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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 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 October 29, 2025, EPR Properties (the "Company") announced its results of operations and financial condition for the third quarter and nine months ended September 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 7.01 Regulation FD Disclosure.
In addition, on October 29, 2025, the Company made available on its website an investor slide presentation and supplemental operating and financial data for the third quarter and nine months ended September 30, 2025, the text of which are set forth in Exhibits 99.2 and 99.3 hereto, respectively, and are hereby incorporated by reference herein.
The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, is being “furnished” and shall not be deemed “filed” for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits. 
Exhibit
No.		    Description
  
  
Press Release dated October 29, 2025 issued by EPR Properties announcing its results of operations and financial condition for the third quarter and nine months ended September 30, 2025.
  
Investor slide presentation for the third quarter and nine months ended September 30, 2025, made available by EPR Properties on October 29, 2025.
Supplemental Operating and Financial Data for the third quarter and nine months ended September 30, 2025, made available by EPR Properties on October 29, 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: October 29, 2025



















































EX-99.1 2 ex991-eprx9302025earningsr.htm PRESS RELEASE Document


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EPR Properties Reports Third Quarter 2025 Results
Updates 2025 Guidance

Kansas City, MO, October 29, 2025 -- EPR Properties (NYSE:EPR) today announced operating results for the third quarter ended September 30, 2025 (dollars in thousands, except per share data):    
  Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 % Change 2025 2024 % Change
Total revenue $ 182,306  $ 180,507  1.0  % $ 535,407  $ 520,834  2.8  %
Net income available to common shareholders 60,554  40,618  49.1  % 189,928  136,357  39.3  %
Net income available to common shareholders per diluted common share 0.79  0.53  49.1  % 2.48  1.80  37.8  %
Funds From Operations as adjusted (FFOAA)(1) 106,377  100,382  6.0  % 295,438  279,620  5.7  %
FFOAA per diluted common share (1) 1.37  1.30  5.4  % 3.81  3.64  4.7  %
Adjusted Funds From Operations (AFFO)(1) 108,070  99,309  8.8  % 296,850  277,270  7.1  %
AFFO per diluted common share (1) 1.39  1.29  7.8  % 3.83  3.61  6.1  %
(1) A non-GAAP financial measure
Third Quarter Company Headlines
•Executes on Investment Pipeline - During the third quarter of 2025, the Company's investment spending totaled $54.5 million, bringing year-to-date investment spending to $140.8 million. Additionally, the Company has committed approximately $100.0 million for experiential development and redevelopment projects, which is expected to be funded over the next 15 months, and has a strong pipeline of potential new investments.
•Capital Recycling - During the third quarter of 2025, the Company sold one vacant theatre property and one land parcel for total disposition proceeds of $19.3 million and recognized a net gain on sale of $4.6 million.
•Strong Liquidity Position - As of September 30, 2025, the Company had $13.7 million of cash on hand and $379.0 million outstanding on its $1.0 billion unsecured revolving credit facility. There are no scheduled debt maturities until August 2026.
•Updates 2025 Guidance - The Company is increasing FFOAA per diluted common share guidance for 2025 to a range of $5.05 to $5.13 from a range of $5.00 to $5.16, representing an increase of 4.5% at the midpoint over 2024. The Company is narrowing investment spending guidance for 2025 to a range of $225.0 million to $275.0 million from a range of $200.0 million to $300.0 million and increasing disposition proceeds guidance for 2025 to a range of $150.0 million to $160.0 million from a range of $130.0 million to $145.0 million.

“We delivered solid third quarter results and are pleased to increase FFOAA per diluted common share earnings guidance for the year, demonstrating our continued momentum. We remain encouraged by the stability of our portfolio and the ongoing strength of the box office," stated Company Chairman and CEO Greg Silvers. "We have also made meaningful progress in positioning the Company for future expansion.


Our disciplined deployment strategy and strong balance sheet are enabling us to expand our experiential properties, and we anticipate materially accelerating investment spending in 2026 as we focus on creating long-term shareholder value."

Investment Update
The Company's investment spending during the three months ended September 30, 2025 totaled $54.5 million, bringing the total investment spending for the nine months ended September 30, 2025 to $140.8 million. Investment spending for the quarter related primarily to mortgage financing of approximately $20.0 million secured by a fitness and wellness property in Winnipeg, Canada. The remaining investment spending for the quarter was primarily related to experiential build-to-suit development and redevelopment projects.

As of September 30, 2025, the Company has committed approximately $100.0 million in additional spending for experiential development and redevelopment projects, which is expected to be funded over the next 15 months.

Capital Recycling
During the third quarter of 2025, the Company sold one vacant theatre property and one land parcel for net proceeds totaling $19.3 million and recognized a gain of $4.6 million. Disposition proceeds totaled $133.8 million for the nine months ended September 30, 2025.

Strong Liquidity Position
The Company remains focused on maintaining strong liquidity and financial flexibility. At September 30, 2025, the Company had $13.7 million of cash on hand and $379.0 million outstanding on its $1.0 billion unsecured revolving credit facility. There are no scheduled debt maturities until August 2026.

Portfolio Update
The Company's total assets were $5.5 billion (after accumulated depreciation of approximately $1.7 billion) and total investments (a non-GAAP financial measure) were $6.9 billion at September 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 September 30, 2025:
•150 theatre properties;
•59 eat & play properties (including seven theatres located in entertainment districts);
•25 attraction properties;
•11 ski properties;
•four experiential lodging properties;
•24 fitness & wellness properties;
•one gaming property; and
•one cultural property.

As of September 30, 2025, the Company's wholly-owned Experiential portfolio consisted of approximately 18.5 million square feet, was 99% leased or operated and included a total of $67.4 million in property under development and $20.2 million in undeveloped land inventory.

The Company's Education portfolio consisted of the following property types (owned or financed) at September 30, 2025:
•46 early childhood education center properties; and
•nine private school properties.

As of September 30, 2025, the Company's wholly-owned Education portfolio consisted of approximately 1.1 million square feet and was 100% leased.



The combined wholly-owned portfolio consisted of 19.6 million square feet and was 99% leased or operated.

Dividend Information
The Company's Board of Trustees declared its monthly cash dividends during the third 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 October 15, 2025 to shareholders of record as of September 30, 2025.

2025 Guidance
(Dollars in millions, except per share data):
Current Prior
Net income available to common shareholders per diluted common share $ 3.14  to $ 3.22  $ 3.20  to $ 3.36 
FFOAA per diluted common share $ 5.05  to $ 5.13  $ 5.00  to $ 5.16 
Investment spending $ 225.0  to $ 275.0  $ 200.0  to $ 300.0 
Disposition proceeds $ 150.0  to $ 160.0  $ 130.0  to $ 145.0 

The Company is increasing FFOAA per diluted common share guidance to a range of $5.05 to $5.13 from a range of $5.00 to $5.16, representing an increase of 4.5% 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 $4.87 to $4.95 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 $3.14 to $3.22 plus estimated real estate depreciation and amortization of $2.19 and allocated share of joint venture depreciation of $0.05, less estimated gain on sale of real estate and early ground lease termination of $0.45 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 October 30, 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 third quarter and nine months ended September 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 September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
Rental revenue $ 154,838  $ 148,677  $ 451,548  $ 436,051 
Other income 12,135  17,419  35,989  43,874 
Mortgage and other financing income 15,333  14,411  47,870  40,909 
Total revenue 182,306  180,507  535,407  520,834 
Property operating expense 14,478  14,611  44,310  43,958 
Other expense 11,173  15,631  35,743  43,440 
General and administrative expense 14,001  11,935  41,255  37,863 
Retirement and severance expense 1,094  —  1,094  1,836 
Transaction costs 492  175  1,728  375 
Provision (benefit) for credit losses, net 9,117  (770) 9,462  2,371 
Impairment charges —  —  —  11,812 
Depreciation and amortization 42,409  42,795  125,578  124,738 
Total operating expenses 92,764  84,377  259,170  266,393 
Gain (loss) on sale of real estate and early ground lease termination 8,073  (3,419) 34,236  15,989 
Income from operations 97,615  92,711  310,473  270,430 
Costs associated with loan refinancing or payoff —  337  —  337 
Interest expense, net 33,238  32,867  99,505  97,338 
Equity in (income) loss from joint ventures (2,934) 851  1,394  5,384 
Impairment charges on joint ventures —  12,130  —  12,130 
Income before income taxes 67,311  46,526  209,574  155,241 
Income tax expense (benefit) 725  (124) 1,542  780 
Net income $ 66,586  $ 46,650  $ 208,032  $ 154,461 
Preferred dividend requirements 6,032  6,032  18,104  18,104 
Net income available to common shareholders of EPR Properties $ 60,554  $ 40,618  $ 189,928  $ 136,357 
Net income available to common shareholders of EPR Properties per share:
Basic $ 0.80  $ 0.54  $ 2.50  $ 1.80 
Diluted $ 0.79  $ 0.53  $ 2.48  $ 1.80 
Shares used for computation (in thousands):
Basic 76,127  75,723  76,006  75,604 
Diluted 76,668  76,108  76,496  75,945 


