EPRプロパティーズの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 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 July 30, 2025, EPR Properties (the "Company") announced its results of operations and financial condition for the second quarter and six months ended June 30, 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 28, 2025, Gregory E. Zimmerman notified the Company of his intention to retire from his position as Executive Vice President and Chief Investment Officer in the first quarter of calendar year 2026. Ben Fox, who the Company previously hired and will join the Company as an Executive Vice President in August 2025, is expected to succeed Mr. Zimmerman as Chief Investment Officer upon Mr. Zimmerman’s retirement from such position. Mr. Zimmerman’s decision to retire is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.

Item 7.01 Regulation FD Disclosure.

In addition, on July 30, 2025, the Company made available on its website an investor slide presentation and supplemental operating and financial data for the second quarter and six months ended June 30, 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

99.1						Press Release dated July 30, 2025 issued by EPR Properties announcing its results of operations and financial condition for the second quarter and six months ended June 30, 2025.

99.2						Investor slide presentation for the second quarter and six months ended June 30, 2025, made available by EPR Properties on July 30, 2025.

99.3						Supplemental Operating and Financial Data for the second quarter and six months ended June 30, 2025, made available by EPR Properties on July 30, 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: July 30, 2025

EX-99.1 2 ex991-eprx6302025earningsr.htm PRESS RELEASE Document

Exhibit 99.1

EPR Properties Reports Second Quarter 2025 Results

Kansas City, MO, July 30, 2025 -- EPR Properties (NYSE:EPR) today announced operating results for the second quarter ended June 30, 2025 (dollars in thousands, except per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2025		2024		% Change		2025		2024		% Change
Total revenue	$	178,068	$	173,095	2.9	%	$	353,101	$	340,327	3.8	%
Net income available to common shareholders	69,603		39,062		78.2	%	129,374		95,739		35.1	%
Net income available to common shareholders per diluted common share	0.91		0.51		78.4	%	1.69		1.26		34.1	%


Funds From Operations as adjusted (FFOAA)(1)	97,321		93,515		4.1	%	189,061		179,238		5.5	%
FFOAA per diluted common share (1)	1.26		1.22		3.3	%	2.45		2.34		4.7	%
Adjusted Funds From Operations (AFFO)(1)	95,834		92,286		3.8	%	188,780		177,961		6.1	%
AFFO per diluted common share (1)	1.24		1.20		3.3	%	2.44		2.33		4.7	%


(1) A non-GAAP financial measure

Second Quarter Company Headlines

•Executes on Investment Pipeline - During the second quarter of 2025, the Company's investment spending totaled $48.6 million, bringing year-to-date investment spending to $86.3 million. Additionally, the Company has committed approximately $109.0 million for experiential development and redevelopment projects, which is expected to be funded over the next 18 months, and has a strong pipeline of potential new investments.

•Capital Recycling - The Company is outpacing its capital recycling plan and is raising its disposition proceeds guidance as discussed below. During the second quarter of 2025, the Company sold three theatre properties for total disposition proceeds of $35.6 million and recognized a net gain on sale of $16.8 million. Subsequent to quarter-end, the Company sold an additional vacant theatre property for net proceeds of approximately $16.0 million and expects to recognize a gain on this sale of approximately $3.0 million during the third quarter ending September 30, 2025.

•Strong Liquidity Position - As of June 30, 2025, the Company had cash on hand of $13.0 million and $405.0 million outstanding on its $1.0 billion unsecured revolving credit facility. During the quarter, 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 the next 12 months.

•Updates 2025 Guidance - The Company is confirming FFOAA per diluted common share guidance for 2025 of $5.00 to $5.16, 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 for 2025 to a range of $130.0 million to $145.0 million from a range of $80.0 million to $120.0 million.

"Our second quarter results demonstrate continued momentum in our business, with solid earnings growth while maintaining our disciplined approach to capital allocation," stated Company Chairman and CEO Greg Silvers.

"We are pleased with our ongoing capital recycling progress, where we are ahead of our expectations as we further position our portfolio with productive and diversified experiential assets. While our investment spending has been measured in the first half of the year, we have a robust pipeline of opportunities, including more than $100 million committed to experiential development and redevelopment projects in the coming quarters. With our healthy balance sheet and strong performing portfolio, we are well-equipped to pursue our growth objectives while maintaining our focus on creating long-term shareholder value."

Investment Update

The Company's investment spending during the three months ended June 30, 2025 totaled $48.6 million, bringing the total investment spending for the six months ended June 30, 2025 to $86.3 million. Investment spending for the quarter included the acquisition of land for $1.2 million and mortgage financing of $5.9 million secured by the improvements of a fitness and wellness property in Georgia and the acquisition of land for $1.6 million for a new build-to-suit eat & play property in Virginia, which has a total expected cost of approximately $19.0 million at completion in 2026. The remaining investment spending for the quarter was primarily related to experiential build-to-suit development and redevelopment projects.

As of June 30, 2025, the Company has committed approximately $109.0 million in additional spending for experiential development and redevelopment projects, which is expected to be funded over the next 18 months.

Capital Recycling

During the second quarter of 2025, the Company sold one vacant theatre property and two leased theatre properties for net proceeds totaling $35.6 million and recognized a net gain of $16.8 million. Disposition proceeds totaled $114.5 million for the six months ended June 30, 2025. Subsequent to quarter-end, the Company sold an additional vacant theatre property for net proceeds of approximately $16.0 million and expects to recognize a gain on this sale of approximately $3.0 million during the third quarter ending September 30, 2025. Accordingly, the Company is raising its 2025 guidance for disposition proceeds to $130.0 million to $145.0 million from $80.0 million to $120.0 million.

Strong Liquidity Position

The Company remains focused on maintaining strong liquidity and financial flexibility. At June 30, 2025, the Company had $13.0 million of cash on hand and $405.0 million outstanding on its $1.0 billion unsecured revolving credit facility.

Upon maturity, on April 1, 2025, the Company fully repaid $300.0 million of senior unsecured notes using borrowings under its credit facility.

Portfolio Update

The Company's total assets were $5.6 billion (after accumulated depreciation of approximately $1.6 billion) and total investments (a non-GAAP financial measure) were $6.9 billion at June 30, 2025, with Experiential investments totaling $6.5 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 June 30, 2025:

•151 theatre properties;

•58 eat & play properties (including seven theatres located in entertainment districts);

•25 attraction properties;

•11 ski properties;

•four experiential lodging properties;

•23 fitness & wellness properties;

•one gaming property; and

•one cultural property.

As of June 30, 2025, the Company's wholly-owned Experiential portfolio consisted of approximately 18.5 million square feet, which includes 0.2 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 $84.2 million in property under development and $20.2 million in undeveloped land inventory.

The Company's Education portfolio consisted of the following property types (owned or financed) at June 30, 2025:

•46 early childhood education center properties; and

•nine private school properties.

As of June 30, 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 0.2 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 dividends during the second quarter of 2025 totaling $0.885 per share, which represents an annualized dividend of $3.54 per common share, an increase of 3.5% over the prior year's 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 July 15, 2025 to shareholders of record as of June 30, 2025.

Chief Investment Officer Transition

Gregory E. Zimmerman recently notified the Company of his intention to retire from his position as Executive Vice President and Chief Investment Officer in the first quarter of calendar year 2026. The Company has hired Ben Fox, who will be joining the Company in August 2025, as an Executive Vice President and is expected to succeed Mr. Zimmerman as Chief Investment Officer upon Mr. Zimmerman’s retirement from such position. Mr. Fox previously served as Managing Director in the Net Lease Division of Ares Management Corporation (“Ares”), a global alternative investment manager operating in the credit, private equity and real estate markets. Prior to Ares, Mr. Fox served as Executive Vice President, Asset Management and Operations at Realty Income, where he oversaw and managed approximately 7,000 properties across the U.S. and U.K.

Commenting on the transition, the Company’s Chairman and CEO Greg Silvers stated, “Greg has made significant contributions to the Company and while I know that he is excited to begin this next phase of his life, I likewise know that he is committed to our success and ensuring continuity in the business.”

