Document


TABLE OF CONTENTS

SECTION																								PAGE

Company Profile																								4
Investor Information																								5
Selected Financial Information																								6
Selected Balance Sheet Information																								7
Selected Operating Data																								8
Funds From Operations and Funds From Operations as Adjusted																								9
Adjusted Funds From Operations																								10
Capital Structure																								11
Summary of Ratios																								16
Summary of Mortgage Notes Receivable																								17
Summary of Unconsolidated Joint Ventures																								18
Investment Spending and Disposition Summaries																								19
Property Under Development - Investment Spending Estimates																								20
Portfolio Detail																								21

Lease Expirations																								22
Top Ten Customers by Total Revenue																								23

Guidance																								24
Definitions-Non-GAAP Financial Measures																								25
Appendix-Reconciliation of Certain Non-GAAP Financial Measures																								28

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

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

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


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

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

BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO


EQUITY RESEARCH COVERAGE

Bank of America Merrill Lynch	Jeffrey Spector/Joshua Dennerlein	646-855-1363
Citi Global Markets	Nick Joseph/Smedes Rose	212-816-6243

Janney Montgomery Scott	Rob Stevenson	646-840-3217
J.P. Morgan	Anthony Paolone	212-622-6682
JMP Securities	Mitch Germain	212-906-3537
Kansas City Capital Associates	Jonathan Braatz	816-932-8019
Keybanc Capital Markets	Todd Thomas	917-368-2286

Raymond James & Associates	RJ Milligan	727-567-2585
RBC Capital Markets	Michael Carroll	440-715-2649
Stifel	Simon Yarmak	443-224-1345
Truist	Ki Bin Kim	212-303-4124
Wells Fargo	Connor Siversky	212-214-8069


SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
	THREE MONTHS ENDED MARCH 31,
OPERATING INFORMATION:	2024			2023
Revenue	$	167,232		$	171,396
Net income available to common shareholders of EPR Properties	56,677			51,624
EBITDAre (1)	121,774			135,622
Adjusted EBITDAre (1)	126,348			136,479
Interest expense, net	31,651			31,722

Capitalized interest	958			783
Straight-lined rental revenue	3,670			2,105
Dividends declared on preferred shares	6,032			6,033
Dividends declared on common shares	63,146			62,109
General and administrative expense	13,908			13,965

	MARCH 31,
BALANCE SHEET INFORMATION:	2024			2023
Total assets	$	5,694,036		$	5,756,615
Accumulated depreciation	1,470,507			1,341,527
Cash and cash equivalents	59,476			96,438
Total assets before accumulated depreciation less cash and cash equivalents (gross assets)	7,105,067			7,001,704
Debt	2,817,710			2,811,653
Deferred financing costs, net	23,519			29,576
Net debt (1)	2,781,753			2,744,791
Equity	2,448,317			2,531,162
Common shares outstanding	75,670			75,277
Total market capitalization (using EOP closing price and liquidation values) (2)	6,364,919			5,983,807
Net debt/total market capitalization ratio (1)	44		%	46		%
Debt to total assets ratio	49		%	49		%
Net debt/gross assets ratio (1)	39		%	39		%

Net debt/Adjusted EBITDAre ratio (1) (3)	5.5			5.0
Net debt/Annualized adjusted EBITDAre ratio (1) (4)	5.2			5.1

(1) See pages 25 through 27 for definitions. See calculation on page 31.
(2) See calculation on page 15.
(3) Adjusted EBITDAre in this calculation is for the three-month period multiplied times four. See pages 25 through 27 for definitions. See calculation on page 31.

(4) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 31 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 25 through 27 for definitions.


SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)

ASSETS	1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		4TH QUARTER 2022
Real estate investments	$	6,100,366	$	5,973,042	$	5,972,156	$	6,029,468	$	6,049,869	$	6,016,776
Less: accumulated depreciation	(1,470,507)		(1,435,683)		(1,400,642)		(1,369,790)		(1,341,527)		(1,302,640)
Land held for development	20,168		20,168		20,168		20,168		20,168		20,168
Property under development	36,138		131,265		101,313		80,650		85,829		76,029
Operating lease right-of-use assets	183,031		186,628		190,309		192,325		197,357		200,985
Mortgage notes and related accrued interest receivable, net	578,915		569,768		477,243		466,459		461,263		457,268

Investment in joint ventures	46,127		49,754		53,855		53,763		50,978		52,964
Cash and cash equivalents	59,476		78,079		172,953		99,711		96,438		107,934
Restricted cash	2,929		2,902		2,868		2,623		2,599		2,577
Accounts receivable	69,414		63,655		54,826		53,305		50,591		53,587
Other assets	67,979		61,307		74,328		74,882		83,050		73,053
Total assets	$	5,694,036	$	5,700,885	$	5,719,377	$	5,703,564	$	5,756,615	$	5,758,701

LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	84,153	$	94,927	$	82,804	$	74,493	$	76,244	$	80,087
Operating lease liabilities	223,077		226,961		230,922		233,126		238,096		241,407
Common dividends payable	22,918		25,275		22,795		22,289		21,826		21,405
Preferred dividends payable	6,032		6,032		6,032		6,032		6,033		6,033
Unearned rents and interest	91,829		77,440		88,530		71,746		71,601		63,939
Line of credit	—		—		—		—		—		—
Deferred financing costs, net	(23,519)		(25,134)		(26,732)		(28,222)		(29,576)		(31,118)
Other debt	2,841,229		2,841,229		2,841,229		2,841,229		2,841,229		2,841,229
Total liabilities	3,245,719		3,246,730		3,245,580		3,220,693		3,225,453		3,222,982
Equity:
Common stock and additional paid-in-capital	3,940,077		3,925,296		3,920,714		3,916,102		3,911,064		3,900,557
Preferred stock at par value	148		148		148		148		148		148
Treasury stock	(285,413)		(274,038)		(274,035)		(274,001)		(273,904)		(269,751)
Accumulated other comprehensive income	1,119		3,296		2,378		3,610		1,823		1,897
Distributions in excess of net income	(1,207,614)		(1,200,547)		(1,175,408)		(1,162,988)		(1,107,969)		(1,097,132)