EPR Properties
Condensed Consolidated Balance Sheets
(Unaudited, dollars in thousands)
  September 30, 2025 December 31, 2024
Assets
Real estate investments, net of accumulated depreciation of $1,671,309 and $1,562,645 at September 30, 2025 and December 31, 2024, respectively
 $ 4,380,628  $ 4,435,358 
Land held for development 20,168  20,168 
Property under development 67,381  112,263 
Operating lease right-of-use assets 168,730  173,364 
Mortgage notes and related accrued interest receivable, net of allowance for credit losses of $16,810 and $17,111 at September 30, 2025 and December 31, 2024, respectively
 696,438  665,796 
Investment in joint ventures 14,046  14,019 
Cash and cash equivalents 13,710  22,062 
Restricted cash 15,982  13,637 
Accounts receivable 92,291  84,589 
Other assets 74,523  75,251 
Total assets $ 5,543,897  $ 5,616,507 
Liabilities and Equity
Accounts payable and accrued liabilities $ 113,475  $ 107,976 
Operating lease liabilities 203,269  212,400 
Dividends payable 28,493  31,863 
Unearned rents and interest 101,491  80,565 
Debt 2,768,387  2,860,458 
Total liabilities 3,215,115  3,293,262 
Total equity $ 2,328,782  $ 2,323,245 
Total liabilities and equity $ 5,543,897  $ 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 early ground lease terminations 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 nine months ended September 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 September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
FFO:
Net income available to common shareholders of EPR Properties $ 60,554  $ 40,618  $ 189,928  $ 136,357 
(Gain) loss on sale of real estate and early ground lease termination (8,073) 3,419  (34,236) (15,989)
Impairment of real estate investments —  —  —  11,812 
Real estate depreciation and amortization 42,257  42,620  125,128  124,191 
Allocated share of joint venture depreciation 989  2,581  3,010  7,454 
Impairment charges on joint ventures —  12,130  —  12,130 
FFO available to common shareholders of EPR Properties $ 95,727  $ 101,368  $ 283,830  $ 275,955 
FFO available to common shareholders of EPR Properties $ 95,727  $ 101,368  $ 283,830  $ 275,955 
Add: Preferred dividends for Series C preferred shares 1,938  1,938  5,814  5,814 
Add: Preferred dividends for Series E preferred shares 1,938  1,938  5,814  5,814 
Diluted FFO available to common shareholders of EPR Properties $ 99,603  $ 105,244  $ 295,458  $ 287,583 
FFOAA:
FFO available to common shareholders of EPR Properties $ 95,727  $ 101,368  $ 283,830  $ 275,955 
Retirement and severance expense 1,094  —  1,094  1,836 
Transaction costs 492  175  1,728  375 
Provision (benefit) for credit losses, net 9,117  (770) 9,462  2,371 
Costs associated with loan refinancing or payoff —  337  —  337 
Deferred income tax benefit (53) (728) (676) (1,254)
FFOAA available to common shareholders of EPR Properties $ 106,377  $ 100,382  $ 295,438  $ 279,620 
FFOAA available to common shareholders of EPR Properties $ 106,377  $ 100,382  $ 295,438  $ 279,620 
Add: Preferred dividends for Series C preferred shares 1,938  1,938  5,814  5,814 
Add: Preferred dividends for Series E preferred shares 1,938  1,938  5,814  5,814 
Diluted FFOAA available to common shareholders of EPR Properties $ 110,253  $ 104,258  $ 307,066  $ 291,248 


  Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
AFFO:
FFOAA available to common shareholders of EPR Properties $ 106,377  $ 100,382  $ 295,438  $ 279,620 
Non-real estate depreciation and amortization 152  175  450  547 
Deferred financing fees amortization 2,120  2,211  6,428  6,657 
Share-based compensation expense to management and trustees 3,907  3,264  11,686  10,494 
Amortization of above and below market leases, net and tenant allowances (81) (84) (243) (252)
Maintenance capital expenditures (1) (564) (2,561) (3,673) (5,437)
Straight-lined rental revenue (3,541) (4,414) (12,075) (13,335)
Straight-lined ground sublease expense (4) 20  (2) 77 
Non-cash portion of mortgage and other financing income (296) (396) (1,159) (1,813)
Allocated share of joint venture non-cash items —  712  —  712 
AFFO available to common shareholders of EPR Properties $ 108,070  $ 99,309  $ 296,850  $ 277,270 
AFFO available to common shareholders of EPR Properties $ 108,070  $ 99,309  $ 296,850  $ 277,270 
Add: Preferred dividends for Series C preferred shares 1,938  1,938  5,814  5,814 
Add: Preferred dividends for Series E preferred shares 1,938  1,938  5,814  5,814 
Diluted AFFO available to common shareholders of EPR Properties $ 111,946  $ 103,185  $ 308,478  $ 288,898 
FFO per common share:
Basic $ 1.26  $ 1.34  $ 3.73  $ 3.65 
Diluted 1.23  1.31  3.67  3.60 
FFOAA per common share:
Basic $ 1.40  $ 1.33  $ 3.89  $ 3.70 
Diluted 1.37  1.30  3.81  3.64 
AFFO per common share:
Basic $ 1.42  $ 1.31  $ 3.91  $ 3.67 
Diluted 1.39  1.29  3.83  3.61 
Shares used for computation (in thousands):
Basic 76,127  75,723  76,006  75,604 
Diluted 76,668  76,108  76,496  75,945 
Weighted average shares outstanding-diluted EPS 76,668  76,108  76,496  75,945 
Effect of dilutive Series C preferred shares 2,352  2,319  2,344  2,310 
Effect of dilutive Series E preferred shares 1,668  1,664  1,667  1,664 
Adjusted weighted average shares outstanding-diluted Series C and Series E 80,688  80,091  80,507  79,919 
Other financial information:
Dividends per common share $ 0.885  $ 0.855  $ 2.635  $ 2.545 
(1) Includes maintenance capital expenditures and certain second-generation tenant improvements and leasing commissions.



The conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares would be dilutive to FFO, FFOAA and AFFO per share for the three and nine months ended September 30, 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 and early ground lease terminations, impairment losses on real estate, costs associated with loan refinancing or payoff and adjustments for unconsolidated partnerships, joint ventures and other affiliates.

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

Adjusted EBITDAre
Management uses Adjusted EBITDAre in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDAre is useful to investors because it excludes various items that management believes are not indicative of operating performance, and because it is an informative measure to use in computing various financial ratios to evaluate the Company.


The Company defines Adjusted EBITDAre as EBITDAre (defined above) for the quarter excluding sale participation income, gain on insurance recovery, retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, impairment losses on operating lease right-of-use assets and prepayment fees.