“In addition, we are excited to welcome Ben Fox to EPR Properties. Ben has over 18 years of real estate experience and his extensive expertise in the net lease REIT business makes him an excellent fit. We are confident that Ben’s insights and forward-thinking approach will be invaluable as we continue to grow and evolve.”

2025 Guidance

(Dollars in millions, except per share data):




	Current					Prior
Net income available to common shareholders per diluted common share	$	3.20	to	$	3.36	$	2.98	to	$	3.14
FFOAA per diluted common share	$	5.00	to	$	5.16	$	5.00	to	$	5.16
Investment spending	$	200.0	to	$	300.0	$	200.0	to	$	300.0
Disposition proceeds	$	130.0	to	$	145.0	$	80.0	to	$	120.0

The Company is confirming its 2025 earnings guidance for FFOAA per diluted common share of $5.00 to $5.16, 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 $4.97 to $5.13 adjusted for retirement and severance expense, 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 $3.20 to $3.36 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 $0.38 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 July 31, 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 second quarter and six months ended June 30, 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Rental revenue	$	150,351	$	145,093	$	296,710	$	287,374
Other income	12,218		14,418		23,854		26,455
Mortgage and other financing income	15,499		13,584		32,537		26,498
Total revenue	178,068		173,095		353,101		340,327
Property operating expense	14,661		14,427		29,832		29,347
Other expense	11,959		14,833		24,570		27,809
General and administrative expense	13,230		12,020		27,254		25,928
Retirement and severance expense	—		—		—		1,836

Transaction costs	669		199		1,236		200
Provision (benefit) for credit losses, net	997		404		345		3,141
Impairment charges	—		11,812		—		11,812
Depreciation and amortization	42,080		41,474		83,169		81,943
Total operating expenses	83,596		95,169		166,406		182,016
Gain on sale of real estate	16,779		1,459		26,163		19,408

Income from operations	111,251		79,385		212,858		177,719


Interest expense, net	33,246		32,820		66,267		64,471
Equity in loss from joint ventures	1,681		906		4,328		4,533

Income before income taxes	76,324		45,659		142,263		108,715
Income tax expense	681		557		817		904
Net income	$	75,643	$	45,102	$	141,446	$	107,811










Preferred dividend requirements	6,040		6,040		12,072		12,072

Net income available to common shareholders of EPR Properties	$	69,603	$	39,062	$	129,374	$	95,739
Net income available to common shareholders of EPR Properties per share:


Basic	$	0.91	$	0.52	$	1.70	$	1.27



Diluted	$	0.91	$	0.51	$	1.69	$	1.26
Shares used for computation (in thousands):
Basic	76,083		75,689		75,944		75,543
Diluted	76,571		76,022		76,404		75,861

EPR Properties

Condensed Consolidated Balance Sheets

(Unaudited, dollars in thousands)



	June 30, 2025		December 31, 2024
Assets
Real estate investments, net of accumulated depreciation of $1,641,916 and $1,562,645 at June 30, 2025 and December 31, 2024, respectively	$	4,402,379	$	4,435,358
Land held for development	20,168		20,168
Property under development	84,195		112,263
Operating lease right-of-use assets	177,919		173,364
Mortgage notes and related accrued interest receivable, net of allowance for credit losses of $7,149 and $17,111 at June 30, 2025 and December 31, 2024, respectively	666,154		665,796

Investment in joint ventures	9,680		14,019
Cash and cash equivalents	12,955		22,062
Restricted cash	15,765		13,637

Accounts receivable	94,514		84,589

Other assets	77,151		75,251
Total assets	$	5,560,880	$	5,616,507
Liabilities and Equity
Accounts payable and accrued liabilities	$	101,543	$	107,976
Operating lease liabilities	216,411		212,400
Dividends payable	28,486		31,863
Unearned rents and interest	90,379		80,565
Debt	2,792,970		2,860,458
Total liabilities	3,229,789		3,293,262


Total equity	$	2,331,091	$	2,323,245
Total liabilities and equity	$	5,560,880	$	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 and six months ended June 30, 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
FFO:
Net income available to common shareholders of EPR Properties	$	69,603	$	39,062	$	129,374	$	95,739
Gain on sale of real estate	(16,779)		(1,459)		(26,163)		(19,408)

Impairment of real estate investments	—		11,812		—		11,812
Real estate depreciation and amortization	41,939		41,289		82,871		81,571
Allocated share of joint venture depreciation	985		2,457		2,021		4,873

FFO available to common shareholders of EPR Properties	$	95,748	$	93,161	$	188,103	$	174,587

FFO available to common shareholders of EPR Properties	$	95,748	$	93,161	$	188,103	$	174,587
Add: Preferred dividends for Series C preferred shares	1,938		1,938		3,876		3,876
Add: Preferred dividends for Series E preferred shares	1,938		1,938		3,876		3,876
Diluted FFO available to common shareholders of EPR Properties	$	99,624	$	97,037	$	195,855	$	182,339

FFOAA:
FFO available to common shareholders of EPR Properties	$	95,748	$	93,161	$	188,103	$	174,587
Retirement and severance expense	—		—		—		1,836
Transaction costs	669		199		1,236		200



Provision (benefit) for credit losses, net	997		404		345		3,141





Deferred income tax benefit	(93)		(249)		(623)		(526)
FFOAA available to common shareholders of EPR Properties	$	97,321	$	93,515	$	189,061	$	179,238

FFOAA available to common shareholders of EPR Properties	$	97,321	$	93,515	$	189,061	$	179,238
Add: Preferred dividends for Series C preferred shares	1,938		1,938		3,876		3,876
Add: Preferred dividends for Series E preferred shares	1,938		1,938		3,876		3,876
Diluted FFOAA available to common shareholders of EPR Properties	$	101,197	$	97,391	$	196,813	$	186,990


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
AFFO:
FFOAA available to common shareholders of EPR Properties	$	97,321	$	93,515	$	189,061	$	179,238
Non-real estate depreciation and amortization	141		185		298		372
Deferred financing fees amortization	2,102		2,234		4,308		4,446
Share-based compensation expense to management and trustees	3,912		3,538		7,779		7,230
Amortization of above and below market leases, net and tenant allowances	(81)		(84)		(162)		(168)
Maintenance capital expenditures (1)	(1,858)		(1,321)		(3,109)		(2,876)
Straight-lined rental revenue	(5,137)		(5,251)		(8,534)		(8,921)
Straight-lined ground sublease expense	—		25		2		57
Non-cash portion of mortgage and other financing income	(566)		(555)		(863)		(1,417)

AFFO available to common shareholders of EPR Properties	$	95,834	$	92,286	$	188,780	$	177,961

AFFO available to common shareholders of EPR Properties	$	95,834	$	92,286	$	188,780	$	177,961
Add: Preferred dividends for Series C preferred shares	1,938		1,938		3,876		3,876
Add: Preferred dividends for Series E preferred shares	1,938		1,938		3,876		3,876
Diluted AFFO available to common shareholders of EPR Properties	$	99,710	$	96,162	$	196,532	$	185,713

FFO per common share:
Basic	$	1.26	$	1.23	$	2.48	$	2.31
Diluted	1.24		1.21		2.44		2.28
FFOAA per common share:
Basic	$	1.28	$	1.24	$	2.49	$	2.37
Diluted	1.26		1.22		2.45		2.34
AFFO per common share:
Basic	$	1.26	$	1.22	$	2.49	$	2.36
Diluted	1.24		1.20		2.44		2.33
Shares used for computation (in thousands):
Basic	76,083		75,689		75,944		75,543
Diluted	76,571		76,022		76,404		75,861

Weighted average shares outstanding-diluted EPS	76,571		76,022		76,404		75,861
Effect of dilutive Series C preferred shares	2,344		2,310		2,340		2,306

Effect of dilutive Series E preferred shares	1,667		1,664		1,666		1,663
Adjusted weighted average shares outstanding-diluted Series C and Series E	80,582		79,996		80,410		79,830
Other financial information:

Dividends per common share	$	0.885	$	0.855	$	1.750	$	1.690

(1) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.

The conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares would be dilutive to FFO, FFOAA and AFFO per share for the three and six months ended June 30, 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

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

Net Debt to Adjusted EBITDAre Ratio

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

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


	June 30,
	2025			2024
Net Debt:
Debt	$	2,792,970		$	2,819,029
Deferred financing costs, net	16,622			22,200
Cash and cash equivalents	(12,955)			(33,731)
Net Debt	$	2,796,637		$	2,807,498

Gross Assets:
Total Assets	$	5,560,880		$	5,645,367
Accumulated depreciation	1,641,916			1,504,427
Cash and cash equivalents	(12,955)			(33,731)
Gross Assets	$	7,189,841		$	7,116,063

Debt to Total Assets Ratio	50		%	50		%
Net Debt to Gross Assets Ratio	39		%	39		%

	Three Months Ended June 30,
	2025			2024
EBITDAre and Adjusted EBITDAre:
Net income	$	75,643		$	45,102
Interest expense, net	33,246			32,820
Income tax expense	681			557
Depreciation and amortization	42,080			41,474
Gain on sale of real estate	(16,779)			(1,459)
Impairment of real estate investments	—			11,812





Allocated share of joint venture depreciation	985			2,457
Allocated share of joint venture interest expense	430			2,310

EBITDAre	$	136,286		$	135,073






Transaction costs	669			199
Provision (benefit) for credit losses, net	997			404




Adjusted EBITDAre (for the quarter)	$	137,952		$	135,676

Adjusted EBITDAre (annualized) (1)	$	551,808		$	542,704

Net Debt/Adjusted EBITDAre Ratio	5.1			5.2

































(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 June 30, 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):


	June 30, 2025		December 31, 2024

Total assets	$	5,560,880	$	5,616,507
Operating lease right-of-use assets	(177,919)		(173,364)
Cash and cash equivalents	(12,955)		(22,062)
Restricted cash	(15,765)		(13,637)
Accounts receivable	(94,514)		(84,589)
Add: accumulated depreciation on real estate investments	1,641,916		1,562,645
Add: accumulated amortization on intangible assets (1)	30,456		31,876
Prepaid expenses and other current assets (1)	(41,300)		(39,464)
Total investments	$	6,890,799	$	6,877,912

Total Investments:
Real estate investments, net of accumulated depreciation	$	4,402,379	$	4,435,358
Add back accumulated depreciation on real estate investments	1,641,916		1,562,645
Land held for development	20,168		20,168
Property under development	84,195		112,263
Mortgage notes and related accrued interest receivable, net	666,154		665,796

Investment in joint ventures	9,680		14,019
Intangible assets, gross (1)	63,239		64,317
Notes receivable and related accrued interest receivable, net (1)	3,068		3,346
Total investments	$	6,890,799	$	6,877,912

(1) Included in other assets in the accompanying consolidated balance sheet. Other assets include the following:

	June 30, 2025		December 31, 2024
Intangible assets, gross	$	63,239	$	64,317
Less: accumulated amortization on intangible assets	(30,456)		(31,876)
Notes receivable and related accrued interest receivable, net	3,068		3,346
Prepaid expenses and other current assets	41,300		39,464
Total other assets	$	77,151	$	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 $5.6 billion (after accumulated depreciation of approximately $1.6 billion) across 43 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 q22025earningscallpresen.htm EARNINGS RELEASE PRESENTATION q22025earningscallpresen

EARNINGS CALL PRESENTATION Q2 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 QUARTERLY HIGHLIGHTS • Second Quarter Results – underscore sustained momentum • Improved Cost of Capital – positions us to accelerate future investment spending • Investment Pipeline – includes both existing and new partners, spanning a broad range of deal sizes; larger deals are a possibility • Strategic Capital Recycling – advancing ahead of our expectations • Consolidated Portfolio Coverage – up slightly to 2.1x • Box Office – continues to be source of meaningful optimism

PORTFOLIO

6 PORTFOLIO OVERVIEW Education Portfolio 55 Properties; 5 Operators Leased at 100% *See Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 for definition and calculation of this non-GAAP measure **Excluding vacant properties EPR intends to sell Experiential Portfolio 274 Properties; 52 Operators ~$6.5B (94%) Total Investments* Leased or Operated at 99%** Total Portfolio Snapshot ~$6.9B Total Investments* 329 Properties Leased or Operated at 99%** Q2 Investment Spending $48.6M Total Portfolio Coverage TTM June 2025 YE 2019 Total Portfolio Coverage 2.1x 1.9x

7*BoxOfficeMojo PORTFOLIO UPDATE Box Office Updates* North American Box Office Gross (NABOG) rebounding • Q2 box office was $2.7B (up 37% vs. 2024); 6 titles grossed over $175M • Q3 has 3 titles projected to surpass $200M • Q4 anchored by 3 films projected to gross over $200M: Zootopia 2, Wicked: For Good, and Avatar: Fire & Ash Confirming 2025 NABOG expectations – First half of 2025 box office was $4.1B, a 15% increase over 2024; confirming 2025 estimates of $9.3B to $9.7B o A Minecraft Movie at $424M o Lilo & Stitch at $419M o Sinners at $279M o How to Train Your Dragon at $254M o Jurassic World is over $286M o Superman is at $260M o Fantastic Four opened to $118M o Apple’s F1 at $160M is most successful Apple theatrical release

8 Eat & Play • Andretti OKC opened July 15 • Openings scheduled for Andretti KC in late 2025 and Schaumberg early 2026 • Portfolio coverage strong and above pre-Covid Attractions & Cultural – properties open for summer; major expansion at Bavarian Inn is driving performance Other Experiential Property and Operator Updates PORTFOLIO UPDATE Fitness & Wellness – all 3 of our hot springs resorts are ranked in Top 10 in the U.S. according to USA Today • Springs Resort in Pagosa Springs, CO ranked 1st • Murietta Hot Springs Resort in Murietta, CA ranked 3rd • Iron Mountain in Glenwood Springs, CO ranked 5th Experiential Lodging – Expansion at Jellystone Kozy Rest RV Resort complete; early season performance shows gains over Q2 2024 driven by increased number of rental units

9 INVESTMENT SPENDING Q2 Investment Spending was $48.6M bringing YTD to $86.3M 2025 Investment Spending Guidance $200M - $300M Acquired second Pinstack Eat & Play venue – in Northern VA for $1.6M with commitment to provide build-to-suit financing up to $19M First traditional golf investment – acquired land for $1.2M and provided $5.9M mortgage financing to Evergreen Partners for a private club in GA Increasing investment spending cadence with improved cost of capital • Continue to see high-quality opportunities for acquisition and build-to- suit in our target experiential categories • Especially bullish on fitness and wellness given our deep relationships

1 0 Properties Sold During the Quarter • Vacant former Regal theatre in CA to Costco for net proceeds of $24M • 2 theatre properties to smaller operator who leased both locations from us at a 9% cap rate • Total proceeds $35.6M, with a net gain of $16.8M Update on Vacant Properties • Subsequent to quarter end, sold our last vacant AMC theatre in Hamilton, NJ to Children’s Hospital of Philadelphia for net proceeds of ~$16M and a gain of ~$3M • In past 4 years, sold 31 theatres; 1 vacant remains 2025 Revised Disposition Proceeds Guidance $130M - $145M CAPITAL RECYCLING Continue to Execute Capital Recycling Strategy to Focus Our Portfolio on Diversified Experiential Assets

FINANCIAL REVIEW

1 2*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 June 30, 2025 2024 $ Change % Change Total Revenue $178.1 $173.1 $5.0 2.9% Net Income – Common 69.6 39.1 30.5 78.0% FFO as adj. – Common* 97.3 93.5 3.8 4.1% AFFO – Common* 95.8 92.3 3.5 3.8% Net Income/share – Common 0.91 0.51 0.40 78.4% FFO/share - Common, as adj.* 1.26 1.22 0.04 3.3% AFFO/share - Common* 1.24 1.20 0.04 3.3%

