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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): May 7, 2025
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 May 7, 2025, EPR Properties (the "Company") announced its results of operations and financial condition for the first quarter ended March 31, 2025.



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 May 7, 2025, the Company made available on its website an investor slide presentation and supplemental operating and financial data for the first quarter ended March 31, 2025, 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 May 7, 2025 issued by EPR Properties announcing its results of operations and financial condition for the first quarter ended March 31, 2025.
  
Investor slide presentation for the first quarter ended March 31, 2025, made available by EPR Properties on May 7, 2025.
Supplemental Operating and Financial Data for the first quarter ended March 31, 2025, made available by EPR Properties on May 7, 2025.
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: May 7, 2025



















































EX-99.1 2 ex991-eprx3312025earningsr.htm PRESS RELEASE Document

Exhibit 99.1

header-updated.jpg
EPR Properties Reports First Quarter 2025 Results
Increases 2025 Earnings Guidance

Kansas City, MO, May 7, 2025 -- EPR Properties (NYSE:EPR) today announced operating results for the first quarter ended March 31, 2025 (dollars in thousands, except per share data):    
  Three Months Ended March 31,
  2025 2024 % Change
Total revenue $ 175,033  $ 167,232  4.7  %
Net income available to common shareholders 59,771  56,677  5.5  %
Net income available to common shareholders per diluted common share 0.78  0.75  4.0  %
Funds From Operations as adjusted (FFOAA)(1) 91,740  85,723  7.0  %
FFOAA per diluted common share (1) 1.19  1.13  5.3  %
Adjusted Funds From Operations (AFFO)(1) 92,946  85,675  8.5  %
AFFO per diluted common share (1) 1.21  1.12  8.0  %
(1) A non-GAAP financial measure
First Quarter Company Headlines
•Executes on Investment Pipeline - During the first quarter of 2025, the Company's investment spending totaled $37.7 million, which included $14.3 million for the acquisition of an attraction property in New Jersey. Subsequent to quarter-end, the Company acquired land for $1.2 million and provided mortgage financing of $5.9 million secured by the improvements of a fitness & wellness property in Georgia and closed on land for a new build-to-suit eat & play property in Virginia for $1.6 million with a total expected cost of approximately $19.0 million at completion in 2026. Inclusive of the Virginia build-to-suit project, the Company has committed approximately $148.0 million for experiential development and redevelopment projects, which is expected to be funded over the next two years.
•Capital Recycling - During the first quarter of 2025, the Company made considerable progress towards its goal of reducing its theatre and education investments with the sale of three theatre properties and 11 early childhood education centers, as well as the prepayment in full on two mortgage note receivables, secured by two early childhood education centers. Total disposition proceeds were $78.9 million, and the Company recognized a net gain on sale of $9.4 million.
•Strong Liquidity Position - As of March 31, 2025, the Company had cash on hand of $20.6 million and $105.0 million outstanding on its $1.0 billion unsecured revolving credit facility. Subsequent to quarter-end, the Company fully repaid $300.0 million in senior unsecured notes due April 1, 2025 using borrowings under its credit facility. There are no other debt maturities in 2025.
•Increase in Monthly Dividend - As previously announced, the Company increased its monthly dividend by 3.5% to $0.295 per share starting with the dividend paid on April 15, 2025 to common shareholders of record as of March 31, 2025.
•Increases 2025 Earnings Guidance - The Company is increasing FFOAA per diluted common share guidance for 2025 to a range of $5.00 to $5.16 from a range of $4.94 to $5.14, representing an increase of 4.3% at the midpoint over 2024. The Company is also confirming investment spending guidance for 2025 of $200.0 million to $300.0 million and increasing


disposition proceeds guidance to a range of $80.0 million to $120.0 million from a range of $25.0 million to $75.0 million.

“We are pleased to have delivered solid earnings growth in the first quarter and increase our guidance for the full year,” stated Company Chairman and CEO Greg Silvers. “We continue to see resilience at our experiential properties, as many consumers prioritize drive-to value oriented experiences, particularly in times of uncertainty. We also continue to make meaningful progress in our ongoing recycling strategy, as we recycle theatre and education assets and accretively redeploy capital into our target experiential sectors. With healthy rent coverage and a prudently positioned balance sheet, we remain encouraged by our outlook and growth opportunities.”

Investment Update
The Company's investment spending during the three months ended March 31, 2025 totaled $37.7 million and included $14.3 million for the acquisition of an attraction property in New Jersey. Investment spending for the quarter was primarily related to experiential build-to-suit development and redevelopment projects.

Subsequent to quarter-end, the Company acquired land for $1.2 million and provided mortgage financing of $5.9 million secured by the improvements of a fitness & wellness property in Georgia and closed on land for a new build-to-suit eat & play property in Virginia for $1.6 million with a total expected cost of approximately $19.0 million at completion in 2026. Inclusive of the Virginia build-to-suit project, the Company has committed approximately $148.0 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.

Capital Recycling
During the first quarter of 2025, the Company made considerable progress towards its goal of reducing its theatre and education investments with the sale of one vacant theatre property, two operating theatre properties, one vacant early childhood education center and 10 leased early childhood education centers for net proceeds totaling $70.8 million and recognized a net gain of $9.4 million. Additionally, on March 7, 2025, the Company received $8.1 million in net proceeds for prepayment in full on two mortgage note receivables that were secured by two early childhood education centers. The Company intends to recycle these proceeds into other experiential assets.

Strong Liquidity Position
The Company remains focused on maintaining strong liquidity and financial flexibility. At March 31, 2025, the Company had $20.6 million of cash on hand and $105.0 million outstanding on its $1.0 billion unsecured revolving credit facility.

Subsequent to March 31, 2025, the Company fully repaid its $300.0 million senior unsecured notes due April 1, 2025, using borrowings under its credit facility.

Portfolio Update
The Company's total assets were $5.5 billion (after accumulated depreciation of approximately $1.6 billion) and total investments (a non-GAAP financial measure) were $6.8 billion at March 31, 2025, with Experiential investments totaling $6.4 billion, or 94%, and Education investments totaling $0.4 billion, or 6%.

The Company's Experiential portfolio (excluding property under development, undeveloped land inventory and two joint venture properties) consisted of the following property types (owned or financed) at March 31, 2025:


•154 theatre properties;
•58 eat & play properties (including seven theatres located in entertainment districts);
•25 attraction properties;
•11 ski properties;
•four experiential lodging properties;
•22 fitness & wellness properties;
•one gaming property; and
•one cultural property.

As of March 31, 2025, the Company's wholly-owned Experiential portfolio consisted of approximately 18.5 million square feet, which includes 0.3 million square feet of vacant properties the Company intends to sell. The wholly-owned Experiential portfolio, excluding the vacant properties the Company intends to sell, was 99% leased or operated and included a total of $118.3 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 March 31, 2025:
•46 early childhood education center properties; and
•nine private school properties.

As of March 31, 2025, the Company's wholly-owned Education portfolio consisted of approximately 1.1 million square feet. The wholly-owned Education portfolio was 100% leased.

The combined wholly-owned portfolio consisted of 19.6 million square feet, which includes 0.3 million square feet of vacant properties the Company intends to sell. The wholly-owned portfolio, excluding the vacant properties the Company intends to sell, was 99% leased or operated.

Dividend Information
The Company's Board of Trustees declared its monthly cash dividend to common shareholders of $0.295 per share, payable on April 15, 2025 to shareholders of record as of March 31, 2025. This dividend represents an annualized dividend of $3.54 per common share, an increase of 3.5% over the prior years annualized dividend (based upon 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, payable April 15, 2025 to shareholders of record as of March 31, 2025.

