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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 4, 2022
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,Missouri64106
(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 classTrading symbol(s)Name of each exchange on which registered
Common shares, par value $0.01 per shareEPRNew York Stock Exchange
5.75% Series C cumulative convertible preferred shares, par value $0.01 per shareEPR PrCNew York Stock Exchange
9.00% Series E cumulative convertible preferred shares, par value $0.01 per shareEPR PrENew York Stock Exchange
5.75% Series G cumulative redeemable preferred shares, par value $0.01 per shareEPR PrGNew 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 May 4, 2022, the Company announced its results of operations and financial condition for the first quarter ended March 31, 2022. 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.
In addition, on May 4, 2022, the Company made available on its website an investor slide presentation and supplemental operating and financial data for the first quarter ended March 31, 2022, 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 Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, is being “furnished” and shall not be deemed “filed” for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits. 
Exhibit
No.		  Description
  
  
Press Release dated May 4, 2022 issued by EPR Properties announcing its results of operations and financial condition for the first quarter ended March 31, 2022.
  
Investor slide presentation for the first quarter ended March 31, 2022, made available by EPR Properties on May 4, 2022.
Supplemental Operating and Financial Data for the first quarter ended March 31, 2022, made available by EPR Properties on May 4, 2022.
104Cover 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: May 4, 2022





















































Exhibit 99.1
pressreleaseheaderlesswhite.jpg

EPR Properties Reports First Quarter 2022 Results
Raises 2022 Earnings Guidance

Kansas City, MO, May 4, 2022 -- EPR Properties (NYSE:EPR) today announced operating results for the first quarter ended March 31, 2022 (dollars in thousands, except per share data):    
 Three Months Ended March 31,
 20222021
Total revenue$157,472 $111,765 
Net income (loss) available to common shareholders36,159 (2,654)
Net income (loss) available to common shareholders per diluted common share0.48 (0.04)
Funds From Operations as adjusted (FFOAA) (1)83,213 35,605 
FFOAA per diluted common share (1)1.10 0.48 
Adjusted Funds From Operations (AFFO) (1)87,845 38,926 
AFFO per diluted common share (1)1.16 0.52 
(1) A non-GAAP financial measure

First Quarter Company Headlines
•Raises Earnings Guidance and Confirms Investment Spending Guidance for 2022 - The Company is raising FFOAA per diluted common share guidance for 2022 from a range of $4.30 to $4.50 to a range of $4.39 to $4.55 and confirming investment spending guidance of a range of $500.0 million to $700.0 million.
•Executing on Investment Pipeline - The Company's investment spending during the first quarter and subsequent to quarter-end through May 4, 2022 totaled $90.5 million and consisted of experiential acquisitions, development and redevelopment projects. In addition, the Company continues to execute on its significant investment pipeline and anticipates capital deployment will accelerate into the second half of the year.
•Rating Agency Upgrade - During March 2022, Fitch Ratings ("Fitch") issued an investment grade rating on both the Company and its unsecured debt with a stable outlook.
•Strong Liquidity Position – In addition to regular quarterly collections, during the first quarter, the Company collected $10.2 million of deferred rent and interest from accrual basis customers that reduced receivables and $1.6 million of deferred rent and interest from cash basis customers that was booked as additional revenue. As of March 31, 2022, the Company had cash on hand of $323.8 million and no borrowings on its $1.0 billion unsecured revolving credit facility.

CEO Comments
"Our ongoing portfolio recovery is evident in our first quarter results and increased earnings outlook, supported by healthy tenant performance. We have restarted our investment program, utilizing our relationships to source attractive acquisition, development and redevelopment projects across our targeted experiential categories,” stated Greg Silvers, President and CEO of EPR Properties. “Our pipeline is ramping meaningfully, and we continue to expect the pace of investment to accelerate into the back half of the year. Furthermore, we have maintained strong liquidity and financial flexibility to execute on this pipeline, and we are pleased that Fitch recognized our stabilization and disciplined leverage with investment grade ratings."



Investment Update
The Company's investment spending during the three months ended March 31, 2022 totaled $24.4 million, and included spending on experiential build-to-suit development, redevelopment projects and the acquisition of a fitness and wellness property. Additional investment spending subsequent to the end of the quarter through May 4, 2022 totaled $66.1 million (bringing the year-to-date total investment spending to $90.5 million), and consisted of spending on experiential build-to-suit development, redevelopment projects and the acquisition of an 85% interest in an experiential lodging property.

Since restarting its investment spending, the Company has been making significant progress on definitive agreements for acquisition, development and redevelopment projects. With increasing visibility and a meaningfully expanding investment pipeline, the Company is confirming its investment spending guidance for 2022 of a range of $500.0 million to $700.0 million.

Rating Agency Upgrade
During March of 2022, Fitch upgraded the Company's corporate and unsecured debt ratings to 'BBB-' from 'BB+' with a stable outlook. The investment grade rating on the Company's unsecured debt adds to its current investment grade ratings on unsecured debt from both S&P Global Ratings and Moody's Investors Services. These upgrades reflect the Company's commitment to conservative leverage metrics and the recovery in consumer demand for experiential real estate.

Strong Liquidity Position
In addition to regular quarterly collections, during the first quarter, the Company collected $10.2 million of deferred rent and interest from accrual basis customers that reduced receivables and $1.6 million of deferred rent and interest from cash basis customers that was booked as additional revenue. Through March 31, 2022, the Company has collected a total of approximately $91.0 million of rent and interest from customers that had been deferred as a result of the impact of the COVID-19 pandemic.

The Company remains focused on maintaining strong liquidity and financial flexibility. The Company had $323.8 million of cash on hand at quarter-end and no borrowings on its $1.0 billion unsecured revolving credit facility.