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 Six months ended June 30, 2025 2024 $ Change % Change Total Revenue $353.1 $340.3 $12.8 3.8% Net Income – Common 129.4 95.7 33.7 35.2% FFO as adj. – Common* 189.1 179.2 9.9 5.5% AFFO – Common* 188.8 178.0 10.8 6.1% Net Income/share – Common 1.69 1.26 0.43 34.1% FFO/share - Common, as adj.* 2.45 2.34 0.11 4.7% AFFO/share - Common* 2.44 2.33 0.11 4.7%

1 4 Key Ratios* Quarter ended June 30, 2025 Fixed charge coverage 3.3x Debt service coverage 3.9x Interest coverage 3.9x Net Debt to Adjusted EBITDAre 5.1x Net Debt to Annualized Adjusted EBITDAre 5.0x 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; $2.4B fixed rate or fixed through interest rate swaps at overall weighted avg. = 4.3% • 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 next 12 months Liquidity Position at 6/30/2025 • $13.0M unrestricted cash • $405.0M outstanding on $1B revolver

1 6 FFO AS ADJUSTED PER SHARE* Guidance (no change) $5.00 - $5.16 INVESTMENT SPENDING Guidance (no change) $200M - $300M DISPOSITION PROCEEDS Revised Guidance $130M - $145M Prior Guidance $80M - $120M *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 (no change) $42.0M - $52.0M OTHER EXPENSE Guidance (no change) $42.0M - $52.0M PERCENTAGE RENT & PARTICIPATING INTEREST Guidance (no change) $21.5M - $25.5M GENERAL & ADMINISTRATIVE EXPENSE Guidance (no change) $53.0M - $56.0M 2025 GUIDANCE, CONTINUED

CLOSING COMMENTS

EX-99.3 4 ex993-eprx6302025supplemen.htm SUPPLEMENTAL OPERATING AND FINANCIAL DATA Document

Exhibit 99.3


TABLE OF CONTENTS

SECTION																								PAGE

Company Profile																								4
Investor Information																								5
Selected Financial Information																								6
Selected Balance Sheet Information																								7
Selected Operating Data																								8
Funds From Operations and Funds From Operations as Adjusted																								9
Adjusted Funds From Operations																								10
Capital Structure																								11
Summary of Ratios																								16
Summary of Mortgage Notes Receivable																								17

Investment Spending and Disposition Summaries																								18
Property Under Development - Investment Spending Estimates																								19
Portfolio Detail																								20

Lease Expirations																								21
Top Ten Customers by Total Revenue																								22

Guidance																								23
Definitions-Non-GAAP Financial Measures																								24
Appendix-Reconciliation of Certain Non-GAAP Financial Measures																								27



			Q2 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.

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.



			Q2 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.

						As part of our strategic planning and portfolio management process we assess new opportunities against the following underwriting principles:

BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO



			Q2 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.



			Q2 2025 Supplemental			Page 5


SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
	THREE MONTHS ENDED JUNE 30,						SIX MONTHS ENDED JUNE 30,
OPERATING INFORMATION:	2025			2024			2025		2024
Revenue	$	178,068		$	173,095		$	353,101	$	340,327
Net income available to common shareholders of EPR Properties	69,603			39,062			129,374		95,739
EBITDAre (1)	136,286			135,073			268,362		256,847
Adjusted EBITDAre (1)	137,952			135,676			269,943		262,024
Interest expense, net	33,246			32,820			66,267		64,471

Capitalized interest	961			471			2,396		1,429
Straight-lined rental revenue	5,137			5,251			8,534		8,921
Percentage rent and participating interest	4,594			1,973			9,679		3,873
Dividends declared on preferred shares	6,040			6,040			12,072		12,072
Dividends declared on common shares	67,335			64,726			133,088		127,872
General and administrative expense	13,230			12,020			27,254		25,928

	JUNE 30,
BALANCE SHEET INFORMATION:	2025			2024
Total assets	$	5,560,880		$	5,645,367
Accumulated depreciation	1,641,916			1,504,427
Cash and cash equivalents	12,955			33,731
Total assets before accumulated depreciation less cash and cash equivalents (gross assets)	7,189,841			7,116,063
Debt	2,792,970			2,819,029
Deferred financing costs, net	16,622			22,200
Net debt (1)	2,796,637			2,807,498
Equity	2,331,091			2,424.796
Common shares outstanding	76,115			75,719
Total market capitalization (using EOP closing price and liquidation values)(2)	7,602,049			6,357,165
Net debt/total market capitalization ratio (1)	37		%	44		%
Debt to total assets ratio	50		%	50		%
Net debt/gross assets ratio (1)	39		%	39		%

Net debt/Adjusted EBITDAre ratio (1) (3)	5.1			5.2
Net debt/Annualized adjusted EBITDAre ratio (1) (4)	5.0			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.



			Q2 2025 Supplemental			Page 6


SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)

ASSETS	2ND QUARTER 2025		1ST QUARTER 2025		4TH QUARTER 2024		3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024
Real estate investments	$	6,044,295	$	5,949,713	$	5,998,003	$	6,080,959	$	6,070,909	$	6,100,366
Less: accumulated depreciation	(1,641,916)		(1,595,820)		(1,562,645)		(1,546,509)		(1,504,427)		(1,470,507)
Land held for development	20,168		20,168		20,168		20,168		20,168		20,168
Property under development	84,195		118,264		112,263		76,913		59,092		36,138
Operating lease right-of-use assets	177,919		180,557		173,364		175,451		179,260		183,031
Mortgage notes and related accrued interest receivable, net	666,154		659,004		665,796		657,636		593,084		578,915

Investment in joint ventures	9,680		11,361		14,019		32,426		45,406		46,127
Cash and cash equivalents	12,955		20,572		22,062		35,328		33,731		59,476
Restricted cash	15,765		6,354		13,637		2,992		2,958		2,929
Accounts receivable	94,514		85,811		84,589		79,726		75,493		69,414
Other assets	77,151		76,565		75,251		74,072		69,693		67,979
Total assets	$	5,560,880	$	5,532,549	$	5,616,507	$	5,689,162	$	5,645,367	$	5,694,036
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	101,543	$	93,248	$	107,976	$	99,334	$	63,441	$	84,153
Operating lease liabilities	216,411		219,305		212,400		214,809		219,004		223,077
Common dividends payable	22,454		22,440		25,831		23,811		23,365		22,918
Preferred dividends payable	6,032		6,032		6,032		6,032		6,032		6,032
Unearned rents and interest	90,379		78,550		80,565		88,503		89,700		91,829
Line of credit	405,000		105,000		175,000		169,000		—		—
Deferred financing costs, net	(16,622)		(17,630)		(19,134)		(20,622)		(22,200)		(23,519)
Other debt	2,404,592		2,704,592		2,704,592		2,704,592		2,841,229		2,841,229
Total liabilities	3,229,789		3,211,537		3,293,262		3,285,459		3,220,571		3,245,719
Equity:
Common stock and additional paid-in-capital	3,968,520		3,964,272		3,951,364		3,947,470		3,943,925		3,940,077
Preferred stock at par value	148		148		148		148		148		148
Treasury stock	(295,258)		(295,258)		(285,413)		(285,413)		(285,413)		(285,413)
Accumulated other comprehensive (loss) income	(4)		(3,567)		(3,756)		(609)		(541)		1,119
Distributions in excess of net income	(1,342,315)		(1,344,583)		(1,339,098)		(1,257,893)		(1,233,323)		(1,207,614)


Total equity	2,331,091		2,321,012		2,323,245		2,403,703		2,424,796		2,448,317
Total liabilities and equity	$	5,560,880	$	5,532,549	$	5,616,507	$	5,689,162	$	5,645,367	$	5,694,036



			Q2 2025 Supplemental			Page 7


SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)

