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): October 30, 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 October 30, 2024, EPR Properties (the "Company") announced its results of operations and financial condition for the third quarter and nine months ended September 30, 2024. The public announcement was made by means of a press release, the text of which is set forth in Exhibit 99.1 hereto and is hereby incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

In addition, on October 30, 2024, the Company made available on its website an investor slide presentation and supplemental operating and financial data for the third quarter and nine months ended September 30, 2024, 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 October 30, 2024 issued by EPR Properties announcing its results of operations and financial condition for the third quarter and nine months ended September 30, 2024.

99.2						Investor slide presentation for the third quarter and nine months ended September 30, 2024, made available by EPR Properties on October 30, 2024.

99.3						Supplemental Operating and Financial Data for the third quarter and nine months ended September 30, 2024, made available by EPR Properties on October 30, 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: October 30, 2024

Exhibit 99.1

EPR Properties Reports Third Quarter 2024 Results

Kansas City, MO, October 30, 2024 -- EPR Properties (NYSE:EPR) today announced operating results for the third quarter ended September 30, 2024 (dollars in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023 (2)		2024		2023 (2)
Total revenue	$	180,507	$	189,384	$	520,834	$	533,687
Net income available to common shareholders	40,618		50,228		136,357		109,412
Net income available to common shareholders per diluted common share	0.53		0.66		1.80		1.45


Funds From Operations as adjusted (FFOAA)(1)	100,382		113,156		279,620		306,954
FFOAA per diluted common share (1)	1.30		1.47		3.64		4.00
Adjusted Funds From Operations (AFFO)(1)	99,309		113,333		277,270		312,168
AFFO per diluted common share (1)	1.29		1.47		3.61		4.07

Note: Each of the measures above include deferred rent and interest collections from cash basis customers that were recognized as revenue of $19.3 million for the three months ended September 30, 2023 and $0.6 million and $35.7 million for the nine months ended September 30, 2024 and 2023, respectively.
(1) A non-GAAP financial measure.
(2) Each measure for 2023, except for AFFO and AFFO per diluted share, includes $2.1 million of additional straight-line rent revenue related primarily to recording a straight-line rent receivable for Regal ground leases in connection with reestablishing accrual basis accounting for Regal at August 1, 2023.

Third Quarter Company Headlines

•New $1.0 Billion Revolving Credit Facility - In September 2024, the Company entered into a new amended and restated $1.0 billion revolving credit facility that matures in October 2028 with options to extend for a total of 12 additional months, subject to conditions.

•Executes on Investment Pipeline - During the third quarter of 2024, the Company's investment spending totaled $82.0 million, bringing year-to-date investment spending to $214.6 million. Additionally, the Company has committed approximately $150.0 million for experiential development and redevelopment projects, which is expected to be funded over the next two years.

•Strong Liquidity Position - As of September 30, 2024, the Company had cash on hand of $35.3 million, $169.0 million outstanding on its $1.0 billion unsecured revolving credit facility and a consolidated debt profile that is all at fixed rates with only $300.0 million maturing through December 31, 2025.

•Updates 2024 Guidance - The Company is narrowing FFOAA per diluted common share guidance for 2024 to a range of $4.80 to $4.92 from a range $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 narrowing investment spending guidance for 2024 to a range of $225.0 million to $275.0 million from a range of $200.0 million to $300.0 million, and updating disposition proceeds guidance to a range of $70.0 million to $100.0 million from a range of $60.0 million to $75.0 million. Additional earnings guidance detail can be found on

page 24 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.

“In the third quarter, we made meaningful progress in further positioning the Company for continued growth,” stated Company Chairman and CEO Greg Silvers. “We entered into a new $1.0 billion revolving credit facility, which further enhances our already strong liquidity position with more favorable terms. Our investment strategy remains on track, including recycling proceeds from the sale of non-core assets into diversified experiential assets. With a promising future box office forecast, sustained consumer demand in our customer categories, a strong balance sheet, and our unique ability to source differentiated high-quality experiential assets, we believe that we are well-positioned to deliver long-term value for our shareholders."

Amended Credit Agreement and Series A Private Placement Note Payoff

On September 19, 2024, the Company entered into a Fourth Amended, Restated and Consolidated Credit Agreement (the "Amended Credit Agreement"). The Amended Credit Agreement amended, restated and replaced the Company’s prior senior unsecured revolving credit facility. The Amended Credit Agreement, among other things (i) extended the maturity date of the revolving credit facility; (ii) generally reduced the interest rate payable on outstanding loans; (iii) eliminated the tangible net worth covenant; (iv) modified the secured debt to total assets financial covenant to permit increased secured debt if the Company so elects; and (v) modified and simplified the capitalization rates used to value assets under the facility.

The Amended Credit Agreement provides for an initial maximum principal amount of borrowing availability of $1.0 billion and contains an accordion feature under which the Company may increase the total maximum principal amount available by $1.0 billion, to a total of $2.0 billion, subject to lender consent. The new credit facility matures on October 2, 2028. The Company has two options to extend the maturity date of the new credit facility by an additional six months each (for a total of 12 months), subject to applicable fees and the absence of any default.

On August 22, 2024, the Company repaid its $136.6 million Series A unsecured private placement notes due 2024 using funds available under its $1.0 billion senior unsecured revolving credit facility.

Investment Update

The Company's investment spending during the three months ended September 30, 2024 totaled $82.0 million, bringing the total investment spending for the nine months ended September 30, 2024 to $214.6 million. Investment spending for the quarter included $52.0 million for the financing of a fitness & wellness property in Colorado as well as experiential build-to-suit development and redevelopment projects.

As of September 30, 2024, the Company has committed approximately $150.0 million in additional spending for experiential development and redevelopment projects, which is expected to be funded over the next two years. The Company will continue to be more selective in making investments, utilizing cash on hand, excess cash flow, disposition proceeds and borrowings under our line of credit, until such time as the Company's cost of capital improves.

Strong Liquidity Position

The Company remains focused on maintaining strong liquidity and financial flexibility. At September 30, 2024, the Company had $35.3 million of cash on hand, $169.0 million outstanding on its $1.0 billion unsecured revolving credit facility and a consolidated debt profile that is all at fixed rates with only $300.0 million maturing through December 31, 2025.

Capital Recycling

During the third quarter of 2024, the Company completed the sale of two theatre properties and one early childhood education center for net proceeds totaling $8.7 million and recognized a loss on sale of $3.4 million for the quarter. The Company recognized a net gain on sale of $16.0 million during the nine months ended September 30, 2024 on disposition proceeds totaling $65.1 million.

Impairment Charges on Joint Ventures

During and subsequent to the third quarter of 2024, two experiential lodging properties located in St. Pete Beach, Florida, in which the Company holds as equity investments through joint ventures, were significantly damaged by two weather events. On September 26, 2024, Hurricane Helene made landfall on St. Pete Beach as a Category 3 storm and damaged the joint ventures' experiential lodging properties. On October 9, 2024, further damage was caused by Hurricane Milton. The properties will remain closed as the joint ventures continue to assess and repair damage and the Company does not anticipate that the properties will re-open until well into 2025. The Company plans to work in good faith with its joint venture partners, the non-recourse debt provider and the insurance companies to identify a path forward which the Company expects will result in the eventual removal of both experiential lodging properties from the Company's portfolio. Accordingly, the Company determined that its investment in these joint ventures was not recoverable and during the third quarter of 2024, recognized $12.1 million in impairment charges on these joint ventures to fully write-off their carrying values.

Portfolio Update

The Company's total assets were $5.7 billion (after accumulated depreciation of approximately $1.5 billion) and total investments (a non-GAAP financial measure) were $6.9 billion at September 30, 2024, with Experiential investments totaling $6.4 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 September 30, 2024:

•159 theatre properties;

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

•24 attraction properties;

•11 ski properties;

•seven experiential lodging properties;

•22 fitness & wellness properties;

•one gaming property; and

•one cultural property.

As of September 30, 2024, the Company's owned Experiential portfolio consisted of approximately 19.5 million square feet, which includes 0.4 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 $76.9 million in property under development and $20.2 million in undeveloped land inventory.

The Company's Education portfolio consisted of the following property types (owned or financed) at September 30, 2024:

•60 early childhood education center properties; and

•nine private school properties.

As of September 30, 2024, 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 20.8 million square feet and was 99% leased excluding the 0.4 million square feet of properties the Company intends to sell.

Dividend Information

The Company declared regular monthly cash dividends during the third quarter of 2024 totaling $0.855 per common share, which represents an annualized dividend of $3.42 per common share, an increase of 3.6% over the prior year's annualized dividend (based on the monthly dividend at the end of the prior year).

Additionally, the Company declared its regular quarterly dividends to preferred shareholders of $0.359375 per share on both the Company's 5.75% Series C cumulative convertible preferred shares and Series G cumulative redeemable preferred shares and $0.5625 per share on its 9.00% Series E cumulative convertible preferred shares.