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

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

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


September 30,
2025 2024
Net Debt:
Debt $ 2,768,387 $ 2,852,970
Deferred financing costs, net 15,205 20,622
Cash and cash equivalents (13,710) (35,328)
Net Debt $ 2,769,882 $ 2,838,264
Gross Assets:
Total Assets $ 5,543,897 $ 5,689,162
Accumulated depreciation 1,671,309 1,546,509
Cash and cash equivalents (13,710) (35,328)
Gross Assets $ 7,201,496 $ 7,200,343
Debt to Total Assets Ratio 50  % 50  %
Net Debt to Gross Assets Ratio 38  % 39  %
Three Months Ended September 30,
2025 2024
EBITDAre and Adjusted EBITDAre:
Net income $ 66,586  $ 46,650 
Interest expense, net 33,238  32,867 
Income tax expense (benefit) 725  (124)
Depreciation and amortization 42,409  42,795 
(Gain) loss on sale of real estate and early ground lease termination (8,073) 3,419 
Costs associated with loan refinancing or payoff —  337 
Allocated share of joint venture depreciation 989  2,581 
Allocated share of joint venture interest expense 497  2,587 
Impairment charges on joint ventures —  12,130 
EBITDAre $ 136,371  $ 143,242 
Retirement and severance expense 1,094  — 
Transaction costs 492  175 
Provision (benefit) for credit losses, net 9,117  (770)
Adjusted EBITDAre (for the quarter) $ 147,074  $ 142,647 
Adjusted EBITDAre (annualized) (1) $ 588,296  $ 570,588 
Net Debt/Adjusted EBITDAre Ratio 4.7  5.0 
(1) Adjusted EBITDA for the quarter is multiplied by four to calculate an annualized amount but does not include the annualization of investments put in service, acquired or disposed of during the quarter, as well as the potential earnings on property under development, the annualization of percentage rent and participating interest and adjustments for other items. See detailed calculation and reconciliation of Annualized Adjusted EBITDAre and Net Debt/Annualized EBITDAre ratio that includes these adjustments in the Company's Supplemental Operating and Financial Data for the quarter ended September 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):
September 30, 2025 December 31, 2024
Total assets $ 5,543,897  $ 5,616,507 
Operating lease right-of-use assets (168,730) (173,364)
Cash and cash equivalents (13,710) (22,062)
Restricted cash (15,982) (13,637)
Accounts receivable (92,291) (84,589)
Add: accumulated depreciation on real estate investments 1,671,309  1,562,645 
Add: accumulated amortization on intangible assets (1) 31,020  31,876 
Prepaid expenses and other current assets (1) (39,393) (39,464)
Total investments $ 6,916,120  $ 6,877,912 
Total Investments:
Real estate investments, net of accumulated depreciation $ 4,380,628  $ 4,435,358 
Add back accumulated depreciation on real estate investments 1,671,309  1,562,645 
Land held for development 20,168  20,168 
Property under development 67,381  112,263 
Mortgage notes and related accrued interest receivable, net 696,438  665,796 
Investment in joint ventures 14,046  14,019 
Intangible assets, gross (1) 63,239  64,317 
Notes receivable and related accrued interest receivable, net (1) 2,911  3,346 
Total investments $ 6,916,120  $ 6,877,912 
(1) Included in other assets in the accompanying consolidated balance sheet. Other assets include the following:
September 30, 2025 December 31, 2024
Intangible assets, gross $ 63,239  $ 64,317 
Less: accumulated amortization on intangible assets (31,020) (31,876)
Notes receivable and related accrued interest receivable, net 2,911  3,346 
Prepaid expenses and other current assets 39,393  39,464 
Total other assets $ 74,523  $ 75,251 


About EPR Properties
EPR Properties (NYSE:EPR) is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues that create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have total assets of approximately $5.5 billion (after accumulated depreciation of approximately $1.7 billion) across 43 states and Canada. 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 q32025earningscallpresen.htm EARNINGS RELEASE PRESENTATION q32025earningscallpresen
EARNINGS CALL PRESENTATION Q3 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 • Steady Progress in Q3 Results – positioning for accelerated growth • Disciplined Deployment – pipeline actionable over next 90-120 days; given fluidity of timing, felt it was prudent not to raise investment spending guidance • Consolidated Portfolio Coverage Remained Strong – at 2.0x • Box Office Continued Recovery – anticipate robust Q4 and new post- COVID high for 2025; significant increase in percentage rent from Regal • Potential Sale of Catskills Land – were advised the bond transaction, which would fund exercise of our tenant’s purchase option, is delayed o It is pending the recently announced proposed merger among Genting gaming entities o While tenant has indicated desire to complete bond transaction and option exercise in 2026, the timing and outcome remains uncertain Our strong balance sheet & clear visibility into future opportunities position us to materially accelerate investment spending in 2026, regardless of whether option is exercised

 
PORTFOLIO

 
6 PORTFOLIO OVERVIEW Education Portfolio 55 Properties; 5 Operators Leased at 100% *See Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 for definition and calculation of this non-GAAP measure Experiential Portfolio 275 Properties; 53 Operators ~$6.5B (94%) Total Investments* Leased or Operated at 99% Total Portfolio Snapshot ~$6.9B Total Investments* 330 Properties Leased or Operated at 99% Q3 Investment Spending $54.5M Total Portfolio Coverage TTM Sept 2025 YE 2019 Total Portfolio Coverage 2.0x 1.9x

 
7*BoxOfficeMojo PORTFOLIO UPDATE Box Office Updates* North American Box Office Gross (NABOG) rebounding • Q3 box office was $2.4B with 7 titles that surpassed $100M • Q4 anchored by 3 films projected to gross over $200M: Zootopia 2, Wicked: For Good, and Avatar: Fire & Ash • Box office total for first three quarters of 2025 was $6.5B, a 4% increase over 2024 2025 NABOG expectations – Our 2025 estimate is $9B to $9.2B, an increase of approximately 6% at the midpoint from 2024

 
8 Eat & Play • Andretti: OKC opened mid-July, openings scheduled for KC in mid-Nov and Schaumburg in Q2 2026 • Pinstack: EPR’s second location scheduled to open Q2 2026 • Portfolio coverage strong and above pre-Covid; metrics stable compared to Q3 2024 Attractions & Cultural – Increased EBITDARM across portfolio buoyed by strong performance in our Canadian assets and Enchanted Forest Water Safari Other Experiential Property and Operator Updates PORTFOLIO UPDATE Fitness & Wellness – Hot Springs EBITDARM and revenue up for portfolio year over year; due to strong performance at Iron Mountain Hot Springs, we funded $18.25M in accordion financing Experiential Lodging – Expansion at Jellystone Kozy Rest RV Resort drove portfolio gains over Q3 2024 Ski – Revenue increases over the summer

 
9 INVESTMENT SPENDING Q3 Investment Spending was $54.5M bringing YTD to $140.8M 2025 Investment Spending Guidance: $225M-$275M First investment with high-end Canadian fitness firm Altea Active – providing approx. $20M mortgage financing secured by club in Winnipeg, Manitoba Iron Mountain Hot Springs Accordion – $18.25M accordion funding Anticipate increasing investment spending cadence in coming quarters • Continue to see high-quality opportunities for acquisition & build-to-suit in target experiential categories; especially bullish on fitness & wellness • Existing relationships & new partnerships driving a pipeline actionable over next 90-120 days; given that some could fall into 2026, did not think the timing was right to raise investment spending guidance • Looking forward to 2026, we see larger opportunities and are moving decisively to capture them

 
1 0 Properties Sold During the Quarter • Last vacant AMC theatre in Hamilton, NJ to Children’s Hospital of Philadelphia • One land parcel • Combined net proceeds $19.3M, with a net gain of $4.6M Update on Vacant Properties • In past 4 years, sold 31 theatres; 1 vacant theatre remains Subsequent to Quarter End • Received $18M in pay down of mortgage with Gravity Haus resulting from the sale of their asset in Steamboat Springs Year to Date • Through end of Q3 have sold $133.8M of assets CAPITAL RECYCLING 2025 Increased Disposition Proceeds Guidance: $150M-$160M

 
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 September 30, 2025 2024 $ Change % Change Total Revenue $182.3 $180.5 $1.8 1.0% Net Income – Common 60.6 40.6 20.0 49.3% FFO as adj. – Common* 106.4 100.4 6.0 6.0% AFFO – Common* 108.1 99.3 8.8 8.9% Net Income/share – Common 0.79 0.53 0.26 49.1% FFO/share - Common, as adj.* 1.37 1.30 0.07 5.4% AFFO/share - Common* 1.39 1.29 0.10 7.8%

 
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 Nine months ended September 30, 2025 2024 $ Change % Change Total Revenue $535.4 $520.8 $14.6 2.8% Net Income – Common 189.9 136.4 53.5 39.2% FFO as adj. – Common* 295.4 279.6 15.8 5.7% AFFO – Common* 296.9 277.3 19.6 7.1% Net Income/share – Common 2.48 1.80 0.68 37.8% FFO/share - Common, as adj.* 3.81 3.64 0.17 4.7% AFFO/share - Common* 3.83 3.61 0.22 6.1%

 
1 4 Key Ratios* Quarter ended September 30, 2025 Fixed charge coverage 3.6x Debt service coverage 4.2x Interest coverage 4.2x Net Debt to Adjusted EBITDAre 4.7x Net Debt to Annualized Adjusted EBITDAre 4.9x Net Debt to Gross Assets 38% AFFO payout 64% *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% • Amended revolving credit facility to remove the SOFR index adjustment which decreased all-in interest rate by 10 basis points. Liquidity Position at 9/30/2025 • $13.7M unrestricted cash • $379.0M outstanding on $1B revolver