2025 Guidance
(Dollars in millions, except per share data):
Current Prior
Net income available to common shareholders per diluted common share $ 2.98  to $ 3.14  $ 2.84  to $ 3.04 
FFOAA per diluted common share $ 5.00  to $ 5.16  $ 4.94  to $ 5.14 
Investment spending $ 200.0  to $ 300.0  $ 200.0  to $ 300.0 
Disposition proceeds $ 80.0  to $ 120.0  $ 25.0  to $ 75.0 

The Company is increasing its 2025 earnings guidance for FFOAA per diluted common share to a range of $5.00 to $5.16 from a range of $4.94 to $5.14, representing an increase of 4.3% at the midpoint over 2024. The 2025 guidance for FFOAA per diluted common share is based on an FFO per diluted common share range of $5.01 to $5.17 adjusted for transaction costs, provision (benefit) for credit losses, net, and deferred income tax benefit. FFO per diluted common share for 2025 is based on a net income available to common shareholders per diluted common share range of $2.98 to $3.14 plus estimated real estate depreciation and amortization of $2.16 and allocated share of joint venture depreciation of $0.05, less estimated gain on sale of real estate of $0.12 and the impact of Series C and Series E dilution of $0.06 (in accordance with the NAREIT definition of FFO).



Additional earnings guidance detail can be found on page 23 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 May 8, 2025 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. It is recommended that you join 10 minutes prior to the start of the event (although you may register and join the webcast 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 first quarter ended March 31, 2025 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 March 31,
  2025 2024
Rental revenue $ 146,359  $ 142,281 
Other income 11,636  12,037 
Mortgage and other financing income 17,038  12,914 
Total revenue 175,033  167,232 
Property operating expense 15,171  14,920 
Other expense 12,611  12,976 
General and administrative expense 14,024  13,908 
Retirement and severance expense —  1,836 
Transaction costs 567  1 
Provision (benefit) for credit losses, net (652) 2,737 
Depreciation and amortization 41,089  40,469 
Total operating expenses 82,810  86,847 
Gain on sale of real estate 9,384  17,949 
Income from operations 101,607  98,334 
Interest expense, net 33,021  31,651 
Equity in loss from joint ventures 2,647  3,627 
Income before income taxes 65,939  63,056 
Income tax expense 136  347 
Net income $ 65,803  $ 62,709 
Preferred dividend requirements 6,032  6,032 
Net income available to common shareholders of EPR Properties $ 59,771  $ 56,677 
Net income available to common shareholders of EPR Properties per share:
Basic $ 0.79  $ 0.75 
Diluted $ 0.78  $ 0.75 
Shares used for computation (in thousands):
Basic 75,804  75,398 
Diluted 76,215  75,705 


EPR Properties
Condensed Consolidated Balance Sheets
(Unaudited, dollars in thousands)
  March 31, 2025 December 31, 2024
Assets
Real estate investments, net of accumulated depreciation of $1,595,820 and $1,562,645 at March 31, 2025 and December 31, 2024, respectively
 $ 4,353,893  $ 4,435,358 
Land held for development 20,168  20,168 
Property under development 118,264  112,263 
Operating lease right-of-use assets 180,557  173,364 
Mortgage notes and related accrued interest receivable, net of allowance for credit losses of $6,259 and $17,111 at March 31, 2025 and December 31, 2024, respectively
 659,004  665,796 
Investment in joint ventures 11,361  14,019 
Cash and cash equivalents 20,572  22,062 
Restricted cash 6,354  13,637 
Accounts receivable 85,811  84,589 
Other assets 76,565  75,251 
Total assets $ 5,532,549  $ 5,616,507 
Liabilities and Equity
Accounts payable and accrued liabilities $ 93,248  $ 107,976 
Operating lease liabilities 219,305  212,400 
Dividends payable 28,472  31,863 
Unearned rents and interest 78,550  80,565 
Debt 2,791,962  2,860,458 
Total liabilities 3,211,537  3,293,262 
Total equity $ 2,321,012  $ 2,323,245 
Total liabilities and equity $ 5,532,549  $ 5,616,507 




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 including per share amounts for FFO and FFOAA, for the three months ended March 31, 2025 and 2024 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 March 31,
  2025 2024
FFO:
Net income available to common shareholders of EPR Properties $ 59,771  $ 56,677 
Gain on sale of real estate (9,384) (17,949)
Real estate depreciation and amortization 40,932  40,282 
Allocated share of joint venture depreciation 1,036  2,416 
FFO available to common shareholders of EPR Properties $ 92,355  $ 81,426 
FFO available to common shareholders of EPR Properties $ 92,355  $ 81,426 
Add: Preferred dividends for Series C preferred shares 1,938  1,938 
Add: Preferred dividends for Series E preferred shares 1,938  1,938 
Diluted FFO available to common shareholders of EPR Properties $ 96,231  $ 85,302 
FFOAA:
FFO available to common shareholders of EPR Properties $ 92,355  $ 81,426 
Retirement and severance expense —  1,836 
Transaction costs 567  1 
Provision (benefit) for credit losses, net (652) 2,737 
Deferred income tax benefit (530) (277)
FFOAA available to common shareholders of EPR Properties $ 91,740  $ 85,723 
FFOAA available to common shareholders of EPR Properties $ 91,740  $ 85,723 
Add: Preferred dividends for Series C preferred shares 1,938  1,938 
Add: Preferred dividends for Series E preferred shares 1,938  1,938 
Diluted FFOAA available to common shareholders of EPR Properties $ 95,616  $ 89,599 
AFFO:
FFOAA available to common shareholders of EPR Properties $ 91,740  $ 85,723 
Non-real estate depreciation and amortization 157  187 
Deferred financing fees amortization 2,206  2,212 
Share-based compensation expense to management and trustees 3,867  3,692 
Amortization of above and below market leases, net and tenant allowances (81) (84)
Maintenance capital expenditures (1) (1,251) (1,555)
Straight-lined rental revenue (3,397) (3,670)
Straight-lined ground sublease expense 2  32 
Non-cash portion of mortgage and other financing income (297) (862)
AFFO available to common shareholders of EPR Properties $ 92,946  $ 85,675 
AFFO available to common shareholders of EPR Properties $ 92,946  $ 85,675 
Add: Preferred dividends for Series C preferred shares 1,938  1,938 
Add: Preferred dividends for Series E preferred shares 1,938  1,938 
Diluted AFFO available to common shareholders of EPR Properties $ 96,822  $ 89,551 


  Three Months Ended March 31,
  2025 2024
FFO per common share:
Basic $ 1.22  $ 1.08 
Diluted 1.20  1.07 
FFOAA per common share:
Basic $ 1.21  $ 1.14 
Diluted 1.19  1.13 
AFFO per common share:
Basic $ 1.23  $ 1.14 
Diluted 1.21  1.12 
Shares used for computation (in thousands):
Basic 75,804  75,398 
Diluted 76,215  75,705 
Weighted average shares outstanding-diluted EPS 76,215  75,705 
Effect of dilutive Series C preferred shares 2,336  2,301 
Effect of dilutive Series E preferred shares 1,665  1,663 
Adjusted weighted average shares outstanding-diluted Series C and Series E 80,216  79,669 
Other financial information:
Dividends per common share $ 0.865  $ 0.835 
(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 months ended March 31, 2025 and 2024. 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 by 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):


March 31,
2025 2024
Net Debt:
Debt $ 2,791,962 $ 2,817,710
Deferred financing costs, net 17,630 23,519
Cash and cash equivalents (20,572) (59,476)
Net Debt $ 2,789,020 $ 2,781,753
Gross Assets:
Total Assets $ 5,532,549 $ 5,694,036
Accumulated depreciation 1,595,820 1,470,507
Cash and cash equivalents (20,572) (59,476)
Gross Assets $ 7,107,797 $ 7,105,067
Debt to Total Assets Ratio 50  % 49  %
Net Debt to Gross Assets Ratio 39  % 39  %
Three Months Ended March 31,
2025 2024
EBITDAre and Adjusted EBITDAre:
Net income $ 65,803  $ 62,709 
Interest expense, net 33,021  31,651 
Income tax expense 136  347 
Depreciation and amortization 41,089  40,469 
Gain on sale of real estate (9,384) (17,949)
Allocated share of joint venture depreciation 1,036  2,416 
Allocated share of joint venture interest expense 375  2,131 
EBITDAre $ 132,076  $ 121,774 
Retirement and severance expense —  1,836 
Transaction costs 567  1 
Provision (benefit) for credit losses, net (652) 2,737 
Adjusted EBITDAre (for the quarter) $ 131,991  $ 126,348 
Adjusted EBITDAre (annualized) (1) $ 527,964  $ 505,392 
Net Debt/Adjusted EBITDAre Ratio 5.3  5.5 
(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 ended March 31, 2025.