2024 Guidance

(Dollars in millions, except per share data):




	Current					Prior
Net income available to common shareholders per diluted common share	$	2.40	to	$	2.52	$	2.58	to	$	2.78
FFOAA per diluted common share	$	4.80	to	$	4.92	$	4.76	to	$	4.96
Investment spending	$	225.0	to	$	275.0	$	200.0	to	$	300.0
Disposition proceeds	$	70.0	to	$	100.0	$	60.0	to	$	75.0

The Company is narrowing its 2024 earnings guidance for FFOAA per diluted common share to a range of $4.80 to $4.92 from a range 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 $4.76 to $4.88 adjusted for retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, and deferred income tax expense. FFO per diluted common share for 2024 is based on a net income available to common shareholders per diluted common share range of $2.40 to $2.52 plus impairment charges of $0.16, estimated real estate depreciation and amortization of $2.17, allocated share of joint venture depreciation of $0.13 and impairment charges on joint ventures of $0.16, less estimated gain on sale of real estate of $0.21 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 October 31, 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 Supplemental

The Company's supplemental information package for the third quarter and nine months ended September 30, 2024 is available in the Investor Center on the Company's website located at https://investors.eprkc.com/earnings-supplementals.

EPR Properties

Consolidated Statements of Income

(Unaudited, dollars in thousands except per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Rental revenue	$	148,677	$	163,940	$	436,051	$	467,401
Other income	17,419		14,422		43,874		33,879
Mortgage and other financing income	14,411		11,022		40,909		32,407
Total revenue	180,507		189,384		520,834		533,687
Property operating expense	14,611		14,592		43,958		42,719
Other expense	15,631		13,124		43,440		31,235
General and administrative expense	11,935		13,464		37,863		42,677
Retirement and severance expense	—		—		1,836		547

Transaction costs	175		847		375		1,153
Provision (benefit) for credit losses, net	(770)		(719)		2,371		(407)
Impairment charges	—		20,887		11,812		64,672
Depreciation and amortization	42,795		42,432		124,738		127,341
Total operating expenses	84,377		104,627		266,393		309,937
(Loss) gain on sale of real estate	(3,419)		2,550		15,989		1,415

Income from operations	92,711		87,307		270,430		225,165
Costs associated with loan refinancing or payoff	337		—		337		—

Interest expense, net	32,867		31,208		97,338		94,521
Equity in loss (income) from joint ventures	851		(533)		5,384		2,067
Impairment charges on joint ventures	12,130		—		12,130		—
Income before income taxes	46,526		56,632		155,241		128,577
Income tax (benefit) expense	(124)		372		780		1,060
Net income	$	46,650	$	56,260	$	154,461	$	127,517










Preferred dividend requirements	6,032		6,032		18,104		18,105

Net income available to common shareholders of EPR Properties	$	40,618	$	50,228	$	136,357	$	109,412
Net income available to common shareholders of EPR Properties per share:


Basic	$	0.54	$	0.67	$	1.80	$	1.45



Diluted	$	0.53	$	0.66	$	1.80	$	1.45
Shares used for computation (in thousands):
Basic	75,723		75,325		75,604		75,236
Diluted	76,108		75,816		75,945		75,655

EPR Properties

Condensed Consolidated Balance Sheets

(Unaudited, dollars in thousands)



	September 30, 2024		December 31, 2023
Assets
Real estate investments, net of accumulated depreciation of $1,546,509 and $1,435,683 at September 30, 2024 and December 31, 2023, respectively	$	4,534,450	$	4,537,359
Land held for development	20,168		20,168
Property under development	76,913		131,265
Operating lease right-of-use assets	175,451		186,628
Mortgage notes and related accrued interest receivable, net	657,636		569,768

Investment in joint ventures	32,426		49,754
Cash and cash equivalents	35,328		78,079
Restricted cash	2,992		2,902

Accounts receivable	79,726		63,655

Other assets	74,072		61,307
Total assets	$	5,689,162	$	5,700,885
Liabilities and Equity
Accounts payable and accrued liabilities	$	99,334	$	94,927
Operating lease liabilities	214,809		226,961
Dividends payable	29,843		31,307
Unearned rents and interest	88,503		77,440
Debt	2,852,970		2,816,095
Total liabilities	3,285,459		3,246,730


Total equity	$	2,403,703	$	2,454,155
Total liabilities and equity	$	5,689,162	$	5,700,885

Non-GAAP Financial Measures

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

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

In addition to FFO, the Company presents FFOAA and AFFO. FFOAA is presented by adding to FFO retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, costs associated with loan refinancing or payoff, preferred share redemption costs and impairment of operating lease right-of-use assets and subtracting sale participation income, gain on insurance recovery and deferred income tax (benefit) expense. AFFO is presented by adding to FFOAA non-real estate depreciation and amortization, deferred financing fees amortization and share-based compensation expense to management and Trustees; and subtracting amortization of above and below market leases, net and tenant allowances, maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue (removing the impact of straight-lined ground sublease expense), the non-cash portion of mortgage and other financing income and the allocated share of joint venture non-cash items.

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

The following table summarizes FFO, FFOAA and AFFO for the three and nine months ended September 30, 2024 and 2023 and reconciles such measures to net income available to common shareholders, the most directly comparable GAAP measure:

EPR Properties

Reconciliation of Non-GAAP Financial Measures

(Unaudited, dollars in thousands except per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
FFO:
Net income available to common shareholders of EPR Properties	$	40,618	$	50,228	$	136,357	$	109,412
Loss (gain) on sale of real estate	3,419		(2,550)		(15,989)		(1,415)

Impairment of real estate investments, net	—		20,887		11,812		64,672
Real estate depreciation and amortization	42,620		42,224		124,191		126,718
Allocated share of joint venture depreciation	2,581		2,315		7,454		6,532
Impairment charges on joint ventures	12,130		—		12,130		—
FFO available to common shareholders of EPR Properties	$	101,368	$	113,104	$	275,955	$	305,919

FFO available to common shareholders of EPR Properties	$	101,368	$	113,104	$	275,955	$	305,919
Add: Preferred dividends for Series C preferred shares	1,938		1,938		5,814		5,814
Add: Preferred dividends for Series E preferred shares	1,938		1,938		5,814		5,814
Diluted FFO available to common shareholders of EPR Properties	$	105,244	$	116,980	$	287,583	$	317,547

FFOAA:
FFO available to common shareholders of EPR Properties	$	101,368	$	113,104	$	275,955	$	305,919
Retirement and severance expense	—		—		1,836		547
Transaction costs	175		847		375		1,153



Provision (benefit) for credit losses, net	(770)		(719)		2,371		(407)
Costs associated with loan refinancing or payoff	337		—		337		—




Deferred income tax benefit	(728)		(76)		(1,254)		(258)
FFOAA available to common shareholders of EPR Properties	$	100,382	$	113,156	$	279,620	$	306,954

FFOAA available to common shareholders of EPR Properties	$	100,382	$	113,156	$	279,620	$	306,954
Add: Preferred dividends for Series C preferred shares	1,938		1,938		5,814		5,814
Add: Preferred dividends for Series E preferred shares	1,938		1,938		5,814		5,814
Diluted FFOAA available to common shareholders of EPR Properties	$	104,258	$	117,032	$	291,248	$	318,582


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
AFFO:
FFOAA available to common shareholders of EPR Properties	$	100,382	$	113,156	$	279,620	$	306,954
Non-real estate depreciation and amortization	175		208		547		623
Deferred financing fees amortization	2,211		2,170		6,657		6,449
Share-based compensation expense to management and trustees	3,264		4,354		10,494		13,153
Amortization of above and below market leases, net and tenant allowances	(84)		(182)		(252)		(456)
Maintenance capital expenditures (1)	(2,561)		(1,753)		(5,437)		(7,384)
Straight-lined rental revenue	(4,414)		(4,407)		(13,335)		(7,661)
Straight-lined ground sublease expense	20		77		77		1,043
Non-cash portion of mortgage and other financing income	(396)		(290)		(1,813)		(553)
Allocated share of joint venture non-cash items	712		—		712		—
AFFO available to common shareholders of EPR Properties	$	99,309	$	113,333	$	277,270	$	312,168

AFFO available to common shareholders of EPR Properties	$	99,309	$	113,333	$	277,270	$	312,168
Add: Preferred dividends for Series C preferred shares	1,938		1,938		5,814		5,814
Add: Preferred dividends for Series E preferred shares	1,938		1,938		5,814		5,814
Diluted AFFO available to common shareholders of EPR Properties	$	103,185	$	117,209	$	288,898	$	323,796

FFO per common share:
Basic	$	1.34	$	1.50	$	3.65	$	4.07
Diluted	1.31		1.47		3.60		3.99
FFOAA per common share:
Basic	$	1.33	$	1.50	$	3.70	$	4.08
Diluted	1.30		1.47		3.64		4.00
AFFO per common share:
Basic	$	1.31	$	1.50	$	3.67	$	4.15
Diluted	1.29		1.47		3.61		4.07
Shares used for computation (in thousands):
Basic	75,723		75,325		75,604		75,236
Diluted	76,108		75,816		75,945		75,655

Weighted average shares outstanding-diluted EPS	76,108		75,816		75,945		75,655
Effect of dilutive Series C preferred shares	2,319		2,287		2,310		2,279

Effect of dilutive Series E preferred shares	1,664		1,663		1,664		1,663
Adjusted weighted average shares outstanding-diluted Series C and Series E	80,091		79,766		79,919		79,597
Other financial information:

Dividends per common share	$	0.855	$	0.825	$	2.545	$	2.475

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

The conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares would be dilutive to FFO, FFOAA and AFFO per share for the three and nine months ended September 30, 2024 and 2023. 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