Portfolio Update
The Company's total investments (a non-GAAP financial measure) were approximately $6.5 billion at March 31, 2022 with Experiential investments totaling $5.9 billion, or 91%, and Education investments totaling $0.6 billion, or 9%.

The Company's Experiential portfolio (excluding property under development and undeveloped land inventory) consisted of the following property types (owned or financed) at March 31, 2022:
•175 theatre properties;
•57 eat & play properties (including seven theatres located in entertainment districts);
•18 attraction properties;
•11 ski properties;
•eight experiential lodging properties;
•one gaming property;
•three cultural properties; and
•eight fitness & wellness properties.

As of March 31, 2022, the Company's owned Experiential portfolio consisted of approximately 19.4 million square feet, which was 96% leased and included a total of $10.9 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 March 31, 2022:
•65 early childhood education center properties; and
•nine private school properties.

As of March 31, 2022, the Company's owned Education portfolio consisted of approximately 1.4 million square feet, which was 100% leased.

The combined owned portfolio consisted of 20.8 million square feet and was 96.3% leased.

Dividend Information
The Company declared regular monthly cash dividends during the first quarter of 2022 totaling $0.775 per common share. Additionally, the Board 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.

Guidance
(Dollars in millions, except per share data):
Measure2022 Guidance
Net income available to common shareholders per diluted common share$2.09 to$2.25 
FFOAA per diluted common share$4.39 to$4.55 
Investment spending$500.0 to$700.0 

The Company is increasing its 2022 guidance for FFOAA per diluted common share to a range of $4.39 to $4.55 from $4.30 to $4.50 and confirming 2022 investment spending guidance of $500.0 million to $700.0 million.

The 2022 guidance for FFOAA per diluted share is based on a FFO per diluted common share range of $4.33 to $4.49 adjusted for transaction costs and gain on insurance recovery. FFO per diluted common share for 2022 is based on a net income available to common shareholders per diluted common share range of $2.09 to $2.25 plus impairment of real estate investments, net of $0.06, estimated real estate depreciation and amortization of $2.13 and allocated share of joint venture depreciation of $0.09, less the impact of Series C and Series E dilution of $0.04 (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 May 5, 2022 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 call, audio only, dial (866) 374-5140 and when prompted, provide the passcode 74687040#.

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 first quarter ended March 31, 2022 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 (Loss)
(Unaudited, dollars in thousands except per share data)
 Three Months Ended March 31,
 20222021
Rental revenue$139,603 $102,614 
Other income9,305 678 
Mortgage and other financing income8,564 8,473 
Total revenue157,472 111,765 
Property operating expense13,939 15,313 
Other expense8,097 2,552 
General and administrative expense13,224 11,336 
Costs associated with loan refinancing or payoff— 241 
Interest expense, net33,260 39,194 
Transaction costs2,247 548 
Credit loss benefit(306)(2,762)
Impairment charges4,351 — 
Depreciation and amortization40,044 40,326 
Income before equity in loss from joint ventures and other items42,616 5,017 
Equity in loss from joint ventures(106)(1,431)
Gain on sale of real estate— 201 
Income before income taxes42,510 3,787 
Income tax expense(318)(407)
Net income42,192 3,380 
Preferred dividend requirements(6,033)(6,034)
Net income (loss) available to common shareholders of EPR Properties$36,159 $(2,654)
Net income (loss) available to common shareholders of EPR Properties per share:
Basic$0.48 $(0.04)
Diluted$0.48 $(0.04)
Shares used for computation (in thousands):
Basic74,843 74,627 
Diluted75,047 74,627 


EPR Properties
Condensed Consolidated Balance Sheets
(Unaudited, dollars in thousands)
 March 31, 2022December 31, 2021
Assets
Real estate investments, net of accumulated depreciation of $1,206,317 and $1,167,734 at March 31, 2022 and December 31, 2021, respectively$4,738,887 $4,713,091 
Land held for development20,168 20,168 
Property under development10,885 42,362 
Operating lease right-of-use assets177,174 180,808 
Mortgage notes and related accrued interest receivable370,021 370,159 
Investment in joint ventures36,564 36,670 
Cash and cash equivalents323,761 288,822 
Restricted cash2,956 1,079 
Accounts receivable60,704 78,073 
Other assets76,950 69,918 
Total assets$5,818,070 $5,801,150 
Liabilities and Equity
Accounts payable and accrued liabilities$92,999 $73,462 
Operating lease liabilities215,112 218,795 
Dividends payable26,979 24,930 
Unearned rents and interest76,013 61,559 
Debt2,805,853 2,804,365 
Total liabilities3,216,956 3,183,111 
Total equity$2,601,114 $2,618,039 
Total liabilities and equity$5,818,070 $5,801,150 




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 (loss) 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 costs associated with loan refinancing or payoff, transaction costs, severance expense, preferred share redemption costs, impairment of operating lease right-of-use assets and credit loss (benefit) expense and subtracting 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, share-based compensation expense to management and Trustees and amortization of above and below market leases, net and tenant allowances; and subtracting maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue (removing the impact of straight-lined ground sublease expense), and the non-cash portion of mortgage and other financing income.

