Form 8-K - Current report

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): February 26, 2024

EPR Properties

(Exact name of registrant as specified in its charter)

Maryland

001-13561

43-1790877

(State or other jurisdiction of
incorporation)

(Commission
File Number)

(I.R.S. Employer
Identification No.)

909 Walnut Street,

Suite 200

Kansas City,

Missouri

64106

(Address of principal executive offices) (Zip Code)


(816)			472-1700

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common shares, par value $0.01 per share

EPR

New York Stock Exchange

5.75% Series C cumulative convertible preferred shares, par value $0.01 per share

EPR PrC

New York Stock Exchange

9.00% Series E cumulative convertible preferred shares, par value $0.01 per share

EPR PrE

New York Stock Exchange

5.75% Series G cumulative redeemable preferred shares, par value $0.01 per share

EPR PrG

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On February 28, 2024, EPR Properties (the "Company") announced its results of operations and financial condition for the fourth quarter and year ended December 31, 2023. The public announcement was made by means of a press release, the text of which is set forth in Exhibit 99.1 hereto and is hereby incorporated by reference herein.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 26, 2024, Craig L. Evans, the Company's Executive Vice President, General Counsel and Secretary, notified the Company that he will retire from the Company, effective March 1, 2024. Paul Turvey, who currently serves as Senior Vice President and Associate General Counsel, will assume the positions of General Counsel and Secretary upon Mr. Evans' retirement.

In connection with Mr. Evans' retirement, on February 26, 2024, the Company and Mr. Evans entered into a Retirement and Release Agreement (the "Retirement Agreement"). Pursuant to the Retirement Agreement, the Company will continue to pay Mr. Evans the same base salary and benefits through the date of his retirement and, following his retirement: (i) the Company will pay Mr. Evans a lump sum cash payment of $110,103.19 (less any deductions required by law) consisting of (a) $59,154.96, which is equivalent to the pro-rated annual incentive bonus that Mr. Evans would have received under the Company's annual incentive program for 2024 with the achievement of "at target" performance level, (b) $49,246.50, which is equivalent to the fair market value of the time-based restricted shares portion of the pro-rated long-term incentive bonus that Mr. Evans would have received under the Company's long-term incentive plan for 2024 with the achievement of "at target" performance level, and (c) $1,701.73 for unused paid time off; (ii) the Company will grant Mr. Evans 2,589 performance share units, which is equivalent to the performance share unit portion of the pro-rated long-term incentive bonus that Mr. Evans would have been granted under the Company's long-term incentive plan for 2024, and which award will vest subject to the attainment of specified performance goals; (iii) all of Mr. Evans' other outstanding unvested performance share units will remain outstanding and vest in accordance with their terms; and (iv) all of Mr. Evans' unvested restricted common shares will fully vest.

Under the Retirement Agreement, Mr. Evans agreed to a general release of claims in favor of the Company and its affiliates and a non-disparagement restrictive covenant. Mr. Evans also agreed to provide future consulting services to the Company to the extent requested by the Company and upon a rate to be mutually agreed upon.

The foregoing summary of the Retirement Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Retirement Agreement, which the Company will file as an exhibit to a subsequent periodic report filed with the U.S. Securities and Exchange Commission.

Item 7.01 Regulation FD Disclosure.

In addition, on February 28, 2024, the Company made available on its website an investor slide presentation and supplemental operating and financial data for the fourth quarter and year ended December 31, 2023, the text of which are set forth in Exhibits 99.2 and 99.3 hereto, respectively, and are hereby incorporated by reference herein.

The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, is being “furnished” and shall not be deemed “filed” for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.



Exhibit No.						Description

99.1						Press Release dated February 28, 2024 issued by EPR Properties announcing its results of operations and financial condition for the fourth quarter and year ended December 31, 2023.

99.2						Investor slide presentation for the fourth quarter and year ended December 31, 2023, made available by EPR Properties on February 28, 2024.

99.3						Supplemental Operating and Financial Data for the fourth quarter and year ended December 31, 2023, made available by EPR Properties on February 28, 2024.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



			EPR PROPERTIES

			By:						/s/ Mark A. Peterson
									Mark A. Peterson
									Executive Vice President, Treasurer and Chief Financial Officer

Date: February 28, 2024

Exhibit 99.1

EPR Properties Reports Fourth Quarter and 2023 Year-End Results

Introduces Earnings and Investment Spending Guidance for 2024

Announces 3.6% Increase in Monthly Dividend

Kansas City, MO, February 28, 2024 -- EPR Properties (NYSE:EPR) today announced operating results for the fourth quarter and year ended December 31, 2023 (dollars in thousands, except per share data):


	Three Months Ended December 31,				Twelve Months Ended December 31,
	2023 (2)		2022 (3)		2023 (2)		2022 (3)
Total revenue	$	171,981	$	178,703	$	705,668	$	658,031
Net income available to common shareholders	39,489		36,287		148,901		152,088
Net income available to common shareholders per diluted common share	0.52		0.48		1.97		2.03


Funds From Operations as adjusted (FFOAA)(1)	90,240		94,967		397,194		355,157
FFOAA per diluted common share (1)	1.18		1.25		5.18		4.69
Adjusted Funds From Operations (AFFO) (1)	88,475		96,799		400,643		370,340
AFFO per diluted common share (1)	1.16		1.27		5.22		4.89

Note: Each of the measures above include deferred rent and interest collections from cash basis customers that were recognized as revenue of $0.6 million and $36.4 million, and $6.2 million and $17.7 million, for the three months and years ended December 31, 2023 and 2022, respectively.
(1) A non-GAAP financial measure.
(2) Each of the measures above for the three months and year ended December 31, 2023 include lease termination fees recognized as revenue of $2.5 million and $3.4 million, respectively.
(3) Total revenue, net income available to common shareholders and net income available to common shareholders per diluted common share for the three months and year ended December 31, 2022 each include $9.1 million of sale participation income.

Fourth Quarter Company Headlines

•Executes on Investment Pipeline - During the fourth quarter of 2023, the Company's investment spending totaled $133.9 million, bringing the total investment spending for the year to $269.4 million, which included $77.0 million for a mortgage note related to three premier resort and day spas in the Northeastern U.S. and $9.4 million for the acquisition of the Company's third climbing gym in Belmont, California.

•Strong Liquidity Position - As of December 31, 2023, the Company had cash on hand of $78.1 million, no borrowings on its $1.0 billion unsecured revolving credit facility and a consolidated debt profile that is all at fixed interest rates with only $136.6 million maturing in 2024.

•Introduces 2024 Guidance - The Company is introducing FFOAA per diluted common share guidance for 2024 of $4.76 to $4.96, representing an increase of 3.2% at the midpoint over 2023 after excluding the impact from both years of out-of-period deferred rent and interest collections from cash-basis customers included in income. The Company is also introducing investment spending guidance for 2024 of $200.0 million to $300.0 million and disposition proceeds guidance of $50.0 million to $75.0 million.

•Announces Increase in Monthly Dividend - Based on the Company's expectation of its financial results for 2024, the Company is announcing an increase in its monthly dividend of 3.6%.

“We concluded 2023 with positive momentum, as we executed on our investment spending and delivered strong earnings growth. We also saw sustained strength in our customers’ businesses, with continued consumer spending on experiences and strong North American box office growth of over 20% compared to 2022,” stated Company President and CEO Greg Silvers. “We have prioritized maintaining a strong balance sheet while providing the financial flexibility to execute on our pipeline of opportunities. We will continue our disciplined capital deployment while seeking to deliver reliable earnings growth. Lastly, we are pleased to announce a 3.6% increase in our monthly dividend to common shareholders.”

Investment Update

The Company's investment spending during the three months ended December 31, 2023 totaled $133.9 million, bringing the total investment spending for the year ended December 31, 2023 to $269.4 million, which included $77.0 million for a mortgage note related to three premier resort and day spas in the Northeastern U.S. and $9.4 million for the acquisition of the Company's third climbing gym in Belmont, California. The mortgage note for the resort and day spas includes commitments of $47.1 million to fund future projects. Investment spending for the quarter also included experiential build-to-suit development and redevelopment projects.

As of December 31, 2023, the Company has committed an additional approximately $240.0 million for experiential development and redevelopment projects (including the mortgage note commitment of $47.1 million discussed above), which is expected to be funded over the next two years. The Company will continue to be more selective in making investments, utilizing cash on hand, excess cash flow, disposition proceeds and borrowings under our line of credit, until such time as the Company's cost of capital further improves.

Strong Liquidity Position

The Company remains focused on maintaining strong liquidity and financial flexibility. The Company had $78.1 million of cash on hand at quarter-end, no borrowings on its $1.0 billion unsecured revolving credit facility and a consolidated debt profile that is all at fixed interest rates with only $136.6 million maturing in 2024.

Capital Recycling

During the fourth quarter of 2023, the Company completed the sales of two operating theatre properties, one vacant theatre property and one vacant early childhood education center property for net proceeds totaling $22.2 million and recognized a net loss on sale of $3.6 million for the quarter. Disposition proceeds totaled $57.2 million for the year ended December 31, 2023.

Subsequent to year-end, the Company completed the sale of two cultural properties for net proceeds of approximately $45.0 million and expects to recognize a gain on sale of approximately $17.0 million during the three months ending March 31, 2024, in connection with this sale.

Portfolio Update

The Company's total assets were $5.7 billion (after accumulated depreciation of approximately $1.4 billion) and total investments (a non-GAAP financial measure) were approximately $6.8 billion at December 31, 2023, with Experiential investments totaling $6.3 billion, or 93%, and Education investments totaling $0.5 billion, or 7%.