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):
March 31, 2025 December 31, 2024
Total assets $ 5,532,549  $ 5,616,507 
Operating lease right-of-use assets (180,557) (173,364)
Cash and cash equivalents (20,572) (22,062)
Restricted cash (6,354) (13,637)
Accounts receivable (85,811) (84,589)
Add: accumulated depreciation on real estate investments 1,595,820  1,562,645 
Add: accumulated amortization on intangible assets (1) 29,892  31,876 
Prepaid expenses and other current assets (1) (40,007) (39,464)
Total investments $ 6,824,960  $ 6,877,912 
Total Investments:
Real estate investments, net of accumulated depreciation $ 4,353,893  $ 4,435,358 
Add back accumulated depreciation on real estate investments 1,595,820  1,562,645 
Land held for development 20,168  20,168 
Property under development 118,264  112,263 
Mortgage notes and related accrued interest receivable, net 659,004  665,796 
Investment in joint ventures 11,361  14,019 
Intangible assets, gross (1) 63,239  64,317 
Notes receivable and related accrued interest receivable, net (1) 3,211  3,346 
Total investments $ 6,824,960  $ 6,877,912 
(1) Included in other assets in the accompanying consolidated balance sheet. Other assets include the following:
March 31, 2025 December 31, 2024
Intangible assets, gross $ 63,239  $ 64,317 
Less: accumulated amortization on intangible assets (29,892) (31,876)
Notes receivable and related accrued interest receivable, net 3,211  3,346 
Prepaid expenses and other current assets 40,007  39,464 
Total other assets $ 76,565  $ 75,251 
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 $5.5 billion (after accumulated depreciation of approximately $1.6 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 ongoing negotiations to exit from certain joint ventures or the ultimate terms of any such exit, 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 q12025earningscallpresen.htm EARNINGS RELEASE PRESENTATION q12025earningscallpresen
EARNINGS CALL PRESENTATION Q1 2025

 
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 ongoing negotiations to exit from certain joint ventures or the ultimate terms of any such exit, 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

 
4 Personal Consumption Expenditures on Experiential Spending Recession Periods Covid-19 Pandemic THE EXPERIENCE ECONOMY *Source: U.S. Bureau of Economic Analysis, Table 2.4.5. Personal Consumption Expenditures by Type of Product, Included in the data set are Line 210: Membership clubs, sports centers, parks, theaters, and museums (82) and Line 226: Gambling Recession periods: Federal Reserve Bank of St. Louis COVID-19 $0 $100 $200 $300 $400 $500 1999 2004 2009 2014 2019 2024 (I n B ill io ns ) The Great Recession Dot-Com Recession Experiential Spending in the U.S.* • Consistent growth over the last 25 years • Demonstrated resilience during recessionary periods

 
PORTFOLIO

 
6 PORTFOLIO OVERVIEW Education Portfolio 55 Properties; 5 Operators Leased at 100%** *See Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 for definition and calculation of this non-GAAP measure **Excluding vacant properties EPR intends to sell Experiential Portfolio 276 Properties; 51 Operators ~$6.4B (94%) Total Investments* Leased or Operated at 99%** Total Portfolio Snapshot ~$6.8B Total Investments* 331 Properties Leased or Operated at 99%** Q1 Investment Spending $37.7M Total Portfolio Coverage TTM March 2025 YE 2019 Total Portfolio Coverage 2.0x 1.9x

 
7*BoxOfficeMojo PORTFOLIO UPDATE Box Office Updates* North American Box Office Gross (NABOG) rebounding • Q1 box office was $1.4B (down 11.6% vs. 2024) • Q2 has quickly offset with overperformance o A Minecraft Movie opened to $163M, both the largest opening in 2025 and the largest opening weekend ever for a videogame movie o Through this week, Minecraft has grossed $398M o Through this week, Sinners has grossed $180M • YTD through May 5 at $2.5B (up 17.1% vs. 2024) After strong early Q2 film performance, more to come • 8 titles projected to gross over $100M - 4 projected to gross over $175M • 78 Major Studio (MS) releases scheduled for 2025, forecast to gross $800M more than scheduled at this point in 2024 Confirming 2025 NABOG expectations – $9.3B to $9.7B

 
8*Based on AMC and Cinemark public filings PORTFOLIO UPDATE Beyond Box Office: Increased F&B Spending Driving Higher Profitability* % Increase 2019-2024 ~60% 26% Per Patron F&B spending Per Patron Ticket Cost Shift toward higher-margin F&B spending boosts gross profit per patron & has positive impact on the bottom line Given Mix of Spending, Not Necessary to Reach 2019 Box Office ($11.3B) for Comparable Coverage ~$9.5B $11.3Bwould be equivalent to 46% 82%Margin on ticket sales Margin on F&B sales

 
9 Attractions & Cultural – many properties closed seasonally • Indoor Waterpark at Bavarian Inn opened in Q1 • Hotel de Glace at Valcartier celebrated 25th anniversary with usual strong performance • Santa Monica Pier adversely impacted by wildfires Fitness & Wellness • $90M expansion project at The Springs Resort opened to good reviews • Murrieta Hot Springs ramp up continues • Across portfolio increases in revenue and EBITDARM TTM through March 2025 vs. same period 2024 Other Experiential Property and Operator Updates Eat & Play – Andretti openings in mid-2025 and early 2026; portfolio coverage strong and above pre-Covid even with revenue and EBITDARM down slightly vs. same period 2024 PORTFOLIO UPDATE Ski – Q1 and TTM Q1 revenue & EBITDARM up vs. prior year

 
1 0 INVESTMENT SPENDING Q1 Investment Spending was $37.7M 2025 Investment Spending Guidance $200M - $300M Subsequent to quarter end, made two new investments • First traditional golf investment; acquired land for $1.2M and provided $5.9M mortgage financing to Evergreen Partners for a private club in GA • Second Pinstack Eat & Play in Northern VA for $1.6M with commitment to provide build-to-suit financing up to $19M Acquired Diggerland USA in West Berlin, NJ for $14.3M, the only construction-themed attraction & water park in the U.S.

 
1 1 Properties Sold • 10 leased early childhood education centers (ECEs) and one vacant ECE • One vacant theatre and two operating theatres • Net proceeds totaled $70.8M, recognized a net gain of $9.4M Payment in Full of Two Mortgages – received $8.1M in net proceeds for mortgages secured by two ECEs Cap Rates • Sold portfolio of 9 leased ECEs at 7.4% cap rate, demonstrating the high quality & value of our education portfolio • Existing operator purchased and/or paid off mortgage financing for three additional ECEs – blended rate of ~8.3% Update on Vacant Properties • In past 4 years, sold 27 theatres; 3 vacant remain and 2 are under contract • Signed PSAs to sell 2 leased theatre properties to current tenant; anticipate sale will occur in the first half of 2025 • No vacant education assets 2025 Disposition Proceeds Guidance $80M - $120M CAPITAL RECYCLING

 
FINANCIAL REVIEW

 
1 3*See the most recently filed Supplemental Operating and Financial Data for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS (In millions except per-share data) Financial Performance Quarter ended March 31, 2025 2024 $ Change % Change Total Revenue $175.0 $167.2 $7.8 4.7% Net Income – Common 59.8 56.7 3.1 5.5% FFO as adj. – Common* 91.7 85.7 6.0 7.0% AFFO – Common* 92.9 85.7 7.2 8.4% Net Income/share – Common 0.78 0.75 0.03 4.0% FFO/share - Common, as adj.* 1.19 1.13 0.06 5.3% AFFO/share - Common* 1.21 1.12 0.09 8.0%

 
1 4 Key Ratios* Quarter ended March 31, 2025 Fixed charge coverage 3.2x Debt service coverage 3.8x Interest coverage 3.8x Net Debt to Adjusted EBITDAre 5.3x Net Debt to Annualized Adjusted EBITDAre 5.1x Net Debt to Gross Assets 39% AFFO payout 71% *See the most recently filed Supplemental Operating and Financial Data for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS

 
1 5 CAPITAL MARKETS UPDATE Debt • $2.8B total debt; $2.7B fixed rate or fixed through interest rate swaps at overall weighted avg. = 4.4% • On April 1, 2025, fully repaid $300.0M of senior unsecured notes at maturity using borrowings under our revolving credit facility • No further debt maturities in 2025 Liquidity Position at 3/31/2025 • $20.6M unrestricted cash • $105.0M outstanding on $1B revolver