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
























The following table summarizes FFO, FFOAA and AFFO for the three months ended March 31, 2022 and 2021 and reconciles such measures to net income (loss) 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 March 31,
 20222021
FFO:
Net income (loss) available to common shareholders of EPR Properties$36,159 $(2,654)
Gain on sale of real estate— (201)
Impairment of real estate investments, net4,351 — 
Real estate depreciation and amortization39,827 40,109 
Allocated share of joint venture depreciation1,487 354 
FFO available to common shareholders of EPR Properties$81,824 $37,608 
FFO available to common shareholders of EPR Properties$81,824 $37,608 
Add: Preferred dividends for Series C preferred shares1,938 — 
Add: Preferred dividends for Series E preferred shares1,939 — 
Diluted FFO available to common shareholders of EPR Properties$85,701 $37,608 
FFOAA:
FFO available to common shareholders of EPR Properties$81,824 $37,608 
Costs associated with loan refinancing or payoff— 241 
Transaction costs2,247 548 
Credit loss benefit(306)(2,762)
Gain on insurance recovery (included in other income)(552)(30)
FFOAA available to common shareholders of EPR Properties$83,213 $35,605 
FFOAA available to common shareholders of EPR Properties$83,213 $35,605 
Add: Preferred dividends for Series C preferred shares1,938 — 
Add: Preferred dividends for Series E preferred shares1,939 — 
Diluted FFOAA available to common shareholders of EPR Properties$87,090 $35,605 
AFFO:
FFOAA available to common shareholders of EPR Properties$83,213 $35,605 
Non-real estate depreciation and amortization217 217 
Deferred financing fees amortization2,071 1,547 
Share-based compensation expense to management and trustees4,245 3,784 
Amortization of above and below market leases, net and tenant allowances(87)(96)
Maintenance capital expenditures (1)(1,351)(756)
Straight-lined rental revenue(595)(1,288)
Straight-lined ground sublease expense 248 84 
Non-cash portion of mortgage and other financing income(116)(171)
AFFO available to common shareholders of EPR Properties$87,845 $38,926 
AFFO available to common shareholders of EPR Properties$87,845 $38,926 
Add: Preferred dividends for Series C preferred shares1,938 — 
Add: Preferred dividends for Series E preferred shares1,939 — 
Diluted AFFO available to common shareholders of EPR Properties$91,722 $38,926 


 Three Months Ended March 31,
 20222021
FFO per common share:
Basic$1.09 $0.50 
Diluted1.09 0.50 
FFOAA per common share:
Basic$1.11 $0.48 
Diluted1.10 0.48 
AFFO per common share:
Basic$1.17 $0.52 
Diluted1.16 0.52 
Shares used for computation (in thousands):
Basic74,843 74,627 
Diluted75,047 74,669 
Weighted average shares outstanding-diluted EPS75,047 74,669 
Effect of dilutive Series C preferred shares2,241 — 
Effect of dilutive Series E preferred shares1,664 — 
Adjusted weighted average shares outstanding-diluted Series C and Series E78,952 74,669 
Other financial information:
Dividends per common share$0.7750 $— 
(1) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.

The additional common shares that would result from the conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares for the three months ended March 31, 2021, and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted FFO, FFOAA and AFFO per share because the effect is anti-dilutive. 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 for the three months ended March 31, 2022. Therefore, the additional common shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFO, FFOAA and AFFO per share.

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 (loss), computed in accordance with GAAP, excluding interest expense (net), income tax (benefit) expense, 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 as it can help facilitate comparisons of operating performance between periods and with other REITs. The Company's method of calculating EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDAre is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

Adjusted EBITDAre
Management uses Adjusted EBITDAre in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDAre is useful to investors because it excludes various items that management believes are not indicative of operating performance, and that 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 gain on insurance recovery, severance expense, credit loss (benefit) expense, transaction costs, 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 (loss) (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):
March 31,
20222021
Net Debt:
Debt$2,805,853 $3,171,193 
Deferred financing costs, net35,376 35,036 
Cash and cash equivalents(323,761)(538,077)
Net Debt$2,517,468 $2,668,152 
Gross Assets:
Total Assets$5,818,070 $6,208,102 
Accumulated depreciation1,206,317 1,101,727 
Cash and cash equivalents(323,761)(538,077)
Gross Assets$6,700,626 $6,771,752 
Net Debt to Gross Assets Ratio38 %39 %
Three Months Ended March 31,
20222021
EBITDAre and Adjusted EBITDAre:
Net income$42,192 $3,380 
Interest expense, net33,260 39,194 
Income tax expense 318 407 
Depreciation and amortization40,044 40,326 
Gain on sale of real estate— (201)
Impairment of real estate investments, net4,351 — 
Costs associated with loan refinancing or payoff— 241 
Allocated share of joint venture depreciation1,487 354 
Allocated share of joint venture interest expense1,121 789 
EBITDAre $122,773 $84,490 
Gain on insurance recovery (1)(552)(30)
Transaction costs2,247 548 
Credit loss benefit(306)(2,762)
Adjusted EBITDAre $124,162 $82,246 
Adjusted EBITDAre (annualized) (2)$496,648 Footnote 3
Net Debt/Adjusted EBITDA Ratio5.1 Footnote 3
(1) Included in other income in the accompanying consolidated statements of income (loss) and comprehensive income for the quarter. Other income includes the following:
Three Months Ended March 31,
20222021
Income from settlement of foreign currency swap contracts$45 $52 
Gain on insurance recovery552 30 
Operating income from operated properties8,648 295 
Miscellaneous income60 301 
Other income$9,305 $678 
(2) Adjusted EBITDA for the quarter is multiplied by four to calculate an annualized amount.
(3) Not presented as this ratio is not meaningful given the disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.



