445,980
Preferred shares $ 34 $ 34
Series G Preferred Stock [Member]    
Equity:    
Preferred Shares, shares issued 6,000,000 6,000,000
Preferred shares $ 60 $ 60
v3.24.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Real Estate Owned, Accumulated Depreciation $ 1,546,509,000 $ 1,435,683,000
Common Shares, par value $ 0.01 $ 0.01
Common Shares, shares authorized 125,000,000  
Preferred Shares, par value $ 0.01 $ 0.01
Preferred Shares, shares authorized 25,000,000 25,000,000
Treasury Stock, Common, Shares 7,883,581 7,631,725
Dividends Payable, Current $ 23,811,000 $ 25,275,000
Series C Preferred Shares [Member]    
Preferred Shares, shares issued 5,392,916 5,392,916
Preferred Shares, liquidation preference $ 134,822,900 $ 134,822,900
Series E Preferred Shares [Member]    
Preferred Shares, shares issued 3,445,980 3,445,980
Preferred Shares, liquidation preference $ 86,149,500 $ 86,149,500
Series G Preferred Stock [Member]    
Preferred Shares, shares issued 6,000,000 6,000,000
Preferred Shares, liquidation preference $ 150,000,000 $ 150,000,000
v3.24.3
Consolidated Statements Of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating Lease, Lease Income $ 148,677 $ 163,940 $ 436,051 $ 467,401
Other income 17,419 14,422 43,874 33,879
Interest and Fee Income, Loans, Commercial and Residential, Real Estate 14,411 11,022 40,909 32,407
Total revenue 180,507 189,384 520,834 533,687
Property operating expense 14,611 14,592 43,958 42,719
Other expense 15,631 13,124 43,440 31,235
General and Administrative Expense 11,935 13,464 37,863 42,677
Severance Costs 0 0 1,836 547
Transaction costs 175 847 375 1,153
Financing Receivable, Credit Loss, Expense (Reversal) (770) (719) 2,371 (407)
Asset Impairment Charges 0 20,887 11,812 64,672
Depreciation and amortization 42,795 42,432 124,738 127,341
Operating Costs and Expenses 84,377 104,627 266,393 309,937
Gain on sale of real estate (3,419) 2,550 15,989 1,415
Operating Income 92,711 87,307 270,430 225,165
Write off of Deferred Debt Issuance Cost 337 0 337 0
Interest expense, net 32,867 31,208 97,338 94,521
Equity in loss from joint ventures 851 (533) 5,384 2,067
Impairment charges on joint ventures 12,130 0 12,130 0
Income from Continuing Operations before Income Taxes, Noncontrolling Interest 46,526 56,632 155,241 128,577
Income tax expense (124) 372 780 1,060
Net income 46,650 56,260 154,461 127,517
Preferred dividend requirements 6,032 6,032 18,104 18,105
Net income available to common shareholders of EPR Properties 40,618 50,228 136,357 109,412
Foreign currency translation adjustment 3,852 (6,088) (5,910) 535
Unrealized Gain (Loss) on Derivatives (3,920) 4,856 2,005 (54)
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest $ 46,582 $ 55,028 $ 150,556 $ 127,998
Basic earnings per share data:        
Net income available to common shareholders (in dollars per share) $ 0.54 $ 0.67 $ 1.80 $ 1.45
Diluted earnings per share data:        
Net income available to common shareholders (in dollars per share) $ 0.53 $ 0.66 $ 1.80 $ 1.45
Shares used for computation (in thousands):        
Basic (in shares) 75,723 75,325 75,604 75,236
Diluted (in shares) 76,108 75,816 75,945 75,655
v3.24.3
Consolidated Statement Of Changes In Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Preferred Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock, Common
Accumulated other comprehensive income (loss) [Member]
Distributions in excess of net income [Member]
Series C Preferred Shares [Member]
Series C Preferred Shares [Member]
Distributions in excess of net income [Member]
Series E Preferred Shares [Member]
Series E Preferred Shares [Member]
Preferred Stock [Member]
Series E Preferred Shares [Member]
Distributions in excess of net income [Member]
Series G Preferred Stock [Member]
Series G Preferred Stock [Member]
Distributions in excess of net income [Member]
Performance Shares [Member]
Performance Shares [Member]
Distributions in excess of net income [Member]
Captive REIT Preferred
Captive REIT Preferred
Distributions in excess of net income [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Total equity $ 2,535,719 $ 825 $ 148 $ 3,899,732 $ (269,751) $ 1,897 $ (1,097,132)                      
Balance (in shares) at Dec. 31, 2022   82,545,501 14,840,297                              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Stock Issued During Period, Shares, Other   1,449                                
Stock Issued During Period, Value, Other 0                                  
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures   352,090                                
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 5,372 $ 4   5,956 (588)                          
Treasury Stock, Retired, Cost Method, Amount (3,565)       (3,565)                          
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards 4,322     4,322                            
Foreign currency translation adjustment 230         230                        
Unrealized Gain (Loss) on Derivatives (304)         (304)                        
Net income 57,657           57,657                      
Issuances of common shares (in shares)   5,557                                
Issuances of common shares 225 $ 0   225                            
Stock Issued During Period, Value, Conversion of Convertible Securities $ 0                                  
Stock Issued During Period, Shares, Conversion of Convertible Securities   632                 (1,311)              
Common Stock, Dividends, Per Share, Cash Paid $ 0.8250                                  
Dividends to common and preferred shareholders $ (62,109)           (62,109) $ (1,938) $ (1,938) $ (1,938)   $ (1,938) $ (2,156) $ (2,156) $ (353) $ (353)    
Preferred Stock, Dividends, Per Share, Cash Paid               $ 0.359375   $ 0.5625     $ 0.359375          
Balance (in shares) at Mar. 31, 2023   82,905,229 14,838,986                              
Balance (in shares) at Dec. 31, 2022   82,545,501 14,840,297                              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
share based compensation included in severance expense 304                                  
Foreign currency translation adjustment 535                                  
Unrealized Gain (Loss) on Derivatives (54)                                  
Net income 127,517                                  
Balance (in shares) at Sep. 30, 2023   82,959,404 14,838,896                              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Total equity 2,531,162 $ 829 $ 148 3,910,235 (273,904) 1,823 (1,107,969)                      
Balance (in shares) at Mar. 31, 2023   82,905,229 14,838,986                              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Stock Issued During Period, Shares, Other   42,048                                
Stock Issued During Period, Value, Other 0                                  
Treasury Stock, Retired, Cost Method, Amount (97)       (97)                          
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards 4,477     4,477                            
share based compensation included in severance expense 304     304                            
Foreign currency translation adjustment 6,393         6,393                        
Unrealized Gain (Loss) on Derivatives (4,606)         (4,606)                        
Net income 13,600           13,600                      
Issuances of common shares (in shares)   6,134                                
Issuances of common shares 257 $ 0   257                            
Stock Issued During Period, Value, Conversion of Convertible Securities $ 0                                  
Stock Issued During Period, Shares, Conversion of Convertible Securities   42                 (90)              
Common Stock, Dividends, Per Share, Cash Paid $ 0.825                                  
Dividends to common and preferred shareholders $ (62,129)           (62,129) $ (1,938) (1,938) $ (1,938)   (1,938) $ (2,156) (2,156) (450) (450) $ (8) $ (8)
Preferred Stock, Dividends, Per Share, Cash Paid               $ 0.359375   $ 0.5625     $ 0.359375          
Balance (in shares) at Jun. 30, 2023   82,953,453 14,838,896                              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Total equity 2,482,871 $ 829 $ 148 3,915,273 (274,001) 3,610 (1,162,988)                      
Treasury Stock, Retired, Cost Method, Amount (34)       (34)                          
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards 4,354     4,354                            
Foreign currency translation adjustment (6,088)         (6,088)                        
Unrealized Gain (Loss) on Derivatives 4,856         4,856                        
Net income 56,260           56,260                      
Issuances of common shares (in shares)   5,951                                
Issuances of common shares $ 258 $ 0   258                            
Common Stock, Dividends, Per Share, Cash Paid $ 0.825                                  
Dividends to common and preferred shareholders $ (62,144)           (62,144) $ (1,938) (1,938) $ (1,938)   (1,938) $ (2,156) (2,156) (504) (504)    
Preferred Stock, Dividends, Per Share, Cash Paid               $ 0.359375   $ 0.5625     $ 0.359375          
Balance (in shares) at Sep. 30, 2023   82,959,404 14,838,896                              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Total equity 2,473,797 $ 829 $ 148 3,919,885 (274,035) 2,378 (1,175,408)                      
Total equity 2,454,155 $ 829 $ 148 3,924,467 (274,038) 3,296 (1,200,547)                      
Balance (in shares) at Dec. 31, 2023   82,964,231 14,838,896                              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures   583,135                                
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 9,218 $ 6   9,212 0                          
Treasury Stock, Retired, Cost Method, Amount (11,375)       (11,375)                          
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards 3,692     3,692                            
share based compensation included in severance expense 1,598     1,598                            
Foreign currency translation adjustment (6,909)         (6,909)                        
Unrealized Gain (Loss) on Derivatives 4,732         4,732                        
Net income 62,709           62,709                      
Issuances of common shares (in shares)   6,245                                
Issuances of common shares $ 273 $ 0   273                            
Common Stock, Dividends, Per Share, Cash Paid $ 0.835                                  
Dividends to common and preferred shareholders $ (63,146)           (63,146) $ (1,938) (1,938) $ (1,938)   (1,938) $ (2,156) (2,156) (598) (598)    
Preferred Stock, Dividends, Per Share, Cash Paid               $ 0.359375   $ 0.5625     $ 0.359375          
Balance (in shares) at Mar. 31, 2024   83,553,611 14,838,896                              
Balance (in shares) at Dec. 31, 2023   82,964,231 14,838,896                              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
share based compensation included in severance expense 1,598                                  
Foreign currency translation adjustment (5,910)                                  
Unrealized Gain (Loss) on Derivatives 2,005                                  
Net income 154,461                                  
Balance (in shares) at Sep. 30, 2024   83,612,683 14,838,896                              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Total equity 2,448,317 $ 835 $ 148 3,939,242 (285,413) 1,119 (1,207,614)                      
Balance (in shares) at Mar. 31, 2024   83,553,611 14,838,896                              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Stock Issued During Period, Shares, Other   41,754                                
Stock Issued During Period, Value, Other 1 $ 1                                
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards 3,538     3,538                            
Foreign currency translation adjustment (2,853)         (2,853)                        
Unrealized Gain (Loss) on Derivatives 1,193         1,193                        
Net income 45,102           45,102                      
Issuances of common shares (in shares)   7,472                                
Issuances of common shares $ 309 $ 0   309                            
Common Stock, Dividends, Per Share, Cash Paid $ 0.855                                  
Dividends to common and preferred shareholders $ (64,338)           (64,338) $ (1,938) (1,938) $ (1,938)   (1,938) $ (2,156) (2,156) (433) (433) $ (8) $ (8)
Preferred Stock, Dividends, Per Share, Cash Paid               $ 0.359375   $ 0.5625     $ 0.359375          
Balance (in shares) at Jun. 30, 2024   83,602,837 14,838,896                              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Total equity 2,424,796 $ 836 $ 148 3,943,089 (285,413) (541) (1,233,323)                      
Stock Issued During Period, Shares, Other   3,656                                
Stock Issued During Period, Value, Other 0 $ 0                                
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards 3,264     3,264                            
Foreign currency translation adjustment 3,852         3,852                        
Unrealized Gain (Loss) on Derivatives (3,920)         (3,920)                        
Net income 46,650           46,650                      
Issuances of common shares (in shares)   6,190                                
Issuances of common shares $ 281 $ 0   281                            
Common Stock, Dividends, Per Share, Cash Paid $ 0.855                                  
Dividends to common and preferred shareholders $ (64,745)           (64,745) $ (1,938) $ (1,938) $ (1,938)   $ (1,938) $ (2,156) $ (2,156) $ (443) $ (443)    
Preferred Stock, Dividends, Per Share, Cash Paid               $ 0.359375   $ 0.5625     $ 0.359375          
Balance (in shares) at Sep. 30, 2024   83,612,683 14,838,896                              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Total equity $ 2,403,703 $ 836 $ 148 $ 3,946,634 $ (285,413) $ (609) $ (1,257,893)                      
v3.24.3
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Asset Impairment Charges $ 11,812 $ 64,672
Impairment Losses Related to Real Estate Partnerships 12,130 0
Gain on sale of real estate (15,989) (1,415)
Deferred income tax benefit (1,254) (258)
Write off of Deferred Debt Issuance Cost 337 0
Equity in loss from joint ventures (5,384) (2,067)
Proceeds from Equity Method Investment, Distribution 0 1,300
Financing Receivable, Credit Loss, Expense (Reversal) 2,371 (407)
Depreciation and amortization 124,738 127,341
Amortization of deferred financing costs 6,657 6,449
Amortization of above/below market leases and tenant allowances, net (252) (456)
Share-based Payment Arrangement, Noncash Expense 10,494 13,153
share based compensation included in severance expense 1,598 304
Increase (Decrease) in Operating Lease Assets and Liabilities, Net (975) 273
Mortgage notes accrued interest receivable (2,720) (497)
Accounts receivable (16,129) (1,311)
Other assets (7,176) (4,588)
Accounts payable and accrued liabilities 12,031 14,261
Increase (Decrease) in Deferred Revenue 2,681 21,687
Net cash provided by operating activities 300,199 370,092
Investing activities:    
Payments to Acquire Productive Assets 42,388 47,807
Proceeds from Sale of Productive Assets 65,149 34,957
Payments to Acquire Interest in Subsidiaries and Affiliates (186) (4,259)
Investment in mortgage notes receivable (88,577) (17,563)
Proceeds from Sale and Collection of Mortgage Notes Receivable 457 408
Investment in promissory notes receivable 0 3,025
Proceeds from promissory note receivable paydown 1,289 1,178
Additions to properties under development (81,386) (60,922)
Net cash used by investing activities (145,642) (97,033)
Financing activities:    
Proceeds from long-term debt facilities 214,000 0
Repayments of Long-Term Debt (181,638) 0
Deferred financing fees paid 0 (369)
Proceeds from (Payments for) Other Financing Activities (9,534) 0
Net proceeds from issuance of common shares 589 483
Purchase of common shares for treasury (11,375) (3,696)
Dividends paid to shareholders (209,193) (204,145)
Net cash used by financing activities (197,151) (207,727)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (67) (22)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (42,661) 65,310
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 38,320 175,821
Cash and Cash Equivalents, at Carrying Value 35,328 172,953
Restricted Cash and Cash Equivalents 2,992 2,868
Supplemental schedule of non-cash activity:    
Transfer of property under development to rental property 111,805 30,340
Real Estate Owned, Transfer from Real Estate Owned 0 1,321
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses 21,325 25,431
Supplemental disclosure of cash flow information:    
Interest Paid, Excluding Capitalized Interest, Operating Activities 81,222 80,144
Cash paid during the period for income taxes 1,471 1,228
Interest cost capitalized 2,304 2,486
Change in accrued capital expenditures (13,731) (5,981)
Net income $ 154,461 $ 127,517
v3.24.3
Organization
 9 Months Ended
Sep. 30, 2024
Organization [Abstract]  
Organization Organization
Description of Business
EPR Properties (the Company) was formed on August 22, 1997 as a Maryland real estate investment trust (REIT), and an initial public offering of the Company's common shares of beneficial interest (common shares) was completed on November 18, 1997. Since that time, the Company has been a leading diversified experiential net lease REIT specializing in select enduring experiential properties. The Company's underwriting is centered on key industry and property cash flow criteria, as well as the credit metrics of the Company's tenants and customers. The Company’s properties are located in the United States (U.S.) and Canada.
v3.24.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies and Recently Issued Accounting Standards
Basis of Presentation
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the nine-month period ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Amounts as of December 31, 2023 have been derived from the audited Consolidated Financial Statements as of that date and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (SEC) on February 29, 2024.