Total equity	2,448,317		2,454,155		2,473,797		2,482,871		2,531,162		2,535,719
Total liabilities and equity	$	5,694,036	$	5,700,885	$	5,719,377	$	5,703,564	$	5,756,615	$	5,758,701


SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)

	1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		4TH QUARTER 2022
Rental revenue	$	142,281	$	148,738	$	163,940	$	151,870	$	151,591	$	152,652
Other income	12,037		12,068		14,422		10,124		9,333		16,756
Mortgage and other financing income	12,914		11,175		11,022		10,913		10,472		9,295
Total revenue	167,232		171,981		189,384		172,907		171,396		178,703

Property operating expense	14,920		14,759		14,592		13,972		14,155		13,747
Other expense	12,976		13,539		13,124		9,161		8,950		7,705
General and administrative expense	13,908		13,765		13,464		15,248		13,965		13,082
Retirement and severance expense	1,836		—		—		547		—		—

Transaction costs	1		401		847		36		270		993
Provision (benefit) for credit losses, net	2,737		1,285		(719)		(275)		587		1,369
Impairment charges	—		2,694		20,887		43,785		—		22,998
Depreciation and amortization	40,469		40,692		42,432		43,705		41,204		41,303
Total operating expenses	86,847		87,135		104,627		126,179		79,131		101,197
Gain (loss) on sale of real estate	17,949		(3,612)		2,550		(575)		(560)		347
Income from operations	98,334		81,234		87,307		46,153		91,705		77,853

Interest expense, net	31,651		30,337		31,208		31,591		31,722		31,879
Equity in loss (income) from joint ventures	3,627		4,701		(533)		615		1,985		3,559

Income before income taxes	63,056		46,196		56,632		13,947		57,998		42,415
Income tax expense	347		667		372		347		341		86








Net income	62,709		45,529		56,260		13,600		57,657		42,329

Preferred dividend requirements	6,032		6,040		6,032		6,040		6,033		6,042

Net income available to common shareholders of EPR Properties	$	56,677	$	39,489	$	50,228	$	7,560	$	51,624	$	36,287


FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
FUNDS FROM OPERATIONS ("FFO") (1):	1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		4TH QUARTER 2022
Net income available to common shareholders of EPR Properties	$	56,677	$	39,489	$	50,228	$	7,560	$	51,624	$	36,287
(Gain) loss on sale of real estate	(17,949)		3,612		(2,550)		575		560		(347)


Impairment of real estate investments, net	—		2,694		20,887		43,785		—		21,030

Real estate depreciation and amortization	40,282		40,501		42,224		43,494		41,000		41,100
Allocated share of joint venture depreciation	2,416		2,344		2,315		2,162		2,055		1,833

FFO available to common shareholders of EPR Properties	$	81,426	$	88,640	$	113,104	$	97,576	$	95,239	$	99,903
FFO available to common shareholders of EPR Properties	$	81,426	$	88,640	$	113,104	$	97,576	$	95,239	$	99,903
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		1,939
Diluted FFO available to common shareholders of EPR Properties	$	85,302	$	92,516	$	116,980	$	101,452	$	99,115	$	103,780
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties	$	81,426	$	88,640	$	113,104	$	97,576	$	95,239	$	99,903
Retirement and severance expense	1,836		—		—		547		—		—
Transaction costs	1		401		847		36		270		993
Provision (benefit) for credit losses, net	2,737		1,285		(719)		(275)		587		1,369

Impairment of operating lease right-of-use assets	—		—		—		—		—		1,968
Sale participation income (included in other income)	—		—		—		—		—		(9,134)







Deferred income tax benefit	(277)		(86)		(76)		(92)		(90)		(132)
FFO as adjusted available to common shareholders of EPR Properties	$	85,723	$	90,240	$	113,156	$	97,792	$	96,006	$	94,967
FFO as adjusted available to common shareholders of EPR Properties	$	85,723	$	90,240	$	113,156	$	97,792	$	96,006	$	94,967
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		1,939
Diluted FFO as adjusted available to common shareholders of EPR Properties	$	89,599	$	94,116	$	117,032	$	101,668	$	99,882	$	98,844
FFO per common share:
Basic	$	1.08	$	1.18	$	1.50	$	1.30	$	1.27	$	1.33
Diluted	1.07		1.16		1.47		1.27		1.25		1.31
FFO as adjusted per common share:
Basic	$	1.14	$	1.20	$	1.50	$	1.30	$	1.28	$	1.27
Diluted	1.13		1.18		1.47		1.28		1.26		1.25
Shares used for computation (in thousands):
Basic	75,398		75,330		75,325		75,297		75,084		75,022
Diluted	75,705		75,883		75,816		75,715		75,283		75,111

Effect of dilutive Series C preferred shares	2,301		2,293		2,287		2,279		2,272		2,261

Effect of dilutive Series E preferred shares	1,663		1,663		1,663		1,663		1,663		1,664
Adjusted weighted-average shares outstanding-diluted Series C and Series E	79,669		79,839		79,766		79,657		79,218		79,036
(1) See pages 25 through 27 for definitions.


ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):	1ST QUARTER 2024			4TH QUARTER 2023			3RD QUARTER 2023			2ND QUARTER 2023			1ST QUARTER 2023			4TH QUARTER 2022
FFO available to common shareholders of EPR Properties	$	81,426		$	88,640		$	113,104		$	97,576		$	95,239		$	99,903
Adjustments:
Retirement and severance expense	1,836			—			—			547			—			—
Transaction costs	1			401			847			36			270			993
Provision (benefit) for credit losses, net	2,737			1,285			(719)			(275)			587			1,369

Impairment of operating lease right-of-use assets	—			—			—			—			—			1,968
Sale participation income (included in other income)	—			—			—			—			—			(9,134)







Deferred income tax benefit	(277)			(86)			(76)			(92)			(90)			(132)

Non-real estate depreciation and amortization	187			191			208			211			204			203
Deferred financing fees amortization	2,212			2,188			2,170			2,150			2,129			2,109
Share-based compensation expense to management and trustees	3,692			4,359			4,354			4,477			4,322			4,114
Amortization of above/below market leases, net and tenant allowances	(84)			(79)			(182)			(185)			(89)			(90)
Maintenance capital expenditures (2)	(1,555)			(5,015)			(1,753)			(3,455)			(2,176)			(2,674)
Straight-lined rental revenue	(3,670)			(2,930)			(4,407)			(1,149)			(2,105)			(2,291)
Straight-lined ground sublease expense	32			56			77			401			565			581
Non-cash portion of mortgage and other financing income	(862)			(535)			(290)			(141)			(122)			(120)
AFFO available to common shareholders of EPR Properties	$	85,675		$	88,475		$	113,333		$	100,101		$	98,734		$	96,799

AFFO available to common shareholders of EPR Properties	$	85,675		$	88,475		$	113,333		$	100,101		$	98,734		$	96,799
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			1,939
Diluted AFFO available to common shareholders of EPR Properties	$	89,551		$	92,351		$	117,209		$	103,977		$	102,610		$	100,676

Weighted average diluted shares outstanding (in thousands)	75,705			75,883			75,816			75,715			75,283			75,111
Effect of dilutive Series C preferred shares	2,301			2,293			2,287			2,279			2,272			2,261
Effect of dilutive Series E preferred shares	1,663			1,663			1,663			1,663			1,663			1,664
Adjusted weighted-average shares outstanding-diluted	79,669			79,839			79,766			79,657			79,218			79,036

AFFO per diluted common share	$	1.12		$	1.16		$	1.47		$	1.31		$	1.30		$	1.27
Dividends declared per common share	$	0.835		$	0.825		$	0.825		$	0.825		$	0.825		$	0.825
AFFO payout ratio (3)	75		%	71		%	56		%	63		%	63		%	65		%

(1) See pages 25 through 27 for definitions.

(2) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.


CAPITAL STRUCTURE AS OF MARCH 31, 2024
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
	BONDS/TERM LOAN/OTHER (1)		UNSECURED CREDIT FACILITY (2)		UNSECURED SENIOR NOTES			TOTAL		WEIGHTED AVG INTEREST RATE
YEAR
2024	$	—	$	—	$	136,637		$	136,637	4.35%
2025	—		—		300,000			300,000		4.50%
2026	—		—		629,597			629,597		4.70%
2027	—		—		450,000			450,000		4.50%
2028	—		—		400,000			400,000		4.95%
2029	—		—		500,000			500,000		3.75%
2030	—		—		—			—		—%
2031	—		—		400,000			400,000		3.60%
2032	—		—		—			—		—%
2033	—		—		—			—		—%
2034	—		—		—			—		—%
Thereafter	24,995		—		—			24,995		2.53%
Less: deferred financing costs, net	—		—		—			(23,519)		—%
	$	24,995	$	—	$	2,816,234		$	2,817,710	4.32%

			BALANCE		WEIGHTED AVG INTEREST RATE			WEIGHTED AVG MATURITY
Fixed rate unsecured debt			$	2,816,234	4.30		%	3.79
Fixed rate secured debt (1)			24,995		2.53		%	23.33


Less: deferred financing costs, net			(23,519)		—		%	—
Total			$	2,817,710	4.32		%	4.00

(1) Includes $25 million of secured bonds that have been fixed through interest rate swaps through September 30, 2024.

(2) Unsecured Revolving Credit Facility Summary:
			BALANCE					RATE
	COMMITMENT		AT 3/31/2024		MATURITY			AT 3/31/2024

	$1,000,000		$—		October 6, 2025			6.63%

	Note: This facility will mature on October 6, 2025 and has two six-month extensions available at the Company's option and includes an accordion feature pursuant to which the maximum borrowing amount can be increased from $1.0 billion to $2.0 billion, in each case, subject to certain terms and conditions.


CAPITAL STRUCTURE AS OF MARCH 31, 2024 AND DECEMBER 31, 2023
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT (continued)

SUMMARY OF DEBT:	March 31, 2024		December 31, 2023

Senior unsecured notes payable, 4.35%, due August 22, 2024	$	136,637	$	136,637
Senior unsecured notes payable, 4.50%, due April 1, 2025	300,000		300,000

Senior unsecured notes payable, 4.56%, due August 22, 2026	179,597		179,597
Senior unsecured notes payable, 4.75%, due December 15, 2026	450,000		450,000
Senior unsecured notes payable, 4.50%, due June 1, 2027	450,000		450,000
Senior unsecured notes payable, 4.95%, due April 15, 2028	400,000		400,000
Senior unsecured notes payable, 3.75%, due August 15, 2029	500,000		500,000
Senior unsecured notes payable, 3.60%, due November 15, 2031	400,000		400,000
Bonds payable, variable rate, fixed at 2.53% through September 30, 2026, due August 1, 2047	24,995		24,995
Less: deferred financing costs, net	(23,519)		(25,134)
Total debt	$	2,817,710	$	2,816,095

CAPITAL STRUCTURE

SENIOR NOTES

SENIOR DEBT RATINGS AS OF MARCH 31, 2024

Moody's

Baa3 (stable)

Fitch

BBB- (stable)

Standard and Poor's

BBB- (stable)

SUMMARY OF COVENANTS

The Company had outstanding public senior unsecured notes with fixed interest rates of 3.60%, 3.75%, 4.50%, 4.75% and 4.95% at March 31, 2024. Interest on these notes is paid semiannually. These public senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.

