EPR Properties (EPR) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-13561
Entity Registrant Name	EPR PROPERTIES
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	43-1790877
Entity Address, Address Line One	909 Walnut Street,
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Kansas City,
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	64106
City Area Code	(816)
Local Phone Number	472-1700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		75,672,637
Entity Central Index Key	0001045450
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common shares, par value $0.01 per share
Trading Symbol	EPR
Entity Listing, Description	NYSE
Series C Preferred Shares [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.75% Series C cumulative convertible preferred shares, par value $0.01 per share
Trading Symbol	EPR PrC
Entity Listing, Description	NYSE
Series E Preferred Shares [Member]
Entity Information [Line Items]
Title of 12(b) Security	9.00% Series E cumulative convertible preferred shares, par value $0.01 per share
Trading Symbol	EPR PrE
Entity Listing, Description	NYSE
Series G Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.75% Series G cumulative redeemable preferred shares, par value $0.01 per share
Trading Symbol	EPR PrG
Entity Listing, Description	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Assets
Real Estate Investment Property, Net	$ 4,629,859,000	$ 4,537,359,000
Land held for development	20,168,000	20,168,000
Property under development	36,138,000	131,265,000
Operating Lease, Right-of-Use Asset	183,031,000	186,628,000
Financing Receivable, after Allowance for Credit Loss, Current	578,915,000	569,768,000
Investment in joint ventures	46,127,000	49,754,000
Cash and cash equivalents	59,476,000	78,079,000
Restricted cash	2,929,000	2,902,000
Accounts receivable, net	69,414,000	63,655,000
Other assets	67,979,000	61,307,000
Total assets	5,694,036,000	5,700,885,000
Liabilities:
Accounts payable and accrued liabilities	84,153,000	94,927,000
Operating Lease, Liability	223,077,000	226,961,000
Dividends Payable, Current	22,918,000	25,275,000
Preferred dividends payable	6,032,000	6,032,000
Unearned rents and interest	91,829,000	77,440,000
Debt	2,817,710,000	2,816,095,000
Total liabilities	$ 3,245,719,000	$ 3,246,730,000
Equity:
Common Stock, Shares, Issued	83,553,611	82,964,231
Common Stock, Value, Issued	$ 835,000	$ 829,000
Additional paid-in-capital	3,939,242,000	3,924,467,000
Treasury Stock, Value	(285,413,000)	(274,038,000)
Accumulated other comprehensive income	1,119,000	3,296,000
Distributions in excess of net income	1,207,614,000	1,200,547,000
Total equity	2,448,317,000	2,454,155,000
Total liabilities and equity	$ 5,694,036,000	$ 5,700,885,000
Series C Preferred Shares [Member]
Equity:
Preferred Shares, shares issued	5,392,916	5,392,916
Preferred shares	$ 54,000	$ 54,000
Preferred Shares, liquidation preference	$ 134,822,900	$ 134,822,900
Series E Preferred Shares [Member]
Equity:
Preferred Shares, shares issued	3,445,980	3,445,980
Preferred shares	$ 34,000	$ 34,000
Preferred Shares, liquidation preference	$ 86,149,500	$ 86,149,500
Series G Preferred Stock [Member]
Equity:
Preferred Shares, shares issued	6,000,000	6,000,000
Preferred shares	$ 60,000	$ 60,000
Preferred Shares, liquidation preference	$ 150,000,000	$ 150,000,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Real Estate Owned, Accumulated Depreciation	$ 1,470,507,000	$ 1,435,683,000
Common Shares, par value	$ 0.01	$ 0.01
Common Shares, shares authorized	125,000,000
Preferred Shares, par value	$ 0.01	$ 0.01
Preferred Shares, shares authorized	25,000,000	25,000,000
Treasury Stock, Common, Shares	7,883,581	7,631,725
Dividends Payable, Current	$ 22,918,000	$ 25,275,000
Series C Preferred Shares [Member]
Preferred Shares, shares issued	5,392,916	5,392,916
Preferred Shares, liquidation preference	$ 134,822,900	$ 134,822,900
Series E Preferred Shares [Member]
Preferred Shares, shares issued	3,445,980	3,445,980
Preferred Shares, liquidation preference	$ 86,149,500	$ 86,149,500
Series G Preferred Stock [Member]
Preferred Shares, shares issued	6,000,000	6,000,000
Preferred Shares, liquidation preference	$ 150,000,000	$ 150,000,000

Consolidated Statements Of Inco

Consolidated Statements Of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Lease, Lease Income	$ 142,281	$ 151,591
Other income	12,037	9,333
Interest and Fee Income, Loans, Commercial and Residential, Real Estate	12,914	10,472
Total revenue	167,232	171,396
Property operating expense	14,920	14,155
Other expense	12,976	8,950
General and Administrative Expense	13,908	13,965
Severance Costs	1,836	0
Transaction costs	1	270
Financing Receivable, Credit Loss, Expense (Reversal)	2,737	587
Depreciation and amortization	40,469	41,204
Operating Costs and Expenses	86,847	79,131
Gain on sale of real estate	17,949	(560)
Operating Income	98,334	91,705
Interest expense, net	31,651	31,722
Equity in (income) loss from joint ventures	3,627	1,985
Income from Continuing Operations before Income Taxes, Noncontrolling Interest	63,056	57,998
Income tax expense	347	341
Net income	62,709	57,657
Preferred dividend requirements	6,032	6,033
Net income available to common shareholders of EPR Properties	56,677	51,624
Foreign currency translation adjustment	(6,909)	230
Unrealized Gain (Loss) on Derivatives	4,732	(304)
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 60,532	$ 57,583
Basic earnings per share data:
Net income available to common shareholders (in dollars per share)	$ 0.75	$ 0.69
Diluted earnings per share data:
Net income available to common shareholders (in dollars per share)	$ 0.75	$ 0.69
Shares used for computation (in thousands):
Basic (in shares)	75,398	75,084
Diluted (in shares)	75,705	75,283

Consolidated Statement Of Chang

Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common	Accumulated other comprehensive income (loss) [Member]	Distributions in excess of net income [Member]	Series C Preferred Shares [Member]	Series C Preferred Shares [Member] Distributions in excess of net income [Member]	Series E Preferred Shares [Member]	Series E Preferred Shares [Member] Preferred Stock [Member]	Series E Preferred Shares [Member] Distributions in excess of net income [Member]	Series G Preferred Stock [Member]	Series G Preferred Stock [Member] Distributions in excess of net income [Member]	Performance Shares [Member]	Performance Shares [Member] Distributions in excess of net income [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	$ 2,535,719	$ 825	$ 148	$ 3,899,732	$ (269,751)	$ 1,897	$ (1,097,132)
Balance (in shares) at Dec. 31, 2022		82,545,501	14,840,297
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Shares, Other		1,449
Stock Issued During Period, Value, Other	0
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		352,090
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	5,372	$ 4		5,956	(588)
Treasury Stock, Retired, Cost Method, Amount	(3,565)				(3,565)
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards	4,322			4,322
share based compensation included in severance expense	0
Foreign currency translation adjustment	230					230
Unrealized Gain (Loss) on Derivatives	(304)					(304)
Net income	57,657						57,657
Issuances of common shares (in shares)		5,557
Issuances of common shares	225	$ 0		225
Stock Issued During Period, Value, Conversion of Convertible Securities	$ 0
Stock Issued During Period, Shares, Conversion of Convertible Securities		632									(1,311)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.8250
Dividends to common and preferred shareholders	$ (62,109)						(62,109)	$ (1,938)	$ (1,938)	$ (1,938)		$ (1,938)	$ (2,156)	$ (2,156)	$ (353)	$ (353)
Preferred Stock, Dividends, Per Share, Cash Paid								$ 0.359375		$ 0.5625			$ 0.359375
Balance (in shares) at Mar. 31, 2023		82,905,229	14,838,986
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	2,531,162	$ 829	$ 148	3,910,235	(273,904)	1,823	(1,107,969)
Total equity	2,454,155	$ 829	$ 148	3,924,467	(274,038)	3,296	(1,200,547)
Balance (in shares) at Dec. 31, 2023		82,964,231	14,838,896
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		583,135
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	9,218	$ 6		9,212	0
Treasury Stock, Retired, Cost Method, Amount	(11,375)				(11,375)
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards	3,692			3,692
share based compensation included in severance expense	1,598			1,598
Foreign currency translation adjustment	(6,909)					(6,909)
Unrealized Gain (Loss) on Derivatives	4,732					4,732
Net income	62,709						62,709
Issuances of common shares (in shares)		6,245
Issuances of common shares	$ 273	$ 0		273
Common Stock, Dividends, Per Share, Cash Paid	$ 0.835
Dividends to common and preferred shareholders	$ (63,146)						(63,146)	$ (1,938)	$ (1,938)	$ (1,938)		$ (1,938)	$ (2,156)	$ (2,156)	$ (598)	$ (598)
Preferred Stock, Dividends, Per Share, Cash Paid								$ 0.359375		$ 0.5625			$ 0.359375
Balance (in shares) at Mar. 31, 2024		83,553,611	14,838,896
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	$ 2,448,317	$ 835	$ 148	$ 3,939,242	$ (285,413)	$ 1,119	$ (1,207,614)

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 62,709	$ 57,657
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
(Gain) loss on sale of real estate	(17,949)	560
Deferred income tax benefit	(277)	(90)
Equity in (income) loss from joint ventures	(3,627)	(1,985)
Financing Receivable, Credit Loss, Expense (Reversal)	2,737	587
Depreciation and amortization	40,469	41,204
Amortization of deferred financing costs	2,212	2,129
Amortization of above/below market leases and tenant allowances, net	(84)	(89)
Share-based Payment Arrangement, Noncash Expense	3,692	4,322
share based compensation included in severance expense	1,598	0
Increase (Decrease) in Operating Lease Assets and Liabilities, Net	(287)	317
Mortgage notes accrued interest receivable	(1,418)	(296)
Accounts receivable	(5,819)	2,998
Other assets	(3,878)	(6,276)
Accounts payable and accrued liabilities	6,202	8,861
Increase (Decrease) in Deferred Revenue	6,009	7,661
Net cash provided by operating activities	99,543	121,530
Investing activities:
Payments to Acquire Productive Assets	34,531	46,669
Proceeds from Sale of Productive Assets	46,188	4,029
Investment in mortgage notes receivable	(9,969)	(1,427)
Proceeds from Sale and Collection of Mortgage Notes Receivable	198	132
Investment in promissory notes receivable	0	3,025
Proceeds from promissory note receivable paydown	136	161
Additions to properties under development	(40,573)	(14,711)
Net cash used by investing activities	(38,551)	(61,510)
Financing activities:
Deferred financing fees paid	(53)	(74)
Net proceeds from issuance of common shares	185	141
Purchase of common shares for treasury	(11,375)	(3,565)
Dividends paid to shareholders	(68,241)	(67,988)
Net cash used by financing activities	(79,484)	(71,486)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(84)	(8)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(18,576)	(11,474)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	62,405	99,037
Cash and Cash Equivalents, at Carrying Value	59,476	96,438
Restricted Cash and Cash Equivalents	2,929	2,599
Supplemental schedule of non-cash activity:
Transfer of property under development to rental property	111,154	134
Real Estate Owned, Transfer from Real Estate Owned	0	1,321
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses	20,096	21,698
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities	17,265	17,913
Cash paid during the period for income taxes	617	253
Interest cost capitalized	958	783
Change in accrued capital expenditures	$ (6,762)	$ (7,510)

