Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Reportable Operating Segments

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, 2026
	Experiential		Education		Corporate/Unallocated		Consolidated
Total Assets	$	5,251,679	$	360,590	$	70,543	$	5,682,812

	As of December 31, 2025
	Experiential		Education		Corporate/Unallocated		Consolidated
Total Assets	$	5,241,639	$	363,430	$	94,693	$	5,699,762


Operating Data:
	Three Months Ended March 31, 2026
	Experiential		Education		Corporate/Unallocated		Consolidated
Rental revenue	$	146,546	$	8,639	$	—	$	155,185
Other income	10,031		—		39		10,070
Mortgage and other financing income	15,992		5		—		15,997
Total revenue	172,569		8,644		39		181,252

Property operating expense	15,131		5		217		15,353
Other expense	10,989		—		—		10,989
Total investment expenses	26,120		5		217		26,342
Net operating income - before unallocated items	146,449		8,639		(178)		154,910

Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense							(14,242)
Retirement and severance expense							(1,423)


Transaction costs							(293)
(Provision) benefit for credit losses, net							5,597

Depreciation and amortization							(44,957)
Gain on real estate transactions							1,027

Interest expense, net							(34,763)
Equity in loss from joint ventures							(2,632)


Income tax expense							(614)




Net income							62,610

Preferred dividend requirements							(6,032)
Net income available to common shareholders of EPR Properties							$	56,578



	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 real estate transactions							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

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

EPR PROPERTIES 10-Q