	2ND QUARTER 2025		1ST QUARTER 2025		4TH QUARTER 2024		3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024
Rental revenue	$	150,351	$	146,359	$	149,116	$	148,677	$	145,093	$	142,281
Other income (1)	12,218		11,636		13,197		17,419		14,418		12,037
Mortgage and other financing income	15,499		17,038		14,921		14,411		13,584		12,914
Total revenue	178,068		175,033		177,234		180,507		173,095		167,232
Property operating expense	14,661		15,171		15,188		14,611		14,427		14,920
Other expense (1)	11,959		12,611		13,437		15,631		14,833		12,976
General and administrative expense	13,230		14,024		12,233		11,935		12,020		13,908
Retirement and severance expense	—		—		—		—		—		1,836

Transaction costs	669		567		423		175		199		1
Provision (benefit) for credit losses, net	997		(652)		9,876		(770)		404		2,737
Impairment charges	—		—		39,952		—		11,812		—
Depreciation and amortization	42,080		41,089		40,995		42,795		41,474		40,469
Total operating expenses	83,596		82,810		132,104		84,377		95,169		86,847
Gain (loss) on sale of real estate	16,779		9,384		112		(3,419)		1,459		17,949
Income from operations	111,251		101,607		45,242		92,711		79,385		98,334
Costs associated with loan refinancing or payoff	—		—		—		337		—		—
Interest expense, net	33,246		33,021		33,472		32,867		32,820		31,651
Equity in loss from joint ventures	1,681		2,647		3,425		851		906		3,627
Impairment charges on joint ventures	—		—		16,087		12,130		—		—
Income (loss) before income taxes	76,324		65,939		(7,742)		46,526		45,659		63,056
Income tax expense (benefit)	681		136		653		(124)		557		347








Net income (loss)	75,643		65,803		(8,395)		46,650		45,102		62,709

Preferred dividend requirements	6,040		6,032		6,040		6,032		6,040		6,032

Net income (loss) available to common shareholders of EPR Properties	$	69,603	$	59,771	$	(14,435)	$	40,618	$	39,062	$	56,677

(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.



			Q2 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):	2ND QUARTER 2025		1ST QUARTER 2025		4TH QUARTER 2024		3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024
Net income (loss) available to common shareholders of EPR Properties	$	69,603	$	59,771	$	(14,435)	$	40,618	$	39,062	$	56,677
(Gain) loss on sale of real estate	(16,779)		(9,384)		(112)		3,419		(1,459)		(17,949)


Impairment of real estate investments	—		—		39,952		—		11,812		—

Real estate depreciation and amortization	41,939		40,932		40,838		42,620		41,289		40,282
Allocated share of joint venture depreciation	985		1,036		1,965		2,581		2,457		2,416
Impairment charges on joint ventures	—		—		16,087		12,130		—		—
FFO available to common shareholders of EPR Properties	$	95,748	$	92,355	$	84,295	$	101,368	$	93,161	$	81,426
FFO available to common shareholders of EPR Properties	$	95,748	$	92,355	$	84,295	$	101,368	$	93,161	$	81,426
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	$	99,624	$	96,231	$	88,171	$	105,244	$	97,037	$	85,302
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties	$	95,748	$	92,355	$	84,295	$	101,368	$	93,161	$	81,426
Retirement and severance expense	—		—		—		—		—		1,836
Transaction costs	669		567		423		175		199		1
Provision (benefit) for credit losses, net	997		(652)		9,876		(770)		404		2,737
Costs associated with loan refinancing or payoff	—		—		—		337		—		—









Deferred income tax benefit	(93)		(530)		(285)		(728)		(249)		(277)
FFO as adjusted available to common shareholders of EPR Properties	$	97,321	$	91,740	$	94,309	$	100,382	$	93,515	$	85,723
FFO as adjusted available to common shareholders of EPR Properties	$	97,321	$	91,740	$	94,309	$	100,382	$	93,515	$	85,723
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	$	101,197	$	95,616	$	98,185	$	104,258	$	97,391	$	89,599
FFO per common share:
Basic	$	1.26	$	1.22	$	1.11	$	1.34	$	1.23	$	1.08
Diluted	1.24		1.20		1.10		1.31		1.21		1.07
FFO as adjusted per common share:
Basic	$	1.28	$	1.21	$	1.25	$	1.33	$	1.24	$	1.14
Diluted	1.26		1.19		1.23		1.30		1.22		1.13
Shares used for computation (in thousands):
Basic	76,083		75,804		75,733		75,723		75,689		75,398
Diluted	76,571		76,215		76,156		76,108		76,022		75,705

Effect of dilutive Series C preferred shares	2,344		2,336		2,327		2,319		2,310		2,301

Effect of dilutive Series E preferred shares	1,667		1,665		1,665		1,664		1,664		1,663
Adjusted weighted-average shares outstanding-diluted Series C and Series E	80,582		80,216		80,148		80,091		79,996		79,669
(1) See pages 24 through 26 for definitions.



			Q2 2025 Supplemental			Page 9


ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):	2ND QUARTER 2025			1ST QUARTER 2025			4TH QUARTER 2024			3RD QUARTER 2024			2ND QUARTER 2024			1ST QUARTER 2024
FFO available to common shareholders of EPR Properties	$	95,748		$	92,355		$	84,295		$	101,368		$	93,161		$	81,426
Adjustments:
Retirement and severance expense	—			—			—			—			—			1,836
Transaction costs	669			567			423			175			199			1
Provision (benefit) for credit losses, net	997			(652)			9,876			(770)			404			2,737
Costs associated with loan refinancing or payoff	—			—			—			337			—			—









Deferred income tax benefit	(93)			(530)			(285)			(728)			(249)			(277)

Non-real estate depreciation and amortization	141			157			157			175			185			187
Deferred financing fees amortization	2,102			2,206			2,187			2,211			2,234			2,212
Share-based compensation expense to management and trustees	3,912			3,867			3,572			3,264			3,538			3,692
Amortization of above/below market leases, net and tenant allowances	(81)			(81)			(81)			(84)			(84)			(84)
Maintenance capital expenditures (2)	(1,858)			(1,251)			(1,862)			(2,561)			(1,321)			(1,555)
Straight-lined rental revenue	(5,137)			(3,397)			(3,992)			(4,414)			(5,251)			(3,670)
Straight-lined ground sublease expense	—			2			20			20			25			32
Non-cash portion of mortgage and other financing income	(566)			(297)			(171)			(396)			(555)			(862)
Allocated share of joint venture non-cash items	—			—			—			712			—			—
AFFO available to common shareholders of EPR Properties	$	95,834		$	92,946		$	94,139		$	99,309		$	92,286		$	85,675

AFFO available to common shareholders of EPR Properties	$	95,834		$	92,946		$	94,139		$	99,309		$	92,286		$	85,675
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	$	99,710		$	96,822		$	98,015		$	103,185		$	96,162		$	89,551

Weighted average diluted shares outstanding (in thousands)	76,571			76,215			76,156			76,108			76,022			75,705
Effect of dilutive Series C preferred shares	2,344			2,336			2,327			2,319			2,310			2,301
Effect of dilutive Series E preferred shares	1,667			1,665			1,665			1,664			1,664			1,663
Adjusted weighted-average shares outstanding-diluted	80,582			80,216			80,148			80,091			79,996			79,669

AFFO per diluted common share	$	1.24		$	1.21		$	1.22		$	1.29		$	1.20		$	1.12
Dividends declared per common share	$	0.885		$	0.865		$	0.855		$	0.855		$	0.855		$	0.835
AFFO payout ratio (3)	71		%	71		%	70		%	66		%	71		%	75		%

(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.