Organization

Organization	3 Months Ended
	Mar. 31, 2024
Organization [Abstract]
Organization	Organization Description of Business EPR Properties (the Company) was formed on August 22, 1997 as a Maryland real estate investment trust (REIT), and an initial public offering of the Company's common shares of beneficial interest (common shares) was completed on November 18, 1997. Since that time, the Company has been a leading diversified experiential net lease REIT specializing in select enduring experiential properties. The Company's underwriting is centered on key industry and property cash flow criteria, as well as the credit metrics of the Company's tenants and customers. The Company’s properties are located in the United States (U.S.) and Canada.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies and Recently Issued Accounting Standards Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Amounts as of December 31, 2023 have been derived from the audited Consolidated Financial Statements as of that date and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (SEC) on February 29, 2024. The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the FASB ASC Topic on Consolidation (Topic 810) but can exercise influence over the entity with respect to its operations and major decisions. The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. The primary beneficiary generally is defined as the party with the controlling financial interest. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. As of March 31, 2024 and December 31, 2023, the Company does not have any investments in consolidated VIEs. Deferred Financing Costs Deferred financing costs are amortized over the terms of the related debt obligations, as applicable. Deferred financin g costs of $23.5 million and $25.1 million as of March 31, 2024 and December 31, 2023, respectively, are shown as a reduction of debt. The deferred financing costs related to the unsecured revolving credit facility of $3.6 million and $4.1 million as of March 31, 2024 and December 31, 2023, respectively, are included in "Other assets" in the accompanying consolidated balance s heets. Rental Revenue The Company leases real estate to its tenants under leases classified as operating leases. The Company's leases generally provide for rent escalations throughout the lease terms. Rents that are fixed are recognized on a straight-line basis over the lease term. Base rent escalations that include a variable component are recognized upon the occurrence of the specified event as defined in the Company's lease agreements. Many of the Company's leasing arrangements include options to e xtend the lease, which are not included in the minimum lease terms unless the option is reasonably certain to be exercised. Straight-line rental revenue is subject to an evaluation for collectibility, and the Company records a direct write-off against rental revenue if collectibility of these future rents is not probable. For the three months ended March 31, 2024 and 2023, the Company recognized $3.7 million and $2.1 million, respectively, of straight-line rental revenue. There were no straight-line write-offs recognized during the three months ended March 31, 2024 and 2023. Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments to third parties for lessor costs (such as property taxes and insurance) associated with the properties. In accordance with Topic 842, the Company does not include these lessee payments to third parties in rental revenue or property operating expenses. In certain situations, the Company pays these lessor costs directly to third parties and the tenants reimburse the Company. In accordance with Topic 842, these payments are presented on a gross basis in rental revenue and property operating expense. During the three months ended March 31, 2024 and 2023, the Company recogni zed $0.4 million and $0.7 million, respectively, in tenant reimbursements related to the gross-up of these reimbursed expenses that are included in rental revenue. Certain of the Company's leases, particularly at its entertainment districts, require the tenants to make payments to the Company for property-related expenses such as common area maintenance. The Company has elected to combine these non-lease components with the lease components in rental revenue. For the three months ended March 31, 2024 and 2023, the amounts due for non-lease components included in rental revenue tota led $4.7 million for both periods. In addition, most of the Company's tenants are subject to additional rents (above base rents) if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents are recognized at the time when specified trigger ing events occur as provided by the lease agreement. Rental revenue included percentage rents of $1.9 million and $1.8 million for the three months ended March 31, 2024 and 2023, respectively. The Company regularly evaluates the collectibility of its receivables on a lease-by-lease basis. The evaluation primarily consists of reviewing past due account balances and considering such factors as the credit quality of the Company's tenants, historical trends of the tenant, current economic conditions and changes in customer payment terms. When the collectibility of lease receivables or future lease payments are no longer probable, the Company records a direct write-off of the receivable to rental revenue and recognizes future rental revenue on a cash basis. Mortgage Notes and Other Notes Receivable Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower less allowance for credit loss. Interest income is recognized using the effective interest method over the estimated life of the note. Interest income includes both the stated interest and the amortization or accretion of premiums or discounts (if any). The Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables related to its mortgage notes and notes receivable. Accordingly, if accrued interest receivable is deemed to be uncollectible, the Company will record any necessary write-offs as a reversal of interest in come. There were no accrued interest write-offs for the three months ended March 31, 2024 and 2023. As of March 31, 2024, the Company believes that all outstanding accrued interest is collectible. In the event the Company has a past due mortgage note or note receivable that the Company determines is collateral-dependent, the Company measures expected credit losses based on the fair value of the collateral. As of March 31, 2024, the Company does not have any mortgage notes o r notes receivable with past due principal balances. Se e Note 5 for further discussion of mortgage notes and notes receivable for which the Company elected to apply the collateral-dependent practical expedient. Concentrations of Risk Topgolf USA (Topgolf), American-Multi Cinema, Inc. (AMC) and Regal Cinemas (Regal), a subsidiary of Cineworld Group, represented a significant portion of the Company's total revenue for the three months ended March 31, 2024 and 2023. The following is a su mmary of the Company's total revenue derived from rental or interest payments from Topgolf, AMC and Regal (dollars in thousands): Three Months Ended March 31, 2024 2023 Total Revenue % of Company's Total Revenue Total Revenue % of Company's Total Revenue Topgolf $ 24,723 14.8 % $ 23,672 13.8 % AMC 23,464 14.0 % 23,801 13.9 % Regal 18,706 11.2 % 28,751 16.8 % Impact of Recently Issued Accounting Standards

Rental Properties

Rental Properties	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Rental Properties	Real Estate Investments The following table summarizes the carrying amounts of real estate investments as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Buildings and improvements $ 4,712,831 $ 4,609,050 Furniture, fixtures & equipment 117,241 115,596 Land 1,241,841 1,219,943 Leasehold interests 28,453 28,453 6,100,366 5,973,042 Accumulated depreciation (1,470,507) (1,435,683) Total $ 4,629,859 $ 4,537,359 Depreciation expense on real estate investments was $39.5 million and $40.0 million for the three months ended March 31, 2024 and 2023, respectively.

Investments and Dispositions

Investments and Dispositions	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Investments	Investments and Dispositions The Company's investment spending during the three months ended March 31, 2024 totaled $85.7 million, and included $33.4 million for the acquisition of an attraction property in New York and $14.7 million for the acquisition and financing of land for two build-to-suit eat & play developments in Kansas and Illinois, respectively. Investment spending for the quarter also included experiential build-to-suit development and redevelopment projects. During the three months ended March 31, 2024, the Company completed the sale of two cultural properties and one vacant theatre property for net proceeds totaling $46.2 million and recognized a gain on sale totaling $17.9 million.

Receivables, Loans, Notes Recei

Receivables, Loans, Notes Receivable, and Others	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Financing Receivables	Investment in Mortgage Notes and Notes Receivable The Company measures expected credit losses on its mortgage notes and notes receivable on an individual basis because its financial instruments do not have similar risk characteristics. The Company uses a forward-looking commercial real estate loss forecasting tool to estimate its current expected credit losses (CECL) for each of its mortgage notes and notes receivable on a loan-by-loan basis. As of March 31, 2024, the Company did not anticipate any prepayments. Therefore, the contractual terms of its mortgage notes and notes receivable were used for the calculation of the expected credit losses. The Company updates the model inputs at each reporting period to reflect, if applicable, any newly originated loans, changes to loan specific information on existing loans and current macroeconomic conditions. The CECL allowance is a valuation account that is deducted from the related mortgage note or note receivable. Effective January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. Certain of the Company’s mortgage notes and notes receivable include commitments to fund future incremental amounts to its borrowers. These future funding commitments are also subject to the CECL model. The allowance related to future funding is recorded as a liability and is included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets. Investment in mortgage notes, including related accrued interest receivable, was $578.9 million and $569.8 million at March 31, 2024 and December 31, 2023, respectively. Investment in notes receivable, including related accrued interest receivable, w as $3.7 million and $3.9 million at March 31, 2024 and December 31, 2023, respectively, and is included in "Other assets" in the accompanying consolidated balance sheets. At March 31, 2024, one of the Company's mortgage notes receivable and two of the Company's notes receivable are considered collateral-dependent and expected credit losses are based on the fair value of the underlying collateral at the reporting date. The Company assessed the fair value of the collateral as of March 31, 2024 on the mortgage note receivable and the notes receivable. The mortgage note receivable has a carrying amount at March 31, 2024 of approximately $10.4 million net of an allowance for credit loss totaling $0.4 million. The notes receivable remain fully reserved with an allowance for credit loss totaling $7.6 million and $1.9 million, respectively, which represents the outstanding principal balance of the notes as of March 31, 2024. Income from these borrowers is recognized on a cash basis. During the three months ended March 31, 2024 and 2023, the Company received cash basis interest payments of $0.2 million for each period from the mortgage note receivable borrower. At March 31, 2024, the Company's investment in one of the notes receivable was a variable interest investment and the underlying entity is a VIE. The Company is not the primary beneficiary of this VIE because the Company does not individually have the power to direct the activities that are most significant to the entity and, accordingly, this investment is not consolidated. The Company's maximum exposure to loss associated with this VIE is limited to the Company's outstanding note receivable in the amount of $7.6 million, which is fully reserved in the allowance for credit losses at March 31, 2024. The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and n otes receivable for the three months ended March 31, 2024 (in thousands): Mortgage notes receivable Unfunded commitments - mortgage notes receivable Notes receivable Unfunded commitments - notes receivable Total Allowance for credit losses at December 31, 2023 $ 3,656 $ 1,072 $ 9,687 $ — $ 14,415 Provision (benefit) for credit losses, net 2,041 701 (5) — 2,737 Charge-offs — — — — — Recoveries — — — — — Allowance for credit losses at March 31, 2024 $ 5,697 $ 1,773 $ 9,682 $ — $ 17,152

Accounts Receivable, Net

Accounts Receivable, Net	3 Months Ended
	Mar. 31, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts Receivable, Net	Accounts Receivable The following table summarizes the carrying amounts of accounts receivable as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Receivable from tenants $ 3,398 $ 7,298 Receivable from non-tenants (1) 6,687 824 Straight-line rent receivable 59,329 55,533 Total $ 69,414 $ 63,655 (1) Receivable from non-tenants includes a payment of $5.9 million made to the City of Kansas City, Missouri under protest related to an assessment of tax years ending December 31, 2018 through 2022. The City has denied the Company’s necessary deduction for dividends paid for each of these years resulting in assessment of additional tax, penalties and interest. The Company has recorded this payment as a receivable as it intends to petition a court for review of the relevant facts and believes it is more likely than not the Company's position will be upheld by the court and the payment will be refunded. As of March 31, 2024, as a result of the COVID-19 pandemic, the Company continues to recognize revenue on a cash basis for AMC and two other tenants, one of which has deferred rent from this period that is not booked as a receivable of approximately $11.5 million. The Company has collected all deferred receivables from accrual basis tenants that were deferred due to the COVID-19 pandemic. During the three months ended March 31, 2024 and 2023, the Company collect ed $0.6 million and $6.5 million, respect ively, in deferred rent and interest from cash basis customers and from customers for which the deferred p