The Company's Experiential portfolio (excluding property under development and undeveloped land inventory) consisted of the following property types (owned or financed) at December 31, 2023:

•166 theatre properties;

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

•23 attraction properties;

•11 ski properties;

•seven experiential lodging properties;

•20 fitness & wellness properties;

•one gaming property; and

•three cultural properties.

As of December 31, 2023, the Company's owned Experiential portfolio consisted of approximately 19.8 million square feet, which includes 0.6 million square feet of properties the Company intends to sell. The Experiential portfolio, excluding the properties the Company intends to sell, was 99% leased and included a total of $131.3 million in property under development and $20.2 million in undeveloped land inventory.

The Company's Education portfolio consisted of the following property types (owned or financed) at December 31, 2023:

•61 early childhood education center properties; and

•nine private school properties.

As of December 31, 2023, the Company's owned Education portfolio consisted of approximately 1.3 million square feet, which includes 39 thousand square feet of properties the Company intends to sell. The Education portfolio, excluding the properties the Company intends to sell, was 100% leased.

The combined owned portfolio consisted of 21.1 million square feet and was 99% leased excluding the 0.6 million square feet of properties the Company intends to sell.

Dividend Information

The Company's Board of Trustees declared its monthly cash dividend to common shareholders of $0.285 per share payable April 15, 2024 to shareholders of record as of March 28, 2024. This dividend represents an annualized dividend of $3.42 per common share, an increase of 3.6% over the prior year's annualized dividend (based upon the monthly dividend at the end of the prior year).

Additionally, the Company's Board of Trustees declared its regular quarterly dividends to preferred shareholders of $0.359375 per share on both the Company's 5.75% Series C cumulative convertible preferred shares and Series G cumulative redeemable preferred shares and $0.5625 per share on its 9.00% Series E cumulative convertible preferred shares, payable April 15, 2024 to shareholders of record as of March 28, 2024.

Retirement of Executive Vice President, General Counsel and Secretary

Today the Company announced the retirement of Craig Evans, Executive Vice President, General Counsel and Secretary, effective March 1, 2024. Paul Turvey, who currently serves as Senior Vice President and Associate General Counsel, will assume the role of General Counsel and Secretary upon Mr. Evans' retirement.

Mr. Evans has been with the Company as General Counsel since 2015, having previously worked closely with the Company for many years as a partner at the law firm Stinson LLP, the Company’s outside counsel. Mr. Turvey joined the Company in 2013 as Associate General Counsel and has been a valuable member of the management team. Prior to joining the Company, he was a partner at the law firm Dentons, and practiced in the firm’s Real Estate Group.

“Craig has been a trusted advisor, providing legal and strategic counsel on a wide range of matters,” stated Company Chairman and CEO Greg Silvers. “We are very grateful to Craig for his years of service and contributions to the Company, and we wish him all the best in his retirement.

Additionally, we are confident in a smooth transition as Paul has an extended and respected tenure with the Company.”

2024 Guidance

(Dollars in millions, except per share data):


Measure
Net income available to common shareholders per diluted common share	$	2.74	to	$	2.94
FFOAA per diluted common share	$	4.76	to	$	4.96
Investment spending	$	200.0	to	$	300.0
Disposition proceeds	$	50.0	to	$	75.0

The Company is introducing its 2024 guidance for FFOAA per diluted common share of $4.76 to $4.96, representing an increase of 3.2% at the midpoint over 2023 after excluding the impact from both years of out-of-period deferred rent and interest collections from cash-basis customers included in income. The 2024 guidance for FFOAA per diluted common share is based on a FFO per diluted common share range of $4.74 to $4.94 adjusted for transaction costs, deferred income tax benefit and retirement and severance expense. FFO per diluted common share for 2024 is based on a net income available to common shareholders per diluted common share range of $2.74 to $2.94 plus estimated real estate depreciation and amortization of $2.14 and allocated share of joint venture depreciation of $0.13, less estimated gain on sale of real estate of $0.22 and the impact of Series C and Series E dilution of $0.05 (in accordance with the NAREIT definition of FFO).

Additional earnings guidance detail can be found in the Company's supplemental information package available in the Investor Center of the Company's website located at https://investors.eprkc.com/earnings-supplementals.

Conference Call Information

Management will host a conference call to discuss the Company's financial results on February 29, 2024 at 8:30 a.m. Eastern Time. The call may also include discussion of Company developments and forward-looking and other material information about business and financial matters. The conference will be webcast and can be accessed via the Webcasts page in the Investor Center on the Company's website located at https://investors.eprkc.com/webcasts. To access the audio-only call, visit the Webcasts page for the link to register and receive dial-in information and a PIN providing access to the live call. It is recommended that you join 10 minutes prior to the start of the event (although you may register and dial-in at any time during the call).

You may watch a replay of the webcast by visiting the Webcasts page at https://investors.eprkc.com/webcasts.

Quarterly and Year-End Supplemental

The Company's supplemental information package for the fourth quarter and year ended December 31, 2023 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 December 31,				Year Ended December 31,
	2023		2022		2023		2022
Rental revenue	$	148,738	$	152,652	$	616,139	$	575,601
Other income	12,068		16,756		45,947		47,382
Mortgage and other financing income	11,175		9,295		43,582		35,048
Total revenue	171,981		178,703		705,668		658,031
Property operating expense	14,759		13,747		57,478		55,985
Other expense	13,539		7,705		44,774		33,809
General and administrative expense	13,765		13,082		56,442		51,579
Severance expense	—		—		547		—

Transaction costs	401		993		1,554		4,533
Provision (benefit) for credit losses, net	1,285		1,369		878		10,816
Impairment charges	2,694		22,998		67,366		27,349
Depreciation and amortization	40,692		41,303		168,033		163,652
Total operating expenses	87,135		101,197		397,072		347,723
(Loss) gain on sale of real estate	(3,612)		347		(2,197)		651

Income from operations	81,234		77,853		306,399		310,959


Interest expense, net	30,337		31,879		124,858		131,175
Equity in loss from joint ventures	4,701		3,559		6,768		1,672
Impairment charges on joint ventures	—		—		—		647
Income before income taxes	46,196		42,415		174,773		177,465
Income tax expense	667		86		1,727		1,236
Net income	$	45,529	$	42,329	$	173,046	$	176,229










Preferred dividend requirements	6,040		6,042		24,145		24,141

Net income available to common shareholders of EPR Properties	$	39,489	$	36,287	$	148,901	$	152,088
Net income available to common shareholders of EPR Properties per share:


Basic	$	0.52	$	0.48	$	1.98	$	2.03



Diluted	$	0.52	$	0.48	$	1.97	$	2.03
Shares used for computation (in thousands):
Basic	75,330		75,022		75,260		74,967
Diluted	75,883		75,111		75,715		75,043

EPR Properties

Condensed Consolidated Balance Sheets

(Unaudited, dollars in thousands)



	December 31, 2023		December 31, 2022
Assets
Real estate investments, net of accumulated depreciation of $1,435,683 and $1,302,640 at December 31, 2023 and December 31, 2022, respectively	$	4,537,359	$	4,714,136
Land held for development	20,168		20,168
Property under development	131,265		76,029
Operating lease right-of-use assets	186,628		200,985
Mortgage notes and related accrued interest receivable, net	569,768		457,268

Investment in joint ventures	49,754		52,964
Cash and cash equivalents	78,079		107,934
Restricted cash	2,902		2,577

Accounts receivable	63,655		53,587

Other assets	61,307		73,053
Total assets	$	5,700,885	$	5,758,701
Liabilities and Equity
Accounts payable and accrued liabilities	$	94,927	$	80,087
Operating lease liabilities	226,961		241,407
Dividends payable	31,307		27,438
Unearned rents and interest	77,440		63,939
Debt	2,816,095		2,810,111
Total liabilities	3,246,730		3,222,982


Total equity	$	2,454,155	$	2,535,719
Total liabilities and equity	$	5,700,885	$	5,758,701

Non-GAAP Financial Measures

Funds From Operations (FFO), Funds From Operations As Adjusted (FFOAA) and Adjusted Funds From Operations (AFFO)

The National Association of Real Estate Investment Trusts (NAREIT) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. Pursuant to the definition of FFO by the Board of Governors of NAREIT, the Company calculates FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from disposition of real estate and impairment losses on real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. The Company has calculated FFO for all periods presented in accordance with this definition.

In addition to FFO, the Company presents FFOAA and AFFO. FFOAA is presented by adding to FFO 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), and the non-cash portion of mortgage and other financing income.

FFO, FFOAA and AFFO are widely used measures of the operating performance of real estate companies and are provided here as supplemental measures to GAAP net income available to common shareholders and earnings per share, and management provides FFO, FFOAA and AFFO herein because it believes this information is useful to investors in this regard. FFO, FFOAA and AFFO are non-GAAP financial measures. FFO, FFOAA and AFFO do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered alternatives to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO, FFOAA and AFFO the same way so comparisons with other REITs may not be meaningful.