			Q2 2025 Supplemental			Page 10


CAPITAL STRUCTURE AS OF JUNE 30, 2025
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
	BONDS/TERM LOAN/OTHER (1)		UNSECURED CREDIT FACILITY (2)		UNSECURED SENIOR NOTES			TOTAL		WEIGHTED AVG INTEREST RATE
YEAR
2025	$	—	$	—	$	—		$	—	—%
2026	—		—		629,597			629,597		4.70%
2027	—		—		450,000			450,000		4.50%
2028	—		405,000		400,000			805,000		5.20%
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	—		—		—			(16,622)		—%
	$	24,995	$	405,000	$	2,379,597		$	2,792,970	4.46%

			BALANCE		WEIGHTED AVG INTEREST RATE			WEIGHTED AVG MATURITY
Fixed rate unsecured debt			$	2,379,597	4.32		%	3.10
Fixed rate secured debt (1)			24,995		2.53		%	22.09

Variable rate unsecured debt			405,000		5.44		%	3.27
Less: deferred financing costs, net			(16,622)		—		%	—
Total			$	2,792,970	4.46		%	3.32


(1) Includes $25.0 million of secured bonds that have been fixed through interest rate swaps through September 20, 2026.
(2) Unsecured Revolving Credit Facility Summary:
			BALANCE					RATE
	COMMITMENT		AT 6/30/2025		MATURITY			AT 6/30/2025

	$1,000,000		$405,000		October 2, 2028			5.44%

	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.



			Q2 2025 Supplemental			Page 11


CAPITAL STRUCTURE AS OF JUNE 30, 2025 AND DECEMBER 31, 2024
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT (continued)

SUMMARY OF DEBT:	June 30, 2025		December 31, 2024
Senior unsecured notes payable, 4.50%, paid in full on April 1, 2025	$	—	$	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	405,000		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	(16,622)		(19,134)
Total debt	$	2,792,970	$	2,860,458



			Q2 2025 Supplemental			Page 12

CAPITAL STRUCTURE

SENIOR NOTES

SENIOR DEBT RATINGS AS OF JUNE 30, 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 June 30, 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 June 30, 2025 and March 31, 2025 are:

Actual

NOTE COVENANTS

Required

2nd Quarter 2025 (1)

1st Quarter 2025 (1)

Limitation on incurrence of total debt (Total Debt/Total Assets)

≤ 60%

39%

40%

Limitation on incurrence of secured debt (Secured Debt/Total Assets)

≤ 40%

—%

Limitation on incurrence of debt: Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service) - trailing twelve months

≥ 1.5 x

4.1x

4.0x

Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)

≥ 150% of unsecured debt

251%

249%

(1) See page 14 for details of calculations.



			Q2 2025 Supplemental			Page 13


CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)

COVENANT CALCULATIONS

TOTAL ASSETS:	June 30, 2025				TOTAL DEBT:				June 30, 2025
Total Assets per balance sheet	$	5,560,880			Secured debt obligations				$	24,995
Add: accumulated depreciation	1,641,916				Unsecured debt obligations:
Less: intangible assets, net	(32,783)				Unsecured debt				2,784,597
Total Assets	$	7,170,013			Outstanding letters of credit				—
					Guarantees				10,000
TOTAL UNENCUMBERED ASSETS:	June 30, 2025				Derivatives at fair market value, net, if liability				8,464
Total Assets, per above	$	7,170,013			Total unsecured debt obligations:				$	2,803,061
Less: investment in joint ventures	(9,680)				Total Debt				$	2,828,056
Less: accounts receivable	(94,514)
Less: encumbered assets	(25,665)
Total Unencumbered Assets	$	7,040,154


CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	2ND QUARTER 2025		1ST QUARTER 2025		4TH QUARTER 2024		3RD QUARTER 2024		TRAILING TWELVE MONTHS
Adjusted EBITDAre	$	137,952	$	131,991	$	135,505	$	142,647	$	548,095



Less: straight-line revenue, net, included in adjusted EBITDAre	(5,137)		(3,397)		(3,992)		(4,414)		(16,940)
Less: joint venture EBITDA	266		1,236		870		(4,318)		(1,946)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	133,081	$	129,830	$	132,383	$	133,915	$	529,209
ANNUAL DEBT SERVICE:
Interest expense, gross	$	34,506	$	34,784	$	34,991	$	34,402	$	138,683

Less: deferred financing fees amortization	(2,102)		(2,206)		(2,187)		(2,211)		(8,706)
ANNUAL DEBT SERVICE	$	32,404	$	32,578	$	32,804	$	32,191	$	129,977

DEBT SERVICE COVERAGE	4.1		4.0		4.0		4.2		4.1



			Q2 2025 Supplemental			Page 14


CAPITAL STRUCTURE AS OF JUNE 30, 2025
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)

EQUITY
SECURITY	SHARES OUTSTANDING	PRICE PER SHARE AT JUNE 30, 2025	LIQUIDATION PREFERENCE	DIVIDEND RATE	CONVERTIBLE	CONVERSION RATIO AT JUNE 30, 2025		CONVERSION PRICE AT JUNE 30, 2025
Common shares	76,114,781	$58.26	N/A	(1)	N/A	N/A		N/A
Series C	5,392,616	$25.05	$134,815	5.750%	Y	0.4346		$57.52
Series E	3,445,980	$31.18	$86,150	9.000%	Y	0.4837		$51.68
Series G	6,000,000	$20.84	$150,000	5.750%	N	N/A		N/A

CALCULATION OF TOTAL MARKET CAPITALIZATION:
Common shares outstanding at June 30, 2025 multiplied by closing price at June 30, 2025						$	4,434,447
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 June 30, 2025 (3)						2,796,637
Total consolidated market capitalization						$	7,602,049

(1) Total monthly dividends declared in the second quarter of 2025 were $0.885 per share.
(2) Excludes accrued unpaid dividends at June 30, 2025.
(3) See pages 24 through 26 for definitions.



			Q2 2025 Supplemental			Page 15


SUMMARY OF RATIOS
(UNAUDITED)

	2ND QUARTER 2025	1ST QUARTER 2025	4TH QUARTER 2024	3RD QUARTER 2024	2ND QUARTER 2024	1ST QUARTER 2024
Debt to total assets ratio	50%	50%	51%	50%	50%	49%

Net debt to total market capitalization ratio (1)	37%	39%	43%	41%	44%	44%

Net debt to gross assets ratio (1)	39%	39%	40%	39%	39%	39%

Net debt/Adjusted EBITDAre ratio (1)(2)	5.1	5.3	5.3	5.0	5.2	5.5

Net debt/Annualized adjusted EBITDAre ratio (1)(3)	5.0	5.1	5.1	5.2	5.2	5.2







Interest coverage ratio (4)	3.9	3.8	3.8	4.0	3.8	3.6

Fixed charge coverage ratio (4)	3.3	3.2	3.2	3.4	3.2	3.1

Debt service coverage ratio (4)	3.9	3.8	3.8	4.0	3.8	3.6

FFO payout ratio (5)	71%	72%	78%	65%	71%	78%

FFO as adjusted payout ratio (6)	70%	73%	70%	66%	70%	74%

AFFO payout ratio (7)	71%	71%	70%	66%	71%	75%

(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.



			Q2 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		JUNE 30, 2025		DECEMBER 31, 2024
Eat & play property Eugene, Oregon	8.13	%	12/31/2025	$	10,750	$	10,417	$	10,417
Attraction property Powells Point, North Carolina	7.48	%	6/30/2026	29,378		28,917		29,173
Fitness & wellness property Merriam, Kansas	8.15	%	7/31/2029	9,090		9,215		9,238
Fitness & wellness property Omaha, Nebraska	9.50	%	6/30/2030	10,905		10,984		10,996
Fitness & wellness property Omaha, Nebraska	9.50	%	6/30/2030	10,539		10,682		10,659
Experiential lodging property Nashville, Tennessee	7.69	%	9/30/2031	70,000		71,023		71,041
Ski property Girdwood, Alaska	8.79	%	7/31/2032	82,000		81,032		79,742
Fitness & wellness properties Colorado and California	7.15	%	1/10/2033	64,550		64,525		64,275
Eat & play property Austin, Texas	11.31	%	6/1/2033	8,747		8,746		9,083
Eat & play property Dallas, Texas	10.25	%	11/26/2033	6,449		6,217		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	53,674		53,477		51,892
Ski property West Dover and Wilmington, Vermont	12.69	%	12/1/2034	51,050		51,049		51,049
Four ski properties Ohio and Pennsylvania	11.58	%	12/1/2034	37,562		37,428		37,430
Ski property Chesterland, Ohio	12.07	%	12/1/2034	4,550		4,399		4,394
Fitness & wellness property Acworth, Georgia	8.65	%	6/1/2035	5,923		5,964		—
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		9,978		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		68,344		67,966
Fitness & wellness properties Massachusetts and New York	8.45	%	1/10/2044	77,000		77,184		76,294
Total				$	668,171	$	666,154	$	665,796

(1) Amounts include accrued interest and are net of allowance for credit losses.



