v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
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 September 30, 2026
ExperientialEducationCorporate/UnallocatedConsolidated
Total Assets$5,801,369 $316,275 $61,734 $6,179,378 
As of December 31, 2025
ExperientialEducationCorporate/UnallocatedConsolidated
Total Assets$5,241,639 $363,430 $94,693 $5,699,762 
Operating Data:
Three Months Ended September 30, 2026
ExperientialEducationCorporate/UnallocatedConsolidated
Rental revenue$166,731 $8,559 $— $175,290 
Other income13,839 — 391 14,230 
Mortgage and other financing income
14,578 4 — 14,582 
Total revenue195,148 8,563 391 204,102 
Property operating expense
15,423 — 279 15,702 
Other expense12,690 — — 12,690 
Total investment expenses
28,113 — 279 28,392 
Net operating income - before unallocated items167,035 8,563 112 175,710 
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense(14,809)
Transaction costs(187)
(Provision) benefit for credit losses, net(836)
Depreciation and amortization(51,080)
Gain on real estate transactions30,457 
Costs associated with loan refinancing or payoff(605)
Interest expense, net(40,310)
Equity in income from joint ventures2,555 
Income tax expense(774)
Net income100,121 
Preferred dividend requirements(5,984)
Net income available to common shareholders of EPR Properties$94,137 
Three Months Ended September 30, 2025
ExperientialEducationCorporate/UnallocatedConsolidated
Rental revenue$146,129 $8,709 $— $154,838 
Other income12,072 — 63 12,135 
Mortgage and other financing income
15,326 7 — 15,333 
Total revenue173,527 8,716 63 182,306 
Property operating expense
14,275 (12)215 14,478 
Other expense11,173 — — 11,173 
Total investment expenses
25,448 (12)215 25,651 
Net operating income - before unallocated items148,079 8,728 (152)156,655 
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense(14,001)
Retirement and severance expense(1,094)
Transaction costs(492)
(Provision) benefit for credit losses, net(9,117)
Depreciation and amortization(42,409)
Gain on real estate transactions8,073 
Interest expense, net(33,238)
Equity in income from joint ventures2,934 
Income tax expense(725)
Net income66,586 
Preferred dividend requirements(6,032)
Net income available to common shareholders of EPR Properties$60,554