Unconsolidated Real Estate Join

Unconsolidated Real Estate Joint Ventures (Notes)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure [Text Block]	Unconsolidated Real Estate Joint Ventures The following table summarizes the Company's investments in unconsolidated joint ventures as of March 31, 2024 and December 31, 2023 (in thousands): Investment as of (Loss) Income for the Three Months Ended Property Type Location Ownership Interest March 31, 2024 December 31, 2023 March 31, 2024 March 31, 2023 Experiential lodging St. Pete Beach, FL 65 % (1) $ 14,504 $ 14,727 $ (223) $ 682 Experiential lodging Warrens, WI 95 % (2) 8,417 9,945 (1,528) (1,215) Experiential lodging Breaux Bridge, LA 85 % (3) 17,368 18,996 (1,628) (1,225) Experiential lodging Harrisville, PA 62 % (4) 5,838 6,086 (248) (227) Theatres China various — — — — $ 46,127 $ 49,754 $ (3,627) $ (1,985) (1) The Company has equity investments in two unconsolidated real estate joint ventures, one that holds the investment in the real estate of the experiential lodging properties and the other that holds the lodging operations, which are facilitated by a management agreement. The joint venture that holds the real property has a secured mortgage loan of $105.0 million at March 31, 2024. The maturity date of this mortgage loan is May 18, 2025. The note can be extended for two additional one-year periods from the original maturity date upon the satisfaction of certain conditions. The mortgage loan bears interest at SOFR plus 3.65%, with monthly interest payments required. The joint venture has an interest rate cap agreement to limit the variable portion of the interest rate (SOFR) on this note to 3.5% from May 19, 2022 to June 1, 2024. (2) The Company has equity investments in two unconsolidated real estate joint ventures, one that holds the investment in the real estate of the experiential lodging property and the other that holds the lodging operations, which are facilitated by a management agreement. The joint venture that holds the real property has a secured mortgage loan of $22.8 million at March 31, 2024 that provides for additional draws of approximately $1.1 million to fund renovations. The maturity date of this mortgage loan is September 15, 2031. The loan bears interest at an annual fixed rate of 4.00% with monthly interest payments required. Additionally, the Company has guaranteed the completion of the renovations in the amount of a pproximately $14.2 million, with $1.2 million remaining to fund at March 31, 2024. (3) Th e Company has equity investments in two unconsolidated real estate joint ventures, one that holds the investment in the real estate of the experiential lodging property and the other that holds the lodging operations, which are facilitated by a management agreement. The joint venture that holds the real estate property has a secured senior mortgage loan of $38.5 million at March 31, 2024. The maturity date of this mortgage loan is March 8, 2034. The mortgage loan bears interest at an annual fixed rate of 3.85% through April 7, 2025 and increases to 4.25% from April 8, 2025 through maturity. Monthly interest payments are required. Additionally, the Company provided a subordinated loan to the joint venture for $11.3 million with a maturity date of March 8, 2034. The mortgage loan bears interest at an annual fixed rate of 7.25% through the sixth anniversary and increases to SOFR plus 7.20% with a cap of 8.00%, through maturity. (4) The Company has a 92% equity investment in two separate unconsolidated real estate joint ventures, that through subsequent joint ventures (described below), hold the investments in the real estate of the experiential lodging property and the lodging operations, which are facilitated by a management agreement. The Company's investments in these two unconsolidated real estate joint ventures were considered to be variable interest investments and the Company's investment in the joint venture that holds the lodging operations is a VIE. The Company is not the primary beneficiary of the VIE because the Company does not individually have the power to direct the activities that are most important to the joint venture and, accordingly, this investment is not consolidated. Other than the guarantee described below, the Company's maximum exposure to loss is limited to its initial investment, which was nominal. The Company's investments in the two unconsolidated real estate joint ventures (representing 92% of each joint venture's equity) have a 67% equity interest in two separate consolidated joint ventures, one that holds the investments in the real estate of the experiential lodging property and the other that holds the lodging operations, which are facilitated by a management agreement. The consolidated joint venture that holds the real estate property has a secured senior mortgage loan commitment of up to $22.5 million at March 31, 2024 in order to fund renovations, with $13.0 million outstanding at March 31, 2024. The maturity date of this mortgage loan is November 1, 2029. The mortgage loan bears interest at an annual fixed rate of 6.38% with monthly interest payments required. The Company has guaranteed $10.0 million in principal on the secured mortgage loan, and, upon completion of construction and achieving a specified debt service coverage ratio, the principal guarantee will be reduced to $5.0 million. The guarantee will be removed completely upon achievement of specified debt service coverage for three consecutive calculation periods. Additionally, the Company has guaranteed the completion of the renovations in the amount of approximately $13.9 million, with $5.8 million remaining to fund at March 31, 2024.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2024
Summary of Derivative Instruments [Abstract]
Derivative Instruments	Derivative Instruments All derivatives are recognized at fair value in the consolidated balance sheets within the line items "Other assets" and "Accounts payable and accrued liabilities" as applicable. The Company has elected not to offset its derivative position for purposes of balance sheet presentation and disclosure. The Compa ny had derivative assets of $1.6 million and $1.3 million at March 31, 2024 and December 31, 2023, respectively. The Company had derivative liabilities of $0.4 million and $4.9 million at March 31, 2024 and December 31, 2023, respectively. The Company has not posted or received collateral with its derivative counterparties as of March 31, 2024 or December 31, 2023. See Note 10 for disclosures relating to the fair value of the derivative instruments. Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions, including the effect of changes in foreign currency exchange rates on foreign currency transactions and interest rates on its SOFR-based borrowings. The Company manages this risk by following established risk management policies and procedures including the use of derivatives. The Company’s objective in using derivatives is to add stability to reported earnings and to manage its exposure to foreign exchange and interest rate movements or other identified risks. To accomplish this objective, the Company primarily uses interest rate swaps, cross-currency swaps and foreign currency forwards. Cash Flow Hedges of Interest Rate Risk The Company uses interest rate swaps as its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt or payment of variable-rate amounts from a counterparty, which results in the Company recording net interest expense that is fixed over the life of the agreements without exchange of the underlying notional amount. At March 31, 2024, the Company had one interest rate swap agreement designated as a cash flow hedge of interest rate risk. The interest rate swap agreement outstanding as of March 31, 2024 is summarized below: Fixed rate Notional Amount (in millions) Index Maturity 2.5325% $ 25.0 USD SOFR September 30, 2026 The change in the fair value of interest rate derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of March 31, 2024, the Company estimates t hat during the twelve months end ing March 31, 2025, $0.6 million of gains will be reclassified from AOCI to interest expense. Cash Flow Hedges of Foreign Exchange Risk The Company is exposed to foreign currency exchange risk against its functional currency, USD, on CAD denominated cash flow from its six Canadian properties. The Company uses cross-currency swaps to mitigate its exposure to fluctuations in the USD-CAD exchange rate on cash inflows associated with these properties, which should hedge a significant portion of the Company's expected CAD denominated cash flows. As of March 31, 2024, the Company had the following cross-currency swaps: Fixed rate Notional Amount (in millions, CAD) Annual Cash Flow (in millions, CAD) Maturity $1.26 CAD per USD $ 150.0 $ 10.8 October 1, 2024 $1.28 CAD per USD 200.0 4.5 October 1, 2024 $1.30 CAD per USD 90.0 8.1 December 1, 2024 $ 440.0 $ 23.4 The change in the fair value of foreign currency derivatives designated and that qualify as cash flow hedges of foreign exchange risk is recorded in AOCI and reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction. As of March 31, 2024, the Company estimates t hat during the twelve months ending March 31, 2025, $0.5 million of gains will be reclassified from AOCI to other income. Net Investment Hedges The Company is exposed to fluctuations in the USD-CAD exchange rate on its net investments in Canada. As such, the Company uses currency forward agreements to manage its exposure to changes in foreign exchange rates on certain of its foreign net investments. As of March 31, 2024, the Company had the following foreign currency forwards designated as net investment hedges: Fixed rate Notional Amount (in millions, CAD) Maturity $1.35 CAD per USD $ 200.0 October 1, 2025 $1.35 CAD per USD 90.0 December 1, 2025 Total $ 290.0 For qualifying foreign currency derivatives designated as net investment hedges, the change in the fair value of the derivatives is reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with the Company's accounting policy election. The earnings recognition of excluded components are presented in other income. Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three months ended March 31, 2024 and 2023. Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (Dollars in thousands) Three Months Ended March 31, Description 2024 2023 Cash Flow Hedges Interest Rate Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative $ 334 $ (298) Amount of Income Reclassified from AOCI into Earnings (1) 183 126 Cross-Currency Swaps Amount of Gain Recognized in AOCI on Derivative 342 4 Amount of Income Reclassified from AOCI into Earnings (2) 227 225 Net Investment Hedges Currency Forward Agreements Amount of Gain Recognized in AOCI on Derivative 4,466 341 Total Amount of Gain Recognized in AOCI on Derivatives $ 5,142 $ 47 Amount of Income Reclassified from AOCI into Earnings 410 351 Interest expense, net in accompanying consolidated statements of income and comprehensive income $ 31,651 $ 31,722 Other income in accompanying consolidated statements of income and comprehensive income $ 12,037 $ 9,333 (1) Included in "Interest expense, net" in the accompanying consolidated statements of income and comprehensive income for the three months ended March 31, 2024 and 2023. (2) Included in "Other income" in the accompanying consolidated statements of income and comprehensive income for the three months ended March 31, 2024 and 2023. Credit-risk-related Contingent Features The Company has an agreement with its interest rate derivative counterparty that contains a provision where if the Company defaults on any of its obligations for borrowed money or credit in an amount exceeding $50.0 million and such default is not waived or cured within a specified period of time, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its interest rate derivative agreements. As of March 31, 2024, the fair value of the Company's derivatives in a liability position related to these agreements was $0.4 million. If the Company breached any of the contractual provisions of these derivative contracts, it would be required to settle its obligations under the agreements at their termination value of $0.3 million, after considering the right of offset. As o f March 31, 2024, the Company had not posted any collateral related to these agreements and was not in breach of any provisions in these agreements.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures The Company has certain financial instruments that are required to be measured under the FASB’s Fair Value Measurement guidance. The Company currently does not have any non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis. Derivative Financial Instruments The Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives also use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of March 31, 2024, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives and therefore, classified its derivatives as Level 2 within the fair value reporting hierarchy. The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. Assets and Liabilities Measured at Fair Value on a Recurring Basis at March 31, 2024 and December 31, 2023 (Dollars in thousands) Description Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Significant Balance at March 31, 2024 Cross-Currency Swaps (1) $ — $ 499 $ — $ 499 Currency Forward Agreements (2) — (442) — (442) Interest Rate Swap Agreements (1) — 1,121 — 1,121 December 31, 2023 Cross-Currency Swaps (1) $ — $ 384 $ — $ 384 Currency Forward Agreements (2) — (4,908) — (4,908) Interest Rate Swap Agreements (1) — 876 — 876 (1) Included in "Other assets" in the accompanying consolidated balance sheets. (2) Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets. Non-recurring fair value measurements The table below presents the Company's assets measured at fair value on a non-recurring basis as of December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements are classified. Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2023 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at December 31, 2023 Real estate investments, net $ — $ — $ 39,150 $ 39,150 During the year ended December 31, 2023, the Company recorded an impairment charge of $67.4 million related to real estate investments, net, on 12 properties. Management estimated the fair values of these investments taking into account various factors including independent appraisals, shortened hold periods and market conditions. The significant inputs and assumptions used in the real estate appraisals included market rents ranging from $4.50 per square foot to $20.00 per square foot, discount rates ranging from 8.50% to 11.50% and terminal capitalization rates ranging from 7.75% to 10.25%. These measurements were classified within Level 3 of the fair value hierarchy because many of the assumptions were not observable. There were no assets or liabilities measured at fair value on a non-recurring basis at March 31, 2024. Fair Value of Financial Instruments The following methods and assumptions were used by the Company to estimate the fair value of each class of financial instruments at March 31, 2024 and December 31, 2023: Mortgage notes receivable and related accrued interest receivable, net: The fair value of the Company’s mortgage notes and related accrued interest receivable, net, is estimated by discounting the future cash flows of each instrument using current market rates. At March 31, 2024, the Company had a carrying value of $578.9 million in fixed-rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 8.80%. The fixed-rate mortgage notes bear interest at rates of 6.50% to 12.32%. Discounting the future cash flows for fixed-rate mortgage notes receivable using rates of 6.50% to 10.65%, management estimates the fair value of the fixed-rate mortgage notes receivable to be approximately $618.0 million with an estimated weighted average market rate of 7.90% at March 31, 2024. At December 31, 2023, the Company had a carrying value of $569.8 million in fixed-rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 8.82%. The fixed-rate mortgage notes bear interest at rates of 6.99% to 12.32%. Discounting the future cash flows for fixed-rate mortgage notes receivable using rates of 7.15% to 10.25%, management estimates the fair value of the fixed-rate mortgage notes receivable to be $611.2 million with an estimated weighted average market rate of 7.84% at December 31, 2023. Derivative instruments: Derivative instruments are carried at their fair value. Debt instruments: The fair value of the Company's debt is estimated by discounting the future cash flo ws of each instrument using current market rates. At March 31, 2024, the Company had a carrying value of $25.0 million in variable-rate debt outstanding with an average interest rate of approximately 5.45%. The carrying value of the variable-rate debt outstanding approximated the fair value at March 31, 2024. At December 31, 2023, the Company had a carrying value of $25.0 million in variable-rate debt outstanding with an interest rate of approximately 5.48%. The carrying value of the variable-rate debt outstanding approximated the fair value at December 31, 2023. At both March 31, 2024 and December 31, 2023, the $25.0 million of variable-rate debt outstanding, discussed above, had been effectively converted to a fixed rate by an interest rate swap agreement. See Note 9 for additional information related to the Company's interest rate swap agreement. At March 31, 2024, the Company had a carrying value of $2.82 billion in fixed-rate long-term debt outstanding with a weighted average interest rate of approximately 4.34%. Discounting the future cash flows for fixed-rate debt using March 31, 2024 market rates of 5.97% to 6.41%, management estimates the fair value of the fixed rate debt to be approximately $2.62 billion with an estimated weighted average market rate of 6.24% at March 31, 2024. At December 31, 2023, the Company had a carrying value of $2.82 billion in fixed-rate long-term debt outstanding with a weighted average interest rate of approximately 4.34%. Discounting the future cash flows for fixed-rate debt using December 31, 2023 market rates of 6.46% to 6.70%, management estimates the fair value of the fixed rate debt to be approximately $2.58 billion with an estimated weighted average market rate of 6.60% at December 31, 2023.
Assets Measured At Fair Value On A Recurring Basis	The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. Assets and Liabilities Measured at Fair Value on a Recurring Basis at March 31, 2024 and December 31, 2023 (Dollars in thousands) Description Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Significant Balance at March 31, 2024 Cross-Currency Swaps (1) $ — $ 499 $ — $ 499 Currency Forward Agreements (2) — (442) — (442) Interest Rate Swap Agreements (1) — 1,121 — 1,121 December 31, 2023 Cross-Currency Swaps (1) $ — $ 384 $ — $ 384 Currency Forward Agreements (2) — (4,908) — (4,908) Interest Rate Swap Agreements (1) — 876 — 876 (1) Included in "Other assets" in the accompanying consolidated balance sheets. (2) Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets.
Fair Value Measurements, Nonrecurring [Table Text Block]	The table below presents the Company's assets measured at fair value on a non-recurring basis as of December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements are classified. Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2023 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at December 31, 2023 Real estate investments, net $ — $ — $ 39,150 $ 39,150

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three months ended March 31, 2024 and 2023 (amounts in thousands except per share information): Three Months Ended March 31, 2024 Income Shares Per Share Basic EPS: Net income $ 62,709 Less: preferred dividend requirements (6,032) Net income available to common shareholders $ 56,677 75,398 $ 0.75 Diluted EPS: Net income available to common shareholders $ 56,677 75,398 Effect of dilutive securities: Performance shares — 307 Net income available to common shareholders $ 56,677 75,705 $ 0.75 Three Months Ended March 31, 2023 Income Shares Per Share Basic EPS: Net income $ 57,657 Less: preferred dividend requirements (6,033) Net income available to common shareholders $ 51,624 75,084 $ 0.69 Diluted EPS: Net income available to common shareholders $ 51,624 75,084 Effect of dilutive securities: Share options and performance shares — 199 Net income available to common shareholders $ 51,624 75,283 $ 0.69 The effect of the potential common shares from the conversion of the Company’s convertible preferred shares and from the exercise of share options are included in diluted earnings per share if the effect is dilutive. Potential common shares from the performance shares are included in diluted earnings per share upon the satisfaction of certain performance and market conditions. These conditions are evaluated at each reporting period and, if the conditions have been satisfied during the reporting period, the number of contingently issuable shares are included in the computation of diluted earnings per share. The following shares have been excluded from the calculation of diluted earnings per share because they are anti-dilutive, or in the case of contingently issuable performance shares, are not probable of issuance: • The additional 2.3 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for both the three months ended March 31, 2024 and 2023. • The additional 1.7 million common shares that would result from the conversion of the Company’s 9.0% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for both the three months ended March 31, 2024 and 2023. • Outstanding options to purchase 57 thousand and 83 thousand common shares at per share prices ranging from $44.44 to $76.63 for the three months ended March 31, 2024 and March 31, 2023, respectively. • The effect of 99 thousand contingently issuable performance shares granted during 2022 for the three months ended March 31, 2023. • The effect of 112 thousand contingently issuable performance shares granted during 2023 for the three months ended March 31, 2023. •

Compensation Related Costs, Ret

Compensation Related Costs, Retirement Benefits	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Retirement Benefits	Retirement of Executive Vice President, General Counsel and Secretary On March 1, 2024, the Company's Executive Vice President, General Counsel and Secretary, Craig Evans, retired from the Company. Details of Mr. Evans' retirement are included in the previously disclosed Retirement and Release Agreement entered into between the Company and Mr. Evans. The role of General Counsel and Secretary was assumed by Paul Turvey upon Mr. Evans' retirement.

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Equity Incentive Plans	Equity Incentive Plans All grants of common shares and options to purchase common shares were issued under the Company's 2007 Equity Incentive Plan prior to May 12, 2016, and under the 2016 Equity Incentive Plan on and after May 12, 2016. Under the 2016 Equity Incentive Plan, an aggregate of 3,950,000 common shares, options to purchase common shares and restricted share units, subject to adjustment in the event of certain capital events, may be granted. Additionally, the 2020 Long Term Incentive Plan (2020 LTIP) is a sub-plan under the Company's 2016 Equity Incentive Plan. Under the 2020 LTIP, the Company awards performance shares and restricted shares to the Company's executive officers. At March 31, 2024, there we re 905,470 shares available for grant under the 2016 Equity Incentive Plan. Nonvested Shares A summary of the Company’s nonvested share activity and related information is as follows: Number of shares Weighted avg. grant date fair value Weighted avg. life remaining Outstanding at December 31, 2023 609,228 $ 44.44 Granted 290,271 41.96 Vested (284,885) 45.47 Outstanding at March 31, 2024 614,614 $ 42.79 1.61 The holders of nonvested shares have voting rights and receive dividends from the date of grant. The fair value of the nonvested shares that vested was $13.7 million and $8.3 million for the three months ended March 31, 2024 and 2023, respectively. Expense recognized related to nonvested shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $1.8 million and $1.9 million for the three months ended March 31, 2024 and 2023, respectively. Expense related to nonvested shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.7 million for the three months ended March 31, 2024. There was no expense related to nonvested shares included in retirement and severance expense for the three months ended March 31, 2023. At March 31, 2024, unamortized share-based compensation expense related to nonvested shares was $14.7 million. Nonvested Performance Shares A summary of the Company's nonvested performance share activity and related information is as follows: Target Number of Performance Shares Weighted avg. grant date fair value (1) Outstanding at December 31, 2023 312,641 $ 70.04 Granted 116,266 44.76 Vested (2) (102,438) 75.14 Outstanding at March 31, 2024 326,469 $ 59.44 (1) The grant date fair value was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of the Company's future stock price over the three-year performance period for performance shares based on the Company's Total Shareholder Return (TSR) performance further described below and (ii) the Company's grant date fair value for performance shares based on the Company's estimated Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period. (2) The achievement of the performance conditions for the performance shares granted during the year ended December 31, 2021 resulted in a performance payout percentage of 250% for both the Company's TSR relative to the TSRs of the Company's peer group companies and the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and a payout percentage of 200% for the Company's CAGR in AFFO per share over the three-year performance period. The achievement of the performance conditions and the above payout percentages resulted in the issuance of 243,290 common shares and 49,574 common shares from dividend equivalents. The fair value of the performance shares and dividend equivalents that vested was $12.6 million. The number of common shares issuable upon settlement of the performance shares granted during the three months ended March 31, 2024, 2023 and 2022 will be based upon the Company's achievement level relative to performance measures at December 31, 2026, 2025 and 2024, respectiv ely. The achievement level for the performance shares granted during the three months ended March 31, 2024 is 52.2% based upon the Company's TSR relative to the TSRs of the Company's peer group companies, 26.1% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 21.7% based upon the Company's estimated CAGR in AFFO per share over the three-year performance period. The achievement level for the performance shares granted during the years ended December 31, 2023 and 2022 is 50% based upon the Company's Total Shareholder Return (TSR) relative to the TSRs of the Company's peer group companies, 25% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 25% based upon the Company's Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period. The Company's achievement level relative to the performance measures is assigned a specific payout percentage, which is multiplied by a target number of performance shares. The performance shares based on relative TSR performance have market conditions and are valued using a Monte Carlo simulation model on the grant date, which resulted in a grant date fair value of approximately $4.1 million and $5.9 million for the three months ended March 31, 2024 and 2023, respectively. The estimated fair value is amortized to expense over the three-year performance periods, which end on December 31, 2026, 2025 and 2024 for performance shares granted in 2024, 2023 and 2022, respectively. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the performance shares with a market condition for the three months ended March 31, 2024: risk-free interest rate of 4.5%, volatility factors in the expected market price of the Company's common shares of 30% and an expected life of approximately three years. The performance shares based on growth in AFFO per share have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common stock on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost a nd any compensation cost previously recorded will be reversed. At March 31, 2024, achievement of the performance condition was deemed probable for the performance shares granted during the three months ended March 31, 2023 and 2022 with an expected payout percentage of 52.3% and 200%, respectively, which resulted in a grant date fair value of approximately $0.6 million and $2.3 million, respectively. Achievement of the performance condition for the performance shares granted during the three months ended March 31, 2024 was deemed not probable at March 31, 2024. Expense recognized related to performance shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $1.5 million and $2.0 million for the three months ended March 31, 2024 and 2023 , respectively. Expense related to performance shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.9 million for the three months ended March 31, 2024. At March 31, 2024, unamortized share-based compensation expense related to nonvested performance shares was $8.9 million. The performance shares accrue dividend equivalents that are paid only if common shares are issued upon settlement of the performance shares. During the three months ended March 31, 2024 and 2023, the Company accrued dividend equivalents expected to be paid on earned awards of $598 thousand and $353 thousand, respectively. Restricted Share Units A summary of the Company’s restricted share unit activity and related information is as follows: Number of shares Weighted avg. grant date fair value Weighted avg. life remaining Outstanding at December 31, 2023 42,048 $ 41.67 Granted — — Vested — — Outstanding at March 31, 2024 42,048 $ 41.67 0.17 The holders of restricted share units receive dividend equivalents from the date of grant. Total expense recognized related to shares issued to non-employee Trustees and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive inc ome was $0.4 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024, unamortized share-based compensation expense related to restricte d share units was $0.3 million.