 
1 6 FFO AS ADJUSTED PER SHARE* Guidance $5.00 - $5.16 Prior Guidance $4.94 - $5.14 INVESTMENT SPENDING Guidance $200M - $300M DISPOSITION PROCEEDS Revised Guidance $80M - $120M Prior Guidance $25M - $75M *See the most recently filed Supplemental Operating and Financial Data for definitions and calculations of these non-GAAP measures 2025 GUIDANCE

 
1 7 OTHER INCOME Guidance $42.0M - $52.0M OTHER EXPENSE Guidance $42.0M - $52.0M PERCENTAGE RENT & PARTICIPATING INTEREST Guidance $21.5M - $25.5M Prior Guidance $18.0M - $22.0M GENERAL & ADMINISTRATIVE EXPENSE Guidance $53.0M - $56.0M Prior Guidance $52.0M - $55.0M *See the most recently filed Supplemental Operating and Financial Data for definitions and calculations of these non-GAAP measures 3.5% MONTHLY DIVIDEND INCREASE Monthly Dividend $0.295 2025 GUIDANCE, CONTINUED

 
CLOSING COMMENTS

 
EX-99.3 4 ex993-eprx3312025supplemen.htm SUPPLEMENTAL OPERATING AND FINANCIAL DATA Document
Exhibit 99.3
suppcoverq22025a.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
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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Q1 2025 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 ongoing negotiations to exit from certain joint ventures or the ultimate terms of any such exit, 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 24 through 26 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 27 through 31.



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Q1 2025 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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Q1 2025 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 Jana Galan 646-855-5042
Citi Global Markets Nick Joseph/Smedes Rose 212-816-6243
Citizens Capital Markets & Advisory Mitch Germain 212-906-3537
Janney Montgomery Scott Rob Stevenson 646-840-3217
J.P. Morgan Anthony Paolone 212-622-6682
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
UBS Michael Goldsmith 212-713-2951
Wells Fargo James Feldman/ John Kilichowski 212-214-5311
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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Q1 2025 Supplemental
Page 5

SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
THREE MONTHS ENDED MARCH 31,
OPERATING INFORMATION: 2025 2024
Revenue $ 175,033  $ 167,232 
Net income available to common shareholders of EPR Properties 59,771  56,677 
EBITDAre (1) 132,076  121,774 
Adjusted EBITDAre (1) 131,991  126,348 
Interest expense, net 33,021  31,651 
Capitalized interest 1,435  958 
Straight-lined rental revenue 3,397  3,670 
Percentage rent 3,257  1,900 
Dividends declared on preferred shares 6,032  6,032 
Dividends declared on common shares 65,753  63,146 
General and administrative expense 14,024  13,908 
MARCH 31,
BALANCE SHEET INFORMATION: 2025 2024
Total assets $ 5,532,549  $ 5,694,036 
Accumulated depreciation 1,595,820  1,470,507 
Cash and cash equivalents 20,572  59,476 
Total assets before accumulated depreciation less cash and cash equivalents (gross assets) 7,107,797  7,105,067 
Debt 2,791,962  2,817,710 
Deferred financing costs, net 17,630  23,519 
Net debt (1) 2,789,020  2,781,753 
Equity 2,321,012  2,448,317 
Common shares outstanding 76,066  75,670 
Total market capitalization (using EOP closing price and liquidation values)(2) 7,161,836  6,364,919 
Net debt/total market capitalization ratio (1) 39  % 44  %
Debt to total assets ratio 50  % 49  %
Net debt/gross assets ratio (1) 39  % 39  %
Net debt/Adjusted EBITDAre ratio (1) (3) 5.3  5.5 
Net debt/Annualized adjusted EBITDAre ratio (1) (4) 5.1  5.2 
(1) See pages 24 through 26 for definitions. See calculation on page 30 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 24 through 26 for definitions. See calculation on page 30.
(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 30 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 24 through 26 for definitions.
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Q1 2025 Supplemental
Page 6

SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS 1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023
Real estate investments $ 5,949,713  $ 5,998,003  $ 6,080,959  $ 6,070,909  $ 6,100,366  $ 5,973,042 
Less: accumulated depreciation (1,595,820) (1,562,645) (1,546,509) (1,504,427) (1,470,507) (1,435,683)
Land held for development 20,168  20,168  20,168  20,168  20,168  20,168 
Property under development 118,264  112,263  76,913  59,092  36,138  131,265 
Operating lease right-of-use assets 180,557  173,364  175,451  179,260  183,031  186,628 
Mortgage notes and related accrued interest receivable, net 659,004  665,796  657,636  593,084  578,915  569,768 
Investment in joint ventures 11,361  14,019  32,426  45,406  46,127  49,754 
Cash and cash equivalents 20,572  22,062  35,328  33,731  59,476  78,079 
Restricted cash 6,354  13,637  2,992  2,958  2,929  2,902 
Accounts receivable 85,811  84,589  79,726  75,493  69,414  63,655 
Other assets 76,565  75,251  74,072  69,693  67,979  61,307 
Total assets $ 5,532,549  $ 5,616,507  $ 5,689,162  $ 5,645,367  $ 5,694,036  $ 5,700,885 
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities $ 93,248  $ 107,976  $ 99,334  $ 63,441  $ 84,153  $ 94,927 
Operating lease liabilities 219,305  212,400  214,809  219,004  223,077  226,961 
Common dividends payable 22,440  25,831  23,811  23,365  22,918  25,275 
Preferred dividends payable 6,032  6,032  6,032  6,032  6,032  6,032 
Unearned rents and interest 78,550  80,565  88,503  89,700  91,829  77,440 
Line of credit 105,000  175,000  169,000  —  —  — 
Deferred financing costs, net (17,630) (19,134) (20,622) (22,200) (23,519) (25,134)
Other debt 2,704,592  2,704,592  2,704,592  2,841,229  2,841,229  2,841,229 
Total liabilities 3,211,537  3,293,262  3,285,459  3,220,571  3,245,719  3,246,730 
Equity:
Common stock and additional paid-in-capital 3,964,272  3,951,364  3,947,470  3,943,925  3,940,077  3,925,296 
Preferred stock at par value 148  148  148  148  148  148 
Treasury stock (295,258) (285,413) (285,413) (285,413) (285,413) (274,038)
Accumulated other comprehensive (loss) income (3,567) (3,756) (609) (541) 1,119  3,296 
Distributions in excess of net income (1,344,583) (1,339,098) (1,257,893) (1,233,323) (1,207,614) (1,200,547)
Total equity 2,321,012  2,323,245  2,403,703  2,424,796  2,448,317  2,454,155 
Total liabilities and equity $ 5,532,549  $ 5,616,507  $ 5,689,162  $ 5,645,367  $ 5,694,036  $ 5,700,885 
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Q1 2025 Supplemental
Page 7

SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)
1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023
Rental revenue $ 146,359  $ 149,116  $ 148,677  $ 145,093  $ 142,281  $ 148,738 
Other income (1) 11,636  13,197  17,419  14,418  12,037  12,068 
Mortgage and other financing income 17,038  14,921  14,411  13,584  12,914  11,175 
Total revenue 175,033  177,234  180,507  173,095  167,232  171,981 
Property operating expense 15,171  15,188  14,611  14,427  14,920  14,759 
Other expense (1) 12,611  13,437  15,631  14,833  12,976  13,539 
General and administrative expense 14,024  12,233  11,935  12,020  13,908  13,765 
Retirement and severance expense —  —  —  —  1,836  — 
Transaction costs 567  423  175  199  1  401 
Provision (benefit) for credit losses, net (652) 9,876  (770) 404  2,737  1,285 
Impairment charges —  39,952  —  11,812  —  2,694 
Depreciation and amortization 41,089  40,995  42,795  41,474  40,469  40,692 
Total operating expenses 82,810  132,104  84,377  95,169  86,847  87,135 
Gain (loss) on sale of real estate 9,384  112  (3,419) 1,459  17,949  (3,612)
Income from operations 101,607  45,242  92,711  79,385  98,334  81,234 
Costs associated with loan refinancing or payoff —  —  337  —  —  — 
Interest expense, net 33,021  33,472  32,867  32,820  31,651  30,337 
Equity in loss from joint ventures 2,647  3,425  851  906  3,627  4,701 
Impairment charges on joint ventures —  16,087  12,130  —  —  — 
Income (loss) before income taxes 65,939  (7,742) 46,526  45,659  63,056  46,196 
Income tax expense (benefit) 136  653  (124) 557  347  667 
Net income (loss) 65,803  (8,395) 46,650  45,102  62,709  45,529 
Preferred dividend requirements 6,032  6,040  6,032  6,040  6,032  6,040 
Net income (loss) available to common shareholders of EPR Properties $ 59,771  $ (14,435) $ 40,618  $ 39,062  $ 56,677  $ 39,489 
(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.
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Q1 2025 Supplemental
Page 8

FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
FUNDS FROM OPERATIONS ("FFO") (1): 1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023
Net income (loss) available to common shareholders of EPR Properties $ 59,771  $ (14,435) $ 40,618  $ 39,062  $ 56,677  $ 39,489 
(Gain) loss on sale of real estate (9,384) (112) 3,419  (1,459) (17,949) 3,612 
Impairment of real estate investments —  39,952  —  11,812  —  2,694 
Real estate depreciation and amortization 40,932  40,838  42,620  41,289  40,282  40,501 
Allocated share of joint venture depreciation 1,036  1,965  2,581  2,457  2,416  2,344 
Impairment charges on joint ventures —  16,087  12,130  —  —  — 
FFO available to common shareholders of EPR Properties $ 92,355  $ 84,295  $ 101,368  $ 93,161  $ 81,426  $ 88,640 
FFO available to common shareholders of EPR Properties $ 92,355  $ 84,295  $ 101,368  $ 93,161  $ 81,426  $ 88,640 
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 $ 96,231  $ 88,171  $ 105,244  $ 97,037  $ 85,302  $ 92,516 
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties $ 92,355  $ 84,295  $ 101,368  $ 93,161  $ 81,426  $ 88,640 
Retirement and severance expense —  —  —  —  1,836  — 
Transaction costs 567  423  175  199  1  401 
Provision (benefit) for credit losses, net (652) 9,876  (770) 404  2,737  1,285 
Costs associated with loan refinancing or payoff —  —  337  —  —  — 
Deferred income tax benefit (530) (285) (728) (249) (277) (86)
FFO as adjusted available to common shareholders of EPR Properties $ 91,740  $ 94,309  $ 100,382  $ 93,515  $ 85,723  $ 90,240 
FFO as adjusted available to common shareholders of EPR Properties $ 91,740  $ 94,309  $ 100,382  $ 93,515  $ 85,723  $ 90,240 
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 $ 95,616  $ 98,185  $ 104,258  $ 97,391  $ 89,599  $ 94,116 
FFO per common share:
Basic $ 1.22  $ 1.11  $ 1.34  $ 1.23  $ 1.08  $ 1.18 
Diluted 1.20  1.10  1.31  1.21  1.07  1.16 
FFO as adjusted per common share:
Basic $ 1.21  $ 1.25  $ 1.33  $ 1.24  $ 1.14  $ 1.20 
Diluted 1.19  1.23  1.30  1.22  1.13  1.18 
Shares used for computation (in thousands):
Basic 75,804  75,733  75,723  75,689  75,398  75,330 
Diluted 76,215  76,156  76,108  76,022  75,705  75,883 
Effect of dilutive Series C preferred shares 2,336  2,327  2,319  2,310  2,301  2,293 
Effect of dilutive Series E preferred shares 1,665  1,665  1,664  1,664  1,663  1,663 
Adjusted weighted-average shares outstanding-diluted Series C and Series E 80,216  80,148  80,091  79,996  79,669  79,839 
(1) See pages 24 through 26 for definitions.
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Q1 2025 Supplemental
Page 9

ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1): 1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023
FFO available to common shareholders of EPR Properties
 $ 92,355  $ 84,295  $ 101,368  $ 93,161  $ 81,426  $ 88,640 
Adjustments:
Retirement and severance expense —  —  —  —  1,836  — 
Transaction costs 567  423  175  199  1  401 
Provision (benefit) for credit losses, net (652) 9,876  (770) 404  2,737  1,285 
Costs associated with loan refinancing or payoff
 —  —  337  —  —  — 
Deferred income tax benefit (530) (285) (728) (249) (277) (86)
Non-real estate depreciation and amortization 157  157  175  185  187  191 
Deferred financing fees amortization 2,206  2,187  2,211  2,234  2,212  2,188 
Share-based compensation expense to management and trustees
 3,867  3,572  3,264  3,538  3,692  4,359 
Amortization of above/below market leases, net and tenant allowances (81) (81) (84) (84) (84) (79)
Maintenance capital expenditures (2) (1,251) (1,862) (2,561) (1,321) (1,555) (5,015)
Straight-lined rental revenue (3,397) (3,992) (4,414) (5,251) (3,670) (2,930)
Straight-lined ground sublease expense 2  20  20  25  32  56 
Non-cash portion of mortgage and other financing income
 (297) (171) (396) (555) (862) (535)
Allocated share of joint venture non-cash items —  —  712  —  —  — 
AFFO available to common shareholders of EPR Properties $ 92,946  $ 94,139  $ 99,309  $ 92,286  $ 85,675  $ 88,475 
AFFO available to common shareholders of EPR Properties $ 92,946  $ 94,139  $ 99,309  $ 92,286  $ 85,675  $ 88,475 
Add: Preferred dividends for Series C preferred shares 1,938  1,938  1,938  1,938  1,938  1,938 
Add: Preferred dividends for Series E preferred shares 1,938  1,938  1,938  1,938  1,938  1,938 
Diluted AFFO available to common shareholders of EPR Properties $ 96,822  $ 98,015  $ 103,185  $ 96,162  $ 89,551  $ 92,351 
Weighted average diluted shares outstanding (in thousands)
 76,215  76,156  76,108  76,022  75,705  75,883 
Effect of dilutive Series C preferred shares 2,336  2,327  2,319  2,310  2,301  2,293 
Effect of dilutive Series E preferred shares 1,665  1,665  1,664  1,664  1,663  1,663 
Adjusted weighted-average shares outstanding-diluted 80,216  80,148  80,091  79,996  79,669  79,839 
AFFO per diluted common share $ 1.21  $ 1.22  $ 1.29  $ 1.20  $ 1.12  $ 1.16 
Dividends declared per common share $ 0.865  $ 0.855  $ 0.855  $ 0.855  $ 0.835  $ 0.825 
AFFO payout ratio (3) 71  % 70  % 66  % 71  % 75  % 71  %
(1) See pages 24 through 26 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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Q1 2025 Supplemental
Page 10

CAPITAL STRUCTURE AS OF MARCH 31, 2025
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
BONDS/TERM LOAN/OTHER (1) UNSECURED CREDIT FACILITY (3) UNSECURED SENIOR NOTES TOTAL WEIGHTED AVG INTEREST RATE
YEAR
2025 $ —  $ —  $ 300,000  (2) $ 300,000  4.50%
2026 —  —  629,597  629,597  4.70%
2027 —  —  450,000  450,000  4.50%
2028 —  105,000  400,000  505,000  5.06%
2029 —  —  500,000  500,000  3.75%
2030 —  —  —  —  —%
2031 —  —  400,000  400,000  3.60%
2032 —  —  —  —  —%
2033 —  —  —  —  —%
2034 —  —  —  —  —%
2035 —  —  —  —  —%
Thereafter 24,995  —  —  24,995  2.53%
Less: deferred financing costs, net —  —  —  (17,630) —%
$ 24,995  $ 105,000  $ 2,679,597  $ 2,791,962  4.37%
BALANCE WEIGHTED AVG INTEREST RATE WEIGHTED AVG MATURITY
Fixed rate unsecured debt $ 2,679,597  4.34  % 2.97 
Fixed rate secured debt (1) 24,995  2.53  % 22.33 
Variable rate unsecured debt 105,000  5.46  % 3.51 
Less: deferred financing costs, net (17,630) —  % — 
     Total $ 2,791,962  4.37  % 3.19 
(1) Includes $25.0 million of secured bonds that have been fixed through interest rate swaps through September 20, 2026.
(2) On April 1, 2025, the Company fully repaid its $300.0 million senior unsecured notes due 2025 using borrowings under its $1.0 billion senior unsecured revolving credit facility.
(3) Unsecured Revolving Credit Facility Summary:
BALANCE RATE
COMMITMENT
AT 3/31/2025
 MATURITY
AT 3/31/2025
$1,000,000 $105,000 October 2, 2028 5.46%
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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Q1 2025 Supplemental
Page 11

CAPITAL STRUCTURE AS OF MARCH 31, 2025 AND DECEMBER 31, 2024
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT (continued)
SUMMARY OF DEBT:
March 31, 2025
December 31, 2024
Senior unsecured notes payable, 4.50%, due April 1, 2025 (1) $ 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 105,000  175,000 
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 (17,630) (19,134)
Total debt $ 2,791,962  $ 2,860,458 
(1) On April 1, 2025, the Company fully repaid its $300.0 million senior unsecured notes due 2025 using borrowings under its $1.0 billion senior unsecured revolving credit facility.


