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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 31, 2024
EPR Properties
(Exact name of registrant as specified in its charter)
Maryland   001-13561   43-1790877
(State or other jurisdiction of
incorporation)		   (Commission
File Number)		   (I.R.S. Employer
Identification No.)
909 Walnut Street, Suite 200
Kansas City, Missouri 64106
(Address of principal executive offices) (Zip Code)
(816) 472-1700
(Registrant’s telephone number, including area code) 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common shares, par value $0.01 per share EPR New York Stock Exchange
5.75% Series C cumulative convertible preferred shares, par value $0.01 per share EPR PrC New York Stock Exchange
9.00% Series E cumulative convertible preferred shares, par value $0.01 per share EPR PrE New York Stock Exchange
5.75% Series G cumulative redeemable preferred shares, par value $0.01 per share EPR PrG New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o On July 31, 2024, EPR Properties (the "Company") announced its results of operations and financial condition for the second quarter and six months ended June 30, 2024.



Item 2.02 Results of Operations and Financial Condition.

The public announcement was made by means of a press release, the text of which is set forth in Exhibit 99.1 hereto and is hereby incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.
In addition, on July 31, 2024, the Company made available on its website an investor slide presentation and supplemental operating and financial data for the second quarter and six months ended June 30, 2024, the text of which are set forth in Exhibits 99.2 and 99.3 hereto, respectively, and are hereby incorporated by reference herein.
The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, is being “furnished” and shall not be deemed “filed” for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits. 
Exhibit
No.		    Description
  
  
Press Release dated July 31, 2024 issued by EPR Properties announcing its results of operations and financial condition for the second quarter and six months ended June 30, 2024.
  
Investor slide presentation for the second quarter and six months ended June 30, 2024, made available by EPR Properties on July 31, 2024.
Supplemental Operating and Financial Data for the second quarter and six months ended June 30, 2024, made available by EPR Properties on July 31, 2024.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
EPR PROPERTIES
By: /s/ Mark A. Peterson
Mark A. Peterson
Executive Vice President, Treasurer and Chief Financial
Officer
Date: July 31, 2024



















































EX-99.1 2 ex991-eprx6302024earningsr.htm PRESS RELEASE Document

Exhibit 99.1

pressreleaseheaderlesswhitea.jpg
EPR Properties Reports Second Quarter 2024 Results

Kansas City, MO, July 31, 2024 -- EPR Properties (NYSE:EPR) today announced operating results for the second quarter ended June 30, 2024 (dollars in thousands, except per share data):    
  Three Months Ended June 30, Six Months Ended June 30,
  2024 2023 2024 2023
Total revenue $ 173,095  $ 172,907  $ 340,327  $ 344,303 
Net income available to common shareholders 39,062  7,560  95,739  59,184 
Net income available to common shareholders per diluted common share 0.51  0.10  1.26  0.78 
Funds From Operations as adjusted (FFOAA)(1) 93,515  97,792  179,238  193,798 
FFOAA per diluted common share (1) 1.22  1.28  2.34  2.53 
Adjusted Funds From Operations (AFFO)(1) 92,286  100,101  177,961  198,835 
AFFO per diluted common share (1) 1.20  1.31  2.33  2.60 
Note: Each of the measures above include deferred rent and interest collections from cash basis customers that were recognized as revenue of $7.3 million for the three months ended June 30, 2023 and $0.6 million and $13.8 million for the six months ended June 30, 2024 and 2023, respectively.
(1) A non-GAAP financial measure.
Second Quarter Company Headlines
•Executes on Investment Pipeline - During the second quarter of 2024, the Company's investment spending totaled $46.9 million, bringing year-to-date investment spending to $132.7 million. Additionally, the Company has committed approximately $180.0 million for experiential development and redevelopment projects, which is expected to be funded over the next two years.
•Strong Liquidity Position - As of June 30, 2024, the Company had cash on hand of $33.7 million, no borrowings on its $1.0 billion unsecured revolving credit facility and a consolidated debt profile that is all at fixed interest rates with only $136.6 million maturing in 2024.
•Updates 2024 Guidance - The Company is confirming FFOAA per diluted common share guidance for 2024 of $4.76 to $4.96, representing an increase of 3.2% at the midpoint over 2023 after excluding the impact from both years of out-of-period deferred rent and interest collections from cash-basis customers included in income. The Company is also confirming investment spending guidance for 2024 of $200.0 million to $300.0 million and updating disposition proceeds guidance to $60.0 million to $75.0 million from $50.0 million to $75.0 million. Additional earnings guidance detail can be found on page 24 in the Company's supplemental information package available in the Investor Center of the Company's website located at https://investors.eprkc.com/earnings-supplementals.

“We were pleased to deliver a quarter that demonstrated our continued positive momentum,” stated Company Chairman and CEO Greg Silvers. “Demand for our tenant categories broadly remains strong, as evidenced by our sustained rent coverage. Consumers prioritize spending on experiences, and we look forward to the anticipated increase in box office as the number of major releases grows. Year-to-date we have deployed more than $132.0 million in capital toward compelling experiential projects, and we maintain an active pipeline of opportunities. We are reaffirming our outlook for the year and will continue to selectively grow our experiential portfolio, supported by our strong balance sheet and liquidity position.”



Investment Update
The Company's investment spending during the three months ended June 30, 2024 totaled $46.9 million, bringing the total investment spending for the six months ended June 30, 2024 to $132.7 million. Investment spending for the quarter was primarily related to experiential build-to-suit development and redevelopment projects.

As of June 30, 2024, the Company has committed approximately $180.0 million in additional spending for experiential development and redevelopment projects, which is expected to be funded over the next two years. The Company will continue to be more selective in making investments, utilizing cash on hand, excess cash flow, disposition proceeds and borrowings under our line of credit, until such time as the Company's cost of capital improves.

Strong Liquidity Position
The Company remains focused on maintaining strong liquidity and financial flexibility. The Company had $33.7 million of cash on hand at quarter-end, no borrowings on its $1.0 billion unsecured revolving credit facility and a consolidated debt profile that is all at fixed interest rates with only $136.6 million maturing in 2024.

Capital Recycling
During the second quarter of 2024, the Company completed the sale of four theatre properties for net proceeds totaling $10.3 million and recognized a net gain on sale of $1.5 million for the quarter. Disposition proceeds totaled $56.5 million for the six months ended June 30, 2024.

Portfolio Update
The Company's total assets were $5.6 billion (after accumulated depreciation of approximately $1.5 billion) and total investments (a non-GAAP financial measure) were $6.9 billion at June 30, 2024, with Experiential investments totaling $6.4 billion, or 93%, and Education investments totaling $0.5 billion, or 7%.

The Company's Experiential portfolio (excluding property under development and undeveloped land inventory) consisted of the following property types (owned or financed) at June 30, 2024:
•161 theatre properties;
•58 eat & play properties (including seven theatres located in entertainment districts);
•24 attraction properties;
•11 ski properties;
•seven experiential lodging properties;
•21 fitness & wellness properties;
•one gaming property; and
•one cultural property.

As of June 30, 2024, the Company's owned Experiential portfolio consisted of approximately 19.6 million square feet, which includes 0.4 million square feet of properties the Company intends to sell. The Experiential portfolio, excluding the properties the Company intends to sell, was 99% leased and included a total of $59.1 million in property under development and $20.2 million in undeveloped land inventory.

The Company's Education portfolio consisted of the following property types (owned or financed) at June 30, 2024:
•61 early childhood education center properties; and
•nine private school properties.

As of June 30, 2024, the Company's owned Education portfolio consisted of approximately 1.3 million square feet, which includes 39 thousand square feet of properties the Company intends to sell. The Education portfolio, excluding the properties the Company intends to sell, was 100% leased.



The combined owned portfolio consisted of 20.9 million square feet and was 99% leased excluding the 0.4 million square feet of properties the Company intends to sell.

Dividend Information
The Company declared regular monthly cash dividends during the second quarter of 2024 totaling $0.855 per common share, which represents an annualized dividend of $3.42 per common share, an increase of 3.6% over the prior year's annualized dividend (based on the monthly dividend at the end of the prior year).

Additionally, the Company declared its regular quarterly dividends to preferred shareholders of $0.359375 per share on both the Company's 5.75% Series C cumulative convertible preferred shares and Series G cumulative redeemable preferred shares and $0.5625 per share on its 9.00% Series E cumulative convertible preferred shares.

2024 Guidance
(Dollars in millions, except per share data):
Current Prior
Net income available to common shareholders per diluted common share $ 2.58  to $ 2.78  $ 2.68  to $ 2.88 
FFOAA per diluted common share $ 4.76  to $ 4.96  $ 4.76  to $ 4.96 
Investment spending $ 200.0  to $ 300.0  $ 200.0  to $ 300.0 
Disposition proceeds $ 60.0  to $ 75.0  $ 50.0  to $ 75.0 

The Company is confirming its 2024 earnings guidance for FFOAA per diluted common share of $4.76 to $4.96, representing an increase of 3.2% at the midpoint over 2023 after excluding the impact from both years of out-of-period deferred rent and interest collections from cash-basis customers included in income. The 2024 guidance for FFOAA per diluted common share is based on a FFO per diluted common share range of $4.70 to $4.90 adjusted for retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, and deferred income tax expense. FFO per diluted common share for 2024 is based on a net income available to common shareholders per diluted common share range of $2.58 to $2.78 plus estimated real estate depreciation and amortization of $2.14, impairment charges of $0.16 and allocated share of joint venture depreciation of $0.13, less estimated gain on sale of real estate of $0.26 and the impact of Series C and Series E dilution of $0.05 (in accordance with the NAREIT definition of FFO).

Additional earnings guidance detail can be found in the Company's supplemental information package available in the Investor Center of the Company's website located at https://investors.eprkc.com/earnings-supplementals.

Conference Call Information
Management will host a conference call to discuss the Company's financial results on August 1, 2024 at 8:30 a.m. Eastern Time. The call may also include discussion of Company developments and forward-looking and other material information about business and financial matters. The conference will be webcast and can be accessed via the Webcasts page in the Investor Center on the Company's website located at https://investors.eprkc.com/webcasts. To access the audio-only call, visit the Webcasts page for the link to register and receive dial-in information and a PIN providing access to the live call. It is recommended that you join 10 minutes prior to the start of the event (although you may register and dial-in at any time during the call).

You may watch a replay of the webcast by visiting the Webcasts page at https://investors.eprkc.com/webcasts.

Quarterly Supplemental
The Company's supplemental information package for the second quarter and six months ended June 30, 2024 is available in the Investor Center on the Company's website located at https://investors.eprkc.com/earnings-supplementals.


