Schedule of Reportable Operating Segments |
Segment Information The Company groups its investments into two reportable operating segments: Experiential and Education.
The financial information summarized below is presented by reportable operating segment (in thousands): | | | | | | | | | | | | | | | Balance Sheet Data: | | As of September 30, 2021 | | Experiential | Education | Corporate/Unallocated | Consolidated | Total Assets | $ | 5,060,248 | | $ | 511,170 | | $ | 149,739 | | $ | 5,721,157 | | | | | | | | As of December 31, 2020 | | Experiential | Education | Corporate/Unallocated | Consolidated | Total Assets | $ | 5,133,486 | | $ | 529,755 | | $ | 1,040,944 | | $ | 6,704,185 | |
| | | | | | | | | | | | | | | Operating Data: | | | | | | Three Months Ended September 30, 2021 | | Experiential | Education | Corporate/Unallocated | Consolidated | Rental revenue | $ | 113,589 | | $ | 9,451 | | $ | — | | $ | 123,040 | | Other income | 8,052 | | — | | 39 | | 8,091 | | Mortgage and other financing income | 8,283 | | 233 | | — | | 8,516 | | Total revenue | 129,924 | | 9,684 | | 39 | | 139,647 | | | | | | | Property operating expense | 13,572 | | 16 | | 227 | | 13,815 | | Other expense | 7,851 | | — | | — | | 7,851 | | Total investment expenses | 21,423 | | 16 | | 227 | | 21,666 | | Net operating income - before unallocated items | 108,501 | | 9,668 | | (188) | | 117,981 | | | | | | | Reconciliation to Consolidated Statements of Income (Loss) and Comprehensive Income (Loss): | General and administrative expense | | | (11,154) | | | | | | | | | | Costs associated with loan refinancing or payoff | | | (4,741) | | | | | | Interest expense, net | | | | (36,584) | | Transaction costs | | | | (2,132) | | Credit loss benefit | | | | 14,096 | | Impairment charges | | | | (2,711) | | Depreciation and amortization | | | (42,612) | | Equity in loss from joint ventures | | | (418) | | | | | | Gain on sale of real estate | | | 787 | | | | | | Income tax expense | | | (395) | | | | | | | | | | | | | | | | | | Net income | | | 32,117 | | | | | | | Preferred dividend requirements | | | (6,033) | | Net income available to common shareholders of EPR Properties | $ | 26,084 | |
| | | | | | | | | | | | | | | Operating Data: | | | | | | Three Months Ended September 30, 2020 | | Experiential | Education | Corporate/Unallocated | Consolidated | Rental revenue | $ | 40,270 | | $ | 15,321 | | $ | — | | $ | 55,591 | | Other income | 14 | | 13 | | 155 | | 182 | | Mortgage and other financing income | 7,761 | | 343 | | — | | 8,104 | | Total revenue | 48,045 | | 15,677 | | 155 | | 63,877 | | | | | | | Property operating expense | 13,011 | | 550 | | 198 | | 13,759 | | Other expense | 2,680 | | — | | — | | 2,680 | | Total investment expenses | 15,691 | | 550 | | 198 | | 16,439 | | Net operating income - before unallocated items | 32,354 | | 15,127 | | (43) | | 47,438 | | | | | | | Reconciliation to Consolidated Statements of Income (Loss) and Comprehensive Income (Loss): | General and administrative expense | | | (10,034) | | | | | | | | | | | | | | | | | | Interest expense, net | | | | (41,744) | | Transaction costs | | | | (2,776) | | Credit loss expense | | | | (5,707) | | Impairment charges | | | | (11,561) | | Depreciation and amortization | | | (42,059) | | Equity in loss from joint ventures | | | (1,044) | | | | | | | | | | | | | | Income tax expense | | | | (18,417) | | | | | | | | | | | | | | Net loss | | | (85,904) | | Preferred dividend requirements | | (6,034) | | Net loss available to common shareholders of EPR Properties | $ | (91,938) | |
| | | | | | | | | | | | | | | Operating Data: | | | | | | Nine Months Ended September 30, 2021 | | Experiential | Education | Corporate/Unallocated | Consolidated | Rental revenue | $ | 313,424 | | $ | 28,113 | | $ | — | | $ | 341,537 | | Other income | 9,442 | | — | | 360 | | 9,802 | | Mortgage and other financing income | 24,663 | | 772 | | — | | 25,435 | | Total revenue | 347,529 | | 28,885 | | 360 | | 376,774 | | | | | | | Property operating expense | 42,985 | | 113 | | 708 | | 43,806 | | Other expense | 13,428 | | — | | — | | 13,428 | | Total investment expenses | 56,413 | | 113 | | 708 | | 57,234 | | Net operating income - before unallocated items | 291,116 | | 28,772 | | (348) | | 319,540 | | Reconciliation to Consolidated Statements of Income (Loss) and Comprehensive Income (Loss): | General and administrative expense | | | (33,866) | | | | | | Costs associated with loan refinancing or payoff | | | (4,982) | | | | | | Interest expense, net | | | | (114,090) | | Transaction costs | | | | (3,342) | | Credit loss benefit | | | | 19,677 | | Impairment charges | | | | (2,711) | | Depreciation and amortization | | | (123,476) | | Equity in loss from joint ventures | | | (3,000) | | | | | | Gain on sale of real estate | | | 1,499 | | | | | | Income tax expense | | | (1,200) | | | | | | | | | | | | | | | | | | Net income | | | 54,049 | | | | | | | Preferred dividend requirements | | | (18,100) | | Net income available to common shareholders of EPR Properties | $ | 35,949 | |
| | | | | | | | | | | | | | | Operating Data: | | | | | | Nine Months Ended September 30, 2020 | | Experiential | Education | Corporate/Unallocated | Consolidated | Rental revenue | $ | 243,134 | | $ | 45,031 | | $ | — | | $ | 288,165 | | Other income | 7,227 | | 13 | | 931 | | 8,171 | | Mortgage and other financing income | 23,913 | | 1,000 | | — | | 24,913 | | Total revenue | 274,274 | | 46,044 | | 931 | | 321,249 | | | | | | | Property operating expense | 39,854 | | 1,719 | | 608 | | 42,181 | | Other expense | 15,012 | | — | | — | | 15,012 | | Total investment expenses | 54,866 | | 1,719 | | 608 | | 57,193 | | Net operating income - before unallocated items | 219,408 | | 44,325 | | 323 | | 264,056 | | | | | | | Reconciliation to Consolidated Statements of Income (Loss) and Comprehensive Income (Loss): | General and administrative expense | | | (31,454) | | | | | | Costs associated with loan refinancing or payoff | | | (820) | | | | | | Interest expense, net | | | | (114,837) | | Transaction costs | | | | (4,622) | | Credit loss expense | | | | (10,383) | | Impairment charges | | | | (62,825) | | Depreciation and amortization | | | (128,319) | | Equity in loss from joint ventures | | | (3,188) | | Impairment charges on joint ventures | | | (3,247) | | Gain on sale of real estate | | | 242 | | | | | | Income tax benefit | | | (16,354) | | | | | | | | | | | | | | | | | | Net loss | | | (111,751) | | | | | | | Preferred dividend requirements | | | (18,102) | | Net loss available to common shareholders of EPR Properties | $ | (129,853) | |
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