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Q1 2025 Supplemental
Page 12

CAPITAL STRUCTURE
SENIOR NOTES
SENIOR DEBT RATINGS AS OF MARCH 31, 2025
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 March 31, 2025. 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 Company's interpretation of 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 March 31, 2025 and December 31, 2024 are:
Actual Actual
NOTE COVENANTS Required 1st Quarter 2025 (1) 4th 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 4.0x 4.0x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt) ≥ 150% of unsecured debt 249% 245%
(1) See page 14 for details of calculations.

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Q1 2025 Supplemental
Page 13

CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)
COVENANT CALCULATIONS
TOTAL ASSETS: March 31, 2025 TOTAL DEBT: March 31, 2025
Total Assets per balance sheet $ 5,532,549  Secured debt obligations $ 24,995 
Add: accumulated depreciation 1,595,820  Unsecured debt obligations:
Less: intangible assets, net (33,347) Unsecured debt 2,784,597 
Total Assets $ 7,095,022  Outstanding letters of credit — 
Guarantees 10,000 
TOTAL UNENCUMBERED ASSETS: March 31, 2025 Derivatives at fair market value, net, if liability — 
Total Assets, per above $ 7,095,022  Total unsecured debt obligations: $ 2,794,597 
Less: investment in joint ventures (11,361) Total Debt $ 2,819,592 
Less: accounts receivable (85,811)
Less: encumbered assets (25,665)
Total Unencumbered Assets $ 6,972,185 
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE: 1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024 TRAILING TWELVE MONTHS
Adjusted EBITDAre $ 131,991  $ 135,505  $ 142,647  $ 135,676  $ 545,819 
Less: straight-line revenue, net, included in adjusted EBITDAre (3,397) (3,992) (4,414) (5,251) (17,054)
Less: joint venture EBITDA 1,236  870  (4,318) (3,861) (6,073)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE $ 129,830  $ 132,383  $ 133,915  $ 126,564  $ 522,692 
ANNUAL DEBT SERVICE:
Interest expense, gross $ 34,784  $ 34,991  $ 34,402  $ 33,784  $ 137,961 
Less: deferred financing fees amortization (2,206) (2,187) (2,211) (2,234) (8,838)
ANNUAL DEBT SERVICE $ 32,578  $ 32,804  $ 32,191  $ 31,550  $ 129,123 
DEBT SERVICE COVERAGE 4.0  4.0  4.2  4.0  4.0 
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Q1 2025 Supplemental
Page 14

CAPITAL STRUCTURE AS OF MARCH 31, 2025
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)
EQUITY
SECURITY SHARES OUTSTANDING
PRICE PER SHARE AT MARCH 31, 2025
LIQUIDATION PREFERENCE DIVIDEND RATE CONVERTIBLE
CONVERSION RATIO AT MARCH 31, 2025
CONVERSION PRICE AT MARCH 31, 2025
Common shares 76,066,356 $52.61 N/A (1) N/A N/A N/A
Series C 5,392,616 $23.08 $134,815 5.750% Y 0.4331 $57.72
Series E 3,445,980 $30.01 $86,150 9.000% Y 0.4833 $51.73
Series G 6,000,000 $20.65 $150,000 5.750% N N/A N/A
CALCULATION OF TOTAL MARKET CAPITALIZATION:
Common shares outstanding at March 31, 2025 multiplied by closing price at March 31, 2025
 $ 4,001,851 
Aggregate liquidation value of Series C preferred shares (2) 134,815 
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 March 31, 2025 (3)
 2,789,020 
Total consolidated market capitalization $ 7,161,836 
(1) Total monthly dividends declared in the first quarter of 2025 were $0.865 per share.
(2) Excludes accrued unpaid dividends at March 31, 2025.
(3) See pages 24 through 26 for definitions.


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Q1 2025 Supplemental
Page 15

SUMMARY OF RATIOS
(UNAUDITED)
1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023
Debt to total assets ratio 50% 51% 50% 50% 49% 49%
Net debt to total market capitalization ratio (1) 39% 43% 41% 44% 44% 41%
Net debt to gross assets ratio (1) 39% 40% 39% 39% 39% 39%
Net debt/Adjusted EBITDAre ratio (1)(2) 5.3 5.3 5.0 5.2 5.5 5.3
Net debt/Annualized adjusted EBITDAre ratio (1)(3) 5.1 5.1 5.2 5.2 5.2 5.3
Interest coverage ratio (4) 3.8 3.8 4.0 3.8 3.6 3.8
Fixed charge coverage ratio (4) 3.2 3.2 3.4 3.2 3.1 3.2
Debt service coverage ratio (4) 3.8 3.8 4.0 3.8 3.6 3.8
FFO payout ratio (5) 72% 78% 65% 71% 78% 71%
FFO as adjusted payout ratio (6) 73% 70% 66% 70% 74% 70%
AFFO payout ratio (7) 71% 70% 66% 71% 75% 71%
(1) See pages 24 through 26 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 30.
(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 30 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 24 through 26 for definitions.
(4) See page 28 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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Q1 2025 Supplemental
Page 16

SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
CARRYING AMOUNT AS OF (1)
DESCRIPTION INTEREST RATE PAYOFF DATE/MATURITY DATE OUTSTANDING PRINCIPAL AMOUNT OF MORTGAGE MARCH 31, 2025 DECEMBER 31, 2024
Attraction property Powells Point, North Carolina 7.23  % 6/30/2025 $ 29,378  $ 29,249  $ 29,173 
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  9,235  9,238 
Fitness & wellness property Omaha, Nebraska 9.25  % 6/30/2030 10,905  11,011  10,996 
Fitness & wellness property Omaha, Nebraska 9.25  % 6/30/2030 10,539  10,673  10,659 
Experiential lodging property Nashville, Tennessee 7.69  % 9/30/2031 70,000  71,095  71,041 
Ski property Girdwood, Alaska 8.79  % 7/31/2032 80,120  79,766  79,742 
Fitness & wellness properties Colorado and California 7.15  % 1/10/2033 64,550  64,547  64,275 
Eat & play property Austin, Texas 11.31  % 6/1/2033 8,917  8,917  9,083 
Eat & play property Dallas, Texas 10.25  % 11/26/2033 6,175  6,275  6,163 
Experiential lodging property Breaux Bridge, Louisiana 7.25  % 3/8/2034 —  —  1,000 
Fitness & wellness property Glenwood Springs, Colorado 8.45  % 8/16/2034 52,000  51,894  51,892 
Ski property West Dover and Wilmington, Vermont 12.50  % 12/1/2034 51,050  52,225  51,049 
Four ski properties Ohio and Pennsylvania 11.58  % 12/1/2034 37,562  37,442  37,430 
Ski property Chesterland, Ohio 12.07  % 12/1/2034 4,550  4,410  4,394 
Ski property Hunter, New York 9.35  % 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  18,068 
Fitness & wellness property Fort Collins, Colorado 8.00  % 1/31/2038 10,292  9,912  9,896 
Early childhood education center Lake Mary, Florida 8.35  % 5/9/2039 —  —  4,412 
Early childhood education center Lithia, Florida 9.11  % 10/31/2039 —  —  4,103 
Attraction property Frankenmuth, Michigan 8.25  % 10/14/2042 69,139  68,148  67,966 
Fitness & wellness properties Massachusetts and New York 8.45  % 1/10/2044 77,000  77,215  76,294 
Total $ 658,590  $ 659,004  $ 665,796 
(1) Amounts include accrued interest and are net of allowance for credit losses.