 
1 6 FFO AS ADJUSTED PER SHARE* Revised Guidance $5.05 - $5.13 Prior Guidance $5.00 - $5.16 INVESTMENT SPENDING Revised Guidance $225M - $275M Prior Guidance $200M - $300M DISPOSITION PROCEEDS Revised Guidance $150M - $160M Prior Guidance $130M - $145M *See the most recently filed Supplemental Operating and Financial Data for definitions and calculations of these non-GAAP measures 2025 GUIDANCE

 
1 7 OTHER EXPENSE Revised guidance $43.0M - $49.0M Prior Guidance $42.0M - $52.0M PERCENTAGE RENT & PARTICIPATING INTEREST Revised Guidance $22.5M - $24.5M Prior Guidance $21.5M - $25.5M GENERAL & ADMINISTRATIVE EXPENSE Revised Guidance $54.0M - $56.0M Prior Guidance $53.0M - $56.0M 2025 GUIDANCE, CONTINUED OTHER INCOME Revised guidance $43.0M - $49.0M Prior Guidance $42.0M - $52.0M

 
CLOSING COMMENTS

 
EX-99.3 4 ex993-eprx9302025supplemen.htm SUPPLEMENTAL OPERATING AND FINANCIAL DATA Document

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

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Q3 2025 Supplemental
Page 2

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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

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

NON-GAAP INFORMATION

This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See pages 24 through 26 for definitions of certain non-GAAP financial measures used in this document and the reconciliations of certain non-GAAP measures on pages 9 and 10 and in the Appendix on pages 27 through 31.



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Q3 2025 Supplemental
Page 3

COMPANY PROFILE
THE COMPANY COMPANY STRATEGY
EPR Properties ("we," "us," "our," "EPR" or the "Company") is a self-administered and self-managed real estate investment trust. EPR was formed in August 1997 as a Maryland real estate investment trust ("REIT"), and an initial public offering was completed on November 18, 1997. Our primary business objective is to enhance shareholder value by achieving predictable growth in Funds from Operations As Adjusted ("FFOAA") and dividends per share.
Our strategic growth is focused on acquiring or developing a diversified portfolio of experiential real estate venues which create value by facilitating out of home congregate entertainment, recreation and leisure experiences where consumers choose to spend their discretionary time and money. This strategy is driven by the long-term trends of the growing experience economy.
Since that time, the Company has been a leading Experiential net lease REIT, specializing in select enduring experiential properties. We are focused on growing our Experiential portfolio with properties that offer a variety of enduring, congregate entertainment, recreation and leisure activities. Separately, our Education portfolio is a legacy investment that provides additional geographic and operator diversity.
This focus is consistent with our depth of knowledge across each of our property types, creating a competitive advantage that allows us to more quickly identify key market trends. We deliberately apply information and our ingenuity to target properties that represent logical extensions within each of our existing property types or potential future investments.
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As part of our strategic planning and portfolio management process we assess new opportunities against the following underwriting principles:
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BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO
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Q3 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
Ben Fox Gwen Johnson
Executive Vice President Senior Vice President - Asset Management
Brian Moriarty
Senior Vice President - Corporate Communications
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 Michael Lewis 212-319-5659
UBS Michael Goldsmith 212-713-2951
Wells Fargo James Feldman/John Kilichowski 212-214-5311
EPR Properties is followed by the analysts identified above. Please note that any opinions, estimates, forecasts or recommendations regarding EPR Properties’ performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or recommendations of EPR Properties or its management. EPR Properties does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.
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Q3 2025 Supplemental
Page 5

SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
OPERATING INFORMATION: 2025 2024 2025 2024
Revenue $ 182,306  $ 180,507  $ 535,407  $ 520,834 
Net income available to common shareholders of EPR Properties 60,554  40,618  189,928  136,357 
EBITDAre (1) 136,371  143,242  404,733  400,089 
Adjusted EBITDAre (1) 147,074  142,647  417,017  404,671 
Interest expense, net 33,238  32,867  99,505  97,338 
Capitalized interest 758  878  3,154  2,307 
Straight-lined rental revenue 3,541  4,414  12,075  13,335 
Percentage rent and participating interest 7,042  5,944  16,721  9,817 
Dividends declared on preferred shares 6,032  6,032  18,104  18,104 
Dividends declared on common shares 67,376  64,745  200,464  192,229 
General and administrative expense 14,001  11,935  41,255  37,863 
SEPTEMBER 30,
BALANCE SHEET INFORMATION: 2025 2024
Total assets $ 5,543,897  $ 5,689,162 
Accumulated depreciation 1,671,309  1,546,509 
Cash and cash equivalents 13,710  35,328 
Total assets before accumulated depreciation less cash and cash equivalents (gross assets) 7,201,496  7,200,343 
Debt 2,768,387  2,852,970 
Deferred financing costs, net 15,205  20,622 
Net debt (1) 2,769,882  2,838,264 
Equity 2,328,782  2,403,703 
Common shares outstanding 76,138  75,729 
Total market capitalization (using EOP closing price and liquidation values)(2) 7,557,640  6,922,992 
Net debt/total market capitalization ratio (1) 37 % 41 %
Debt to total assets ratio 50 % 50 %
Net debt/gross assets ratio (1) 38 % 39 %
Net debt/Adjusted EBITDAre ratio (1) (3) 4.7  5.0 
Net debt/Annualized adjusted EBITDAre ratio (1) (4) 4.9  5.2 
(1) See pages 24 through 26 for definitions. See calculation on page 30, as applicable.
(2) See calculation on page 15.
(3) Adjusted EBITDAre in this calculation is for the three-month period multiplied times four. See pages 24 through 26 for definitions. See calculation on page 30.
(4) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 30 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 24 through 26 for definitions.
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Q3 2025 Supplemental
Page 6

SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS 3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024
Real estate investments $ 6,051,937  $ 6,044,295  $ 5,949,713  $ 5,998,003  $ 6,080,959  $ 6,070,909 
Less: accumulated depreciation (1,671,309) (1,641,916) (1,595,820) (1,562,645) (1,546,509) (1,504,427)
Land held for development 20,168  20,168  20,168  20,168  20,168  20,168 
Property under development 67,381  84,195  118,264  112,263  76,913  59,092 
Operating lease right-of-use assets 168,730  177,919  180,557  173,364  175,451  179,260 
Mortgage notes and related accrued interest receivable, net 696,438  666,154  659,004  665,796  657,636  593,084 
Investment in joint ventures 14,046  9,680  11,361  14,019  32,426  45,406 
Cash and cash equivalents 13,710  12,955  20,572  22,062  35,328  33,731 
Restricted cash 15,982  15,765  6,354  13,637  2,992  2,958 
Accounts receivable 92,291  94,514  85,811  84,589  79,726  75,493 
Other assets 74,523  77,151  76,565  75,251  74,072  69,693 
Total assets $ 5,543,897  $ 5,560,880  $ 5,532,549  $ 5,616,507  $ 5,689,162  $ 5,645,367 
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities $ 113,475  $ 101,543  $ 93,248  $ 107,976  $ 99,334  $ 63,441 
Operating lease liabilities 203,269  216,411  219,305  212,400  214,809  219,004 
Common dividends payable 22,461  22,454  22,440  25,831  23,811  23,365 
Preferred dividends payable 6,032  6,032  6,032  6,032  6,032  6,032 
Unearned rents and interest 101,491  90,379  78,550  80,565  88,503  89,700 
Line of credit 379,000  405,000  105,000  175,000  169,000  — 
Deferred financing costs, net (15,205) (16,622) (17,630) (19,134) (20,622) (22,200)
Other debt 2,404,592  2,404,592  2,704,592  2,704,592  2,704,592  2,841,229 
Total liabilities 3,215,115  3,229,789  3,211,537  3,293,262  3,285,459  3,220,571 
Equity:
Common stock and additional paid-in-capital 3,973,626  3,968,520  3,964,272  3,951,364  3,947,470  3,943,925 
Preferred stock at par value 148  148  148  148  148  148 
Treasury stock (295,268) (295,258) (295,258) (285,413) (285,413) (285,413)
Accumulated other comprehensive loss (587) (4) (3,567) (3,756) (609) (541)
Distributions in excess of net income (1,349,137) (1,342,315) (1,344,583) (1,339,098) (1,257,893) (1,233,323)
Total equity 2,328,782  2,331,091  2,321,012  2,323,245  2,403,703  2,424,796 
Total liabilities and equity $ 5,543,897  $ 5,560,880  $ 5,532,549  $ 5,616,507  $ 5,689,162  $ 5,645,367 
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Q3 2025 Supplemental
Page 7

SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)
3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024
Rental revenue $ 154,838  $ 150,351  $ 146,359  $ 149,116  $ 148,677  $ 145,093 
Other income (1) 12,135  12,218  11,636  13,197  17,419  14,418 
Mortgage and other financing income 15,333  15,499  17,038  14,921  14,411  13,584 
Total revenue 182,306  178,068  175,033  177,234  180,507  173,095 
Property operating expense 14,478  14,661  15,171  15,188  14,611  14,427 
Other expense (1) 11,173  11,959  12,611  13,437  15,631  14,833 
General and administrative expense 14,001  13,230  14,024  12,233  11,935  12,020 
Retirement and severance expense 1,094  —  —  —  —  — 
Transaction costs 492  669  567  423  175  199 
Provision (benefit) for credit losses, net 9,117  997  (652) 9,876  (770) 404 
Impairment charges —  —  —  39,952  —  11,812 
Depreciation and amortization 42,409  42,080  41,089  40,995  42,795  41,474 
Total operating expenses 92,764  83,596  82,810  132,104  84,377  95,169 
Gain (loss) on sale of real estate and early ground lease termination 8,073  16,779  9,384  112  (3,419) 1,459 
Income from operations 97,615  111,251  101,607  45,242  92,711  79,385 
Costs associated with loan refinancing or payoff —  —  —  —  337  — 
Interest expense, net 33,238  33,246  33,021  33,472  32,867  32,820 
Equity in (income) loss from joint ventures (2,934) 1,681  2,647  3,425  851  906 
Impairment charges on joint ventures —  —  —  16,087  12,130  — 
Income (loss) before income taxes 67,311  76,324  65,939  (7,742) 46,526  45,659 
Income tax expense (benefit) 725  681  136  653  (124) 557 
Net income (loss) 66,586  75,643  65,803  (8,395) 46,650  45,102 
Preferred dividend requirements 6,032  6,040  6,032  6,040  6,032  6,040 
Net income (loss) available to common shareholders of EPR Properties $ 60,554  $ 69,603  $ 59,771  $ (14,435) $ 40,618  $ 39,062 
(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.
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Q3 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): 3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024
Net income (loss) available to common shareholders of EPR Properties $ 60,554  $ 69,603  $ 59,771  $ (14,435) $ 40,618  $ 39,062 
(Gain) loss on sale of real estate and early ground lease termination (8,073) (16,779) (9,384) (112) 3,419  (1,459)
Impairment of real estate investments —  —  —  39,952  —  11,812 
Real estate depreciation and amortization 42,257  41,939  40,932  40,838  42,620  41,289 
Allocated share of joint venture depreciation 989  985  1,036  1,965  2,581  2,457 
Impairment charges on joint ventures —  —  —  16,087  12,130  — 
FFO available to common shareholders of EPR Properties $ 95,727  $ 95,748  $ 92,355  $ 84,295  $ 101,368  $ 93,161 
FFO available to common shareholders of EPR Properties $ 95,727  $ 95,748  $ 92,355  $ 84,295  $ 101,368  $ 93,161 
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 $ 99,603  $ 99,624  $ 96,231  $ 88,171  $ 105,244  $ 97,037 
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties $ 95,727  $ 95,748  $ 92,355  $ 84,295  $ 101,368  $ 93,161 
Retirement and severance expense 1,094  —  —  —  —  — 
Transaction costs 492  669  567  423  175  199 
Provision (benefit) for credit losses, net 9,117  997  (652) 9,876  (770) 404 
Costs associated with loan refinancing or payoff —  —  —  —  337  — 
Deferred income tax benefit (53) (93) (530) (285) (728) (249)
FFO as adjusted available to common shareholders of EPR Properties $ 106,377  $ 97,321  $ 91,740  $ 94,309  $ 100,382  $ 93,515 
FFO as adjusted available to common shareholders of EPR Properties $ 106,377  $ 97,321  $ 91,740  $ 94,309  $ 100,382  $ 93,515 
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 $ 110,253  $ 101,197  $ 95,616  $ 98,185  $ 104,258  $ 97,391 
FFO per common share:
Basic $ 1.26  $ 1.26  $ 1.22  $ 1.11  $ 1.34  $ 1.23 
Diluted 1.23  1.24  1.20  1.10  1.31  1.21 
FFO as adjusted per common share:
Basic $ 1.40  $ 1.28  $ 1.21  $ 1.25  $ 1.33  $ 1.24 
Diluted 1.37  1.26  1.19  1.23  1.30  1.22 
Shares used for computation (in thousands):
Basic 76,127  76,083  75,804  75,733  75,723  75,689 
Diluted 76,668  76,571  76,215  76,156  76,108  76,022 
Effect of dilutive Series C preferred shares 2,352  2,344  2,336  2,327  2,319  2,310 
Effect of dilutive Series E preferred shares 1,668  1,667  1,665  1,665  1,664  1,664 
Adjusted weighted-average shares outstanding-diluted Series C and Series E 80,688  80,582  80,216  80,148  80,091  79,996 
(1) See pages 24 through 26 for definitions.
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Q3 2025 Supplemental
Page 9

ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1): 3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024
FFO available to common shareholders of EPR Properties
 $ 95,727  $ 95,748  $ 92,355  $ 84,295  $ 101,368  $ 93,161 
Adjustments:
Retirement and severance expense 1,094  —  —  —  —  — 
Transaction costs 492  669  567  423  175  199 
Provision (benefit) for credit losses, net 9,117  997  (652) 9,876  (770) 404 
Costs associated with loan refinancing or payoff
 —  —  —  —  337  — 
Deferred income tax benefit (53) (93) (530) (285) (728) (249)
Non-real estate depreciation and amortization 152  141  157  157  175  185 
Deferred financing fees amortization 2,120  2,102  2,206  2,187  2,211  2,234 
Share-based compensation expense to management and trustees
 3,907  3,912  3,867  3,572  3,264  3,538 
Amortization of above/below market leases, net and tenant allowances (81) (81) (81) (81) (84) (84)
Maintenance capital expenditures (2) (564) (1,858) (1,251) (1,862) (2,561) (1,321)
Straight-lined rental revenue (3,541) (5,137) (3,397) (3,992) (4,414) (5,251)
Straight-lined ground sublease expense (4) —  2  20  20  25 
Non-cash portion of mortgage and other financing income
 (296) (566) (297) (171) (396) (555)
Allocated share of joint venture non-cash items —  —  —  —  712  — 
AFFO available to common shareholders of EPR Properties $ 108,070  $ 95,834  $ 92,946  $ 94,139  $ 99,309  $ 92,286 
AFFO available to common shareholders of EPR Properties $ 108,070  $ 95,834  $ 92,946  $ 94,139  $ 99,309  $ 92,286 
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 $ 111,946  $ 99,710  $ 96,822  $ 98,015  $ 103,185  $ 96,162 
Weighted average diluted shares outstanding (in thousands)
 76,668  76,571  76,215  76,156  76,108  76,022 
Effect of dilutive Series C preferred shares 2,352  2,344  2,336  2,327  2,319  2,310 
Effect of dilutive Series E preferred shares 1,668  1,667  1,665  1,665  1,664  1,664 
Adjusted weighted-average shares outstanding-diluted 80,688  80,582  80,216  80,148  80,091  79,996 
AFFO per diluted common share $ 1.39  $ 1.24  $ 1.21  $ 1.22  $ 1.29  $ 1.20 
Dividends declared per common share $ 0.885  $ 0.885  $ 0.865  $ 0.855  $ 0.855  $ 0.855 
AFFO payout ratio (3) 64  % 71  % 71  % 70  % 66  % 71  %
(1) See pages 24 through 26 for definitions.
(2) Includes maintenance capital expenditures and certain second-generation tenant improvements and leasing commissions.
(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.
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Q3 2025 Supplemental
Page 10