EPR Properties
Consolidated Statements of Income
(Unaudited, dollars in thousands except per share data)
  Three Months Ended June 30, Six Months Ended June 30,
  2024 2023 2024 2023
Rental revenue $ 145,093  $ 151,870  $ 287,374  $ 303,461 
Other income 14,418  10,124  26,455  19,457 
Mortgage and other financing income 13,584  10,913  26,498  21,385 
Total revenue 173,095  172,907  340,327  344,303 
Property operating expense 14,427  13,972  29,347  28,127 
Other expense 14,833  9,161  27,809  18,111 
General and administrative expense 12,020  15,248  25,928  29,213 
Retirement and severance expense —  547  1,836  547 
Transaction costs 199  36  200  306 
Provision (benefit) for credit losses, net 404  (275) 3,141  312 
Impairment charges 11,812  43,785  11,812  43,785 
Depreciation and amortization 41,474  43,705  81,943  84,909 
Total operating expenses 95,169  126,179  182,016  205,310 
Gain (loss) on sale of real estate 1,459  (575) 19,408  (1,135)
Income from operations 79,385  46,153  177,719  137,858 
Interest expense, net 32,820  31,591  64,471  63,313 
Equity in loss from joint ventures 906  615  4,533  2,600 
Income before income taxes 45,659  13,947  108,715  71,945 
Income tax expense 557  347  904  688 
Net income $ 45,102  $ 13,600  $ 107,811  $ 71,257 
Preferred dividend requirements 6,040  6,040  12,072  12,073 
Net income available to common shareholders of EPR Properties $ 39,062  $ 7,560  $ 95,739  $ 59,184 
Net income available to common shareholders of EPR Properties per share:
Basic $ 0.52  $ 0.10  $ 1.27  $ 0.79 
Diluted $ 0.51  $ 0.10  $ 1.26  $ 0.78 
Shares used for computation (in thousands):
Basic 75,689  75,297  75,543  75,191 
Diluted 76,022  75,715  75,861  75,571 


EPR Properties
Condensed Consolidated Balance Sheets
(Unaudited, dollars in thousands)
  June 30, 2024 December 31, 2023
Assets
Real estate investments, net of accumulated depreciation of $1,504,427 and $1,435,683 at June 30, 2024 and December 31, 2023, respectively $ 4,566,482  $ 4,537,359 
Land held for development 20,168  20,168 
Property under development 59,092  131,265 
Operating lease right-of-use assets 179,260  186,628 
Mortgage notes and related accrued interest receivable, net 593,084  569,768 
Investment in joint ventures 45,406  49,754 
Cash and cash equivalents 33,731  78,079 
Restricted cash 2,958  2,902 
Accounts receivable 75,493  63,655 
Other assets 69,693  61,307 
Total assets $ 5,645,367  $ 5,700,885 
Liabilities and Equity
Accounts payable and accrued liabilities $ 63,441  $ 94,927 
Operating lease liabilities 219,004  226,961 
Dividends payable 29,397  31,307 
Unearned rents and interest 89,700  77,440 
Debt 2,819,029  2,816,095 
Total liabilities 3,220,571  3,246,730 
Total equity $ 2,424,796  $ 2,454,155 
Total liabilities and equity $ 5,645,367  $ 5,700,885 




Non-GAAP Financial Measures

Funds From Operations (FFO), Funds From Operations As Adjusted (FFOAA) and Adjusted Funds From Operations (AFFO)
The National Association of Real Estate Investment Trusts (NAREIT) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. Pursuant to the definition of FFO by the Board of Governors of NAREIT, the Company calculates FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from disposition of real estate and impairment losses on real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. The Company has calculated FFO for all periods presented in accordance with this definition.

In addition to FFO, the Company presents FFOAA and AFFO. FFOAA is presented by adding to FFO retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, costs associated with loan refinancing or payoff, preferred share redemption costs and impairment of operating lease right-of-use assets and subtracting sale participation income, gain on insurance recovery and deferred income tax (benefit) expense. AFFO is presented by adding to FFOAA non-real estate depreciation and amortization, deferred financing fees amortization and share-based compensation expense to management and Trustees; and subtracting amortization of above and below market leases, net and tenant allowances, maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue (removing the impact of straight-lined ground sublease expense), and the non-cash portion of mortgage and other financing income.

FFO, FFOAA and AFFO are widely used measures of the operating performance of real estate companies and are provided here as supplemental measures to GAAP net income available to common shareholders and earnings per share, and management provides FFO, FFOAA and AFFO herein because it believes this information is useful to investors in this regard. FFO, FFOAA and AFFO are non-GAAP financial measures. FFO, FFOAA and AFFO do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered alternatives to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO, FFOAA and AFFO the same way so comparisons with other REITs may not be meaningful.
























The following table summarizes FFO, FFOAA and AFFO for the three and six months ended June 30, 2024 and 2023 and reconciles such measures to net income available to common shareholders, the most directly comparable GAAP measure:

EPR Properties
Reconciliation of Non-GAAP Financial Measures
(Unaudited, dollars in thousands except per share data)
  Three Months Ended June 30, Six Months Ended June 30,
  2024 2023 2024 2023
FFO:
Net income available to common shareholders of EPR Properties $ 39,062  $ 7,560  $ 95,739  $ 59,184 
(Gain) loss on sale of real estate (1,459) 575  (19,408) 1,135 
Impairment of real estate investments, net 11,812  43,785  11,812  43,785 
Real estate depreciation and amortization 41,289  43,494  81,571  84,494 
Allocated share of joint venture depreciation 2,457  2,162  4,873  4,217 
FFO available to common shareholders of EPR Properties $ 93,161  $ 97,576  $ 174,587  $ 192,815 
FFO available to common shareholders of EPR Properties $ 93,161  $ 97,576  $ 174,587  $ 192,815 
Add: Preferred dividends for Series C preferred shares 1,938  1,938  3,876  3,876 
Add: Preferred dividends for Series E preferred shares 1,938  1,938  3,876  3,876 
Diluted FFO available to common shareholders of EPR Properties $ 97,037  $ 101,452  $ 182,339  $ 200,567 
FFOAA:
FFO available to common shareholders of EPR Properties $ 93,161  $ 97,576  $ 174,587  $ 192,815 
Retirement and severance expense —  547  1,836  547 
Transaction costs 199  36  200  306 
Provision (benefit) for credit losses, net 404  (275) 3,141  312 
Deferred income tax benefit (249) (92) (526) (182)
FFOAA available to common shareholders of EPR Properties $ 93,515  $ 97,792  $ 179,238  $ 193,798 
FFOAA available to common shareholders of EPR Properties $ 93,515  $ 97,792  $ 179,238  $ 193,798 
Add: Preferred dividends for Series C preferred shares 1,938  1,938  3,876  3,876 
Add: Preferred dividends for Series E preferred shares 1,938  1,938  3,876  3,876 
Diluted FFOAA available to common shareholders of EPR Properties $ 97,391  $ 101,668  $ 186,990  $ 201,550 


  Three Months Ended June 30, Six Months Ended June 30,
  2024 2023 2024 2023
AFFO:
FFOAA available to common shareholders of EPR Properties $ 93,515  $ 97,792  $ 179,238  $ 193,798 
Non-real estate depreciation and amortization 185  211  372  415 
Deferred financing fees amortization 2,234  2,150  4,446  4,279 
Share-based compensation expense to management and trustees 3,538  4,477  7,230  8,799 
Amortization of above and below market leases, net and tenant allowances (84) (185) (168) (274)
Maintenance capital expenditures (1) (1,321) (3,455) (2,876) (5,631)
Straight-lined rental revenue (5,251) (1,149) (8,921) (3,254)
Straight-lined ground sublease expense 25  401  57  966 
Non-cash portion of mortgage and other financing income (555) (141) (1,417) (263)
AFFO available to common shareholders of EPR Properties $ 92,286  $ 100,101  $ 177,961  $ 198,835 
AFFO available to common shareholders of EPR Properties $ 92,286  $ 100,101  $ 177,961  $ 198,835 
Add: Preferred dividends for Series C preferred shares 1,938  1,938  3,876  3,876 
Add: Preferred dividends for Series E preferred shares 1,938  1,938  3,876  3,876 
Diluted AFFO available to common shareholders of EPR Properties $ 96,162  $ 103,977  $ 185,713  $ 206,587 
FFO per common share:
Basic $ 1.23  $ 1.30  $ 2.31  $ 2.56 
Diluted 1.21  1.27  2.28  2.52 
FFOAA per common share:
Basic $ 1.24  $ 1.30  $ 2.37  $ 2.58 
Diluted 1.22  1.28  2.34  2.53 
AFFO per common share:
Basic $ 1.22  $ 1.33  $ 2.36  $ 2.64 
Diluted 1.20  1.31  2.33  2.60 
Shares used for computation (in thousands):
Basic 75,689  75,297  75,543  75,191 
Diluted 76,022  75,715  75,861  75,571 
Weighted average shares outstanding-diluted EPS 76,022  75,715  75,861  75,571 
Effect of dilutive Series C preferred shares 2,310  2,279  2,306  2,276 
Effect of dilutive Series E preferred shares 1,664  1,663  1,663  1,663 
Adjusted weighted average shares outstanding-diluted Series C and Series E 79,996  79,657  79,830  79,510 
Other financial information:
Dividends per common share $ 0.8550  $ 0.8250  $ 1.6900  $ 1.6500 
(1) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.

The conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares would be dilutive to FFO, FFOAA and AFFO per share for the three and six months ended June 30, 2024 and 2023. Therefore, the additional common shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFO, FFOAA and AFFO per share for those periods.



Net Debt
Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced for cash and cash equivalents. By excluding deferred financing costs, net, and reducing debt for cash and cash equivalents on hand, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding our financial condition. The Company's method of calculating Net Debt may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Gross Assets
Gross Assets represents total assets (reported in accordance with GAAP) adjusted to exclude accumulated depreciation and reduced for cash and cash equivalents. By excluding accumulated depreciation and reducing cash and cash equivalents, the result provides an estimate of the investment made by the Company. The Company believes that investors commonly use versions of this calculation in a similar manner. The Company's method of calculating Gross Assets may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Net Debt to Gross Assets Ratio
Net Debt to Gross Assets Ratio is a supplemental measure derived from non-GAAP financial measures that the Company uses to evaluate capital structure and the magnitude of debt to gross assets. The Company believes that investors commonly use versions of this ratio in a similar manner. The Company's method of calculating the Net Debt to Gross Assets Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

EBITDAre
NAREIT developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income, computed in accordance with GAAP, excluding interest expense (net), income tax (benefit) expense, depreciation and amortization, gains and losses from dispositions of real estate, impairment losses on real estate, costs associated with loan refinancing or payoff and adjustments for unconsolidated partnerships, joint ventures and other affiliates.

Management provides EBITDAre herein because it believes this information is useful to investors as a supplemental performance measure because it can help facilitate comparisons of operating performance between periods and with other REITs. The Company's method of calculating EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDAre is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

Adjusted EBITDAre
Management uses Adjusted EBITDAre in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDAre is useful to investors because it excludes various items that management believes are not indicative of operating performance, and because it is an informative measure to use in computing various financial ratios to evaluate the Company. The Company defines Adjusted EBITDAre as EBITDAre (defined above) for the quarter excluding sale participation income, gain on insurance recovery, retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, impairment losses on operating lease right-of-use assets and prepayment fees.



The Company's method of calculating Adjusted EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Adjusted EBITDAre is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered as an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

Net Debt to Adjusted EBITDAre Ratio
Net Debt to Adjusted EBITDAre Ratio is a supplemental measure derived from non-GAAP financial measures that the Company uses to evaluate our capital structure and the magnitude of our debt against our operating performance. The Company believes that investors commonly use versions of this ratio in a similar manner. In addition, financial institutions use versions of this ratio in connection with debt agreements to set pricing and covenant limitations. The Company's method of calculating the Net Debt to Adjusted EBITDAre Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Reconciliations of debt, total assets and net income (all reported in accordance with GAAP) to Net Debt, Gross Assets, Net Debt to Gross Assets Ratio, EBITDAre, Adjusted EBITDAre and Net Debt to Adjusted EBITDAre Ratio (each of which is a non-GAAP financial measure), as applicable, are included in the following tables (unaudited, in thousands except ratios):


June 30,
2024 2023
Net Debt:
Debt $ 2,819,029 $ 2,813,007
Deferred financing costs, net 22,200 28,222
Cash and cash equivalents (33,731) (99,711)
Net Debt $ 2,807,498 $ 2,741,518
Gross Assets:
Total Assets $ 5,645,367 $ 5,703,564
Accumulated depreciation 1,504,427 1,369,790
Cash and cash equivalents (33,731) (99,711)
Gross Assets $ 7,116,063 $ 6,973,643
Debt to Total Assets Ratio 50  % 49  %
Net Debt to Gross Assets Ratio 39  % 39  %
Three Months Ended June 30,
2024 2023
EBITDAre and Adjusted EBITDAre:
Net income $ 45,102  $ 13,600 
Interest expense, net 32,820  31,591 
Income tax expense 557  347 
Depreciation and amortization 41,474  43,705 
(Gain) loss on sale of real estate (1,459) 575 
Impairment of real estate investments, net 11,812  43,785 
Allocated share of joint venture depreciation 2,457  2,162 
Allocated share of joint venture interest expense 2,310  2,172 
EBITDAre $ 135,073  $ 137,937 
Retirement and severance expense —  547 
Transaction costs 199  36 
Provision (benefit) for credit losses, net 404  (275)
Adjusted EBITDAre $ 135,676  $ 138,245 
Adjusted EBITDAre (annualized) (1) $ 542,704  $ 552,980 
Net Debt/Adjusted EBITDAre Ratio 5.2  5.0 
(1) Adjusted EBITDA for the quarter is multiplied by four to calculate an annualized amount but does not include the annualization of investments put in service, acquired or disposed of during the quarter, as well as the potential earnings on property under development, the annualization of percentage rent and participating interest and adjustments for other items. See detailed calculation and reconciliation of Annualized Adjusted EBITDAre and Net Debt/Annualized EBITDAre ratio that includes these adjustments in the Company's Supplemental Operating and Financial Data for the quarter and six months ended June 30, 2024.