Leases, Codification Topic 842

Leases, Codification Topic 842	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Lessor, Operating Leases	Operating Leases The Company’s real estate investments are leased under operating leases. In addition to its lessor arrangements on its real estate investments, as of March 31, 2024 and December 31, 2023, the Company was le ssee in 51 operating ground leases. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these ground leases. As of March 31, 2024, rental revenue from one of the Company's tenants, who are also sub-tenants under the ground leases, is being recognized on a cash basis. In most cases, the ground lease sub-tenants have continued to pay the rent under these ground leases, however, one of these properties does not currently have a sub-tenant. In the event the tenant fails to pay the ground lease rent or if the property does not have a sub-tenant, the Company is primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. The Company is also the lessee in an operating lease of its executive office. The following table summarizes rental revenue, including sublease arrangements and lease costs, for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, Classification 2024 2023 Operating leases Rental revenue $ 135,794 $ 145,235 Sublease income - operating ground leases Rental revenue 6,487 6,356 Lease costs Operating ground lease cost Property operating expense $ 6,547 $ 6,600 Operating office lease cost General and administrative expense 224 224

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	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 March 31, 2024 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,201,690 $ 430,201 $ 62,145 $ 5,694,036 As of December 31, 2023 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,189,831 $ 433,177 $ 77,877 $ 5,700,885 Operating Data: 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 Operating Data: Three Months Ended March 31, 2023 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 141,700 $ 9,891 $ — $ 151,591 Other income 9,108 1 224 9,333 Mortgage and other financing income 10,249 223 — 10,472 Total revenue 161,057 10,115 224 171,396 Property operating expense 14,177 — (22) 14,155 Other expense 8,950 — — 8,950 Total investment expenses 23,127 — (22) 23,105 Net operating income - before unallocated items 137,930 10,115 246 148,291 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (13,965) Transaction costs (270) (Provision) benefit for credit losses, net (587) Depreciation and amortization (41,204) Loss on sale of real estate (560) Interest expense, net (31,722) Equity in loss from joint ventures (1,985) Income tax expense (341) Net income 57,657 Preferred dividend requirements (6,033) Net income available to common shareholders of EPR Properties $ 51,624

Other Commitments And Contingen

Other Commitments And Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Other Commitments And Contingencies	Other Commitments and Contingencies As of March 31, 2024 , the Company had 13 development projects with commitments to fund an aggregate of approximately $158.6 million. The Company advances development costs in periodic draws. If the Company determines that construction is not being completed in accordance with the terms of the development agreement, it can discontinue funding construction draws. The Company has agreed to lease the properties to the operators at pre-determined rates upon completion of construction. The Company has certain commitments related to its mortgage notes investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of its direct control. As of March 31, 2024, the Company had five mortgage notes with commitments totaling approximately $99.9 million. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. In connection with construction of the Company's development projects and related infrastructure, certain public agencies require posting of surety bonds to guarantee that

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income attributable to EPR Properties	$ 62,709	$ 57,657

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Amounts as of December 31, 2023 have been derived from the audited Consolidated Financial Statements as of that date and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (SEC) on February 29, 2024. The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the FASB ASC Topic on Consolidation (Topic 810) but can exercise influence over the entity with respect to its operations and major decisions.
Deferred Charges, Policy [Policy Text Block]	Deferred Financing Costs Deferred financing costs are amortized over the terms of the related debt obligations, as applicable. Deferred financin g costs of $23.5 million and $25.1 million as of March 31, 2024 and December 31, 2023, respectively, are shown as a reduction of debt. The deferred financing costs related to the unsecured revolving credit facility of $3.6 million and $4.1 million as of March 31, 2024 and December 31, 2023, respectively, are included in "Other assets" in the accompanying consolidated balance s
Revenue Recognition	Rental Revenue The Company leases real estate to its tenants under leases classified as operating leases. The Company's leases generally provide for rent escalations throughout the lease terms. Rents that are fixed are recognized on a straight-line basis over the lease term. Base rent escalations that include a variable component are recognized upon the occurrence of the specified event as defined in the Company's lease agreements. Many of the Company's leasing arrangements include options to e xtend the lease, which are not included in the minimum lease terms unless the option is reasonably certain to be exercised. Straight-line rental revenue is subject to an evaluation for collectibility, and the Company records a direct write-off against rental revenue if collectibility of these future rents is not probable. For the three months ended March 31, 2024 and 2023, the Company recognized $3.7 million and $2.1 million, respectively, of straight-line rental revenue. There were no straight-line write-offs recognized during the three months ended March 31, 2024 and 2023. Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments to third parties for lessor costs (such as property taxes and insurance) associated with the properties. In accordance with Topic 842, the Company does not include these lessee payments to third parties in rental revenue or property operating expenses. In certain situations, the Company pays these lessor costs directly to third parties and the tenants reimburse the Company. In accordance with Topic 842, these payments are presented on a gross basis in rental revenue and property operating expense. During the three months ended March 31, 2024 and 2023, the Company recogni zed $0.4 million and $0.7 million, respectively, in tenant reimbursements related to the gross-up of these reimbursed expenses that are included in rental revenue. Certain of the Company's leases, particularly at its entertainment districts, require the tenants to make payments to the Company for property-related expenses such as common area maintenance. The Company has elected to combine these non-lease components with the lease components in rental revenue. For the three months ended March 31, 2024 and 2023, the amounts due for non-lease components included in rental revenue tota led $4.7 million for both periods. In addition, most of the Company's tenants are subject to additional rents (above base rents) if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents are recognized at the time when specified trigger ing events occur as provided by the lease agreement. Rental revenue included percentage rents of $1.9 million and $1.8 million for the three months ended March 31, 2024 and 2023, respectively. The Company regularly evaluates the collectibility of its receivables on a lease-by-lease basis. The evaluation primarily consists of reviewing past due account balances and considering such factors as the credit quality of the Company's tenants, historical trends of the tenant, current economic conditions and changes in customer payment terms. When the collectibility of lease receivables or future lease payments are no longer probable, the Company records a direct write-off of the receivable to rental revenue and recognizes future rental revenue on a cash basis.
Mortgage Notes and Other Notes Receivable	Mortgage Notes and Other Notes Receivable Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower less allowance for credit loss. Interest income is recognized using the effective interest method over the estimated life of the note. Interest income includes both the stated interest and the amortization or accretion of premiums or discounts (if any). The Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables related to its mortgage notes and notes receivable. Accordingly, if accrued interest receivable is deemed to be uncollectible, the Company will record any necessary write-offs as a reversal of interest in come. There were no accrued interest write-offs for the three months ended March 31, 2024 and 2023. As of March 31, 2024, the Company believes that all outstanding accrued interest is collectible. In the event the Company has a past due mortgage note or note receivable that the Company determines is collateral-dependent, the Company measures expected credit losses based on the fair value of the collateral. As of March 31, 2024, the Company does not have any mortgage notes o r notes receivable with past due principal balances. Se e Note 5 for further discussion of mortgage notes and notes receivable for which the Company elected to apply the collateral-dependent practical expedient.
Concentrations Of Risk	Concentrations of Risk Topgolf USA (Topgolf), American-Multi Cinema, Inc. (AMC) and Regal Cinemas (Regal), a subsidiary of Cineworld Group, represented a significant portion of the Company's total revenue for the three months ended March 31, 2024 and 2023. The following is a su mmary of the Company's total revenue derived from rental or interest payments from Topgolf, AMC and Regal (dollars in thousands): Three Months Ended March 31, 2024 2023 Total Revenue % of Company's Total Revenue Total Revenue % of Company's Total Revenue Topgolf $ 24,723 14.8 % $ 23,672 13.8 % AMC 23,464 14.0 % 23,801 13.9 % Regal 18,706 11.2 % 28,751 16.8 %
New Accounting Pronouncements, Policy [Policy Text Block]	Impact of Recently Issued Accounting Standards

Rental Properties (Tables)

Rental Properties (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Summary Of Carrying Amounts Of Rental Properties	The following table summarizes the carrying amounts of real estate investments as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Buildings and improvements $ 4,712,831 $ 4,609,050 Furniture, fixtures & equipment 117,241 115,596 Land 1,241,841 1,219,943 Leasehold interests 28,453 28,453 6,100,366 5,973,042 Accumulated depreciation (1,470,507) (1,435,683) Total $ 4,629,859 $ 4,537,359

Receivables, Loans, Notes Rec_2

Receivables, Loans, Notes Receivable, and Others (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Allowance for Credit Losses [Text Block]	The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and n otes receivable for the three months ended March 31, 2024 (in thousands): Mortgage notes receivable Unfunded commitments - mortgage notes receivable Notes receivable Unfunded commitments - notes receivable Total Allowance for credit losses at December 31, 2023 $ 3,656 $ 1,072 $ 9,687 $ — $ 14,415 Provision (benefit) for credit losses, net 2,041 701 (5) — 2,737 Charge-offs — — — — — Recoveries — — — — — Allowance for credit losses at March 31, 2024 $ 5,697 $ 1,773 $ 9,682 $ — $ 17,152

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Schedule Of Accounts Receivable	The following table summarizes the carrying amounts of accounts receivable as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Receivable from tenants $ 3,398 $ 7,298 Receivable from non-tenants (1) 6,687 824 Straight-line rent receivable 59,329 55,533 Total $ 69,414 $ 63,655 (1) Receivable from non-tenants includes a payment of $5.9 million made to the City of Kansas City, Missouri under protest related to an assessment of tax years ending December 31, 2018 through 2022. The City has denied the Company’s necessary deduction for dividends paid for each of these years resulting in assessment of additional tax, penalties and interest. The Company has recorded this payment as a receivable as it intends to petition a court for review of the relevant facts and believes it is more likely than not the Company's position will be upheld by the court and the payment will be refunded. As of March 31, 2024, as a result of the COVID-19 pandemic, the Company continues to recognize revenue on a cash basis for AMC and two other tenants, one of which has deferred rent from this period that is not booked as a receivable of approximately $11.5 million. The Company has collected all deferred receivables from accrual basis tenants that were deferred due to the COVID-19 pandemic. During the three months ended March 31, 2024 and 2023, the Company collect ed $0.6 million and $6.5 million, respect ively, in deferred rent and interest from cash basis customers and from customers for which the deferred p