The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The equity method of accounting is applied to joint venture entities in which the Company is not the primary beneficiary as defined in the FASB ASC Topic on Consolidation (Topic 810) but can exercise influence over the entity with respect to its operations and major decisions.

The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. The primary beneficiary generally is defined as the party with the controlling financial interest. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. As of September 30, 2024 and December 31, 2023, the Company does not have any investments in consolidated VIEs.

Deferred Financing Costs
Deferred financing costs are amortized over the terms of the related debt obligations, as applicable. Deferred financing costs of $20.6 million and $25.1 million as of September 30, 2024 and December 31, 2023, respectively, are shown as a reduction of "Debt" in the accompanying consolidated balance sheets. The deferred financing costs related to the unsecured revolving credit facility of $11.2 million and $4.1 million as of September 30, 2024 and December 31, 2023, respectively, are included in "Other assets" in the accompanying consolidated balance sheets.

Rental Revenue
The Company leases real estate to its tenants under leases classified as operating leases. The Company's leases generally provide for rent escalations throughout the lease terms. Rents that are fixed are recognized on a straight-line basis over the lease term. Base rent escalations that include a variable component are recognized upon the occurrence of the specified event as defined in the Company's lease agreements. Many of the Company's leasing
arrangements include options to extend the lease, which are not included in the minimum lease terms unless the option is reasonably certain to be exercised. Straight-line rental revenue is subject to an evaluation for collectibility, and the Company records a direct write-off against rental revenue if collectibility of these future rents is not probable. During the nine months ended September 30, 2024 and 2023 the Company recognized straight-line write-offs totaling $0.1 million and $0.6 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recognized $13.3 million and $7.7 million, respectively, of straight-line rental revenue, net of write-offs.

Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments to third parties for lessor costs (such as property taxes and insurance) associated with the properties. In accordance with Topic 842, the Company does not include these lessee payments to third parties in rental revenue or property operating expenses. In certain situations, the Company pays these lessor costs directly to third parties and the tenants reimburse the Company. In accordance with Topic 842, these payments are presented on a gross basis in rental revenue and property operating expense. During the nine months ended September 30, 2024 and 2023, the Company recognized $1.4 million for both periods, in tenant reimbursements related to the gross-up of these reimbursed expenses that are included in rental revenue.

Certain of the Company's leases, particularly at its entertainment districts, require the tenants to make payments to the Company for property-related expenses such as common area maintenance. In accordance with Topic 842, the Company has elected to combine these non-lease components with the lease components in rental revenue. For the nine months ended September 30, 2024 and 2023, the amounts due for non-lease components included in rental revenue totaled $13.7 million and $14.8 million, respectively.

In addition, most of the Company's tenants are subject to additional rents (above base rents) if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents are recognized at the time when specified triggering events occur as provided by the lease agreement. Rental revenue included percentage rents of $9.8 million and $6.0 million for the nine months ended September 30, 2024 and 2023, respectively.

The Company regularly evaluates the collectibility of its receivables on a lease-by-lease basis. The evaluation primarily consists of reviewing past due account balances and considering such factors as the credit quality of the Company's tenants, historical trends of the tenant, current economic conditions and changes in customer payment terms. When the collectibility of lease receivables or future lease payments are no longer probable, the Company records a direct write-off of the receivable to rental revenue and recognizes future rental revenue on a cash basis.

Mortgage Notes and Other Notes Receivable
Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower less allowance for credit loss. Interest income is recognized using the effective interest method over the estimated life of the note. Interest income includes both the stated interest and the amortization or accretion of premiums or discounts (if any).

The Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables related to its mortgage notes and notes receivable. Accordingly, if accrued interest receivable is deemed to be uncollectible, the Company will record any necessary write-offs as a reversal of interest income. There were no accrued interest write-offs for the nine months ended September 30, 2024 and 2023. As of September 30, 2024, the Company believes that all outstanding accrued interest is collectible.

In the event the Company has a past due mortgage note or note receivable that the Company determines is collateral-dependent, the Company measures expected credit losses based on the fair value of the collateral with the credit allowance being the difference between the outstanding principal balance of the notes and the estimated fair value. As of September 30, 2024, the Company does not have any mortgage notes or notes receivable with past due principal balances. See Note 6 for further discussion of mortgage notes and notes receivable for which the Company elected to apply the collateral-dependent practical expedient.
Concentrations of Risk
Topgolf USA (Topgolf), American-Multi Cinema, Inc. (AMC) and Regal Cinemas (Regal), a subsidiary of Cineworld Group, represented a significant portion of the Company's total revenue for the nine months ended September 30, 2024 and 2023. The following is a summary of the Company's total revenue derived from rental or interest payments from Topgolf, AMC and Regal (dollars in thousands):
Nine Months Ended September 30,
20242023
Total Revenue% of Company's Total RevenueTotal Revenue% of Company's Total Revenue
Topgolf$74,657 14.3 %$72,227 13.5 %
AMC70,662 13.6 %70,915 13.3 %
Regal57,677 11.1 %84,818 15.9 %

Impact of Recently Issued Accounting Standards
In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 31, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the Company's financial statements and related disclosures.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU enhances annual income tax disclosures by requiring entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, the ASU requires annual disclosure of income taxes paid disaggregated by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024 on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the Company's financial statements and related disclosures.
v3.24.3
Rental Properties
 9 Months Ended
Sep. 30, 2024
Real Estate [Abstract]  
Rental Properties Real Estate Investments
The following table summarizes the carrying amounts of real estate investments as of September 30, 2024 and December 31, 2023 (in thousands):
September 30, 2024December 31, 2023
Buildings and improvements$4,697,894 $4,609,050 
Furniture, fixtures & equipment119,112 115,596 
Land1,235,500 1,219,943 
Leasehold interests28,453 28,453 
6,080,959 5,973,042 
Accumulated depreciation(1,546,509)(1,435,683)
Total$4,534,450 $4,537,359 
Depreciation expense on real estate investments was $121.9 million and $119.8 million for the nine months ended September 30, 2024 and 2023, respectively.
v3.24.3
Investments and Dispositions
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Investments Investments and Dispositions
The Company's investment spending during the nine months ended September 30, 2024 totaled $214.6 million, and included $52.0 million for the financing of a fitness & wellness property in Colorado, $33.4 million for the acquisition of an attraction property in New York and $19.9 million for the acquisition and financing of land for three build-to-suit eat & play developments in Illinois, Kansas and Oklahoma. Investment spending for the nine months ended September 30, 2024 also included experiential build-to-suit development and redevelopment projects.

During the nine months ended September 30, 2024, the Company completed the sale of two cultural properties, six vacant theatre properties, one leased theatre property and one vacant early childhood education center for net proceeds totaling $65.1 million and recognized a net gain on sale totaling $16.0 million.
v3.24.3
Receivables, Loans, Notes Receivable, and Others
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Financing Receivables Investment in Mortgage Notes and Notes Receivable
The Company measures expected credit losses on its mortgage notes and notes receivable on an individual basis because its financial instruments do not have similar risk characteristics. The Company uses a forward-looking commercial real estate loss forecasting tool to estimate its current expected credit losses (CECL) for each of its mortgage notes and notes receivable on a loan-by-loan basis. As of September 30, 2024, the Company did not anticipate any prepayments. Therefore, the contractual terms of its mortgage notes and notes receivable were used for the calculation of the expected credit losses. The Company updates the model inputs at each reporting period to reflect, if applicable, any newly originated loans, changes to loan specific information on existing loans and current macroeconomic conditions. The CECL allowance is a valuation account that is deducted from the related mortgage note or note receivable. Effective January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures.

Certain of the Company’s mortgage notes and notes receivable include commitments to fund future incremental amounts to its borrowers. These future funding commitments are also subject to the CECL model. The CECL allowance related to future funding is recorded as a liability and is included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets.

Investment in mortgage notes, including related accrued interest receivable, was $657.6 million and $569.8 million at September 30, 2024 and December 31, 2023, respectively. Investment in notes receivable, including related accrued interest receivable, was $3.4 million and $3.9 million at September 30, 2024 and December 31, 2023, respectively, and is included in "Other assets" in the accompanying consolidated balance sheets.

At September 30, 2024, one of the Company's mortgage notes receivable and two of the Company's notes receivable are considered collateral-dependent and expected credit losses are based on the fair value of the underlying collateral
with the credit allowance being the difference between the outstanding principal balance of the notes and the estimated fair value at the reporting date. The Company assessed the fair value of the collateral as of September 30, 2024 on the mortgage note receivable and the notes receivable. The mortgage note receivable has a carrying amount at September 30, 2024 of approximately $10.4 million net of an allowance for credit loss totaling $0.4 million. The two notes receivable remain fully reserved with an allowance for credit loss totaling $6.9 million and $1.9 million, respectively, which represents the outstanding principal balances of the notes as of September 30, 2024. Income from these borrowers is recognized on a cash basis. During the nine months ended September 30, 2024 and 2023, the Company received cash basis interest payments of $0.7 million for each period from the mortgage note receivable borrower and $0.7 million for each period from one of the note receivable borrowers. During the nine months ended September 30, 2024 and 2023, the Company received principal payments totaling $0.8 million and $0.7 million, respectively, from one of the note receivable borrowers.

At September 30, 2024, the Company's investment in one of the notes receivable was a variable interest investment and the underlying entity is a VIE. The Company is not the primary beneficiary of this VIE because the Company does not individually have the power to direct the activities that are most significant to the entity and, accordingly, this investment is not consolidated. The Company's maximum exposure to loss associated with this VIE is limited to the Company's outstanding note receivable in the amount of $6.9 million, which is fully reserved in the allowance for credit losses at September 30, 2024.

The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and notes receivable for the nine months ended September 30, 2024 (in thousands):
Mortgage notes receivableUnfunded commitments - mortgage notes receivableNotes receivableUnfunded commitments - notes receivableTotal
Allowance for credit losses at December 31, 2023$3,656 $1,072 $9,687 $— $14,415 
Provision (benefit) for credit losses, net2,970 276 (875)— 2,371 
Charge-offs— — — — — 
Recoveries— — — — — 
Allowance for credit losses at September 30, 2024
$6,626 $1,348 $8,812 $— $16,786 
v3.24.3
Accounts Receivable, Net
 9 Months Ended
Sep. 30, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable, Net Accounts Receivable
The following table summarizes the carrying amounts of accounts receivable as of September 30, 2024 and December 31, 2023 (in thousands):
September 30, 2024December 31, 2023
Receivable from tenants$3,370 $7,298 
Receivable from non-tenants (1)6,966 824 
Straight-line rent receivable69,390 55,533 
Total$79,726 $63,655 

(1) Receivable from non-tenants includes a payment of $5.9 million made to the City of Kansas City, Missouri under protest related to an assessment of tax years ending December 31, 2018 through 2022. The City has denied the Company’s necessary deduction for dividends paid for each of these years resulting in assessment of additional tax, penalties and interest. The Company filed a lawsuit and demanded a refund of the $5.9 million payment during the nine months ended September 30, 2024. The Company has entered into discussions with City representatives to resolve this matter. Although there can be no assurances, based on the discussions and the Company's position in the lawsuit, the Company believes that it is more likely than not that the payment will be refunded.

As of September 30, 2024, as a result of the COVID-19 pandemic, the Company continues to recognize revenue on a cash basis for AMC and two other tenants, one of which has deferred rent from this period that is not booked as a
receivable of approximately $11.5 million. The Company has collected all deferred receivables from accrual basis tenants that were deferred due to the COVID-19 pandemic. During the nine months ended September 30, 2024 and 2023, the Company collected $0.6 million and $35.7 million, respectively, in deferred rent and interest from cash basis customers and from customers for which the deferred payments were not previously recognized as revenue.
v3.24.3
Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Long-term Debt [Text Block]
On July 3, 2024, the Company amended its Third Amended, Restated and Consolidated Credit Agreement, which governs its unsecured revolving credit facility, to incorporate the Canadian Overnight Repo Rate Average (CORRA) as a replacement index rate benchmark with respect to loans denominated in Canadian Dollars (CAD) as the Canadian Dollar Offered Rate (CDOR) has been phased out.

On August 22, 2024, the Company repaid its $136.6 million Series A unsecured private placement notes due 2024, using funds available under its $1.0 billion senior unsecured revolving credit facility.

On September 19, 2024, the Company entered into the Fourth Amended, Restated and Consolidated Credit Agreement (the Amended Credit Agreement) providing for a new amended and restated senior unsecured revolving credit facility. The Amended Credit Agreement amended, restated and replaced the Company's prior senior unsecured revolving credit facility provided under the Third Amended, Restated and Consolidated Credit Agreement. The amendments to the prior facility, among other things: (i) extended the maturity date of the revolving credit facility; (ii) generally reduced the interest rate payable on outstanding loans; (iii) eliminated the tangible net worth covenant; (iv) modified the secured debt to total assets financial covenant to permit increased secured debt if the Company so elects; and (v) modified and simplified the capitalization rates used to value assets under the facility.

The Amended Credit Agreement provides for an initial maximum principal amount of $1.0 billion, which includes a $100.0 million letter-of-credit subfacility and a $300.0 million foreign currency revolving credit subfacility. The new credit facility contains an "accordion" feature under which the Company may increase the total maximum principal amount available by $1.0 billion, to a total of $2.0 billion, subject to lender consent. The new credit facility matures on October 2, 2028. The Company has two options to extend the maturity date of the new credit facility by an additional six months each (for a total of 12 months), subject to applicable fees and the absence of any default. The unsecured revolving credit facility bears interest at a floating rate of SOFR plus 1.15% (based on our unsecured debt ratings and with a SOFR floor of zero), which was 5.98% at September 30, 2024. Additionally, the facility fee on the revolving credit facility is 0.25%.