Total Investments
Total investments is a non-GAAP financial measure defined as the sum of the carrying values of real estate investments (before accumulated depreciation), land held for development, property under development, mortgage notes receivable and related accrued interest receivable, net, investment in joint ventures, intangible assets, gross (before accumulated amortization and included in other assets) and notes receivable and related accrued interest receivable, net (included in other assets). Total investments is a useful measure for management and investors as it illustrates across which asset categories the Company's funds have been invested. Our method of calculating total investments may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. A reconciliation of total assets (computed in accordance with GAAP) to total investments is included in the following table (unaudited, in thousands):
June 30, 2024 December 31, 2023
Total assets $ 5,645,367  $ 5,700,885 
Operating lease right-of-use assets (179,260) (186,628)
Cash and cash equivalents (33,731) (78,079)
Restricted cash (2,958) (2,902)
Accounts receivable (75,493) (63,655)
Add: accumulated depreciation on real estate investments 1,504,427  1,435,683 
Add: accumulated amortization on intangible assets (1) 31,051  30,589 
Prepaid expenses and other current assets (1) (32,188) (22,718)
Total investments $ 6,857,215  $ 6,813,175 
Total Investments:
Real estate investments, net of accumulated depreciation $ 4,566,482  $ 4,537,359 
Add back accumulated depreciation on real estate investments 1,504,427  1,435,683 
Land held for development 20,168  20,168 
Property under development 59,092  131,265 
Mortgage notes and related accrued interest receivable, net 593,084  569,768 
Investment in joint ventures 45,406  49,754 
Intangible assets, gross (1) 64,620  65,299 
Notes receivable and related accrued interest receivable, net (1) 3,936  3,879 
Total investments $ 6,857,215  $ 6,813,175 
(1) Included in other assets in the accompanying consolidated balance sheet. Other assets include the following:
June 30, 2024 December 31, 2023
Intangible assets, gross $ 64,620  $ 65,299 
Less: accumulated amortization on intangible assets (31,051) (30,589)
Notes receivable and related accrued interest receivable, net 3,936  3,879 
Prepaid expenses and other current assets 32,188  22,718 
Total other assets $ 69,693  $ 61,307 


About EPR Properties
EPR Properties (NYSE:EPR) is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues that create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have total assets of approximately $5.6 billion (after accumulated depreciation of approximately $1.5 billion) across 44 states. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage and the potential for stable and attractive returns. Further information is available at www.eprkc.com.



CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our guidance, our capital resources and liquidity, our pursuit of growth opportunities, the timing of transaction closings and investment spending, our expected cash flows, the performance of our customers, our expected cash collections and our results of operations and financial condition. The forward-looking statements presented herein are based on the Company's current expectations. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance that the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law, we do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof.

EPR Properties
Brian Moriarty, 816-472-1700
www.eprkc.com

EX-99.2 3 q22024earningscall.htm EARNINGS RELEASE PRESENTATION q22024earningscall
EARNINGS CALL PRESENTATION Q2 2024

 
2 The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our guidance, our capital resources and liquidity, our pursuit of growth opportunities, the timing of transaction closings and investment spending, our expected cash flows, the performance of our customers, our expected cash collections and our results of operations and financial condition. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance that the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law, we do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof. DISCLAIMER

 
INTRODUCTORY COMMENTS

 
PORTFOLIO

 
5 PORTFOLIO OVERVIEW Education Portfolio 70 Properties; 8 Operators Leased at 100%** *See Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 for definition and calculation of this non-GAAP measure **Excluding properties EPR intends to sell Experiential Portfolio 284 Properties; 51 Operators $6.4B (93%) Total Investments* Leased at 99%** Total Portfolio Snapshot ~$6.9B Total Investments* 354 Properties Leased at 99%** Q2 Investment Spending $46.9M

 
6 PORTFOLIO COVERAGE *BoxOfficeMojo TTM Mar 2024 YE 2019 Theatre Coverage 1.7x 1.7x Box Office* $8.8B $11.4B Non-Theatre Coverage 2.6x 2.0x Total Portfolio Coverage 2.2x 1.9x Strong Total Portfolio Coverage Methodology – Coverage numerator is customer's store level EBITDARM and denominator is EPR's minimum rent or interest (excludes non-cash straight-line rent or interest income from the effective interest method of accounting) EBITDARM data is sourced from customers' reported store level profit and loss statements

 
7 PORTFOLIO UPDATE Theatre Coverage and Box Office Updates Theatre coverage at 2019 levels • Coverage back to 2019 levels, even with box office well below 2019 North American Box Office Gross (NABOG) Accelerating • June only down 4% with an increase in the number of releases; YTD through June 30 NABOG down 19% over 2023 due to lack of content because of strikes • Outperformance from films in June and July indicate NABOG growth acceleration o Inside Out 2 was highest grossing animated film ever over $600M o Despicable Me 4 grossed over $291M o Deadpool v. Wolverine grossed $211M on opening weekend, the highest grossing opening weekend for an R-rated movie ever • Our 2024 NABOG expectations increased to $8.2B – $8.5B from $8.0B – $8.4B • NABOG for Regal lease year estimated to be $7.9B, approx. $400M less than original forecast; anticipate shortfall in Regal percentage rent to be made up by other tenants’ outperformance, no adjustment to percentage rent guidance

 
8 PORTFOLIO UPDATE Experiential Lodging – Margaritaville Nashville Hotel and Camp Margaritaville in Pigeon Forge performing well Eat & Play – Revenue & EBITDARM normalizing after post-COVID highs; Andretti construction progressing Attractions & Cultural – Six Flags & Cedar Fair concluded merger as of July 1; do not expect changes to our parks and believe this strengthens credit Fitness & Wellness – Construction continues on expansion project at The Springs Resort in Pagosa with completion expected Spring 2025 Operating Properties – Lodging JVs face softness in ADR and EBITDARM cost pressure; operating theatres attempting to recapture market share Other Experiential Property and Operator Updates Ski – Percentage rent from ski tenant exceeded our expectations following a strong ski season

 
9 INVESTMENT SPENDING Q2 Investment spending was $46.9M; YTD is $132.7M 2024 Investment Spending Guidance $200M-$300M Overland Park, KS Schaumburg, IL Oklahoma City, OK Closed on third new Andretti Karting build-to-suit development in Oklahoma City, OK

 
1 0 CAPITAL RECYCLING Completed Transactions • Sold four vacant theatres; three former Regals and a Cinemark Update on Vacant Theatre Properties • Subsequent to quarter end, sold another vacant former Regal • Have signed purchase and sale agreements for 2 of the remaining 4 Regal theatres and one vacant Xscape theatre terminated in Q4 • One remaining vacant AMC theatre Closure of Property • Closing former Regal managed by Cinemark after review of performance and required CapEx 2024 Disposition Proceeds Guidance $60M-$75M

 
FINANCIAL REVIEW

 
1 2 (In millions except per-share data) Note: Each of the measures above for the quarter ended June 30, 2023 include deferred rent and interest collections from cash-basis customers that were recognized as revenue of $7.3 million. There were no deferred rent and interest collections for cash-basis customers for the quarter ended June 30, 2024. *See Supplemental Operating and Financial Data for the Second Quarter Ended June 30, 2024 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance Quarter ended June 30, 2024 2023 $ Change % Change Total Revenue $173.1 $172.9 $0.2 – % Net Income – Common 39.1 7.6 31.5 414% FFO as adj. – Common* 93.5 97.8 (4.3) (4%) AFFO – Common* 92.3 100.1 (7.8) (8%) Net Income/share – Common 0.51 0.10 0.41 410% FFO/share - Common, as adj.* 1.22 1.28 (0.06) (5%) AFFO/share - Common* 1.20 1.31 (0.11) (8%)

 
1 3 FINANCIAL HIGHLIGHTS Key Ratios* *See Supplemental Operating and Financial Data for the Second Quarter Ended June 30, 2024 for definitions and calculations of these non-GAAP measures Quarter ended June 30, 2024 Fixed charge coverage 3.2x Debt service coverage 3.8x Interest coverage 3.8x Net Debt to Adjusted EBITDAre 5.2x Net Debt to Gross Assets 39% AFFO payout 71%

 
1 4 Debt • $2.8B total debt; all fixed rate or fixed through interest rate swaps at weighted avg. = 4.3% • Weighted avg. debt maturity of ~4 years; $136.6M of scheduled debt maturities due in August 2024 Liquidity Position at 6/30/2024 • $33.7M unrestricted cash • No balance on $1B revolver CAPITAL MARKETS UPDATE

 
1 5 2024 GUIDANCE *See Supplemental Operating and Financial Data for the Second Quarter Ended June 30, 2024 for definitions and calculations of these non-GAAP measures FFO AS ADJUSTED PER SHARE* Guidance $4.76 - $4.96 INVESTMENT SPENDING Guidance $200M - $300M DISPOSITION PROCEEDS Revised Guidance $60M - $75M Prior Guidance $50M - $75M PERCENTAGE RENT & PARTICIPATING INTEREST Guidance $12M - $16M GENERAL & ADMINISTATIVE EXPENSE Revised Guidance $49M - $52M Prior Guidance $52M - $55M

 
1 6 2024 OPERATING PROPERTY GUIDANCE *See Supplemental Operating and Financial Data for the Second Quarter Ended June 30, 2024 for definitions and calculations of these non-GAAP measures OTHER INCOME Revised Guidance $55M - $65M Prior Guidance $57M - $67M OTHER EXPENSE Guidance $54M - $64M EQUITY IN LOSS FROM JV’S Revised Guidance $(10)M - $(7)M Prior Guidance $(9)M - $(6)M FFO AS ADJUSTED* FROM JV’S Guidance $0M - $3M Prior Guidance $1M - $4M

 
1 7 FFO AS ADJUSTED PER SHARE WITHOUT DEFERRAL COLLECTIONS *See Supplemental Operating and Financial Data for the Second Quarter Ended June 30, 2024 for definitions and calculations of these non-GAAP measures (1) Estimates for 2024 reflect the mid-point of guidance. $ in millions 2023 A $ in millions 2024 E(1) 2023 A vs. 2024 E Growth FFO As Adjusted Per Share* $5.18 $4.86 (6.2%) Less: Deferral Collections $36.4 ($0.48) $.6 ($0.01) FFO As Adjusted Per Share* Without Deferral Collections $4.70 $4.85 3.2%

 
CLOSING COMMENTS

 




EX-99.3 4 ex993-eprx6302024supplemen.htm SUPPLEMENTAL OPERATING AND FINANCIAL DATA Document
Exhibit 99.3
a002698-001supplementalcova.jpg


TABLE OF CONTENTS
SECTION PAGE
Company Profile
Investor Information
Selected Financial Information
Selected Balance Sheet Information
Selected Operating Data
Funds From Operations and Funds From Operations as Adjusted
Adjusted Funds From Operations
Capital Structure
Summary of Ratios
Summary of Mortgage Notes Receivable
Summary of Unconsolidated Joint Ventures
Investment Spending and Disposition Summaries
Property Under Development - Investment Spending Estimates
Portfolio Detail
Lease Expirations
Top Ten Customers by Total Revenue
Guidance
Definitions-Non-GAAP Financial Measures
Appendix-Reconciliation of Certain Non-GAAP Financial Measures

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Q2 2024 Supplemental
Page 2

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our guidance, our capital resources and liquidity, our pursuit of growth opportunities, the timing of transaction closings and investment spending, our expected cash flows, the performance of our customers, our expected cash collections and our results of operations and financial condition. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance that the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law, we do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof.