The following table summarizes FFO, FFOAA and AFFO for the three months and years ended December 31, 2023 and 2022 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 December 31,				Year Ended December 31,
	2023		2022		2023		2022
FFO:
Net income available to common shareholders of EPR Properties	$	39,489	$	36,287	$	148,901	$	152,088
Loss (gain) on sale of real estate	3,612		(347)		2,197		(651)

Impairment of real estate investments, net (1)	2,694		21,030		67,366		25,381
Real estate depreciation and amortization	40,501		41,100		167,219		162,821
Allocated share of joint venture depreciation	2,344		1,833		8,876		7,409
Impairment charges on joint ventures (1)	—		—		—		647
FFO available to common shareholders of EPR Properties	$	88,640	$	99,903	$	394,559	$	347,695

FFO available to common shareholders of EPR Properties	$	88,640	$	99,903	$	394,559	$	347,695
Add: Preferred dividends for Series C preferred shares	1,938		1,938		7,752		7,752
Add: Preferred dividends for Series E preferred shares	1,938		1,939		7,752		7,756
Diluted FFO available to common shareholders of EPR Properties	$	92,516	$	103,780	$	410,063	$	363,203

FFOAA:
FFO available to common shareholders of EPR Properties	$	88,640	$	99,903	$	394,559	$	347,695

Severance expense	—		—		547		—
Transaction costs	401		993		1,554		4,533



Provision (benefit) for credit losses, net	1,285		1,369		878		10,816

Impairment of operating lease right-of-use assets (1)	—		1,968		—		1,968
Sale participation income (included in other income)	—		(9,134)		—		(9,134)
Gain on insurance recovery (included in other income)	—		—		—		(552)
Deferred income tax benefit	(86)		(132)		(344)		(169)
FFOAA available to common shareholders of EPR Properties	$	90,240	$	94,967	$	397,194	$	355,157

FFOAA available to common shareholders of EPR Properties	$	90,240	$	94,967	$	397,194	$	355,157
Add: Preferred dividends for Series C preferred shares	1,938		1,938		7,752		7,752
Add: Preferred dividends for Series E preferred shares	1,938		1,939		7,752		7,756
Diluted FFOAA available to common shareholders of EPR Properties	$	94,116	$	98,844	$	412,698	$	370,665


	Three Months Ended December 31,				Year Ended December 31,
	2023		2022		2023		2022

AFFO:
FFOAA available to common shareholders of EPR Properties	$	90,240	$	94,967	$	397,194	$	355,157
Non-real estate depreciation and amortization	191		203		814		831
Deferred financing fees amortization	2,188		2,109		8,637		8,360
Share-based compensation expense to management and trustees	4,359		4,114		17,512		16,666
Amortization of above and below market leases, net and tenant allowances	(79)		(90)		(535)		(355)
Maintenance capital expenditures (2)	(5,015)		(2,674)		(12,399)		(4,545)
Straight-lined rental revenue	(2,930)		(2,291)		(10,591)		(6,993)
Straight-lined ground sublease expense	56		581		1,099		1,692
Non-cash portion of mortgage and other financing income	(535)		(120)		(1,088)		(473)
AFFO available to common shareholders of EPR Properties	$	88,475	$	96,799	$	400,643	$	370,340

AFFO available to common shareholders of EPR Properties	$	88,475	$	96,799	$	400,643	$	370,340
Add: Preferred dividends for Series C preferred shares	1,938		1,938		7,752		7,752
Add: Preferred dividends for Series E preferred shares	1,938		1,939		7,752		7,756
Diluted AFFO available to common shareholders of EPR Properties	$	92,351	$	100,676	$	416,147	$	385,848

FFO per common share:
Basic	$	1.18	$	1.33	$	5.24	$	4.64
Diluted	1.16		1.31		5.15		4.60
FFOAA per common share:
Basic	$	1.20	$	1.27	$	5.28	$	4.74
Diluted	1.18		1.25		5.18		4.69
AFFO per common share:
Basic	$	1.17	$	1.29	$	5.32	$	4.94
Diluted	1.16		1.27		5.22		4.89
Shares used for computation (in thousands):
Basic	75,330		75,022		75,260		74,967
Diluted	75,883		75,111		75,715		75,043

Weighted average shares outstanding-diluted EPS	75,883		75,111		75,715		75,043
Effect of dilutive Series C preferred shares	2,293		2,261		2,283		2,250

Effect of dilutive Series E preferred shares	1,663		1,664		1,663		1,664
Adjusted weighted average shares outstanding-diluted Series C and Series E	79,839		79,036		79,661		78,957
Other financial information:

Dividends per common share	$	0.8250	$	0.8250	$	3.3000	$	3.2500

(1) Impairment charges recognized during the year ended December 31, 2022 totaled $28.0 million, which was comprised of $25.4 million of impairments of real estate investments, a $2.0 million impairment of an operating lease right-of-use asset and $0.6 million of impairments on joint ventures.

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

The conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares would be dilutive to FFO, FFOAA and AFFO per share for the three months and years ended December 31, 2023 and 2022. Therefore, the additional

common shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFO, FFOAA and AFFO per share for those periods.

Net Debt

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

Gross Assets

Gross Assets represents total assets (reported in accordance with GAAP) adjusted to exclude accumulated depreciation and reduced for cash and cash equivalents. By excluding accumulated depreciation and reducing cash and cash equivalents, the result provides an estimate of the investment made by the Company. The Company believes that investors commonly use versions of this calculation in a similar manner. The Company's method of calculating Gross Assets may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Net Debt to Gross Assets Ratio

Net Debt to Gross Assets Ratio is a supplemental measure derived from non-GAAP financial measures that the Company uses to evaluate capital structure and the magnitude of debt to gross assets. The Company believes that investors commonly use versions of this ratio in a similar manner. The Company's method of calculating the Net Debt to Gross Assets Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

EBITDAre

NAREIT developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income, computed in accordance with GAAP, excluding interest expense (net), income tax (benefit) expense, depreciation and amortization, gains and losses from dispositions of real estate, impairment losses on real estate, costs associated with loan refinancing or payoff and adjustments for unconsolidated partnerships, joint ventures and other affiliates.

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

Adjusted EBITDAre

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):


	December 31,
	2023			2022
Net Debt:
Debt	$	2,816,095		$	2,810,111
Deferred financing costs, net	25,134			31,118
Cash and cash equivalents	(78,079)			(107,934)
Net Debt	$	2,763,150		$	2,733,295

Gross Assets:
Total Assets	$	5,700,885		$	5,758,701
Accumulated depreciation	1,435,683			1,302,640
Cash and cash equivalents	(78,079)			(107,934)
Gross Assets	$	7,058,489		$	6,953,407

Debt to Total Assets Ratio	49		%	49		%
Net Debt to Gross Assets Ratio	39		%	39		%

	Three Months Ended December 31,
	2023			2022
EBITDAre and Adjusted EBITDAre:
Net income	$	45,529		$	42,329
Interest expense, net	30,337			31,879
Income tax expense	667			86
Depreciation and amortization	40,692			41,303
Loss (gain) on sale of real estate	3,612			(347)
Impairment of real estate investments, net (1)	2,694			21,030





Allocated share of joint venture depreciation	2,344			1,833
Allocated share of joint venture interest expense	1,879			2,215

EBITDAre	$	127,754		$	140,328

Sale participation income (2)	—			(9,134)




Transaction costs	401			993
Provision (benefit) for credit losses, net	1,285			1,369


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

Adjusted EBITDAre	$	129,440		$	135,524

Adjusted EBITDAre (annualized) (3)	$	517,760		$	542,096

Net Debt/Adjusted EBITDA Ratio	5.3			5.0

(1) Impairment charges recognized during the three months ended December 31, 2022 totaled $23.0 million, which was comprised of $21.0 million of impairments of real estate investments and $2.0 million of impairments of operating lease right-of-use assets.
(2) Included in other income in the accompanying consolidated statements of income and comprehensive income for the quarter. Other income includes the following:
	Three Months Ended December 31,
	2023			2022
Income from settlement of foreign currency swap contracts	$	243		$	246
Sale participation income	—			9,134

Operating income from operated properties	11,809			7,325
Miscellaneous income	16			51
Other income	$	12,068		$	16,756






















(3) 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 percent rent and adjustments for other items.

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):


	December 31, 2023		December 31, 2022

Total assets	$	5,700,885	$	5,758,701
Operating lease right-of-use assets	(186,628)		(200,985)
Cash and cash equivalents	(78,079)		(107,934)
Restricted cash	(2,902)		(2,577)
Accounts receivable	(63,655)		(53,587)
Add: accumulated depreciation on real estate investments	1,435,683		1,302,640
Add: accumulated amortization on intangible assets (1)	30,589		23,487
Prepaid expenses and other current assets (1)	(22,718)		(33,559)
Total investments	$	6,813,175	$	6,686,186

Total Investments:
Real estate investments, net of accumulated depreciation	$	4,537,359	$	4,714,136
Add back accumulated depreciation on real estate investments	1,435,683		1,302,640
Land held for development	20,168		20,168
Property under development	131,265		76,029
Mortgage notes and related accrued interest receivable, net	569,768		457,268

Investment in joint ventures	49,754		52,964
Intangible assets, gross (1)	65,299		60,109
Notes receivable and related accrued interest receivable, net (1)	3,879		2,872
Total investments	$	6,813,175	$	6,686,186

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

	December 31, 2023		December 31, 2022
Intangible assets, gross	$	65,299	$	60,109
Less: accumulated amortization on intangible assets	(30,589)		(23,487)
Notes receivable and related accrued interest receivable, net	3,879		2,872
Prepaid expenses and other current assets	22,718		33,559
Total other assets	$	61,307	$	73,053

About EPR Properties

EPR Properties (NYSE:EPR) is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues that create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have total assets of approximately $5.7 billion (after accumulated depreciation of approximately $1.4 billion) across 44 states. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage and the potential for stable and attractive returns. Further information is available at www.eprkc.com.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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

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

EPR Properties

Brian Moriarty, 816-472-1700

www.eprkc.com

FOURTH QUARTER 2022 EARNINGS CALL February 23, 2023 EARNINGS CALL PRESENTATION Q4 2023

2 The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Annual Report on Form 10-K is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our guidance, our capital resources and liquidity, our pursuit of growth opportunities, the timing of transaction closings and investment spending, our expected cash flows, the performance of our customers, our expected cash collections and our results of operations and financial condition. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance that the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law, we do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof. DISCLAIMER

