EPR PROPERTIES Segments Disclosure
| Balance Sheet Data: | ||||||||||||||||||||||||||
| As of December 31, 2025 | ||||||||||||||||||||||||||
| Experiential | Education | Corporate/Unallocated | Consolidated | |||||||||||||||||||||||
| Total Assets | $ | 5,241,639 | $ | 363,430 | $ | 94,693 | $ | 5,699,762 | ||||||||||||||||||
| As of December 31, 2024 | ||||||||||||||||||||||||||
| Experiential | Education | Corporate/Unallocated | Consolidated | |||||||||||||||||||||||
| Total Assets | $ | 5,171,845 | $ | 409,801 | $ | 34,861 | $ | 5,616,507 | ||||||||||||||||||
| Operating Data: | |||||||||||||||||
For the Year Ended December 31, 2025 | |||||||||||||||||
| Experiential | Education | Corporate/Unallocated | Consolidated | ||||||||||||||
| Rental revenue | $ | 571,147 | $ | 37,458 | $ | — | $ | 608,605 | |||||||||
| Other income | 45,231 | — | 361 | 45,592 | |||||||||||||
Mortgage and other financing income | 63,869 | 291 | — | 64,160 | |||||||||||||
| Total revenue | 680,247 | 37,749 | 361 | 718,357 | |||||||||||||
Property operating expense | 58,280 | 17 | 875 | 59,172 | |||||||||||||
| Other expense | 45,756 | — | — | 45,756 | |||||||||||||
Total investment expenses | 104,036 | 17 | 875 | 104,928 | |||||||||||||
| Net operating income (loss) - before unallocated items | 576,211 | 37,732 | (514) | 613,429 | |||||||||||||
| Reconciliation to Consolidated Statements of Income and Comprehensive Income: | |||||||||||||||||
| General and administrative expense | (55,830) | ||||||||||||||||
| Retirement and severance expense | (2,995) | ||||||||||||||||
| Transaction costs | (2,199) | ||||||||||||||||
| (Provision) benefit for credit losses, net | (8,477) | ||||||||||||||||
| Depreciation and amortization | (169,160) | ||||||||||||||||
| Gain on sale of real estate and early ground lease termination | 39,533 | ||||||||||||||||
| Interest expense, net | (133,079) | ||||||||||||||||
| Equity in loss from joint ventures | (3,790) | ||||||||||||||||
| Income tax expense | (2,496) | ||||||||||||||||
| Net income | 274,936 | ||||||||||||||||
| Preferred dividend requirements | (24,144) | ||||||||||||||||
| Net income available to common shareholders of EPR Properties | $ | 250,792 | |||||||||||||||
For the Year Ended December 31, 2024 | |||||||||||||||||
| Experiential | Education | Corporate/Unallocated | Consolidated | ||||||||||||||
| Rental revenue | $ | 547,310 | $ | 37,857 | $ | — | $ | 585,167 | |||||||||
| Other income | 56,297 | 100 | 674 | 57,071 | |||||||||||||
| Mortgage and other financing income | 55,005 | 825 | — | 55,830 | |||||||||||||
| Total revenue | 658,612 | 38,782 | 674 | 698,068 | |||||||||||||
| Property operating expense | 57,616 | 573 | 957 | 59,146 | |||||||||||||
| Other expense | 56,877 | — | — | 56,877 | |||||||||||||
| Total investment expenses | 114,493 | 573 | 957 | 116,023 | |||||||||||||
| Net operating income (loss) - before unallocated items | 544,119 | 38,209 | (283) | 582,045 | |||||||||||||
| Reconciliation to Consolidated Statements of Income and Comprehensive Income: | |||||||||||||||||
| General and administrative expense | (50,096) | ||||||||||||||||
| Severance expense | (1,836) | ||||||||||||||||
| Transaction costs | (798) | ||||||||||||||||
| (Provision) benefit for credit losses, net | (12,247) | ||||||||||||||||
| Impairment charges | (51,764) | ||||||||||||||||
| Depreciation and amortization | (165,733) | ||||||||||||||||
| Gain on sale of real estate and early ground lease termination | 16,101 | ||||||||||||||||
| Costs associated with loan refinancing or payoff | (337) | ||||||||||||||||
| Interest expense, net | (130,810) | ||||||||||||||||
| Equity in loss from joint ventures | (8,809) | ||||||||||||||||
| Impairment charges on joint ventures | (28,217) | ||||||||||||||||
| Income tax expense | (1,433) | ||||||||||||||||
| Net income | 146,066 | ||||||||||||||||
| Preferred dividend requirements | (24,144) | ||||||||||||||||
| Net income available to common shareholders of EPR Properties | $ | 121,922 | |||||||||||||||
For the Year Ended December 31, 2023 | |||||||||||||||||
| Experiential | Education | Corporate/Unallocated | Consolidated | ||||||||||||||
| Rental revenue | $ | 577,715 | $ | 38,424 | $ | — | $ | 616,139 | |||||||||
| Other income | 45,112 | 1 | 834 | 45,947 | |||||||||||||
| Mortgage and other financing income | 42,717 | 865 | — | 43,582 | |||||||||||||
| Total revenue | 665,544 | 39,290 | 834 | 705,668 | |||||||||||||
| Property operating expense | 56,543 | 192 | 743 | 57,478 | |||||||||||||
| Other expense | 44,774 | — | — | 44,774 | |||||||||||||
| Total investment expenses | 101,317 | 192 | 743 | 102,252 | |||||||||||||
| Net operating income - before unallocated items | 564,227 | 39,098 | 91 | 603,416 | |||||||||||||
| Reconciliation to Consolidated Statements of Income and Comprehensive Income: | |||||||||||||||||
| General and administrative expense | (56,442) | ||||||||||||||||
| Severance expense | (547) | ||||||||||||||||
| Transaction costs | (1,554) | ||||||||||||||||
| (Provision) benefit for credit losses, net | (878) | ||||||||||||||||
| Impairment charges | (67,366) | ||||||||||||||||
| Depreciation and amortization | (168,033) | ||||||||||||||||
| Loss on sale of real estate and early ground lease termination | (2,197) | ||||||||||||||||
| Interest expense, net | (124,858) | ||||||||||||||||
| Equity in loss from joint ventures | (6,768) | ||||||||||||||||
| Income tax expense | (1,727) | ||||||||||||||||
| Net income | 173,046 | ||||||||||||||||
| Preferred dividend requirements | (24,145) | ||||||||||||||||
| Net income available to common shareholders of EPR Properties | $ | 148,901 | |||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.