The following is a summary of the key financial covenants for the Company's 3.60%, 3.75%, 4.50%, 4.75% and 4.95% public senior unsecured notes, as defined and calculated per the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles ("GAAP") measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance. The actual amounts as of March 31, 2024 and December 31, 2023 are:

Actual

NOTE COVENANTS

Required

1st Quarter 2024 (1)

4th Quarter 2023 (1)

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

≤ 60%

40%

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

≤ 40%

—%

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

≥ 1.5 x

4.3x

4.4x

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

≥ 150% of unsecured debt

238%

237%

(1) See page 14 for details of calculations.


CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)

COVENANT CALCULATIONS

TOTAL ASSETS:	March 31, 2024				TOTAL DEBT:				March 31, 2024
Total Assets per balance sheet	$	5,694,036			Secured debt obligations				$	24,995
Add: accumulated depreciation	1,470,507				Unsecured debt obligations:
Less: intangible assets, net	(34,139)				Unsecured debt				2,816,234
Total Assets	$	7,130,404			Outstanding letters of credit				—
					Guarantees				13,004
TOTAL UNENCUMBERED ASSETS:	March 31, 2024				Derivatives at fair market value, net, if liability				—
Unencumbered real estate assets, gross	$	6,618,323			Total unsecured debt obligations:				$	2,829,238
Cash and cash equivalents	59,476				Total Debt				$	2,854,233
Land held for development	20,168
Property under development	36,138
Total Unencumbered Assets	$	6,734,105


CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		TRAILING TWELVE MONTHS
Adjusted EBITDAre	$	126,348	$	129,440	$	153,216	$	138,245	$	547,249



Less: straight-line revenue, net, included in adjusted EBITDAre	(3,670)		(2,930)		(4,407)		(1,149)		(12,156)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	122,678	$	126,510	$	148,809	$	137,096	$	535,093

ANNUAL DEBT SERVICE:
Interest expense, gross	$	33,592	$	33,583	$	33,647	$	33,541	$	134,363

Less: deferred financing fees amortization	(2,212)		(2,188)		(2,170)		(2,150)		(8,720)
ANNUAL DEBT SERVICE	$	31,380	$	31,395	$	31,477	$	31,391	$	125,643

DEBT SERVICE COVERAGE	3.9		4.0		4.7		4.4		4.3


CAPITAL STRUCTURE AS OF MARCH 31, 2024
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)

EQUITY
SECURITY	SHARES OUTSTANDING	PRICE PER SHARE AT MARCH 31, 2024	LIQUIDATION PREFERENCE	DIVIDEND RATE	CONVERTIBLE	CONVERSION RATIO AT MARCH 31, 2024		CONVERSION PRICE AT MARCH 31, 2024

Common shares	75,670,030	$42.45	N/A	(1)	N/A	N/A		N/A
Series C	5,392,916	$18.96	$134,823	5.750%	Y	0.4267		$58.59
Series E	3,445,980	$27.06	$86,150	9.000%	Y	0.4826		$51.80
Series G	6,000,000	$19.04	$150,000	5.750%	N	N/A		N/A

CALCULATION OF TOTAL MARKET CAPITALIZATION:

Common shares outstanding at March 31, 2024 multiplied by closing price at March 31, 2024						$	3,212,193
Aggregate liquidation value of Series C preferred shares (2)						134,823
Aggregate liquidation value of Series E preferred shares (2)						86,150
Aggregate liquidation value of Series G preferred shares (2)						150,000
Net debt at March 31, 2024 (3)						2,781,753
Total consolidated market capitalization						$	6,364,919

(1) Total monthly dividends declared in the first quarter of 2024 were $0.835 per share.
(2) Excludes accrued unpaid dividends at March 31, 2024.
(3) See pages 25 through 27 for definitions.


SUMMARY OF RATIOS
(UNAUDITED)

	1ST QUARTER 2024	4TH QUARTER 2023	3RD QUARTER 2023	2ND QUARTER 2023	1ST QUARTER 2023	4TH QUARTER 2022
Debt to total assets ratio	49%	49%	49%	49%	49%	49%

Net debt to total market capitalization ratio (1)	44%	41%	43%	41%	46%	46%

Net debt to gross assets ratio (1)	39%	39%	38%	39%	39%	39%

Net debt/Adjusted EBITDAre ratio (1)(2)	5.5	5.3	4.4	5.0	5.0	5.0

Net debt/Annualized adjusted EBITDAre ratio (1)(3)	5.2	5.3	5.1	5.2	5.1	5.1







Interest coverage ratio (4)	3.6	3.8	4.5	4.1	4.0	4.0

Fixed charge coverage ratio (4)	3.1	3.2	3.8	3.5	3.4	3.4

Debt service coverage ratio (4)	3.6	3.8	4.5	4.1	4.0	4.0

FFO payout ratio (5)	78%	71%	56%	65%	66%	63%

FFO as adjusted payout ratio (6)	74%	70%	56%	64%	65%	66%

AFFO payout ratio (7)	75%	71%	56%	63%	63%	65%

(1) See pages 25 through 27 for definitions. See prior period supplementals for detailed calculations as applicable.
(2) Adjusted EBITDAre is for the quarter multiplied times four. See calculation on page 31.
(3) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 31 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 25 through 27 for definitions.
(4) See page 29 for detailed calculation.
(5) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(6) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(7) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.



SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
						CARRYING AMOUNT AS OF (1)
DESCRIPTION	INTEREST RATE		PAYOFF DATE/MATURITY DATE	OUTSTANDING PRINCIPAL AMOUNT OF MORTGAGE		MARCH 31, 2024		DECEMBER 31, 2023
Eat & play property Eugene, Oregon	8.13	%	8/31/2024	$	10,750	$	10,417	$	10,417
Eat & play property Schaumburg, Illinois	6.50	%	12/31/2024	5,777		5,776		—
Attraction property Powells Point, North Carolina	7.75	%	6/30/2025	29,378		29,072		29,200
Fitness & wellness property Merriam, Kansas	7.55	%	7/31/2029	9,090		9,232		9,223
Fitness & wellness property Omaha, Nebraska	9.00	%	6/30/2030	10,905		10,969		10,951
Fitness & wellness property Omaha, Nebraska	9.00	%	6/30/2030	10,539		10,626		10,615
Experiential lodging property Nashville, Tennessee	6.99	%	9/30/2031	70,000		70,811		71,187
Ski property Girdwood, Alaska	8.78	%	7/31/2032	79,311		78,933		78,062
Fitness & wellness properties Colorado and California	7.15	%	1/10/2033	59,796		59,821		59,207
Eat & play property Austin, Texas	11.31	%	6/1/2033	9,502		9,502		9,701
Eat & play property Dallas, Texas	10.25	%	6/9/2033	2,285		2,282		1,105
Experiential lodging property Breaux Bridge, LA	7.25	%	3/8/2034	11,305		11,373		11,373
Ski property West Dover and Wilmington, Vermont	12.32	%	12/1/2034	51,050		51,048		51,049
Four ski properties Ohio and Pennsylvania	11.41	%	12/1/2034	37,562		37,440		37,495
Ski property Chesterland, Ohio	11.90	%	12/1/2034	4,550		4,484		4,508
Ski property Hunter, New York	9.19	%	1/5/2036	21,000		21,000		21,000
Eat & play property Midvale, Utah	10.25	%	5/31/2036	17,505		17,505		17,505
Eat & play property West Chester, Ohio	9.75	%	8/1/2036	18,068		18,068		18,067
Fitness & wellness property Fort Collins, Colorado	8.00	%	1/31/2038	10,292		9,900		10,070
Early childhood education center Lake Mary, Florida	8.23	%	5/9/2039	4,200		4,392		4,387
Early childhood education center Lithia, Florida	8.93	%	10/31/2039	3,959		4,082		4,018
Attraction property Frankenmuth, Michigan	8.25	%	10/14/2042	26,345		25,724		24,375
Fitness & wellness properties Massachusetts and New York	8.30	%	1/10/2044	77,000		76,458		76,253
Total				$	580,169	$	578,915	$	569,768


	AS OF MARCH 31, 2024
	TOTAL		EPR PORTION (2)
Total assets	$	264,254	$	195,449
Mortgage notes payable due to third parties	179,317		130,709
Mortgage note payable due to EPR (1)	11,305		9,609

	THREE MONTHS ENDED MARCH 31, 2024
	TOTAL		EPR PORTION (2)
Revenue and other income	$	15,798	$	10,823
Operating expenses	17,036		12,319
Net operating (loss) income	$	(1,238)	$	(1,496)
Interest expense	3,029		2,131
Net loss	$	(4,267)	$	(3,627)
Allocated share of joint venture depreciation (2)	n/a		2,416
FFOAA (2)	n/a		$	(1,211)

(1) Mortgage note payable to EPR matures on March 8, 2034, with an interest rate of 7.25% through the sixth anniversary and SOFR plus 7.20%, with a cap of 8.00%, thereafter through maturity.
(2) Non-GAAP financial measure. See pages 25 through 27 for definitions.


SUMMARY OF UNCONSOLIDATED MORTGAGE NOTES PAYABLE DUE TO THIRD PARTIES
				MARCH 31, 2024
PROPERTY	MATURITY	EXTENSIONS	INTEREST RATE	TOTAL		EPR PORTION (2)
Bellwether Beach Resort & Beachcomber Beach Resort Hotel	May 18, 2025	Two additional one-year extensions	SOFR plus 3.65%, with SOFR capped at 3.50% through June 1, 2024	$	105,000	$	68,250
Jellystone Park Warrens	September 15, 2031	n/a	4.00%	22,813		21,672
Camp Margaritaville Breaux Bridge	March 8, 2034	n/a	3.85% through April 7, 2025; 4.25% April 8, 2025 through maturity	38,500		32,725
Jellystone Kozy Rest	November 1, 2029	n/a	6.38%	13,004		8,062
Total mortgage notes payable due to third parties				$	179,317	$	130,709


INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED MARCH 31, 2024
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	370	$	—	$	370	$	—	$	—	$	—
Eat & Play	16,445		8,935		553		—		6,957		—
Attractions	35,231		—		164		33,437		1,630		—
Ski	1,209		—		—		—		1,209		—
Experiential Lodging	3,845		—		—		—		—		3,845
Fitness & Wellness	26,903		15,066		11,075		—		762		—

Cultural	1,709		—		1,709		—		—		—
Total Experiential	85,712		24,001		13,871		33,437		10,558		3,845





Total Investment Spending	$	85,712	$	24,001	$	13,871	$	33,437	$	10,558	$	3,845



PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT MARCH 31, 2024 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)