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 (including related accrued interest receivable), 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 investments to total assets (computed in accordance with GAAP) is included in the following table (unaudited, in thousands):
March 31, 2022December 31, 2021
Total Investments:
Real estate investments, net of accumulated depreciation$4,738,887 $4,713,091 
Add back accumulated depreciation on real estate investments1,206,317 1,167,734 
Land held for development20,168 20,168 
Property under development10,885 42,362 
Mortgage notes and related accrued interest receivable370,021 370,159 
Investment in joint ventures36,564 36,670 
Intangible assets, gross (1)60,109 57,962 
Notes receivable and related accrued interest receivable, net (1)7,222 7,254 
Total investments$6,450,173 $6,415,400 
Total investments$6,450,173 $6,415,400 
Operating lease right-of-use assets177,174 180,808 
Cash and cash equivalents323,761 288,822 
Restricted cash2,956 1,079 
Accounts receivable60,704 78,073 
Less: accumulated depreciation on real estate investments(1,206,317)(1,167,734)
Less: accumulated amortization on intangible assets (1)(20,976)(20,163)
Prepaid expenses and other current assets (1)30,595 24,865 
Total assets$5,818,070 $5,801,150 
(1) Included in other assets in the accompanying consolidated balance sheet. Other assets include the following:
March 31, 2022December 31, 2021
Intangible assets, gross$60,109 $57,962 
Less: accumulated amortization on intangible assets(20,976)(20,163)
Notes receivable and related accrued interest receivable, net7,222 7,254 
Prepaid expenses and other current assets30,595 24,865 
Total other assets$76,950 $69,918 
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 which create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have nearly $6.5 billion in total investments 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, the uncertain financial impact of the COVID-19 pandemic, 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 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, 888-EPR-REIT
www.eprkc.com

FIRST QUARTER 2022 EARNINGS CALL May 5, 2022

 
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 the uncertain financial impact of the COVID-19 pandemic, our guidance, our capital resources and liquidity, our expected dividend payments, our expected cash flows and liquidity, the performance of our customers, our expected cash collections, expected use of proceeds from dispositions and our results of operations and financial condition. The estimates presented herein are based on the Company's current expectations and, given the current economic uncertainty, there can be no assurances that the Company will be able to continue to comply with applicable covenants under its debt agreements, which could materially impact actual performance. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law, we do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof. DISCLAIMER

 
INTRODUCTORY COMMENTS

 
PORTFOLIO UPDATE

 
5 PORTFOLIO OVERVIEW Education Portfolio 74 Properties; 8 Operators Occupancy at 100% *See Supplemental Operating and Financial Data – First Quarter Ended March 31, 2022 for definitions and calculations of these non-GAAP measures **YTD investment spending through May 4, 2022 Experiential Portfolio 281 Properties; 42 Operators Occupancy at 96% $5.9B Total Investments* Total Portfolio Snapshot ~$6.5B Total Investments* 355 Properties Occupancy at 96% Q1 Investment Spending $24.4M YTD 2022 Spending $90.5M**

 
6 THEATRES *BoxOfficeMojo $0.0 $1.5 Jan Feb Mar 2021 2022 Not a Demand Issue, It’s a Supply Issue $360M+ Domestic Gross The Batman Q1 2022 Highest Grossing Movie* Box Office* Recovery (in billions, cumulative) Solid Film Slate for 2022 $237M $1.33B

 
7 PORTFOLIO UPDATE Ski Revenue growth across portfolio Eat & Play Strong attendance and revenue in Q1 Attractions & Cultural Most properties closed seasonally Q1; anticipate solid demand in 2022 Experiential Lodging Continued growth in occupancy & ADR Fitness & Wellness Memberships up in Q1 over prior year

 
8 INVESTMENT SPENDING *YTD investment spending through May 4, 2022 Return to Growth • Seeing increased opportunities throughout most verticals • Acquired Movement Climbing-Fitness-Yoga in Chicago for $19.9M • Subsequent to quarter end, acquired Cajun Palms RV park in JV with Northgate Resorts o EPR has 85% ownership interest; overall investment exceeds $60M • $90.5M investments funded in 2022* 2022 Investment Spending Guidance $500M-$700M

 
FINANCIAL REVIEW

 
1 0 (In millions except per-share data) *See Supplemental Operating and Financial Data for the applicable periods for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance Quarter ended March 31, 2022 2021 $ Change % Change Total Revenue $157.5 $111.8 45.7 41% Net Income (Loss) – Common 36.2 (2.7) 38.9 1,441% FFO as adj. – Common* 83.2 35.6 47.6 134% AFFO – Common* 87.8 38.9 48.9 126% Net Income (Loss)/share – Common 0.48 (0.04) 0.52 1,300% FFO/share - Common, as adj.* 1.10 0.48 0.62 129% AFFO/share - Common* 1.16 0.52 0.64 123%

 
1 1 FINANCIAL HIGHLIGHTS Key Ratios Quarter ended March 31, 2022 Fixed charge coverage 3.2x Debt service coverage 3.7x Interest coverage 3.7x Net Debt to Adjusted EBITDA 5.1x Net Debt to Gross Assets 38% AFFO payout 67% *See Supplemental Operating and Financial Data for the applicable periods for definitions and calculations of these non-GAAP measures

 
1 2 Rating Agency Upgrade • During March 2022, Fitch issued an investment grade rating on both the Company and its unsecured debt with a stable outlook • EPR’s unsecured debt now has investment grade ratings from Fitch, S&P and Moody’s Debt • $2.8B total debt; all fixed rate or fixed through int. rate swaps at wtd. avg. = 4.3% • Weighted avg. debt maturity of six years; no scheduled debt maturities until 2024 Liquidity Position at 3/31/22 • $323.8M unrestricted cash • No balance on $1B revolver CAPITAL MARKETS UPDATE

 
1 3 2022 GUIDANCE *See Supplemental Operating and Financial Data - First Quarter Ended March 31, 2022 for definition of this non-GAAP measure FFO AS ADJUSTED PER SHARE* Revised Guidance $4.39 - $4.55 Prior Guidance $4.30 - $4.50 INVESTMENT SPENDING Guidance $500M - $700M DISPOSITION PROCEEDS Guidance $0M - $10M

 
CLOSING COMMENTS

 
EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com 816-472-1700 [email protected]

 
Exhibit 99.3

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

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Q1 2022 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, the uncertain financial impact of the COVID-19 pandemic, 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 the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

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

NON-GAAP INFORMATION

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



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Q1 2022 Supplemental
Page 3

COMPANY PROFILE
THE COMPANYCOMPANY STRATEGY
EPR Properties ("we," "us," "our," "EPR" or the "Company") is a self-administered and self-managed real estate investment trust. EPR was formed in August 1997 as a Maryland real estate investment trust ("REIT"), and an initial public offering was completed on November 18, 1997.Our primary business objective is to enhance shareholder value by achieving predictable growth in Funds from Operations As Adjusted ("FFOAA") and dividends per share.
Our strategic growth is focused on acquiring or developing a diversified portfolio of experiential real estate venues which create value by facilitating out of home congregate entertainment, recreation and leisure experiences where consumers choose to spend their discretionary time and money. This strategy is driven by the long-term trends of the growing experience economy.
Since that time, the Company has been a leading Experiential net lease REIT, specializing in select enduring experiential properties. We are focused on growing our Experiential portfolio with properties that offer a variety of enduring, congregate entertainment, recreation and leisure activities. Separately, our Education portfolio is a legacy investment that provides additional geographic and operator diversity.
This focus is consistent with our depth of knowledge across each of our property types, creating a competitive advantage that allows us to more quickly identify key market trends. We deliberately apply information and our ingenuity to target properties that represent logical extensions within each of our existing property types or potential future investments.
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As part of our strategic planning and portfolio management process we assess new opportunities against the following underwriting principles:
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BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO
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Q1 2022 Supplemental
Page 4

INVESTOR INFORMATION
SENIOR MANAGEMENT
Greg SilversMark Peterson
President and Chief Executive OfficerExecutive Vice President and Chief Financial Officer
Craig EvansGreg Zimmerman
Executive Vice President, General Counsel and SecretaryExecutive Vice President and Chief Investment Officer
Tonya MaterElizabeth Grace
Senior Vice President and Chief Accounting OfficerSenior Vice President - Human Resources and Administration
COMPANY INFORMATION
CORPORATE HEADQUARTERSTRADING SYMBOLS
909 Walnut Street, Suite 200Common Stock:
Kansas City, MO 64106EPR
888-EPR-REITPreferred Stock:
www.eprkc.comEPR-PrC
EPR-PrE
STOCK EXCHANGE LISTINGEPR-PrG
New York Stock Exchange
EQUITY RESEARCH COVERAGE
Bank of America Merrill LynchJeffrey Spector/Joshua Dennerlein646-855-1363
Citi Global MarketsMichael Bilerman212-816-4471
Janney Montgomery ScottRob Stevenson646-840-3217
J.P. MorganAnthony Paolone/Nikita Bely212-622-6682
Kansas City Capital AssociatesJonathan Braatz816-932-8019
Keybanc Capital MarketsJordan Sadler/Todd Thomas917-368-2286
Ladenburg ThalmannJohn Massocca212-409-2056
Raymond James & AssociatesRJ Milligan727-567-2585
RBC Capital MarketsMichael Carroll440-715-2649
StifelSimon Yarmak443-224-1345
TruistKi Bin Kim212-303-4124

EPR Properties is followed by the analysts identified above. Please note that any opinions, estimates, forecasts or recommendations regarding EPR Properties’ performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or recommendations of EPR Properties or its management. EPR Properties does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.
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Q1 2022 Supplemental
Page 5

SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
THREE MONTHS ENDED MARCH 31,
Operating Information:20222021
Revenue$157,472 $111,765 
Net income (loss) available to common shareholders of EPR Properties36,159 (2,654)
EBITDAre (1)122,773 84,490 
Adjusted EBITDAre (1)124,162 82,246 
Interest expense, net33,260 39,194 
Capitalized interest200 595 
Straight-lined rental revenue595 1,288 
Dividends declared on preferred shares6,033 6,034 
Dividends declared on common shares58,099 — 
General and administrative expense13,224 11,336 
MARCH 31,
Balance Sheet Information:20222021
Total assets$5,818,070 $6,208,102 
Accumulated depreciation1,206,317 1,101,727 
Cash and cash equivalents323,761 538,077 
Total assets before accumulated depreciation less cash and cash equivalents (gross assets)6,700,626 6,771,752 
Debt2,805,853 3,171,193 
Deferred financing costs, net35,376 35,036 
Net debt (1)2,517,468 2,668,152 
Equity2,601,114 2,634,733 
Common shares outstanding74,968 74,767 
Total market capitalization (using EOP closing price)6,989,981 6,522,602 
Net debt/gross assets ratio (1)38 %39 %
Net debt/Adjusted EBITDAre ratio (1) (2)5.1 Footnote 3
(1) See pages 24 through 26 for definitions. See calculation as applicable on page 30.
(2) Adjusted EBITDAre in this calculation is for the three month period multiplied times four. See pages 24 through 26 for definitions. See calculation on page 30.
(3) Not presented as this ratio is not meaningful given the disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.
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Q1 2022 Supplemental
Page 6

SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS1ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 20214TH QUARTER 2020
Real estate investments$5,945,204 $5,880,825 $5,943,074 $5,965,061 $5,902,833 $5,913,389 
Less: accumulated depreciation(1,206,317)(1,167,734)(1,142,513)(1,130,409)(1,101,727)(1,062,087)
Land held for development20,168 20,168 21,875 23,225 23,225 23,225 
Property under development10,885 42,362 20,166 35,082 94,822 57,630 
Operating lease right-of-use assets177,174 180,808 175,987 179,354 179,113 163,766 
Mortgage notes and related accrued interest receivable370,021 370,159 369,134 366,064 364,969 365,628 
Investment in joint ventures36,564 36,670 38,729 27,476 28,313 28,208 
Cash and cash equivalents323,761 288,822 144,433 509,836 538,077 1,025,577 
Restricted cash2,956 1,079 5,142 3,570 5,928 2,433 
Accounts receivable60,704 78,073 80,491 91,319 97,517 116,193 
Other assets76,950 69,918 64,639 71,634 75,032 70,223 
Total assets$5,818,070 $5,801,150 $5,721,157 $6,142,212 $6,208,102 $6,704,185 
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities
$92,999 $73,462 $87,021 $103,778 $95,085 $105,379 
Operating lease liabilities
215,112 218,795 214,065 217,575 217,448 202,223 
Common dividends payable
20,946 18,896 18,802 54 44 36 
Preferred dividends payable
6,033 6,034 6,033 6,033 6,034 6,034 
Unearned rents and interest
76,013 61,559 79,692 79,992 83,565 65,485 
Line of credit
— — — — 90,000 590,000 
Deferred financing costs, net
(35,376)(36,864)(32,166)(34,744)(35,036)(35,552)
Other debt
2,841,229 2,841,229 2,716,229 3,116,229 3,116,229 3,139,995 
Total liabilities3,216,956 3,183,111 3,089,676 3,488,917 3,573,369 4,073,600 
Equity:
Common stock and additional paid-in-capital
3,887,065 3,877,639 3,873,599 3,869,687 3,865,243 3,858,451 
Preferred stock at par value
148 148 148 148 148 148 
Treasury stock
(269,608)(264,817)(264,679)(264,660)(263,982)(261,238)
Accumulated other comprehensive income10,471 9,955 9,625 5,265 2,978 216 
Distributions in excess of net income
(1,026,962)(1,004,886)(987,212)(957,145)(969,654)(966,992)
Total equity2,601,114 2,618,039 2,631,481 2,653,295 2,634,733 2,630,585 
Total liabilities and equity$5,818,070 $5,801,150 $5,721,157 $6,142,212 $6,208,102 $6,704,185 
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Q1 2022 Supplemental
Page 7

SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)
1ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 20214TH QUARTER 2020
Rental revenue$139,603 $137,345 $123,040 $115,883 $102,614 $84,011 
Other income9,305 9,014 8,091 1,033 678 968 
Mortgage and other financing income8,564 8,547 8,516 8,446 8,473 8,433 
Total revenue157,472 154,906 139,647 125,362 111,765 93,412 
Property operating expense13,939 12,933 13,815 14,678 15,313 16,406 
Other expense8,097 8,313 7,851 3,025 2,552 1,462 
General and administrative expense13,224 10,496 11,154 11,376 11,336 11,142 
Severance expense
— — — — — 2,868 
Costs associated with loan refinancing or payoff
— 20,469 4,741 — 241 812 
Interest expense, net33,260 34,005 36,584 38,312 39,194 42,838 
Transaction costs2,247 60 2,132 662 548 814 
Credit loss (benefit) expense(306)(2,295)(14,096)(2,819)(2,762)20,312 
Impairment charges4,351 — 2,711 — — 22,832 
Depreciation and amortization40,044 40,294 42,612 40,538 40,326 42,014 
Income (loss) before equity in loss from joint ventures and other items42,616 30,631 32,143 19,590 5,017 (68,088)
Equity in loss from joint ventures(106)(2,059)(418)(1,151)(1,431)(1,364)
Gain on sale of real estate— 16,382 787 511 201 49,877 
Income tax expense(318)(397)(395)(398)(407)(402)
Net income (loss)42,192 44,557 32,117 18,552 3,380 (19,977)
Preferred dividend requirements(6,033)(6,034)(6,033)(6,033)(6,034)(6,034)
Net income (loss) available to common shareholders of EPR Properties$36,159 $38,523 $26,084 $12,519 $(2,654)$(26,011)
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Q1 2022 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):1ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 20214TH QUARTER 2020
Net income (loss) available to common shareholders of EPR Properties$36,159 $38,523 $26,084 $12,519 $(2,654)$(26,011)
Gain on sale of real estate— (16,382)(787)(511)(201)(49,877)
Impairment of real estate investments, net4,351 — 2,711 — — 22,832 
Real estate depreciation and amortization39,827 40,095 42,415 40,332 40,109 41,786 
Allocated share of joint venture depreciation1,487 1,561 966 459 354 361 
FFO available to common shareholders of EPR Properties$81,824 $63,797 $71,389 $52,799 $37,608 $(10,909)
FFO available to common shareholders of EPR Properties$81,824 $63,797 $71,389 $52,799 $37,608 $(10,909)
Add: Preferred dividends for Series C preferred shares1,938 — — — — — 
Add: Preferred dividends for Series E preferred shares1,939 — — — — — 
Diluted FFO available to common shareholders of EPR Properties$85,701 $63,797 $71,389 $52,799 $37,608 $(10,909)
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties$81,824 $63,797 $71,389 $52,799 $37,608 $(10,909)
Costs associated with loan refinancing or payoff— 20,469 4,741 — 241 812 
Transaction costs2,247 60 2,132 662 548 814 
Severance expense— — — — — 2,868 
Credit loss (benefit) expense(306)(2,295)(14,096)(2,819)(2,762)20,312 
Gain on insurance recovery (included in other income)(552)(1,151)— — (30)(809)
FFO as adjusted available to common shareholders of EPR Properties$83,213 $80,880 $64,166 $50,642 $35,605 $13,088 
FFO as adjusted available to common shareholders of EPR Properties$83,213 $80,880 $64,166 $50,642 $35,605 $13,088 
Add: Preferred dividends for Series C preferred shares1,938 1,938 — — — — 
Add: Preferred dividends for Series E preferred shares1,939 1,939 — — — — 
Diluted FFO as adjusted available to common shareholders of EPR Properties$87,090 $84,757 $64,166 $50,642 $35,605 $13,088 
FFO per common share:
Basic$1.09 $0.85 $0.95 $0.71 $0.50 $(0.15)
Diluted1.09 0.85 0.95 0.71 0.50 (0.15)
FFO as adjusted per common share:
Basic$1.11 $1.08 $0.86 $0.68 $0.48 $0.18 
Diluted1.10 1.08 0.86 0.68 0.48 0.18 
Shares used for computation (in thousands):
Basic74,843 74,806 74,804 74,781 74,627 74,615 
Diluted75,047 74,808 74,911 74,870 74,669 74,615 
Effect of dilutive Series C preferred shares2,241 2,237 — — — — 
Effect of dilutive Series E preferred shares1,664 1,664 — — — — 
Adjusted weighted-average shares outstanding-diluted Series C and Series E78,952 78,709 74,911 74,870 74,669 74,615 
(1) See pages 24 through 26 for definitions.
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Page 9

ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):1ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 20214TH QUARTER 2020
FFO available to common shareholders of EPR Properties
$81,824 $63,797 $71,389 $52,799 $37,608 $(10,909)
Adjustments:
Costs associated with loan refinancing or payoff
— 20,469 4,741 — 241 812 
Transaction costs2,247 60 2,132 662 548 814 
Credit loss (benefit) expense(306)(2,295)(14,096)(2,819)(2,762)20,312 
Severance expense— — — — — 2,868 
Gain on insurance recovery (included in other income)(552)(1,151)— — (30)(809)
Non-real estate depreciation and amortization217 199 197 206 217 228 
Deferred financing fees amortization2,071 2,335 2,210 1,574 1,547 1,823 
Share-based compensation expense to management and trustees
4,245 3,685 3,759 3,675 3,784 3,437 
Amortization of above/below market leases, net and tenant allowances(87)(92)(98)(99)(96)(96)
Maintenance capital expenditures (2)(1,351)(1,718)(690)(1,467)(756)(247)
Straight-lined rental revenue(595)(1,974)(981)(1,420)(1,289)(898)
Straight-lined ground sublease expense248 89 98 111 84 150 
Non-cash portion of mortgage and other financing income
(116)(114)55 (216)(171)(133)
AFFO available to common shareholders of EPR Properties$87,845 $83,290 $68,716 $53,006 $38,925 $17,352 
AFFO available to common shareholders of EPR Properties$87,845 $83,290 $68,716 $53,006 $38,925 $17,352 
Add: Preferred dividends for Series C preferred shares1,938 1,938 — — — — 
Add: Preferred dividends for Series E preferred shares1,939 1,939 — — — — 
Diluted AFFO available to common shareholders of EPR Properties$91,722 $87,167 $68,716 $53,006 $38,925 $17,352 
Weighted average diluted shares outstanding (in thousands)
75,047 74,808 74,911 74,870 74,669 74,615 
Effect of dilutive Series C preferred shares2,241 2,237 — — — — 
Effect of dilutive Series E preferred shares1,664 1,664 — — — — 
Adjusted weighted-average shares outstanding-diluted78,952 78,709 74,911 74,870 74,669 74,615 
AFFO per diluted common share$1.16 $1.11 $0.92 $0.71 $0.52 $0.23 
Dividends declared per common share$0.775 $0.750 $0.750 $— $— $— 
AFFO payout ratio (3)67 %68 %82 %— %— %— %
(1) See pages 24 through 26 for definitions.
(2) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share. The monthly cash dividend to common shareholders was temporarily suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020. On July 13, 2021, following termination of the Covenant Relief Period, the Company resumed regular monthly cash dividends to common shareholders.
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Page 10

CAPITAL STRUCTURE AS OF MARCH 31, 2022
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
BONDS/TERM LOAN/OTHER (1)UNSECURED CREDIT FACILITY (2)UNSECURED SENIOR NOTESTOTALWEIGHTED AVG INTEREST RATE
YEAR
2022$— $— $— $— —%
2023— — — — —%
2024— — 136,637 136,637 4.35%
2025— — 300,000 300,000 4.50%
2026— — 629,597 629,597 4.70%
2027— — 450,000 450,000 4.50%
2028— — 400,000 400,000 4.95%
2029— — 500,000 500,000 3.75%
2030— — — — —%
2031— — 400,000 (2)400,000 3.60%
2032— — — — —%
Thereafter24,995 — — 24,995 1.39%
Less: deferred financing costs, net— — — (35,376)—%
$24,995 $— $2,816,234 $2,805,853 4.31%
BALANCEWEIGHTED AVG INTEREST RATEWEIGHTED AVG MATURITY
Fixed rate unsecured debt$2,816,234 4.30 %5.78 
Fixed rate secured debt (1)24,995 1.39 %25.33
Less: deferred financing costs, net(35,376)— %— 
     Total$2,805,853 4.31 %6.00
(1) Includes $25 million of secured bonds that have been fixed through interest rate swaps through September 30, 2024.
(2) Unsecured Revolving Credit Facility Summary:
BALANCERATE
COMMITMENT
AT 3/31/2022
MATURITY
AT 3/31/2022
$1,000,000$—October 6, 20251.657%
Note: This facility will mature on October 6, 2025 and has two six-month extensions available at the Company's option and includes an accordion feature pursuant to which the maximum borrowing amount can be increased from $1.0 billion to $2.0 billion, in each case, subject to certain terms and conditions.
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Page 11