			Q2 2025 Supplemental			Page 17


INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED JUNE 30, 2025
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES

Eat & Play	$	31,104	$	30,535	$	295	$	—	$	274	$	—
Attractions	—		—		—		—		—		—
Ski	1,880		—		—		—		1,880		—
Experiential Lodging	506		—		—		—		—		506
Fitness & Wellness	15,165		—		6,326		1,242		7,597		—


Total Experiential	48,655		30,535		6,621		1,242		9,751		506





Total Investment Spending	$	48,655	$	30,535	$	6,621	$	1,242	$	9,751	$	506

INVESTMENT SPENDING SIX MONTHS ENDED JUNE 30, 2025
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES

Eat & Play	$	45,910	$	44,715	$	921	$	—	$	274	$	—
Attractions	14,281		—		—		14,281		—		—
Ski	1,880		—		—		—		1,880		—
Experiential Lodging	1,246		—		—		—		—		1,246
Fitness & Wellness	23,015		—		13,878		1,242		7,895		—


Total Experiential	86,332		44,715		14,799		15,523		10,049		1,246





Total Investment Spending	$	86,332	$	44,715	$	14,799	$	15,523	$	10,049	$	1,246


2025 DISPOSITIONS
	THREE MONTHS ENDED JUNE 30, 2025						SIX MONTHS ENDED JUNE 30, 2025
INVESTMENT TYPE	TOTAL DISPOSITIONS		NET PROCEEDS FROM SALE OF REAL ESTATE		NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES		TOTAL DISPOSITIONS		NET PROCEEDS FROM SALE OF REAL ESTATE		NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES
Theatres	$	35,591	$	35,591	$	—	$	67,515	$	67,515	$	—


Total Experiential	35,591		35,591		—		67,515		67,515		—

Education	—		—		—		47,009		38,887		8,122

Total Education	—		—		—		47,009		38,887		8,122

Total Dispositions	$	35,591	$	35,591	$	—	$	114,524	$	106,402	$	8,122



			Q2 2025 Supplemental			Page 18



PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT JUNE 30, 2025 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)

	JUNE 30, 2025			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
	PROPERTY UNDER DEVELOPMENT		# OF PROJECTS	3RD QUARTER 2025		4TH QUARTER 2025		1ST QUARTER 2026		2ND QUARTER 2026		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Total Build-to-Suit (3)	$	80,781	4	$	16,825	$	11,326	$	8,192	$	3,550	$	5,705	$	126,379	100		%
Non Build-to-Suit Development	3,414

Total Property Under Development	$	84,195

			JUNE 30, 2025	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
			# OF PROJECTS	3RD QUARTER 2025		4TH QUARTER 2025		1ST QUARTER 2026		2ND QUARTER 2026		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 2ND QUARTER 2025
Total Build-to-Suit			4	$	32,774	$	36,193	$	—	$	38,312	$	19,100	$	126,379	$	92,998

	JUNE 30, 2025			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
	MORTGAGE NOTES RECEIVABLE		# OF PROJECTS	3RD QUARTER 2025		4TH QUARTER 2025		1ST QUARTER 2026		2ND QUARTER 2026		THEREAFTER		TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes	$	130,661	2	$	3,225	$	1,101	$	—	$	—	$	45,500	$	180,487
Non Build-to-Suit Mortgage Notes	535,493
Total Mortgage Notes Receivable	$	666,154

(1) This schedule includes only those properties for which the Company has commenced construction as of June 30, 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 $0.6 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.



			Q2 2025 Supplemental			Page 19



PORTFOLIO DETAIL AS OF JUNE 30, 2025
(UNAUDITED)


PROPERTY TYPE	PROPERTIES	OPERATORS		ANNUALIZED ADJUSTED EBITDAre (1)		STRATEGIC FOCUS

Theatres (2) (4)	151	17		37	%	Reduce
Eat & Play	58	9	(3)	25	%	Grow
Attractions	25	8		12	%	Grow
Ski	11	3		8	%	Grow
Experiential Lodging (5)	4	3		1	%	Grow
Fitness & Wellness	23	10		8	%	Grow
Gaming	1	1		2	%	Grow
Cultural	1	1		1	%	Grow
EXPERIENTIAL PORTFOLIO	274	52		94	%

Early Childhood Education	46	4		4	%	Reduce
Private schools	9	1		2	%	Reduce
EDUCATION PORTFOLIO	55	5		6	%

TOTAL PORTFOLIO	329	57		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.



			Q2 2025 Supplemental			Page 20



LEASE EXPIRATIONS
AS OF JUNE 30, 2025
(UNAUDITED, DOLLARS IN THOUSANDS)

YEAR	TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE TWELVE MONTHS ENDED JUNE 30, 2025 (1)		% OF TOTAL REVENUE
2025	—	$	—	—	%
2026	2	2,456		—	%
2027	4	20,464		3	%
2028	9	14,948		2	%
2029	15	23,836		3	%
2030	20	33,638		5	%
2031	3	5,063		1	%
2032	8	12,236		2	%
2033	7	10,491		2	%
2034	36	67,210		9	%
2035	29	70,614		10	%
2036	38	73,080		10	%
2037	27	61,437		9	%
2038	40	62,276		9	%
2039	2	4,945		1	%
2040	3	9,699		1	%
2041	30	18,608		3	%
2042	4	17,426		2	%
2043	7	20,698		3	%
2044	1	3,071		—	%
Thereafter	5	21,774		3	%
	290	$	553,970	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 June 30, 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 June 30, 2025 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).



			Q2 2025 Supplemental			Page 21



TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED)

		PERCENTAGE OF TOTAL REVENUE	PERCENTAGE OF TOTAL REVENUE
		FOR THE THREE MONTHS ENDED	FOR THE SIX MONTHS ENDED
	CUSTOMERS	JUNE 30, 2025	JUNE 30, 2025

1.	Topgolf	14.1%	14.2%
2.	AMC Entertainment Holdings, Inc.	13.2%	13.4%
3.	Regal Entertainment Group	12.1%	11.4%
4.	Cinemark	6.0%	6.0%
5.	Vail Resorts	4.7%	4.9%
6.	Premier Parks	4.7%	4.2%
7.	Camelback Resort	3.2%	3.2%
8.	Santikos Theaters, LLC	2.5%	2.5%
9.	Six Flags Entertainment Corporation	2.5%	2.5%
10.	Endeavor Schools	2.0%	2.1%

	Total	65.0%	64.4%



			Q2 2025 Supplemental			Page 22

GUIDANCE

(UNAUDITED, DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)


MEASURE		2025 GUIDANCE
	YTD ACTUALS	CURRENT			PRIOR
Investment spending	$86.3	$200.0	to	$300.0	$200.0	to	$300.0
Disposition proceeds and mortgage note payoff	$114.5	$130.0	to	$145.0	$80.0	to	$120.0
Percentage rent and participating interest	$9.7	$21.5	to	$25.5	$21.5	to	$25.5
General and administrative expense	$27.3	$53.0	to	$56.0	$53.0	to	$56.0
Other income (1)	$23.9	$42.0	to	$52.0	$42.0	to	$52.0
Other expense (1)	$24.6	$42.0	to	$52.0	$42.0	to	$52.0


FFO per diluted share	$2.44	$4.97	to	$5.13	$5.01	to	$5.17
FFOAA per diluted share	$2.45	$5.00	to	$5.16	$5.00	to	$5.16

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	$1.69	$3.20	to	$3.36
Gain on sale of real estate	(0.34)	(0.38)

Real estate depreciation and amortization	1.08	2.16
Allocated share of joint venture depreciation	0.03	0.05

Impact of Series C and Series E Dilution, if applicable	(0.02)	(0.06)
FFO available to common shareholders of EPR Properties	$2.44	$4.97	to	$5.13
Retirement and severance expense	—	0.03
Transaction costs	0.02	0.02

Provision (benefit) for credit losses, net	—	—



Deferred income tax benefit	(0.01)	(0.02)

FFO as adjusted (FFOAA) available to common shareholders of EPR Properties	$2.45	$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.