	MARCH 31, 2024			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
	PROPERTY UNDER DEVELOPMENT		# OF PROJECTS	2ND QUARTER 2024		3RD QUARTER 2024		4TH QUARTER 2024		1ST QUARTER 2025		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Total Build-to-Suit (3)	$	30,474	4	$	17,127	$	21,245	$	14,718	$	—	$	28,029	$	111,593	100		%
Non Build-to-Suit Development	5,664

Total Property Under Development	$	36,138

			MARCH 31, 2024	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
			# OF PROJECTS	2ND QUARTER 2024		3RD QUARTER 2024		4TH QUARTER 2024		1ST QUARTER 2025		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 1ST QUARTER 2024
Total Build-to-Suit			4	$	—	$	—	$	3,980	$	107,613	$	—	$	111,593	$	126,785

	MARCH 31, 2024			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
	MORTGAGE NOTES RECEIVABLE		# OF PROJECTS	2ND QUARTER 2024		3RD QUARTER 2024		4TH QUARTER 2024		1ST QUARTER 2025		THEREAFTER		TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes	$	243,218	5	$	22,427	$	20,140	$	9,596	$	4,766	$	44,160	$	344,307
Non Build-to-Suit Mortgage Notes	335,697
Total Mortgage Notes Receivable	$	578,915

(1) This schedule includes only those properties for which the Company has commenced construction as of March 31, 2024.
(2) "Total Expected Costs" and "Total In-Service" each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest as applicable).
(3) Total Build-to-Suit excludes property under development related to the Company's real estate joint ventures that own an experiential lodging property in Warrens, Wisconsin, Harrisville, Pennsylvania and Breaux Bridge, Louisiana. The Company's investment spending for these joint ventures is estimated at $5.7 million for the remainder of 2024.

Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. Development projects have risks. See Item 1A - "Risk Factors" in the Company's most recent Annual Report on Form 10-K and, to the extent applicable, the Company's Quarterly Reports on Form 10-Q.



PORTFOLIO DETAIL AS OF MARCH 31, 2024
(UNAUDITED)


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

Theatres (2) (4)	165	17		37	%	Reduce
Eat & Play	58	9	(3)	24	%	Grow
Attractions	24	8		11	%	Grow
Ski	11	3		8	%	Grow
Experiential Lodging	7	4		3	%	Grow
Fitness & Wellness	21	8		7	%	Grow
Gaming	1	1		2	%	Grow
Cultural	1	1		1	%	Grow
EXPERIENTIAL PORTFOLIO	288	51		93	%

Early Childhood Education (5)	61	7		5	%	Reduce
Private schools	9	1		2	%	Reduce
EDUCATION PORTFOLIO	70	8		7	%

TOTAL PORTFOLIO	358	59		100	%

(1) See pages 25 through 27 for definitions.

(2) Excludes seven theatres located in Entertainment Districts (included in Eat & Play).
(3) Excludes non-theatre operators at Entertainment districts.
(4) Includes 10 properties that the Company intends to sell.
(5) Includes two properties that the Company intends to sell.



LEASE EXPIRATIONS
AS OF MARCH 31, 2024
(UNAUDITED, DOLLARS IN THOUSANDS)

YEAR	TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED MARCH 31, 2024 (1)		% OF TOTAL REVENUE
2024	2	$	3,301	—	%
2025	3	3,407		—	%
2026	2	2,709		—	%
2027	4	22,628		3	%
2028	9	16,413		2	%
2029	12	18,741		3	%
2030	18	34,451		5	%
2031	8	10,684		2	%
2032	10	12,613		2	%
2033	7	10,481		1	%
2034	36	71,365		10	%
2035	30	75,329		11	%
2036	40	75,839		11	%
2037	29	61,311		9	%
2038	42	63,360		9	%
2039	2	4,542		1	%
2040	4	10,198		1	%
2041	30	18,608		3	%
2042	4	17,754		3	%
2043	7	19,537		3	%
Thereafter	3	1,373		—	%
	302	$	554,644	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 March 31, 2024 includes lease revenue related to the Company's existing operating ground leases (leases in which the Company is a sub-lessor) as well as the gross-up of tenant reimbursed expenses recognized during the year ended March 31, 2024 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).


MEASURE		2024 GUIDANCE
	YTD ACTUALS	CURRENT			PRIOR
Investment spending	$85.7	$200.0	to	$300.0	$200.0	to	$300.0
Disposition proceeds and mortgage note payoff	$46.2	$50.0	to	$75.0	$50.0	to	$75.0
Percentage rent	$1.9	$12.0	to	$16.0	$12.0	to	$16.0
General and administrative expense	$13.9	$52.0	to	$55.0	$52.0	to	$55.0
Other income	$12.0	$57.0	to	$67.0	$57.0	to	$67.0
Other expense	$13.0	$54.0	to	$64.0	$54.0	to	$64.0
Equity in loss from joint ventures	$(3.6)	$(9.0)	to	$(6.0)	$(9.0)	to	$(6.0)
FFO as adjusted (FFOAA) from joint ventures	$(1.2)	$1.0	to	$4.0	$1.0	to	$4.0
FFO per diluted share	$1.07	$4.68	to	$4.88	$4.74	to	$4.94
FFOAA per diluted share	$1.13	$4.76	to	$4.96	$4.76	to	$4.96

RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE):	YTD ACTUALS	2024 GUIDANCE
Net income available to common shareholders of EPR Properties	$0.75	$2.68	to	$2.88
Gain on sale of real estate	(0.23)	(0.24)

Real estate depreciation and amortization	0.53	2.16
Allocated share of joint venture depreciation	0.03	0.13

Impact of Series C and Series E Dilution, if applicable	(0.01)	(0.05)
FFO available to common shareholders of EPR Properties	$1.07	$4.68	to	$4.88

Retirement and severance expense	0.02	0.02
Transaction costs	—	0.01

Provision (benefit) for credit losses, net	0.04	0.04

Deferred income tax expense	—	0.01

FFO as adjusted (FFOAA) available to common shareholders of EPR Properties	$1.13	$4.76	to	$4.96

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

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

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.