Capital Markets Issuance of Sha

Capital Markets Issuance of Shares (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Common And Preferred Shares Disclosure [Text Block]	During the three months ended March 31, 2024 , the Company declared cash dividends totaling $0.835 per common share. Additionally, d uring the three months ended March 31, 2024, the Company declared cash dividends of $0.359375 per share on each of the Company's 5.75% Series C cumulative convertible preferred shares and the Company's 5.75% Series G cumulative redeemable preferred shares, and cash dividends of $0.5625 per share on the Company's 9.00% Series E cumulative convertible preferred shares.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Summary of Derivative Instruments [Abstract]
Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income	Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three months ended March 31, 2024 and 2023. Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (Dollars in thousands) Three Months Ended March 31, Description 2024 2023 Cash Flow Hedges Interest Rate Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative $ 334 $ (298) Amount of Income Reclassified from AOCI into Earnings (1) 183 126 Cross-Currency Swaps Amount of Gain Recognized in AOCI on Derivative 342 4 Amount of Income Reclassified from AOCI into Earnings (2) 227 225 Net Investment Hedges Currency Forward Agreements Amount of Gain Recognized in AOCI on Derivative 4,466 341 Total Amount of Gain Recognized in AOCI on Derivatives $ 5,142 $ 47 Amount of Income Reclassified from AOCI into Earnings 410 351 Interest expense, net in accompanying consolidated statements of income and comprehensive income $ 31,651 $ 31,722 Other income in accompanying consolidated statements of income and comprehensive income $ 12,037 $ 9,333 (1) Included in "Interest expense, net" in the accompanying consolidated statements of income and comprehensive income for the three months ended March 31, 2024 and 2023. (2) Included in "Other income" in the accompanying consolidated statements of income and comprehensive income for the three months ended March 31, 2024 and 2023.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Earnings Per Share	The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three months ended March 31, 2024 and 2023 (amounts in thousands except per share information): Three Months Ended March 31, 2024 Income Shares Per Share Basic EPS: Net income $ 62,709 Less: preferred dividend requirements (6,032) Net income available to common shareholders $ 56,677 75,398 $ 0.75 Diluted EPS: Net income available to common shareholders $ 56,677 75,398 Effect of dilutive securities: Performance shares — 307 Net income available to common shareholders $ 56,677 75,705 $ 0.75 Three Months Ended March 31, 2023 Income Shares Per Share Basic EPS: Net income $ 57,657 Less: preferred dividend requirements (6,033) Net income available to common shareholders $ 51,624 75,084 $ 0.69 Diluted EPS: Net income available to common shareholders $ 51,624 75,084 Effect of dilutive securities: Share options and performance shares — 199 Net income available to common shareholders $ 51,624 75,283 $ 0.69

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Summary Of Nonvested Share Activity	A summary of the Company’s nonvested share activity and related information is as follows: Number of shares Weighted avg. grant date fair value Weighted avg. life remaining Outstanding at December 31, 2023 609,228 $ 44.44 Granted 290,271 41.96 Vested (284,885) 45.47 Outstanding at March 31, 2024 614,614 $ 42.79 1.61 The holders of nonvested shares have voting rights and receive dividends from the date of grant. The fair value of the nonvested shares that vested was $13.7 million and $8.3 million for the three months ended March 31, 2024 and 2023, respectively. Expense recognized related to nonvested shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $1.8 million and $1.9 million for the three months ended March 31, 2024 and 2023, respectively. Expense related to nonvested shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.7 million for the three months ended March 31, 2024. There was no expense related to nonvested shares included in retirement and severance expense for the three months ended March 31, 2023. At March 31, 2024, unamortized share-based compensation expense related to nonvested shares was $14.7 million. Nonvested Performance Shares A summary of the Company's nonvested performance share activity and related information is as follows: Target Number of Performance Shares Weighted avg. grant date fair value (1) Outstanding at December 31, 2023 312,641 $ 70.04 Granted 116,266 44.76 Vested (2) (102,438) 75.14 Outstanding at March 31, 2024 326,469 $ 59.44 (1) The grant date fair value was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of the Company's future stock price over the three-year performance period for performance shares based on the Company's Total Shareholder Return (TSR) performance further described below and (ii) the Company's grant date fair value for performance shares based on the Company's estimated Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period. (2) The achievement of the performance conditions for the performance shares granted during the year ended December 31, 2021 resulted in a performance payout percentage of 250% for both the Company's TSR relative to the TSRs of the Company's peer group companies and the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and a payout percentage of 200% for the Company's CAGR in AFFO per share over the three-year performance period. The achievement of the performance conditions and the above payout percentages resulted in the issuance of 243,290 common shares and 49,574 common shares from dividend equivalents. The fair value of the performance shares and dividend equivalents that vested was $12.6 million. The number of common shares issuable upon settlement of the performance shares granted during the three months ended March 31, 2024, 2023 and 2022 will be based upon the Company's achievement level relative to performance measures at December 31, 2026, 2025 and 2024, respectiv ely. The achievement level for the performance shares granted during the three months ended March 31, 2024 is 52.2% based upon the Company's TSR relative to the TSRs of the Company's peer group companies, 26.1% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 21.7% based upon the Company's estimated CAGR in AFFO per share over the three-year performance period. The achievement level for the performance shares granted during the years ended December 31, 2023 and 2022 is 50% based upon the Company's Total Shareholder Return (TSR) relative to the TSRs of the Company's peer group companies, 25% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 25% based upon the Company's Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period. The Company's achievement level relative to the performance measures is assigned a specific payout percentage, which is multiplied by a target number of performance shares. The performance shares based on relative TSR performance have market conditions and are valued using a Monte Carlo simulation model on the grant date, which resulted in a grant date fair value of approximately $4.1 million and $5.9 million for the three months ended March 31, 2024 and 2023, respectively. The estimated fair value is amortized to expense over the three-year performance periods, which end on December 31, 2026, 2025 and 2024 for performance shares granted in 2024, 2023 and 2022, respectively. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the performance shares with a market condition for the three months ended March 31, 2024: risk-free interest rate of 4.5%, volatility factors in the expected market price of the Company's common shares of 30% and an expected life of approximately three years. The performance shares based on growth in AFFO per share have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common stock on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost a nd any compensation cost previously recorded will be reversed. At March 31, 2024, achievement of the performance condition was deemed probable for the performance shares granted during the three months ended March 31, 2023 and 2022 with an expected payout percentage of 52.3% and 200%, respectively, which resulted in a grant date fair value of approximately $0.6 million and $2.3 million, respectively. Achievement of the performance condition for the performance shares granted during the three months ended March 31, 2024 was deemed not probable at March 31, 2024. Expense recognized related to performance shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $1.5 million and $2.0 million for the three months ended March 31, 2024 and 2023 , respectively. Expense related to performance shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.9 million for the three months ended March 31, 2024. At March 31, 2024, unamortized share-based compensation expense related to nonvested performance shares was $8.9 million.
Summary Of Restricted Share Unit Activity	A summary of the Company’s restricted share unit activity and related information is as follows: Number of shares Weighted avg. grant date fair value Weighted avg. life remaining Outstanding at December 31, 2023 42,048 $ 41.67 Granted — — Vested — — Outstanding at March 31, 2024 42,048 $ 41.67 0.17

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
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 March 31, 2024 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,201,690 $ 430,201 $ 62,145 $ 5,694,036 As of December 31, 2023 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,189,831 $ 433,177 $ 77,877 $ 5,700,885 Operating Data: 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 Operating Data: Three Months Ended March 31, 2023 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 141,700 $ 9,891 $ — $ 151,591 Other income 9,108 1 224 9,333 Mortgage and other financing income 10,249 223 — 10,472 Total revenue 161,057 10,115 224 171,396 Property operating expense 14,177 — (22) 14,155 Other expense 8,950 — — 8,950 Total investment expenses 23,127 — (22) 23,105 Net operating income - before unallocated items 137,930 10,115 246 148,291 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (13,965) Transaction costs (270) (Provision) benefit for credit losses, net (587) Depreciation and amortization (41,204) Loss on sale of real estate (560) Interest expense, net (31,722) Equity in loss from joint ventures (1,985) Income tax expense (341) Net income 57,657 Preferred dividend requirements (6,033) Net income available to common shareholders of EPR Properties $ 51,624

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue Recognition [Abstract]
Straight Line Rent	$ 3,700,000	$ 2,100,000
Straight line rent write off	0	0
Concentrations of Risk [Abstract]
Operating Lease, Lease Income	142,281,000	151,591,000
Deferred Costs	23,500,000		$ 25,100,000
Recovery of Direct Costs	4,700,000	4,700,000
Operating Lease, Percentage Revenue	1,900,000	1,800,000
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans	0	0
triple-net lessor costs [Member]
Concentrations of Risk [Abstract]
Recovery of Direct Costs	400,000	700,000
Revolving Credit Facility [Member]
Concentrations of Risk [Abstract]
Deferred Costs	3,600,000		$ 4,100,000
Regal [Member]
Concentrations of Risk [Abstract]
Operating Lease, Lease Income	$ 18,706,000	$ 28,751,000
Percentage of lease revenue in total revenue	11.20%	16.80%
American Multi-Cinema, Inc. [Member]
Concentrations of Risk [Abstract]
Operating Lease, Lease Income	$ 23,464,000	$ 23,801,000
Percentage of lease revenue in total revenue	14%	13.90%
TopGolf [Member]
Concentrations of Risk [Abstract]
Operating Lease, Lease Income	$ 24,723,000	$ 23,672,000
Percentage of lease revenue in total revenue	14.80%	13.80%

Rental Properties (Summary Of C

Rental Properties (Summary Of Carrying Amounts Of Rental Properties) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Real Estate Properties [Line Items]
Carrying amounts of rental properties	$ 6,100,366		$ 5,973,042
Accumulated depreciation	(1,470,507)		(1,435,683)
Real Estate Investment Property, Net	4,629,859		4,537,359
Depreciation expense on rental properties	39,500	$ 40,000
Building and improvements [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	4,712,831		4,609,050
Furniture, fixtures & equipment [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	117,241		115,596
Land [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	1,241,841		1,219,943
Leaseholds and Leasehold Improvements [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	$ 28,453		$ 28,453

Investments and Dispositions (D

Investments and Dispositions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets	$ 34,531	$ 46,669
Proceeds from Sale of Property, Plant, and Equipment	46,200
Gain on sale of real estate	17,949	$ (560)
Experiential Reportable Operating Segment [Member]
Real Estate Properties [Line Items]
Payments to Acquire Property, Plant, and Equipment	85,700
Experiential Reportable Operating Segment [Member] | Attraction Properties [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets	33,400
Experiential Reportable Operating Segment [Member] | Eat & Play Properties [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets	$ 14,700
number of properties acquired	2
Experiential Reportable Operating Segment [Member] | Cultural Properties
Real Estate Properties [Line Items]
number of properties sold	2
Experiential Reportable Operating Segment [Member] | Theatre Properties [Member]
Real Estate Properties [Line Items]
number of properties sold	1