			Q2 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.



			Q2 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.



			Q2 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.



			Q2 2025 Supplemental			Page 26

Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

Second Quarter Ended June 30, 2025



			Q2 2025 Supplemental			Page 27


CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	2ND QUARTER 2025		1ST QUARTER 2025		4TH QUARTER 2024		3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024
Net income (loss)	$	75,643	$	65,803	$	(8,395)	$	46,650	$	45,102	$	62,709
Impairment charges	—		—		39,952		—		11,812		—
Impairment charges on joint ventures	—		—		16,087		12,130		—		—
Retirement and severance expense	—		—		—		—		—		1,836
Transaction costs	669		567		423		175		199		1
Provision (benefit) for credit losses, net	997		(652)		9,876		(770)		404		2,737
Interest expense, gross	34,506		34,784		34,991		34,402		33,784		33,592

Depreciation and amortization	42,080		41,089		40,995		42,795		41,474		40,469
Share-based compensation expense
to management and trustees	3,912		3,867		3,572		3,264		3,538		3,692
Costs associated with loan refinancing or payoff	—		—		—		337		—		—

Interest cost capitalized	(961)		(1,435)		(1,161)		(878)		(471)		(958)
Straight-line rental revenue	(5,137)		(3,397)		(3,992)		(4,414)		(5,251)		(3,670)

(Gain) loss on sale of real estate	(16,779)		(9,384)		(112)		3,419		(1,459)		(17,949)




Deferred income tax benefit	(93)		(530)		(285)		(728)		(249)		(277)
Interest coverage amount	$	134,837	$	130,712	$	131,951	$	136,382	$	128,883	$	122,182

Interest expense, net	$	33,246	$	33,021	$	33,472	$	32,867	$	32,820	$	31,651
Interest income	299		328		358		657		493		983
Interest cost capitalized	961		1,435		1,161		878		471		958
Interest expense, gross	$	34,506	$	34,784	$	34,991	$	34,402	$	33,784	$	33,592

Interest coverage ratio	3.9		3.8		3.8		4.0		3.8		3.6

FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	134,837	$	130,712	$	131,951	$	136,382	$	128,883	$	122,182

Interest expense, gross	$	34,506	$	34,784	$	34,991	$	34,402	$	33,784	$	33,592
Preferred share dividends	6,040		6,032		6,040		6,032		6,040		6,032
Fixed charges	$	40,546	$	40,816	$	41,031	$	40,434	$	39,824	$	39,624
Fixed charge coverage ratio	3.3		3.2		3.2		3.4		3.2		3.1

DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	134,837	$	130,712	$	131,951	$	136,382	$	128,883	$	122,182
Interest expense, gross	$	34,506	$	34,784	$	34,991	$	34,402	$	33,784	$	33,592
Recurring principal payments	—		—		—		—		—		—
Debt service	$	34,506	$	34,784	$	34,991	$	34,402	$	33,784	$	33,592
Debt service coverage ratio	3.9		3.8		3.8		4.0		3.8		3.6

(1) See pages 24 through 26 for definitions.



			Q2 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:
	2ND QUARTER 2025		1ST QUARTER 2025		4TH QUARTER 2024		3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024

Net cash provided by operating activities	$	87,321	$	99,369	$	92,938	$	122,001	$	78,655	$	99,543

Equity in loss from joint ventures	(1,681)		(2,647)		(3,425)		(851)		(906)		(3,627)
Distributions from joint ventures	—		(11)		—		—		—		—
Amortization of deferred financing costs	(2,102)		(2,206)		(2,187)		(2,211)		(2,234)		(2,212)
Amortization of above and below market leases and tenant allowances, net	81		81		81		84		84		84
Changes in assets and liabilities:
Operating lease assets and liabilities	259		293		324		373		315		287
Mortgage notes accrued interest receivable	(1,266)		1,687		(549)		485		817		1,418
Accounts receivable	8,619		3,862		5,902		4,209		6,101		5,819


Other assets	3,370		1,507		759		677		2,621		3,878
Accounts payable and accrued liabilities	10,160		(3,759)		81		(18,882)		13,053		(6,202)
Unearned rents and interest	999		2,017		7,766		1,212		2,116		(6,009)

Straight-line rental revenue	(5,137)		(3,397)		(3,992)		(4,414)		(5,251)		(3,670)
Interest expense, gross	34,506		34,784		34,991		34,402		33,784		33,592
Interest cost capitalized	(961)		(1,435)		(1,161)		(878)		(471)		(958)

Transaction costs	669		567		423		175		199		1

Retirement and severance expense (cash portion)	—		—		—		—		—		238


Interest coverage amount (1)	$	134,837	$	130,712	$	131,951	$	136,382	$	128,883	$	122,182

Net cash (used) provided by investing activities	$	(12,574)	$	42,397	$	(30,710)	$	(73,160)	$	(33,931)	$	(38,551)

Net cash used by financing activities	$	(73,416)	$	(150,490)	$	(64,468)	$	(47,295)	$	(70,372)	$	(79,484)

(1) See pages 24 through 26 for definitions.



			Q2 2025 Supplemental			Page 29


RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (1):	2ND QUARTER 2025		1ST QUARTER 2025		4TH QUARTER 2024		3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024
Net income (loss)	$	75,643	$	65,803	$	(8,395)	$	46,650	$	45,102	$	62,709
Interest expense, net	33,246		33,021		33,472		32,867		32,820		31,651
Income tax expense	681		136		653		(124)		557		347
Depreciation and amortization	42,080		41,089		40,995		42,795		41,474		40,469
(Gain) loss on sale of real estate	(16,779)		(9,384)		(112)		3,419		(1,459)		(17,949)

Impairment of real estate investments	—		—		39,952		—		11,812		—

Costs associated with loan refinancing or payoff	—		—		—		337		—		—

Allocated share of joint venture depreciation	985		1,036		1,965		2,581		2,457		2,416
Allocated share of joint venture interest expense	430		375		589		2,587		2,310		2,131
Impairment charges on joint ventures	—		—		16,087		12,130		—		—
EBITDAre	$	136,286	$	132,076	$	125,206	$	143,242	$	135,073	$	121,774


Retirement and severance expense	—		—		—		—		—		1,836


Transaction costs	669		567		423		175		199		1

Provision (benefit) for credit losses, net	997		(652)		9,876		(770)		404		2,737





Adjusted EBITDAre (for the quarter)	$	137,952	$	131,991	$	135,505	$	142,647	$	135,676	$	126,348
Adjusted EBITDAre (2)	$	551,808	$	527,964	$	542,020	$	570,588	$	542,704	$	505,392

ANNUALIZED ADJUSTED EBITDAre (1):
Adjusted EBITDAre (for the quarter)	$	137,952	$	131,991	$	135,505	$	142,647	$	135,676	$	126,348

In-service and disposition adjustments (3)	200		(500)		448		708		141		2,079
Managed and JV property adjustments (4)	285		2,420		1,711		(5,392)		(881)		2,832
Property under development adjustments (5)	1,715		2,336		2,258		1,472		1,118		646
Percentage rent/participation adjustments (6)	496		40		70		(2,193)		1,527		1,660
Deferral and stub rent collections not previously recognized (7)	—		—		—		—		—		(565)
Non-recurring adjustments (8)	(606)		1,313		(643)		(187)		(1,305)		798
Annualized Adjusted EBITDAre (for the quarter)	$	140,042	$	137,600	$	139,349	$	137,055	$	136,276	$	133,798
Annualized Adjusted EBITDAre (9)	$	560,168	$	550,400	$	557,396	$	548,220	$	545,104	$	535,192












See footnotes on the following page.



			Q2 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.



			Q2 2025 Supplemental			Page 31