CAPITAL STRUCTURE AS OF SEPTEMBER 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 —  379,000  400,000  779,000  5.06%
2029 —  —  500,000  500,000  3.75%
2030 —  —  —  —  —%
2031 —  —  400,000  400,000  3.60%
2032 —  —  —  —  —%
2033 —  —  —  —  —%
2034 —  —  —  —  —%
2035 —  —  —  —  —%
Thereafter 24,995  —  —  24,995  2.53%
Less: deferred financing costs, net —  —  —  (15,205) —%
$ 24,995  $ 379,000  $ 2,379,597  $ 2,768,387  4.42%
BALANCE WEIGHTED AVG INTEREST RATE WEIGHTED AVG MATURITY
Fixed rate unsecured debt $ 2,379,597  4.32  % 2.85 
Fixed rate secured debt (1) 24,995  2.53  % 21.84 
Variable rate unsecured debt 379,000  5.17  % 3.02 
Less: deferred financing costs, net (15,205) —  % — 
     Total $ 2,768,387  4.42  % 3.07 
(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 9/30/2025
 MATURITY
AT 9/30/2025
$1,000,000 $379,000 October 2, 2028 5.17%
Note: This facility will mature on October 2, 2028 and has two six-month extensions available at the Company's option, and includes an accordion feature pursuant to which the maximum borrowing amount can be increased from $1.0 billion to $2.0 billion, in each case, subject to certain terms and conditions.
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Q3 2025 Supplemental
Page 11

CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT (continued)
SUMMARY OF DEBT:
September 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 + 1.05%, due October 2, 2028 379,000  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 (15,205) (19,134)
Total debt $ 2,768,387  $ 2,860,458 


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Q3 2025 Supplemental
Page 12

CAPITAL STRUCTURE
SENIOR NOTES
SENIOR DEBT RATINGS AS OF SEPTEMBER 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 September 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 September 30, 2025 and June 30, 2025 are:
Actual Actual
NOTE COVENANTS Required 3rd Quarter 2025 (1) 2nd Quarter 2025 (1)
Limitation on incurrence of total debt (Total Debt/Total Assets) ≤ 60% 39% 39%
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 4.1x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt) ≥ 150% of unsecured debt 254% 251%
(1) See page 14 for details of calculations.

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Q3 2025 Supplemental
Page 13

CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)
COVENANT CALCULATIONS
TOTAL ASSETS: September 30, 2025 TOTAL DEBT: September 30, 2025
Total Assets per balance sheet $ 5,543,897  Secured debt obligations $ 24,995 
Add: accumulated depreciation 1,671,309  Unsecured debt obligations:
Less: intangible assets, net (32,219) Unsecured debt 2,758,597 
Total Assets $ 7,182,987  Outstanding letters of credit — 
Guarantees 10,000 
TOTAL UNENCUMBERED ASSETS: September 30, 2025 Derivatives at fair market value, net, if liability 3,680 
Total Assets, per above $ 7,182,987  Total unsecured debt obligations: $ 2,772,277 
Less: investment in joint ventures (14,046) Total Debt $ 2,797,272 
Less: accounts receivable (92,291)
Less: encumbered assets (25,665)
Total Unencumbered Assets $ 7,050,985 
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE: 3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024 TRAILING TWELVE MONTHS
Adjusted EBITDAre $ 147,074  $ 137,952  $ 131,991  $ 135,505  $ 552,522 
Less: straight-line revenue, net, included in adjusted EBITDAre (3,541) (5,137) (3,397) (3,992) (16,067)
Less: joint venture EBITDA (4,420) 266  1,236  870  (2,048)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE $ 139,113  $ 133,081  $ 129,830  $ 132,383  $ 534,407 
ANNUAL DEBT SERVICE:
Interest expense, gross $ 34,239  $ 34,506  $ 34,784  $ 34,991  $ 138,520 
Less: deferred financing fees amortization (2,120) (2,102) (2,206) (2,187) (8,615)
ANNUAL DEBT SERVICE $ 32,119  $ 32,404  $ 32,578  $ 32,804  $ 129,905 
DEBT SERVICE COVERAGE 4.3  4.1  4.0  4.0  4.1 
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Q3 2025 Supplemental
Page 14

CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2025
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)
EQUITY
SECURITY SHARES OUTSTANDING
PRICE PER SHARE AT SEPTEMBER 30, 2025
LIQUIDATION PREFERENCE DIVIDEND RATE CONVERTIBLE
CONVERSION RATIO AT SEPTEMBER 30, 2025
CONVERSION PRICE AT SEPTEMBER 30, 2025
Common shares 76,138,480 $58.01 N/A (1) N/A N/A N/A
Series C 5,392,616 $25.43 $134,815 5.750% Y 0.4361 $57.33
Series E 3,445,980 $31.56 $86,150 9.000% Y 0.4841 $51.64
Series G 6,000,000 $21.64 $150,000 5.750% N N/A N/A
CALCULATION OF TOTAL MARKET CAPITALIZATION:
Common shares outstanding at September 30, 2025 multiplied by closing price at September 30, 2025
 $ 4,416,793 
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 September 30, 2025 (3)
 2,769,882 
Total consolidated market capitalization $ 7,557,640 
(1) Total monthly dividends declared in the third quarter of 2025 were $0.885 per share.
(2) Excludes accrued unpaid dividends at September 30, 2025.
(3) See pages 24 through 26 for definitions.


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Q3 2025 Supplemental
Page 15