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Q1 2025 Supplemental
Page 17

INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED MARCH 31, 2025
INVESTMENT TYPE TOTAL INVESTMENT SPENDING NEW DEVELOPMENT RE-DEVELOPMENT ASSET ACQUISITION MORTGAGE NOTES OR NOTES RECEIVABLE INVESTMENT IN JOINT VENTURES
Eat & Play $ 14,806  $ 14,180  $ 626  $ —  $ —  $ — 
Attractions 14,281  —  —  14,281  —  — 
Experiential Lodging 740  —  —  —  —  740 
Fitness & Wellness 7,850  —  7,552  —  298  — 
Total Experiential 37,677  14,180  8,178  14,281  298  740 
Total Investment Spending $ 37,677  $ 14,180  $ 8,178  $ 14,281  $ 298  $ 740 
2025 DISPOSITIONS
THREE MONTHS ENDED MARCH 31, 2025
INVESTMENT TYPE TOTAL DISPOSITIONS NET PROCEEDS FROM SALE OF REAL ESTATE NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES
Theatres $ 31,924  $ 31,924  $ — 
Total Experiential 31,924  31,924  — 
Total Education 47,009  38,887  8,122 
Total Education 47,009  38,887  8,122 
Total Dispositions $ 78,933  $ 70,811  $ 8,122 
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Q1 2025 Supplemental
Page 18

PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT MARCH 31, 2025 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)
MARCH 31, 2025 OWNED BUILD-TO-SUIT SPENDING ESTIMATES
PROPERTY UNDER DEVELOPMENT # OF PROJECTS 2ND QUARTER 2025 3RD QUARTER 2025 4TH QUARTER 2025 1ST QUARTER 2026 THEREAFTER TOTAL EXPECTED COSTS (2) % LEASED
Total Build-to-Suit (3) $ 115,637  5 $ 40,793  $ 12,615  $ 8,752  $ 1,462  $ 5,878  $ 185,137  100  %
Non Build-to-Suit Development 2,627 
Total Property Under Development $ 118,264 
MARCH 31, 2025 OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
# OF PROJECTS 2ND QUARTER 2025 3RD QUARTER 2025 4TH QUARTER 2025 1ST QUARTER 2026 THEREAFTER TOTAL IN-SERVICE (2) ACTUAL IN-SERVICE 1ST QUARTER 2025
Total Build-to-Suit 5 $ 74,579  $ 72,493  $ —  $ 38,065  $ —  $ 185,137  $ — 
MARCH 31, 2025 MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
MORTGAGE NOTES RECEIVABLE # OF PROJECTS 2ND QUARTER 2025 3RD QUARTER 2025 4TH QUARTER 2025 1ST QUARTER 2026 THEREAFTER TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes $ 156,980  2 $ 1,880  $ —  $ —  $ 45,500  $ —  $ 204,360 
Non Build-to-Suit Mortgage Notes 502,024 
Total Mortgage Notes Receivable $ 659,004 
(1) This schedule includes only those properties for which the Company has commenced construction as of March 31, 2025.
(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. The Company's investment spending for these joint ventures is estimated at $0.8 million for the remainder 2025.
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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Q1 2025 Supplemental
Page 19

PORTFOLIO DETAIL AS OF MARCH 31, 2025
(UNAUDITED)
PROPERTY TYPE PROPERTIES OPERATORS ANNUALIZED ADJUSTED EBITDAre (1) STRATEGIC FOCUS
Theatres (2) (4) 154 17 38  % Reduce
Eat & Play 58 9 (3) 24  % Grow
Attractions 25 8 12  % Grow
Ski 11 3 7  % Grow
Experiential Lodging (5) 4 3 2  % Grow
Fitness & Wellness 22 9 8  % Grow
Gaming 1 1 2  % Grow
Cultural 1 1 1  % Grow
EXPERIENTIAL PORTFOLIO 276 51 94  %
Early Childhood Education 46 4 4  % Reduce
Private schools 9 1 2  % Reduce
EDUCATION PORTFOLIO 55 5 6  %
TOTAL PORTFOLIO 331 56 100  %
(1) See pages 24 through 26 for definitions.
(2) Excludes seven theatres located in Entertainment Districts (included in Eat & Play).
(3) Excludes non-theatre operators at Entertainment districts.
(4) Includes three vacant properties that the Company intends to sell.
(5) Excludes two experiential lodging properties held in unconsolidated joint ventures that the Company is working in good faith with the Company's joint venture partners, the non-recourse debt provider and insurance companies to identify a path forward in which the Company expects will result in the eventual removal of both experiential properties from the Company's portfolio.
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Q1 2025 Supplemental
Page 20

LEASE EXPIRATIONS
AS OF MARCH 31, 2025
(UNAUDITED, DOLLARS IN THOUSANDS)
YEAR TOTAL NUMBER OF PROPERTIES
RENTAL REVENUE FOR THE TWELVE MONTHS ENDED MARCH 31, 2025 (1)
 % OF TOTAL REVENUE
2025 1  $ 653  —  %
2026 2  2,360  —  %
2027 4  20,753  3  %
2028 9  14,922  2  %
2029 15  23,568  3  %
2030 19  32,780  5  %
2031 3  5,025  1  %
2032 8  12,236  2  %
2033 7  10,500  2  %
2034 36  66,504  9  %
2035 29  75,555  11  %
2036 40  73,331  10  %
2037 27  61,437  9  %
2038 41  64,628  9  %
2039 2  4,867  1  %
2040 3  9,659  1  %
2041 30  18,608  3  %
2042 4  17,423  2  %
2043 7  20,649  3  %
2044 1  3,071  —  %
Thereafter 3  11,456  2  %
291  $ 549,985  78  %
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 March 31, 2025 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 March 31, 2025 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).
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Q1 2025 Supplemental
Page 21

TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED)
PERCENTAGE OF TOTAL REVENUE
FOR THE THREE MONTHS ENDED
CUSTOMERS MARCH 31, 2025
1. Topgolf 14.4%
2. AMC Entertainment Holdings, Inc. 13.6%
3. Regal Entertainment Group 10.7%
4. Cinemark 6.0%
5. Vail Resorts 5.1%
6. Premier Parks 3.7%
7. Camelback Resort 3.2%
8. Six Flags Entertainment Corporation 2.5%
9. Resorts World 2.5%
10. Santikos Theaters, LLC 2.5%
Total 64.2%
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Q1 2025 Supplemental
Page 22

GUIDANCE
(UNAUDITED, DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)
MEASURE 2025 GUIDANCE
YTD ACTUALS CURRENT PRIOR
Investment spending $37.7 $200.0 to $300.0 $200.0 to $300.0
Disposition proceeds and mortgage note payoff $78.9 $80.0 to $120.0 $25.0 to $75.0
Percentage rent and participating interest $5.1 $21.5 to $25.5 $18.0 to $22.0
General and administrative expense $14.0 $53.0 to $56.0 $52.0 to $55.0
Other income (1) $11.6 $42.0 to $52.0 $42.0 to $52.0
Other expense (1) $12.6 $42.0 to $52.0 $42.0 to $52.0
FFO per diluted share $1.20 $5.01 to $5.17 $4.95 to $5.15
FFOAA per diluted share $1.19 $5.00 to $5.16 $4.94 to $5.14
RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE): YTD ACTUALS 2025 GUIDANCE
Net income available to common shareholders of EPR Properties $0.78 $2.98 to $3.14
Gain on sale of real estate (0.12) (0.12)
Real estate depreciation and amortization 0.54 2.16
Allocated share of joint venture depreciation 0.01 0.05
Impact of Series C and Series E Dilution, if applicable (0.01) (0.06)
FFO available to common shareholders of EPR Properties $1.20 $5.01 to $5.17
Transaction costs 0.01 0.02
Provision (benefit) for credit losses, net (0.01) (0.01)
Deferred income tax benefit (0.01) (0.02)
FFO as adjusted (FFOAA) available to common shareholders of EPR Properties $1.19 $5.00 to $5.16
(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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Q1 2025 Supplemental
Page 23