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

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

Net Debt to Adjusted EBITDAre Ratio

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

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


	September 30,
	2024			2023
Net Debt:
Debt	$	2,852,970		$	2,814,497
Deferred financing costs, net	20,622			26,732
Cash and cash equivalents	(35,328)			(172,953)
Net Debt	$	2,838,264		$	2,668,276

Gross Assets:
Total Assets	$	5,689,162		$	5,719,377
Accumulated depreciation	1,546,509			1,400,642
Cash and cash equivalents	(35,328)			(172,953)
Gross Assets	$	7,200,343		$	6,947,066

Debt to Total Assets Ratio	50		%	49		%
Net Debt to Gross Assets Ratio	39		%	38		%

	Three Months Ended September 30,
	2024			2023
EBITDAre and Adjusted EBITDAre:
Net income	$	46,650		$	56,260
Interest expense, net	32,867			31,208
Income tax (benefit) expense	(124)			372
Depreciation and amortization	42,795			42,432
Loss (gain) on sale of real estate	3,419			(2,550)
Impairment of real estate investments, net	—			20,887




Costs associated with loan refinancing or payoff	337			—
Allocated share of joint venture depreciation	2,581			2,315
Allocated share of joint venture interest expense	2,587			2,164
Impairment charges on joint ventures	12,130			—
EBITDAre	$	143,242		$	153,088






Transaction costs	175			847
Provision (benefit) for credit losses, net	(770)			(719)




Adjusted EBITDAre	$	142,647		$	153,216

Adjusted EBITDAre (annualized) (1)	$	570,588		$	612,864

Net Debt/Adjusted EBITDAre Ratio	5.0			4.4

































(1) Adjusted EBITDA for the quarter is multiplied by four to calculate an annualized amount but does not include the annualization of investments put in service, acquired or disposed of during the quarter, as well as the potential earnings on property under development, the annualization of percentage rent and participating interest and adjustments for other items. See detailed calculation and reconciliation of Annualized Adjusted EBITDAre and Net Debt/Annualized EBITDAre ratio that includes these adjustments in the Company's Supplemental Operating and Financial Data for the quarter and nine months ended September 30, 2024.

Total Investments

Total investments is a non-GAAP financial measure defined as the sum of the carrying values of real estate investments (before accumulated depreciation), land held for development, property under development, mortgage notes receivable and related accrued interest receivable, net, investment in joint ventures, intangible assets, gross (before accumulated amortization and included in other assets) and notes receivable and related accrued interest receivable, net (included in other assets). Total investments is a useful measure for management and investors as it illustrates across which asset categories the Company's funds have been invested. Our method of calculating total investments may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. A reconciliation of total assets (computed in accordance with GAAP) to total investments is included in the following table (unaudited, in thousands):


	September 30, 2024		December 31, 2023

Total assets	$	5,689,162	$	5,700,885
Operating lease right-of-use assets	(175,451)		(186,628)
Cash and cash equivalents	(35,328)		(78,079)
Restricted cash	(2,992)		(2,902)
Accounts receivable	(79,726)		(63,655)
Add: accumulated depreciation on real estate investments	1,546,509		1,435,683
Add: accumulated amortization on intangible assets (1)	31,545		30,589
Prepaid expenses and other current assets (1)	(37,630)		(22,718)
Total investments	$	6,936,089	$	6,813,175

Total Investments:
Real estate investments, net of accumulated depreciation	$	4,534,450	$	4,537,359
Add back accumulated depreciation on real estate investments	1,546,509		1,435,683
Land held for development	20,168		20,168
Property under development	76,913		131,265
Mortgage notes and related accrued interest receivable, net	657,636		569,768

Investment in joint ventures	32,426		49,754
Intangible assets, gross (1)	64,544		65,299
Notes receivable and related accrued interest receivable, net (1)	3,443		3,879
Total investments	$	6,936,089	$	6,813,175

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

	September 30, 2024		December 31, 2023
Intangible assets, gross	$	64,544	$	65,299
Less: accumulated amortization on intangible assets	(31,545)		(30,589)
Notes receivable and related accrued interest receivable, net	3,443		3,879
Prepaid expenses and other current assets	37,630		22,718
Total other assets	$	74,072	$	61,307

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 $1.5 billion) across 44 states. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage and the potential for stable and attractive returns. Further information is available at www.eprkc.com.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our guidance, our capital resources and liquidity, our pursuit of growth opportunities, the timing of transaction closings and investment spending, our 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

EARNINGS CALL PRESENTATION Q3 2024

2 The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our guidance, our capital resources and liquidity, our pursuit of growth opportunities, the timing of transaction closings and investment spending, our 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

5 PORTFOLIO OVERVIEW Education Portfolio 69 Properties; 8 Operators Leased at 100%** *See Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 for definition and calculation of this non-GAAP measure **Excluding properties EPR intends to sell Experiential Portfolio 283 Properties; 52 Operators $6.4B (93%) Total Investments* Leased at 99%** Total Portfolio Snapshot ~$6.9B Total Investments* 352 Properties Leased at 99%** Q3 Investment Spending $82M

6 PORTFOLIO COVERAGE *BoxOfficeMojo TTM June 2024 YE 2019 Theatre Coverage 1.5x 1.7x Box Office* $8.1B $11.4B Non-Theatre Coverage 2.6x 2.0x Total Portfolio Coverage 2.1x 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 PORTFOLIO UPDATE *BoxOfficeMojo Theatre Coverage and Box Office Updates* North American Box Office Gross (NABOG) Rebounding • Q3 totaled $2.7B bringing YTD to $6.2B • Acceleration in Box Office with August box office up 10% and September 25% vs. 2023  2024 has seen 16 films gross over $100M, 12 grossed between $60M and $100M • Q4 expected to have 6 films gross over $150M • Our 2024 NABOG expectations increased to $8.3B - $8.7B from $8.2B – $8.5B compared to 2023’s $8.9B • NABOG for Regal lease year was $7.9B, consistent with forecast provided last quarter

8 PORTFOLIO UPDATE Experiential Lodging – Revenue was up vs. prior year Eat & Play –Andretti construction progressing and Topgolf completed self-funded refreshes at 8 locations or 20% of our portfolio Attractions & Cultural – Six Flags and Cedar Fair completed their merger in July Fitness & Wellness – Gravity Haus Breckenridge named 8th best hotel in the world in Conde Nast Traveler’s Reader’s Choice Awards; expansion project at The Springs Resort expected to open Spring 2025 Operating Properties – Managed theatres show improvement with box office recovery; performance at JV experiential lodging assets lower than expected, driven primarily by impact of two hurricanes on St. Pete Beach and other weather-related issues Other Experiential Property and Operator Updates

9 INVESTMENT SPENDING Q3 Investment spending was $82M; YTD is $214.6M 2024 Investment Spending Guidance $225M-$275M Closed on $52M mortgage on Iron Mountain Hot Springs

1 0 CAPITAL RECYCLING Completed Transactions • Sold two vacant former Regals and former KinderCare school for combined net proceeds of $8.7M resulting in a loss of approx. $3.4M • YTD Disposition Proceeds are $65.1M Update on Vacant Theatre Properties • Subsequent to quarter end, sold another vacant former Regal for $2.6M • Marketing five vacant theatres  Signed purchase and sale agreement for 1 Regal theatre  Continue to market the other former Regal theatre  Closed and are marketing a former Regal previously operated by Cinemark  One vacant former AMC theatre  One vacant former Xscape theatre 2024 Disposition Proceeds Guidance $70M-$100M

FINANCIAL REVIEW

1 2 (In millions except per-share data) Note: Each of the measures above for the quarter ended September 30, 2023 include deferred rent and interest collections from cash-basis customers that were recognized as revenue of $19.3 million. There were no deferred rent and interest collections for cash-basis customers for the quarter ended September 30, 2024. *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2024 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance Quarter ended September 30, 2024 2023 $ Change % Change Total Revenue $180.5 $189.4 ($8.9) (5%) Net Income – Common 40.6 50.2 (9.6) (19%) FFO as adj. – Common* 100.4 113.2 (12.8) (11%) AFFO – Common* 99.3 113.3 (14.0) (12%) Net Income/share – Common 0.53 0.66 (0.13) (20%) FFO/share - Common, as adj.* 1.30 1.47 (0.17) (12%) AFFO/share - Common* 1.29 1.47 (0.18) (12%)

1 3 FINANCIAL HIGHLIGHTS Key Ratios* *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2024 for definitions and calculations of these non-GAAP measures Quarter ended September 30, 2024 Fixed charge coverage 3.4x Debt service coverage 4.0x Interest coverage 4.0x Net Debt to Adjusted EBITDAre 5.0x Net Debt to Gross Assets 39% AFFO payout 66%

1 4 Debt • $2.9B total debt; all fixed rate or fixed through interest rate swaps at weighted avg. = 4.4% • Weighted avg. debt maturity of ~4 years; only $300.0M of scheduled debt maturities through 2025 • New $1.0B revolving credit facility that matures in October 2028 with options to extend for a total of 12 additional months Liquidity Position at 9/30/2024 • $35.3M unrestricted cash • $169.0M outstanding on $1B revolver CAPITAL MARKETS UPDATE

1 5 2024 GUIDANCE *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2024 for definitions and calculations of these non-GAAP measures FFO AS ADJUSTED PER SHARE* Guidance $4.80 - $4.92 Prior Guidance $4.76 - $4.96 INVESTMENT SPENDING Guidance $225M - $275M Prior Guidance $200M - $300M DISPOSITION PROCEEDS Revised Guidance $70M - $100M Prior Guidance $60M - $75M PERCENTAGE RENT & PARTICIPATING INTEREST Guidance $13.5M - $16.5M Prior Guidance $12M - $16M GENERAL & ADMINISTATIVE EXPENSE Guidance $49M - $52M

1 6 2024 OPERATING PROPERTY GUIDANCE *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2024 for definitions and calculations of these non-GAAP measures OTHER INCOME Revised Guidance $54M - $60M Prior Guidance $55M - $65M EQUITY IN LOSS FROM JV’S Revised Guidance ($13)M – ($10)M Prior Guidance ($10)M – ($7)M FFO AS ADJUSTED* FROM JV’S Guidance ($3)M - $0M Prior Guidance $0M - $3M OTHER EXPENSE Revised Guidance $53.5M - $59.5M Prior Guidance $54M - $64M

1 7 FFO AS ADJUSTED PER SHARE WITHOUT DEFERRAL COLLECTIONS *See Supplemental Operating and Financial Data for the Third Quarter Ended September 30, 2024 for definitions and calculations of these non-GAAP measures (1) Estimates for 2024 reflect the mid-point of guidance. $ in millions 2023 A $ in millions 2024 E(1) 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

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



			Q3 2024 Supplemental			Page 2

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our guidance, our capital resources and liquidity, our pursuit of growth opportunities, the timing of transaction closings and investment spending, our 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.