NON-GAAP INFORMATION

This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See pages 25 through 27 for definitions of certain non-GAAP financial measures used in this document and the reconciliations of certain non-GAAP measures on pages 9 and 10 and in the Appendix on pages 28 through 32.



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Q2 2024 Supplemental
Page 3

COMPANY PROFILE
THE COMPANY COMPANY STRATEGY
EPR Properties ("we," "us," "our," "EPR" or the "Company") is a self-administered and self-managed real estate investment trust. EPR was formed in August 1997 as a Maryland real estate investment trust ("REIT"), and an initial public offering was completed on November 18, 1997. Our primary business objective is to enhance shareholder value by achieving predictable growth in Funds from Operations As Adjusted ("FFOAA") and dividends per share.
Our strategic growth is focused on acquiring or developing a diversified portfolio of experiential real estate venues which create value by facilitating out of home congregate entertainment, recreation and leisure experiences where consumers choose to spend their discretionary time and money. This strategy is driven by the long-term trends of the growing experience economy.
Since that time, the Company has been a leading Experiential net lease REIT, specializing in select enduring experiential properties. We are focused on growing our Experiential portfolio with properties that offer a variety of enduring, congregate entertainment, recreation and leisure activities. Separately, our Education portfolio is a legacy investment that provides additional geographic and operator diversity.
This focus is consistent with our depth of knowledge across each of our property types, creating a competitive advantage that allows us to more quickly identify key market trends. We deliberately apply information and our ingenuity to target properties that represent logical extensions within each of our existing property types or potential future investments.
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As part of our strategic planning and portfolio management process we assess new opportunities against the following underwriting principles:
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BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO
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Q2 2024 Supplemental
Page 4

INVESTOR INFORMATION
SENIOR MANAGEMENT
Greg Silvers Mark Peterson
Chairman and Chief Executive Officer Executive Vice President and Chief Financial Officer
Tonya Mater Greg Zimmerman
Senior Vice President and Chief Accounting Officer Executive Vice President and Chief Investment Officer
Paul Turvey Elizabeth Grace
Senior Vice President, General Counsel and Secretary Senior Vice President - Human Resources and Administration
Brian Moriarty Gwen Johnson
Senior Vice President - Corporate Communications Senior Vice President - Asset Management
COMPANY INFORMATION
CORPORATE HEADQUARTERS TRADING SYMBOLS
909 Walnut Street, Suite 200 Common Stock:
Kansas City, MO 64106 EPR
816-472-1700 Preferred Stock:
www.eprkc.com EPR-PrC
STOCK EXCHANGE LISTING EPR-PrE
New York Stock Exchange EPR-PrG
EQUITY RESEARCH COVERAGE
Bank of America Merrill Lynch Jeffrey Spector/Joshua Dennerlein 646-855-1363
Citi Global Markets Nick Joseph/Smedes Rose 212-816-6243
Janney Montgomery Scott Rob Stevenson 646-840-3217
J.P. Morgan Anthony Paolone 212-622-6682
JMP Securities Mitch Germain 212-906-3537
Kansas City Capital Associates Jonathan Braatz 816-932-8019
Keybanc Capital Markets Todd Thomas 917-368-2286
Raymond James & Associates RJ Milligan 727-567-2585
RBC Capital Markets Michael Carroll 440-715-2649
Stifel Simon Yarmak 443-224-1345
Truist Ki Bin Kim 212-303-4124
Wells Fargo Connor Siversky 212-214-8069
EPR Properties is followed by the analysts identified above. Please note that any opinions, estimates, forecasts or recommendations regarding EPR Properties’ performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or recommendations of EPR Properties or its management. EPR Properties does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.
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Q2 2024 Supplemental
Page 5

SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
OPERATING INFORMATION: 2024 2023 2024 2023
Revenue $ 173,095  $ 172,907  $ 340,327  $ 344,303 
Net income available to common shareholders of EPR Properties 39,062  7,560  95,739  59,184 
EBITDAre (1) 135,073  137,937  256,847  273,559 
Adjusted EBITDAre (1) 135,676  138,245  262,024  274,724 
Interest expense, net 32,820  31,591  64,471  63,313 
Capitalized interest 471  846  1,429  1,629 
Straight-lined rental revenue 5,251  1,149  8,921  3,254 
Percentage rent 1,973  2,125  3,873  3,936 
Dividends declared on preferred shares 6,040  6,040  12,072  12,073 
Dividends declared on common shares 64,726  62,129  127,872  124,238 
General and administrative expense 12,020  15,248  25,928  29,213 
JUNE 30,
BALANCE SHEET INFORMATION: 2024 2023
Total assets $ 5,645,367  $ 5,703,564 
Accumulated depreciation 1,504,427  1,369,790 
Cash and cash equivalents 33,731  99,711 
Total assets before accumulated depreciation less cash and cash equivalents (gross assets) 7,116,063  6,973,643 
Debt 2,819,029  2,813,007 
Deferred financing costs, net 22,200  28,222 
Net debt (1) 2,807,498  2,741,518 
Equity 2,424,796  2,482,871 
Common shares outstanding 75,719  75,323 
Total market capitalization (using EOP closing price and liquidation values) (2) 6,357,165  6,637,588 
Net debt/total market capitalization ratio (1) 44  % 41  %
Debt to total assets ratio 50  % 49  %
Net debt/gross assets ratio (1) 39  % 39  %
Net debt/Adjusted EBITDAre ratio (1) (3) 5.2  5.0 
Net debt/Annualized adjusted EBITDAre ratio (1) (4) 5.2  5.2 
(1) See pages 25 through 27 for definitions. See calculation on page 31 as applicable.
(2) See calculation on page 15.
(3) Adjusted EBITDAre in this calculation is for the three-month period multiplied times four. See pages 25 through 27 for definitions. See calculation on page 31.
(4) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 31 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 25 through 27 for definitions.
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Q2 2024 Supplemental
Page 6

SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023 1ST QUARTER 2023
Real estate investments $ 6,070,909  $ 6,100,366  $ 5,973,042  $ 5,972,156  $ 6,029,468  $ 6,049,869 
Less: accumulated depreciation (1,504,427) (1,470,507) (1,435,683) (1,400,642) (1,369,790) (1,341,527)
Land held for development 20,168  20,168  20,168  20,168  20,168  20,168 
Property under development 59,092  36,138  131,265  101,313  80,650  85,829 
Operating lease right-of-use assets 179,260  183,031  186,628  190,309  192,325  197,357 
Mortgage notes and related accrued interest receivable, net 593,084  578,915  569,768  477,243  466,459  461,263 
Investment in joint ventures 45,406  46,127  49,754  53,855  53,763  50,978 
Cash and cash equivalents 33,731  59,476  78,079  172,953  99,711  96,438 
Restricted cash 2,958  2,929  2,902  2,868  2,623  2,599 
Accounts receivable 75,493  69,414  63,655  54,826  53,305  50,591 
Other assets 69,693  67,979  61,307  74,328  74,882  83,050 
Total assets $ 5,645,367  $ 5,694,036  $ 5,700,885  $ 5,719,377  $ 5,703,564  $ 5,756,615 
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities $ 63,441  $ 84,153  $ 94,927  $ 82,804  $ 74,493  $ 76,244 
Operating lease liabilities 219,004  223,077  226,961  230,922  233,126  238,096 
Common dividends payable 23,365  22,918  25,275  22,795  22,289  21,826 
Preferred dividends payable 6,032  6,032  6,032  6,032  6,032  6,033 
Unearned rents and interest 89,700  91,829  77,440  88,530  71,746  71,601 
Line of credit —  —  —  —  —  — 
Deferred financing costs, net (22,200) (23,519) (25,134) (26,732) (28,222) (29,576)
Other debt 2,841,229  2,841,229  2,841,229  2,841,229  2,841,229  2,841,229 
Total liabilities 3,220,571  3,245,719  3,246,730  3,245,580  3,220,693  3,225,453 
Equity:
Common stock and additional paid-in-capital 3,943,925  3,940,077  3,925,296  3,920,714  3,916,102  3,911,064 
Preferred stock at par value 148  148  148  148  148  148 
Treasury stock (285,413) (285,413) (274,038) (274,035) (274,001) (273,904)
Accumulated other comprehensive (loss) income (541) 1,119  3,296  2,378  3,610  1,823 
Distributions in excess of net income (1,233,323) (1,207,614) (1,200,547) (1,175,408) (1,162,988) (1,107,969)
Total equity 2,424,796  2,448,317  2,454,155  2,473,797  2,482,871  2,531,162 
Total liabilities and equity $ 5,645,367  $ 5,694,036  $ 5,700,885  $ 5,719,377  $ 5,703,564  $ 5,756,615 
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Page 7

SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)
2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023 1ST QUARTER 2023
Rental revenue $ 145,093  $ 142,281  $ 148,738  $ 163,940  $ 151,870  $ 151,591 
Other income (1) 14,418  12,037  12,068  14,422  10,124  9,333 
Mortgage and other financing income 13,584  12,914  11,175  11,022  10,913  10,472 
Total revenue 173,095  167,232  171,981  189,384  172,907  171,396 
Property operating expense 14,427  14,920  14,759  14,592  13,972  14,155 
Other expense (1) 14,833  12,976  13,539  13,124  9,161  8,950 
General and administrative expense 12,020  13,908  13,765  13,464  15,248  13,965 
Retirement and severance expense —  1,836  —  —  547  — 
Transaction costs 199  1  401  847  36  270 
Provision (benefit) for credit losses, net 404  2,737  1,285  (719) (275) 587 
Impairment charges 11,812  —  2,694  20,887  43,785  — 
Depreciation and amortization 41,474  40,469  40,692  42,432  43,705  41,204 
Total operating expenses 95,169  86,847  87,135  104,627  126,179  79,131 
Gain (loss) on sale of real estate 1,459  17,949  (3,612) 2,550  (575) (560)
Income from operations 79,385  98,334  81,234  87,307  46,153  91,705 
Interest expense, net 32,820  31,651  30,337  31,208  31,591  31,722 
Equity in loss (income) from joint ventures 906  3,627  4,701  (533) 615  1,985 
Income before income taxes 45,659  63,056  46,196  56,632  13,947  57,998 
Income tax expense 557  347  667  372  347  341 
Net income 45,102  62,709  45,529  56,260  13,600  57,657 
Preferred dividend requirements 6,040  6,032  6,040  6,032  6,040  6,033 
Net income available to common shareholders of EPR Properties $ 39,062  $ 56,677  $ 39,489  $ 50,228  $ 7,560  $ 51,624 
(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.
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Q2 2024 Supplemental
Page 8

FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
FUNDS FROM OPERATIONS ("FFO") (1): 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023 1ST QUARTER 2023
Net income available to common shareholders of EPR Properties $ 39,062  $ 56,677  $ 39,489  $ 50,228  $ 7,560  $ 51,624 
(Gain) loss on sale of real estate (1,459) (17,949) 3,612  (2,550) 575  560 
Impairment of real estate investments, net 11,812  —  2,694  20,887  43,785  — 
Real estate depreciation and amortization 41,289  40,282  40,501  42,224  43,494  41,000 
Allocated share of joint venture depreciation 2,457  2,416  2,344  2,315  2,162  2,055 
FFO available to common shareholders of EPR Properties $ 93,161  $ 81,426  $ 88,640  $ 113,104  $ 97,576  $ 95,239 
FFO available to common shareholders of EPR Properties $ 93,161  $ 81,426  $ 88,640  $ 113,104  $ 97,576  $ 95,239 
Add: Preferred dividends for Series C preferred shares 1,938  1,938  1,938  1,938  1,938  1,938 
Add: Preferred dividends for Series E preferred shares 1,938  1,938  1,938  1,938  1,938  1,938 
Diluted FFO available to common shareholders of EPR Properties $ 97,037  $ 85,302  $ 92,516  $ 116,980  $ 101,452  $ 99,115 
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties $ 93,161  $ 81,426  $ 88,640  $ 113,104  $ 97,576  $ 95,239 
Retirement and severance expense —  1,836  —  —  547  — 
Transaction costs 199  1  401  847  36  270 
Provision (benefit) for credit losses, net 404  2,737  1,285  (719) (275) 587 
Deferred income tax benefit (249) (277) (86) (76) (92) (90)
FFO as adjusted available to common shareholders of EPR Properties $ 93,515  $ 85,723  $ 90,240  $ 113,156  $ 97,792  $ 96,006 
FFO as adjusted available to common shareholders of EPR Properties $ 93,515  $ 85,723  $ 90,240  $ 113,156  $ 97,792  $ 96,006 
Add: Preferred dividends for Series C preferred shares 1,938  1,938  1,938  1,938  1,938  1,938 
Add: Preferred dividends for Series E preferred shares 1,938  1,938  1,938  1,938  1,938  1,938 
Diluted FFO as adjusted available to common shareholders of EPR Properties $ 97,391  $ 89,599  $ 94,116  $ 117,032  $ 101,668  $ 99,882 
FFO per common share:
Basic $ 1.23  $ 1.08  $ 1.18  $ 1.50  $ 1.30  $ 1.27 
Diluted 1.21  1.07  1.16  1.47  1.27  1.25 
FFO as adjusted per common share:
Basic $ 1.24  $ 1.14  $ 1.20  $ 1.50  $ 1.30  $ 1.28 
Diluted 1.22  1.13  1.18  1.47  1.28  1.26 
Shares used for computation (in thousands):
Basic 75,689  75,398  75,330  75,325  75,297  75,084 
Diluted 76,022  75,705  75,883  75,816  75,715  75,283 
Effect of dilutive Series C preferred shares 2,310  2,301  2,293  2,287  2,279  2,272 
Effect of dilutive Series E preferred shares 1,664  1,663  1,663  1,663  1,663  1,663 
Adjusted weighted-average shares outstanding-diluted Series C and Series E 79,996  79,669  79,839  79,766  79,657  79,218 
(1) See pages 25 through 27 for definitions.
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Q2 2024 Supplemental
Page 9

ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1): 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023 1ST QUARTER 2023
FFO available to common shareholders of EPR Properties
 $ 93,161  $ 81,426  $ 88,640  $ 113,104  $ 97,576  $ 95,239 
Adjustments:
Retirement and severance expense —  1,836  —  —  547  — 
Transaction costs 199  1  401  847  36  270 
Provision (benefit) for credit losses, net 404  2,737  1,285  (719) (275) 587 
Deferred income tax benefit (249) (277) (86) (76) (92) (90)
Non-real estate depreciation and amortization 185  187  191  208  211  204 
Deferred financing fees amortization 2,234  2,212  2,188  2,170  2,150  2,129 
Share-based compensation expense to management and trustees
 3,538  3,692  4,359  4,354  4,477  4,322 
Amortization of above/below market leases, net and tenant allowances (84) (84) (79) (182) (185) (89)
Maintenance capital expenditures (2) (1,321) (1,555) (5,015) (1,753) (3,455) (2,176)
Straight-lined rental revenue (5,251) (3,670) (2,930) (4,407) (1,149) (2,105)
Straight-lined ground sublease expense 25  32  56  77  401  565 
Non-cash portion of mortgage and other financing income
 (555) (862) (535) (290) (141) (122)
AFFO available to common shareholders of EPR Properties $ 92,286  $ 85,675  $ 88,475  $ 113,333  $ 100,101  $ 98,734 
AFFO available to common shareholders of EPR Properties $ 92,286  $ 85,675  $ 88,475  $ 113,333  $ 100,101  $ 98,734 
Add: Preferred dividends for Series C preferred shares 1,938  1,938  1,938  1,938  1,938  1,938 
Add: Preferred dividends for Series E preferred shares 1,938  1,938  1,938  1,938  1,938  1,938 
Diluted AFFO available to common shareholders of EPR Properties $ 96,162  $ 89,551  $ 92,351  $ 117,209  $ 103,977  $ 102,610 
Weighted average diluted shares outstanding (in thousands)
 76,022  75,705  75,883  75,816  75,715  75,283 
Effect of dilutive Series C preferred shares 2,310  2,301  2,293  2,287  2,279  2,272 
Effect of dilutive Series E preferred shares 1,664  1,663  1,663  1,663  1,663  1,663 
Adjusted weighted-average shares outstanding-diluted 79,996  79,669  79,839  79,766  79,657  79,218 
AFFO per diluted common share $ 1.20  $ 1.12  $ 1.16  $ 1.47  $ 1.31  $ 1.30 
Dividends declared per common share $ 0.855  $ 0.835  $ 0.825  $ 0.825  $ 0.825  $ 0.825 
AFFO payout ratio (3) 71  % 75  % 71  % 56  % 63  % 63  %
(1) See pages 25 through 27 for definitions.
(2) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.
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Q2 2024 Supplemental
Page 10

CAPITAL STRUCTURE AS OF JUNE 30, 2024
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
BONDS/TERM LOAN/OTHER (1) UNSECURED CREDIT FACILITY (2) UNSECURED SENIOR NOTES TOTAL WEIGHTED AVG INTEREST RATE
YEAR
2024 $ —  $ —  $ 136,637  $ 136,637  4.35%
2025 —  —  300,000  300,000  4.50%
2026 —  —  629,597  629,597  4.70%
2027 —  —  450,000  450,000  4.50%
2028 —  —  400,000  400,000  4.95%
2029 —  —  500,000  500,000  3.75%
2030 —  —  —  —  —%
2031 —  —  400,000  400,000  3.60%
2032 —  —  —  —  —%
2033 —  —  —  —  —%
2034 —  —  —  —  —%
Thereafter 24,995  —  —  24,995  2.53%
Less: deferred financing costs, net —  —  —  (22,200) —%
$ 24,995  $ —  $ 2,816,234  $ 2,819,029  4.32%
BALANCE WEIGHTED AVG INTEREST RATE WEIGHTED AVG MATURITY
Fixed rate unsecured debt $ 2,816,234  4.30  % 3.55 
Fixed rate secured debt (1) 24,995  2.53  % 23.09 
Less: deferred financing costs, net (22,200) —  % — 
     Total $ 2,819,029  4.32  % 3.75 
(1) Includes $25 million of secured bonds that have been fixed through interest rate swaps through September 30, 2024.
(2) Unsecured Revolving Credit Facility Summary:
BALANCE RATE
COMMITMENT
AT 6/30/2024
 MATURITY
AT 6/30/2024
$1,000,000 $— October 6, 2025 6.63%
Note: This facility will mature on October 6, 2025 and has two six-month extensions available at the Company's option and includes an accordion feature pursuant to which the maximum borrowing amount can be increased from $1.0 billion to $2.0 billion, in each case, subject to certain terms and conditions.
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Q2 2024 Supplemental
Page 11

CAPITAL STRUCTURE AS OF JUNE 30, 2024 AND DECEMBER 31, 2023
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT (continued)
SUMMARY OF DEBT:
June 30, 2024
December 31, 2023
Senior unsecured notes payable, 4.35%, due August 22, 2024 $ 136,637  $ 136,637 
Senior unsecured notes payable, 4.50%, due April 1, 2025 300,000  300,000 
Senior unsecured notes payable, 4.56%, due August 22, 2026 179,597  179,597 
Senior unsecured notes payable, 4.75%, due December 15, 2026 450,000  450,000 
Senior unsecured notes payable, 4.50%, due June 1, 2027 450,000  450,000 
Senior unsecured notes payable, 4.95%, due April 15, 2028 400,000  400,000 
Senior unsecured notes payable, 3.75%, due August 15, 2029 500,000  500,000 
Senior unsecured notes payable, 3.60%, due November 15, 2031 400,000  400,000 
Bonds payable, variable rate, fixed at 2.53% through September 30, 2026, due August 1, 2047 24,995  24,995 
Less: deferred financing costs, net (22,200) (25,134)
Total debt $ 2,819,029  $ 2,816,095 


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Q2 2024 Supplemental
Page 12

CAPITAL STRUCTURE
SENIOR NOTES
SENIOR DEBT RATINGS AS OF JUNE 30, 2024
Moody's Baa3 (stable)
Fitch BBB- (stable)
Standard and Poor's BBB- (stable)
SUMMARY OF COVENANTS
The Company had outstanding public senior unsecured notes with fixed interest rates of 3.60%, 3.75%, 4.50%, 4.75% and 4.95% at June 30, 2024. Interest on these notes is paid semiannually. These public senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.
The following is a summary of the key financial covenants for the Company's 3.60%, 3.75%, 4.50%, 4.75% and 4.95% public senior unsecured notes, as defined and calculated per the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles ("GAAP") measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance. The actual amounts as of June 30, 2024 and March 31, 2024 are:
Actual Actual
NOTE COVENANTS Required 2nd Quarter 2024 (1) 1st Quarter 2024 (1)
Limitation on incurrence of total debt (Total Debt/Total Assets) ≤ 60% 40% 40%
Limitation on incurrence of secured debt (Secured Debt/Total Assets) ≤ 40% —% —%
Limitation on incurrence of debt: Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service) - trailing twelve months ≥ 1.5 x 4.2x 4.3x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt) ≥ 150% of unsecured debt 238% 238%
(1) See page 14 for details of calculations.

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Q2 2024 Supplemental
Page 13

CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)
COVENANT CALCULATIONS
TOTAL ASSETS: June 30, 2024 TOTAL DEBT: June 30, 2024
Total Assets per balance sheet $ 5,645,367  Secured debt obligations $ 24,995 
Add: accumulated depreciation 1,504,427  Unsecured debt obligations:
Less: intangible assets, net (33,569) Unsecured debt 2,816,234 
Total Assets $ 7,116,225  Outstanding letters of credit — 
Guarantees 10,000 
TOTAL UNENCUMBERED ASSETS: June 30, 2024 Derivatives at fair market value, net, if liability — 
Unencumbered real estate assets, gross $ 6,603,035  Total unsecured debt obligations: $ 2,826,234 
Cash and cash equivalents 33,731  Total Debt $ 2,851,229 
Land held for development 20,168 
Property under development 59,092 
Total Unencumbered Assets $ 6,716,026 
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE: 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 TRAILING TWELVE MONTHS
Adjusted EBITDAre $ 135,676  $ 126,348  $ 129,440  $ 153,216  $ 544,680 
Less: straight-line revenue, net, included in adjusted EBITDAre (5,251) (3,670) (2,930) (4,407) (16,258)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE $ 130,425  $ 122,678  $ 126,510  $ 148,809  $ 528,422 
ANNUAL DEBT SERVICE:
Interest expense, gross $ 33,784  $ 33,592  $ 33,583  $ 33,647  $ 134,606 
Less: deferred financing fees amortization (2,234) (2,212) (2,188) (2,170) (8,804)
ANNUAL DEBT SERVICE $ 31,550  $ 31,380  $ 31,395  $ 31,477  $ 125,802 
DEBT SERVICE COVERAGE 4.1  3.9  4.0  4.7  4.2 
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Page 14

CAPITAL STRUCTURE AS OF JUNE 30, 2024
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)
EQUITY
SECURITY SHARES OUTSTANDING
PRICE PER SHARE AT JUNE 30, 2024
LIQUIDATION PREFERENCE DIVIDEND RATE CONVERTIBLE
CONVERSION RATIO AT JUNE 30, 2024
CONVERSION PRICE AT JUNE 30, 2024
Common shares 75,719,256 $41.98 N/A (1) N/A N/A N/A
Series C 5,392,916 $19.31 $134,823 5.750% Y 0.4285 $58.34
Series E 3,445,980 $27.89 $86,150 9.000% Y 0.4828 $51.78
Series G 6,000,000 $19.56 $150,000 5.750% N N/A N/A
CALCULATION OF TOTAL MARKET CAPITALIZATION:
Common shares outstanding at June 30, 2024 multiplied by closing price at June 30, 2024
 $ 3,178,694 
Aggregate liquidation value of Series C preferred shares (2) 134,823 
Aggregate liquidation value of Series E preferred shares (2) 86,150 
Aggregate liquidation value of Series G preferred shares (2) 150,000 
Net debt at June 30, 2024 (3)
 2,807,498 
Total consolidated market capitalization $ 6,357,165 
(1) Total monthly dividends declared in the second quarter of 2024 were $0.855 per share.
(2) Excludes accrued unpaid dividends at June 30, 2024.
(3) See pages 25 through 27 for definitions.


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Q2 2024 Supplemental
Page 15

SUMMARY OF RATIOS
(UNAUDITED)
2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023 1ST QUARTER 2023
Debt to total assets ratio 50% 49% 49% 49% 49% 49%
Net debt to total market capitalization ratio (1) 44% 44% 41% 43% 41% 46%
Net debt to gross assets ratio (1) 39% 39% 39% 38% 39% 39%
Net debt/Adjusted EBITDAre ratio (1)(2) 5.2 5.5 5.3 4.4 5.0 5.0
Net debt/Annualized adjusted EBITDAre ratio (1)(3) 5.2 5.2 5.3 5.1 5.2 5.1
Interest coverage ratio (4) 3.8 3.6 3.8 4.5 4.1 4.0
Fixed charge coverage ratio (4) 3.2 3.1 3.2 3.8 3.5 3.4
Debt service coverage ratio (4) 3.8 3.6 3.8 4.5 4.1 4.0
FFO payout ratio (5) 71% 78% 71% 56% 65% 66%
FFO as adjusted payout ratio (6) 70% 74% 70% 56% 64% 65%
AFFO payout ratio (7) 71% 75% 71% 56% 63% 63%
(1) See pages 25 through 27 for definitions. See prior period supplementals for detailed calculations as applicable.
(2) Adjusted EBITDAre is for the quarter multiplied times four. See calculation on page 31.
(3) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 31 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 25 through 27 for definitions.
(4) See page 29 for detailed calculation.
(5) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(6) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(7) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.
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Q2 2024 Supplemental
Page 16

SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
CARRYING AMOUNT AS OF (1)
DESCRIPTION INTEREST RATE PAYOFF DATE/MATURITY DATE OUTSTANDING PRINCIPAL AMOUNT OF MORTGAGE JUNE 30, 2024 DECEMBER 31, 2023
Eat & play property Schaumburg, Illinois 6.50  % 12/31/2024 $ 5,871  $ 5,868  $ — 
Attraction property Powells Point, North Carolina 7.75  % 6/30/2025 29,378  29,076  29,200 
Eat & play property Eugene, Oregon 8.13  % 12/31/2025 10,750  10,417  10,417 
Fitness & wellness property Merriam, Kansas 7.55  % 7/31/2029 9,090  9,239  9,223 
Fitness & wellness property Omaha, Nebraska 9.25  % 6/30/2030 10,905  10,981  10,951 
Fitness & wellness property Omaha, Nebraska 9.25  % 6/30/2030 10,539  10,639  10,615 
Experiential lodging property Nashville, Tennessee 6.99  % 9/30/2031 70,000  70,743  71,187 
Ski property Girdwood, Alaska 8.79  % 7/31/2032 79,751  79,319  78,062 
Fitness & wellness properties Colorado and California 7.15  % 1/10/2033 60,858  60,859  59,207 
Eat & play property Austin, Texas 11.31  % 6/1/2033 9,349  9,349  9,701 
Eat & play property Dallas, Texas 10.25  % 6/9/2033 4,583  4,575  1,105 
Experiential lodging property Breaux Bridge, Louisiana 7.25  % 3/8/2034 11,305  11,373  11,373 
Ski property West Dover and Wilmington, Vermont 12.50  % 12/1/2034 51,050  51,049  51,049 
Four ski properties Ohio and Pennsylvania 11.41  % 12/1/2034 37,562  37,446  37,495 
Ski property Chesterland, Ohio 11.90  % 12/1/2034 4,550  4,404  4,508 
Ski property Hunter, New York 9.19  % 1/5/2036 21,000  21,000  21,000 
Eat & play property Midvale, Utah 10.25  % 5/31/2036 17,505  17,505  17,505 
Eat & play property West Chester, Ohio 9.75  % 8/1/2036 18,068  18,068  18,067 
Fitness & wellness property Fort Collins, Colorado 8.00  % 1/31/2038 10,292  9,873  10,070 
Early childhood education center Lake Mary, Florida 8.35  % 5/9/2039 4,200  4,399  4,387 
Early childhood education center Lithia, Florida 8.93  % 10/31/2039 3,959  4,088  4,018 
Attraction property Frankenmuth, Michigan 8.25  % 10/14/2042 36,940  36,254  24,375 
Fitness & wellness properties Massachusetts and New York 8.30  % 1/10/2044 77,000  76,560  76,253 
Total $ 594,505  $ 593,084  $ 569,768 
(1) Amounts include accrued interest and are net of allowance for credit losses.

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Q2 2024 Supplemental
Page 17

SUMMARY OF UNCONSOLIDATED JOINT VENTURES
(UNAUDITED, DOLLARS IN THOUSANDS)
PROPERTY ACQUISITION DATE PROPERTY TYPE LOCATION
CARRYING VALUE AT JUNE 30, 2024
 OWNERSHIP INTEREST
Bellwether Beach Resort & Beachcomber Beach Resort Hotel 12/2018 Experiential lodging St. Pete Beach, Florida $ 14,436  65  %
Jellystone Park Warrens 8/2021 Experiential lodging Warrens, Wisconsin 8,239  95  %
Camp Margaritaville Breaux Bridge 5/2022 Experiential lodging Breaux Bridge, Louisiana 17,030  85  %
Jellystone Kozy Rest 11/2022 Experiential lodging Harrisville, Pennsylvania 5,701  62  %
AS OF JUNE 30, 2024
TOTAL EPR PORTION (2)
Total assets $ 265,209  $ 195,708
Mortgage notes payable due to third parties 184,682  134,100
Mortgage note payable due to EPR (1) 11,305  9,609
THREE MONTHS ENDED JUNE 30, 2024
SIX MONTHS ENDED JUNE 30, 2024
TOTAL EPR PORTION (2) TOTAL EPR PORTION (2)
Revenue and other income $ 22,241 $ 16,039 $ 38,039 $ 26,862
Operating expenses 20,126 14,635 37,162 26,954
Net operating (loss) income $ 2,115 $ 1,404 $ 877 $ (92)
Interest expense 3,243 2,310 6,272 4,441
Net loss $ (1,128) $ (906) $ (5,395) $ (4,533)
Allocated share of joint venture depreciation (2) n/a 2,457 n/a 4,873
FFOAA (2) n/a $ 1,551 n/a $ 340
(1) Mortgage note payable to EPR matures on March 8, 2034, with an interest rate of 7.25% through the sixth anniversary and SOFR plus 7.20%, with a cap of 8.00%, thereafter through maturity.
(2) Non-GAAP financial measure. See pages 25 through 27 for definitions.

SUMMARY OF UNCONSOLIDATED MORTGAGE NOTES PAYABLE DUE TO THIRD PARTIES
JUNE 30, 2024
PROPERTY MATURITY EXTENSIONS INTEREST RATE TOTAL EPR PORTION (2)
Bellwether Beach Resort & Beachcomber Beach Resort Hotel May 18, 2025 Two additional one-year extensions SOFR plus 3.65%, with SOFR capped at 3.50% through December 1, 2024 $ 105,000  $ 68,250 
Jellystone Park Warrens September 15, 2031 n/a 4.00% 23,005  21,855 
Camp Margaritaville Breaux Bridge March 8, 2034 n/a 3.85% through April 7, 2025; 4.25% April 8, 2025 through maturity 38,500  32,725 
Jellystone Kozy Rest November 1, 2029 n/a 6.38% 18,177  11,270 
Total mortgage notes payable due to third parties $ 184,682  $ 134,100 
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INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED JUNE 30, 2024
INVESTMENT TYPE TOTAL INVESTMENT SPENDING NEW DEVELOPMENT RE-DEVELOPMENT ASSET ACQUISITION MORTGAGE NOTES OR NOTES RECEIVABLE INVESTMENT IN JOINT VENTURES
Theatres $ —  $ —  $ —  $ —  $ —  $ — 
Eat & Play 9,371  6,777  203  —  2,391  — 
Attractions 10,595  —  —  —  10,595  — 
Ski 440  —  —  —  440  — 
Experiential Lodging 3,391  —  —  —  —  3,391 
Fitness & Wellness 23,138  6,565  15,511  —  1,062  — 
Cultural 12  —  12  —  —  — 
Total Experiential 46,947  13,342  15,726  —  14,488  3,391 
Total Investment Spending $ 46,947  $ 13,342  $ 15,726  $ —  $ 14,488  $ 3,391 
INVESTMENT SPENDING SIX MONTHS ENDED JUNE 30, 2024
INVESTMENT TYPE TOTAL INVESTMENT SPENDING NEW DEVELOPMENT RE-DEVELOPMENT ASSET ACQUISITION MORTGAGE NOTES OR NOTES RECEIVABLE INVESTMENT IN JOINT VENTURES
Theatres $ 370  $ —  $ 370  $ —  $ —  $ — 
Eat & Play 25,816  15,712  756  —  9,348  — 
Attractions 45,826  —  164  33,437  12,225  — 
Ski 1,649  —  —  —  1,649  — 
Experiential Lodging 7,236  —  —  —  —  7,236 
Fitness & Wellness 50,041  21,631  26,586  —  1,824  — 
Cultural 1,721  —  1,721  —  —  — 
Total Experiential 132,659  37,343  29,597  33,437  25,046  7,236 
Total Investment Spending $ 132,659  $ 37,343  $ 29,597  $ 33,437  $ 25,046  $ 7,236 
2024 DISPOSITIONS
THREE MONTHS ENDED JUNE 30, 2024
SIX MONTHS ENDED JUNE 30, 2024
INVESTMENT TYPE TOTAL DISPOSITIONS NET PROCEEDS FROM SALE OF REAL ESTATE NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES TOTAL DISPOSITIONS NET PROCEEDS FROM SALE OF REAL ESTATE NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES
Theatres $ 10,305  $ 10,305  $ —  $ 11,591  $ 11,591  $ — 
Cultural —  —  —  44,902  44,902  — 
Total Experiential 10,305  10,305  —  56,493  56,493  — 
Total Dispositions $ 10,305  $ 10,305  $ —  $ 56,493  $ 56,493  $ — 
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PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT JUNE 30, 2024 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)
JUNE 30, 2024 OWNED BUILD-TO-SUIT SPENDING ESTIMATES
PROPERTY UNDER DEVELOPMENT # OF PROJECTS 3RD QUARTER 2024 4TH QUARTER 2024 1ST QUARTER 2025 2ND QUARTER 2025 THEREAFTER TOTAL EXPECTED COSTS (2) % LEASED
Total Build-to-Suit (3) $ 52,775  5 $ 30,987  $ 28,581  $ 17,974  $ 11,436  $ 2,093  $ 143,846  100  %
Non Build-to-Suit Development 6,317 
Total Property Under Development $ 59,092 
JUNE 30, 2024 OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
# OF PROJECTS 3RD QUARTER 2024 4TH QUARTER 2024 1ST QUARTER 2025 2ND QUARTER 2025 THEREAFTER TOTAL IN-SERVICE (2) ACTUAL IN-SERVICE 2ND QUARTER 2024
Total Build-to-Suit 5 $ —  $ 3,980  $ 1,612  $ 138,254  $ —  $ 143,846  $ — 
JUNE 30, 2024 MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
MORTGAGE NOTES RECEIVABLE # OF PROJECTS 3RD QUARTER 2024 4TH QUARTER 2024 1ST QUARTER 2025 2ND QUARTER 2025 THEREAFTER TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes $ 257,567  5 $ 21,429  $ 11,984  $ 6,774  $ 3,507  $ 43,000  $ 344,261 
Non Build-to-Suit Mortgage Notes 335,517 
Total Mortgage Notes Receivable $ 593,084 
(1) This schedule includes only those properties for which the Company has commenced construction as of June 30, 2024.
(2) "Total Expected Costs" and "Total In-Service" each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest as applicable).
(3) Total Build-to-Suit excludes property under development related to the Company's real estate joint ventures that own an experiential lodging property in Warrens, Wisconsin, Harrisville, Pennsylvania and Breaux Bridge, Louisiana. The Company's investment spending for these joint ventures is estimated at $2.8 million for the remainder of 2024.
Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. Development projects have risks. See Item 1A - "Risk Factors" in the Company's most recent Annual Report on Form 10-K and, to the extent applicable, the Company's Quarterly Reports on Form 10-Q.
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PORTFOLIO DETAIL AS OF JUNE 30, 2024
(UNAUDITED)
PROPERTY TYPE PROPERTIES OPERATORS ANNUALIZED ADJUSTED EBITDAre (1) STRATEGIC FOCUS
Theatres (2) (4) 161 17 37  % Reduce
Eat & Play 58 9 (3) 24  % Grow
Attractions 24 8 11  % Grow
Ski 11 3 8  % Grow
Experiential Lodging 7 4 3  % Grow
Fitness & Wellness 21 8 7  % Grow
Gaming 1 1 2  % Grow
Cultural 1 1 1  % Grow
EXPERIENTIAL PORTFOLIO 284 51 93  %
Early Childhood Education (5) 61 7 5  % Reduce
Private schools 9 1 2  % Reduce
EDUCATION PORTFOLIO 70 8 7  %
TOTAL PORTFOLIO 354 59 100  %
(1) See pages 25 through 27 for definitions.
(2) Excludes seven theatres located in Entertainment Districts (included in Eat & Play).
(3) Excludes non-theatre operators at Entertainment districts.
(4) Includes seven properties that the Company intends to sell.
(5) Includes two properties that the Company intends to sell.
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Page 21

LEASE EXPIRATIONS
AS OF JUNE 30, 2024
(UNAUDITED, DOLLARS IN THOUSANDS)
YEAR TOTAL NUMBER OF PROPERTIES
RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED JUNE 30, 2024 (1)
 % OF TOTAL REVENUE
2024 —  $ —  —  %
2025 2  2,801  —  %
2026 2  2,635  —  %
2027 4  22,072  3  %
2028 9  16,218  2  %
2029 14  21,654  3  %
2030 18  33,761  5  %
2031 4  9,283  1  %
2032 8  12,236  2  %
2033 7  10,726  1  %
2034 36  69,516  10  %
2035 29  75,220  11  %
2036 40  74,867  11  %
2037 29  61,447  9  %
2038 42  64,362  9  %
2039 9  6,205  1  %
2040 4  10,212  1  %
2041 30  18,608  3  %
2042 4  17,698  3  %
2043 7  20,389  3  %
Thereafter 3  4,882  1  %
301  $ 554,792  79  %
Note: This schedule excludes non-theatre tenant leases within the Company's entertainment districts, properties under development, land held for development, properties operated by the Company and investments in mortgage notes receivable.
(1) Rental revenue for the trailing twelve months ended June 30, 2024 includes lease revenue related to the Company's existing operating ground leases (leases in which the Company is a sub-lessor) as well as the gross-up of tenant reimbursed expenses recognized during the trailing twelve months ended June 30, 2024 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).
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TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED)
PERCENTAGE OF TOTAL REVENUE PERCENTAGE OF TOTAL REVENUE
FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED
CUSTOMERS JUNE 30, 2024 JUNE 30, 2024
1. Topgolf 14.3% 14.6%
2. AMC Theatres 13.7% 13.9%
3. Regal Entertainment Group 10.8% 11.0%
4. Cinemark 6.1% 6.2%
5. Vail Resorts 4.9% 4.6%
6. Premier Parks 4.7% 4.3%
7. Camelback Resort 3.2% 3.3%
8. Six Flags 2.5% 2.6%
9. Santikos Theaters, LLC 2.5% 2.5%
10. Endeavor Schools 2.1% 2.1%
Total 64.8% 65.1%
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GUIDANCE
(UNAUDITED, DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)
MEASURE 2024 GUIDANCE
YTD ACTUALS CURRENT PRIOR
Investment spending $132.7 $200.0 to $300.0 $200.0 to $300.0
Disposition proceeds and mortgage note payoff $56.5 $60.0 to $75.0 $50.0 to $75.0
Percentage rent $3.9 $12.0 to $16.0 $12.0 to $16.0
General and administrative expense $25.9 $49.0 to $52.0 $52.0 to $55.0
Other income (1) $26.5 $55.0 to $65.0 $57.0 to $67.0
Other expense (1) $27.8 $54.0 to $64.0 $54.0 to $64.0
Equity in loss from joint ventures $(4.5) $(10.0) to $(7.0) $(9.0) to $(6.0)
FFO as adjusted (FFOAA) from joint ventures $0.3 $— to $3.0 $1.0 to $4.0
FFO per diluted share $2.28 $4.70 to $4.90 $4.68 to $4.88
FFOAA per diluted share $2.34 $4.76 to $4.96 $4.76 to $4.96
RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE): YTD ACTUALS 2024 GUIDANCE
Net income available to common shareholders of EPR Properties $1.26 $2.58 to $2.78
Gain on sale of real estate (0.26) (0.26)
Impairment of real estate investments, net 0.16 0.16
Real estate depreciation and amortization 1.08 2.14
Allocated share of joint venture depreciation 0.06 0.13
Impact of Series C and Series E Dilution, if applicable (0.02) (0.05)
FFO available to common shareholders of EPR Properties $2.28 $4.70 to $4.90
Retirement and severance expense 0.02 0.02
Transaction costs — 0.01
Provision (benefit) for credit losses, net 0.04 0.04
Deferred income tax expense — (0.01)
FFO as adjusted (FFOAA) available to common shareholders of EPR Properties $2.34 $4.76 to $4.96
(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.
Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. See cautionary statement concerning forward-looking statements on page 3.
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Page 24

DEFINITIONS - NON-GAAP FINANCIAL MEASURES

EBITDAre
The National Association of Real Estate Investment Trusts (“NAREIT”) developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income, computed in accordance with GAAP, excluding interest expense (net), income tax expense (benefit), depreciation and amortization, gains and losses from disposition of real estate, impairment losses on real estate, costs associated with loan refinancing or payoff and adjustments for unconsolidated partnerships, joint ventures and other affiliates. Management provides EBITDAre herein because it believes this information is useful to investors as a supplemental performance measure because it can help facilitate comparisons of operating performance between periods and with other REITs. The Company's method of calculating EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDAre is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre
Management uses Adjusted EBITDAre in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDAre is useful to investors because it excludes various items that management believes are not indicative of operating performance, and because it is an informative measure to use in computing various financial ratios to evaluate the Company. The Company defines Adjusted EBITDAre as EBITDAre (defined above) for the quarter excluding sale participation income, gain on insurance recovery, retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, impairment losses on operating lease right-of-use assets and prepayment fees. This number for the quarter is then multiplied by four to get an annual amount. Annualized Adjusted EBITDAre is Adjusted EBITDAre further adjusted to reflect (1) in-service and disposed projects (2) property under development that is build-to-suit at the initial cash yields of the projects upon completion (3) removal of other non-recurring items including out of period deferrals and stub rent payments and (4) annualization of the following items to ultimately reflect the financial results of the trailing twelve months or mid-point of guidance: (i) percentage rent and participating interest income and (ii) adjusted EBITDAre of managed properties and joint ventures.

The Company's method of calculating Adjusted EBITDAre and Annualized Adjusted EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measures of performance under GAAP, do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. These measures should not be considered as an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

NET DEBT
Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced for cash and cash equivalents. By excluding deferred financing costs, net, and reducing debt for cash and cash equivalents on hand, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. The Company's method of calculating Net Debt may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.



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NET DEBT TO ADJUSTED EBITDAre RATIO, NET DEBT TO GROSS ASSETS RATIO AND NET DEBT TO TOTAL MARKET CAPITALIZATION RATIO
Net Debt to Adjusted EBITDAre Ratio, Net Debt to Gross Assets Ratio and Net Debt to Total Market Capitalization Ratio are supplemental measures derived from non-GAAP financial measures that the Company uses to evaluate its capital structure and the magnitude of its debt against its operating performance. The Company believes that investors commonly use versions of these ratios in a similar manner. In addition, financial institutions use versions of these ratios in connection with debt agreements to set pricing and covenant limitations. The Company's method of calculating Net Debt to Adjusted EBITDAre Ratio, Net Debt to Gross Assets Ratio and Net Debt to Total Market Capitalization Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

FUNDS FROM OPERATIONS (“FFO”) AND FFO AS ADJUSTED
NAREIT developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, the Company calculates FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from disposition of real estate and impairment losses on real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. The Company has calculated FFO for all periods presented in accordance with this definition. In addition, the Company presents FFO as adjusted. Management believes it is useful to provide FFO as adjusted as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO as adjusted is FFO plus retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, costs associated with loan refinancing or payoff, preferred share redemption costs and impairment of operating lease right-of-use assets, and by subtracting sale participation income, gain on insurance recovery and deferred income tax expense (benefit). FFO and FFO as adjusted are non-GAAP financial measures. FFO and FFO as adjusted do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations, cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO and FFO as adjusted the same way so comparisons with other REITs may not be meaningful.

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)
In addition to FFO, the Company presents AFFO by adding to FFO retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, costs associated with loan refinancing or payoff, preferred share redemption costs, impairment of operating lease right-of-use assets, termination fees associated with tenants' exercises of public charter school buy-out options, non-real estate depreciation and amortization, deferred financing fees amortization and share-based compensation expense to management and trustees; and by subtracting amortization of above and below market leases, net and tenant allowances, sale participation income, maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue (removing the impact of straight-line ground sublease expense), non-cash portion of mortgage and other financing income, gain on insurance recovery and deferred income tax (benefit) expense. AFFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share and management provides AFFO herein because it believes this information is useful to investors in this regard. AFFO is a non-GAAP financial measure. AFFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or its cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate AFFO the same way so comparisons with other REITs may not be meaningful.

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INTEREST COVERAGE RATIO
The interest coverage ratio is calculated as the interest coverage amount divided by interest expense, gross. The Company calculates the interest coverage amount by adding to net income impairment charges, provision (benefit) for credit losses, net, transaction costs, interest expense, gross (including interest expense in discontinued operations), retirement and severance expense, depreciation and amortization, share-based compensation expense to management and trustees and costs associated with loan refinancing or payoff; subtracting sale participation income, interest cost capitalized, straight-line rental revenue, gain on early extinguishment of debt, gain (loss) on sale of real estate from continuing and discontinued operations, gain on insurance recovery, gain on previously held equity interest, gain on early extinguishment of debt, prepayment fees and deferred income tax benefit (expense). The Company calculates interest expense, gross, by adding to interest expense, net, interest income and interest cost capitalized. The Company considers the interest coverage ratio to be an appropriate supplemental measure of a company’s ability to meet its interest expense obligations and management believes it is useful to investors in this regard. The Company's calculation of the interest coverage ratio may be different from the calculation used by other companies, and therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

FIXED CHARGE COVERAGE RATIO
The fixed charge coverage ratio is calculated in exactly the same manner as the interest coverage ratio, except that interest expense, gross and preferred share dividends are also added to the denominator. The Company considers the fixed charge coverage ratio to be an appropriate supplemental measure of a company’s ability to make its interest and preferred share dividend payments and management believes it is useful to investors in this regard. The Company's calculation of the fixed charge coverage ratio may be different from the calculation used by other companies and, therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

DEBT SERVICE COVERAGE RATIO
The debt service coverage ratio is calculated in exactly the same manner as the interest coverage ratio, except that interest expense, gross and recurring principal payments are also added to the denominator. The Company considers the debt service coverage ratio to be an appropriate supplemental measure of a company’s ability to make its debt service payments and management believes it is useful to investors in this regard. The Company's calculation of the debt service coverage ratio may be different from the calculation used by other companies and, therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

NON-GAAP PRO-RATA FINANCIAL INFORMATION - UNCONSOLIDATED JOINT VENTURES
This information includes non-GAAP financial measures. The Company's share of unconsolidated joint ventures is derived on an entity-by-entity basis by applying its ownership percentage to each line item in the GAAP financial statements of these properties to calculate its share of that line item. The Company believes this form of presentation offers insights into the financial performance and condition of our Company as a whole, given the significance of its unconsolidated joint ventures that are accounted for under the equity method of accounting, although the presentation of such information may not accurately depict the legal and economic implications of holding an unconsolidated joint venture. The Company's method of calculating its proportionate interest may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. The Company does not control the unconsolidated joint venture for purposes of GAAP and the presentation of the assets and liabilities and revenues and expenses do not represent a legal claim to such items. Due to these limitations, the non-GAAP pro-rata financial information should not be considered in isolation or as a substitute for the Company's consolidated financial statements as reported under GAAP.


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Appendix to Supplemental Operating and Financial Data
Reconciliation of Certain Non-GAAP Financial Measures
Second Quarter Ended June 30, 2024

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CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1): 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023 1ST QUARTER 2023
Net income $ 45,102  $ 62,709  $ 45,529  $ 56,260  $ 13,600  $ 57,657 
Impairment charges 11,812  —  2,694  20,887  43,785  — 
Retirement and severance expense —  1,836  —  —  547  — 
Transaction costs 199  1  401  847  36  270 
Provision (benefit) for credit losses, net 404  2,737  1,285  (719) (275) 587 
Interest expense, gross 33,784  33,592  33,583  33,647  33,541  33,510 
Depreciation and amortization 41,474  40,469  40,692  42,432  43,705  41,204 
Share-based compensation expense
to management and trustees 3,538  3,692  4,359  4,354  4,477  4,322 
Interest cost capitalized (471) (958) (1,080) (857) (846) (783)
Straight-line rental revenue (5,251) (3,670) (2,930) (4,407) (1,149) (2,105)
(Gain) loss on sale of real estate (1,459) (17,949) 3,612  (2,550) 575  560 
Deferred income tax benefit (249) (277) (86) (76) (92) (90)
Interest coverage amount $ 128,883  $ 122,182  $ 128,059  $ 149,818  $ 137,904  $ 135,132 
Interest expense, net $ 32,820  $ 31,651  $ 30,337  $ 31,208  $ 31,591  $ 31,722 
Interest income 493  983  2,166  1,582  1,104  1,005 
Interest cost capitalized 471  958  1,080  857  846  783 
Interest expense, gross $ 33,784  $ 33,592  $ 33,583  $ 33,647  $ 33,541  $ 33,510 
Interest coverage ratio 3.8  3.6  3.8  4.5  4.1  4.0 
FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount $ 128,883  $ 122,182  $ 128,059  $ 149,818  $ 137,904  $ 135,132 
Interest expense, gross $ 33,784  $ 33,592  $ 33,583  $ 33,647  $ 33,541  $ 33,510 
Preferred share dividends 6,040  6,032  6,040  6,032  6,040  6,033 
Fixed charges $ 39,824  $ 39,624  $ 39,623  $ 39,679  $ 39,581  $ 39,543 
Fixed charge coverage ratio 3.2  3.1  3.2  3.8  3.5  3.4 
DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount $ 128,883  $ 122,182  $ 128,059  $ 149,818  $ 137,904  $ 135,132 
Interest expense, gross $ 33,784  $ 33,592  $ 33,583  $ 33,647  $ 33,541  $ 33,510 
Recurring principal payments —  —  —  —  —  — 
Debt service $ 33,784  $ 33,592  $ 33,583  $ 33,647  $ 33,541  $ 33,510 
Debt service coverage ratio 3.8  3.6  3.8  4.5  4.1  4.0 
(1) See pages 25 through 27 for definitions.
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RECONCILIATION OF INTEREST COVERAGE AMOUNT TO NET CASH PROVIDED BY OPERATING ACTIVITIES
(UNAUDITED, DOLLARS IN THOUSANDS)
The interest coverage amount per the table on page 29 is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used by investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023 1ST QUARTER 2023
Net cash provided by operating activities $ 78,655  $ 99,543  $ 77,002  $ 149,204  $ 99,358  $ 121,530 
Equity in (loss) income from joint ventures (906) (3,627) (4,701) 533  (615) (1,985)
Distributions from joint ventures —  —  —  (1,300) —  — 
Amortization of deferred financing costs (2,234) (2,212) (2,188) (2,170) (2,150) (2,129)
Amortization of above and below market leases and tenant allowances, net 84  84  79  182  185  89 
Changes in assets and liabilities:
Operating lease assets and liabilities 315  287  279  187  (143) (317)
Mortgage notes accrued interest receivable 817  1,418  734  (420) 621  296 
Accounts receivable 6,101  5,819  8,780  1,560  2,749  (2,998)
Other assets 2,621  3,878  (1,850) (1,593) (95) 6,276 
Accounts payable and accrued liabilities 13,053  (6,202) 5,773  (8,795) 3,395  (8,861)
Unearned rents and interest 2,116  (6,009) 14,177  (16,800) 2,774  (7,661)
Straight-line rental revenue (5,251) (3,670) (2,930) (4,407) (1,149) (2,105)
Interest expense, gross 33,784  33,592  33,583  33,647  33,541  33,510 
Interest cost capitalized (471) (958) (1,080) (857) (846) (783)
Transaction costs 199  1  401  847  36  270 
Retirement and severance expense (cash portion) —  238  —  —  243  — 
Interest coverage amount (1) $ 128,883  $ 122,182  $ 128,059  $ 149,818  $ 137,904  $ 135,132 
Net cash used by investing activities $ (33,931) $ (38,551) $ (104,015) $ (7,562) $ (27,961) $ (61,510)
Net cash used by financing activities $ (70,372) $ (79,484) $ (67,968) $ (68,040) $ (68,201) $ (71,486)
(1) See pages 25 through 27 for definitions.
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RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (1): 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023 1ST QUARTER 2023
Net income $ 45,102  $ 62,709  $ 45,529  $ 56,260  $ 13,600  $ 57,657 
Interest expense, net 32,820  31,651  30,337  31,208  31,591  31,722 
Income tax expense 557  347  667  372  347  341 
Depreciation and amortization 41,474  40,469  40,692  42,432  43,705  41,204 
(Gain) loss on sale of real estate (1,459) (17,949) 3,612  (2,550) 575  560 
Impairment of real estate investments, net 11,812  —  2,694  20,887  43,785  — 
Allocated share of joint venture depreciation 2,457  2,416  2,344  2,315  2,162  2,055 
Allocated share of joint venture interest expense 2,310  2,131  1,879  2,164  2,172  2,083 
EBITDAre $ 135,073  $ 121,774  $ 127,754  $ 153,088  $ 137,937  $ 135,622 
Retirement and severance expense —  1,836  —  —  547  — 
Transaction costs 199  1  401  847  36  270 
Provision (benefit) for credit losses, net 404  2,737  1,285  (719) (275) 587 
Adjusted EBITDAre (for the quarter) $ 135,676  $ 126,348  $ 129,440  $ 153,216  $ 138,245  $ 136,479 
Adjusted EBITDAre (2) $ 542,704  $ 505,392  $ 517,760  $ 612,864  $ 552,980  $ 545,916 
ANNUALIZED ADJUSTED EBITDAre (1):
Adjusted EBITDAre (for the quarter) $ 135,676  $ 126,348  $ 129,440  $ 153,216  $ 138,245  $ 136,479 
In-service and disposition adjustments (3) 141  2,079  1,263  157  551  712 
Managed and JV property adjustments (4) (881) 2,832  4,405  (3,120) (960) 502 
Property under development adjustments (5) 1,118  646  2,610  1,874  1,462  1,716 
Percentage rent/participation adjustments (6) 1,527  1,660  (3,154) 674  483  395 
Deferral and stub rent collections not previously recognized (7) —  (565) (648) (19,358) (8,038) (6,776)
Non-recurring adjustments (8) (1,305) 798  (3,044) (3,666) (97) 902 
Annualized Adjusted EBITDAre (for the quarter) $ 136,276  $ 133,798  $ 130,872  $ 129,777  $ 131,646  $ 133,930 
Annualized Adjusted EBITDAre (9) $ 545,104  $ 535,192  $ 523,488  $ 519,108  $ 526,584  $ 535,720 
See footnotes on following page.
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(1) See pages 25 through 27 for definitions.
(2) Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount but does not include the annualization of investments put in service, acquired or disposed of during the quarter, as well as the potential earnings on property under development, the annualization of percent rent and participating interest and adjustments for other items. These adjustments are considered in the calculation of Annualized Adjusted EBITDAre.
(3) Adjustments for rental properties commencing or terminating GAAP net operating income during the quarter and adjustments to revenue from mortgage notes receivable to be consistent with end of quarter balance.
(4) To annualize amounts from the actual latest quarterly amount to the trailing 12-month amount divided by four. Any profit or loss from managed properties held less than one year is removed as part of the adjustment.
(5) To add in income for property under development that is build-to-suit at the initial cash yields of the projects upon completion.
(6) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the mid-point of the guidance amount shown on page 24 divided by four.
(7) To remove non-recurring, out-of-period deferred and stub rent collections
(8) Adjustments for various non-recurring items during the quarter.
(9) Annualized Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount.
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