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 by 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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Q1 2025 Supplemental
Page 24

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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Q1 2025 Supplemental
Page 25

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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Q1 2025 Supplemental
Page 26






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Appendix to Supplemental Operating and Financial Data
Reconciliation of Certain Non-GAAP Financial Measures
First Quarter Ended March 31, 2025

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Q1 2025 Supplemental
Page 27

CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1): 1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023
Net income (loss) $ 65,803  $ (8,395) $ 46,650  $ 45,102  $ 62,709  $ 45,529 
Impairment charges —  39,952  —  11,812  —  2,694 
Impairment charges on joint ventures —  16,087  12,130  —  —  — 
Retirement and severance expense —  —  —  —  1,836  — 
Transaction costs 567  423  175  199  1  401 
Provision (benefit) for credit losses, net (652) 9,876  (770) 404  2,737  1,285 
Interest expense, gross 34,784  34,991  34,402  33,784  33,592  33,583 
Depreciation and amortization 41,089  40,995  42,795  41,474  40,469  40,692 
Share-based compensation expense
to management and trustees 3,867  3,572  3,264  3,538  3,692  4,359 
Costs associated with loan refinancing or payoff —  —  337  —  —  — 
Interest cost capitalized (1,435) (1,161) (878) (471) (958) (1,080)
Straight-line rental revenue (3,397) (3,992) (4,414) (5,251) (3,670) (2,930)
(Gain) loss on sale of real estate (9,384) (112) 3,419  (1,459) (17,949) 3,612 
Deferred income tax benefit (530) (285) (728) (249) (277) (86)
Interest coverage amount $ 130,712  $ 131,951  $ 136,382  $ 128,883  $ 122,182  $ 128,059 
Interest expense, net $ 33,021  $ 33,472  $ 32,867  $ 32,820  $ 31,651  $ 30,337 
Interest income 328  358  657  493  983  2,166 
Interest cost capitalized 1,435  1,161  878  471  958  1,080 
Interest expense, gross $ 34,784  $ 34,991  $ 34,402  $ 33,784  $ 33,592  $ 33,583 
Interest coverage ratio 3.8  3.8  4.0  3.8  3.6  3.8 
FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount $ 130,712  $ 131,951  $ 136,382  $ 128,883  $ 122,182  $ 128,059 
Interest expense, gross $ 34,784  $ 34,991  $ 34,402  $ 33,784  $ 33,592  $ 33,583 
Preferred share dividends 6,032  6,040  6,032  6,040  6,032  6,040 
Fixed charges $ 40,816  $ 41,031  $ 40,434  $ 39,824  $ 39,624  $ 39,623 
Fixed charge coverage ratio 3.2  3.2  3.4  3.2  3.1  3.2 
DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount $ 130,712  $ 131,951  $ 136,382  $ 128,883  $ 122,182  $ 128,059 
Interest expense, gross $ 34,784  $ 34,991  $ 34,402  $ 33,784  $ 33,592  $ 33,583 
Recurring principal payments —  —  —  —  —  — 
Debt service $ 34,784  $ 34,991  $ 34,402  $ 33,784  $ 33,592  $ 33,583 
Debt service coverage ratio 3.8  3.8  4.0  3.8  3.6  3.8 
(1) See pages 24 through 26 for definitions.
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Q1 2025 Supplemental
Page 28

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 28 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:
1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023
Net cash provided by operating activities $ 99,369  $ 92,938  $ 122,001  $ 78,655  $ 99,543  $ 77,002 
Equity in loss from joint ventures (2,647) (3,425) (851) (906) (3,627) (4,701)
Distributions from joint ventures (11) —  —  —  —  — 
Amortization of deferred financing costs (2,206) (2,187) (2,211) (2,234) (2,212) (2,188)
Amortization of above and below market leases and tenant allowances, net 81  81  84  84  84  79 
Changes in assets and liabilities:
Operating lease assets and liabilities 293  324  373  315  287  279 
Mortgage notes accrued interest receivable 1,687  (549) 485  817  1,418  734 
Accounts receivable 3,862  5,902  4,209  6,101  5,819  8,780 
Other assets 1,507  759  677  2,621  3,878  (1,850)
Accounts payable and accrued liabilities (3,759) 81  (18,882) 13,053  (6,202) 5,773 
Unearned rents and interest 2,017  7,766  1,212  2,116  (6,009) 14,177 
Straight-line rental revenue (3,397) (3,992) (4,414) (5,251) (3,670) (2,930)
Interest expense, gross 34,784  34,991  34,402  33,784  33,592  33,583 
Interest cost capitalized (1,435) (1,161) (878) (471) (958) (1,080)
Transaction costs 567  423  175  199  1  401 
Retirement and severance expense (cash portion) —  —  —  —  238  — 
Interest coverage amount (1) $ 130,712  $ 131,951  $ 136,382  $ 128,883  $ 122,182  $ 128,059 
Net cash provided (used) by investing activities $ 42,397  $ (30,710) $ (73,160) $ (33,931) $ (38,551) $ (104,015)
Net cash used by financing activities $ (150,490) $ (64,468) $ (47,295) $ (70,372) $ (79,484) $ (67,968)
(1) See pages 24 through 26 for definitions.
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Q1 2025 Supplemental
Page 29

RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (1): 1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024 1ST QUARTER 2024 4TH QUARTER 2023
Net income (loss) $ 65,803  $ (8,395) $ 46,650  $ 45,102  $ 62,709  $ 45,529 
Interest expense, net 33,021  33,472  32,867  32,820  31,651  30,337 
Income tax expense 136  653  (124) 557  347  667 
Depreciation and amortization 41,089  40,995  42,795  41,474  40,469  40,692 
(Gain) loss on sale of real estate (9,384) (112) 3,419  (1,459) (17,949) 3,612 
Impairment of real estate investments —  39,952  —  11,812  —  2,694 
Costs associated with loan refinancing or payoff —  —  337  —  —  — 
Allocated share of joint venture depreciation 1,036  1,965  2,581  2,457  2,416  2,344 
Allocated share of joint venture interest expense 375  589  2,587  2,310  2,131  1,879 
Impairment charges on joint ventures —  16,087  12,130  —  —  — 
EBITDAre $ 132,076  $ 125,206  $ 143,242  $ 135,073  $ 121,774  $ 127,754 
Retirement and severance expense —  —  —  —  1,836  — 
Transaction costs 567  423  175  199  1  401 
Provision (benefit) for credit losses, net (652) 9,876  (770) 404  2,737  1,285 
Adjusted EBITDAre (for the quarter) $ 131,991  $ 135,505  $ 142,647  $ 135,676  $ 126,348  $ 129,440 
Adjusted EBITDAre (2) $ 527,964  $ 542,020  $ 570,588  $ 542,704  $ 505,392  $ 517,760 
ANNUALIZED ADJUSTED EBITDAre (1):
Adjusted EBITDAre (for the quarter) $ 131,991  $ 135,505  $ 142,647  $ 135,676  $ 126,348  $ 129,440 
In-service and disposition adjustments (3) (500) 448  708  141  2,079  1,263 
Managed and JV property adjustments (4) 2,420  1,711  (5,392) (881) 2,832  4,405 
Property under development adjustments (5) 2,336  2,258  1,472  1,118  646  2,610 
Percentage rent/participation adjustments (6) 40  70  (2,193) 1,527  1,660  (3,154)
Deferral and stub rent collections not previously recognized (7) —  —  —  —  (565) (648)
Non-recurring adjustments (8) 1,313  (643) (187) (1,305) 798  (3,044)
Annualized Adjusted EBITDAre (for the quarter) $ 137,600  $ 139,349  $ 137,055  $ 136,276  $ 133,798  $ 130,872 
Annualized Adjusted EBITDAre (9) $ 550,400  $ 557,396  $ 548,220  $ 545,104  $ 535,192  $ 523,488 
See footnotes on the following page.
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Q1 2025 Supplemental
Page 30

(1) See pages 24 through 26 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 percentage 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. 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 quarterly amount to the mid-point of the guidance amount shown on page 23, less non-recurring adjustments, 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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Q1 2025 Supplemental
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