In connection with entering into the Amended Credit Agreement, the Company incurred $9.0 million in fees that were capitalized in deferred financing costs and amortized as part of the effective yield. These fees are included in "Other assets" in the accompanying consolidated balance sheet as of September 30, 2024. During the nine months ended September 30, 2024, the Company also recorded a non-cash write-off of deferred financing costs (net of accumulated amortization), totaling $0.3 million to "Costs associated with loan refinancing or payoff" in connection with entering into the Amended Credit Agreement.
v3.24.3
Unconsolidated Real Estate Joint Ventures (Notes)
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments and Joint Ventures Disclosure [Text Block] Unconsolidated Real Estate Joint Ventures
The following table summarizes the Company's investments in unconsolidated joint ventures as of September 30, 2024 and December 31, 2023 (in thousands):
Investment as of
(Loss) Income for the Nine Months Ended
Property TypeLocationOwnership InterestSeptember 30, 2024December 31, 2023September 30, 2024September 30, 2023
Experiential lodgingSt. Pete Beach, FL65 %(1)$— $14,727 $(2,597)$(835)
Experiential lodgingWarrens, WI95 %(2)10,271 9,945 325 300 
Experiential lodgingBreaux Bridge, LA85 %(3)16,530 18,996 (2,651)(1,383)
Experiential lodgingHarrisville, PA62 %(4)5,625 6,086 (461)(149)
TheatresChinavarious— — — — 
$32,426 $49,754 $(5,384)$(2,067)

(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 September 30, 2024. The maturity date of this mortgage loan is May 18, 2025. The mortgage loan bears interest at SOFR plus 3.65%, with monthly interest payments required. The joint venture has an interest rate cap agreement to limit the variable portion of the interest rate (SOFR) on this note to 3.5% from June 1, 2024 to December 1, 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 plans to work 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 will result in the eventual removal of both experiential properties from the Company's portfolio. Accordingly, the Company determined that its investment in these joint ventures had no fair value and was not recoverable, and during the third quarter of 2024, recognized $12.1 million in other-than-temporary impairment charges on joint ventures related to these equity investments.

(2) 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 property 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 $23.7 million at September 30, 2024. The maturity date of this mortgage loan is September 15, 2031. The loan bears interest at an annual fixed rate of 4.00% with monthly interest payments required.

(3) 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 property and the other that holds the lodging operations, which are facilitated by a management agreement. The joint venture that holds the real estate property has a secured non-recourse senior mortgage loan of $38.5 million at September 30, 2024. The maturity date of this mortgage loan is March 8, 2034. The mortgage loan bears interest at an annual fixed rate of 3.85% through April 7, 2025 and increases to 4.25% from April 8, 2025 through maturity. Monthly interest payments are required. Additionally, the Company provided a subordinated loan to the joint venture for $11.3 million with a maturity date of March 8, 2034. The mortgage loan bears interest at an annual fixed rate of 7.25% through the sixth anniversary and increases to SOFR plus 7.20% with a cap of 8.00%, through maturity.
(4) The Company has a 92% equity investment in two separate unconsolidated real estate joint ventures, that through subsequent joint ventures (described below), hold the investments in the real estate of the experiential lodging property and the lodging operations, which are facilitated by a management agreement. The Company's investments in these two unconsolidated real estate joint ventures were considered to be variable interest investments and the Company's investment in the joint venture that holds the lodging operations is a VIE. The Company is not the primary beneficiary of the VIE because the Company does not individually have the power to direct the activities that are most important to the joint venture and, accordingly, this investment is not consolidated. Other than the guarantee described below, the Company's maximum exposure to loss is limited to its initial investment, which was nominal.

The Company's investments in the two unconsolidated real estate joint ventures (representing 92% of each joint venture's equity) have a 67% equity interest in two separate consolidated joint ventures, one that holds the investments in the real estate of the experiential lodging property and the other that holds the lodging operations, which are facilitated by a management agreement. The consolidated joint venture that holds the real estate property has a secured non-recourse senior mortgage loan commitment of up to $22.5 million at September 30, 2024 in order to fund renovations, with $19.0 million outstanding at September 30, 2024. The maturity date of this mortgage loan is November 1, 2029. The mortgage loan bears interest at an annual fixed rate of 6.38% with monthly interest payments required. The Company has guaranteed $10.0 million in principal on the secured mortgage loan, and, upon completion of construction and achieving a specified debt service coverage ratio, the principal guarantee will be reduced to $5.0 million. The guarantee will be removed completely upon achievement of specified debt service coverage for three consecutive calculation periods. Additionally, the Company has guaranteed the completion of the renovations in the amount of approximately $13.9 million, with $2.1 million remaining to fund at September 30, 2024.
v3.24.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2024
Summary of Derivative Instruments [Abstract]  
Derivative Instruments Derivative Instruments
All derivatives are recognized at fair value in the consolidated balance sheets within the line items "Other assets" and "Accounts payable and accrued liabilities" as applicable. The Company has elected not to offset its derivative position for purposes of balance sheet presentation and disclosure. The Company had derivative assets of $0.5 million and $1.3 million at September 30, 2024 and December 31, 2023, respectively. The Company had derivative liabilities of $1.9 million and $4.9 million at September 30, 2024 and December 31, 2023, respectively. The Company has not posted or received collateral with its derivative counterparties as of September 30, 2024 or December 31, 2023. See Note 11 for disclosures relating to the fair value of the derivative instruments.

Risk Management Objective of Using Derivatives
The Company is exposed to certain risk arising from both its business operations and economic conditions, including the effect of changes in foreign currency exchange rates on foreign currency transactions and interest rates on its SOFR-based borrowings. The Company manages this risk by following established risk management policies and procedures including the use of derivatives. The Company’s objective in using derivatives is to add stability to reported earnings and to manage its exposure to foreign exchange and interest rate movements or other identified risks. To accomplish this objective, the Company primarily uses interest rate swaps, cross-currency swaps and foreign currency forwards.

Cash Flow Hedges of Interest Rate Risk
The Company uses interest rate swaps as its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt or payment of variable-rate amounts from a counterparty, which results in the Company recording net interest expense that is fixed over the life of the agreements without exchange of the underlying notional amount.
At September 30, 2024, the Company had one interest rate swap agreement designated as a cash flow hedge of interest rate risk. The interest rate swap agreement outstanding as of September 30, 2024 is summarized below:

Fixed rateNotional Amount (in millions)IndexMaturity
2.5325%$25.0 USD SOFRSeptember 30, 2026

The change in the fair value of interest rate derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction.

Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of September 30, 2024, the Company estimates that during the twelve months ending September 30, 2025, $17 thousand of losses will be reclassified from AOCI to interest expense.

Cash Flow Hedges of Foreign Exchange Risk
The Company is exposed to foreign currency exchange risk against its functional currency, USD, on CAD denominated cash flow from its six Canadian properties. The Company uses cross-currency swaps to mitigate its exposure to fluctuations in the USD-CAD exchange rate on cash inflows associated with these properties, which should hedge a significant portion of the Company's expected CAD denominated cash flows. As of September 30, 2024, the Company had the following cross-currency swaps:
Fixed rateNotional Amount (in millions, CAD)Annual Cash Flow (in millions, CAD)Maturity
$1.26 CAD per USD
$150.0 $10.8 October 1, 2024
$1.28 CAD per USD
200.0 4.5 October 1, 2024
$1.30 CAD per USD
90.0 8.1 December 1, 2024
$440.0 $23.4 

On September 17, 2024, the Company entered into six USD-CAD cross-currency swaps that will be effective October 1, 2024 with a total fixed original notional value of $170.0 million CAD and $125.0 million USD. The net effect of these swaps is to lock in an exchange rate of $1.35 CAD per USD on approximately $15.3 million annual CAD denominated cash flows through December 2026.

Additionally, on September 17, 2024, the Company entered into two USD-CAD cross-currency swaps that will be effective December 1, 2024 with a total fixed original notional value of $90.0 million CAD and $66.2 million USD. The net effect of these swaps is to lock in an exchange rate of $1.35 CAD per USD on approximately $8.1 million annual CAD denominated cash flows through December 2026.

The change in the fair value of foreign currency derivatives designated and that qualify as cash flow hedges of foreign exchange risk is recorded in AOCI and reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction. As of September 30, 2024, the Company estimates that during the twelve months ending September 30, 2025, $83 thousand of losses will be reclassified from AOCI to other income.
Net Investment Hedges
The Company is exposed to fluctuations in the USD-CAD exchange rate on its net investments in Canada. As such, the Company uses currency forward agreements to manage its exposure to changes in foreign exchange rates on certain of its foreign net investments. As of September 30, 2024, the Company had the following foreign currency forwards designated as net investment hedges:
Fixed rateNotional Amount (in millions, CAD)Maturity
$1.35 CAD per USD
$200.0 October 1, 2025
$1.35 CAD per USD
90.0 December 1, 2025
Total$290.0 

For qualifying foreign currency derivatives designated as net investment hedges, the change in the fair value of the derivatives is reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with the Company's accounting policy election. The earnings recognition of excluded components are presented in other income.

Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three and nine months ended September 30, 2024 and 2023.
Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (Dollars in thousands)
 Three Months Ended September 30,Nine Months Ended September 30,
Description2024202320242023
Cash Flow Hedges
Interest Rate Swaps
Amount of (Loss) Gain Recognized in AOCI on Derivative$(503)$218 $(132)$436 
Amount of Income Reclassified from AOCI into Earnings (1)189 178 551 463 
Cross-Currency Swaps
Amount of (Loss) Gain Recognized in AOCI on Derivative (415)467 39 11 
Amount of Income Reclassified from AOCI into Earnings (2)257 196 770 637 
Net Investment Hedges
Currency Forward Agreements
Amount of (Loss) Gain Recognized in AOCI on Derivative (2,556)4,545 3,419 599 
Total
Amount of (Loss) Gain Recognized in AOCI on Derivatives $(3,474)$5,230 $3,326 $1,046 
Amount of Income Reclassified from AOCI into Earnings 446 374 1,321 1,100 
Interest expense, net in accompanying consolidated statements of income and comprehensive income $32,867 $31,208 $97,338 $94,521 
Other income in accompanying consolidated statements of income and comprehensive income $17,419 $14,422 $43,874 $33,879 
(1) Included in "Interest expense, net" in the accompanying consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2024 and 2023.
(2) Included in "Other income" in the accompanying consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2024 and 2023.

Credit-risk-related Contingent Features
The Company has an agreement with its interest rate derivative counterparty that contains a provision where if the Company defaults on any of its obligations for borrowed money or credit in an amount exceeding $50.0 million and such default is not waived or cured within a specified period of time, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its interest rate derivative agreements.

As of September 30, 2024, the fair value of the Company's derivatives in a liability position related to these agreements was $1.9 million. If the Company breached any of the contractual provisions of these derivative contracts, it would be required to settle its obligations under the agreements at their termination value of $1.8 million, after considering the right of offset. As of September 30, 2024, the Company had not posted any collateral related to these agreements and was not in breach of any provisions in these agreements.
v3.24.3
Fair Value Disclosures
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
The Company has certain financial instruments that are required to be measured under the FASB’s Fair Value Measurement guidance. The Company currently does not have any non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

Derivative Financial Instruments
The Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives also use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of September 30, 2024, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives and therefore, classified its derivatives as Level 2 within the fair value reporting hierarchy.

The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type.

Assets and Liabilities Measured at Fair Value on a Recurring Basis at
September 30, 2024 and December 31, 2023
(Dollars in thousands)
DescriptionQuoted Prices in Active Markets for Identical Assets (Level I)Significant Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)		Balance at
end of period
September 30, 2024
Cross-Currency Swaps (1)$— $37 $— $37 
Cross-Currency Swaps (2)— (385)— (385)
Currency Forward Agreements (2)— (1,489)— (1,489)
Interest Rate Swap Agreements (1)— 477 — 477 
December 31, 2023
Cross-Currency Swaps (1)$— $384 $— $384 
Currency Forward Agreements (2)— (4,908)— (4,908)
Interest Rate Swap Agreements (1)— 876 — 876 
(1) Included in "Other assets" in the accompanying consolidated balance sheets.
(2) Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets.
Non-recurring fair value measurements
The table below presents the Company's assets measured at fair value on a non-recurring basis as of September 30, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements are classified.
Assets Measured at Fair Value on a Non-Recurring Basis at September 30, 2024 and December 31, 2023
(Dollars in thousands)
DescriptionQuoted Prices in
Active Markets
for Identical
Assets (Level I)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)		Balance at
end of period
September 30, 2024
Real estate investments, net (1)$— $— $6,500 $6,500 
Investment in joint ventures (2)— — — — 
December 31, 2023
Real estate investments, net (3)$— $— $39,150 $39,150 

(1) As further discussed in Note 4, during the nine months ended September 30, 2024, the Company recorded an impairment charge of $11.8 million related to real estate investments, net, on one property. Management estimated the fair value of this investment taking into account various factors, including an independent appraisal, shortened hold period and market conditions. The significant inputs and assumptions used in the real estate appraisal included land valued at approximately $475 thousand per acre less demolition costs of approximately $13.91 per square foot of building. These measurements were classified within Level 3 of the fair value hierarchy because many of the assumptions were not observable.

(2) As further discussed in Note 9, during the nine months ended September 30, 2024, the Company recorded impairment charges of $12.1 million related to its investment in two unconsolidated real estate joint ventures that own two experiential lodging properties located in St. Pete Beach, Florida. Management estimated the fair value of these investments, taking into account various factors including implied asset value changes based on discounted cash flow projections and current market conditions. The Company determined, based on the inputs, that its valuation of investment in joint ventures was classified within Level 3 of the fair value hierarchy as many of the assumptions were not observable.

(3) During the year ended December 31, 2023, the Company recorded an impairment charge of $67.4 million related to real estate investments, net, on 12 properties. Management estimated the fair values of these investments taking into account various factors including independent appraisals, shortened hold periods and market conditions. The significant inputs and assumptions used in the real estate appraisals included market rents ranging from $4.50 per square foot to $20.00 per square foot, discount rates ranging from 8.50% to 11.50% and terminal capitalization rates ranging from 7.75% to 10.25%. These measurements were classified within Level 3 of the fair value hierarchy because many of the assumptions were not observable.

Fair Value of Financial Instruments
The following methods and assumptions were used by the Company to estimate the fair value of each class of financial instruments at September 30, 2024 and December 31, 2023:

Mortgage notes receivable and related accrued interest receivable, net:
The fair value of the Company’s mortgage notes and related accrued interest receivable, net, is estimated by discounting the future cash flows of each instrument using current market rates. At September 30, 2024, the Company had a carrying value of $657.6 million in fixed-rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 8.78%. The fixed-rate mortgage notes bear interest at rates of 6.50% to 12.50%. Discounting the future cash flows for fixed-rate mortgage notes receivable using rates of 6.50% to 10.90%, management estimates the fair value of the fixed-rate mortgage notes receivable to be approximately $693.9 million with an estimated weighted average market rate of 8.01% at September 30, 2024.
At December 31, 2023, the Company had a carrying value of $569.8 million in fixed-rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 8.82%. The fixed-rate mortgage notes bear interest at rates of 6.99% to 12.32%. Discounting the future cash flows for fixed-rate mortgage notes receivable using rates of 7.15% to 10.25%, management estimates the fair value of the fixed-rate mortgage notes receivable to be $611.2 million with an estimated weighted average market rate of 7.84% at December 31, 2023.

