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.


Balance Sheet Data:
	As of March 31, 2025
	Experiential		Education		Corporate/Unallocated		Consolidated
Total Assets	$	5,128,994	$	370,651	$	32,904	$	5,532,549

	As of December 31, 2024
	Experiential		Education		Corporate/Unallocated		Consolidated
Total Assets	$	5,171,845	$	409,801	$	34,861	$	5,616,507


Operating Data:
	Three Months Ended March 31, 2025
	Experiential		Education		Corporate/Unallocated		Consolidated
Rental revenue	$	135,806	$	10,553	$	—	$	146,359
Other income	11,458		—		178		11,636
Mortgage and other financing income	16,771		267		—		17,038
Total revenue	164,035		10,820		178		175,033

Property operating expense	14,931		4		236		15,171
Other expense	12,611		—		—		12,611
Total investment expenses	27,542		4		236		27,782
Net operating income - before unallocated items	136,493		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, net							652

Depreciation and amortization							(41,089)
Gain on sale of real estate							9,384

Interest expense, net							(33,021)
Equity in loss from joint ventures							(2,647)


Income tax expense							(136)




Net income							65,803

Preferred dividend requirements							(6,032)
Net income available to common shareholders of EPR Properties							$	59,771



	Three Months Ended March 31, 2024
	Experiential		Education		Corporate/Unallocated		Consolidated
Rental revenue	$	132,824	$	9,457	$	—	$	142,281
Other income	11,770		100		167		12,037
Mortgage and other financing income	12,705		209		—		12,914
Total revenue	157,299		9,766		167		167,232

Property operating expense	14,540		129		251		14,920
Other expense	12,976		—		—		12,976
Total investment expenses	27,516		129		251		27,896
Net operating income - before unallocated items	129,783		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 estate							17,949

Interest expense, net							(31,651)
Equity in loss from joint ventures							(3,627)


Income tax expense							(347)



Net income							62,709
Preferred dividend requirements							(6,032)
Net income available to common shareholders of EPR Properties							$	56,677