INTRODUCTORY COMMENTS

PORTFOLIO UPDATE

5 PORTFOLIO OVERVIEW Education Portfolio 70 Properties; 8 Operators Leased at 100%** *See Annual Report on Form 10-K for the year ended December 31, 2023 for definition and calculation of this non-GAAP measure **Excluding properties EPR intends to sell Experiential Portfolio 289 Properties; 50 Operators Leased at 99%** $6.3B (93%) Total Investments* Total Portfolio Snapshot ~$6.8B Total Investments* 359 Properties Leased at 99%** Q4 Investment Spending $133.9M YTD Investment Spending $269.4M

6 PORTFOLIO COVERAGE *BoxOfficeMojo TTM Sept 2023 YE 2019 Theatre Coverage 1.7x 1.7x Box Office* $8.8B $11.4B Non-Theatre Coverage 2.6x 2.0x Total Portfolio Coverage 2.2x 1.9x Strong Total Portfolio Coverage Methodology – Coverage numerator is customer's store level EBITDARM and denominator is EPR's minimum rent or interest (excludes non-cash straight-line rent or interest income from the effective interest method of accounting) EBITDARM data is sourced from customers' reported store level profit and loss statements

7 THEATRES Tenant and Operator Updates Theatre coverage at 2019 levels • Coverage back to 2019 levels, even with box office well below 2019 • Positioned to capitalize on trends of sustained increases in food and beverage spending and spending on premium large format screens Improving quality and coverage of our theatre portfolio • Finalized a restructuring with Xscape Theatres • Sold two underperforming Alamo Drafthouses to franchisee operator North American Box Office • 2023 North American Box Office Gross (NABOG) was $8.9 billion, up 21% over 2022 with Q4 at $1.9B • 2024 NABOG expected to be $8.0B – $8.4B

8 PORTFOLIO UPDATE Experiential Lodging 2023 portfolio revenue and EBITDARM increased over 2022 Eat & Play 2023 portfolio revenue up 5% & EBITDARM up 6% Attractions & Cultural Cultural portfolio increased revenue and saw significant increases in attendance; many attractions saw attendance up over 2022 Fitness & Wellness Murrieta Hot Springs in opened in February; construction continues on The Springs Resort in Pagosa completion expected mid-25 Ski Performance essentially flat primarily reflecting challenging weather conditions in Nov & Dec at all resorts other than at Alyeska Resort

9 CAPITAL RECYCLING During the Quarter • Sold 2 Alamo Drafthouse locations and second of our vacant former Regals • Sold fourth of the five KinderCare properties; fifth vacant KinderCare location is under a signed purchase and sale agreement • Net proceeds for Q4 were $22.2M; total for 2023 was $57.2M Subsequent to year end o Sold third vacant former Regal; have either executed letters of intent or purchase and sale agreements for 3 of the remaining 8 o One remaining vacant AMC theatre, under a signed purchase and sale agreement and vacant Xscape theatre terminated in Q4 o Sold both Titanic Museums at a 6% cap rate on in place income for combined ~$45M net proceeds and gain on sale of ~$17M 2024 Disposition Proceeds Guidance $50M-$75M

1 0 INVESTMENT SPENDING Q4 Investment spending was $133.9M bringing YTD total to $269.4M $77M convertible mortgage financing for The Mirbeau Inn & Spa 3 locations – award-winning Mirbeau Inn & Spa resorts in Skaneateles and Rhinebeck, New York, and Plymouth, Massachusetts $9.4M acquisition of Movement Climbing Gym in Belmont, CA – third overall climbing gym; Movement is a quality operator, and the real estate is excellent 2024 Investment Spending Guidance $200M-$300M

FINANCIAL REVIEW

1 2 (In millions except per-share data) Note: Each of the measures above include deferred rent and interest collections from cash-basis customers that were recognized as revenue of $0.6 million and $6.2 million for the quarter ended December 31, 2023 and 2022, respectively. *See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2023 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance Quarter ended December 31, 2023 2022 $ Change % Change Total Revenue $172.0 $178.7 ($6.7) (4%) Net Income – Common 39.5 36.3 3.2 9% FFO as adj. – Common* 90.2 95.0 (4.8) (5%) AFFO – Common* 88.5 96.8 (8.3) (9%) Net Income/share – Common 0.52 0.48 0.04 8% FFO/share - Common, as adj.* 1.18 1.25 (0.07) (6%) AFFO/share - Common* 1.16 1.27 (0.11) (9%)

1 3*See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2023 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance Year ended December 31, 2023 2022 $ Change % Change Total Revenue $705.7 $658.0 $47.7 7% Net Income – Common 148.9 152.1 (3.2) (2%) FFO as adj. – Common* 397.2 355.2 42.0 12% AFFO – Common* 400.6 370.3 30.3 8% Net Income/share – Common 1.97 2.03 (0.06) (3%) FFO/share - Common, as adj.* 5.18 4.69 0.49 10% AFFO/share - Common* 5.22 4.89 0.33 7% (In millions except per-share data) Note: Each of the measures above include deferred rent and interest collections from cash-basis customers that were recognized as revenue of $36.4 million and $17.7 million for the year ended December 31, 2023 and 2022, respectively.

1 4 FFO AS ADJUSTED PER SHARE WITHOUT DEFERRAL COLLECTIONS *See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2023 for definitions and calculations of these non-GAAP measures $ in millions 2022 $ in millions 2023 (1) Growth FFO As Adjusted Per Share* $4.69 $5.18 10.4% Less: Deferral Collections $17.7 ($0.24) $36.4 ($0.48) FFO As Adjusted Per Share* Without Deferral Collections $4.45 $4.70 5.6% (1) FFO as adjusted per share and FFO as adjusted per share without deferral collections for the year ended December 31, 2023 each include $3.4 million in lease termination fees recognized as revenue.

1 5 FINANCIAL HIGHLIGHTS Key Ratios* Quarter ended December 31, 2023 Fixed charge coverage 3.2x Debt service coverage 3.8x Interest coverage 3.8x Net Debt to Adjusted EBITDAre 5.3x Net Debt to Gross Assets 39% AFFO payout 71% *See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2023 for definitions and calculations of these non-GAAP measures

1 6 Debt • $2.8B total debt; all fixed rate or fixed through interest rate swaps at weighted avg. = 4.3% • Weighted avg. debt maturity of 4.25 years; $136.6M of scheduled debt maturities due in 2024 Liquidity Position at 12/31/2023 • $78.1M unrestricted cash • No balance on $1B revolver CAPITAL MARKETS UPDATE

1 7 2024 GUIDANCE *See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2023 for definitions and calculations of these non-GAAP measures FFO AS ADJUSTED PER SHARE* Guidance $4.76 - $4.96 INVESTMENT SPENDING Guidance $200M - $300M DISPOSITION PROCEEDS Guidance $50M - $75M PERCENTAGE RENT & PARTICIPATING INTEREST Guidance $12M - $16M GENERAL & ADMINISTATIVE EXPENSE Guidance $52M - $55M

1 8 2024 OPERATING PROPERTY GUIDANCE *See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2023 for definitions and calculations of these non-GAAP measures OTHER INCOME Guidance $57M - $67M OTHER EXPENSE Guidance $54M - $64M EQUITY IN LOSS FROM JV’S Guidance $(9)M - $(6)M FFO AS ADJUSTED* FROM JV’S Guidance $1M - $4M

1 9 FFO AS ADJUSTED PER SHARE WITHOUT DEFERRAL COLLECTIONS *See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2023 for definitions and calculations of these non-GAAP measures (1) FFO as adjusted per share and FFO as adjusted per share without deferral collections for the year ended December 31, 2023 each include $3.4 million in lease termination fees recognized as revenue. (2) Estimates for 2024 reflect the mid-point of guidance. $ in millions 2023 A(1) $ in millions 2024 E(2) 2023 A vs. 2024 E Growth FFO As Adjusted Per Share* $5.18 $4.86 (6.2%) Less: Deferral Collections $36.4 ($0.48) $.6 ($0.01) FFO As Adjusted Per Share* Without Deferral Collections $4.70 $4.85 3.2%

CLOSING COMMENTS

EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com 816-472-1700 info@eprkc.com

Exhibit 99.3


TABLE OF CONTENTS

SECTION																								PAGE

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



			Q4 2023 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 Annual Report on Form 10-K 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.

NON-GAAP INFORMATION

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



			Q4 2023 Supplemental			Page 3

COMPANY PROFILE


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

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

BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO



			Q4 2023 Supplemental			Page 4


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

Craig Evans						Greg Zimmerman
Executive Vice President, General Counsel and Secretary						Executive Vice President and Chief Investment Officer

Tonya Mater						Elizabeth Grace
Senior Vice President and Chief Accounting Officer						Senior Vice President - Human Resources and Administration
Paul Turvey						Gwen Johnson
Senior Vice President and Associate General Counsel						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	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

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.



			Q4 2023 Supplemental			Page 5


SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
	THREE MONTHS ENDED DECEMBER 31,						YEAR ENDED DECEMBER 31,
OPERATING INFORMATION:	2023			2022			2023		2022
Revenue	$	171,981		$	178,703		$	705,668	$	658,031
Net income available to common shareholders of EPR Properties	39,489			36,287			148,901		152,088
EBITDAre (1)	127,754			140,328			554,401		511,512
Adjusted EBITDAre (1)	129,440			135,524			557,380		519,143
Interest expense, net	30,337			31,879			124,858		131,175

Capitalized interest	1,080			680			3,566		1,286
Straight-lined rental revenue	2,930			2,291			10,591		6,993
Dividends declared on preferred shares	6,040			6,042			24,145		24,141
Dividends declared on common shares	62,148			61,896			248,530		243,757
General and administrative expense	13,765			13,082			56,442		51,579

	DECEMBER 31,
BALANCE SHEET INFORMATION:	2023			2022
Total assets	$	5,700,885		$	5,758,701
Accumulated depreciation	1,435,683			1,302,640
Cash and cash equivalents	78,079			107,934
Total assets before accumulated depreciation less cash and cash equivalents (gross assets)	7,058,489			6,953,407
Debt	2,816,095			2,810,111
Deferred financing costs, net	25,134			31,118
Net debt (1)	2,763,150			2,733,295
Equity	2,454,155			2,535,719
Common shares outstanding	75,333			75,025
Total market capitalization (using EOP closing price and liquidation values) (2)	6,783,983			5,934,256
Net debt/total market capitalization ratio (1)	41		%	46		%
Debt to total assets ratio	49		%	49		%
Net debt/gross assets ratio (1)	39		%	39		%

Net debt/Adjusted EBITDAre ratio (1) (3)	5.3			5.0
Net debt/Annualized adjusted EBITDAre ratio (1) (4)	5.3			5.1

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

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



			Q4 2023 Supplemental			Page 6


SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)

ASSETS	4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		4TH QUARTER 2022		3RD QUARTER 2022
Real estate investments	$	5,973,042	$	5,972,156	$	6,029,468	$	6,049,869	$	6,016,776	$	6,048,144
Less: accumulated depreciation	(1,435,683)		(1,400,642)		(1,369,790)		(1,341,527)		(1,302,640)		(1,278,427)
Land held for development	20,168		20,168		20,168		20,168		20,168		20,168
Property under development	131,265		101,313		80,650		85,829		76,029		56,347
Operating lease right-of-use assets	186,628		190,309		192,325		197,357		200,985		199,031
Mortgage notes and related accrued interest receivable, net	569,768		477,243		466,459		461,263		457,268		399,485

Investment in joint ventures	49,754		53,855		53,763		50,978		52,964		50,124
Cash and cash equivalents	78,079		172,953		99,711		96,438		107,934		160,838
Restricted cash	2,902		2,868		2,623		2,599		2,577		5,252
Accounts receivable	63,655		54,826		53,305		50,591		53,587		53,375
Other assets	61,307		74,328		74,882		83,050		73,053		78,422
Total assets	$	5,700,885	$	5,719,377	$	5,703,564	$	5,756,615	$	5,758,701	$	5,792,759

LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	94,927	$	82,804	$	74,493	$	76,244	$	80,087	$	83,384
Operating lease liabilities	226,961		230,922		233,126		238,096		241,407		237,254
Common dividends payable	25,275		22,795		22,289		21,826		21,405		21,411
Preferred dividends payable	6,032		6,032		6,032		6,033		6,033		6,033
Unearned rents and interest	77,440		88,530		71,746		71,601		63,939		79,943
Line of credit	—		—		—		—		—		—
Deferred financing costs, net	(25,134)		(26,732)		(28,222)		(29,576)		(31,118)		(32,642)
Other debt	2,841,229		2,841,229		2,841,229		2,841,229		2,841,229		2,841,229
Total liabilities	3,246,730		3,245,580		3,220,693		3,225,453		3,222,982		3,236,612
Equity:
Common stock and additional paid-in-capital	3,925,296		3,920,714		3,916,102		3,911,064		3,900,557		3,896,179
Preferred stock at par value	148		148		148		148		148		148
Treasury stock	(274,038)		(274,035)		(274,001)		(273,904)		(269,751)		(269,744)
Accumulated other comprehensive income	3,296		2,378		3,610		1,823		1,897		1,097
Distributions in excess of net income	(1,200,547)		(1,175,408)		(1,162,988)		(1,107,969)		(1,097,132)		(1,071,533)


Total equity	2,454,155		2,473,797		2,482,871		2,531,162		2,535,719		2,556,147
Total liabilities and equity	$	5,700,885	$	5,719,377	$	5,703,564	$	5,756,615	$	5,758,701	$	5,792,759



			Q4 2023 Supplemental			Page 7


SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)

	4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		4TH QUARTER 2022		3RD QUARTER 2022
Rental revenue	$	148,738	$	163,940	$	151,870	$	151,591	$	152,652	$	140,471
Other income	12,068		14,422		10,124		9,333		16,756		11,360
Mortgage and other financing income	11,175		11,022		10,913		10,472		9,295		9,579
Total revenue	171,981		189,384		172,907		171,396		178,703		161,410

Property operating expense	14,759		14,592		13,972		14,155		13,747		14,707
Other expense	13,539		13,124		9,161		8,950		7,705		9,135
General and administrative expense	13,765		13,464		15,248		13,965		13,082		12,582
Severance expense	—		—		547		—		—		—

Transaction costs	401		847		36		270		993		148
Provision (benefit) for credit losses, net	1,285		(719)		(275)		587		1,369		241
Impairment charges	2,694		20,887		43,785		—		22,998		—
Depreciation and amortization	40,692		42,432		43,705		41,204		41,303		41,539
Total operating expenses	87,135		104,627		126,179		79,131		101,197		78,352
(Loss) gain on sale of real estate	(3,612)		2,550		(575)		(560)		347		304
Income from operations	81,234		87,307		46,153		91,705		77,853		83,362

Interest expense, net	30,337		31,208		31,591		31,722		31,879		32,747
Equity in loss (income) from joint ventures	4,701		(533)		615		1,985		3,559		(572)

Income before income taxes	46,196		56,632		13,947		57,998		42,415		51,187
Income tax expense	667		372		347		341		86		388








Net income	45,529		56,260		13,600		57,657		42,329		50,799

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

Net income available to common shareholders of EPR Properties	$	39,489	$	50,228	$	7,560	$	51,624	$	36,287	$	44,766



			Q4 2023 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):	4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		4TH QUARTER 2022		3RD QUARTER 2022
Net income available to common shareholders of EPR Properties	$	39,489	$	50,228	$	7,560	$	51,624	$	36,287	$	44,766
Loss (gain) on sale of real estate	3,612		(2,550)		575		560		(347)		(304)


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

Real estate depreciation and amortization	40,501		42,224		43,494		41,000		41,100		41,331
Allocated share of joint venture depreciation	2,344		2,315		2,162		2,055		1,833		2,093

FFO available to common shareholders of EPR Properties	$	88,640	$	113,104	$	97,576	$	95,239	$	99,903	$	87,886
FFO available to common shareholders of EPR Properties	$	88,640	$	113,104	$	97,576	$	95,239	$	99,903	$	87,886
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		1,939		1,939
Diluted FFO available to common shareholders of EPR Properties	$	92,516	$	116,980	$	101,452	$	99,115	$	103,780	$	91,763
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties	$	88,640	$	113,104	$	97,576	$	95,239	$	99,903	$	87,886
Severance expense	—		—		547		—		—		—
Transaction costs	401		847		36		270		993		148
Provision (benefit) for credit losses, net	1,285		(719)		(275)		587		1,369		241

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







Deferred income tax benefit	(86)		(76)		(92)		(90)		(132)		(37)
FFO as adjusted available to common shareholders of EPR Properties	$	90,240	$	113,156	$	97,792	$	96,006	$	94,967	$	88,238
FFO as adjusted available to common shareholders of EPR Properties	$	90,240	$	113,156	$	97,792	$	96,006	$	94,967	$	88,238
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		1,939		1,939
Diluted FFO as adjusted available to common shareholders of EPR Properties	$	94,116	$	117,032	$	101,668	$	99,882	$	98,844	$	92,115
FFO per common share:
Basic	$	1.18	$	1.50	$	1.30	$	1.27	$	1.33	$	1.17
Diluted	1.16		1.47		1.27		1.25		1.31		1.16
FFO as adjusted per common share:
Basic	$	1.20	$	1.50	$	1.30	$	1.28	$	1.27	$	1.18
Diluted	1.18		1.47		1.28		1.26		1.25		1.16
Shares used for computation (in thousands):
Basic	75,330		75,325		75,297		75,084		75,022		75,016
Diluted	75,883		75,816		75,715		75,283		75,111		75,183

Effect of dilutive Series C preferred shares	2,293		2,287		2,279		2,272		2,261		2,250

Effect of dilutive Series E preferred shares	1,663		1,663		1,663		1,663		1,664		1,664
Adjusted weighted-average shares outstanding-diluted Series C and Series E	79,839		79,766		79,657		79,218		79,036		79,097
(1) See pages 25 through 27 for definitions.