Derivative instruments:
Derivative instruments are carried at their fair value.

Debt instruments:
The fair value of the Company's debt is estimated by discounting the future cash flows of each instrument using current market rates. At September 30, 2024, the Company had a carrying value of $194.0 million in variable-rate debt outstanding with an average interest rate of approximately 5.85%. The carrying value of the variable-rate debt outstanding approximated the fair value at September 30, 2024.

At December 31, 2023, the Company had a carrying value of $25.0 million in variable-rate debt outstanding with an interest rate of approximately 5.48%. The carrying value of the variable-rate debt outstanding approximated the fair value at December 31, 2023.

At both September 30, 2024 and December 31, 2023, the $25.0 million of variable-rate debt outstanding, discussed above, had been effectively converted to a fixed rate by an interest rate swap agreement. See Note 10 for additional information related to the Company's interest rate swap agreement.

At September 30, 2024, the Company had a carrying value of $2.68 billion in fixed-rate long-term debt outstanding with a weighted average interest rate of approximately 4.34%. Discounting the future cash flows for fixed-rate debt using September 30, 2024 market rates of 5.03% to 5.52%, management estimates the fair value of the fixed rate debt to be approximately $2.58 billion with an estimated weighted average market rate of 5.21% at September 30, 2024.

At December 31, 2023, the Company had a carrying value of $2.82 billion in fixed-rate long-term debt outstanding with a weighted average interest rate of approximately 4.34%. Discounting the future cash flows for fixed-rate debt using December 31, 2023 market rates of 6.46% to 6.70%, management estimates the fair value of the fixed rate debt to be approximately $2.58 billion with an estimated weighted average market rate of 6.60% at December 31, 2023.
Assets Measured At Fair Value On A Recurring Basis
The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type.

Assets and Liabilities Measured at Fair Value on a Recurring Basis at
September 30, 2024 and December 31, 2023
(Dollars in thousands)
DescriptionQuoted Prices in Active Markets for Identical Assets (Level I)Significant Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)		Balance at
end of period
September 30, 2024
Cross-Currency Swaps (1)$— $37 $— $37 
Cross-Currency Swaps (2)— (385)— (385)
Currency Forward Agreements (2)— (1,489)— (1,489)
Interest Rate Swap Agreements (1)— 477 — 477 
December 31, 2023
Cross-Currency Swaps (1)$— $384 $— $384 
Currency Forward Agreements (2)— (4,908)— (4,908)
Interest Rate Swap Agreements (1)— 876 — 876 
(1) Included in "Other assets" in the accompanying consolidated balance sheets.
(2) Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets.
Fair Value Measurements, Nonrecurring [Table Text Block]
The table below presents the Company's assets measured at fair value on a non-recurring basis as of September 30, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements are classified.
Assets Measured at Fair Value on a Non-Recurring Basis at September 30, 2024 and December 31, 2023
(Dollars in thousands)
DescriptionQuoted Prices in
Active Markets
for Identical
Assets (Level I)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)		Balance at
end of period
September 30, 2024
Real estate investments, net (1)$— $— $6,500 $6,500 
Investment in joint ventures (2)— — — — 
December 31, 2023
Real estate investments, net (3)$— $— $39,150 $39,150 
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands except per share information):
 Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
 Income
(numerator)		Shares
(denominator)		Per Share
Amount		Income
(numerator)		Shares
(denominator)		Per Share
Amount
Basic EPS:
Net income$46,650 $154,461 
Less: preferred dividend requirements(6,032)(18,104)
Net income available to common shareholders$40,618 75,723 $0.54 $136,357 75,604 $1.80 
Diluted EPS:
Net income available to common shareholders$40,618 75,723 $136,357 75,604 
Effect of dilutive securities:
Performance shares— 385 — 341 
Net income available to common shareholders$40,618 76,108 $0.53 $136,357 75,945 $1.80 

 Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
 Income
(numerator)		Shares
(denominator)		Per Share
Amount		Income
(numerator) 		Shares
(denominator)		Per Share
Amount
Basic EPS:
Net income$56,260 $127,517 
Less: preferred dividend requirements (6,032)(18,105)
Net income available to common shareholders$50,228 75,325 $0.67 $109,412 75,236 $1.45 
Diluted EPS:
Net income available to common shareholders$50,228 75,325 $109,412 75,236 
Effect of dilutive securities:
Share options and performance shares— 491 — 419 
Net income available to common shareholders$50,228 75,816 $0.66 $109,412 75,655 $1.45 

The effect of the potential common shares from the conversion of the Company’s convertible preferred shares and from the exercise of share options are included in diluted earnings per share if the effect is dilutive. Potential common shares from the performance shares are included in diluted earnings per share upon the satisfaction of certain performance and market conditions. These conditions are evaluated at each reporting period and, if the conditions have been satisfied during the reporting period, the number of contingently issuable shares are included in the computation of diluted earnings per share.

The following shares have been excluded from the calculation of diluted earnings per share because they are anti-dilutive, or in the case of contingently issuable performance shares, are not probable of issuance:
•The additional 2.3 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for both the three and nine months ended September 30, 2024 and 2023.
•The additional 1.7 million common shares that would result from the conversion of the Company’s 9.0% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for both the three and nine months ended September 30, 2024 and 2023.
•Outstanding options to purchase 57 thousand and 83 thousand common shares at per share prices ranging from $44.44 to $76.63 for the three and nine months ended September 30, 2024 and 2023, respectively.
•The effect of 116 thousand contingently issuable performance shares granted during 2024 for the three and nine months ended September 30, 2024.
v3.24.3
Compensation Related Costs, Retirement Benefits
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Retirement Benefits Retirement of Executive Vice President, General Counsel and SecretaryOn March 1, 2024, the Company's Executive Vice President, General Counsel and Secretary, Craig Evans, retired from the Company. Details of Mr. Evans' retirement are included in the previously disclosed Retirement and Release Agreement entered into between the Company and Mr. Evans. The role of General Counsel and Secretary was assumed by Paul Turvey upon Mr. Evans' retirement. For the nine months ended September 30, 2024, the Company recorded retirement and severance expense related to Mr. Evans' retirement, as well as the departure of another employee, totaling $1.8 million, which included cash payments totaling $0.2 million and accelerated vesting of nonvested shares totaling $1.6 million.
v3.24.3
Equity Incentive Plans
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Equity Incentive Plans Equity Incentive Plans
All grants of common shares and options to purchase common shares were issued under the Company's 2007 Equity Incentive Plan prior to May 12, 2016, and under the 2016 Equity Incentive Plan on and after May 12, 2016. Under the 2016 Equity Incentive Plan, an aggregate of 3,950,000 common shares, options to purchase common shares and restricted share units, subject to adjustment in the event of certain capital events, may be granted. Additionally, the 2020 Long Term Incentive Plan (2020 LTIP) is a sub-plan under the Company's 2016 Equity Incentive Plan. Under the 2020 LTIP, the Company awards performance shares and restricted shares to the Company's executive officers. At September 30, 2024, there were 860,060 shares available for grant under the 2016 Equity Incentive Plan.

Nonvested Shares
A summary of the Company’s nonvested share activity and related information is as follows:
Number of sharesWeighted avg. grant date fair valueWeighted avg. life remaining
Outstanding at December 31, 2023609,228 $44.44 
Granted290,271 41.96 
Vested(284,885)45.47 
Outstanding at September 30, 2024614,614 $42.79 1.11

The holders of nonvested shares have voting rights and receive dividends from the date of grant. The fair value of the nonvested shares that vested was $13.7 million and $8.7 million for the nine months ended September 30, 2024 and 2023, respectively. Expense recognized related to nonvested shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $5.2 million and $5.7 million for the nine months ended September 30, 2024 and 2023, respectively. Expense related to nonvested shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.7 million and $0.4 million for the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024, unamortized share-based compensation expense related to nonvested shares was $11.3 million.
Nonvested Performance Shares
A summary of the Company's nonvested performance share activity and related information is as follows:
Target Number of Performance SharesWeighted avg. grant date fair value (1)
Outstanding at December 31, 2023312,641 $70.04 
Granted116,266 44.76 
Vested (2)(102,438)75.14 
Outstanding at September 30, 2024
326,469 $59.44 
(1) The grant date fair value was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of the Company's future stock price over the three-year performance period for performance shares based on the Company's Total Shareholder Return (TSR) performance further described below and (ii) the Company's grant date fair value for performance shares based on the Company's estimated Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period.

(2) The achievement of the performance conditions for the performance shares granted during the year ended December 31, 2021 resulted in a performance payout percentage of 250% for both the Company's TSR relative to the TSRs of the Company's peer group companies and the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and a payout percentage of 200% for the Company's CAGR in AFFO per share over the three-year performance period. The achievement of the performance conditions and the above payout percentages resulted in the issuance of 243,290 common shares and 49,574 common shares from dividend equivalents. The fair value of the performance shares and dividend equivalents that vested was $12.6 million.

The number of common shares issuable upon settlement of the performance shares granted during the nine months ended September 30, 2024, 2023 and 2022 will be based upon the Company's achievement level relative to performance measures at December 31, 2026, 2025 and 2024, respectively. The achievement level for the performance shares granted during the nine months ended September 30, 2024 is 52.2% based upon the Company's TSR relative to the TSRs of the Company's peer group companies, 26.1% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 21.7% based upon the Company's estimated CAGR in AFFO per share over the three-year performance period. The achievement level for the performance shares granted during the years ended December 31, 2023 and 2022 is 50% based upon the Company's Total Shareholder Return (TSR) relative to the TSRs of the Company's peer group companies, 25% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 25% based upon the Company's Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period. The Company's achievement level relative to the performance measures is assigned a specific payout percentage, which is multiplied by a target number of performance shares.

The performance shares based on relative TSR performance have market conditions and are valued using a Monte Carlo simulation model on the grant date, which resulted in a grant date fair value of approximately $4.1 million and $5.9 million for the nine months ended September 30, 2024 and 2023, respectively. The estimated fair value is amortized to expense over the three-year performance periods, which end on December 31, 2026, 2025 and 2024 for performance shares granted in 2024, 2023 and 2022, respectively. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the performance shares with a market condition for the nine months ended September 30, 2024: risk-free interest rate of 4.5%, volatility factors in the expected market price of the Company's common shares of 30% and an expected life of approximately three years.

The performance shares based on growth in AFFO per share have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common stock on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost and any compensation cost previously recorded will be reversed. At September 30, 2024, achievement of the performance condition was deemed probable for the performance shares granted during the nine months ended September 30, 2022 with an expected payout percentage of 200%, which resulted in a grant
date fair value of approximately $2.3 million. Achievement of the performance condition for the performance shares granted during the nine months ended September 30, 2024 and 2023 was deemed not probable at September 30, 2024.

Expense recognized related to performance shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $4.0 million and $5.9 million for the nine months ended September 30, 2024 and 2023, respectively. Expense related to performance shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.9 million for the nine months ended September 30, 2024. At September 30, 2024, unamortized share-based compensation expense related to nonvested performance shares was $5.7 million.

The performance shares accrue dividend equivalents that are paid only if common shares are issued upon settlement of the performance shares. During the nine months ended September 30, 2024 and 2023, the Company accrued dividend equivalents expected to be paid on earned awards of $1.5 million and $1.3 million, respectively.

Restricted Share Units
A summary of the Company’s restricted share unit activity and related information is as follows:
Number of sharesWeighted avg. grant date fair valueWeighted avg. life remaining
Outstanding at December 31, 202342,048 $41.67 
Granted45,410 40.69 
Vested(42,048)41.67 
Outstanding at September 30, 202445,410 $40.69 0.67

The holders of restricted share units receive dividend equivalents from the date of grant. Total expense recognized related to shares issued to non-employee Trustees and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $1.3 million and $1.5 million for the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024, unamortized share-based compensation expense related to restricted share units was $1.3 million.
v3.24.3
Leases, Codification Topic 842
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Lessor, Operating Leases Operating Leases
The Company’s real estate investments are leased under operating leases. In addition to its lessor arrangements on its real estate investments, as of September 30, 2024 and December 31, 2023, the Company was lessee in 51 operating ground leases. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these ground leases. As of September 30, 2024, rental revenue from one of the Company's tenants, who are also sub-tenants under the ground leases, is being recognized on a cash basis. In most cases, the ground lease sub-tenants have continued to pay the rent under these ground leases, however, two of these properties do not currently have sub-tenants. In the event the tenant fails to pay the ground lease rent or if the property does not have a sub-tenant, the Company is primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. The Company is also the lessee in an operating lease of its executive office.
The following table summarizes rental revenue, including sublease arrangements and lease costs, for the three and nine months ended September 30, 2024 and 2023 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Classification2024202320242023
Operating leasesRental revenue$142,189 $155,689 $416,589 $446,454 
Sublease income - operating ground leasesRental revenue6,488 8,251 19,462 20,947 
Lease costs
Operating ground lease costProperty operating expense$6,531 $6,571 $19,617 $19,735 
Operating office lease costGeneral and administrative expense224 224 672 672 
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company groups its investments into two reportable operating segments: Experiential and Education.

The financial information summarized below is presented by reportable operating segment (in thousands):
Balance Sheet Data:
As of September 30, 2024
ExperientialEducationCorporate/UnallocatedConsolidated
Total Assets$5,227,247 $418,529 $43,386 $5,689,162 
As of December 31, 2023
ExperientialEducationCorporate/UnallocatedConsolidated
Total Assets$5,189,831 $433,177 $77,877 $5,700,885 
Operating Data:
Three Months Ended September 30, 2024
ExperientialEducationCorporate/UnallocatedConsolidated
Rental revenue$139,241 $9,436 $— $148,677 
Other income17,232 — 187 17,419 
Mortgage and other financing income
14,206 205 — 14,411 
Total revenue170,679 9,641 187 180,507 
Property operating expense
14,180 189 242 14,611 
Other expense15,631 — — 15,631 
Total investment expenses
29,811 189 242 30,242 
Net operating income - before unallocated items140,868 9,452 (55)150,265 
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense(11,935)
Transaction costs(175)
(Provision) benefit for credit losses, net770 
Depreciation and amortization(42,795)
Loss on sale of real estate(3,419)
Costs associated with loan refinancing or payoff(337)
Interest expense, net(32,867)
Equity in loss from joint ventures(851)
Impairment charges on joint ventures(12,130)
Income tax benefit124 
Net income46,650 
Preferred dividend requirements(6,032)
Net income available to common shareholders of EPR Properties$40,618 
Operating Data:
Three Months Ended September 30, 2023
ExperientialEducationCorporate/UnallocatedConsolidated
Rental revenue$153,953 $9,987 $— $163,940 
Other income14,275 — 147 14,422 
Mortgage and other financing income
10,810 212 — 11,022 
Total revenue179,038 10,199 147 189,384 
Property operating expense
14,144 156 292 14,592 
Other expense13,124 — — 13,124 
Total investment expenses
27,268 156 292 27,716 
Net operating income - before unallocated items151,770 10,043 (145)161,668 
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense(13,464)
Transaction costs(847)
(Provision) benefit for credit losses, net719 
Impairment charges(20,887)
Depreciation and amortization(42,432)
Gain on sale of real estate2,550 
Interest expense, net(31,208)
Equity in income from joint ventures533 
Income tax expense(372)
Net income56,260 
Preferred dividend requirements(6,032)
Net income available to common shareholders of EPR Properties$50,228 
v3.24.3
Other Commitments And Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Other Commitments And Contingencies Other Commitments and Contingencies
As of September 30, 2024, the Company had 13 development projects with commitments to fund an aggregate of approximately $144.1 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 September 30, 2024, the Company had five mortgage notes with commitments totaling approximately $73.1 million. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments.
In connection with construction of the Company's development projects and related infrastructure, certain public agencies require posting of surety bonds to guarantee that the Company's obligations will be satisfied. These bonds expire upon the completion of the improvements or infrastructure. As of September 30, 2024, the Company had three surety bonds outstanding totaling $0.6 million.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net income attributable to EPR Properties $ 46,650 $ 56,260 $ 154,461 $ 127,517
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Summary of Significant Accounting Policies (Policy)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the nine-month period ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Amounts as of December 31, 2023 have been derived from the audited Consolidated Financial Statements as of that date and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (SEC) on February 29, 2024.

The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The equity method of accounting is applied to joint venture entities in which the Company is not the primary beneficiary as defined in the FASB ASC Topic on Consolidation (Topic 810) but can exercise influence over the entity with respect to its operations and major decisions.
The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. The primary beneficiary generally is defined as the party with the controlling financial interest. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. As of September 30, 2024 and December 31, 2023, the Company does not have any investments in consolidated VIEs.
Deferred Charges, Policy [Policy Text Block]
Deferred Financing Costs
Deferred financing costs are amortized over the terms of the related debt obligations, as applicable. Deferred financing costs of $20.6 million and $25.1 million as of September 30, 2024 and December 31, 2023, respectively, are shown as a reduction of "Debt" in the accompanying consolidated balance sheets. The deferred financing costs related to the unsecured revolving credit facility of $11.2 million and $4.1 million as of September 30, 2024 and December 31, 2023, respectively, are included in "Other assets" in the accompanying consolidated balance sheets.
Revenue Recognition
Rental Revenue
The Company leases real estate to its tenants under leases classified as operating leases. The Company's leases generally provide for rent escalations throughout the lease terms. Rents that are fixed are recognized on a straight-line basis over the lease term. Base rent escalations that include a variable component are recognized upon the occurrence of the specified event as defined in the Company's lease agreements. Many of the Company's leasing
arrangements include options to extend the lease, which are not included in the minimum lease terms unless the option is reasonably certain to be exercised. Straight-line rental revenue is subject to an evaluation for collectibility, and the Company records a direct write-off against rental revenue if collectibility of these future rents is not probable. During the nine months ended September 30, 2024 and 2023 the Company recognized straight-line write-offs totaling $0.1 million and $0.6 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recognized $13.3 million and $7.7 million, respectively, of straight-line rental revenue, net of write-offs.

Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments to third parties for lessor costs (such as property taxes and insurance) associated with the properties. In accordance with Topic 842, the Company does not include these lessee payments to third parties in rental revenue or property operating expenses. In certain situations, the Company pays these lessor costs directly to third parties and the tenants reimburse the Company. In accordance with Topic 842, these payments are presented on a gross basis in rental revenue and property operating expense. During the nine months ended September 30, 2024 and 2023, the Company recognized $1.4 million for both periods, in tenant reimbursements related to the gross-up of these reimbursed expenses that are included in rental revenue.

Certain of the Company's leases, particularly at its entertainment districts, require the tenants to make payments to the Company for property-related expenses such as common area maintenance. In accordance with Topic 842, the Company has elected to combine these non-lease components with the lease components in rental revenue. For the nine months ended September 30, 2024 and 2023, the amounts due for non-lease components included in rental revenue totaled $13.7 million and $14.8 million, respectively.

In addition, most of the Company's tenants are subject to additional rents (above base rents) if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents are recognized at the time when specified triggering events occur as provided by the lease agreement. Rental revenue included percentage rents of $9.8 million and $6.0 million for the nine months ended September 30, 2024 and 2023, respectively.

The Company regularly evaluates the collectibility of its receivables on a lease-by-lease basis. The evaluation primarily consists of reviewing past due account balances and considering such factors as the credit quality of the Company's tenants, historical trends of the tenant, current economic conditions and changes in customer payment terms. When the collectibility of lease receivables or future lease payments are no longer probable, the Company records a direct write-off of the receivable to rental revenue and recognizes future rental revenue on a cash basis.
Mortgage Notes and Other Notes Receivable
Mortgage Notes and Other Notes Receivable
Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower less allowance for credit loss. Interest income is recognized using the effective interest method over the estimated life of the note. Interest income includes both the stated interest and the amortization or accretion of premiums or discounts (if any).

The Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables related to its mortgage notes and notes receivable. Accordingly, if accrued interest receivable is deemed to be uncollectible, the Company will record any necessary write-offs as a reversal of interest income. There were no accrued interest write-offs for the nine months ended September 30, 2024 and 2023. As of September 30, 2024, the Company believes that all outstanding accrued interest is collectible.

In the event the Company has a past due mortgage note or note receivable that the Company determines is collateral-dependent, the Company measures expected credit losses based on the fair value of the collateral with the credit allowance being the difference between the outstanding principal balance of the notes and the estimated fair value. As of September 30, 2024, the Company does not have any mortgage notes or notes receivable with past due principal balances. See Note 6 for further discussion of mortgage notes and notes receivable for which the Company elected to apply the collateral-dependent practical expedient.
Concentrations Of Risk
Concentrations of Risk
Topgolf USA (Topgolf), American-Multi Cinema, Inc. (AMC) and Regal Cinemas (Regal), a subsidiary of Cineworld Group, represented a significant portion of the Company's total revenue for the nine months ended September 30, 2024 and 2023. The following is a summary of the Company's total revenue derived from rental or interest payments from Topgolf, AMC and Regal (dollars in thousands):
Nine Months Ended September 30,
20242023
Total Revenue% of Company's Total RevenueTotal Revenue% of Company's Total Revenue
Topgolf$74,657 14.3 %$72,227 13.5 %
AMC70,662 13.6 %70,915 13.3 %
Regal57,677 11.1 %84,818 15.9 %
New Accounting Pronouncements, Policy [Policy Text Block]
Impact of Recently Issued Accounting Standards
In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 31, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the Company's financial statements and related disclosures.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU enhances annual income tax disclosures by requiring entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, the ASU requires annual disclosure of income taxes paid disaggregated by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024 on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the Company's financial statements and related disclosures.
v3.24.3
Rental Properties (Tables)
 9 Months Ended
Sep. 30, 2024
Real Estate [Abstract]  
Summary Of Carrying Amounts Of Rental Properties
The following table summarizes the carrying amounts of real estate investments as of September 30, 2024 and December 31, 2023 (in thousands):
September 30, 2024December 31, 2023
Buildings and improvements$4,697,894 $4,609,050 
Furniture, fixtures & equipment119,112 115,596 
Land1,235,500 1,219,943 
Leasehold interests28,453 28,453 
6,080,959 5,973,042 
Accumulated depreciation(1,546,509)(1,435,683)
Total$4,534,450 $4,537,359 
v3.24.3
Receivables, Loans, Notes Receivable, and Others (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Allowance for Credit Losses [Text Block]
The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and notes receivable for the nine months ended September 30, 2024 (in thousands):
Mortgage notes receivableUnfunded commitments - mortgage notes receivableNotes receivableUnfunded commitments - notes receivableTotal
Allowance for credit losses at December 31, 2023$3,656 $1,072 $9,687 $— $14,415 
Provision (benefit) for credit losses, net2,970 276 (875)— 2,371 
Charge-offs— — — — — 
Recoveries— — — — — 
Allowance for credit losses at September 30, 2024
$6,626 $1,348 $8,812 $— $16,786 
v3.24.3
Accounts Receivable, Net (Tables)
 9 Months Ended
Sep. 30, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule Of Accounts Receivable
The following table summarizes the carrying amounts of accounts receivable as of September 30, 2024 and December 31, 2023 (in thousands):
September 30, 2024December 31, 2023
Receivable from tenants$3,370 $7,298 
Receivable from non-tenants (1)6,966 824 
Straight-line rent receivable69,390 55,533 
Total$79,726 $63,655 

(1) Receivable from non-tenants includes a payment of $5.9 million made to the City of Kansas City, Missouri under protest related to an assessment of tax years ending December 31, 2018 through 2022. The City has denied the Company’s necessary deduction for dividends paid for each of these years resulting in assessment of additional tax, penalties and interest. The Company filed a lawsuit and demanded a refund of the $5.9 million payment during the nine months ended September 30, 2024. The Company has entered into discussions with City representatives to resolve this matter. Although there can be no assurances, based on the discussions and the Company's position in the lawsuit, the Company believes that it is more likely than not that the payment will be refunded.

As of September 30, 2024, as a result of the COVID-19 pandemic, the Company continues to recognize revenue on a cash basis for AMC and two other tenants, one of which has deferred rent from this period that is not booked as a
receivable of approximately $11.5 million. The Company has collected all deferred receivables from accrual basis tenants that were deferred due to the COVID-19 pandemic. During the nine months ended September 30, 2024 and 2023, the Company collected $0.6 million and $35.7 million, respectively, in deferred rent and interest from cash basis customers and from customers for which the deferred payments were not previously recognized as revenue.
v3.24.3
Capital Markets Issuance of Shares (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Common And Preferred Shares Disclosure [Text Block]
During the three and nine months ended September 30, 2024, the Company declared cash dividends totaling $0.855 and $2.545 per common share, respectively. Additionally, during the three and nine months ended September 30, 2024, the Company declared cash dividends of $0.359375 and $1.078125 per share, respectively, on each of the Company's 5.75% Series C cumulative convertible preferred shares and the Company's 5.75% Series G cumulative redeemable preferred shares, and cash dividends of $0.5625 and $1.6875 per share, respectively, on the Company's 9.00% Series E cumulative convertible preferred shares.
v3.24.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Summary of Derivative Instruments [Abstract]  
Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income
Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three and nine months ended September 30, 2024 and 2023.
Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (Dollars in thousands)
 Three Months Ended September 30,Nine Months Ended September 30,
Description2024202320242023
Cash Flow Hedges
Interest Rate Swaps
Amount of (Loss) Gain Recognized in AOCI on Derivative$(503)$218 $(132)$436 
Amount of Income Reclassified from AOCI into Earnings (1)189 178 551 463 
Cross-Currency Swaps
Amount of (Loss) Gain Recognized in AOCI on Derivative (415)467 39 11 
Amount of Income Reclassified from AOCI into Earnings (2)257 196 770 637 
Net Investment Hedges
Currency Forward Agreements
Amount of (Loss) Gain Recognized in AOCI on Derivative (2,556)4,545 3,419 599 
Total
Amount of (Loss) Gain Recognized in AOCI on Derivatives $(3,474)$5,230 $3,326 $1,046 
Amount of Income Reclassified from AOCI into Earnings 446 374 1,321 1,100 
Interest expense, net in accompanying consolidated statements of income and comprehensive income $32,867 $31,208 $97,338 $94,521 
Other income in accompanying consolidated statements of income and comprehensive income $17,419 $14,422 $43,874 $33,879 
(1) Included in "Interest expense, net" in the accompanying consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2024 and 2023.
(2) Included in "Other income" in the accompanying consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2024 and 2023.
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Computation Of Basic And Diluted Earnings Per Share
The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands except per share information):
 Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
 Income
(numerator)		Shares
(denominator)		Per Share
Amount		Income
(numerator)		Shares
(denominator)		Per Share
Amount
Basic EPS:
Net income$46,650 $154,461 
Less: preferred dividend requirements(6,032)(18,104)
Net income available to common shareholders$40,618 75,723 $0.54 $136,357 75,604 $1.80 
Diluted EPS:
Net income available to common shareholders$40,618 75,723 $136,357 75,604 
Effect of dilutive securities:
Performance shares— 385 — 341 
Net income available to common shareholders$40,618 76,108 $0.53 $136,357 75,945 $1.80 

 Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
 Income
(numerator)		Shares
(denominator)		Per Share
Amount		Income
(numerator) 		Shares
(denominator)		Per Share
Amount
Basic EPS:
Net income$56,260 $127,517 
Less: preferred dividend requirements (6,032)(18,105)
Net income available to common shareholders$50,228 75,325 $0.67 $109,412 75,236 $1.45 
Diluted EPS:
Net income available to common shareholders$50,228 75,325 $109,412 75,236 
Effect of dilutive securities:
Share options and performance shares— 491 — 419 
Net income available to common shareholders$50,228 75,816 $0.66 $109,412 75,655 $1.45 
v3.24.3
Equity Incentive Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Summary Of Nonvested Share Activity
A summary of the Company’s nonvested share activity and related information is as follows:
Number of sharesWeighted avg. grant date fair valueWeighted avg. life remaining
Outstanding at December 31, 2023609,228 $44.44 
Granted290,271 41.96 
Vested(284,885)45.47 
Outstanding at September 30, 2024614,614 $42.79 1.11

The holders of nonvested shares have voting rights and receive dividends from the date of grant. The fair value of the nonvested shares that vested was $13.7 million and $8.7 million for the nine months ended September 30, 2024 and 2023, respectively. Expense recognized related to nonvested shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $5.2 million and $5.7 million for the nine months ended September 30, 2024 and 2023, respectively. Expense related to nonvested shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.7 million and $0.4 million for the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024, unamortized share-based compensation expense related to nonvested shares was $11.3 million.
Nonvested Performance Shares
A summary of the Company's nonvested performance share activity and related information is as follows:
Target Number of Performance SharesWeighted avg. grant date fair value (1)
Outstanding at December 31, 2023312,641 $70.04 
Granted116,266 44.76 
Vested (2)(102,438)75.14 
Outstanding at September 30, 2024
326,469 $59.44 
(1) The grant date fair value was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of the Company's future stock price over the three-year performance period for performance shares based on the Company's Total Shareholder Return (TSR) performance further described below and (ii) the Company's grant date fair value for performance shares based on the Company's estimated Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period.

(2) The achievement of the performance conditions for the performance shares granted during the year ended December 31, 2021 resulted in a performance payout percentage of 250% for both the Company's TSR relative to the TSRs of the Company's peer group companies and the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and a payout percentage of 200% for the Company's CAGR in AFFO per share over the three-year performance period. The achievement of the performance conditions and the above payout percentages resulted in the issuance of 243,290 common shares and 49,574 common shares from dividend equivalents. The fair value of the performance shares and dividend equivalents that vested was $12.6 million.