			Q3 2024 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



			Q3 2024 Supplemental			Page 4


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

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

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

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


COMPANY INFORMATION

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


EQUITY RESEARCH COVERAGE

Bank of America Merrill Lynch	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	James Feldman	212-214-5328

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.



			Q3 2024 Supplemental			Page 5


SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
	THREE MONTHS ENDED SEPTEMBER 30,						NINE MONTHS ENDED SEPTEMBER 30,
OPERATING INFORMATION:	2024			2023			2024		2023
Revenue	$	180,507		$	189,384		$	520,834	$	533,687
Net income available to common shareholders of EPR Properties	40,618			50,228			136,357		109,412
EBITDAre (1)	143,242			153,088			400,089		426,647
Adjusted EBITDAre (1)	142,647			153,216			404,671		427,940
Interest expense, net	32,867			31,208			97,338		94,521

Capitalized interest	878			857			2,307		2,486
Straight-lined rental revenue	4,414			4,407			13,335		7,661
Percentage rent	5,944			2,096			9,817		6,032
Dividends declared on preferred shares	6,032			6,032			18,104		18,105
Dividends declared on common shares	64,745			62,144			192,229		186,382
General and administrative expense	11,935			13,464			37,863		42,677

	SEPTEMBER 30,
BALANCE SHEET INFORMATION:	2024			2023
Total assets	$	5,689,162		$	5,719,377
Accumulated depreciation	1,546,509			1,400,642
Cash and cash equivalents	35,328			172,953
Total assets before accumulated depreciation less cash and cash equivalents (gross assets)	7,200,343			6,947,066
Debt	2,852,970			2,814,497
Deferred financing costs, net	20,622			26,732
Net debt (1)	2,838,264			2,668,276
Equity	2,403,703			2,473,797
Common shares outstanding	75,729			75,328
Total market capitalization (using EOP closing price and liquidation values)(2)	6,922,992			6,168,364
Net debt/total market capitalization ratio (1)	41		%	43		%
Debt to total assets ratio	50		%	49		%
Net debt/gross assets ratio (1)	39		%	38		%

Net debt/Adjusted EBITDAre ratio (1) (3)	5.0			4.4
Net debt/Annualized adjusted EBITDAre ratio (1) (4)	5.2			5.1

(1) See pages 25 through 27 for definitions. See calculation on page 31 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.



			Q3 2024 Supplemental			Page 6


SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)

ASSETS	3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023
Real estate investments	$	6,080,959	$	6,070,909	$	6,100,366	$	5,973,042	$	5,972,156	$	6,029,468
Less: accumulated depreciation	(1,546,509)		(1,504,427)		(1,470,507)		(1,435,683)		(1,400,642)		(1,369,790)
Land held for development	20,168		20,168		20,168		20,168		20,168		20,168
Property under development	76,913		59,092		36,138		131,265		101,313		80,650
Operating lease right-of-use assets	175,451		179,260		183,031		186,628		190,309		192,325
Mortgage notes and related accrued interest receivable, net	657,636		593,084		578,915		569,768		477,243		466,459

Investment in joint ventures	32,426		45,406		46,127		49,754		53,855		53,763
Cash and cash equivalents	35,328		33,731		59,476		78,079		172,953		99,711
Restricted cash	2,992		2,958		2,929		2,902		2,868		2,623
Accounts receivable	79,726		75,493		69,414		63,655		54,826		53,305
Other assets	74,072		69,693		67,979		61,307		74,328		74,882
Total assets	$	5,689,162	$	5,645,367	$	5,694,036	$	5,700,885	$	5,719,377	$	5,703,564
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	99,334	$	63,441	$	84,153	$	94,927	$	82,804	$	74,493
Operating lease liabilities	214,809		219,004		223,077		226,961		230,922		233,126
Common dividends payable	23,811		23,365		22,918		25,275		22,795		22,289
Preferred dividends payable	6,032		6,032		6,032		6,032		6,032		6,032
Unearned rents and interest	88,503		89,700		91,829		77,440		88,530		71,746
Line of credit	169,000		—		—		—		—		—
Deferred financing costs, net	(20,622)		(22,200)		(23,519)		(25,134)		(26,732)		(28,222)
Other debt	2,704,592		2,841,229		2,841,229		2,841,229		2,841,229		2,841,229
Total liabilities	3,285,459		3,220,571		3,245,719		3,246,730		3,245,580		3,220,693
Equity:
Common stock and additional paid-in-capital	3,947,470		3,943,925		3,940,077		3,925,296		3,920,714		3,916,102
Preferred stock at par value	148		148		148		148		148		148
Treasury stock	(285,413)		(285,413)		(285,413)		(274,038)		(274,035)		(274,001)
Accumulated other comprehensive (loss) income	(609)		(541)		1,119		3,296		2,378		3,610
Distributions in excess of net income	(1,257,893)		(1,233,323)		(1,207,614)		(1,200,547)		(1,175,408)		(1,162,988)


Total equity	2,403,703		2,424,796		2,448,317		2,454,155		2,473,797		2,482,871
Total liabilities and equity	$	5,689,162	$	5,645,367	$	5,694,036	$	5,700,885	$	5,719,377	$	5,703,564



			Q3 2024 Supplemental			Page 7


SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)

	3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023
Rental revenue	$	148,677	$	145,093	$	142,281	$	148,738	$	163,940	$	151,870
Other income (1)	17,419		14,418		12,037		12,068		14,422		10,124
Mortgage and other financing income	14,411		13,584		12,914		11,175		11,022		10,913
Total revenue	180,507		173,095		167,232		171,981		189,384		172,907
Property operating expense	14,611		14,427		14,920		14,759		14,592		13,972
Other expense (1)	15,631		14,833		12,976		13,539		13,124		9,161
General and administrative expense	11,935		12,020		13,908		13,765		13,464		15,248
Retirement and severance expense	—		—		1,836		—		—		547

Transaction costs	175		199		1		401		847		36
Provision (benefit) for credit losses, net	(770)		404		2,737		1,285		(719)		(275)
Impairment charges	—		11,812		—		2,694		20,887		43,785
Depreciation and amortization	42,795		41,474		40,469		40,692		42,432		43,705
Total operating expenses	84,377		95,169		86,847		87,135		104,627		126,179
(Loss) gain on sale of real estate	(3,419)		1,459		17,949		(3,612)		2,550		(575)
Income from operations	92,711		79,385		98,334		81,234		87,307		46,153
Costs associated with loan refinancing or payoff	337		—		—		—		—		—
Interest expense, net	32,867		32,820		31,651		30,337		31,208		31,591
Equity in loss (income) from joint ventures	851		906		3,627		4,701		(533)		615
Impairment charges on joint ventures	12,130		—		—		—		—		—
Income before income taxes	46,526		45,659		63,056		46,196		56,632		13,947
Income tax (benefit) expense	(124)		557		347		667		372		347








Net income	46,650		45,102		62,709		45,529		56,260		13,600

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

Net income available to common shareholders of EPR Properties	$	40,618	$	39,062	$	56,677	$	39,489	$	50,228	$	7,560

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



			Q3 2024 Supplemental			Page 8


FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
FUNDS FROM OPERATIONS ("FFO") (1):	3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023
Net income available to common shareholders of EPR Properties	$	40,618	$	39,062	$	56,677	$	39,489	$	50,228	$	7,560
Loss (gain) on sale of real estate	3,419		(1,459)		(17,949)		3,612		(2,550)		575