			Q4 2023 Supplemental			Page 9


ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):	4TH QUARTER 2023			3RD QUARTER 2023			2ND QUARTER 2023			1ST QUARTER 2023			4TH QUARTER 2022			3RD QUARTER 2022
FFO available to common shareholders of EPR Properties	$	88,640		$	113,104		$	97,576		$	95,239		$	99,903		$	87,886
Adjustments:
Severance expense	—			—			547			—			—			—
Transaction costs	401			847			36			270			993			148
Provision (benefit) for credit losses, net	1,285			(719)			(275)			587			1,369			241

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







Deferred income tax benefit	(86)			(76)			(92)			(90)			(132)			(37)

Non-real estate depreciation and amortization	191			208			211			204			203			208
Deferred financing fees amortization	2,188			2,170			2,150			2,129			2,109			2,090
Share-based compensation expense to management and trustees	4,359			4,354			4,477			4,322			4,114			4,138
Amortization of above/below market leases, net and tenant allowances	(79)			(182)			(185)			(89)			(90)			(89)
Maintenance capital expenditures (2)	(5,015)			(1,753)			(3,455)			(2,176)			(2,674)			(386)
Straight-lined rental revenue	(2,930)			(4,407)			(1,149)			(2,105)			(2,291)			(2,374)
Straight-lined ground sublease expense	56			77			401			565			581			602
Non-cash portion of mortgage and other financing income	(535)			(290)			(141)			(122)			(120)			(119)
AFFO available to common shareholders of EPR Properties	$	88,475		$	113,333		$	100,101		$	98,734		$	96,799		$	92,308

AFFO available to common shareholders of EPR Properties	$	88,475		$	113,333		$	100,101		$	98,734		$	96,799		$	92,308
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			1,939			1,939
Diluted AFFO available to common shareholders of EPR Properties	$	92,351		$	117,209		$	103,977		$	102,610		$	100,676		$	96,185

Weighted average diluted shares outstanding (in thousands)	75,883			75,816			75,715			75,283			75,111			75,183
Effect of dilutive Series C preferred shares	2,293			2,287			2,279			2,272			2,261			2,250
Effect of dilutive Series E preferred shares	1,663			1,663			1,663			1,663			1,664			1,664
Adjusted weighted-average shares outstanding-diluted	79,839			79,766			79,657			79,218			79,036			79,097

AFFO per diluted common share	$	1.16		$	1.47		$	1.31		$	1.30		$	1.27		$	1.22
Dividends declared per common share	$	0.825		$	0.825		$	0.825		$	0.825		$	0.825		$	0.825
AFFO payout ratio (3)	71		%	56		%	63		%	63		%	65		%	68		%

(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.



			Q4 2023 Supplemental			Page 10


CAPITAL STRUCTURE AS OF DECEMBER 31, 2023
(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	—		—		—			(25,134)		—%
	$	24,995	$	—	$	2,816,234		$	2,816,095	4.32%

			BALANCE		WEIGHTED AVG INTEREST RATE			WEIGHTED AVG MATURITY
Fixed rate unsecured debt			$	2,816,234	4.30		%	4.04
Fixed rate secured debt (1)			24,995		2.53		%	23.58


Less: deferred financing costs, net			(25,134)		—		%	—
Total			$	2,816,095	4.32		%	4.25

(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 12/31/2023		MATURITY			AT 12/31/2023

	$1,000,000		$—		October 6, 2025			6.66%

	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.



			Q4 2023 Supplemental			Page 11


CAPITAL STRUCTURE AS OF DECEMBER 31, 2023 AND 2022
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT (continued)

SUMMARY OF DEBT:	December 31, 2023		December 31, 2022

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	(25,134)		(31,118)
Total debt	$	2,816,095	$	2,810,111



			Q4 2023 Supplemental			Page 12

CAPITAL STRUCTURE

SENIOR NOTES

SENIOR DEBT RATINGS AS OF DECEMBER 31, 2023

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 December 31, 2023. 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 December 31, 2023 and September 30, 2023 are:

Actual

NOTE COVENANTS

Required

4th Quarter 2023 (1)

3rd 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

4.4x

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

≥ 150% of unsecured debt

237%

(1) See page 14 for details of calculations.



			Q4 2023 Supplemental			Page 13


CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)

COVENANT CALCULATIONS

TOTAL ASSETS:	December 31, 2023				TOTAL DEBT:				December 31, 2023
Total Assets per balance sheet	$	5,700,885			Secured debt obligations				$	24,995
Add: accumulated depreciation	1,435,683				Unsecured debt obligations:
Less: intangible assets, net	(34,710)				Unsecured debt				2,816,234
Total Assets	$	7,101,858			Outstanding letters of credit				—
					Guarantees				6,941
TOTAL UNENCUMBERED ASSETS:	December 31, 2023				Derivatives at fair market value, net, if liability				3,648
Unencumbered real estate assets, gross	$	6,481,851			Total unsecured debt obligations:				$	2,826,823
Cash and cash equivalents	78,079				Total Debt				$	2,851,818
Land held for development	20,168
Property under development	131,265
Total Unencumbered Assets	$	6,711,363


CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		TRAILING TWELVE MONTHS
Adjusted EBITDAre	$	129,440	$	153,216	$	138,245	$	136,479	$	557,380



Less: straight-line revenue, net, included in adjusted EBITDAre	(2,930)		(4,407)		(1,149)		(2,105)		(10,591)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	126,510	$	148,809	$	137,096	$	134,374	$	546,789

ANNUAL DEBT SERVICE:
Interest expense, gross	$	33,583	$	33,647	$	33,541	$	33,510	$	134,282

Less: deferred financing fees amortization	(2,188)		(2,170)		(2,150)		(2,129)		(8,637)
ANNUAL DEBT SERVICE	$	31,395	$	31,477	$	31,391	$	31,381	$	125,645

DEBT SERVICE COVERAGE	4.0		4.7		4.4		4.3		4.4



			Q4 2023 Supplemental			Page 14


CAPITAL STRUCTURE AS OF DECEMBER 31, 2023
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)

EQUITY
SECURITY	SHARES OUTSTANDING	PRICE PER SHARE AT DECEMBER 31, 2023	LIQUIDATION PREFERENCE	DIVIDEND RATE	CONVERTIBLE	CONVERSION RATIO AT DECEMBER 31, 2023		CONVERSION PRICE AT DECEMBER 31, 2023

Common shares	75,332,506	$48.45	N/A	(1)	N/A	N/A		N/A
Series C	5,392,916	$21.30	$134,823	5.750%	Y	0.4252		$58.80
Series E	3,445,980	$28.12	$86,150	9.000%	Y	0.4826		$51.80
Series G	6,000,000	$20.80	$150,000	5.750%	N	N/A		N/A

CALCULATION OF TOTAL MARKET CAPITALIZATION:

Common shares outstanding at December 31, 2023 multiplied by closing price at December 31, 2023						$	3,649,860
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 December 31, 2023 (3)						2,763,150
Total consolidated market capitalization						$	6,783,983

(1) Total monthly dividends declared in the fourth quarter of 2023 were $0.825 per share.
(2) Excludes accrued unpaid dividends at December 31, 2023.
(3) See pages 25 through 27 for definitions.



			Q4 2023 Supplemental			Page 15


SUMMARY OF RATIOS
(UNAUDITED)

	4TH QUARTER 2023	3RD QUARTER 2023	2ND QUARTER 2023	1ST QUARTER 2023	4TH QUARTER 2022	3RD QUARTER 2022
Debt to total assets ratio	49%	49%	49%	49%	49%	48%

Net debt to total market capitalization ratio (1)	41%	43%	41%	46%	46%	47%

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

Net debt/Adjusted EBITDAre ratio (1)(2)	5.3	4.4	5.0	5.0	5.0	5.2

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







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

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

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

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

FFO as adjusted payout ratio (6)	70%	56%	64%	65%	66%	71%

AFFO payout ratio (7)	71%	56%	63%	63%	65%	68%

(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.



			Q4 2023 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		DECEMBER 31, 2023		DECEMBER 31, 2022
Eat & play property Eugene, Oregon	8.13	%	8/31/2024	$	10,750	$	10,417	$	7,780
Attraction property Powells Point, North Carolina	7.75	%	6/30/2025	29,378		29,200		29,227
Fitness & wellness property Merriam, Kansas	7.55	%	7/31/2029	9,090		9,223		9,195
Fitness & wellness property Omaha, Nebraska	9.00	%	6/30/2030	10,905		10,951		10,898
Fitness & wellness property Omaha, Nebraska	9.00	%	6/30/2030	10,539		10,615		10,531
Experiential lodging property Nashville, Tennessee	6.99	%	9/30/2031	70,000		71,187		70,576
Ski property Girdwood, Alaska	8.78	%	7/31/2032	78,102		78,062		72,366
Fitness & wellness properties Colorado and California	7.15	%	1/10/2033	59,034		59,207		56,911
Eat & play property Austin, Texas	11.31	%	6/1/2033	9,701		9,701		10,253
Eat & play property Dallas, Texas	10.25	%	6/9/2033	1,106		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		51,049		51,049
Four ski properties Ohio and Pennsylvania	11.41	%	12/1/2034	37,562		37,495		37,529
Ski property Chesterland, Ohio	11.90	%	12/1/2034	4,550		4,508		4,532
Ski property Hunter, New York	9.03	%	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		18,067		18,066
Fitness & wellness property Fort Collins, Colorado	8.00	%	1/31/2038	10,292		10,070		10,089
Early childhood education center Lake Mary, Florida	8.23	%	5/9/2039	4,200		4,387		4,360
Early childhood education center Lithia, Florida	8.93	%	10/31/2039	3,959		4,018		4,028
Attraction property Frankenmuth, Michigan	8.25	%	10/14/2042	24,715		24,375		—
Fitness & wellness properties Massachusetts and New York	8.30	%	1/10/2044	77,000		76,253		—
Total				$	569,811	$	569,768	$	457,268

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



			Q4 2023 Supplemental			Page 17

SUMMARY OF UNCONSOLIDATED JOINT VENTURES

(UNAUDITED, DOLLARS IN THOUSANDS)