The number of common shares issuable upon settlement of the performance shares granted during the nine months ended September 30, 2024, 2023 and 2022 will be based upon the Company's achievement level relative to performance measures at December 31, 2026, 2025 and 2024, respectively. The achievement level for the performance shares granted during the nine months ended September 30, 2024 is 52.2% based upon the Company's TSR relative to the TSRs of the Company's peer group companies, 26.1% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 21.7% based upon the Company's estimated CAGR in AFFO per share over the three-year performance period. The achievement level for the performance shares granted during the years ended December 31, 2023 and 2022 is 50% based upon the Company's Total Shareholder Return (TSR) relative to the TSRs of the Company's peer group companies, 25% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 25% based upon the Company's Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period. The Company's achievement level relative to the performance measures is assigned a specific payout percentage, which is multiplied by a target number of performance shares.

The performance shares based on relative TSR performance have market conditions and are valued using a Monte Carlo simulation model on the grant date, which resulted in a grant date fair value of approximately $4.1 million and $5.9 million for the nine months ended September 30, 2024 and 2023, respectively. The estimated fair value is amortized to expense over the three-year performance periods, which end on December 31, 2026, 2025 and 2024 for performance shares granted in 2024, 2023 and 2022, respectively. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the performance shares with a market condition for the nine months ended September 30, 2024: risk-free interest rate of 4.5%, volatility factors in the expected market price of the Company's common shares of 30% and an expected life of approximately three years.

The performance shares based on growth in AFFO per share have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common stock on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost and any compensation cost previously recorded will be reversed. At September 30, 2024, achievement of the performance condition was deemed probable for the performance shares granted during the nine months ended September 30, 2022 with an expected payout percentage of 200%, which resulted in a grant
date fair value of approximately $2.3 million. Achievement of the performance condition for the performance shares granted during the nine months ended September 30, 2024 and 2023 was deemed not probable at September 30, 2024.

Expense recognized related to performance shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $4.0 million and $5.9 million for the nine months ended September 30, 2024 and 2023, respectively. Expense related to performance shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.9 million for the nine months ended September 30, 2024. At September 30, 2024, unamortized share-based compensation expense related to nonvested performance shares was $5.7 million.
The performance shares accrue dividend equivalents that are paid only if common shares are issued upon settlement of the performance shares. During the nine months ended September 30, 2024 and 2023, the Company accrued dividend equivalents expected to be paid on earned awards of $1.5 million and $1.3 million, respectively.
Summary Of Restricted Share Unit Activity
A summary of the Company’s restricted share unit activity and related information is as follows:
Number of sharesWeighted avg. grant date fair valueWeighted avg. life remaining
Outstanding at December 31, 202342,048 $41.67 
Granted45,410 40.69 
Vested(42,048)41.67 
Outstanding at September 30, 202445,410 $40.69 0.67
v3.24.3
Segment Information (Tables)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Segment Reporting [Abstract]    
Schedule of Reportable Operating Segments Segment Information
The Company groups its investments into two reportable operating segments: Experiential and Education.

