v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company groups its investments into two reportable operating segments: Experiential and Education. The Company’s segment structure reflects the financial information and reports used by the Company’s management team, specifically its chief operating decision maker (CODM), to make decisions regarding the Company’s business, including resource allocation and performance assessments. The Company’s CODM is its Chairman, President and Chief Executive Officer. The CODM uses Total Assets and Net Operating Income (NOI) before unallocated items by segment to assess and allocate resources. NOI is calculated as total revenue (consisting of rental revenue, other income and mortgage and other financing income) less property operating expense and other expense.

The financial information summarized below is presented by reportable operating segment (in thousands):
Balance Sheet Data:
As of March 31, 2025
ExperientialEducationCorporate/UnallocatedConsolidated
Total Assets$5,128,994 $370,651 $32,904 $5,532,549 
As of December 31, 2024
ExperientialEducationCorporate/UnallocatedConsolidated
Total Assets$5,171,845 $409,801 $34,861 $5,616,507 
Operating Data:
Three Months Ended March 31, 2025
ExperientialEducationCorporate/UnallocatedConsolidated
Rental revenue$135,806 $10,553 $— $146,359 
Other income11,458 — 178 11,636 
Mortgage and other financing income
16,771 267 — 17,038 
Total revenue164,035 10,820 178 175,033 
Property operating expense
14,931 4 236 15,171 
Other expense12,611 — — 12,611 
Total investment expenses
27,542 4 236 27,782 
Net operating income - before unallocated items136,493 10,816 (58)147,251 
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense(14,024)
Transaction costs(567)
(Provision) benefit for credit losses, net652 
Depreciation and amortization(41,089)
Gain on sale of real estate9,384 
Interest expense, net(33,021)
Equity in loss from joint ventures(2,647)
Income tax expense(136)
Net income65,803 
Preferred dividend requirements(6,032)
Net income available to common shareholders of EPR Properties$59,771 
Three Months Ended March 31, 2024
ExperientialEducationCorporate/UnallocatedConsolidated
Rental revenue$132,824 $9,457 $— $142,281 
Other income11,770 100 167 12,037 
Mortgage and other financing income
12,705 209 — 12,914 
Total revenue157,299 9,766 167 167,232 
Property operating expense
14,540 129 251 14,920 
Other expense12,976 — — 12,976 
Total investment expenses
27,516 129 251 27,896 
Net operating income - before unallocated items129,783 9,637 (84)139,336 
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense(13,908)
Retirement and severance expense(1,836)
Transaction costs(1)
(Provision) benefit for credit losses, net(2,737)
Depreciation and amortization(40,469)
Gain on sale of real estate17,949 
Interest expense, net(31,651)
Equity in loss from joint ventures(3,627)
Income tax expense(347)
Net income62,709 
Preferred dividend requirements(6,032)
Net income available to common shareholders of EPR Properties$56,677