SUMMARY OF RATIOS
(UNAUDITED)
3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024
Debt to total assets ratio 50% 50% 50% 51% 50% 50%
Net debt to total market capitalization ratio (1) 37% 37% 39% 43% 41% 44%
Net debt to gross assets ratio (1) 38% 39% 39% 40% 39% 39%
Net debt/Adjusted EBITDAre ratio (1)(2) 4.7 5.1 5.3 5.3 5.0 5.2
Net debt/Annualized adjusted EBITDAre ratio (1)(3) 4.9 5.0 5.1 5.1 5.2 5.2
Interest coverage ratio (4) 4.2 3.9 3.8 3.8 4.0 3.8
Fixed charge coverage ratio (4) 3.6 3.3 3.2 3.2 3.4 3.2
Debt service coverage ratio (4) 4.2 3.9 3.8 3.8 4.0 3.8
FFO payout ratio (5) 72% 71% 72% 78% 65% 71%
FFO as adjusted payout ratio (6) 65% 70% 73% 70% 66% 70%
AFFO payout ratio (7) 64% 71% 71% 70% 66% 71%
(1) See pages 24 through 26 for definitions. See prior period supplementals for detailed calculations, as applicable.
(2) Adjusted EBITDAre is for the quarter multiplied times four. See calculation on page 30.
(3) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 30 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 24 through 26 for definitions.
(4) See page 28 for detailed calculation.
(5) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(6) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(7) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.
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Q3 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 SEPTEMBER 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  28,863  29,173 
Fitness & wellness property Merriam, Kansas 8.15  % 7/31/2029 9,090  9,202  9,238 
Fitness & wellness property Omaha, Nebraska 9.50  % 6/30/2030 10,905  10,959  10,996 
Fitness & wellness property Omaha, Nebraska 9.50  % 6/30/2030 10,539  10,666  10,659 
Experiential lodging property Nashville, Tennessee 7.69  % 9/30/2031 70,000  70,696  71,041 
Ski property Girdwood, Alaska 8.80  % 7/31/2032 82,000  80,595  79,742 
Fitness & wellness properties Colorado and California 7.15  % 1/10/2033 64,550  65,187  64,275 
Eat & play property Austin, Texas 11.31  % 6/1/2033 8,571  8,571  9,083 
Eat & play property Dallas, Texas 10.25  % 11/26/2033 6,449  —  6,163 
Experiential lodging property Breaux Bridge, Louisiana 7.25  % 3/8/2034 —  —  1,000 
Fitness & wellness property Glenwood Springs, Colorado 8.38  % 8/16/2034 71,929  71,284  51,892 
Ski property West Dover and Wilmington, Vermont 12.69  % 12/1/2034 51,050  51,048  51,049 
Four ski properties Ohio and Pennsylvania 11.58  % 12/1/2034 37,562  37,466  37,430 
Ski property Chesterland, Ohio 12.07  % 12/1/2034 4,550  4,432  4,394 
Fitness & wellness property Acworth, Georgia 8.65  % 6/1/2035 5,923  5,963  — 
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  9,859  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  68,082  67,966 
Fitness & wellness properties Massachusetts and New York 8.45  % 1/10/2044 77,000  76,896  76,294 
Fitness & wellness property Manitoba, Canada 7.75  % 9/25/2055 20,042  19,679  — 
Total $ 706,292  $ 696,438  $ 665,796 
(1) Amounts include accrued interest and are net of allowance for credit losses.
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INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED SEPTEMBER 30, 2025
INVESTMENT TYPE TOTAL INVESTMENT SPENDING NEW DEVELOPMENT RE-DEVELOPMENT ASSET ACQUISITION MORTGAGE NOTES OR NOTES RECEIVABLE INVESTMENT IN JOINT VENTURES
Eat & Play $ 13,965  $ 12,415  $ 1,550  $ —  $ —  $ — 
Attractions —  —  —  —  —  — 
Ski —  —  —  —  —  — 
Experiential Lodging 2,109  —  14  —  —  2,095 
Fitness & Wellness 38,385  —  87  —  38,298  — 
Total Experiential 54,459  12,415  1,651  —  38,298  2,095 
Total Investment Spending $ 54,459  $ 12,415  $ 1,651  $ —  $ 38,298  $ 2,095 
INVESTMENT SPENDING NINE MONTHS ENDED SEPTEMBER 30, 2025
INVESTMENT TYPE TOTAL INVESTMENT SPENDING NEW DEVELOPMENT RE-DEVELOPMENT ASSET ACQUISITION MORTGAGE NOTES OR NOTES RECEIVABLE INVESTMENT IN JOINT VENTURES
Eat & Play $ 59,875  $ 57,130  $ 2,471  $ —  $ 274  $ — 
Attractions 14,281  —  —  14,281  —  — 
Ski 1,880  —  —  —  1,880  — 
Experiential Lodging 3,355  —  14  —  —  3,341 
Fitness & Wellness 61,400  —  13,965  1,242  46,193  — 
Total Experiential 140,791  57,130  16,450  15,523  48,347  3,341 
Total Investment Spending $ 140,791  $ 57,130  $ 16,450  $ 15,523  $ 48,347  $ 3,341 
2025 DISPOSITIONS
THREE MONTHS ENDED SEPTEMBER 30, 2025
NINE MONTHS ENDED SEPTEMBER 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 $ 16,560  $ 16,560  $ —  $ 84,075  $ 84,075  $ — 
Attractions 2,735  2,735  —  2,735  2,735  — 
Total Experiential 19,295  19,295  —  86,810  86,810  — 
Education —  —  —  47,009  38,887  8,122 
Total Education —  —  —  47,009  38,887  8,122 
Total Dispositions $ 19,295  $ 19,295  $ —  $ 133,819  $ 125,697  $ 8,122 
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PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT SEPTEMBER 30, 2025 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)
SEPTEMBER 30, 2025 OWNED BUILD-TO-SUIT SPENDING ESTIMATES
PROPERTY UNDER DEVELOPMENT # OF PROJECTS 4TH QUARTER 2025 1ST QUARTER 2026 2ND QUARTER 2026 3RD QUARTER 2026 THEREAFTER TOTAL EXPECTED COSTS (2) % LEASED
Total Build-to-Suit $ 61,426  3 $ 13,320  $ 10,664  $ 6,285  $ 2,736  $ —  $ 94,431  100  %
Non Build-to-Suit Development 5,955 
Total Property Under Development $ 67,381 
SEPTEMBER 30, 2025 OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
# OF PROJECTS 4TH QUARTER 2025 1ST QUARTER 2026 2ND QUARTER 2026 3RD QUARTER 2026 THEREAFTER TOTAL IN-SERVICE (2) ACTUAL IN-SERVICE 3RD QUARTER 2025
Total Build-to-Suit 3 $ 36,696  $ —  $ 38,535  $ 19,200  $ —  $ 94,431  $ 38,570 
SEPTEMBER 30, 2025 MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
MORTGAGE NOTES RECEIVABLE # OF PROJECTS 4TH QUARTER 2025 1ST QUARTER 2026 2ND QUARTER 2026 3RD QUARTER 2026 THEREAFTER TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes $ 148,180  2 $ 2,750  $ 1,590  $ —  $ 45,500  $ —  $ 198,020 
Non Build-to-Suit Mortgage Notes 548,258 
Total Mortgage Notes Receivable $ 696,438 
(1) This schedule includes only those properties for which the Company has commenced construction as of September 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).
Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. Development projects have risks. See Item 1A - "Risk Factors" in the Company's most recent Annual Report on Form 10-K and, to the extent applicable, the Company's Quarterly Reports on Form 10-Q.
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PORTFOLIO DETAIL AS OF SEPTEMBER 30, 2025
(UNAUDITED)
PROPERTY TYPE PROPERTIES OPERATORS ANNUALIZED ADJUSTED EBITDAre (1) STRATEGIC FOCUS
Theatres (2) (4) 150 17 37  % Reduce
Eat & Play 59 9 (3) 25  % Grow
Attractions 25 8 12  % Grow
Ski 11 3 7  % Grow
Experiential Lodging (5) 4 3 1  % Grow
Fitness & Wellness 24 11 9  % Grow
Gaming 1 1 2  % Grow
Cultural 1 1 1  % Grow
EXPERIENTIAL PORTFOLIO 275 53 94  %
Early Childhood Education 46 4 4  % Reduce
Private schools 9 1 2  % Reduce
EDUCATION PORTFOLIO 55 5 6  %
TOTAL PORTFOLIO 330 58 100  %
(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 one vacant properties that the Company intends to sell.
(5) Excludes two experiential lodging properties held in unconsolidated joint ventures that the Company is working in good faith with the Company's joint venture partners, the non-recourse debt provider and insurance companies to identify a path forward in which the Company expects will result in the eventual removal of both experiential properties from the Company's portfolio.
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Page 20

LEASE EXPIRATIONS
AS OF SEPTEMBER 30, 2025
(UNAUDITED, DOLLARS IN THOUSANDS)
YEAR TOTAL NUMBER OF PROPERTIES
RENTAL REVENUE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2025 (1)
 % OF TOTAL REVENUE
2025 —  $ —  —  %
2026 1  1,130  —  %
2027 4  20,633  3  %
2028 9  15,092  2  %
2029 15  22,550  3  %
2030 20  33,745  5  %
2031 3  5,095  1  %
2032 8  12,099  2  %
2033 7  10,159  1  %
2034 34  68,236  10  %
2035 29  71,316  10  %
2036 41  75,887  11  %
2037 27  61,555  9  %
2038 40  63,670  9  %
2039 2  4,987  1  %
2040 3  9,750  1  %
2041 30  18,608  3  %
2042 4  17,458  2  %
2043 7  20,648  3  %
2044 1  3,071  —  %
Thereafter 6  24,685  3  %
291  $ 560,374  79  %
Note: This schedule excludes non-theatre tenant leases within the Company's entertainment districts, properties under development, land held for development, properties operated by the Company and investments in mortgage notes receivable.
(1) Rental revenue for the trailing twelve months ended September 30, 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 September 30, 2025 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).
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TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED)
PERCENTAGE OF TOTAL REVENUE PERCENTAGE OF TOTAL REVENUE
FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED
CUSTOMERS SEPTEMBER 30, 2025 SEPTEMBER 30, 2025
1. Topgolf 13.9% 14.1%
2. AMC Entertainment Holdings, Inc. 13.7% 13.5%
3. Regal Entertainment Group 13.1% 12.0%
4. Cinemark 5.9% 6.0%
5. Premier Parks 4.6% 4.3%
6. Vail Resorts 4.1% 4.6%
7. Camelback Resort 3.1% 3.2%
8. Santikos Theaters, LLC 2.5% 2.5%
9. Six Flags Entertainment Corporation 2.4% 2.5%
10. Endeavor Schools 2.0% 2.0%
Total 65.3% 64.7%
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GUIDANCE
(UNAUDITED, DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)
MEASURE 2025 GUIDANCE
YTD ACTUALS CURRENT PRIOR
Investment spending $140.8 $225.0 to $275.0 $200.0 to $300.0
Disposition proceeds and mortgage note payoff $133.8 $150.0 to $160.0 $130.0 to $145.0
Percentage rent and participating interest $16.7 $22.5 to $24.5 $21.5 to $25.5
General and administrative expense $41.3 $54.0 to $56.0 $53.0 to $56.0
Other income (1) $36.0 $43.0 to $49.0 $42.0 to $52.0
Other expense (1) $35.7 $43.0 to $49.0 $42.0 to $52.0
FFO per diluted share $3.67 $4.87 to $4.95 $4.97 to $5.13
FFOAA per diluted share $3.81 $5.05 to $5.13 $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 $2.48 $3.14 to $3.22
Gain on sale of real estate and early ground lease termination (0.45) (0.45)
Real estate depreciation and amortization 1.64 2.19
Allocated share of joint venture depreciation 0.04 0.05
Impact of Series C and Series E Dilution, if applicable (0.04) (0.06)
FFO available to common shareholders of EPR Properties $3.67 $4.87 to $4.95
Retirement and severance expense 0.01 0.04
Transaction costs 0.02 0.03
Provision (benefit) for credit losses, net 0.12 0.12
Deferred income tax benefit (0.01) (0.01)
FFO as adjusted (FFOAA) available to common shareholders of EPR Properties $3.81 $5.05 to $5.13
(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.
Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. See cautionary statement concerning forward-looking statements on page 3.
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DEFINITIONS - NON-GAAP FINANCIAL MEASURES

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

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

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

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



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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 early ground lease terminations and impairment losses on real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. The Company has calculated FFO for all periods presented in accordance with this definition. In addition, the Company presents FFO as adjusted. Management believes it is useful to provide FFO as adjusted as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO as adjusted is FFO plus retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, costs associated with loan refinancing or payoff, preferred share redemption costs and impairment of operating lease right-of-use assets, and by subtracting sale participation income, gain on insurance recovery and deferred income tax expense (benefit). FFO and FFO as adjusted are non-GAAP financial measures. FFO and FFO as adjusted do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations, cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO and FFO as adjusted the same way so comparisons with other REITs may not be meaningful.