Investment in Mortgage Notes an

Investment in Mortgage Notes and Notes Receivable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) years mortgagenotes	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, after Allowance for Credit Loss, Current	$ 578,915		$ 569,768
Notes Receivable	$ 3,700		3,900
Number Of Mortgage Notes Receivable | mortgagenotes	5
Financing Receivable, Allowance for Credit Loss	$ 17,152		14,415
Provision for Loan, Lease, and Other Losses	2,737
Financing Receivable, Allowance for Credit Loss, Writeoff	0
Financing Receivable, Allowance for Credit Loss, Recovery	0
Impaired Financing Receivable, Interest Income, Cash Basis Method	$ 200	$ 200
Mortgage Receivable [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Number Of Mortgage Notes Receivable | years	1
Financing Receivable, Allowance for Credit Loss	$ 5,697		3,656
Provision for Loan, Lease, and Other Losses	2,041
Financing Receivable, Allowance for Credit Loss, Writeoff	0
Financing Receivable, Allowance for Credit Loss, Recovery	0
Unfunded Loan Commitment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	1,773		1,072
Provision for Loan, Lease, and Other Losses	701
Financing Receivable, Allowance for Credit Loss, Writeoff	0
Financing Receivable, Allowance for Credit Loss, Recovery	$ 0
Notes Receivable [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Number Of Mortgage Notes Receivable | years	2
Financing Receivable, Allowance for Credit Loss	$ 9,682		9,687
Provision for Loan, Lease, and Other Losses	(5)
Financing Receivable, Allowance for Credit Loss, Writeoff	0
Financing Receivable, Allowance for Credit Loss, Recovery	0
Notes Receivable [Member] | Theatre Properties [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for Loan, Lease, and Other Losses	1,900
Note Receivable Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	0		$ 0
Provision for Loan, Lease, and Other Losses	0
Financing Receivable, Allowance for Credit Loss, Writeoff	0
Financing Receivable, Allowance for Credit Loss, Recovery	0
Note, 8.0%, due June 30, 2032 | Attraction Properties [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for Loan, Lease, and Other Losses	7,600
Mortgage Note, 8.13%, due August 31, 2024 | Eat & Play Properties [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for Loan, Lease, and Other Losses	400
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 10,400

Accounts Receivable, Net (Sched

Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Straight-Line Rent Receivable	$ 59,329		$ 55,533
Total	69,414		63,655
Fair Value Disclosure, off-Balance-Sheet Risks, Face Amount, Asset	11,500
Collections, Deferred Rent, Cash basis tenants	600	$ 6,500
Tax Payment, Paid Under Protest	5,900
Tenants [Member]
Total	3,398		7,298
Non-Tenants [Member]
Carrying amounts of accounts receivable	$ 6,687		$ 824

Capital Markets (Details)

Capital Markets (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.835
Series C Preferred Shares [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage	5.75%	5.75%
Series E Preferred Shares [Member]
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 0.5625
Preferred Stock, Dividend Rate, Percentage	9%	9%
Series G Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 0.359375
Preferred Stock, Dividend Rate, Percentage	5.75%

Unconsolidated Real Estate Jo_2

Unconsolidated Real Estate Joint Ventures (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) properties years	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 46,127		$ 49,754
Equity in (income) loss from joint ventures	$ (3,627)	$ (1,985)
St. Petersburg Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	65%
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 14,504		14,727
Equity in (income) loss from joint ventures	$ (223)	682
Number of unconsolidated real estate joint ventures | properties	2
Maximum Availability Joint Venture Mortgage Loan	$ 105,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	3.65%
Number of Extension Options	2
Years in Extension | years	1
Warrens Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	95%
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 8,417		9,945
Equity in (income) loss from joint ventures	$ (1,528)	(1,215)
Number of unconsolidated real estate joint ventures | properties	2
Long Term Funding Commitment For Project Development	$ 14,200
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4%
Maximum Availability Joint Venture Mortgage Loan	$ 22,800
Long Term Funding Commitment For Project Development, Remaining	1,200
Construction Availability Joint Venture Mortgage Loan	$ 1,100
Breaux Bridge Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	85%
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 17,368		18,996
Equity in (income) loss from joint ventures	$ (1,628)	(1,225)
Number of unconsolidated real estate joint ventures | properties	2
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.85%
Maximum Availability Joint Venture Mortgage Loan	$ 38,500
Subordinated Joint Venture Mortgage Loan	$ 11,300
Breaux Bridge Joint Venture | Subordinated Debt
Schedule of Equity Method Investments [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	7.25%
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	7.20%
Long-term debt, Percentage Capped	8%
Breaux Bridge Joint Venture | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.25%
Harrisville PA Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	62%
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 5,838		6,086
Equity in (income) loss from joint ventures	$ (248)	(227)
Number of unconsolidated real estate joint ventures | properties	2
Long Term Funding Commitment For Project Development	$ 13,900
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	6.38%
Maximum Availability Joint Venture Mortgage Loan	$ 22,500
Long Term Funding Commitment For Project Development, Remaining	$ 5,800
Equity method investment, ownership percentage, unconsolidated real estate joint venture	92%
Equity Method Investment, Ownership Percentage, Consolidated Real Estate Joint Venture	67%
Carrying Amount Joint Venture Mortgage Loan	$ 13,000
Guarantor Obligations, Maximum Exposure, Undiscounted	10,000
Guaranty Liabilities	5,000
Theatre Project China Member
Schedule of Equity Method Investments [Line Items]
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	0		$ 0
Equity in (income) loss from joint ventures	$ 0	$ 0
Interest Rate Swap [Member] | St. Petersburg Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Derivative, Fixed Interest Rate	3.50%

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 CAD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Apr. 29, 2022 $ / $
Derivative Asset, Fair Value, Gross Asset		$ 1.6		$ 1.3
Derivative Liability, Fair Value, Gross Liability		0.4		$ 4.9
Credit Risk Derivatives, at Fair Value, Net		50
Derivative Liability, Subject to Master Netting Arrangement, after Offset		0.3
Net Investment Hedging [Member]
Derivative, Notional Amount			$ 290
Cash Flow Hedging [Member]
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months		0.5
Interest Rate Risk [Member]
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months		$ 0.6
Cross Currency Swaps [Member]
Derivative, Notional Amount			440,000,000
Foreign currency exposure	$ 23,400,000
Currency Swap [Member]
Number of Canadian properties exposed to foreign currency exchange risk (in properties)	6
Cross Currency Swaps October 2024
Derivative, Notional Amount			200,000,000
Net exchange rate, CAD to US dollar | $ / $					1.28
Foreign currency exposure	$ 4,500,000
Foreign Currency Forward October 2025 | Net Investment Hedging [Member]
Derivative, Notional Amount			$ 200
Net exchange rate, CAD to US dollar		1.35	1.35
Foreign Currency Forward December 2025 | Net Investment Hedging [Member]
Derivative, Notional Amount			$ 90
Net exchange rate, CAD to US dollar		1.35	1.35
Cross Currency Swap October 2024 $1.26
Derivative, Notional Amount			$ 150,000,000
Net exchange rate, CAD to US dollar | $ / $					1.26
Foreign currency exposure	10,800,000
Cross Currency Swap December 2024
Derivative, Notional Amount			$ 90,000,000
Net exchange rate, CAD to US dollar | $ / $					1.30
Foreign currency exposure	$ 8,100,000
interest rate swap 2.5325 percent | Interest Rate Swap [Member]
Derivative fixed interest rate		2.5325%	2.5325%
Derivative, Notional Amount		$ 25

Derivative Instruments (Summary

Derivative Instruments (Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	$ 410	$ 351
Derivative, Gain (Loss) on Derivative, Net	5,142	47
Interest Expense	31,651	31,722
Other Income	12,037	9,333
Interest Rate Swap [Member]
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	183	126
Cross Currency Swaps [Member]
Other Comprehensive Income, Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	342	4
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	227	225
foreign currency forward
Other Comprehensive Income, Net Investment Hedge, Gain (Loss), Reclassification, before Tax	4,466	341
Interest Expense [Member] | Interest Rate Swap [Member]
Other Comprehensive Income, Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	$ 334	$ (298)

Fair Value Disclosures (Assets

Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Long-term Debt	$ 2,817,710,000	$ 2,816,095,000
Derivative Asset, Fair Value, Gross Asset	1,600,000	1,300,000
Real Estate Investment Property, Net	4,629,859,000	4,537,359,000
Financing Receivable, after Allowance for Credit Loss, Current	$ 578,915,000	569,768,000
Number of impaired properties | property	12
Asset Impairment Charges		67,400,000
Fair Value, Inputs, Level 3 [Member] | Minimum [Member]
fair value input, price per square foot		$ 4.50
fair value input, discount rate		8.50%
fair value input, Terminal Capitalization Rate		7.75%
Fair Value, Inputs, Level 3 [Member] | Maximum [Member]
fair value input, price per square foot		$ 20
fair value input, discount rate		11.50%
fair value input, Terminal Capitalization Rate		10.25%
Fair Value, Recurring [Member] | Cross Currency Swaps [Member]
Derivative Asset, Fair Value, Gross Asset	$ (499,000)	$ 384,000
Fair Value, Recurring [Member] | Cross Currency Swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Asset, Fair Value, Gross Asset	(499,000)	384,000
Fair Value, Recurring [Member] | Currency Forward
Derivative Asset, Fair Value, Gross Asset	442,000	4,908,000
Fair Value, Recurring [Member] | Currency Forward | Fair Value, Inputs, Level 2 [Member]
Derivative Asset, Fair Value, Gross Asset	442,000	4,908,000
Fair Value, Recurring [Member] | Interest Rate Swap [Member]
Derivative Asset, Fair Value, Gross Asset	(1,121,000)	(876,000)
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Asset, Fair Value, Gross Asset	$ (1,121,000)	(876,000)
Fair Value, Nonrecurring [Member]
Real Estate Investment Property, Net		39,150,000
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Real Estate Investment Property, Net		0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Real Estate Investment Property, Net		$ 39,150,000
Fixed Rate Mortgage Notes Receivable Member
Mortgage Receivable Weighted Average Interest Rate	8.80%	8.82%
Receivable Interest Rate Stated Percentage Rate Range Minimum	6.50%	6.99%
Receivable Interest Rate Stated Percentage Rate Range Maximum	12.32%	12.32%
Notes Receivable, Fair Value Disclosure	$ 618,000,000	$ 611,200,000
Weighted Average Market Rate Used As Discount Factor To Determine Fair Value Of Notes	7.90%	7.84%
Financing Receivable, after Allowance for Credit Loss, Current		$ 569,800,000
Fixed Rate Mortgage Notes Receivable Member | Minimum [Member]
market rate used as discount factor to determine fair value of notes	6.50%	7.15%
Fixed Rate Mortgage Notes Receivable Member | Maximum [Member]
market rate used as discount factor to determine fair value of notes	10.65%	10.25%
Fixed Rate Debt Member
Long-term Debt	$ 2,820,000,000	$ 2,820,000,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.34%	4.34%
Long-term Debt, Fair Value	$ 2,620,000,000	$ 2,580,000,000
Weighted Average Market Rate Used As Discount Factor To Determine Fair Value Of Debt	6.24%	6.60%
Fixed Rate Debt Member | Minimum [Member]
market rate used as discount factor to determine fair value of debt	5.97%	6.46%
Fixed Rate Debt Member | Maximum [Member]
market rate used as discount factor to determine fair value of debt	6.41%	6.70%
Variable Rate Converted to Fixed Rate [Member]
Long-term Debt	$ 25,000,000	$ 25,000,000
Variable Rate Debt Member
Long-term Debt	$ 25,000,000	$ 25,000,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	5.45%	5.48%