Impairment of real estate investments, net	—		11,812		—		2,694		20,887		43,785

Real estate depreciation and amortization	42,620		41,289		40,282		40,501		42,224		43,494
Allocated share of joint venture depreciation	2,581		2,457		2,416		2,344		2,315		2,162
Impairment charges on joint ventures	12,130		—		—		—		—		—
FFO available to common shareholders of EPR Properties	$	101,368	$	93,161	$	81,426	$	88,640	$	113,104	$	97,576
FFO available to common shareholders of EPR Properties	$	101,368	$	93,161	$	81,426	$	88,640	$	113,104	$	97,576
Add: Preferred dividends for Series C preferred shares	1,938		1,938		1,938		1,938		1,938		1,938
Add: Preferred dividends for Series E preferred shares	1,938		1,938		1,938		1,938		1,938		1,938
Diluted FFO available to common shareholders of EPR Properties	$	105,244	$	97,037	$	85,302	$	92,516	$	116,980	$	101,452
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties	$	101,368	$	93,161	$	81,426	$	88,640	$	113,104	$	97,576
Retirement and severance expense	—		—		1,836		—		—		547
Transaction costs	175		199		1		401		847		36
Provision (benefit) for credit losses, net	(770)		404		2,737		1,285		(719)		(275)
Costs associated with loan refinancing or payoff	337		—		—		—		—		—









Deferred income tax benefit	(728)		(249)		(277)		(86)		(76)		(92)
FFO as adjusted available to common shareholders of EPR Properties	$	100,382	$	93,515	$	85,723	$	90,240	$	113,156	$	97,792
FFO as adjusted available to common shareholders of EPR Properties	$	100,382	$	93,515	$	85,723	$	90,240	$	113,156	$	97,792
Add: Preferred dividends for Series C preferred shares	1,938		1,938		1,938		1,938		1,938		1,938
Add: Preferred dividends for Series E preferred shares	1,938		1,938		1,938		1,938		1,938		1,938
Diluted FFO as adjusted available to common shareholders of EPR Properties	$	104,258	$	97,391	$	89,599	$	94,116	$	117,032	$	101,668
FFO per common share:
Basic	$	1.34	$	1.23	$	1.08	$	1.18	$	1.50	$	1.30
Diluted	1.31		1.21		1.07		1.16		1.47		1.27
FFO as adjusted per common share:
Basic	$	1.33	$	1.24	$	1.14	$	1.20	$	1.50	$	1.30
Diluted	1.30		1.22		1.13		1.18		1.47		1.28
Shares used for computation (in thousands):
Basic	75,723		75,689		75,398		75,330		75,325		75,297
Diluted	76,108		76,022		75,705		75,883		75,816		75,715

Effect of dilutive Series C preferred shares	2,319		2,310		2,301		2,293		2,287		2,279

Effect of dilutive Series E preferred shares	1,664		1,664		1,663		1,663		1,663		1,663
Adjusted weighted-average shares outstanding-diluted Series C and Series E	80,091		79,996		79,669		79,839		79,766		79,657
(1) See pages 25 through 27 for definitions.



			Q3 2024 Supplemental			Page 9


ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):	3RD QUARTER 2024			2ND QUARTER 2024			1ST QUARTER 2024			4TH QUARTER 2023			3RD QUARTER 2023			2ND QUARTER 2023
FFO available to common shareholders of EPR Properties	$	101,368		$	93,161		$	81,426		$	88,640		$	113,104		$	97,576
Adjustments:
Retirement and severance expense	—			—			1,836			—			—			547
Transaction costs	175			199			1			401			847			36
Provision (benefit) for credit losses, net	(770)			404			2,737			1,285			(719)			(275)
Costs associated with loan refinancing or payoff	337			—			—			—			—			—









Deferred income tax benefit	(728)			(249)			(277)			(86)			(76)			(92)

Non-real estate depreciation and amortization	175			185			187			191			208			211
Deferred financing fees amortization	2,211			2,234			2,212			2,188			2,170			2,150
Share-based compensation expense to management and trustees	3,264			3,538			3,692			4,359			4,354			4,477
Amortization of above/below market leases, net and tenant allowances	(84)			(84)			(84)			(79)			(182)			(185)
Maintenance capital expenditures (2)	(2,561)			(1,321)			(1,555)			(5,015)			(1,753)			(3,455)
Straight-lined rental revenue	(4,414)			(5,251)			(3,670)			(2,930)			(4,407)			(1,149)
Straight-lined ground sublease expense	20			25			32			56			77			401
Non-cash portion of mortgage and other financing income	(396)			(555)			(862)			(535)			(290)			(141)
Allocated share of joint venture non-cash items	712			—			—			—			—			—
AFFO available to common shareholders of EPR Properties	$	99,309		$	92,286		$	85,675		$	88,475		$	113,333		$	100,101

AFFO available to common shareholders of EPR Properties	$	99,309		$	92,286		$	85,675		$	88,475		$	113,333		$	100,101
Add: Preferred dividends for Series C preferred shares	1,938			1,938			1,938			1,938			1,938			1,938
Add: Preferred dividends for Series E preferred shares	1,938			1,938			1,938			1,938			1,938			1,938
Diluted AFFO available to common shareholders of EPR Properties	$	103,185		$	96,162		$	89,551		$	92,351		$	117,209		$	103,977

Weighted average diluted shares outstanding (in thousands)	76,108			76,022			75,705			75,883			75,816			75,715
Effect of dilutive Series C preferred shares	2,319			2,310			2,301			2,293			2,287			2,279
Effect of dilutive Series E preferred shares	1,664			1,664			1,663			1,663			1,663			1,663
Adjusted weighted-average shares outstanding-diluted	80,091			79,996			79,669			79,839			79,766			79,657

AFFO per diluted common share	$	1.29		$	1.20		$	1.12		$	1.16		$	1.47		$	1.31
Dividends declared per common share	$	0.855		$	0.855		$	0.835		$	0.825		$	0.825		$	0.825
AFFO payout ratio (3)	66		%	71		%	75		%	71		%	56		%	63		%

(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.



			Q3 2024 Supplemental			Page 10


CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2024
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
	BONDS/TERM LOAN/OTHER (1)		UNSECURED CREDIT FACILITY (2)		UNSECURED SENIOR NOTES			TOTAL		WEIGHTED AVG INTEREST RATE
YEAR
2024	$	—	$	—	$	—		$	—	—%
2025	—		—		300,000			300,000		4.50%
2026	—		—		629,597			629,597		4.70%
2027	—		—		450,000			450,000		4.50%
2028	—		169,000		400,000			569,000		5.26%
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	—		—		—			(20,622)		—%
	$	24,995	$	169,000	$	2,679,597		$	2,852,970	4.42%

			BALANCE		WEIGHTED AVG INTEREST RATE			WEIGHTED AVG MATURITY
Fixed rate unsecured debt			$	2,679,597	4.34		%	3.47
Fixed rate secured debt (1)			24,995		2.53		%	22.84

Variable rate unsecured debt			169,000		5.98		%	4.02
Less: deferred financing costs, net			(20,622)		—		%	—
Total			$	2,852,970	4.42		%	3.70

(1) Includes $25 million of secured bonds that have been fixed through interest rate swaps through September 30, 2026.

(2) Unsecured Revolving Credit Facility Summary:
			BALANCE					RATE
	COMMITMENT		AT 9/30/2024		MATURITY			AT 9/30/2024

	$1,000,000		$169,000		October 2, 2028			5.98%

	Note: This facility will mature on October 2, 2028 and has two six-month extensions available at the Company's option and includes an accordion feature pursuant to which the maximum borrowing amount can be increased from $1.0 billion to $2.0 billion, in each case, subject to certain terms and conditions.



			Q3 2024 Supplemental			Page 11


CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT (continued)

SUMMARY OF DEBT:	September 30, 2024		December 31, 2023
Senior unsecured notes payable, 4.35%, paid in full on August 22, 2024	$	—	$	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
Unsecured revolving variable rate credit facility, SOFR + 1.15%, due October 2, 2028	169,000		—
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	(20,622)		(25,134)
Total debt	$	2,852,970	$	2,816,095



			Q3 2024 Supplemental			Page 12

CAPITAL STRUCTURE

SENIOR NOTES

SENIOR DEBT RATINGS AS OF SEPTEMBER 30, 2024

Moody's

Baa3 (stable)

Fitch

BBB- (stable)

Standard and Poor's

BBB- (stable)

SUMMARY OF COVENANTS

The Company had outstanding public senior unsecured notes with fixed interest rates of 3.60%, 3.75%, 4.50%, 4.75% and 4.95% at September 30, 2024. Interest on these notes is paid semiannually. These public senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.

The following is a summary of the key financial covenants for the Company's 3.60%, 3.75%, 4.50%, 4.75% and 4.95% public senior unsecured notes, as defined and calculated per the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles ("GAAP") measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance. The actual amounts as of September 30, 2024 and June 30, 2024 are:

Actual

NOTE COVENANTS

Required

3rd Quarter 2024 (1)

2nd Quarter 2024 (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

4.1x

4.2x

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

≥ 150% of unsecured debt

238%

(1) See page 14 for details of calculations.