The financial information summarized below is presented by reportable operating segment (in thousands):
Balance Sheet Data:
As of September 30, 2024
ExperientialEducationCorporate/UnallocatedConsolidated
Total Assets$5,227,247 $418,529 $43,386 $5,689,162 
As of December 31, 2023
ExperientialEducationCorporate/UnallocatedConsolidated
Total Assets$5,189,831 $433,177 $77,877 $5,700,885 
Operating Data:
Three Months Ended September 30, 2024
ExperientialEducationCorporate/UnallocatedConsolidated
Rental revenue$139,241 $9,436 $— $148,677 
Other income17,232 — 187 17,419 
Mortgage and other financing income
14,206 205 — 14,411 
Total revenue170,679 9,641 187 180,507 
Property operating expense
14,180 189 242 14,611 
Other expense15,631 — — 15,631 
Total investment expenses
29,811 189 242 30,242 
Net operating income - before unallocated items140,868 9,452 (55)150,265 
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense(11,935)
Transaction costs(175)
(Provision) benefit for credit losses, net770 
Depreciation and amortization(42,795)
Loss on sale of real estate(3,419)
Costs associated with loan refinancing or payoff(337)
Interest expense, net(32,867)
Equity in loss from joint ventures(851)
Impairment charges on joint ventures(12,130)
Income tax benefit124 
Net income46,650 
Preferred dividend requirements(6,032)
Net income available to common shareholders of EPR Properties$40,618 
Operating Data:
Three Months Ended September 30, 2023
ExperientialEducationCorporate/UnallocatedConsolidated
Rental revenue$153,953 $9,987 $— $163,940 
Other income14,275 — 147 14,422 
Mortgage and other financing income
10,810 212 — 11,022 
Total revenue179,038 10,199 147 189,384 
Property operating expense
14,144 156 292 14,592 
Other expense13,124 — — 13,124 
Total investment expenses
27,268 156 292 27,716 
Net operating income - before unallocated items151,770 10,043 (145)161,668 
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense(13,464)
Transaction costs(847)
(Provision) benefit for credit losses, net719 
Impairment charges(20,887)
Depreciation and amortization(42,432)
Gain on sale of real estate2,550 
Interest expense, net(31,208)
Equity in income from joint ventures533 
Income tax expense(372)
Net income56,260 
Preferred dividend requirements(6,032)
Net income available to common shareholders of EPR Properties$50,228 
Operating Data:
Nine Months Ended September 30, 2024
ExperientialEducationCorporate/UnallocatedConsolidated
Rental revenue$407,638 $28,413 $— $436,051 
Other income43,215 100 559 43,874 
Mortgage and other financing income40,285 624 — 40,909 
Total revenue491,138 29,137 559 520,834 
Property operating expense42,762 475 721 43,958 
Other expense43,440 — — 43,440 
Total investment expenses86,202 475 721 87,398 
Net operating income - before unallocated items404,936 28,662 (162)433,436 
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense(37,863)
Retirement and severance expense(1,836)
Transaction costs(375)
(Provision) benefit for credit losses, net(2,371)
Impairment charges(11,812)
Depreciation and amortization(124,738)
Gain on sale of real estate15,989 
Costs associated with loan refinancing or payoff(337)
Interest expense, net(97,338)
Equity in loss from joint ventures(5,384)
Impairment charges on joint ventures(12,130)
Income tax expense(780)
Net income154,461 
Preferred dividend requirements(18,104)
Net income available to common shareholders of EPR Properties$136,357 
Operating Data:
Nine Months Ended September 30, 2023
ExperientialEducationCorporate/UnallocatedConsolidated
Rental revenue$438,074 $29,327 $— $467,401 
Other income33,208 1 670 33,879 
Mortgage and other financing income31,753 654 — 32,407 
Total revenue503,035 29,982 670 533,687 
Property operating expense42,065 156 498 42,719 
Other expense31,235 — — 31,235 
Total investment expenses73,300 156 498 73,954 
Net operating income - before unallocated items429,735 29,826 172 459,733 
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense(42,677)
Retirement and severance expense(547)
Transaction costs(1,153)
(Provision) benefit for credit losses, net407 
Impairment charges(64,672)
Depreciation and amortization(127,341)
Gain on sale of real estate1,415 
Interest expense, net(94,521)
Equity in loss from joint ventures(2,067)
Income tax expense(1,060)
Net income127,517 
Preferred dividend requirements(18,105)
Net income available to common shareholders of EPR Properties$109,412 
v3.24.3
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Revenue Recognition [Abstract]          
Straight Line Rent     $ 13,300 $ 7,700  
Straight line rent write off     100 600  
Concentrations of Risk [Abstract]          
Operating Lease, Lease Income $ 148,677 $ 163,940 436,051 467,401  
Deferred Costs 20,600   20,600   $ 25,100
Recovery of Direct Costs     13,700 14,800  
Operating Lease, Percentage Revenue     9,800 6,000  
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans     0 0  
triple-net lessor costs [Member]          
Concentrations of Risk [Abstract]          
Recovery of Direct Costs     1,400 1,400  
Revolving Credit Facility [Member]          
Concentrations of Risk [Abstract]          
Deferred Costs $ 11,200   11,200   $ 4,100
Regal [Member]          
Concentrations of Risk [Abstract]          
Operating Lease, Lease Income     $ 57,677 $ 84,818  
Percentage of lease revenue in total revenue     11.10% 15.90%  
American Multi-Cinema, Inc. [Member]          
Concentrations of Risk [Abstract]          
Operating Lease, Lease Income     $ 70,662 $ 70,915  
Percentage of lease revenue in total revenue     13.60% 13.30%  
TopGolf [Member]          
Concentrations of Risk [Abstract]          
Operating Lease, Lease Income     $ 74,657 $ 72,227  
Percentage of lease revenue in total revenue     14.30% 13.50%  
v3.24.3
Rental Properties (Summary Of Carrying Amounts Of Rental Properties) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Real Estate Properties [Line Items]      
Carrying amounts of rental properties $ 6,080,959   $ 5,973,042
Accumulated depreciation (1,546,509)   (1,435,683)
Real Estate Investment Property, Net 4,534,450   4,537,359
Depreciation expense on rental properties 121,900 $ 119,800  
Building and improvements [Member]      
Real Estate Properties [Line Items]      
Carrying amounts of rental properties 4,697,894   4,609,050
Furniture, fixtures & equipment [Member]      
Real Estate Properties [Line Items]      
Carrying amounts of rental properties 119,112   115,596
Land [Member]      
Real Estate Properties [Line Items]      
Carrying amounts of rental properties 1,235,500   1,219,943
Leaseholds and Leasehold Improvements [Member]      
Real Estate Properties [Line Items]      
Carrying amounts of rental properties $ 28,453   $ 28,453
v3.24.3
Property, Plant, and Equipment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Property, Plant and Equipment [Abstract]          
Asset Impairment Charges [Text Block]       Impairment Charges
The Company reviews its properties for changes in circumstances that indicate that the carrying value of a property may not be recoverable based on an estimate of undiscounted future cash flows. During the nine months ended September 30, 2024, the Company reassessed the holding period of a theatre property the Company was previously operating through a third-party management agreement but closed in September 2024. The property is currently vacant as the Company prepares to sell it. The Company determined that the carrying value of the theatre did not exceed the sum of the undiscounted cash flows and estimated the fair value of the real estate investments of this property using an independent appraisal. During the nine months ended September 30, 2024, the Company reduced the carrying value of the real estate investments, net to $6.5 million and recognized an impairment charge of $11.8 million on real estate investments, which is the amount that the carrying value of the asset exceeded the estimated fair value.
During the nine months ended September 30, 2024, the Company also recognized $12.1 million of impairment charges related to its equity investments in two unconsolidated real estate joint ventures that own two experiential lodging properties located in St. Pete Beach, Florida. See Note 9 for further details on these impairments. 		 
Impaired Long-Lived Assets Held and Used [Line Items]          
Asset Impairment Charges $ 0 $ 67,400 $ 20,887 $ 11,812 $ 64,672
Impairment charges on joint ventures 12,130   $ 0 12,130 $ 0
Experiential Lodging          
Impaired Long-Lived Assets Held and Used [Line Items]          
Impairment charges on joint ventures 12,100        
Experiential Reportable Operating Segment [Member]          
Impaired Long-Lived Assets Held and Used [Line Items]          
Asset Impairment Charges       11,800  
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset $ 6,500     $ 6,500  
v3.24.3
Investments and Dispositions (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Real Estate Properties [Line Items]        
Payments to Acquire Productive Assets     $ 42,388 $ 47,807
Proceeds from Sale of Property, Plant, and Equipment     65,100  
Gain on sale of real estate $ (3,419) $ 2,550 15,989 $ 1,415
Experiential Reportable Operating Segment [Member]        
Real Estate Properties [Line Items]        
Payments to Acquire Property, Plant, and Equipment     214,600  
Experiential Reportable Operating Segment [Member] | Attraction Properties [Member]        
Real Estate Properties [Line Items]        
Payments to Acquire Productive Assets     33,400  
Experiential Reportable Operating Segment [Member] | Eat & Play Properties [Member]        
Real Estate Properties [Line Items]        
Payments to Acquire Productive Assets     $ 19,900  
number of properties acquired     3  
Experiential Reportable Operating Segment [Member] | Cultural Properties        
Real Estate Properties [Line Items]        
number of properties sold     2  
Experiential Reportable Operating Segment [Member] | Theatre Properties [Member]        
Real Estate Properties [Line Items]        
number of properties sold     1  
Experiential Reportable Operating Segment [Member] | Theatre Properties [Member] | vacant        
Real Estate Properties [Line Items]        
number of properties sold     6  
Experiential Reportable Operating Segment [Member] | Fitness & Wellness Properties        
Real Estate Properties [Line Items]        
Payments to Acquire Productive Assets     $ 52,000  
Education Reportable Operating Segment [Member] | Early childhood education center | vacant        
Real Estate Properties [Line Items]        
number of properties sold     1  
v3.24.3
Investment in Mortgage Notes and Notes Receivable (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
mortgagenotes
years
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financing Receivable, after Allowance for Credit Loss, Current $ 657,636   $ 569,768
Notes Receivable $ 3,400   3,900
Number Of Mortgage Notes Receivable | mortgagenotes 5    
Financing Receivable, Allowance for Credit Loss $ 16,786   14,415
Provision for Loan, Lease, and Other Losses 2,371    
Financing Receivable, Allowance for Credit Loss, Writeoff 0    
Financing Receivable, Allowance for Credit Loss, Recovery $ 0    
Mortgage Receivable [Member]      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Number Of Mortgage Notes Receivable | years 1    
Financing Receivable, Allowance for Credit Loss $ 6,626   3,656
Provision for Loan, Lease, and Other Losses 2,970    
Financing Receivable, Allowance for Credit Loss, Writeoff 0    
Financing Receivable, Allowance for Credit Loss, Recovery 0    
Unfunded Loan Commitment [Member]      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financing Receivable, Allowance for Credit Loss 1,348   1,072
Provision for Loan, Lease, and Other Losses 276    
Financing Receivable, Allowance for Credit Loss, Writeoff 0    
Financing Receivable, Allowance for Credit Loss, Recovery $ 0    
Notes Receivable [Member]      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Number Of Mortgage Notes Receivable | years 2    
Financing Receivable, Allowance for Credit Loss $ 8,812   9,687
Provision for Loan, Lease, and Other Losses (875)    
Financing Receivable, Allowance for Credit Loss, Writeoff 0    
Financing Receivable, Allowance for Credit Loss, Recovery 0    
Notes Receivable [Member] | Theatre Properties [Member]      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Provision for Loan, Lease, and Other Losses 1,900    
Note Receivable Unfunded Loan Commitment      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financing Receivable, Allowance for Credit Loss 0   $ 0
Provision for Loan, Lease, and Other Losses 0    
Financing Receivable, Allowance for Credit Loss, Writeoff 0    
Financing Receivable, Allowance for Credit Loss, Recovery $ 0    
Note, 8.0%, due June 30, 2032 | Attraction Properties [Member]      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Number Of Mortgage Notes Receivable | years 1    
Provision for Loan, Lease, and Other Losses $ 6,900    
Impaired Financing Receivable, Interest Income, Cash Basis Method 700 $ 700  
Proceeds from Loans 800 700  
Mortgage Note, 8.13%, due December 31, 2025 | Eat & Play Properties [Member]      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Provision for Loan, Lease, and Other Losses 400    
Impaired Financing Receivable, Interest Income, Cash Basis Method 700 $ 700  
Mortgage Loans on Real Estate, Commercial and Consumer, Net $ 10,400    
v3.24.3
Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Straight-Line Rent Receivable $ 69,390   $ 55,533
Total 79,726   63,655
Fair Value Disclosure, off-Balance-Sheet Risks, Face Amount, Asset 11,500    
Tax Payment, Paid Under Protest 5,900    
Collections, Deferred Rent, Cash basis tenants 600 $ 35,700  
Tenants [Member]      
Total 3,370   7,298
Non-Tenants [Member]      
Carrying amounts of accounts receivable $ 6,966   $ 824
v3.24.3
Capital Markets (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
$ / shares
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
$ / shares
Sep. 30, 2023
USD ($)
Class of Stock [Line Items]        
Common Stock, Dividends, Per Share, Declared | $ / shares $ 0.855   $ 2.545  
Debt Instrument [Line Items]        
Write off of Deferred Debt Issuance Cost $ 337 $ 0 $ 337 $ 0
Private Placement [Member]        
Debt Instrument [Line Items]        
Repayments of Debt     136,600  
Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Line of Credit Facility, Current Borrowing Capacity 1,000,000   1,000,000  
Line of Credit, Letter of Credit Subfacility 100,000   100,000  
Line of Credit, Foreign Currency Revolving Credit Subfacility 300,000   300,000  
Line of Credit Facility, Maximum Borrowing Capacity $ 2,000,000   $ 2,000,000  
long term debt, number of extensions 2   2  
Long Term Debt, Extensions 6   6  
Long Term Debt, Total Extension Period 12   12  
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate 1.15%   1.15%  
Long term Debt, Percentage Rate, SOFR Floor 0   0  
Debt Instrument, Interest Rate, Effective Percentage 5.98%   5.98%  
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage     0.25%  
Debt Instrument, Fee Amount $ 9,000   $ 9,000  
Write off of Deferred Debt Issuance Cost     $ 300  
Series C Preferred Shares [Member]        
Class of Stock [Line Items]        
Preferred Stock, Dividends Per Share, Declared | $ / shares $ 0.359375   $ 1.078125  
Preferred Stock, Dividend Rate, Percentage     5.75% 5.75%
Series E Preferred Shares [Member]        
Class of Stock [Line Items]        
Preferred Stock, Dividends Per Share, Declared | $ / shares 0.5625   $ 1.6875  
Preferred Stock, Dividend Rate, Percentage     9.00% 9.00%
Series G Preferred Stock [Member]        
Class of Stock [Line Items]        
Preferred Stock, Dividends Per Share, Declared | $ / shares $ 0.359375   $ 1.078125  
Preferred Stock, Dividend Rate, Percentage     5.75%  
v3.24.3
Unconsolidated Real Estate Joint Ventures (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
properties
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
properties
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Schedule of Equity Method Investments [Line Items]          
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures $ 32,426   $ 32,426   $ 49,754
Equity in loss from joint ventures (851) $ 533 (5,384) $ (2,067)  
Impairment charges on joint ventures 12,130 $ 0 $ 12,130 0  
Experiential Lodging          
Schedule of Equity Method Investments [Line Items]          
Impairment charges on joint ventures $ 12,100        
St. Petersburg Joint Venture [Member]          
Schedule of Equity Method Investments [Line Items]          
Equity Method Investment, Ownership Percentage 65.00%   65.00%    
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures $ 0   $ 0   14,727
Equity in loss from joint ventures     $ (2,597) (835)  
Number of unconsolidated real estate joint ventures | properties 2   2    
Maximum Availability Joint Venture Mortgage Loan $ 105,000   $ 105,000    
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate 3.65%   3.65%    
Warrens Joint Venture          
Schedule of Equity Method Investments [Line Items]          
Equity Method Investment, Ownership Percentage 95.00%   95.00%    
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures $ 10,271   $ 10,271   9,945
Equity in loss from joint ventures     $ 325 300  
Number of unconsolidated real estate joint ventures | properties 2   2    
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate 4.00%   4.00%    
Maximum Availability Joint Venture Mortgage Loan $ 23,700   $ 23,700    
Breaux Bridge Joint Venture          
Schedule of Equity Method Investments [Line Items]          
Equity Method Investment, Ownership Percentage 85.00%   85.00%    
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures $ 16,530   $ 16,530   18,996
Equity in loss from joint ventures     $ (2,651) (1,383)  
Number of unconsolidated real estate joint ventures | properties 2   2    
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate 3.85%   3.85%    
Maximum Availability Joint Venture Mortgage Loan $ 38,500   $ 38,500    
Subordinated Joint Venture Mortgage Loan $ 11,300   $ 11,300    
Breaux Bridge Joint Venture | Subordinated Debt          
Schedule of Equity Method Investments [Line Items]          
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate 7.25%   7.25%    
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate 7.20%   7.20%    
Long-term debt, Percentage Capped 8.00%   8.00%    
Breaux Bridge Joint Venture | Maximum [Member]          
Schedule of Equity Method Investments [Line Items]          
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate 4.25%   4.25%    
Harrisville PA Joint Venture          
Schedule of Equity Method Investments [Line Items]          
Equity Method Investment, Ownership Percentage 62.00%   62.00%    
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures $ 5,625   $ 5,625   6,086
Equity in loss from joint ventures     $ (461) (149)  
Number of unconsolidated real estate joint ventures | properties 2   2    
Long Term Funding Commitment For Project Development $ 13,900   $ 13,900    
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate 6.38%   6.38%    
Maximum Availability Joint Venture Mortgage Loan $ 22,500   $ 22,500    
Long Term Funding Commitment For Project Development, Remaining $ 2,100   $ 2,100    
Equity method investment, ownership percentage, unconsolidated real estate joint venture 92.00%   92.00%    
Equity Method Investment, Ownership Percentage, Consolidated Real Estate Joint Venture 67.00%   67.00%    
Carrying Amount Joint Venture Mortgage Loan $ 19,000   $ 19,000    
Guarantor Obligations, Maximum Exposure, Undiscounted 10,000   10,000    
Guaranty Liabilities 5,000   5,000    
Theatre Project China Member          
Schedule of Equity Method Investments [Line Items]          
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures $ 0   0   $ 0
Equity in loss from joint ventures     $ 0 $ 0  
Interest Rate Swap [Member] | St. Petersburg Joint Venture [Member]          
Schedule of Equity Method Investments [Line Items]          
Derivative, Fixed Interest Rate 3.50%   3.50%    
v3.24.3
Derivative Instruments (Narrative) (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
CAD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2024
CAD ($)
Dec. 31, 2023
USD ($)
Apr. 29, 2022
$ / $
Derivative Asset, Fair Value, Gross Asset   $ 500   $ 1,300  
Derivative Liability, Fair Value, Gross Liability   1,900   $ 4,900  
Credit Risk Derivatives, at Fair Value, Net   50,000      
Derivative Liability, Subject to Master Netting Arrangement, after Offset   1,800      
Net Investment Hedging [Member]          
Derivative, Notional Amount     $ 290.0    
Cash Flow Hedging [Member]          
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months   83      
Interest Rate Risk [Member]          
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months   $ 17      
Cross Currency Swaps [Member] | Canada, Dollars          
Derivative, Notional Amount     440,000,000.0    
Foreign currency exposure $ 23,400,000        
Currency Swap [Member]          
Number of Canadian properties exposed to foreign currency exchange risk (in properties) 6        
Cross Currency Swaps October 2024          
Net exchange rate, CAD to US dollar | $ / $         1.28
Cross Currency Swaps October 2024 | Canada, Dollars          
Derivative, Notional Amount     200,000,000.0    
Foreign currency exposure $ 4,500,000        
Cross Currency Swap October 2024 $1.26          
Net exchange rate, CAD to US dollar | $ / $         1.26
Cross Currency Swap October 2024 $1.26 | Canada, Dollars          
Derivative, Notional Amount     150,000,000.0    
Foreign currency exposure 10,800,000        
Cross Currency Swap December 2024          
Net exchange rate, CAD to US dollar | $ / $         1.30
Cross Currency Swap December 2024 | Canada, Dollars          
Derivative, Notional Amount     90,000,000.0    
Foreign currency exposure 8,100,000        
Foreign Currency Forward October 2025 | Net Investment Hedging [Member]          
Derivative, Notional Amount     $ 200.0    
Net exchange rate, CAD to US dollar   1.35 1.35    
Foreign Currency Forward December 2025 | Net Investment Hedging [Member]          
Derivative, Notional Amount     $ 90.0    
Net exchange rate, CAD to US dollar   1.35 1.35    
Cross Currency Swap December 2026          
Derivative, Notional Amount     $ 125,000,000    
Number of Cross Currency Swaps   6 6    
Cross Currency Swap December 2026 | Attraction Properties [Member]          
Derivative, Notional Amount     $ 66,200,000    
Number of Cross Currency Swaps   2 2    
Cross Currency Swap December 2026 | Canada, Dollars          
Derivative, Notional Amount     $ 170,000,000    
Net exchange rate, CAD to US dollar | $ / $         1.35
Foreign currency exposure 15,300,000        
Cross Currency Swap December 2026 | Canada, Dollars | Attraction Properties [Member]          
Derivative, Notional Amount     $ 90,000,000    
Net exchange rate, CAD to US dollar | $ / $         1.35
Foreign currency exposure $ 8,100,000        
interest rate swap 2.5325 percent | Interest Rate Swap [Member]          
Derivative fixed interest rate   2.5325% 2.5325%    
Derivative, Notional Amount   $ 25,000      
v3.24.3
Derivative Instruments (Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) $ 446 $ 374 $ 1,321 $ 1,100
Derivative, Gain (Loss) on Derivative, Net (3,474) 5,230 3,326 1,046
Interest Expense 32,867 31,208 97,338 94,521
Other Income 17,419 14,422 43,874 33,879
Interest Rate Swap [Member]        
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) 189 178 551 463
Cross Currency Swaps [Member]        
Other Comprehensive Income, Cash Flow Hedge, Gain (Loss), before Reclassification and Tax (415) 467 39 11
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) 257 196 770 637
foreign currency forward        
Other Comprehensive Income, Net Investment Hedge, Gain (Loss), Reclassification, before Tax (2,556) 4,545 3,419 599
Interest Expense [Member] | Interest Rate Swap [Member]        
Other Comprehensive Income, Cash Flow Hedge, Gain (Loss), before Reclassification and Tax $ (503) $ 218 $ (132) $ 436
v3.24.3
Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Integer
Mar. 31, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Integer
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
property
Long-term Debt $ 2,852,970,000     $ 2,852,970,000   $ 2,816,095,000
Derivative Asset, Fair Value, Gross Asset 500,000     500,000   1,300,000
Real Estate Investment Property, Net 4,534,450,000     4,534,450,000   4,537,359,000
Financing Receivable, after Allowance for Credit Loss, Current 657,636,000     657,636,000   569,768,000
Investment in joint ventures 32,426,000     32,426,000   $ 49,754,000
Number of impaired properties | property           12
Asset Impairment Charges 0 $ 67,400,000 $ 20,887,000 11,812,000 $ 64,672,000  
Derivative Liability, Fair Value, Gross Liability (1,900,000)     (1,900,000)   $ (4,900,000)
Impairment charges on joint ventures 12,130,000   $ 0 $ 12,130,000 $ 0  
Experiential Lodging            
Impairment charges on joint ventures $ 12,100,000          
Experiential Reportable Operating Segment [Member]            
Number of impaired properties | Integer 1     1    
Asset Impairment Charges       $ 11,800,000    
Fair Value, Inputs, Level 3 [Member]            
Fair Value Input, Price Per Acre $ 475,000     475,000    
Fair Value Input, Demo Cost Per Square Foot 13.91     13.91    
Fair Value, Inputs, Level 3 [Member] | Minimum [Member]            
fair value input, price per square foot           $ 4.50
fair value input, discount rate           8.50%
fair value input, Terminal Capitalization Rate           7.75%
Fair Value, Inputs, Level 3 [Member] | Maximum [Member]            
fair value input, price per square foot           $ 20.00
fair value input, discount rate           11.50%
fair value input, Terminal Capitalization Rate           10.25%
Fair Value, Recurring [Member] | Cross Currency Swaps [Member]            
Derivative Asset, Fair Value, Gross Asset (37,000)     (37,000)   $ 384,000
Derivative Liability, Fair Value, Gross Liability (385,000)     (385,000)    
Fair Value, Recurring [Member] | Cross Currency Swaps [Member] | Fair Value, Inputs, Level 2 [Member]            
Derivative Asset, Fair Value, Gross Asset (37,000)     (37,000)   384,000
Derivative Liability, Fair Value, Gross Liability (385,000)     (385,000)    
Fair Value, Recurring [Member] | Currency Forward            
Derivative Liability, Fair Value, Gross Liability (1,489,000)     (1,489,000)   (4,908,000)
Fair Value, Recurring [Member] | Currency Forward | Fair Value, Inputs, Level 2 [Member]            
Derivative Liability, Fair Value, Gross Liability (1,489,000)     (1,489,000)   (4,908,000)
Fair Value, Recurring [Member] | Interest Rate Swap [Member]            
Derivative Asset, Fair Value, Gross Asset (477,000)     (477,000)   (876,000)
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]            
Derivative Asset, Fair Value, Gross Asset (477,000)     (477,000)   (876,000)
Fair Value, Nonrecurring [Member]            
Real Estate Investment Property, Net 6,500,000     6,500,000   39,150,000
Investment in joint ventures 0     0    
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]            
Real Estate Investment Property, Net 0     0   0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]            
Real Estate Investment Property, Net 6,500,000     6,500,000   39,150,000
Investment in joint ventures 0     $ 0    
Fixed Rate Mortgage Notes Receivable Member            
Mortgage Receivable Weighted Average Interest Rate   8.82%   8.78%    
Receivable Interest Rate Stated Percentage Rate Range Minimum   6.99%   6.50%    
Receivable Interest Rate Stated Percentage Rate Range Maximum   12.32%   12.50%    
Notes Receivable, Fair Value Disclosure 693,900,000     $ 693,900,000   611,200,000
Weighted Average Market Rate Used As Discount Factor To Determine Fair Value Of Notes   7.84%   8.01%    
Financing Receivable, after Allowance for Credit Loss, Current           569,800,000
Fixed Rate Mortgage Notes Receivable Member | Minimum [Member]            
market rate used as discount factor to determine fair value of notes   7.15%   6.50%    
Fixed Rate Mortgage Notes Receivable Member | Maximum [Member]            
market rate used as discount factor to determine fair value of notes   10.25%   10.90%    
Fixed Rate Debt Member            
Long-term Debt $ 2,680,000,000     $ 2,680,000,000   $ 2,820,000,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time 4.34%     4.34%   4.34%
Long-term Debt, Fair Value $ 2,580,000,000     $ 2,580,000,000   $ 2,580,000,000
Weighted Average Market Rate Used As Discount Factor To Determine Fair Value Of Debt   6.60%   5.21%    
Fixed Rate Debt Member | Minimum [Member]            
market rate used as discount factor to determine fair value of debt   6.46%   5.03%    
Fixed Rate Debt Member | Maximum [Member]            
market rate used as discount factor to determine fair value of debt   6.70%   5.52%    
Variable Rate Converted to Fixed Rate [Member]            
Long-term Debt 25,000,000     $ 25,000,000   25,000,000
Variable Rate Debt Member            
Long-term Debt $ 194,000,000.0     $ 194,000,000.0   $ 25,000,000.0
Long-term Debt, Weighted Average Interest Rate, at Point in Time 5.85%     5.85%   5.48%
v3.24.3
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Basic EPS:        
Income from continuing operations $ 46,650 $ 56,260 $ 154,461 $ 127,517
Less: preferred dividend requirements (6,032) (6,032) (18,104) (18,105)
Net income available to common shareholders of EPR Properties $ 40,618 $ 50,228 $ 136,357 $ 109,412
Net income available to common shareholders (in dollars per share) $ 0.54 $ 0.67 $ 1.80 $ 1.45
Net Income (Loss) Available to Common Stockholders, Diluted $ 40,618 $ 50,228 $ 136,357 $ 109,412
Weighted average number of shares outstanding, basic 75,723 75,325 75,604 75,236
Diluted EPS:        
Share options (in shares) 385 491 341 419
Weighted average number of shares outstanding, diluted 76,108 75,816 75,945 75,655
Net income available to common shareholders (in dollars per share) $ 0.53 $ 0.66 $ 1.80 $ 1.45
v3.24.3
Earnings Per Share (Narrative) (Details) - $ / shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Series C Preferred Shares [Member]        
Anitidlutive securities exluded from computation of earnings per share [Line Items]        
Common shares upon conversion of convertible preferred shares 2,300 2,300 2,300 2,300
Preferred Stock, Dividend Rate, Percentage     5.75% 5.75%
Series E Preferred Shares [Member]        
Anitidlutive securities exluded from computation of earnings per share [Line Items]        
Common shares upon conversion of convertible preferred shares 1,700 1,700 1,700 1,700
Preferred Stock, Dividend Rate, Percentage     9.00% 9.00%
Share Options [Member]        
Anitidlutive securities exluded from computation of earnings per share [Line Items]        
Common shares upon conversion of convertible preferred shares 57 83 57 83
Performance Shares [Member] | January 1, 2024 Award Date        
Anitidlutive securities exluded from computation of earnings per share [Line Items]        
Common shares upon conversion of convertible preferred shares 116   116  
Minimum [Member]        
Anitidlutive securities exluded from computation of earnings per share [Line Items]        
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit $ 44.44 $ 44.44 $ 44.44 $ 44.44
Maximum [Member]        
Anitidlutive securities exluded from computation of earnings per share [Line Items]        
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit $ 76.63 $ 76.63 $ 76.63 $ 76.63
v3.24.3
Compensation Related Costs, Retirement Benefits (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Retirement Benefits [Abstract]        
Severance Costs $ 0 $ 0 $ 1,836 $ 547
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]        
Severance Costs $ 0 $ 0 1,836 547
Restricted Stock [Member]        
Retirement Benefits [Abstract]        
Severance Costs     700 400
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]        
Severance Costs     700 $ 400
Cash Payment | Postemployment Retirement Benefits        
Retirement Benefits [Abstract]        
Severance Costs     200  
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]        
Severance Costs     200  
accelerated vesting of shares | Postemployment Retirement Benefits | Share-Based Payment Arrangement        
Retirement Benefits [Abstract]        
Severance Costs     1,600  
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]        
Severance Costs     $ 1,600  
v3.24.3
Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2022
May 12, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]            
Number of Shares, Outstanding at December 31, 2022     609,228      
Number of Shares, Granted     290,271      
Number of Shares, Vested     (284,885)      
Number of Shares, Outstanding at September 30, 2023 614,614   614,614      
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022     $ 44.44      
Weighted Average Grant Date Fair Value, Granted     41.96      
Weighted Average Grant Date Fair Value, Vested     45.47      
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023 $ 42.79   $ 42.79      
Weighted Average Life Remaining, Outstanding at September 30, 2023 (in years)     1 year 1 month 9 days      
Fair value of non-vested shares     $ 13,700 $ 8,700    
Unamortized share-based compensation expense $ 11,300   11,300      
Severance Costs $ 0 $ 0 $ 1,836 547    
2016 Equity Incentive Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]            
Common shares, options to purchase common shares and restricted share units, expected to granted (in shares)           3,950,000
Number of shares available for grant (in shares) 860,060   860,060      
Restricted Stock [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]            
Share-based Payment Arrangement, Expense     $ 5,200 5,700    
Severance Costs     $ 700 400    
Performance Shares [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]            
Number of Shares, Outstanding at December 31, 2022     312,641      
Number of Shares, Granted     116,266      
Number of Shares, Vested     (102,438)      
Number of Shares, Outstanding at September 30, 2023 326,469   326,469      
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022     $ 70.04      
Weighted Average Grant Date Fair Value, Granted     44.76      
Weighted Average Grant Date Fair Value, Vested     75.14      
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023 $ 59.44   $ 59.44      
Unamortized share-based compensation expense $ 5,700   $ 5,700      
Share-based Compensation, Performance Measure Percent, Peer TSR 50.00%   50.00%      
Share-based Compensation, Performance Measure Percent, MSCI US REIT Index TSR 25.00%   25.00%      
Share-based Compensation, Performance Measure Percent, Growth in AFFO per share 25.00%   25.00%      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum     4.50%      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate     30.00%      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term     3 years      
Dividend, Share-based Payment Arrangement     $ 1,500 1,300    
Share-based Payment Arrangement, Expense     4,000 5,900    
Severance Costs     $ 900      
Performance Shares [Member] | Granted in 2024            
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]            
Share-based Compensation, Performance Measure Percent, Peer TSR 52.20%   52.20%      
Share-based Compensation, Performance Measure Percent, MSCI US REIT Index TSR 26.10%   26.10%      
Share-based Compensation, Performance Measure Percent, Growth in AFFO per share 21.70%   21.70%      
Performance Shares [Member] | Market Condition            
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]            
Share Based Compensation Arrangement, Equity Instrument, Other Than Options, Market Condition, Grant Date Fair Value $ 4,100 $ 5,900 $ 4,100 $ 5,900    
Performance Shares [Member] | Market Condition | Granted in 2021            
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]            
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage     250.00%      
Performance Shares [Member] | Performance Condition | Granted in 2021            
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]            
Fair value of non-vested shares     $ 12,600      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage     200.00%      
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period     243,290      
Performance Shares [Member] | Performance Condition | Granted in 2022            
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]            
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage     200.00%      
Share-based Compensation Arrangement, Equity Instruments Other Than Options, Performance Condition, Nonvested, Grant Date Fair Value         $ 2,300  
Dividend Paid | Performance Condition | Granted in 2021            
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period     49,574      
v3.24.3
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]        
Number of Shares, Outstanding at December 31, 2022     609,228  
Number of Shares, Granted     290,271  
Number of Shares, Vested     (284,885)  
Number of Shares, Outstanding at September 30, 2023 614,614   614,614  
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022     $ 44.44  
Weighted Average Grant Date Fair Value, Granted     41.96  
Weighted Average Grant Date Fair Value, Vested     $ 45.47  
Weighted Average Life Remaining, Outstanding at September 30, 2023 (in years)     1 year 1 month 9 days  
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023 $ 42.79   $ 42.79  
Unamortized share-based compensation expense $ 11,300   $ 11,300  
Severance Costs $ 0 $ 0 $ 1,836 $ 547
Restricted Share Units [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]        
Number of Shares, Outstanding at December 31, 2022     42,048  
Number of Shares, Granted     45,410  
Number of Shares, Vested     (42,048)  
Number of Shares, Outstanding at September 30, 2023 45,410   45,410  
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022     $ 41.67  
Weighted Average Grant Date Fair Value, Granted     40.69  
Weighted Average Grant Date Fair Value, Vested     $ 41.67  
Weighted Average Life Remaining, Outstanding at September 30, 2023 (in years)     8 months 1 day  
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023 $ 40.69   $ 40.69  
Unamortized share-based compensation expense $ 1,300   $ 1,300  
Restricted Share Units [Member] | Non-Employee Trustees [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]        
Share-based Payment Arrangement, Expense     1,300 1,500
Restricted Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]        
Share-based Payment Arrangement, Expense     5,200 5,700
Severance Costs     $ 700 $ 400
v3.24.3
Operating Leases (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2023
Operating Leases [Abstract]          
Lease, Cost    
The following table summarizes rental revenue, including sublease arrangements and lease costs, for the three and nine months ended September 30, 2024 and 2023 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Classification2024202320242023
Operating leasesRental revenue$142,189 $155,689 $416,589 $446,454 
Sublease income - operating ground leasesRental revenue6,488 8,251 19,462 20,947 
Lease costs
Operating ground lease costProperty operating expense$6,531 $6,571 $19,617 $19,735 
Operating office lease costGeneral and administrative expense224 224 672 672 
    