Earnings Per Share (Computation

Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic EPS:
Income from continuing operations	$ 62,709	$ 57,657
Less: preferred dividend requirements	(6,032)	(6,033)
Net income available to common shareholders of EPR Properties	$ 56,677	$ 51,624
Net income available to common shareholders (in dollars per share)	$ 0.75	$ 0.69
Net Income (Loss) Available to Common Stockholders, Diluted	$ 56,677	$ 51,624
Weighted average number of shares outstanding, basic	75,398	75,084
Diluted EPS:
Share options (in shares)	307	199
Weighted average number of shares outstanding, diluted	75,705	75,283
Net income available to common shareholders (in dollars per share)	$ 0.75	$ 0.69

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Series C Preferred Shares [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares	2,300	2,300
Preferred Stock, Dividend Rate, Percentage	5.75%	5.75%
Series E Preferred Shares [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares	1,700	1,700
Preferred Stock, Dividend Rate, Percentage	9%	9%
Share Options [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares	57	83
Performance Shares [Member] | January 1, 2022 Award Date
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares		99
Performance Shares [Member] | January 1, 2024 Award Date
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares	116
Performance Shares [Member] | January 1, 2023 Award Date
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares		112
Minimum [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	$ 44.44	$ 44.44
Maximum [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 76.63	$ 76.63

Compensation Related Costs, R_2

Compensation Related Costs, Retirement Benefits (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Severance Costs	$ 1,836,000	$ 0
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Severance Costs	1,836,000	0
Restricted Stock [Member]
Retirement Benefits [Abstract]
Severance Costs	700,000	0
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Severance Costs	700,000	$ 0
Cash Payment | Postemployment Retirement Benefits
Retirement Benefits [Abstract]
Severance Costs	200,000
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Severance Costs	200,000
accelerated vesting of shares | Postemployment Retirement Benefits | Share-Based Payment Arrangement
Retirement Benefits [Abstract]
Severance Costs	1,600,000
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Severance Costs	$ 1,600,000

Equity Incentive Plans (Summary

Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	May 12, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Outstanding at December 31, 2022	609,228
Number of Shares, Granted	290,271
Number of Shares, Vested	(284,885)
Number of Shares, Outstanding at September 30, 2023	614,614
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022	$ 44.44
Weighted Average Grant Date Fair Value, Granted	41.96
Weighted Average Grant Date Fair Value, Vested	45.47
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023	$ 42.79
Weighted Average Life Remaining, Outstanding at September 30, 2023 (in years)	1 year 7 months 9 days
Fair value of non-vested shares	$ 13,700,000	$ 8,300,000
Unamortized share-based compensation expense	14,700,000
Severance Costs	$ 1,836,000	0
2016 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Common shares, options to purchase common shares and restricted share units, expected to granted (in shares)					3,950,000
Number of shares available for grant (in shares)	905,470
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Payment Arrangement, Expense	$ 1,800,000	1,900,000
Severance Costs	$ 700,000	0
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Outstanding at December 31, 2022	312,641
Number of Shares, Granted	116,266
Number of Shares, Vested	(102,438)
Number of Shares, Outstanding at September 30, 2023	326,469
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022	$ 70.04
Weighted Average Grant Date Fair Value, Granted	44.76
Weighted Average Grant Date Fair Value, Vested	75.14
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023	$ 59.44
Unamortized share-based compensation expense	$ 8,900,000
Share-based Compensation, Performance Measure Percent, Peer TSR	50%
Share-based Compensation, Performance Measure Percent, MSCI US REIT Index TSR	25%
Share-based Compensation, Performance Measure Percent, Growth in AFFO per share	25%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	4.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	30%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	3 years
Dividend, Share-based Payment Arrangement	$ 598,000	353,000
Share-based Payment Arrangement, Expense	1,500,000	2,000,000
Severance Costs	$ 900,000
Performance Shares [Member] | Granted in 2024
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Compensation, Performance Measure Percent, Peer TSR	52.20%
Share-based Compensation, Performance Measure Percent, MSCI US REIT Index TSR	26.10%
Share-based Compensation, Performance Measure Percent, Growth in AFFO per share	21.70%
Performance Shares [Member] | Market Condition
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share Based Compensation Arrangement, Equity Instrument, Other Than Options, Market Condition, Grant Date Fair Value	$ 4,100,000	$ 5,900,000
Performance Shares [Member] | Market Condition | Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	250%
Performance Shares [Member] | Performance Condition | Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Fair value of non-vested shares	$ 12,600,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	200%
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period	243,290
Performance Shares [Member] | Performance Condition | Granted in 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	200%
Share-based Compensation Arrangement, Equity Instruments Other Than Options, Performance Condition, Nonvested, Grant Date Fair Value				$ 2,300,000
Performance Shares [Member] | Performance Condition | Granted in 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	52.30%
Share-based Compensation Arrangement, Equity Instruments Other Than Options, Performance Condition, Nonvested, Grant Date Fair Value			$ 600,000
Dividend Paid | Performance Condition | Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period	49,574

Equity Incentive Plans (Summa_2

Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Outstanding at December 31, 2022	609,228
Number of Shares, Granted	290,271
Number of Shares, Vested	(284,885)
Number of Shares, Outstanding at September 30, 2023	614,614
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022	$ 44.44
Weighted Average Grant Date Fair Value, Granted	41.96
Weighted Average Grant Date Fair Value, Vested	$ 45.47
Weighted Average Life Remaining, Outstanding at September 30, 2023 (in years)	1 year 7 months 9 days
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023	$ 42.79
Unamortized share-based compensation expense	$ 14,700,000
Severance Costs	$ 1,836,000	$ 0
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Outstanding at December 31, 2022	42,048
Number of Shares, Granted	0
Number of Shares, Vested	0
Number of Shares, Outstanding at September 30, 2023	42,048
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022	$ 41.67
Weighted Average Grant Date Fair Value, Granted	0
Weighted Average Grant Date Fair Value, Vested	$ 0
Weighted Average Life Remaining, Outstanding at September 30, 2023 (in years)	2 months 1 day
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023	$ 41.67
Unamortized share-based compensation expense	$ 300,000
Restricted Share Units [Member] | Non-Employee Trustees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Payment Arrangement, Expense	400,000	500,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Payment Arrangement, Expense	1,800,000	1,900,000
Severance Costs	$ 700,000	$ 0

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023
Operating Leases [Abstract]
Lease, Cost	The following table summarizes rental revenue, including sublease arrangements and lease costs, for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, Classification 2024 2023 Operating leases Rental revenue $ 135,794 $ 145,235 Sublease income - operating ground leases Rental revenue 6,487 6,356 Lease costs Operating ground lease cost Property operating expense $ 6,547 $ 6,600 Operating office lease cost General and administrative expense 224 224
Property Subject to or Available for Operating Lease [Line Items]
Number of Properties Subject to Ground Leases	51		51
Number of tenants, ground lease subtenants, cash basis	1
Operating Lease, Lease Income	$ 142,281	$ 151,591
Property operating expense	14,920	14,155
General and Administrative Expense	13,908	13,965
Property Subject to Operating Lease
Property Subject to or Available for Operating Lease [Line Items]
Operating Lease, Lease Income	$ 135,794	145,235
vacant
Property Subject to or Available for Operating Lease [Line Items]
Number of Properties Subject to Ground Leases	1
Ground Lease Arrangement [Member]
Property Subject to or Available for Operating Lease [Line Items]
Sublease Income	$ 6,487	6,356
Property operating expense	6,547	6,600
Office Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
General and Administrative Expense	$ 224	$ 224

Segment Information Balance She

Segment Information Balance Sheet Data (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Integer	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Operating Segments | Integer	2
Total Assets	$ 5,694,036	$ 5,700,885
Experiential Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	5,201,690	5,189,831
Education Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	430,201	433,177
Corporate / Unallocated
Segment Reporting Information [Line Items]
Total Assets	$ 62,145	$ 77,877

Segment Information Operating D

Segment Information Operating Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Operating Lease, Lease Income	$ 142,281	$ 151,591
Other income	12,037	9,333
Interest and Fee Income, Loans, Commercial and Residential, Real Estate	12,914	10,472
Revenues	167,232	171,396
Property operating expense	14,920	14,155
Other expense	12,976	8,950
Total investment expenses	27,896	23,105
Net Operating Income - Before Unallocated Items	139,336	148,291
Reconciliation to Consolidated Statements of Income:
General and administrative expense	(13,908)	(13,965)
Severance Costs	(1,836)	0
Transaction costs	(1)	(270)
Financing Receivable, Credit Loss, Expense (Reversal)	(2,737)	(587)
Depreciation and amortization	(40,469)	(41,204)
Gain on sale of real estate	17,949	(560)
Interest expense, net	(31,651)	(31,722)
Equity in (income) loss from joint ventures	(3,627)	(1,985)
Income tax expense	(347)	(341)
Net income attributable to EPR Properties	62,709	57,657
Preferred dividend requirements	(6,032)	(6,033)
Net Income Available to Common Stockholders, Basic	56,677	51,624
Experiential Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Operating Lease, Lease Income	132,824	141,700
Other income	11,770	9,108
Interest and Fee Income, Loans, Commercial and Residential, Real Estate	12,705	10,249
Revenues	157,299	161,057
Property operating expense	14,540	14,177
Other expense	12,976	8,950
Total investment expenses	27,516	23,127
Net Operating Income - Before Unallocated Items	129,783	137,930
Education Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Operating Lease, Lease Income	9,457	9,891
Other income	100	1
Interest and Fee Income, Loans, Commercial and Residential, Real Estate	209	223
Revenues	9,766	10,115
Property operating expense	129	0
Other expense	0	0
Total investment expenses	129	0
Net Operating Income - Before Unallocated Items	9,637	10,115
Corporate / Unallocated
Segment Reporting Information [Line Items]
Operating Lease, Lease Income	0	0
Other income	167	224
Interest and Fee Income, Loans, Commercial and Residential, Real Estate	0	0
Revenues	167	224
Property operating expense	251	(22)
Other expense	0	0
Total investment expenses	251	(22)
Net Operating Income - Before Unallocated Items	$ (84)	$ 246

Other Commitments And Conting_2

Other Commitments And Contingencies (Details) $ in Millions	Mar. 31, 2024 USD ($) mortgagenotes
Number Of Mortgage Notes Receivable | mortgagenotes	5
Mortgage Note and Notes Receivable Commitments	$ 99.9
Number of Surety Bonds	4
Surety bonds	$ 2.1
Experiential Reportable Operating Segment [Member]
Development projects in process (in projects)	13
Other Commitment	$ 158.6

Uncategorized Items - epr-20240

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 110,511,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 80,981,000