PROPERTY

ACQUISITION DATE

PROPERTY TYPE

LOCATION

CARRYING VALUE AT DECEMBER 31, 2023

OWNERSHIP INTEREST

Bellwether Beach Resort & Beachcomber Beach Resort Hotel

12/2018

Experiential lodging

St. Pete Beach, Florida

14,727

Jellystone Park Warrens

8/2021

Experiential lodging

Warrens, Wisconsin

9,945

Camp Margaritaville Breaux Bridge

5/2022

Experiential lodging

Breaux Bridge, Louisiana

18,996

Jellystone Kozy Rest

11/2022

Experiential lodging

Harrisville, Pennsylvania

6,086


	AS OF DECEMBER 31, 2023
	TOTAL		EPR PORTION (2)
Total assets	$	262,124	$	194,396
Mortgage notes payable due to third parties	172,854		126,568
Mortgage note payable due to EPR (1)	11,305		9,609

	THREE MONTHS ENDED DECEMBER 31, 2023				YEAR ENDED DECEMBER 31, 2023
	TOTAL		EPR PORTION (2)		TOTAL		EPR PORTION (2)
Revenue and other income	$	15,577	$	10,700	$	77,761	$	55,982
Operating expenses	18,901		13,522		74,857		54,452
Net operating (loss) income	$	(3,324)	$	(2,822)	$	2,904	$	1,530
Interest expense	2,756		1,879		11,822		8,298
Net loss	$	(6,080)	$	(4,701)	$	(8,918)	$	(6,768)
Allocated share of joint venture depreciation (2)	n/a		2,344		n/a		8,876
FFOAA (2)	n/a		$	(2,357)	n/a		$	2,108

(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%, 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
				DECEMBER 31, 2023
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%	22,413		21,292
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%	6,941		4,301
Total mortgage notes payable due to third parties				$	172,854	$	126,568



			Q4 2023 Supplemental			Page 18


INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED DECEMBER 31, 2023
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	2,395	$	—	$	2,395	$	—	$	—	$	—
Eat & Play	4,279		2,143		1,030		—		1,106		—
Attractions	10,973		—		59		—		10,914		—
Ski	1,562		—		—		—		1,562		—
Experiential Lodging	2,882		—		—		—		—		2,882
Fitness & Wellness	110,557		20,071		1,829		9,374		79,283		—

Cultural	1,285		—		1,285		—		—		—
Total Experiential	133,933		22,214		6,598		9,374		92,865		2,882





Total Investment Spending	$	133,933	$	22,214	$	6,598	$	9,374	$	92,865	$	2,882

INVESTMENT SPENDING YEAR ENDED DECEMBER 31, 2023
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	5,182	$	—	$	5,182	$	—	$	—	$	—
Eat & Play	24,048		20,750		2,192		—		1,106		—
Attractions	28,384		—		3,669		—		24,715		—
Ski	5,324		—		—		—		5,324		—
Experiential Lodging	16,034		—		—		—		—		16,034
Fitness & Wellness	184,370		45,632		3,286		53,144		82,308		—

Cultural	6,086		—		6,086		—		—		—
Total Experiential	269,428		66,382		20,415		53,144		113,453		16,034





Total Investment Spending	$	269,428	$	66,382	$	20,415	$	53,144	$	113,453	$	16,034

2023 DISPOSITIONS
	THREE MONTHS ENDED DECEMBER 31, 2023						YEAR ENDED DECEMBER 31, 2023
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	$	17,861	$	17,861	$	—	$	30,592	$	30,592	$	—
Eat & Play	—		—		—		4,029		4,029		—

Total Experiential	17,861		17,861		—		34,621		34,621		—

Total Education	4,342		4,342		—		22,539		22,539		—

Total Education	4,342		4,342		—		22,539		22,539		—

Total Dispositions	$	22,203	$	22,203	$	—	$	57,160	$	57,160	$	—



			Q4 2023 Supplemental			Page 19



PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT DECEMBER 31, 2023 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)

	DECEMBER 31, 2023			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
	PROPERTY UNDER DEVELOPMENT		# OF PROJECTS	1ST QUARTER 2024		2ND QUARTER 2024		3RD QUARTER 2024		4TH QUARTER 2024		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Total Build-to-Suit (3)	$	122,612	6	$	32,027	$	12,607	$	12,607	$	11,730	$	23,258	$	214,841	100		%
Non Build-to-Suit Development	8,653

Total Property Under Development	$	131,265

			DECEMBER 31, 2023	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
			# OF PROJECTS	1ST QUARTER 2024		2ND QUARTER 2024		3RD QUARTER 2024		4TH QUARTER 2024		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 4TH QUARTER 2023
Total Build-to-Suit			6	$	131,413	$	—	$	—	$	5,672	$	77,756	$	214,841	$	8,235

	DECEMBER 31, 2023			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
	MORTGAGE NOTES RECEIVABLE		# OF PROJECTS	1ST QUARTER 2024		2ND QUARTER 2024		3RD QUARTER 2024		4TH QUARTER 2024		THEREAFTER		TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes	$	239,002	5	$	7,992	$	18,594	$	17,144	$	15,674	$	45,197	$	343,603
Non Build-to-Suit Mortgage Notes	330,766
Total Mortgage Notes Receivable	$	569,768

(1) This schedule includes only those properties for which the Company has commenced construction as of December 31, 2023.
(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 $12.0 million for 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.



			Q4 2023 Supplemental			Page 20



PORTFOLIO DETAIL AS OF DECEMBER 31, 2023
(UNAUDITED)


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

Theatres (2) (4)	166	17		37	%	Reduce
Eat & Play	58	9	(3)	24	%	Grow
Attractions	23	7		11	%	Grow
Ski	11	3		8	%	Grow
Experiential Lodging	7	4		3	%	Grow
Fitness & Wellness	20	7		6	%	Grow
Gaming	1	1		2	%	Grow
Cultural	3	2		2	%	Grow
EXPERIENTIAL PORTFOLIO	289	50		93	%

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

TOTAL PORTFOLIO	359	58		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 11 properties that the Company intends to sell.
(5) Includes two properties that the Company intends to sell.



			Q4 2023 Supplemental			Page 21



LEASE EXPIRATIONS
AS OF DECEMBER 31, 2023
(UNAUDITED, DOLLARS IN THOUSANDS)

YEAR	TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE YEAR ENDED DECEMBER 31, 2023 (1)		% OF TOTAL REVENUE
2024	3	$	4,450	1	%
2025	3	3,407		—	%
2026	2	2,643		—	%
2027	4	22,559		3	%
2028	9	16,592		2	%
2029	11	17,845		3	%
2030	18	34,850		5	%
2031	8	10,884		1	%
2032	10	12,613		2	%
2033	7	10,203		1	%
2034	36	73,560		10	%
2035	30	75,314		11	%
2036	40	77,242		11	%
2037	29	61,311		9	%
2038	42	62,902		9	%
2039	3	5,411		1	%
2040	4	9,665		1	%
2041	30	18,608		3	%
2042	4	17,747		3	%
2043	7	18,602		3	%
Thereafter	2	1,822		—	%
	302	$	558,230	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 year ended December 31, 2023 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 December 31, 2023 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).



			Q4 2023 Supplemental			Page 22



TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED)

		PERCENTAGE OF TOTAL REVENUE	PERCENTAGE OF TOTAL REVENUE
		FOR THE THREE MONTHS ENDED	FOR THE YEAR ENDED
	CUSTOMERS	DECEMBER 31, 2023 (1)	DECEMBER 31, 2023 (1)

1.	Topgolf	15.3%	14.9%
2.	AMC Theatres	14.1%	14.4%
3.	Regal Entertainment Group	11.2%	12.9%
4.	Cinemark	6.3%	6.4%
5.	Premier Parks	5.5%	4.8%
6.	Vail Resorts	4.2%	4.6%
7.	Camelback Resort	3.3%	3.3%
8.	Six Flags	2.8%	2.7%
9.	Santikos Theaters, LLC (2)	2.5%	2.6%
10.	Endeavor Schools	2.2%	2.0%

	Total	67.4%	68.6%

(1) Excludes deferral collections from cash basis tenants recognized as revenue, including deferred amounts received related to the resolution of Regal's bankruptcy, for the year ended December 31, 2023. Additionally, excludes termination fees recognized as revenue for the year ended December 31, 2023.
(2) On July 27, 2023, Santikos acquired VSS-Southern.



			Q4 2023 Supplemental			Page 23

GUIDANCE

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


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

RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE):	2024 GUIDANCE
Net income available to common shareholders of EPR Properties	$2.74	to	$2.94
(Gain) loss on sale of real estate	(0.22)

Real estate depreciation and amortization	2.14
Allocated share of joint venture depreciation	0.13

Impact of Series C and Series E Dilution, if applicable	(0.05)
FFO available to common shareholders of EPR Properties	$4.74	to	$4.94


Transaction costs	0.01



Deferred income tax benefit	(0.01)
Retirement and severance expense	0.02

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

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.



			Q4 2023 Supplemental			Page 24

DEFINITIONS - NON-GAAP FINANCIAL MEASURES

EBITDAre

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

ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre

Management uses Adjusted EBITDAre in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDAre is useful to investors because it excludes various items that management believes are not indicative of operating performance, and because it is an informative measure to use in computing various financial ratios to evaluate the Company. The Company defines Adjusted EBITDAre as EBITDAre (defined above) for the quarter excluding sale participation income, gain on insurance recovery, 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

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.



			Q4 2023 Supplemental			Page 25

NET DEBT TO ADJUSTED EBITDAre RATIO, NET DEBT TO GROSS ASSETS RATIO AND NET DEBT TO TOTAL MARKET CAPITALIZATION RATIO

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

FUNDS FROM OPERATIONS (“FFO”) AND FFO AS ADJUSTED

NAREIT developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, the Company calculates FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from disposition of real estate and impairment losses on real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. The Company has calculated FFO for all periods presented in accordance with this definition. In addition, the Company presents FFO as adjusted. Management believes it is useful to provide FFO as adjusted as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO as adjusted is FFO plus 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 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.