			Q3 2024 Supplemental			Page 13


CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)

COVENANT CALCULATIONS

TOTAL ASSETS:	September 30, 2024				TOTAL DEBT:				September 30, 2024
Total Assets per balance sheet	$	5,689,162			Secured debt obligations				$	24,995
Add: accumulated depreciation	1,546,509				Unsecured debt obligations:
Less: intangible assets, net	(32,999)				Unsecured debt				2,848,597
Total Assets	$	7,202,672			Outstanding letters of credit				—
					Guarantees				10,000
TOTAL UNENCUMBERED ASSETS:	September 30, 2024				Derivatives at fair market value, net, if liability				1,360
Unencumbered real estate assets, gross	$	6,677,638			Total unsecured debt obligations:				$	2,859,957
Cash and cash equivalents	35,328				Total Debt				$	2,884,952
Land held for development	20,168
Property under development	76,913
Total Unencumbered Assets	$	6,810,047


CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024		4TH QUARTER 2023		TRAILING TWELVE MONTHS
Adjusted EBITDAre	$	142,647	$	135,676	$	126,348	$	129,440	$	534,111



Less: straight-line revenue, net, included in adjusted EBITDAre	(4,414)		(5,251)		(3,670)		(2,930)		(16,265)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	138,233	$	130,425	$	122,678	$	126,510	$	517,846
ANNUAL DEBT SERVICE:
Interest expense, gross	$	34,402	$	33,784	$	33,592	$	33,583	$	135,361

Less: deferred financing fees amortization	(2,211)		(2,234)		(2,212)		(2,188)		(8,845)
ANNUAL DEBT SERVICE	$	32,191	$	31,550	$	31,380	$	31,395	$	126,516

DEBT SERVICE COVERAGE	4.3		4.1		3.9		4.0		4.1



			Q3 2024 Supplemental			Page 14


CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2024
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)

EQUITY
SECURITY	SHARES OUTSTANDING	PRICE PER SHARE AT SEPTEMBER 30, 2024	LIQUIDATION PREFERENCE	DIVIDEND RATE	CONVERTIBLE	CONVERSION RATIO AT SEPTEMBER 30, 2024		CONVERSION PRICE AT SEPTEMBER 30, 2024
Common shares	75,729,102	$49.04	N/A	(1)	N/A	N/A		N/A
Series C	5,392,916	$22.41	$134,823	5.750%	Y	0.4300		$58.14
Series E	3,445,980	$30.63	$86,150	9.000%	Y	0.4829		$51.77
Series G	6,000,000	$22.99	$150,000	5.750%	N	N/A		N/A

CALCULATION OF TOTAL MARKET CAPITALIZATION:
Common shares outstanding at September 30, 2024 multiplied by closing price at September 30, 2024						$	3,713,755
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 September 30, 2024 (3)						2,838,264
Total consolidated market capitalization						$	6,922,992

(1) Total monthly dividends declared in the third quarter of 2024 were $0.855 per share.
(2) Excludes accrued unpaid dividends at September 30, 2024.
(3) See pages 25 through 27 for definitions.



			Q3 2024 Supplemental			Page 15


SUMMARY OF RATIOS
(UNAUDITED)

	3RD QUARTER 2024	2ND QUARTER 2024	1ST QUARTER 2024	4TH QUARTER 2023	3RD QUARTER 2023	2ND QUARTER 2023
Debt to total assets ratio	50%	50%	49%	49%	49%	49%

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

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

Net debt/Adjusted EBITDAre ratio (1)(2)	5.0	5.2	5.5	5.3	4.4	5.0

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







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

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

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

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

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

AFFO payout ratio (7)	66%	71%	75%	71%	56%	63%

(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.



			Q3 2024 Supplemental			Page 16



SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
						CARRYING AMOUNT AS OF (1)
DESCRIPTION	INTEREST RATE		PAYOFF DATE/MATURITY DATE	OUTSTANDING PRINCIPAL AMOUNT OF MORTGAGE		SEPTEMBER 30, 2024		DECEMBER 31, 2023
Eat & play property Schaumburg, Illinois	6.50	%	12/31/2024	$	5,965	$	5,958	$	—
Attraction property Powells Point, North Carolina	7.75	%	6/30/2025	29,378		29,092		29,200
Eat & play property Eugene, Oregon	8.13	%	12/31/2025	10,750		10,417		10,417
Fitness & wellness property Merriam, Kansas	8.15	%	7/31/2029	9,090		9,245		9,223
Fitness & wellness property Omaha, Nebraska	9.25	%	6/30/2030	10,905		10,978		10,951
Fitness & wellness property Omaha, Nebraska	9.25	%	6/30/2030	10,539		10,643		10,615
Experiential lodging property Nashville, Tennessee	6.99	%	9/30/2031	70,000		71,184		71,187
Ski property Girdwood, Alaska	8.79	%	7/31/2032	79,830		79,340		78,062
Fitness & wellness properties Colorado and California	7.15	%	1/10/2033	62,506		62,488		59,207
Eat & play property Austin, Texas	11.31	%	6/1/2033	9,244		9,244		9,701
Eat & play property Dallas, Texas	10.25	%	6/9/2033	5,325		5,315		1,105
Experiential lodging property Breaux Bridge, Louisiana	7.25	%	3/8/2034	11,305		11,373		11,373
Fitness & wellness property Glenwood Springs, Colorado	8.45	%	8/16/2034	52,000		51,878		—
Ski property West Dover and Wilmington, Vermont	12.50	%	12/1/2034	51,050		51,049		51,049
Four ski properties Ohio and Pennsylvania	11.41	%	12/1/2034	37,562		37,447		37,495
Ski property Chesterland, Ohio	11.90	%	12/1/2034	4,550		4,405		4,508
Ski property Hunter, New York	9.19	%	1/5/2036	21,000		21,000		21,000
Eat & play property Midvale, Utah	10.25	%	5/31/2036	17,505		17,505		17,505
Eat & play property West Chester, Ohio	9.75	%	8/1/2036	18,068		18,068		18,067
Fitness & wellness property Fort Collins, Colorado	8.00	%	1/31/2038	10,292		9,850		10,070
Early childhood education center Lake Mary, Florida	8.35	%	5/9/2039	4,200		4,405		4,387
Early childhood education center Lithia, Florida	8.93	%	10/31/2039	3,959		4,090		4,018
Attraction property Frankenmuth, Michigan	8.25	%	10/14/2042	46,912		46,059		24,375
Fitness & wellness properties Massachusetts and New York	8.30	%	1/10/2044	77,000		76,603		76,253
Total				$	658,935	$	657,636	$	569,768

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



			Q3 2024 Supplemental			Page 17

SUMMARY OF UNCONSOLIDATED JOINT VENTURES

(UNAUDITED, DOLLARS IN THOUSANDS)

PROPERTY

ACQUISITION DATE

PROPERTY TYPE

LOCATION

CARRYING VALUE AT SEPTEMBER 30, 2024

OWNERSHIP INTEREST

Bellwether Beach Resort & Beachcomber Beach Resort Hotel (1)

12/2018

Experiential lodging

St. Pete Beach, Florida

—

Jellystone Park Warrens

8/2021

Experiential lodging

Warrens, Wisconsin

10,271

Camp Margaritaville Breaux Bridge

5/2022

Experiential lodging

Breaux Bridge, Louisiana

16,530

Jellystone Kozy Rest

11/2022

Experiential lodging

Harrisville, Pennsylvania

5,625


	AS OF SEPTEMBER 30, 2024
	TOTAL		EPR PORTION (3)
Total assets	$	265,810	$	196,229
Mortgage notes payable due to third parties	186,260		135,321
Mortgage note payable due to EPR (2)	11,305		9,609
	THREE MONTHS ENDED SEPTEMBER 30, 2024				NINE MONTHS ENDED SEPTEMBER 30, 2024
	TOTAL		EPR PORTION (3)		TOTAL		EPR PORTION (3)
Revenue and other income	$	23,691	$	18,222	$	61,729	$	45,084
Operating expenses	22,111		16,486		59,273		43,439
Net operating (loss) income	$	1,580	$	1,736	$	2,456	$	1,645
Interest expense	3,700		2,587		9,972		7,029
Net loss	$	(2,120)	$	(851)	$	(7,516)	$	(5,384)
Allocated share of joint venture depreciation (3)	n/a		2,581		n/a		7,454
FFOAA (3)	n/a		$	1,730	n/a		$	2,070

(1) As a result of the significant damage to these properties from Hurricanes Helene and Milton during September and October of 2024, we determined that our investment in these joint ventures had no fair value and was not recoverable at September 30, 2024. Accordingly, during the nine months ending September 30, 2024, we recognized $12.1 million in other-than-temporary impairment charges on joint ventures related to these equity investments.
(2) Mortgage note payable to EPR matures on March 8, 2034, with an interest rate of 7.25% through the sixth anniversary and SOFR plus 7.20%, with a cap of 8.00%, thereafter through maturity.
(3) Non-GAAP financial measure. See pages 25 through 27 for definitions.


SUMMARY OF UNCONSOLIDATED MORTGAGE NOTES PAYABLE DUE TO THIRD PARTIES (4)
				SEPTEMBER 30, 2024
PROPERTY	MATURITY	EXTENSIONS	INTEREST RATE	TOTAL		EPR PORTION (3)
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 December 1, 2024	$	105,000	$	68,250
Jellystone Park Warrens	September 15, 2031	n/a	4.00%	23,741		22,554
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%	19,019		11,792
Total mortgage notes payable due to third parties				$	186,260	$	135,321
(4) All unconsolidated mortgage notes payable are non-recourse debt instruments with the exception of Jellystone Kozy Rest, which has a limited guarantee by the Company. See Footnote 9 in the Company's most recent Quarterly Report on Form 10-Q for additional details.



