EPR — what changed in the latest 10-Q
A section-by-section comparison of EPR's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-29 vs the prior 10-Q · 2026-07-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +65 | −58 | ~24 | 28 |
| Market risk (Item 3) | Text added/removed | +10 | −9 | ~2 | 3 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | −1 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-29
As of September 30, 2026, our Education portfolio consisted of 54 properties (owned or financed) and our wholly-owned Education properties consisted of approximately 1.0 million square feet and were 100% leased.
The combined wholly-owned portfolio consisted of 20.7 million square feet and was 99% leased or operated.
Challenging Economic, Geopolitical and International Trade Environment
REITs are generally experiencing heightened risks and uncertainties resulting from current challenging economic conditions, including significant volatility and negative pressure in financial and capital markets, higher cost of capital, lasting impacts of high inflation and other risks and uncertain…
Three Months Ended September 30,Nine Months Ended September 30,
Text removed vs the prior filing · source: 10-Q · 2026-07-30
As of June 30, 2026, our Education portfolio consisted of the following property types (owned or financed):
As of June 30, 2026, our wholly-owned Education real estate portfolio consisted of approximately 1.1 million square feet and was 100% leased.
The combined wholly-owned portfolio consisted of 20.6 million square feet and was 99% leased or operated.
Recent geopolitical events and macroeconomic trends, including evolving global armed conflicts and significant changes in U.S. and international trade policies, have produced heightened uncertainty. This uncertainty could weaken economic conditions, contribute to inflation, increase borrowing costs …
The major factors impacting our results for the three and six months ended June 30, 2026, as compared to the three and six months ended June 30, 2025 were as follows:
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-10-29
We also had a $25.0 million bond that bears interest at a floating rate but was fixed through an interest rate swap agreement that limited the variable portion of the interest rate (SOFR) on this bond to 2.5325% until it expired on September 30, 2026. Upon its scheduled maturity, we did not renew, r…
We are exposed to foreign currency risk against our functional currency, the U.S. dollar ("USD"), on our seven Canadian properties, the rents from which are payable in the Canadian dollar ("CAD"). In order to hedge our CAD denominated cash flows and our net investment in our seven Canadian propertie…
On August 17, 2026, we de-designated our eight CAD to USD cross-currency swaps in conjunction with entering into new net investment hedge agreements described below and terminated the previous cross-currency swap agreements. We received $0.1 million in connection with the settlement of the CAD to US…
On August 17, 2026, we de-designated our CAD to USD forward contracts in conjunction with entering into new cross-currency swap agreements described below. We paid $3.0 million in connection with the settlement of the CAD to USD forward contracts. The corresponding change in value of the forward con…
On August 17, 2026, we entered into five cross-currency swaps designated as net investment hedges. As of September 30, 2026, the terms of these cross-currency swaps were:
Text removed vs the prior filing · source: 10-Q · 2026-07-30
To hedge our interest rate risk, we entered into an interest rate swap agreement on our variable rate secured bonds with a notional amount of $25.0 million. The interest rate swap agreement limits the variable portion of the interest rate (SOFR) on this bond to 2.5325% until September 30, 2026.
We are exposed to foreign currency risk against our functional currency, the U.S. dollar ("USD"), on our seven Canadian properties and the rents received from tenants of the properties are payable in the Canadian dollar ("CAD"). In order to hedge our CAD denominated cash flows and our net investment…
We entered into six USD-CAD cross-currency swaps that became effective October 1, 2024, with a total fixed original notional value of $170.0 million CAD and $125.0 million USD. The net effect of these swaps is to lock in an exchange rate of $1.35 CAD per USD on approximately $15.3 million annual CAD…
We entered into two USD-CAD cross-currency swaps that became effective December 1, 2024, with a total fixed original notional value of $90.0 million CAD and $66.2 million USD. The net effect of these swaps is to lock in an exchange rate of $1.35 CAD per USD on approximately $8.1 million annual CAD d…
We entered into two forward contracts that became effective December 19, 2024 with a fixed notional value of $200.0 million CAD and $142.8 million USD with a settlement date of December 1, 2026. The exchange rate of these forward contracts is approximately $1.40 CAD per USD.
Other information
Text removed vs the prior filing · source: 10-Q · 2026-07-30
On May 14, 2026, Liz Grace, the Company's Senior Vice President - Human Resources and Administration, through an individual trust, adopted a Rule 10b5-1 trading arrangement for the sale of up to 4,200 common shares that is intended to satisfy the affirmative defense condition of Rule 10b5-1(c) under…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice