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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): October 30, 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 October 30, 2024, EPR Properties (the "Company") announced its results of operations and financial condition for the third quarter and nine months ended September 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 October 30, 2024, the Company made available on its website an investor slide presentation and supplemental operating and financial data for the third quarter and nine months ended September 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 October 30, 2024 issued by EPR Properties announcing its results of operations and financial condition for the third quarter and nine months ended September 30, 2024.
  
Investor slide presentation for the third quarter and nine months ended September 30, 2024, made available by EPR Properties on October 30, 2024.
Supplemental Operating and Financial Data for the third quarter and nine months ended September 30, 2024, made available by EPR Properties on October 30, 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: October 30, 2024



















































EX-99.1 2 ex991-eprx9302024earningsr.htm PRESS RELEASE Document


Exhibit 99.1
pressreleaseheaderlesswhite.jpg
EPR Properties Reports Third Quarter 2024 Results

Kansas City, MO, October 30, 2024 -- EPR Properties (NYSE:EPR) today announced operating results for the third quarter ended September 30, 2024 (dollars in thousands, except per share data):    
  Three Months Ended September 30, Nine Months Ended September 30,
  2024 2023 (2) 2024 2023 (2)
Total revenue $ 180,507  $ 189,384  $ 520,834  $ 533,687 
Net income available to common shareholders 40,618  50,228  136,357  109,412 
Net income available to common shareholders per diluted common share 0.53  0.66  1.80  1.45 
Funds From Operations as adjusted (FFOAA)(1) 100,382  113,156  279,620  306,954 
FFOAA per diluted common share (1) 1.30  1.47  3.64  4.00 
Adjusted Funds From Operations (AFFO)(1) 99,309  113,333  277,270  312,168 
AFFO per diluted common share (1) 1.29  1.47  3.61  4.07 
Note: Each of the measures above include deferred rent and interest collections from cash basis customers that were recognized as revenue of $19.3 million for the three months ended September 30, 2023 and $0.6 million and $35.7 million for the nine months ended September 30, 2024 and 2023, respectively.
(1) A non-GAAP financial measure.
(2) Each measure for 2023, except for AFFO and AFFO per diluted share, includes $2.1 million of additional straight-line rent revenue related primarily to recording a straight-line rent receivable for Regal ground leases in connection with reestablishing accrual basis accounting for Regal at August 1, 2023.
Third Quarter Company Headlines
•New $1.0 Billion Revolving Credit Facility - In September 2024, the Company entered into a new amended and restated $1.0 billion revolving credit facility that matures in October 2028 with options to extend for a total of 12 additional months, subject to conditions.
•Executes on Investment Pipeline - During the third quarter of 2024, the Company's investment spending totaled $82.0 million, bringing year-to-date investment spending to $214.6 million. Additionally, the Company has committed approximately $150.0 million for experiential development and redevelopment projects, which is expected to be funded over the next two years.
•Strong Liquidity Position - As of September 30, 2024, the Company had cash on hand of $35.3 million, $169.0 million outstanding on its $1.0 billion unsecured revolving credit facility and a consolidated debt profile that is all at fixed rates with only $300.0 million maturing through December 31, 2025.
•Updates 2024 Guidance - The Company is narrowing FFOAA per diluted common share guidance for 2024 to a range of $4.80 to $4.92 from a range $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 narrowing investment spending guidance for 2024 to a range of $225.0 million to $275.0 million from a range of $200.0 million to $300.0 million, and updating disposition proceeds guidance to a range of $70.0 million to $100.0 million from a range of $60.0 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.

“In the third quarter, we made meaningful progress in further positioning the Company for continued growth,” stated Company Chairman and CEO Greg Silvers. “We entered into a new $1.0 billion revolving credit facility, which further enhances our already strong liquidity position with more favorable terms. Our investment strategy remains on track, including recycling proceeds from the sale of non-core assets into diversified experiential assets. With a promising future box office forecast, sustained consumer demand in our customer categories, a strong balance sheet, and our unique ability to source differentiated high-quality experiential assets, we believe that we are well-positioned to deliver long-term value for our shareholders." 

Amended Credit Agreement and Series A Private Placement Note Payoff
On September 19, 2024, the Company entered into a Fourth Amended, Restated and Consolidated Credit Agreement (the "Amended Credit Agreement"). The Amended Credit Agreement amended, restated and replaced the Company’s prior senior unsecured revolving credit facility. The Amended Credit Agreement, among other things (i) extended the maturity date of the revolving credit facility; (ii) generally reduced the interest rate payable on outstanding loans; (iii) eliminated the tangible net worth covenant; (iv) modified the secured debt to total assets financial covenant to permit increased secured debt if the Company so elects; and (v) modified and simplified the capitalization rates used to value assets under the facility.

The Amended Credit Agreement provides for an initial maximum principal amount of borrowing availability of $1.0 billion and contains an accordion feature under which the Company may increase the total maximum principal amount available by $1.0 billion, to a total of $2.0 billion, subject to lender consent. The new credit facility matures on October 2, 2028. The Company has two options to extend the maturity date of the new credit facility by an additional six months each (for a total of 12 months), subject to applicable fees and the absence of any default.

On August 22, 2024, the Company repaid its $136.6 million Series A unsecured private placement notes due 2024 using funds available under its $1.0 billion senior unsecured revolving credit facility.

Investment Update
The Company's investment spending during the three months ended September 30, 2024 totaled $82.0 million, bringing the total investment spending for the nine months ended September 30, 2024 to $214.6 million. Investment spending for the quarter included $52.0 million for the financing of a fitness & wellness property in Colorado as well as experiential build-to-suit development and redevelopment projects.

As of September 30, 2024, the Company has committed approximately $150.0 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. At September 30, 2024, the Company had $35.3 million of cash on hand, $169.0 million outstanding on its $1.0 billion unsecured revolving credit facility and a consolidated debt profile that is all at fixed rates with only $300.0 million maturing through December 31, 2025.




Capital Recycling
During the third quarter of 2024, the Company completed the sale of two theatre properties and one early childhood education center for net proceeds totaling $8.7 million and recognized a loss on sale of $3.4 million for the quarter. The Company recognized a net gain on sale of $16.0 million during the nine months ended September 30, 2024 on disposition proceeds totaling $65.1 million.

Impairment Charges on Joint Ventures
During and subsequent to the third quarter of 2024, two experiential lodging properties located in St. Pete Beach, Florida, in which the Company holds as equity investments through joint ventures, were significantly damaged by two weather events. On September 26, 2024, Hurricane Helene made landfall on St. Pete Beach as a Category 3 storm and damaged the joint ventures' experiential lodging properties. On October 9, 2024, further damage was caused by Hurricane Milton. The properties will remain closed as the joint ventures continue to assess and repair damage and the Company does not anticipate that the properties will re-open until well into 2025. The Company plans to work in good faith with its joint venture partners, the non-recourse debt provider and the insurance companies to identify a path forward which the Company expects will result in the eventual removal of both experiential lodging properties from the Company's portfolio. Accordingly, the Company determined that its investment in these joint ventures was not recoverable and during the third quarter of 2024, recognized $12.1 million in impairment charges on these joint ventures to fully write-off their carrying values.

Portfolio Update
The Company's total assets were $5.7 billion (after accumulated depreciation of approximately $1.5 billion) and total investments (a non-GAAP financial measure) were $6.9 billion at September 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 September 30, 2024:
•159 theatre properties;
•58 eat & play properties (including seven theatres located in entertainment districts);
•24 attraction properties;
•11 ski properties;
•seven experiential lodging properties;
•22 fitness & wellness properties;
•one gaming property; and
•one cultural property.

As of September 30, 2024, the Company's owned Experiential portfolio consisted of approximately 19.5 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 $76.9 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 September 30, 2024:
•60 early childhood education center properties; and
•nine private school properties.

As of September 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 20.8 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 third 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 $ 2.40  to $ 2.52  $ 2.58  to $ 2.78 
FFOAA per diluted common share $ 4.80  to $ 4.92  $ 4.76  to $ 4.96 
Investment spending $ 225.0  to $ 275.0  $ 200.0  to $ 300.0 
Disposition proceeds $ 70.0  to $ 100.0  $ 60.0  to $ 75.0 

The Company is narrowing its 2024 earnings guidance for FFOAA per diluted common share to a range of $4.80 to $4.92 from a range 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 $4.76 to $4.88 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 $2.40 to $2.52 plus impairment charges of $0.16, estimated real estate depreciation and amortization of $2.17, allocated share of joint venture depreciation of $0.13 and impairment charges on joint ventures of $0.16, less estimated gain on sale of real estate of $0.21 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 October 31, 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 third quarter and nine months ended September 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 September 30, Nine Months Ended September 30,
  2024 2023 2024 2023
Rental revenue $ 148,677  $ 163,940  $ 436,051  $ 467,401 
Other income 17,419  14,422  43,874  33,879 
Mortgage and other financing income 14,411  11,022  40,909  32,407 
Total revenue 180,507  189,384  520,834  533,687 
Property operating expense 14,611  14,592  43,958  42,719 
Other expense 15,631  13,124  43,440  31,235 
General and administrative expense 11,935  13,464  37,863  42,677 
Retirement and severance expense —  —  1,836  547 
Transaction costs 175  847  375  1,153 
Provision (benefit) for credit losses, net (770) (719) 2,371  (407)
Impairment charges —  20,887  11,812  64,672 
Depreciation and amortization 42,795  42,432  124,738  127,341 
Total operating expenses 84,377  104,627  266,393  309,937 
(Loss) gain on sale of real estate (3,419) 2,550  15,989  1,415 
Income from operations 92,711  87,307  270,430  225,165 
Costs associated with loan refinancing or payoff 337  —  337  — 
Interest expense, net 32,867  31,208  97,338  94,521 
Equity in loss (income) from joint ventures 851  (533) 5,384  2,067 
Impairment charges on joint ventures 12,130  —  12,130  — 
Income before income taxes 46,526  56,632  155,241  128,577 
Income tax (benefit) expense (124) 372  780  1,060 
Net income $ 46,650  $ 56,260  $ 154,461  $ 127,517 
Preferred dividend requirements 6,032  6,032  18,104  18,105 
Net income available to common shareholders of EPR Properties $ 40,618  $ 50,228  $ 136,357  $ 109,412 
Net income available to common shareholders of EPR Properties per share:
Basic $ 0.54  $ 0.67  $ 1.80  $ 1.45 
Diluted $ 0.53  $ 0.66  $ 1.80  $ 1.45 
Shares used for computation (in thousands):
Basic 75,723  75,325  75,604  75,236 
Diluted 76,108  75,816  75,945  75,655 



EPR Properties
Condensed Consolidated Balance Sheets
(Unaudited, dollars in thousands)
  September 30, 2024 December 31, 2023
Assets
Real estate investments, net of accumulated depreciation of $1,546,509 and $1,435,683 at September 30, 2024 and December 31, 2023, respectively
$ 4,534,450  $ 4,537,359 
Land held for development 20,168  20,168 
Property under development 76,913  131,265 
Operating lease right-of-use assets 175,451  186,628 
Mortgage notes and related accrued interest receivable, net 657,636  569,768 
Investment in joint ventures 32,426  49,754 
Cash and cash equivalents 35,328  78,079 
Restricted cash 2,992  2,902 
Accounts receivable 79,726  63,655 
Other assets 74,072  61,307 
Total assets $ 5,689,162  $ 5,700,885 
Liabilities and Equity
Accounts payable and accrued liabilities $ 99,334  $ 94,927 
Operating lease liabilities 214,809  226,961 
Dividends payable 29,843  31,307 
Unearned rents and interest 88,503  77,440 
Debt 2,852,970  2,816,095 
Total liabilities 3,285,459  3,246,730 
Total equity $ 2,403,703  $ 2,454,155 
Total liabilities and equity $ 5,689,162  $ 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), the non-cash portion of mortgage and other financing income and the allocated share of joint venture non-cash items.

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 nine months ended September 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 September 30, Nine Months Ended September 30,
  2024 2023 2024 2023
FFO:
Net income available to common shareholders of EPR Properties $ 40,618  $ 50,228  $ 136,357  $ 109,412 
Loss (gain) on sale of real estate 3,419  (2,550) (15,989) (1,415)
Impairment of real estate investments, net —  20,887  11,812  64,672 
Real estate depreciation and amortization 42,620  42,224  124,191  126,718 
Allocated share of joint venture depreciation 2,581  2,315  7,454  6,532 
Impairment charges on joint ventures 12,130  —  12,130  — 
FFO available to common shareholders of EPR Properties $ 101,368  $ 113,104  $ 275,955  $ 305,919 
FFO available to common shareholders of EPR Properties $ 101,368  $ 113,104  $ 275,955  $ 305,919 
Add: Preferred dividends for Series C preferred shares 1,938  1,938  5,814  5,814 
Add: Preferred dividends for Series E preferred shares 1,938  1,938  5,814  5,814 
Diluted FFO available to common shareholders of EPR Properties $ 105,244  $ 116,980  $ 287,583  $ 317,547 
FFOAA:
FFO available to common shareholders of EPR Properties $ 101,368  $ 113,104  $ 275,955  $ 305,919 
Retirement and severance expense —  —  1,836  547 
Transaction costs 175  847  375  1,153 
Provision (benefit) for credit losses, net (770) (719) 2,371  (407)
Costs associated with loan refinancing or payoff 337  —  337  — 
Deferred income tax benefit (728) (76) (1,254) (258)
FFOAA available to common shareholders of EPR Properties $ 100,382  $ 113,156  $ 279,620  $ 306,954 
FFOAA available to common shareholders of EPR Properties $ 100,382  $ 113,156  $ 279,620  $ 306,954 
Add: Preferred dividends for Series C preferred shares 1,938  1,938  5,814  5,814 
Add: Preferred dividends for Series E preferred shares 1,938  1,938  5,814  5,814 
Diluted FFOAA available to common shareholders of EPR Properties $ 104,258  $ 117,032  $ 291,248  $ 318,582 



  Three Months Ended September 30, Nine Months Ended September 30,
  2024 2023 2024 2023
AFFO:
FFOAA available to common shareholders of EPR Properties $ 100,382  $ 113,156  $ 279,620  $ 306,954 
Non-real estate depreciation and amortization 175  208  547  623 
Deferred financing fees amortization 2,211  2,170  6,657  6,449 
Share-based compensation expense to management and trustees 3,264  4,354  10,494  13,153 
Amortization of above and below market leases, net and tenant allowances (84) (182) (252) (456)
Maintenance capital expenditures (1) (2,561) (1,753) (5,437) (7,384)
Straight-lined rental revenue (4,414) (4,407) (13,335) (7,661)
Straight-lined ground sublease expense 20  77  77  1,043 
Non-cash portion of mortgage and other financing income (396) (290) (1,813) (553)
Allocated share of joint venture non-cash items 712  —  712  — 
AFFO available to common shareholders of EPR Properties $ 99,309  $ 113,333  $ 277,270  $ 312,168 
AFFO available to common shareholders of EPR Properties $ 99,309  $ 113,333  $ 277,270  $ 312,168 
Add: Preferred dividends for Series C preferred shares 1,938  1,938  5,814  5,814 
Add: Preferred dividends for Series E preferred shares 1,938  1,938  5,814  5,814 
Diluted AFFO available to common shareholders of EPR Properties $ 103,185  $ 117,209  $ 288,898  $ 323,796 
FFO per common share:
Basic $ 1.34  $ 1.50  $ 3.65  $ 4.07 
Diluted 1.31  1.47  3.60  3.99 
FFOAA per common share:
Basic $ 1.33  $ 1.50  $ 3.70  $ 4.08 
Diluted 1.30  1.47  3.64  4.00 
AFFO per common share:
Basic $ 1.31  $ 1.50  $ 3.67  $ 4.15 
Diluted 1.29  1.47  3.61  4.07 
Shares used for computation (in thousands):
Basic 75,723  75,325  75,604  75,236 
Diluted 76,108  75,816  75,945  75,655 
Weighted average shares outstanding-diluted EPS 76,108  75,816  75,945  75,655 
Effect of dilutive Series C preferred shares 2,319  2,287  2,310  2,279 
Effect of dilutive Series E preferred shares 1,664  1,663  1,664  1,663 
Adjusted weighted average shares outstanding-diluted Series C and Series E 80,091  79,766  79,919  79,597 
Other financial information:
Dividends per common share $ 0.855  $ 0.825  $ 2.545  $ 2.475 
(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 nine months ended September 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):



September 30,
2024 2023
Net Debt:
Debt $ 2,852,970 $ 2,814,497
Deferred financing costs, net 20,622 26,732
Cash and cash equivalents (35,328) (172,953)
Net Debt $ 2,838,264 $ 2,668,276
Gross Assets:
Total Assets $ 5,689,162 $ 5,719,377
Accumulated depreciation 1,546,509 1,400,642
Cash and cash equivalents (35,328) (172,953)
Gross Assets $ 7,200,343 $ 6,947,066
Debt to Total Assets Ratio 50  % 49  %
Net Debt to Gross Assets Ratio 39  % 38  %
Three Months Ended September 30,
2024 2023
EBITDAre and Adjusted EBITDAre:
Net income $ 46,650  $ 56,260 
Interest expense, net 32,867  31,208 
Income tax (benefit) expense (124) 372 
Depreciation and amortization 42,795  42,432 
Loss (gain) on sale of real estate 3,419  (2,550)
Impairment of real estate investments, net —  20,887 
Costs associated with loan refinancing or payoff 337  — 
Allocated share of joint venture depreciation 2,581  2,315 
Allocated share of joint venture interest expense 2,587  2,164 
Impairment charges on joint ventures 12,130  — 
EBITDAre $ 143,242  $ 153,088 
Transaction costs 175  847 
Provision (benefit) for credit losses, net (770) (719)
Adjusted EBITDAre $ 142,647  $ 153,216 
Adjusted EBITDAre (annualized) (1) $ 570,588  $ 612,864 
Net Debt/Adjusted EBITDAre Ratio 5.0  4.4 
(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 nine months ended September 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):
September 30, 2024 December 31, 2023
Total assets $ 5,689,162  $ 5,700,885 
Operating lease right-of-use assets (175,451) (186,628)
Cash and cash equivalents (35,328) (78,079)
Restricted cash (2,992) (2,902)
Accounts receivable (79,726) (63,655)
Add: accumulated depreciation on real estate investments 1,546,509  1,435,683 
Add: accumulated amortization on intangible assets (1) 31,545  30,589 
Prepaid expenses and other current assets (1) (37,630) (22,718)
Total investments $ 6,936,089  $ 6,813,175 
Total Investments:
Real estate investments, net of accumulated depreciation $ 4,534,450  $ 4,537,359 
Add back accumulated depreciation on real estate investments 1,546,509  1,435,683 
Land held for development 20,168  20,168 
Property under development 76,913  131,265 
Mortgage notes and related accrued interest receivable, net 657,636  569,768 
Investment in joint ventures 32,426  49,754 
Intangible assets, gross (1) 64,544  65,299 
Notes receivable and related accrued interest receivable, net (1) 3,443  3,879 
Total investments $ 6,936,089  $ 6,813,175 
(1) Included in other assets in the accompanying consolidated balance sheet. Other assets include the following:
September 30, 2024 December 31, 2023
Intangible assets, gross $ 64,544  $ 65,299 
Less: accumulated amortization on intangible assets (31,545) (30,589)
Notes receivable and related accrued interest receivable, net 3,443  3,879 
Prepaid expenses and other current assets 37,630  22,718 
Total other assets $ 74,072  $ 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 $5.7 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 q32024earningscall.htm EARNINGS RELEASE PRESENTATION q32024earningscall
EARNINGS CALL PRESENTATION Q3 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 69 Properties; 8 Operators Leased at 100%** *See Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 for definition and calculation of this non-GAAP measure **Excluding properties EPR intends to sell Experiential Portfolio 283 Properties; 52 Operators $6.4B (93%) Total Investments* Leased at 99%** Total Portfolio Snapshot ~$6.9B Total Investments* 352 Properties Leased at 99%** Q3 Investment Spending $82M


 
6 PORTFOLIO COVERAGE *BoxOfficeMojo TTM June 2024 YE 2019 Theatre Coverage 1.5x 1.7x Box Office* $8.1B $11.4B Non-Theatre Coverage 2.6x 2.0x Total Portfolio Coverage 2.1x 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 *BoxOfficeMojo Theatre Coverage and Box Office Updates* North American Box Office Gross (NABOG) Rebounding • Q3 totaled $2.7B bringing YTD to $6.2B • Acceleration in Box Office with August box office up 10% and September 25% vs. 2023  2024 has seen 16 films gross over $100M, 12 grossed between $60M and $100M • Q4 expected to have 6 films gross over $150M • Our 2024 NABOG expectations increased to $8.3B - $8.7B from $8.2B – $8.5B compared to 2023’s $8.9B • NABOG for Regal lease year was $7.9B, consistent with forecast provided last quarter


 
8 PORTFOLIO UPDATE Experiential Lodging – Revenue was up vs. prior year Eat & Play –Andretti construction progressing and Topgolf completed self-funded refreshes at 8 locations or 20% of our portfolio Attractions & Cultural – Six Flags and Cedar Fair completed their merger in July Fitness & Wellness – Gravity Haus Breckenridge named 8th best hotel in the world in Conde Nast Traveler’s Reader’s Choice Awards; expansion project at The Springs Resort expected to open Spring 2025 Operating Properties – Managed theatres show improvement with box office recovery; performance at JV experiential lodging assets lower than expected, driven primarily by impact of two hurricanes on St. Pete Beach and other weather-related issues Other Experiential Property and Operator Updates


 
9 INVESTMENT SPENDING Q3 Investment spending was $82M; YTD is $214.6M 2024 Investment Spending Guidance $225M-$275M Closed on $52M mortgage on Iron Mountain Hot Springs


 
1 0 CAPITAL RECYCLING Completed Transactions • Sold two vacant former Regals and former KinderCare school for combined net proceeds of $8.7M resulting in a loss of approx. $3.4M • YTD Disposition Proceeds are $65.1M Update on Vacant Theatre Properties • Subsequent to quarter end, sold another vacant former Regal for $2.6M • Marketing five vacant theatres  Signed purchase and sale agreement for 1 Regal theatre  Continue to market the other former Regal theatre  Closed and are marketing a former Regal previously operated by Cinemark  One vacant former AMC theatre  One vacant former Xscape theatre 2024 Disposition Proceeds Guidance $70M-$100M


 
FINANCIAL REVIEW


 
1 2 (In millions except per-share data) Note: Each of the measures above for the quarter ended September 30, 2023 include deferred rent and interest collections from cash-basis customers that were recognized as revenue of $19.3 million. There were no deferred rent and interest collections for cash-basis customers for the quarter ended September 30, 2024. *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2024 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance Quarter ended September 30, 2024 2023 $ Change % Change Total Revenue $180.5 $189.4 ($8.9) (5%) Net Income – Common 40.6 50.2 (9.6) (19%) FFO as adj. – Common* 100.4 113.2 (12.8) (11%) AFFO – Common* 99.3 113.3 (14.0) (12%) Net Income/share – Common 0.53 0.66 (0.13) (20%) FFO/share - Common, as adj.* 1.30 1.47 (0.17) (12%) AFFO/share - Common* 1.29 1.47 (0.18) (12%)


 
1 3 FINANCIAL HIGHLIGHTS Key Ratios* *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2024 for definitions and calculations of these non-GAAP measures Quarter ended September 30, 2024 Fixed charge coverage 3.4x Debt service coverage 4.0x Interest coverage 4.0x Net Debt to Adjusted EBITDAre 5.0x Net Debt to Gross Assets 39% AFFO payout 66%


 
1 4 Debt • $2.9B total debt; all fixed rate or fixed through interest rate swaps at weighted avg. = 4.4% • Weighted avg. debt maturity of ~4 years; only $300.0M of scheduled debt maturities through 2025 • New $1.0B revolving credit facility that matures in October 2028 with options to extend for a total of 12 additional months Liquidity Position at 9/30/2024 • $35.3M unrestricted cash • $169.0M outstanding on $1B revolver CAPITAL MARKETS UPDATE


 
1 5 2024 GUIDANCE *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2024 for definitions and calculations of these non-GAAP measures FFO AS ADJUSTED PER SHARE* Guidance $4.80 - $4.92 Prior Guidance $4.76 - $4.96 INVESTMENT SPENDING Guidance $225M - $275M Prior Guidance $200M - $300M DISPOSITION PROCEEDS Revised Guidance $70M - $100M Prior Guidance $60M - $75M PERCENTAGE RENT & PARTICIPATING INTEREST Guidance $13.5M - $16.5M Prior Guidance $12M - $16M GENERAL & ADMINISTATIVE EXPENSE Guidance $49M - $52M


 
1 6 2024 OPERATING PROPERTY GUIDANCE *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2024 for definitions and calculations of these non-GAAP measures OTHER INCOME Revised Guidance $54M - $60M Prior Guidance $55M - $65M EQUITY IN LOSS FROM JV’S Revised Guidance ($13)M – ($10)M Prior Guidance ($10)M – ($7)M FFO AS ADJUSTED* FROM JV’S Guidance ($3)M - $0M Prior Guidance $0M - $3M OTHER EXPENSE Revised Guidance $53.5M - $59.5M Prior Guidance $54M - $64M


 
1 7 FFO AS ADJUSTED PER SHARE WITHOUT DEFERRAL COLLECTIONS *See Supplemental Operating and Financial Data for the Third Quarter Ended September 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-eprx9302024supplemen.htm SUPPLEMENTAL OPERATING AND FINANCIAL DATA Document
Exhibit 99.3
a002698-001supplementalcov.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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Q3 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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Q3 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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Q3 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 James Feldman 212-214-5328
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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Q3 2024 Supplemental
Page 5


SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
OPERATING INFORMATION: 2024 2023 2024 2023
Revenue $ 180,507  $ 189,384  $ 520,834  $ 533,687 
Net income available to common shareholders of EPR Properties 40,618  50,228  136,357  109,412 
EBITDAre (1) 143,242  153,088  400,089  426,647 
Adjusted EBITDAre (1) 142,647  153,216  404,671  427,940 
Interest expense, net 32,867  31,208  97,338  94,521 
Capitalized interest 878  857  2,307  2,486 
Straight-lined rental revenue 4,414  4,407  13,335  7,661 
Percentage rent 5,944  2,096  9,817  6,032 
Dividends declared on preferred shares 6,032  6,032  18,104  18,105 
Dividends declared on common shares 64,745  62,144  192,229  186,382 
General and administrative expense 11,935  13,464  37,863  42,677 
SEPTEMBER 30,
BALANCE SHEET INFORMATION: 2024 2023
Total assets $ 5,689,162  $ 5,719,377 
Accumulated depreciation 1,546,509  1,400,642 
Cash and cash equivalents 35,328  172,953 
Total assets before accumulated depreciation less cash and cash equivalents (gross assets) 7,200,343  6,947,066 
Debt 2,852,970  2,814,497 
Deferred financing costs, net 20,622  26,732 
Net debt (1) 2,838,264  2,668,276 
Equity 2,403,703  2,473,797 
Common shares outstanding 75,729  75,328 
Total market capitalization (using EOP closing price and liquidation values)(2) 6,922,992  6,168,364 
Net debt/total market capitalization ratio (1) 41  % 43  %
Debt to total assets ratio 50  % 49  %
Net debt/gross assets ratio (1) 39  % 38  %
Net debt/Adjusted EBITDAre ratio (1) (3) 5.0  4.4 
Net debt/Annualized adjusted EBITDAre ratio (1) (4) 5.2  5.1 
(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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Page 6


SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS 3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023
Real estate investments $ 6,080,959  $ 6,070,909  $ 6,100,366  $ 5,973,042  $ 5,972,156  $ 6,029,468 
Less: accumulated depreciation (1,546,509) (1,504,427) (1,470,507) (1,435,683) (1,400,642) (1,369,790)
Land held for development 20,168  20,168  20,168  20,168  20,168  20,168 
Property under development 76,913  59,092  36,138  131,265  101,313  80,650 
Operating lease right-of-use assets 175,451  179,260  183,031  186,628  190,309  192,325 
Mortgage notes and related accrued interest receivable, net 657,636  593,084  578,915  569,768  477,243  466,459 
Investment in joint ventures 32,426  45,406  46,127  49,754  53,855  53,763 
Cash and cash equivalents 35,328  33,731  59,476  78,079  172,953  99,711 
Restricted cash 2,992  2,958  2,929  2,902  2,868  2,623 
Accounts receivable 79,726  75,493  69,414  63,655  54,826  53,305 
Other assets 74,072  69,693  67,979  61,307  74,328  74,882 
Total assets $ 5,689,162  $ 5,645,367  $ 5,694,036  $ 5,700,885  $ 5,719,377  $ 5,703,564 
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities $ 99,334  $ 63,441  $ 84,153  $ 94,927  $ 82,804  $ 74,493 
Operating lease liabilities 214,809  219,004  223,077  226,961  230,922  233,126 
Common dividends payable 23,811  23,365  22,918  25,275  22,795  22,289 
Preferred dividends payable 6,032  6,032  6,032  6,032  6,032  6,032 
Unearned rents and interest 88,503  89,700  91,829  77,440  88,530  71,746 
Line of credit 169,000  —  —  —  —  — 
Deferred financing costs, net (20,622) (22,200) (23,519) (25,134) (26,732) (28,222)
Other debt 2,704,592  2,841,229  2,841,229  2,841,229  2,841,229  2,841,229 
Total liabilities 3,285,459  3,220,571  3,245,719  3,246,730  3,245,580  3,220,693 
Equity:
Common stock and additional paid-in-capital 3,947,470  3,943,925  3,940,077  3,925,296  3,920,714  3,916,102 
Preferred stock at par value 148  148  148  148  148  148 
Treasury stock (285,413) (285,413) (285,413) (274,038) (274,035) (274,001)
Accumulated other comprehensive (loss) income (609) (541) 1,119  3,296  2,378  3,610 
Distributions in excess of net income (1,257,893) (1,233,323) (1,207,614) (1,200,547) (1,175,408) (1,162,988)
Total equity 2,403,703  2,424,796  2,448,317  2,454,155  2,473,797  2,482,871 
Total liabilities and equity $ 5,689,162  $ 5,645,367  $ 5,694,036  $ 5,700,885  $ 5,719,377  $ 5,703,564 
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SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)
3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023
Rental revenue $ 148,677  $ 145,093  $ 142,281  $ 148,738  $ 163,940  $ 151,870 
Other income (1) 17,419  14,418  12,037  12,068  14,422  10,124 
Mortgage and other financing income 14,411  13,584  12,914  11,175  11,022  10,913 
Total revenue 180,507  173,095  167,232  171,981  189,384  172,907 
Property operating expense 14,611  14,427  14,920  14,759  14,592  13,972 
Other expense (1) 15,631  14,833  12,976  13,539  13,124  9,161 
General and administrative expense 11,935  12,020  13,908  13,765  13,464  15,248 
Retirement and severance expense —  —  1,836  —  —  547 
Transaction costs 175  199  401  847  36 
Provision (benefit) for credit losses, net (770) 404  2,737  1,285  (719) (275)
Impairment charges —  11,812  —  2,694  20,887  43,785 
Depreciation and amortization 42,795  41,474  40,469  40,692  42,432  43,705 
Total operating expenses 84,377  95,169  86,847  87,135  104,627  126,179 
(Loss) gain on sale of real estate (3,419) 1,459  17,949  (3,612) 2,550  (575)
Income from operations 92,711  79,385  98,334  81,234  87,307  46,153 
Costs associated with loan refinancing or payoff 337  —  —  —  —  — 
Interest expense, net 32,867  32,820  31,651  30,337  31,208  31,591 
Equity in loss (income) from joint ventures 851  906  3,627  4,701  (533) 615 
Impairment charges on joint ventures 12,130  —  —  —  —  — 
Income before income taxes 46,526  45,659  63,056  46,196  56,632  13,947 
Income tax (benefit) expense (124) 557  347  667  372  347 
Net income 46,650  45,102  62,709  45,529  56,260  13,600 
Preferred dividend requirements 6,032  6,040  6,032  6,040  6,032  6,040 
Net income available to common shareholders of EPR Properties $ 40,618  $ 39,062  $ 56,677  $ 39,489  $ 50,228  $ 7,560 
(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.
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Page 8


FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
FUNDS FROM OPERATIONS ("FFO") (1): 3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023
Net income available to common shareholders of EPR Properties $ 40,618  $ 39,062  $ 56,677  $ 39,489  $ 50,228  $ 7,560 
Loss (gain) on sale of real estate 3,419  (1,459) (17,949) 3,612  (2,550) 575 
Impairment of real estate investments, net —  11,812  —  2,694  20,887  43,785 
Real estate depreciation and amortization 42,620  41,289  40,282  40,501  42,224  43,494 
Allocated share of joint venture depreciation 2,581  2,457  2,416  2,344  2,315  2,162 
Impairment charges on joint ventures 12,130  —  —  —  —  — 
FFO available to common shareholders of EPR Properties $ 101,368  $ 93,161  $ 81,426  $ 88,640  $ 113,104  $ 97,576 
FFO available to common shareholders of EPR Properties $ 101,368  $ 93,161  $ 81,426  $ 88,640  $ 113,104  $ 97,576 
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 $ 105,244  $ 97,037  $ 85,302  $ 92,516  $ 116,980  $ 101,452 
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties $ 101,368  $ 93,161  $ 81,426  $ 88,640  $ 113,104  $ 97,576 
Retirement and severance expense —  —  1,836  —  —  547 
Transaction costs 175  199  401  847  36 
Provision (benefit) for credit losses, net (770) 404  2,737  1,285  (719) (275)
Costs associated with loan refinancing or payoff 337  —  —  —  —  — 
Deferred income tax benefit (728) (249) (277) (86) (76) (92)
FFO as adjusted available to common shareholders of EPR Properties $ 100,382  $ 93,515  $ 85,723  $ 90,240  $ 113,156  $ 97,792 
FFO as adjusted available to common shareholders of EPR Properties $ 100,382  $ 93,515  $ 85,723  $ 90,240  $ 113,156  $ 97,792 
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 $ 104,258  $ 97,391  $ 89,599  $ 94,116  $ 117,032  $ 101,668 
FFO per common share:
Basic $ 1.34  $ 1.23  $ 1.08  $ 1.18  $ 1.50  $ 1.30 
Diluted 1.31  1.21  1.07  1.16  1.47  1.27 
FFO as adjusted per common share:
Basic $ 1.33  $ 1.24  $ 1.14  $ 1.20  $ 1.50  $ 1.30 
Diluted 1.30  1.22  1.13  1.18  1.47  1.28 
Shares used for computation (in thousands):
Basic 75,723  75,689  75,398  75,330  75,325  75,297 
Diluted 76,108  76,022  75,705  75,883  75,816  75,715 
Effect of dilutive Series C preferred shares 2,319  2,310  2,301  2,293  2,287  2,279 
Effect of dilutive Series E preferred shares 1,664  1,664  1,663  1,663  1,663  1,663 
Adjusted weighted-average shares outstanding-diluted Series C and Series E 80,091  79,996  79,669  79,839  79,766  79,657 
(1) See pages 25 through 27 for definitions.
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ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1): 3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023
FFO available to common shareholders of EPR Properties
$ 101,368  $ 93,161  $ 81,426  $ 88,640  $ 113,104  $ 97,576 
Adjustments:
Retirement and severance expense —  —  1,836  —  —  547 
Transaction costs 175  199  401  847  36 
Provision (benefit) for credit losses, net (770) 404  2,737  1,285  (719) (275)
Costs associated with loan refinancing or payoff
337  —  —  —  —  — 
Deferred income tax benefit (728) (249) (277) (86) (76) (92)
Non-real estate depreciation and amortization 175  185  187  191  208  211 
Deferred financing fees amortization 2,211  2,234  2,212  2,188  2,170  2,150 
Share-based compensation expense to management and trustees
3,264  3,538  3,692  4,359  4,354  4,477 
Amortization of above/below market leases, net and tenant allowances (84) (84) (84) (79) (182) (185)
Maintenance capital expenditures (2) (2,561) (1,321) (1,555) (5,015) (1,753) (3,455)
Straight-lined rental revenue (4,414) (5,251) (3,670) (2,930) (4,407) (1,149)
Straight-lined ground sublease expense 20  25  32  56  77  401 
Non-cash portion of mortgage and other financing income
(396) (555) (862) (535) (290) (141)
Allocated share of joint venture non-cash items 712  —  —  —  —  — 
AFFO available to common shareholders of EPR Properties $ 99,309  $ 92,286  $ 85,675  $ 88,475  $ 113,333  $ 100,101 
AFFO available to common shareholders of EPR Properties $ 99,309  $ 92,286  $ 85,675  $ 88,475  $ 113,333  $ 100,101 
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 $ 103,185  $ 96,162  $ 89,551  $ 92,351  $ 117,209  $ 103,977 
Weighted average diluted shares outstanding (in thousands)
76,108  76,022  75,705  75,883  75,816  75,715 
Effect of dilutive Series C preferred shares 2,319  2,310  2,301  2,293  2,287  2,279 
Effect of dilutive Series E preferred shares 1,664  1,664  1,663  1,663  1,663  1,663 
Adjusted weighted-average shares outstanding-diluted 80,091  79,996  79,669  79,839  79,766  79,657 
AFFO per diluted common share $ 1.29  $ 1.20  $ 1.12  $ 1.16  $ 1.47  $ 1.31 
Dividends declared per common share $ 0.855  $ 0.855  $ 0.835  $ 0.825  $ 0.825  $ 0.825 
AFFO payout ratio (3) 66  % 71  % 75  % 71  % 56  % 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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Page 10


CAPITAL STRUCTURE AS OF SEPTEMBER 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 $ —  $ —  $ —  $ —  —%
2025 —  —  300,000  300,000  4.50%
2026 —  —  629,597  629,597  4.70%
2027 —  —  450,000  450,000  4.50%
2028 —  169,000  400,000  569,000  5.26%
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 —  —  —  (20,622) —%
$ 24,995  $ 169,000  $ 2,679,597  $ 2,852,970  4.42%
BALANCE WEIGHTED AVG INTEREST RATE WEIGHTED AVG MATURITY
Fixed rate unsecured debt $ 2,679,597  4.34  % 3.47 
Fixed rate secured debt (1) 24,995  2.53  % 22.84 
Variable rate unsecured debt 169,000  5.98  % 4.02 
Less: deferred financing costs, net (20,622) —  % — 
     Total $ 2,852,970  4.42  % 3.70 
(1) Includes $25 million of secured bonds that have been fixed through interest rate swaps through September 30, 2026.
(2) Unsecured Revolving Credit Facility Summary:
BALANCE RATE
COMMITMENT
AT 9/30/2024
MATURITY
AT 9/30/2024
$1,000,000 $169,000 October 2, 2028 5.98%
Note: This facility will mature on October 2, 2028 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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Page 11


CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT (continued)
SUMMARY OF DEBT:
September 30, 2024
December 31, 2023
Senior unsecured notes payable, 4.35%, paid in full on August 22, 2024 $ —  $ 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 
Unsecured revolving variable rate credit facility, SOFR + 1.15%, due October 2, 2028 169,000  — 
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 (20,622) (25,134)
Total debt $ 2,852,970  $ 2,816,095 


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Page 12


CAPITAL STRUCTURE
SENIOR NOTES
SENIOR DEBT RATINGS AS OF SEPTEMBER 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 September 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 September 30, 2024 and June 30, 2024 are:
Actual Actual
NOTE COVENANTS Required 3rd Quarter 2024 (1) 2nd 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 4.1x 4.2x
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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Q3 2024 Supplemental
Page 13


CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)
COVENANT CALCULATIONS
TOTAL ASSETS: September 30, 2024 TOTAL DEBT: September 30, 2024
Total Assets per balance sheet $ 5,689,162  Secured debt obligations $ 24,995 
Add: accumulated depreciation 1,546,509  Unsecured debt obligations:
Less: intangible assets, net (32,999) Unsecured debt 2,848,597 
Total Assets $ 7,202,672  Outstanding letters of credit — 
Guarantees 10,000 
TOTAL UNENCUMBERED ASSETS: September 30, 2024 Derivatives at fair market value, net, if liability 1,360 
Unencumbered real estate assets, gross $ 6,677,638  Total unsecured debt obligations: $ 2,859,957 
Cash and cash equivalents 35,328  Total Debt $ 2,884,952 
Land held for development 20,168 
Property under development 76,913 
Total Unencumbered Assets $ 6,810,047 
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE: 3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 TRAILING TWELVE MONTHS
Adjusted EBITDAre $ 142,647  $ 135,676  $ 126,348  $ 129,440  $ 534,111 
Less: straight-line revenue, net, included in adjusted EBITDAre (4,414) (5,251) (3,670) (2,930) (16,265)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE $ 138,233  $ 130,425  $ 122,678  $ 126,510  $ 517,846 
ANNUAL DEBT SERVICE:
Interest expense, gross $ 34,402  $ 33,784  $ 33,592  $ 33,583  $ 135,361 
Less: deferred financing fees amortization (2,211) (2,234) (2,212) (2,188) (8,845)
ANNUAL DEBT SERVICE $ 32,191  $ 31,550  $ 31,380  $ 31,395  $ 126,516 
DEBT SERVICE COVERAGE 4.3  4.1  3.9  4.0  4.1 
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CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2024
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)
EQUITY
SECURITY SHARES OUTSTANDING
PRICE PER SHARE AT SEPTEMBER 30, 2024
LIQUIDATION PREFERENCE DIVIDEND RATE CONVERTIBLE
CONVERSION RATIO AT SEPTEMBER 30, 2024
CONVERSION PRICE AT SEPTEMBER 30, 2024
Common shares 75,729,102 $49.04 N/A (1) N/A N/A N/A
Series C 5,392,916 $22.41 $134,823 5.750% Y 0.4300 $58.14
Series E 3,445,980 $30.63 $86,150 9.000% Y 0.4829 $51.77
Series G 6,000,000 $22.99 $150,000 5.750% N N/A N/A
CALCULATION OF TOTAL MARKET CAPITALIZATION:
Common shares outstanding at September 30, 2024 multiplied by closing price at September 30, 2024
$ 3,713,755 
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 September 30, 2024 (3)
2,838,264 
Total consolidated market capitalization $ 6,922,992 
(1) Total monthly dividends declared in the third quarter of 2024 were $0.855 per share.
(2) Excludes accrued unpaid dividends at September 30, 2024.
(3) See pages 25 through 27 for definitions.


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Page 15


SUMMARY OF RATIOS
(UNAUDITED)
3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023
Debt to total assets ratio 50% 50% 49% 49% 49% 49%
Net debt to total market capitalization ratio (1) 41% 44% 44% 41% 43% 41%
Net debt to gross assets ratio (1) 39% 39% 39% 39% 38% 39%
Net debt/Adjusted EBITDAre ratio (1)(2) 5.0 5.2 5.5 5.3 4.4 5.0
Net debt/Annualized adjusted EBITDAre ratio (1)(3) 5.2 5.2 5.2 5.3 5.1 5.2
Interest coverage ratio (4) 4.0 3.8 3.6 3.8 4.5 4.1
Fixed charge coverage ratio (4) 3.4 3.2 3.1 3.2 3.8 3.5
Debt service coverage ratio (4) 4.0 3.8 3.6 3.8 4.5 4.1
FFO payout ratio (5) 65% 71% 78% 71% 56% 65%
FFO as adjusted payout ratio (6) 66% 70% 74% 70% 56% 64%
AFFO payout ratio (7) 66% 71% 75% 71% 56% 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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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 SEPTEMBER 30, 2024 DECEMBER 31, 2023
Eat & play property Schaumburg, Illinois 6.50  % 12/31/2024 $ 5,965  $ 5,958  $ — 
Attraction property Powells Point, North Carolina 7.75  % 6/30/2025 29,378  29,092  29,200 
Eat & play property Eugene, Oregon 8.13  % 12/31/2025 10,750  10,417  10,417 
Fitness & wellness property Merriam, Kansas 8.15  % 7/31/2029 9,090  9,245  9,223 
Fitness & wellness property Omaha, Nebraska 9.25  % 6/30/2030 10,905  10,978  10,951 
Fitness & wellness property Omaha, Nebraska 9.25  % 6/30/2030 10,539  10,643  10,615 
Experiential lodging property Nashville, Tennessee 6.99  % 9/30/2031 70,000  71,184  71,187 
Ski property Girdwood, Alaska 8.79  % 7/31/2032 79,830  79,340  78,062 
Fitness & wellness properties Colorado and California 7.15  % 1/10/2033 62,506  62,488  59,207 
Eat & play property Austin, Texas 11.31  % 6/1/2033 9,244  9,244  9,701 
Eat & play property Dallas, Texas 10.25  % 6/9/2033 5,325  5,315  1,105 
Experiential lodging property Breaux Bridge, Louisiana 7.25  % 3/8/2034 11,305  11,373  11,373 
Fitness & wellness property Glenwood Springs, Colorado 8.45  % 8/16/2034 52,000  51,878  — 
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  37,447  37,495 
Ski property Chesterland, Ohio 11.90  % 12/1/2034 4,550  4,405  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  9,850  10,070 
Early childhood education center Lake Mary, Florida 8.35  % 5/9/2039 4,200  4,405  4,387 
Early childhood education center Lithia, Florida 8.93  % 10/31/2039 3,959  4,090  4,018 
Attraction property Frankenmuth, Michigan 8.25  % 10/14/2042 46,912  46,059  24,375 
Fitness & wellness properties Massachusetts and New York 8.30  % 1/10/2044 77,000  76,603  76,253 
Total $ 658,935  $ 657,636  $ 569,768 
(1) Amounts include accrued interest and are net of allowance for credit losses.

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SUMMARY OF UNCONSOLIDATED JOINT VENTURES
(UNAUDITED, DOLLARS IN THOUSANDS)
PROPERTY ACQUISITION DATE PROPERTY TYPE LOCATION
CARRYING VALUE AT SEPTEMBER 30, 2024
OWNERSHIP INTEREST
Bellwether Beach Resort & Beachcomber Beach Resort Hotel (1) 12/2018 Experiential lodging St. Pete Beach, Florida $ —  65  %
Jellystone Park Warrens 8/2021 Experiential lodging Warrens, Wisconsin 10,271  95  %
Camp Margaritaville Breaux Bridge 5/2022 Experiential lodging Breaux Bridge, Louisiana 16,530  85  %
Jellystone Kozy Rest 11/2022 Experiential lodging Harrisville, Pennsylvania 5,625  62  %
AS OF SEPTEMBER 30, 2024
TOTAL EPR PORTION (3)
Total assets $ 265,810 $ 196,229
Mortgage notes payable due to third parties 186,260 135,321
Mortgage note payable due to EPR (2) 11,305 9,609
THREE MONTHS ENDED SEPTEMBER 30, 2024
NINE MONTHS ENDED SEPTEMBER 30, 2024
TOTAL EPR PORTION (3) TOTAL EPR PORTION (3)
Revenue and other income $ 23,691 $ 18,222 $ 61,729 $ 45,084
Operating expenses 22,111 16,486 59,273 43,439
Net operating (loss) income $ 1,580 $ 1,736 $ 2,456 $ 1,645
Interest expense 3,700 2,587 9,972 7,029
Net loss $ (2,120) $ (851) $ (7,516) $ (5,384)
Allocated share of joint venture depreciation (3) n/a 2,581 n/a 7,454
FFOAA (3) n/a $ 1,730 n/a $ 2,070
(1) As a result of the significant damage to these properties from Hurricanes Helene and Milton during September and October of 2024, we determined that our investment in these joint ventures had no fair value and was not recoverable at September 30, 2024. Accordingly, during the nine months ending September 30, 2024, we recognized $12.1 million in other-than-temporary impairment charges on joint ventures related to these equity investments.
(2) 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.
(3) Non-GAAP financial measure. See pages 25 through 27 for definitions.
SUMMARY OF UNCONSOLIDATED MORTGAGE NOTES PAYABLE DUE TO THIRD PARTIES (4)
SEPTEMBER 30, 2024
PROPERTY MATURITY EXTENSIONS INTEREST RATE TOTAL EPR PORTION (3)
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% 23,741  22,554 
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% 19,019  11,792 
Total mortgage notes payable due to third parties $ 186,260  $ 135,321 
(4) All unconsolidated mortgage notes payable are non-recourse debt instruments with the exception of Jellystone Kozy Rest, which has a limited guarantee by the Company. See Footnote 9 in the Company's most recent Quarterly Report on Form 10-Q for additional details.
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INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED SEPTEMBER 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 6,128  5,251  41  —  836  — 
Attractions 9,972  —  —  —  9,972  — 
Ski 80  —  —  —  80  — 
Experiential Lodging 521  —  —  —  —  521 
Fitness & Wellness 65,130  125  11,358  —  53,647  — 
Cultural 139  —  139  —  —  — 
Total Experiential 81,970  5,376  11,538  —  64,535  521 
Total Investment Spending $ 81,970  $ 5,376  $ 11,538  $ —  $ 64,535  $ 521 
INVESTMENT SPENDING NINE MONTHS ENDED SEPTEMBER 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 31,944  20,963  797  —  10,184  — 
Attractions 55,798  —  164  33,437  22,197  — 
Ski 1,729  —  —  —  1,729  — 
Experiential Lodging 7,757  —  —  —  —  7,757 
Fitness & Wellness 115,171  21,756  37,944  —  55,471  — 
Cultural 1,860  —  1,860  —  —  — 
Total Experiential 214,629  42,719  41,135  33,437  89,581  7,757 
Total Investment Spending $ 214,629  $ 42,719  $ 41,135  $ 33,437  $ 89,581  $ 7,757 
2024 DISPOSITIONS
THREE MONTHS ENDED SEPTEMBER 30, 2024
NINE MONTHS ENDED SEPTEMBER 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 $ 2,795  $ 2,795  $ —  $ 14,386  $ 14,386  $ — 
Cultural —  —  —  44,902  44,902  — 
Total Experiential 2,795  2,795  —  59,288  59,288  — 
Total Education 5,861  5,861  —  5,861  5,861  — 
Total Education 5,861  5,861  —  5,861  5,861  — 
Total Dispositions $ 8,656  $ 8,656  $ —  $ 65,149  $ 65,149  $ — 
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PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT SEPTEMBER 30, 2024 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)
SEPTEMBER 30, 2024 OWNED BUILD-TO-SUIT SPENDING ESTIMATES
PROPERTY UNDER DEVELOPMENT # OF PROJECTS 4TH QUARTER 2024 1ST QUARTER 2025 2ND QUARTER 2025 3RD QUARTER 2025 THEREAFTER TOTAL EXPECTED COSTS (2) % LEASED
Total Build-to-Suit (3) $ 69,524  5 $ 29,479  $ 20,637  $ 19,220  $ 5,840  $ —  $ 144,700  100  %
Non Build-to-Suit Development 7,389 
Total Property Under Development $ 76,913 
SEPTEMBER 30, 2024 OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
# OF PROJECTS 4TH QUARTER 2024 1ST QUARTER 2025 2ND QUARTER 2025 3RD QUARTER 2025 THEREAFTER TOTAL IN-SERVICE (2) ACTUAL IN-SERVICE 3RD QUARTER 2024
Total Build-to-Suit 5 $ 3,891  $ 1,631  $ 139,178  $ —  $ —  $ 144,700  $ — 
SEPTEMBER 30, 2024 MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
MORTGAGE NOTES RECEIVABLE # OF PROJECTS 4TH QUARTER 2024 1ST QUARTER 2025 2ND QUARTER 2025 3RD QUARTER 2025 THEREAFTER TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes $ 269,805  5 $ 20,151  $ 4,531  $ 1,710  $ —  $ 48,970  $ 345,167 
Non Build-to-Suit Mortgage Notes 387,831 
Total Mortgage Notes Receivable $ 657,636 
(1) This schedule includes only those properties for which the Company has commenced construction as of September 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 Harrisville, Pennsylvania. The Company's investment spending for these joint ventures is estimated at $1.5 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 SEPTEMBER 30, 2024
(UNAUDITED)
PROPERTY TYPE PROPERTIES OPERATORS ANNUALIZED ADJUSTED EBITDAre (1) STRATEGIC FOCUS
Theatres (2) (4) 159 17 36  % Reduce
Eat & Play 58 9 (3) 24  % Grow
Attractions 24 8 12  % Grow
Ski 11 3 % Grow
Experiential Lodging 7 4 % Grow
Fitness & Wellness 22 9 % Grow
Gaming 1 1 % Grow
Cultural 1 1 % Grow
EXPERIENTIAL PORTFOLIO 283 52 93  %
Early Childhood Education (5) 60 7 % Reduce
Private schools 9 1 % Reduce
EDUCATION PORTFOLIO 69 8 %
TOTAL PORTFOLIO 352 60 100  %
(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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LEASE EXPIRATIONS
AS OF SEPTEMBER 30, 2024
(UNAUDITED, DOLLARS IN THOUSANDS)
YEAR TOTAL NUMBER OF PROPERTIES
RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2024 (1)
% OF TOTAL REVENUE
2024 —  $ —  —  %
2025 2,801  —  %
2026 2,508  —  %
2027 21,223  %
2028 14,865  %
2029 14  21,438  %
2030 18  29,902  %
2031 7,381  %
2032 12,003  %
2033 10,756  %
2034 36  66,098  10  %
2035 29  75,277  11  %
2036 40  73,209  11  %
2037 29  61,823  %
2038 41  62,926  %
2039 6,337  %
2040 10,220  %
2041 30  18,608  %
2042 17,604  %
2043 20,697  %
Thereafter 8,336  %
300  $ 544,012  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 September 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 September 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 NINE MONTHS ENDED
CUSTOMERS SEPTEMBER 30, 2024 SEPTEMBER 30, 2024
1. Topgolf 13.9% 14.3%
2. AMC Entertainment Holdings, Inc. 13.0% 13.6%
3. Regal Entertainment Group 11.3% 11.1%
4. Cinemark 6.6% 6.3%
5. Premier Parks 4.6% 4.4%
6. Vail Resorts 4.0% 4.4%
7. Camelback Resort 3.1% 3.2%
8. Six Flags Entertainment Corporation 2.6% 2.6%
9. Santikos Theaters, LLC 2.4% 2.5%
10. Endeavor Schools 2.0% 2.1%
Total 63.5% 64.5%
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GUIDANCE
(UNAUDITED, DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)
MEASURE 2024 GUIDANCE
YTD ACTUALS CURRENT PRIOR
Investment spending $214.6 $225.0 to $275.0 $200.0 to $300.0
Disposition proceeds and mortgage note payoff $65.1 $70.0 to $100.0 $60.0 to $75.0
Percentage rent $9.8 $13.5 to $16.5 $12.0 to $16.0
General and administrative expense $37.9 $49.0 to $52.0 $49.0 to $52.0
Other income (1) $43.9 $54.0 to $60.0 $55.0 to $65.0
Other expense (1) $43.4 $53.5 to $59.5 $54.0 to $64.0
Equity in loss from joint ventures $(5.4) $(13.0) to $(10.0) $(10.0) to $(7.0)
FFO as adjusted (FFOAA) from joint ventures $2.1 $(3.0) to $— $— to $3.0
FFO per diluted share $3.60 $4.76 to $4.88 $4.70 to $4.90
FFOAA per diluted share $3.64 $4.80 to $4.92 $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 $1.80 $2.40 to $2.52
Gain on sale of real estate (0.21) (0.21)
Impairment of real estate investments, net 0.16 0.16
Real estate depreciation and amortization 1.64 2.17
Allocated share of joint venture depreciation 0.10 0.13
Impairment charges on joint ventures 0.16 0.16
Impact of Series C and Series E Dilution, if applicable (0.05) (0.05)
FFO available to common shareholders of EPR Properties $3.60 $4.76 to $4.88
Retirement and severance expense 0.02 0.02
Transaction costs 0.01 0.01
Provision (benefit) for credit losses, net 0.03 0.03
Deferred income tax expense (0.02) (0.02)
FFO as adjusted (FFOAA) available to common shareholders of EPR Properties $3.64 $4.80 to $4.92
(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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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, allocated share of joint venture non-cash items, 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
Third Quarter Ended September 30, 2024

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CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1): 3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023
Net income $ 46,650  $ 45,102  $ 62,709  $ 45,529  $ 56,260  $ 13,600 
Impairment charges —  11,812  —  2,694  20,887  43,785 
Impairment charges on joint ventures 12,130  —  —  —  —  — 
Retirement and severance expense —  —  1,836  —  —  547 
Transaction costs 175  199  401  847  36 
Provision (benefit) for credit losses, net (770) 404  2,737  1,285  (719) (275)
Interest expense, gross 34,402  33,784  33,592  33,583  33,647  33,541 
Depreciation and amortization 42,795  41,474  40,469  40,692  42,432  43,705 
Share-based compensation expense
to management and trustees 3,264  3,538  3,692  4,359  4,354  4,477 
Costs associated with loan refinancing or payoff 337  —  —  —  —  — 
Interest cost capitalized (878) (471) (958) (1,080) (857) (846)
Straight-line rental revenue (4,414) (5,251) (3,670) (2,930) (4,407) (1,149)
Loss (gain) on sale of real estate 3,419  (1,459) (17,949) 3,612  (2,550) 575 
Deferred income tax benefit (728) (249) (277) (86) (76) (92)
Interest coverage amount $ 136,382  $ 128,883  $ 122,182  $ 128,059  $ 149,818  $ 137,904 
Interest expense, net $ 32,867  $ 32,820  $ 31,651  $ 30,337  $ 31,208  $ 31,591 
Interest income 657  493  983  2,166  1,582  1,104 
Interest cost capitalized 878  471  958  1,080  857  846 
Interest expense, gross $ 34,402  $ 33,784  $ 33,592  $ 33,583  $ 33,647  $ 33,541 
Interest coverage ratio 4.0  3.8  3.6  3.8  4.5  4.1 
FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount $ 136,382  $ 128,883  $ 122,182  $ 128,059  $ 149,818  $ 137,904 
Interest expense, gross $ 34,402  $ 33,784  $ 33,592  $ 33,583  $ 33,647  $ 33,541 
Preferred share dividends 6,032  6,040  6,032  6,040  6,032  6,040 
Fixed charges $ 40,434  $ 39,824  $ 39,624  $ 39,623  $ 39,679  $ 39,581 
Fixed charge coverage ratio 3.4  3.2  3.1  3.2  3.8  3.5 
DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount $ 136,382  $ 128,883  $ 122,182  $ 128,059  $ 149,818  $ 137,904 
Interest expense, gross $ 34,402  $ 33,784  $ 33,592  $ 33,583  $ 33,647  $ 33,541 
Recurring principal payments —  —  —  —  —  — 
Debt service $ 34,402  $ 33,784  $ 33,592  $ 33,583  $ 33,647  $ 33,541 
Debt service coverage ratio 4.0  3.8  3.6  3.8  4.5  4.1 
(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:
3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023
Net cash provided by operating activities $ 122,001  $ 78,655  $ 99,543  $ 77,002  $ 149,204  $ 99,358 
Equity in (loss) income from joint ventures (851) (906) (3,627) (4,701) 533  (615)
Distributions from joint ventures —  —  —  —  (1,300) — 
Amortization of deferred financing costs (2,211) (2,234) (2,212) (2,188) (2,170) (2,150)
Amortization of above and below market leases and tenant allowances, net 84  84  84  79  182  185 
Changes in assets and liabilities:
Operating lease assets and liabilities 373  315  287  279  187  (143)
Mortgage notes accrued interest receivable 485  817  1,418  734  (420) 621 
Accounts receivable 4,209  6,101  5,819  8,780  1,560  2,749 
Other assets 677  2,621  3,878  (1,850) (1,593) (95)
Accounts payable and accrued liabilities (18,882) 13,053  (6,202) 5,773  (8,795) 3,395 
Unearned rents and interest 1,212  2,116  (6,009) 14,177  (16,800) 2,774 
Straight-line rental revenue (4,414) (5,251) (3,670) (2,930) (4,407) (1,149)
Interest expense, gross 34,402  33,784  33,592  33,583  33,647  33,541 
Interest cost capitalized (878) (471) (958) (1,080) (857) (846)
Transaction costs 175  199  401  847  36 
Retirement and severance expense (cash portion) —  —  238  —  —  243 
Interest coverage amount (1) $ 136,382  $ 128,883  $ 122,182  $ 128,059  $ 149,818  $ 137,904 
Net cash used by investing activities $ (73,160) $ (33,931) $ (38,551) $ (104,015) $ (7,562) $ (27,961)
Net cash used by financing activities $ (47,295) $ (70,372) $ (79,484) $ (67,968) $ (68,040) $ (68,201)
(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): 3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023 3RD QUARTER 2023 2ND QUARTER 2023
Net income $ 46,650  $ 45,102  $ 62,709  $ 45,529  $ 56,260  $ 13,600 
Interest expense, net 32,867  32,820  31,651  30,337  31,208  31,591 
Income tax expense (124) 557  347  667  372  347 
Depreciation and amortization 42,795  41,474  40,469  40,692  42,432  43,705 
Loss (gain) on sale of real estate 3,419  (1,459) (17,949) 3,612  (2,550) 575 
Impairment of real estate investments, net —  11,812  —  2,694  20,887  43,785 
Costs associated with loan refinancing or payoff 337  —  —  —  —  — 
Allocated share of joint venture depreciation 2,581  2,457  2,416  2,344  2,315  2,162 
Allocated share of joint venture interest expense 2,587  2,310  2,131  1,879  2,164  2,172 
Impairment charges on joint ventures 12,130  —  —  —  —  — 
EBITDAre $ 143,242  $ 135,073  $ 121,774  $ 127,754  $ 153,088  $ 137,937 
Retirement and severance expense —  —  1,836  —  —  547 
Transaction costs 175  199  401  847  36 
Provision (benefit) for credit losses, net (770) 404  2,737  1,285  (719) (275)
Adjusted EBITDAre (for the quarter) $ 142,647  $ 135,676  $ 126,348  $ 129,440  $ 153,216  $ 138,245 
Adjusted EBITDAre (2) $ 570,588  $ 542,704  $ 505,392  $ 517,760  $ 612,864  $ 552,980 
ANNUALIZED ADJUSTED EBITDAre (1):
Adjusted EBITDAre (for the quarter) $ 142,647  $ 135,676  $ 126,348  $ 129,440  $ 153,216  $ 138,245 
In-service and disposition adjustments (3) 708  141  2,079  1,263  157  551 
Managed and JV property adjustments (4) (5,392) (881) 2,832  4,405  (3,120) (960)
Property under development adjustments (5) 1,472  1,118  646  2,610  1,874  1,462 
Percentage rent/participation adjustments (6) (2,193) 1,527  1,660  (3,154) 674  483 
Deferral and stub rent collections not previously recognized (7) —  —  (565) (648) (19,358) (8,038)
Non-recurring adjustments (8) (187) (1,305) 798  (3,044) (3,666) (97)
Annualized Adjusted EBITDAre (for the quarter) $ 137,055  $ 136,276  $ 133,798  $ 130,872  $ 129,777  $ 131,646 
Annualized Adjusted EBITDAre (9) $ 548,220  $ 545,104  $ 535,192  $ 523,488  $ 519,108  $ 526,584 
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. Annualized Adjusted EBITDAre related to the Company's investments in two joint venture properties in St. Pete Beach, Florida has been reduced to zero.
(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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