Property Subject to or Available for Operating Lease [Line Items]          
Number of Properties Subject to Ground Leases 51   51   51
Number of tenants, ground lease subtenants, cash basis 1   1    
Operating Lease, Lease Income $ 148,677 $ 163,940 $ 436,051 $ 467,401  
Property operating expense 14,611 14,592 43,958 42,719  
General and Administrative Expense 11,935 13,464 37,863 42,677  
Property Subject to Operating Lease          
Property Subject to or Available for Operating Lease [Line Items]          
Operating Lease, Lease Income $ 142,189 155,689 $ 416,589 446,454  
vacant          
Property Subject to or Available for Operating Lease [Line Items]          
Number of Properties Subject to Ground Leases 2   2    
Ground Lease Arrangement [Member]          
Property Subject to or Available for Operating Lease [Line Items]          
Sublease Income $ 6,488 8,251 $ 19,462 20,947  
Property operating expense 6,531 6,571 19,617 19,735  
Office Lease [Member]          
Property Subject to or Available for Operating Lease [Line Items]          
General and Administrative Expense $ 224 $ 224 $ 672 $ 672  
v3.24.3
Segment Information Balance Sheet Data (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
Integer
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]    
Number of Reportable Operating Segments | Integer 2  
Total Assets $ 5,689,162 $ 5,700,885
Experiential Reportable Operating Segment [Member]    
Segment Reporting Information [Line Items]    
Total Assets 5,227,247 5,189,831
Education Reportable Operating Segment [Member]    
Segment Reporting Information [Line Items]    
Total Assets 418,529 433,177
Corporate / Unallocated    
Segment Reporting Information [Line Items]    
Total Assets $ 43,386 $ 77,877
v3.24.3
Segment Information Operating Data (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]          
Operating Lease, Lease Income $ 148,677   $ 163,940 $ 436,051 $ 467,401
Other income 17,419   14,422 43,874 33,879
Interest and Fee Income, Loans, Commercial and Residential, Real Estate 14,411   11,022 40,909 32,407
Revenues 180,507   189,384 520,834 533,687
Property operating expense 14,611   14,592 43,958 42,719
Other expense 15,631   13,124 43,440 31,235
Total investment expenses 30,242   27,716 87,398 73,954
Net Operating Income - Before Unallocated Items 150,265   161,668 433,436 459,733
Reconciliation to Consolidated Statements of Income:          
General and administrative expense (11,935)   (13,464) (37,863) (42,677)
Severance Costs 0   0 (1,836) (547)
Transaction costs (175)   (847) (375) (1,153)
Financing Receivable, Credit Loss, Expense (Reversal) 770   719 (2,371) 407
Asset Impairment Charges 0 $ (67,400) (20,887) (11,812) (64,672)
Depreciation and amortization (42,795)   (42,432) (124,738) (127,341)
Gain on sale of real estate (3,419)   2,550 15,989 1,415
Write off of Deferred Debt Issuance Cost (337)   0 (337) 0
Interest expense, net (32,867)   (31,208) (97,338) (94,521)
Equity in loss from joint ventures (851)   533 (5,384) (2,067)
Income tax expense 124   (372) (780) (1,060)
Net income attributable to EPR Properties 46,650   56,260 154,461 127,517
Preferred dividend requirements (6,032)   (6,032) (18,104) (18,105)
Net Income Available to Common Stockholders, Basic 40,618   50,228 136,357 109,412
Impairment charges on joint ventures (12,130)   0 (12,130) 0
Experiential Reportable Operating Segment [Member]          
Segment Reporting Information [Line Items]          
Operating Lease, Lease Income 139,241   153,953 407,638 438,074
Other income 17,232   14,275 43,215 33,208
Interest and Fee Income, Loans, Commercial and Residential, Real Estate 14,206   10,810 40,285 31,753
Revenues 170,679   179,038 491,138 503,035
Property operating expense 14,180   14,144 42,762 42,065
Other expense 15,631   13,124 43,440 31,235
Total investment expenses 29,811   27,268 86,202 73,300
Net Operating Income - Before Unallocated Items 140,868   151,770 404,936 429,735
Reconciliation to Consolidated Statements of Income:          
Asset Impairment Charges       (11,800)  
Education Reportable Operating Segment [Member]          
Segment Reporting Information [Line Items]          
Operating Lease, Lease Income 9,436   9,987 28,413 29,327
Other income 0   0 100 1
Interest and Fee Income, Loans, Commercial and Residential, Real Estate 205   212 624 654
Revenues 9,641   10,199 29,137 29,982
Property operating expense 189   156 475 156
Other expense 0   0 0 0
Total investment expenses 189   156 475 156
Net Operating Income - Before Unallocated Items 9,452   10,043 28,662 29,826
Corporate / Unallocated          
Segment Reporting Information [Line Items]          
Operating Lease, Lease Income 0   0 0 0
Other income 187   147 559 670
Interest and Fee Income, Loans, Commercial and Residential, Real Estate 0   0 0 0
Revenues 187   147 559 670
Property operating expense 242   292 721 498
Other expense 0   0 0 0
Total investment expenses 242   292 721 498
Net Operating Income - Before Unallocated Items $ (55)   $ (145) $ (162) $ 172
v3.24.3
Other Commitments And Contingencies (Details)
$ in Millions
Sep. 30, 2024
USD ($)
mortgagenotes
Number Of Mortgage Notes Receivable | mortgagenotes 5
Mortgage Note and Notes Receivable Commitments $ 73.1
Number of Surety Bonds 3
Surety bonds $ 0.6
Experiential Reportable Operating Segment [Member]  
Development projects in process (in projects) 13
Other Commitment $ 144.1
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