			Q3 2024 Supplemental			Page 18


INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED SEPTEMBER 30, 2024
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	—	$	—	$	—	$	—	$	—	$	—
Eat & Play	6,128		5,251		41		—		836		—
Attractions	9,972		—		—		—		9,972		—
Ski	80		—		—		—		80		—
Experiential Lodging	521		—		—		—		—		521
Fitness & Wellness	65,130		125		11,358		—		53,647		—

Cultural	139		—		139		—		—		—
Total Experiential	81,970		5,376		11,538		—		64,535		521





Total Investment Spending	$	81,970	$	5,376	$	11,538	$	—	$	64,535	$	521

INVESTMENT SPENDING NINE MONTHS ENDED SEPTEMBER 30, 2024
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	370	$	—	$	370	$	—	$	—	$	—
Eat & Play	31,944		20,963		797		—		10,184		—
Attractions	55,798		—		164		33,437		22,197		—
Ski	1,729		—		—		—		1,729		—
Experiential Lodging	7,757		—		—		—		—		7,757
Fitness & Wellness	115,171		21,756		37,944		—		55,471		—

Cultural	1,860		—		1,860		—		—		—
Total Experiential	214,629		42,719		41,135		33,437		89,581		7,757





Total Investment Spending	$	214,629	$	42,719	$	41,135	$	33,437	$	89,581	$	7,757


2024 DISPOSITIONS
	THREE MONTHS ENDED SEPTEMBER 30, 2024						NINE MONTHS ENDED SEPTEMBER 30, 2024
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	$	2,795	$	2,795	$	—	$	14,386	$	14,386	$	—
Cultural	—		—		—		44,902		44,902		—

Total Experiential	2,795		2,795		—		59,288		59,288		—

Total Education	5,861		5,861		—		5,861		5,861		—

Total Education	5,861		5,861		—		5,861		5,861		—

Total Dispositions	$	8,656	$	8,656	$	—	$	65,149	$	65,149	$	—



			Q3 2024 Supplemental			Page 19



PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT SEPTEMBER 30, 2024 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)

	SEPTEMBER 30, 2024			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
	PROPERTY UNDER DEVELOPMENT		# OF PROJECTS	4TH QUARTER 2024		1ST QUARTER 2025		2ND QUARTER 2025		3RD QUARTER 2025		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Total Build-to-Suit (3)	$	69,524	5	$	29,479	$	20,637	$	19,220	$	5,840	$	—	$	144,700	100		%
Non Build-to-Suit Development	7,389

Total Property Under Development	$	76,913

			SEPTEMBER 30, 2024	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
			# OF PROJECTS	4TH QUARTER 2024		1ST QUARTER 2025		2ND QUARTER 2025		3RD QUARTER 2025		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 3RD QUARTER 2024
Total Build-to-Suit			5	$	3,891	$	1,631	$	139,178	$	—	$	—	$	144,700	$	—

	SEPTEMBER 30, 2024			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
	MORTGAGE NOTES RECEIVABLE		# OF PROJECTS	4TH QUARTER 2024		1ST QUARTER 2025		2ND QUARTER 2025		3RD QUARTER 2025		THEREAFTER		TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes	$	269,805	5	$	20,151	$	4,531	$	1,710	$	—	$	48,970	$	345,167
Non Build-to-Suit Mortgage Notes	387,831
Total Mortgage Notes Receivable	$	657,636

(1) This schedule includes only those properties for which the Company has commenced construction as of September 30, 2024.
(2) "Total Expected Costs" and "Total In-Service" each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest as applicable).
(3) Total Build-to-Suit excludes property under development related to the Company's real estate joint ventures that own an experiential lodging property in Harrisville, Pennsylvania. The Company's investment spending for these joint ventures is estimated at $1.5 million for the remainder of 2024.

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



			Q3 2024 Supplemental			Page 20



PORTFOLIO DETAIL AS OF SEPTEMBER 30, 2024
(UNAUDITED)


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

Theatres (2) (4)	159	17		36	%	Reduce
Eat & Play	58	9	(3)	24	%	Grow
Attractions	24	8		12	%	Grow
Ski	11	3		8	%	Grow
Experiential Lodging	7	4		2	%	Grow
Fitness & Wellness	22	9		8	%	Grow
Gaming	1	1		2	%	Grow
Cultural	1	1		1	%	Grow
EXPERIENTIAL PORTFOLIO	283	52		93	%

Early Childhood Education (5)	60	7		5	%	Reduce
Private schools	9	1		2	%	Reduce
EDUCATION PORTFOLIO	69	8		7	%

TOTAL PORTFOLIO	352	60		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 seven properties that the Company intends to sell.
(5) Includes two properties that the Company intends to sell.



			Q3 2024 Supplemental			Page 21



LEASE EXPIRATIONS
AS OF SEPTEMBER 30, 2024
(UNAUDITED, DOLLARS IN THOUSANDS)

YEAR	TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2024 (1)		% OF TOTAL REVENUE
2024	—	$	—	—	%
2025	2	2,801		—	%
2026	2	2,508		—	%
2027	4	21,223		3	%
2028	9	14,865		2	%
2029	14	21,438		3	%
2030	18	29,902		4	%
2031	4	7,381		1	%
2032	8	12,003		2	%
2033	7	10,756		2	%
2034	36	66,098		10	%
2035	29	75,277		11	%
2036	40	73,209		11	%
2037	29	61,823		9	%
2038	41	62,926		9	%
2039	9	6,337		1	%
2040	4	10,220		1	%
2041	30	18,608		3	%
2042	4	17,604		3	%
2043	7	20,697		3	%
Thereafter	3	8,336		1	%
	300	$	544,012	79	%

Note: This schedule excludes non-theatre tenant leases within the Company's entertainment districts, properties under development, land held for development, properties operated by the Company and investments in mortgage notes receivable.

(1) Rental revenue for the trailing twelve months ended September 30, 2024 includes lease revenue related to the Company's existing operating ground leases (leases in which the Company is a sub-lessor) as well as the gross-up of tenant reimbursed expenses recognized during the trailing twelve months ended September 30, 2024 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).



			Q3 2024 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 NINE MONTHS ENDED
	CUSTOMERS	SEPTEMBER 30, 2024	SEPTEMBER 30, 2024

1.	Topgolf	13.9%	14.3%
2.	AMC Entertainment Holdings, Inc.	13.0%	13.6%
3.	Regal Entertainment Group	11.3%	11.1%
4.	Cinemark	6.6%	6.3%
5.	Premier Parks	4.6%	4.4%
6.	Vail Resorts	4.0%	4.4%
7.	Camelback Resort	3.1%	3.2%
8.	Six Flags Entertainment Corporation	2.6%	2.6%
9.	Santikos Theaters, LLC	2.4%	2.5%
10.	Endeavor Schools	2.0%	2.1%

	Total	63.5%	64.5%



			Q3 2024 Supplemental			Page 23

GUIDANCE

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


MEASURE		2024 GUIDANCE
	YTD ACTUALS	CURRENT			PRIOR
Investment spending	$214.6	$225.0	to	$275.0	$200.0	to	$300.0
Disposition proceeds and mortgage note payoff	$65.1	$70.0	to	$100.0	$60.0	to	$75.0
Percentage rent	$9.8	$13.5	to	$16.5	$12.0	to	$16.0
General and administrative expense	$37.9	$49.0	to	$52.0	$49.0	to	$52.0
Other income (1)	$43.9	$54.0	to	$60.0	$55.0	to	$65.0
Other expense (1)	$43.4	$53.5	to	$59.5	$54.0	to	$64.0
Equity in loss from joint ventures	$(5.4)	$(13.0)	to	$(10.0)	$(10.0)	to	$(7.0)
FFO as adjusted (FFOAA) from joint ventures	$2.1	$(3.0)	to	$—	$—	to	$3.0
FFO per diluted share	$3.60	$4.76	to	$4.88	$4.70	to	$4.90
FFOAA per diluted share	$3.64	$4.80	to	$4.92	$4.76	to	$4.96

RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE):	YTD ACTUALS	2024 GUIDANCE
Net income available to common shareholders of EPR Properties	$1.80	$2.40	to	$2.52
Gain on sale of real estate	(0.21)	(0.21)
Impairment of real estate investments, net	0.16	0.16
Real estate depreciation and amortization	1.64	2.17
Allocated share of joint venture depreciation	0.10	0.13
Impairment charges on joint ventures	0.16	0.16
Impact of Series C and Series E Dilution, if applicable	(0.05)	(0.05)
FFO available to common shareholders of EPR Properties	$3.60	$4.76	to	$4.88

Retirement and severance expense	0.02	0.02
Transaction costs	0.01	0.01

Provision (benefit) for credit losses, net	0.03	0.03

Deferred income tax expense	(0.02)	(0.02)

FFO as adjusted (FFOAA) available to common shareholders of EPR Properties	$3.64	$4.80	to	$4.92

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

Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. See cautionary statement concerning forward-looking statements on page 3.



			Q3 2024 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, retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, impairment losses on operating lease right-of-use assets and prepayment fees. This number for the quarter is then multiplied by four to get an annual amount. Annualized Adjusted EBITDAre is Adjusted EBITDAre further adjusted to reflect (1) in-service and disposed projects (2) property under development that is build-to-suit at the initial cash yields of the projects upon completion (3) removal of other non-recurring items including out of period deferrals and stub rent payments and (4) annualization of the following items to ultimately reflect the financial results of the trailing twelve months or mid-point of guidance: (i) percentage rent and participating interest income and (ii) adjusted EBITDAre of managed properties and joint ventures.

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

NET DEBT

Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced 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.