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

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

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

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.

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.

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.


CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		4TH QUARTER 2022
Net income	$	62,709	$	45,529	$	56,260	$	13,600	$	57,657	$	42,329
Impairment charges	—		2,694		20,887		43,785		—		22,998

Retirement and severance expense	1,836		—		—		547		—		—
Transaction costs	1		401		847		36		270		993
Provision (benefit) for credit losses, net	2,737		1,285		(719)		(275)		587		1,369
Interest expense, gross	33,592		33,583		33,647		33,541		33,510		33,522

Depreciation and amortization	40,469		40,692		42,432		43,705		41,204		41,303
Share-based compensation expense
to management and trustees	3,692		4,359		4,354		4,477		4,322		4,114


Sale participation income	—		—		—		—		—		(9,134)
Interest cost capitalized	(958)		(1,080)		(857)		(846)		(783)		(680)
Straight-line rental revenue	(3,670)		(2,930)		(4,407)		(1,149)		(2,105)		(2,291)

(Gain) loss on sale of real estate	(17,949)		3,612		(2,550)		575		560		(347)




Deferred income tax benefit	(277)		(86)		(76)		(92)		(90)		(132)
Interest coverage amount	$	122,182	$	128,059	$	149,818	$	137,904	$	135,132	$	134,044

Interest expense, net	$	31,651	$	30,337	$	31,208	$	31,591	$	31,722	$	31,879
Interest income	983		2,166		1,582		1,104		1,005		963
Interest cost capitalized	958		1,080		857		846		783		680
Interest expense, gross	$	33,592	$	33,583	$	33,647	$	33,541	$	33,510	$	33,522

Interest coverage ratio	3.6		3.8		4.5		4.1		4.0		4.0

FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	122,182	$	128,059	$	149,818	$	137,904	$	135,132	$	134,044

Interest expense, gross	$	33,592	$	33,583	$	33,647	$	33,541	$	33,510	$	33,522
Preferred share dividends	6,032		6,040		6,032		6,040		6,033		6,042
Fixed charges	$	39,624	$	39,623	$	39,679	$	39,581	$	39,543	$	39,564
Fixed charge coverage ratio	3.1		3.2		3.8		3.5		3.4		3.4

DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	122,182	$	128,059	$	149,818	$	137,904	$	135,132	$	134,044
Interest expense, gross	$	33,592	$	33,583	$	33,647	$	33,541	$	33,510	$	33,522
Recurring principal payments	—		—		—		—		—		—
Debt service	$	33,592	$	33,583	$	33,647	$	33,541	$	33,510	$	33,522
Debt service coverage ratio	3.6		3.8		4.5		4.1		4.0		4.0

(1) See pages 25 through 27 for definitions.


RECONCILIATION OF INTEREST COVERAGE AMOUNT TO NET CASH PROVIDED BY OPERATING ACTIVITIES
(UNAUDITED, DOLLARS IN THOUSANDS)

The interest coverage amount per the table on page 29 is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used by investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
	1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		4TH QUARTER 2022

Net cash provided by operating activities	$	99,543	$	77,002	$	149,204	$	99,358	$	121,530	$	92,041

Equity in (loss) income from joint ventures	(3,627)		(4,701)		533		(615)		(1,985)		(3,559)
Distributions from joint ventures	—		—		(1,300)		—		—		—
Amortization of deferred financing costs	(2,212)		(2,188)		(2,170)		(2,150)		(2,129)		(2,109)
Amortization of above and below market leases and tenant allowances, net	84		79		182		185		89		90
Changes in assets and liabilities:
Operating lease assets and liabilities	287		279		187		(143)		(317)		(226)
Mortgage notes accrued interest receivable	1,418		734		(420)		621		296		576
Accounts receivable	5,819		8,780		1,560		2,749		(2,998)		188


Other assets	3,878		(1,850)		(1,593)		(95)		6,276		(617)
Accounts payable and accrued liabilities	(6,202)		5,773		(8,795)		3,395		(8,861)		9,186
Unearned rents and interest	(6,009)		14,177		(16,800)		2,774		(7,661)		16,064

Straight-line rental revenue	(3,670)		(2,930)		(4,407)		(1,149)		(2,105)		(2,291)
Interest expense, gross	33,592		33,583		33,647		33,541		33,510		33,522
Interest cost capitalized	(958)		(1,080)		(857)		(846)		(783)		(680)
Sale participation income	—		—		—		—		—		(9,134)
Transaction costs	1		401		847		36		270		993

Retirement and severance expense (cash portion)	238		—		—		243		—		—


Interest coverage amount (1)	$	122,182	$	128,059	$	149,818	$	137,904	$	135,132	$	134,044

Net cash used by investing activities	$	(38,551)	$	(104,015)	$	(7,562)	$	(27,961)	$	(61,510)	$	(79,920)

Net cash used by financing activities	$	(79,484)	$	(67,968)	$	(68,040)	$	(68,201)	$	(71,486)	$	(67,677)

(1) See pages 25 through 27 for definitions.


RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (2):	1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		4TH QUARTER 2022
Net income	$	62,709	$	45,529	$	56,260	$	13,600	$	57,657	$	42,329
Interest expense, net	31,651		30,337		31,208		31,591		31,722		31,879
Income tax expense	347		667		372		347		341		86
Depreciation and amortization	40,469		40,692		42,432		43,705		41,204		41,303
(Gain) loss on sale of real estate	(17,949)		3,612		(2,550)		575		560		(347)

Impairment of real estate investments, net	—		2,694		20,887		43,785		—		21,030



Allocated share of joint venture depreciation	2,416		2,344		2,315		2,162		2,055		1,833
Allocated share of joint venture interest expense	2,131		1,879		2,164		2,172		2,083		2,215

EBITDAre	$	121,774	$	127,754	$	153,088	$	137,937	$	135,622	$	140,328
Sale participation income (1)	—		—		—		—		—		(9,134)

Retirement and severance expense	1,836		—		—		547		—		—


Transaction costs	1		401		847		36		270		993

Provision (benefit) for credit losses, net	2,737		1,285		(719)		(275)		587		1,369



Impairment of operating lease right-of-use assets	—		—		—		—		—		1,968

Adjusted EBITDAre (for the quarter)	$	126,348	$	129,440	$	153,216	$	138,245	$	136,479	$	135,524
Adjusted EBITDAre (3)	$	505,392	$	517,760	$	612,864	$	552,980	$	545,916	$	542,096

ANNUALIZED ADJUSTED EBITDAre (2):
Adjusted EBITDAre (for the quarter)	$	126,348	$	129,440	$	153,216	$	138,245	$	136,479	$	135,524

In-service and disposition adjustments (4)	2,079		1,263		157		551		712		602
Managed and JV property adjustments (5)	2,832		4,405		(3,120)		(960)		502		3,370
Property under development adjustments (6)	646		2,610		1,874		1,462		1,716		1,522
Percentage rent/participation adjustments (7)	1,660		(3,154)		674		483		395		(2,824)
Deferral and stub rent collections not previously recognized (8)	(565)		(648)		(19,358)		(8,038)		(6,776)		(5,012)
Non-recurring adjustments (9)	798		(3,044)		(3,666)		(97)		902		(462)
Annualized Adjusted EBITDAre (for the quarter)	$	133,798	$	130,872	$	129,777	$	131,646	$	133,930	$	132,720
Annualized Adjusted EBITDAre (10)	$	535,192	$	523,488	$	519,108	$	526,584	$	535,720	$	530,880












See footnotes on following page.


(1) Included in other income in the consolidated statements of income in the Company's Annual Reports on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Reconciliation is as follows:
	1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		4TH QUARTER 2022
Income from settlement of foreign currency swap contracts	$	227	$	243	$	196	$	216	$	224	$	246
Sale participation income	—		—		—		—		—		9,134

Operating income from operated properties	11,606		11,809		14,208		9,765		9,101		7,325

Miscellaneous income	204		16		18		143		8		51
Other income	$	12,037	$	12,068	$	14,422	$	10,124	$	9,333	$	16,756













(2) See pages 25 through 27 for definitions.
(3) Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount but does not include the annualization of investments put in service, acquired or disposed of during the quarter, as well as the potential earnings on property under development, the annualization of percent rent and adjustments for other items. These adjustments are considered in the calculation of Annualized Adjusted EBITDAre.

(4) 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.
(5) To annualize amounts from the actual latest quarterly amount to the trailing 12-month amount divided by four. Any profit or loss from managed properties held less than one year is removed as part of the adjustment.
(6) To add in income for property under development that is build-to-suit at the initial cash yields of the projects upon completion.
(7) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the mid-point of the guidance amount shown on page 24 divided by four.
(8) To remove non-recurring, out-of-period deferred and stub rent collections
(9) Adjustments for various non-recurring items during the quarter.
(10) Annualized Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount.


INVESTOR INFORMATION
SENIOR MANAGEMENT
Greg Silvers						Mark Peterson
Chairman and Chief Executive Officer						Executive Vice President and Chief Financial Officer

Tonya Mater						Greg Zimmerman
Senior Vice President and Chief Accounting Officer						Executive Vice President and Chief Investment Officer

Paul Turvey						Elizabeth Grace
Senior Vice President, General Counsel and Secretary						Senior Vice President - Human Resources and Administration

Brian Moriarty						Gwen Johnson
Senior Vice President - Corporate Communications						Senior Vice President - Asset Management


COMPANY INFORMATION

CORPORATE HEADQUARTERS						TRADING SYMBOLS
909 Walnut Street, Suite 200						Common Stock:
Kansas City, MO 64106						EPR
816-472-1700						Preferred Stock:
www.eprkc.com						EPR-PrC
STOCK EXCHANGE LISTING						EPR-PrE
New York Stock Exchange						EPR-PrG


2024 DISPOSITIONS
	THREE MONTHS ENDED MARCH 31, 2024
INVESTMENT TYPE	TOTAL DISPOSITIONS		NET PROCEEDS FROM SALE OF REAL ESTATE		NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES
Theatres	$	1,286	$	1,286	$	—
Cultural	44,902		44,902		—

Total Experiential	46,188		46,188		—





Total Dispositions	$	46,188	$	46,188	$	—



TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED)

		PERCENTAGE OF TOTAL REVENUE
		FOR THE THREE MONTHS ENDED
	CUSTOMERS	MARCH 31, 2024

1.	Topgolf	14.8%
2.	AMC Theatres	14.0%
3.	Regal Entertainment Group	11.2%
4.	Cinemark	6.3%
5.	Vail Resorts	4.2%
6.	Premier Parks	3.8%
7.	Camelback Resort	3.3%
8.	Six Flags	2.6%
9.	Santikos Theaters, LLC	2.6%
10.	Resorts World	2.5%

	Total	65.3%



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