			Q4 2023 Supplemental			Page 26

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

FIXED CHARGE COVERAGE RATIO

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

DEBT SERVICE COVERAGE RATIO

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

NON-GAAP PRO-RATA FINANCIAL INFORMATION - UNCONSOLIDATED JOINT VENTURES

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



			Q4 2023 Supplemental			Page 27

Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

Fourth Quarter and Year Ended December 31, 2023



			Q4 2023 Supplemental			Page 28


CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		4TH QUARTER 2022		3RD QUARTER 2022
Net income	$	45,529	$	56,260	$	13,600	$	57,657	$	42,329	$	50,799
Impairment charges	2,694		20,887		43,785		—		22,998		—

Severance expense	—		—		547		—		—		—
Transaction costs	401		847		36		270		993		148
Provision (benefit) for credit losses, net	1,285		(719)		(275)		587		1,369		241
Interest expense, gross	33,583		33,647		33,541		33,510		33,522		33,595

Depreciation and amortization	40,692		42,432		43,705		41,204		41,303		41,539
Share-based compensation expense
to management and trustees	4,359		4,354		4,477		4,322		4,114		4,138


Sale participation income	—		—		—		—		(9,134)		—
Interest cost capitalized	(1,080)		(857)		(846)		(783)		(680)		(335)
Straight-line rental revenue	(2,930)		(4,407)		(1,149)		(2,105)		(2,291)		(2,374)

Loss (gain) on sale of real estate	3,612		(2,550)		575		560		(347)		(304)




Deferred income tax benefit	(86)		(76)		(92)		(90)		(132)		(37)
Interest coverage amount	$	128,059	$	149,818	$	137,904	$	135,132	$	134,044	$	127,410

Interest expense, net	$	30,337	$	31,208	$	31,591	$	31,722	$	31,879	$	32,747
Interest income	2,166		1,582		1,104		1,005		963		513
Interest cost capitalized	1,080		857		846		783		680		335
Interest expense, gross	$	33,583	$	33,647	$	33,541	$	33,510	$	33,522	$	33,595

Interest coverage ratio	3.8		4.5		4.1		4.0		4.0		3.8

FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	128,059	$	149,818	$	137,904	$	135,132	$	134,044	$	127,410

Interest expense, gross	$	33,583	$	33,647	$	33,541	$	33,510	$	33,522	$	33,595
Preferred share dividends	6,040		6,032		6,040		6,033		6,042		6,033
Fixed charges	$	39,623	$	39,679	$	39,581	$	39,543	$	39,564	$	39,628
Fixed charge coverage ratio	3.2		3.8		3.5		3.4		3.4		3.2

DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	128,059	$	149,818	$	137,904	$	135,132	$	134,044	$	127,410
Interest expense, gross	$	33,583	$	33,647	$	33,541	$	33,510	$	33,522	$	33,595
Recurring principal payments	—		—		—		—		—		—
Debt service	$	33,583	$	33,647	$	33,541	$	33,510	$	33,522	$	33,595
Debt service coverage ratio	3.8		4.5		4.1		4.0		4.0		3.8

(1) See pages 25 through 27 for definitions.



			Q4 2023 Supplemental			Page 29


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:
	4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		4TH QUARTER 2022		3RD QUARTER 2022

Net cash provided by operating activities	$	77,002	$	149,204	$	99,358	$	121,530	$	92,041	$	132,625

Equity in income (loss) from joint ventures	(4,701)		533		(615)		(1,985)		(3,559)		572
Distributions from joint ventures	—		(1,300)		—		—		—		—
Amortization of deferred financing costs	(2,188)		(2,170)		(2,150)		(2,129)		(2,109)		(2,090)
Amortization of above and below market leases and tenant allowances, net	79		182		185		89		90		89
Changes in assets and liabilities:
Operating lease assets and liabilities	279		187		(143)		(317)		(226)		(337)
Mortgage notes accrued interest receivable	734		(420)		621		296		576		274
Accounts receivable	8,780		1,560		2,749		(2,998)		188		(3,994)


Other assets	(1,850)		(1,593)		(95)		6,276		(617)		(2,812)
Accounts payable and accrued liabilities	5,773		(8,795)		3,395		(8,861)		9,186		(20,807)
Unearned rents and interest	14,177		(16,800)		2,774		(7,661)		16,064		(7,144)

Straight-line rental revenue	(2,930)		(4,407)		(1,149)		(2,105)		(2,291)		(2,374)
Interest expense, gross	33,583		33,647		33,541		33,510		33,522		33,595
Interest cost capitalized	(1,080)		(857)		(846)		(783)		(680)		(335)
Sale participation income	—		—		—		—		(9,134)		—
Transaction costs	401		847		36		270		993		148

Severance expense (cash portion)	—		—		243		—		—		—


Interest coverage amount (1)	$	128,059	$	149,818	$	137,904	$	135,132	$	134,044	$	127,410

Net cash used by investing activities	$	(104,015)	$	(7,562)	$	(27,961)	$	(61,510)	$	(79,920)	$	(67,945)

Net cash used by financing activities	$	(67,968)	$	(68,040)	$	(68,201)	$	(71,486)	$	(67,677)	$	(67,524)

(1) See pages 25 through 27 for definitions.



			Q4 2023 Supplemental			Page 30


RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (2):	4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		4TH QUARTER 2022		3RD QUARTER 2022
Net income	$	45,529	$	56,260	$	13,600	$	57,657	$	42,329	$	50,799
Interest expense, net	30,337		31,208		31,591		31,722		31,879		32,747
Income tax expense	667		372		347		341		86		388
Depreciation and amortization	40,692		42,432		43,705		41,204		41,303		41,539
Loss (gain) on sale of real estate	3,612		(2,550)		575		560		(347)		(304)

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



Allocated share of joint venture depreciation	2,344		2,315		2,162		2,055		1,833		2,093
Allocated share of joint venture interest expense	1,879		2,164		2,172		2,083		2,215		1,822

EBITDAre	$	127,754	$	153,088	$	137,937	$	135,622	$	140,328	$	129,084
Sale participation income (1)	—		—		—		—		(9,134)		—

Severance expense	—		—		547		—		—		—


Transaction costs	401		847		36		270		993		148

Provision (benefit) for credit losses, net	1,285		(719)		(275)		587		1,369		241



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

Adjusted EBITDAre (for the quarter)	$	129,440	$	153,216	$	138,245	$	136,479	$	135,524	$	129,473
Adjusted EBITDAre (3)	$	517,760	$	612,864	$	552,980	$	545,916	$	542,096	$	517,892

ANNUALIZED ADJUSTED EBITDAre (2):
Adjusted EBITDAre (for the quarter)	$	129,440	$	153,216	$	138,245	$	136,479	$	135,524	$	129,473

In-service and disposition adjustments (4)	1,263		157		551		712		602		305
Managed and JV property adjustments (5)	4,405		(3,120)		(960)		502		3,370		—
Property under development adjustments (6)	2,610		1,874		1,462		1,716		1,522		—
Percentage rent/participation adjustments (5)	(3,154)		674		483		395		(2,824)		797
Deferral and stub rent collections not previously recognized (7)	(648)		(19,358)		(8,038)		(6,776)		(5,012)		(5,432)
Non-recurring adjustments (8)	(3,044)		(3,666)		(97)		902		(462)		6,345
Annualized Adjusted EBITDAre (for the quarter)	$	130,872	$	129,777	$	131,646	$	133,930	$	132,720	$	131,488
Annualized Adjusted EBITDAre (9)	$	523,488	$	519,108	$	526,584	$	535,720	$	530,880	$	525,952












See footnotes on following page.



			Q4 2023 Supplemental			Page 31


(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:
	4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023		1ST QUARTER 2023		4TH QUARTER 2022		3RD QUARTER 2022
Income from settlement of foreign currency swap contracts	$	243	$	196	$	216	$	224	$	246	$	159
Sale participation income	—		—		—		—		9,134		—

Operating income from operated properties	11,809		14,208		9,765		9,101		7,325		11,186

Miscellaneous income	16		18		143		8		51		15
Other income	$	12,068	$	14,422	$	10,124	$	9,333	$	16,756	$	11,360













(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.
(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 remove non-recurring, out-of-period deferred and stub rent collections.
(8) Adjustments for various non-recurring items during the quarter.
(9) Annualized Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount.



			Q4 2023 Supplemental			Page 32

DEI Information Document	Feb. 26, 2024
Document Information [Line Items]
Entity Central Index Key	0001045450
Document Type	8-K
Document Period End Date	Feb. 26, 2024
Entity Registrant Name	EPR Properties
Entity Incorporation, State or Country Code	MD
Entity File Number	001-13561
Entity Tax Identification Number	43-1790877
Entity Address, Address Line One	909 Walnut Street,
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Kansas City,
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	64106
City Area Code	(816)
Local Phone Number	472-1700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common shares, par value $0.01 per share
Trading Symbol	EPR
Security Exchange Name	NYSE
Series C Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	5.75% Series C cumulative convertible preferred shares, par value $0.01 per share
Trading Symbol	EPR PrC
Security Exchange Name	NYSE
Series E Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	9.00% Series E cumulative convertible preferred shares, par value $0.01 per share
Trading Symbol	EPR PrE
Security Exchange Name	NYSE
Series G Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	5.75% Series G cumulative redeemable preferred shares, par value $0.01 per share
Trading Symbol	EPR PrG
Security Exchange Name	NYSE

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