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

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

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

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

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


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Appendix to Supplemental Operating and Financial Data
Reconciliation of Certain Non-GAAP Financial Measures
Third Quarter Ended September 30, 2025

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CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1): 3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024
Net income (loss) $ 66,586  $ 75,643  $ 65,803  $ (8,395) $ 46,650  $ 45,102 
Impairment charges —  —  —  39,952  —  11,812 
Impairment charges on joint ventures —  —  —  16,087  12,130  — 
Retirement and severance expense 1,094  —  —  —  —  — 
Transaction costs 492  669  567  423  175  199 
Provision (benefit) for credit losses, net 9,117  997  (652) 9,876  (770) 404 
Interest expense, gross 34,239  34,506  34,784  34,991  34,402  33,784 
Depreciation and amortization 42,409  42,080  41,089  40,995  42,795  41,474 
Share-based compensation expense
to management and trustees 3,907  3,912  3,867  3,572  3,264  3,538 
Costs associated with loan refinancing or payoff —  —  —  —  337  — 
Interest cost capitalized (758) (961) (1,435) (1,161) (878) (471)
Straight-line rental revenue (3,541) (5,137) (3,397) (3,992) (4,414) (5,251)
(Gain) loss on sale of real estate and early ground lease termination (8,073) (16,779) (9,384) (112) 3,419  (1,459)
Deferred income tax benefit (53) (93) (530) (285) (728) (249)
Interest coverage amount $ 145,419  $ 134,837  $ 130,712  $ 131,951  $ 136,382  $ 128,883 
Interest expense, net $ 33,238  $ 33,246  $ 33,021  $ 33,472  $ 32,867  $ 32,820 
Interest income 243  299  328  358  657  493 
Interest cost capitalized 758  961  1,435  1,161  878  471 
Interest expense, gross $ 34,239  $ 34,506  $ 34,784  $ 34,991  $ 34,402  $ 33,784 
Interest coverage ratio 4.2  3.9  3.8  3.8  4.0  3.8 
FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount $ 145,419  $ 134,837  $ 130,712  $ 131,951  $ 136,382  $ 128,883 
Interest expense, gross $ 34,239  $ 34,506  $ 34,784  $ 34,991  $ 34,402  $ 33,784 
Preferred share dividends 6,032  6,040  6,032  6,040  6,032  6,040 
Fixed charges $ 40,271  $ 40,546  $ 40,816  $ 41,031  $ 40,434  $ 39,824 
Fixed charge coverage ratio 3.6  3.3  3.2  3.2  3.4  3.2 
DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount $ 145,419  $ 134,837  $ 130,712  $ 131,951  $ 136,382  $ 128,883 
Interest expense, gross $ 34,239  $ 34,506  $ 34,784  $ 34,991  $ 34,402  $ 33,784 
Recurring principal payments —  —  —  —  —  — 
Debt service $ 34,239  $ 34,506  $ 34,784  $ 34,991  $ 34,402  $ 33,784 
Debt service coverage ratio 4.2  3.9  3.8  3.8  4.0  3.8 
(1) See pages 24 through 26 for definitions.
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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:
3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024
Net cash provided by operating activities $ 136,483  $ 87,321  $ 99,369  $ 92,938  $ 122,001  $ 78,655 
Equity in gain (loss) from joint ventures 2,934  (1,681) (2,647) (3,425) (851) (906)
Distributions from joint ventures —  —  (11) —  —  — 
Amortization of deferred financing costs (2,120) (2,102) (2,206) (2,187) (2,211) (2,234)
Amortization of above and below market leases and tenant allowances, net 81  81  81  81  84  84 
Changes in assets and liabilities:
Operating lease assets and liabilities 496  259  293  324  373  315 
Mortgage notes accrued interest receivable 1,824  (1,266) 1,687  (549) 485  817 
Accounts receivable (2,209) 8,619  3,862  5,902  4,209  6,101 
Other assets (1,318) 3,370  1,507  759  677  2,621 
Accounts payable and accrued liabilities (15,929) 10,160  (3,759) 81  (18,882) 13,053 
Unearned rents and interest (5,502) 999  2,017  7,766  1,212  2,116 
Straight-line rental revenue (3,541) (5,137) (3,397) (3,992) (4,414) (5,251)
Interest expense, gross 34,239  34,506  34,784  34,991  34,402  33,784 
Interest cost capitalized (758) (961) (1,435) (1,161) (878) (471)
Transaction costs 492  669  567  423  175  199 
Retirement and severance expense (cash portion) 247  —  —  —  —  — 
Interest coverage amount (1) $ 145,419  $ 134,837  $ 130,712  $ 131,951  $ 136,382  $ 128,883 
Net cash (used) provided by investing activities $ (36,329) $ (12,574) $ 42,397  $ (30,710) $ (73,160) $ (33,931)
Net cash used by financing activities $ (99,058) $ (73,416) $ (150,490) $ (64,468) $ (47,295) $ (70,372)
(1) See pages 24 through 26 for definitions.
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RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (1): 3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024 3RD QUARTER 2024 2ND QUARTER 2024
Net income (loss) $ 66,586  $ 75,643  $ 65,803  $ (8,395) $ 46,650  $ 45,102 
Interest expense, net 33,238  33,246  33,021  33,472  32,867  32,820 
Income tax expense 725  681  136  653  (124) 557 
Depreciation and amortization 42,409  42,080  41,089  40,995  42,795  41,474 
(Gain) loss on sale of real estate and early ground lease termination (8,073) (16,779) (9,384) (112) 3,419  (1,459)
Impairment of real estate investments —  —  —  39,952  —  11,812 
Costs associated with loan refinancing or payoff —  —  —  —  337  — 
Allocated share of joint venture depreciation 989  985  1,036  1,965  2,581  2,457 
Allocated share of joint venture interest expense 497  430  375  589  2,587  2,310 
Impairment charges on joint ventures —  —  —  16,087  12,130  — 
EBITDAre $ 136,371  $ 136,286  $ 132,076  $ 125,206  $ 143,242  $ 135,073 
Retirement and severance expense 1,094  —  —  —  —  — 
Transaction costs 492  669  567  423  175  199 
Provision (benefit) for credit losses, net 9,117  997  (652) 9,876  (770) 404 
Adjusted EBITDAre (for the quarter) $ 147,074  $ 137,952  $ 131,991  $ 135,505  $ 142,647  $ 135,676 
Adjusted EBITDAre (2) $ 588,296  $ 551,808  $ 527,964  $ 542,020  $ 570,588  $ 542,704 
ANNUALIZED ADJUSTED EBITDAre (1):
Adjusted EBITDAre (for the quarter) $ 147,074  $ 137,952  $ 131,991  $ 135,505  $ 142,647  $ 135,676 
In-service and disposition adjustments (3) 834  200  (500) 448  708  141 
Managed and JV property adjustments (4) (4,804) 285  2,420  1,711  (5,392) (881)
Property under development adjustments (5) 1,303  1,715  2,336  2,258  1,472  1,118 
Percentage rent/participation adjustments (6) (1,906) 496  40  70  (2,193) 1,527 
Non-recurring adjustments (7) 231  (606) 1,313  (643) (187) (1,305)
Annualized Adjusted EBITDAre (for the quarter) $ 142,732  $ 140,042  $ 137,600  $ 139,349  $ 137,055  $ 136,276 
Annualized Adjusted EBITDAre (8) $ 570,928  $ 560,168  $ 550,400  $ 557,396  $ 548,220  $ 545,104 
See footnotes on the following page.
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(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) Adjustments for various non-recurring items during the quarter.
(8) Annualized Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount.
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