			Q3 2024 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 retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, costs associated with loan refinancing or payoff, preferred share redemption costs and impairment of operating lease right-of-use assets, and by subtracting sale participation income, gain on insurance recovery and deferred income tax expense (benefit). FFO and FFO as adjusted are non-GAAP financial measures. FFO and FFO as adjusted do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations, cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO and FFO as adjusted the same way so comparisons with other REITs may not be meaningful.

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

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



			Q3 2024 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), retirement and severance expense, depreciation and amortization, share-based compensation expense to management and trustees and costs associated with loan refinancing or payoff; subtracting sale participation income, interest cost capitalized, straight-line rental revenue, gain on early extinguishment of debt, gain (loss) on sale of real estate from continuing and discontinued operations, gain on insurance recovery, gain on previously held equity interest, gain on early extinguishment of debt, prepayment fees and deferred income tax benefit (expense). The Company calculates interest expense, gross, by adding to interest expense, net, interest income and interest cost capitalized. The Company considers the interest coverage ratio to be an appropriate supplemental measure of a company’s ability to meet its interest expense obligations and management believes it is useful to investors in this regard. The Company's calculation of the interest coverage ratio may be different from the calculation used by other companies, and therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

FIXED CHARGE COVERAGE RATIO

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

DEBT SERVICE COVERAGE RATIO

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

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

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



			Q3 2024 Supplemental			Page 27

Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

Third Quarter Ended September 30, 2024



			Q3 2024 Supplemental			Page 28


CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023
Net income	$	46,650	$	45,102	$	62,709	$	45,529	$	56,260	$	13,600
Impairment charges	—		11,812		—		2,694		20,887		43,785
Impairment charges on joint ventures	12,130		—		—		—		—		—
Retirement and severance expense	—		—		1,836		—		—		547
Transaction costs	175		199		1		401		847		36
Provision (benefit) for credit losses, net	(770)		404		2,737		1,285		(719)		(275)
Interest expense, gross	34,402		33,784		33,592		33,583		33,647		33,541

Depreciation and amortization	42,795		41,474		40,469		40,692		42,432		43,705
Share-based compensation expense
to management and trustees	3,264		3,538		3,692		4,359		4,354		4,477
Costs associated with loan refinancing or payoff	337		—		—		—		—		—

Interest cost capitalized	(878)		(471)		(958)		(1,080)		(857)		(846)
Straight-line rental revenue	(4,414)		(5,251)		(3,670)		(2,930)		(4,407)		(1,149)

Loss (gain) on sale of real estate	3,419		(1,459)		(17,949)		3,612		(2,550)		575




Deferred income tax benefit	(728)		(249)		(277)		(86)		(76)		(92)
Interest coverage amount	$	136,382	$	128,883	$	122,182	$	128,059	$	149,818	$	137,904

Interest expense, net	$	32,867	$	32,820	$	31,651	$	30,337	$	31,208	$	31,591
Interest income	657		493		983		2,166		1,582		1,104
Interest cost capitalized	878		471		958		1,080		857		846
Interest expense, gross	$	34,402	$	33,784	$	33,592	$	33,583	$	33,647	$	33,541

Interest coverage ratio	4.0		3.8		3.6		3.8		4.5		4.1

FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	136,382	$	128,883	$	122,182	$	128,059	$	149,818	$	137,904

Interest expense, gross	$	34,402	$	33,784	$	33,592	$	33,583	$	33,647	$	33,541
Preferred share dividends	6,032		6,040		6,032		6,040		6,032		6,040
Fixed charges	$	40,434	$	39,824	$	39,624	$	39,623	$	39,679	$	39,581
Fixed charge coverage ratio	3.4		3.2		3.1		3.2		3.8		3.5

DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	136,382	$	128,883	$	122,182	$	128,059	$	149,818	$	137,904
Interest expense, gross	$	34,402	$	33,784	$	33,592	$	33,583	$	33,647	$	33,541
Recurring principal payments	—		—		—		—		—		—
Debt service	$	34,402	$	33,784	$	33,592	$	33,583	$	33,647	$	33,541
Debt service coverage ratio	4.0		3.8		3.6		3.8		4.5		4.1

(1) See pages 25 through 27 for definitions.



			Q3 2024 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:
	3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023

Net cash provided by operating activities	$	122,001	$	78,655	$	99,543	$	77,002	$	149,204	$	99,358

Equity in (loss) income from joint ventures	(851)		(906)		(3,627)		(4,701)		533		(615)
Distributions from joint ventures	—		—		—		—		(1,300)		—
Amortization of deferred financing costs	(2,211)		(2,234)		(2,212)		(2,188)		(2,170)		(2,150)
Amortization of above and below market leases and tenant allowances, net	84		84		84		79		182		185
Changes in assets and liabilities:
Operating lease assets and liabilities	373		315		287		279		187		(143)
Mortgage notes accrued interest receivable	485		817		1,418		734		(420)		621
Accounts receivable	4,209		6,101		5,819		8,780		1,560		2,749


Other assets	677		2,621		3,878		(1,850)		(1,593)		(95)
Accounts payable and accrued liabilities	(18,882)		13,053		(6,202)		5,773		(8,795)		3,395
Unearned rents and interest	1,212		2,116		(6,009)		14,177		(16,800)		2,774

Straight-line rental revenue	(4,414)		(5,251)		(3,670)		(2,930)		(4,407)		(1,149)
Interest expense, gross	34,402		33,784		33,592		33,583		33,647		33,541
Interest cost capitalized	(878)		(471)		(958)		(1,080)		(857)		(846)

Transaction costs	175		199		1		401		847		36

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


Interest coverage amount (1)	$	136,382	$	128,883	$	122,182	$	128,059	$	149,818	$	137,904

Net cash used by investing activities	$	(73,160)	$	(33,931)	$	(38,551)	$	(104,015)	$	(7,562)	$	(27,961)

Net cash used by financing activities	$	(47,295)	$	(70,372)	$	(79,484)	$	(67,968)	$	(68,040)	$	(68,201)

(1) See pages 25 through 27 for definitions.



			Q3 2024 Supplemental			Page 30


RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (1):	3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023		2ND QUARTER 2023
Net income	$	46,650	$	45,102	$	62,709	$	45,529	$	56,260	$	13,600
Interest expense, net	32,867		32,820		31,651		30,337		31,208		31,591
Income tax expense	(124)		557		347		667		372		347
Depreciation and amortization	42,795		41,474		40,469		40,692		42,432		43,705
Loss (gain) on sale of real estate	3,419		(1,459)		(17,949)		3,612		(2,550)		575

Impairment of real estate investments, net	—		11,812		—		2,694		20,887		43,785

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

Allocated share of joint venture depreciation	2,581		2,457		2,416		2,344		2,315		2,162
Allocated share of joint venture interest expense	2,587		2,310		2,131		1,879		2,164		2,172
Impairment charges on joint ventures	12,130		—		—		—		—		—
EBITDAre	$	143,242	$	135,073	$	121,774	$	127,754	$	153,088	$	137,937


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


Transaction costs	175		199		1		401		847		36

Provision (benefit) for credit losses, net	(770)		404		2,737		1,285		(719)		(275)





Adjusted EBITDAre (for the quarter)	$	142,647	$	135,676	$	126,348	$	129,440	$	153,216	$	138,245
Adjusted EBITDAre (2)	$	570,588	$	542,704	$	505,392	$	517,760	$	612,864	$	552,980

ANNUALIZED ADJUSTED EBITDAre (1):
Adjusted EBITDAre (for the quarter)	$	142,647	$	135,676	$	126,348	$	129,440	$	153,216	$	138,245

In-service and disposition adjustments (3)	708		141		2,079		1,263		157		551
Managed and JV property adjustments (4)	(5,392)		(881)		2,832		4,405		(3,120)		(960)
Property under development adjustments (5)	1,472		1,118		646		2,610		1,874		1,462
Percentage rent/participation adjustments (6)	(2,193)		1,527		1,660		(3,154)		674		483
Deferral and stub rent collections not previously recognized (7)	—		—		(565)		(648)		(19,358)		(8,038)
Non-recurring adjustments (8)	(187)		(1,305)		798		(3,044)		(3,666)		(97)
Annualized Adjusted EBITDAre (for the quarter)	$	137,055	$	136,276	$	133,798	$	130,872	$	129,777	$	131,646
Annualized Adjusted EBITDAre (9)	$	548,220	$	545,104	$	535,192	$	523,488	$	519,108	$	526,584












See footnotes on following page.



			Q3 2024 Supplemental			Page 31

(1) See pages 25 through 27 for definitions.

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

(3) Adjustments for rental properties commencing or terminating GAAP net operating income during the quarter and adjustments to revenue from mortgage notes receivable to be consistent with end of quarter balance.

(4) To annualize amounts from the actual latest quarterly amount to the trailing 12-month amount divided by four. Any profit or loss from managed properties held less than one year is removed as part of the adjustment. Annualized Adjusted EBITDAre related to the Company's investments in two joint venture properties in St. Pete Beach, Florida has been reduced to zero.

(5) To add in income for property under development that is build-to-suit at the initial cash yields of the projects upon completion.

(6) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the mid-point of the guidance amount shown on page 24 divided by four.

(7) To remove non-recurring, out-of-period deferred and stub rent collections

(8) Adjustments for various non-recurring items during the quarter.

(9) Annualized Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount.



			Q3 2024 Supplemental			Page 32

DEI Information Document	Oct. 30, 2024
Document Information [Line Items]
Entity Central Index Key	0001045450
Document Type	8-K
Document Period End Date	Oct. 30, 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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