CAPITAL STRUCTURE AS OF MARCH 31, 2022 AND DECEMBER 31, 2021
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT (continued)
SUMMARY OF DEBT:March 31, 2022December 31, 2021
Senior unsecured notes payable, 4.35%, due August 22, 2024136,637 136,637 
Senior unsecured notes payable, 4.50%, due April 1, 2025300,000 300,000 
Senior unsecured notes payable, 4.56%, due August 22, 2026179,597 179,597 
Senior unsecured notes payable, 4.75%, due December 15, 2026450,000 450,000 
Senior unsecured notes payable, 4.50%, due June 1, 2027450,000 450,000 
Senior unsecured notes payable, 4.95%, due April 15, 2028400,000 400,000 
Senior unsecured notes payable, 3.75%, due August 15, 2029500,000 500,000 
Senior unsecured notes payable, 3.60%, due November 15, 2031400,000 400,000 
Bonds payable, variable rate, fixed at 1.39% through September 30, 2024, due August 1, 204724,995 24,995 
Less: deferred financing costs, net(35,376)(36,864)
Total debt$2,805,853 $2,804,365 


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Page 12

CAPITAL STRUCTURE
SENIOR NOTES
SENIOR DEBT RATINGS AS OF MARCH 31, 2022
Moody'sBaa3 (stable)
FitchBBB- (stable)
Standard and Poor'sBBB- (stable)
SUMMARY OF COVENANTS
The Company had outstanding public senior unsecured notes with fixed interest rates of 3.60%, 3.75%, 4.50%, 4.75% and 4.95% at March 31, 2022. 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, or GAAP, measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance. The actual amounts as of March 31, 2022 and December 31, 2021 are:
ActualActual
NOTE COVENANTSRequired1st Quarter 2022 (1)4th Quarter 2021 (1)
Limitation on incurrence of total debt (Total Debt/Total Assets)≤ 60%41%41%
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 x3.3x2.8x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)≥ 150% of unsecured debt234%232%
(1) See page 14 for details of calculations.

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Page 13

CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)
COVENANT CALCULATIONS
TOTAL ASSETS:March 31, 2022TOTAL DEBT:March 31, 2022
Total Assets per balance sheet$5,818,070 Secured debt obligations$24,995 
Add: accumulated depreciation1,206,317 Unsecured debt obligations:
Less: intangible assets, net(39,133)Unsecured debt2,816,234 
Total Assets$6,985,254 Outstanding letters of credit— 
Guarantees— 
TOTAL UNENCUMBERED ASSETS:March 31, 2022Derivatives at fair market value, net, if liability6,979 
Unencumbered real estate assets, gross$6,252,636 Total unsecured debt obligations:2,823,213 
Cash and cash equivalents323,761 Total Debt$2,848,208 
Land held for development20,168 
Property under development10,885 
Total Unencumbered Assets$6,607,450 
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:1ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 2021TRAILING TWELVE MONTHS
Adjusted EBITDAre $124,162 $122,660 $108,356 $96,437 $451,615 
Less: straight-line revenue, net, included in adjusted EBITDAre(595)(1,974)(981)(1,420)(4,970)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE$123,567 $120,686 $107,375 $95,017 $446,645 
ANNUAL DEBT SERVICE:
Interest expense, gross$33,483 $34,251 $36,841 $38,869 $143,444 
Less: deferred financing fees amortization(2,071)(2,335)(2,210)(1,574)(8,190)
ANNUAL DEBT SERVICE$31,412 $31,916 $34,631 $37,295 $135,254 
DEBT SERVICE COVERAGE3.9 3.8 3.1 2.5 3.3 
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CAPITAL STRUCTURE AS OF MARCH 31, 2022
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)
EQUITY
SECURITYSHARES OUTSTANDING
PRICE PER SHARE AT MARCH 31, 2022
LIQUIDATION PREFERENCEDIVIDEND RATECONVERTIBLE
CONVERSION RATIO AT MARCH 31, 2022
CONVERSION PRICE AT MARCH 31, 2022
Common shares74,968,098$54.71N/A(1)N/AN/AN/A
Series C5,392,916$25.83$134,8235.750%Y0.4155$60.17
Series E3,447,381$33.20$86,1859.000%Y0.4826$51.80
Series G6,000,000$24.00$150,0005.750%NN/AN/A
(1) Total monthly dividends declared in the first quarter of 2022 were $0.775 per share.


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Page 15

SUMMARY OF RATIOS
(UNAUDITED)
1ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 20214TH QUARTER 2020
Net debt to gross assets ratio (1)38%38%38%39%39%40%
Net debt/Adjusted EBITDAre ratio (1)(2)5.15.2Footnote 7Footnote 7Footnote 7Footnote 7
Interest coverage ratio (3)3.73.5Footnote 7Footnote 7Footnote 7Footnote 7
Fixed charge coverage ratio (3)3.23.0Footnote 7Footnote 7Footnote 7Footnote 7
Debt service coverage ratio (3)3.73.5Footnote 7Footnote 7Footnote 7Footnote 7
FFO payout ratio (4) (8)71%88%79%—%—%—%
FFO as adjusted payout ratio (5) (8)70%69%87%—%—%—%
AFFO payout ratio (6) (8)67%68%82%—%—%—%
(1) See pages 24 through 26 for definitions.
(2) Adjusted EBITDAre is for the quarter multiplied times four. See calculation on page 30.
(3) See page 28 for detailed calculation.
(4) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(5) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(6) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.
(7) Not presented as this ratio is not meaningful given the disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.
(8) The monthly cash dividend to common shareholders was temporarily suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020. On July 13, 2021, following termination of the Covenant Relief Period, the Company resumed regular monthly cash dividends to common shareholders.
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Page 16

SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
CARRYING AMOUNT AS OF (1)
DESCRIPTIONINTEREST RATEPAYOFF DATE/MATURITY DATEOUTSTANDING PRINCIPAL AMOUNT OF MORTGAGEMARCH 31, 2022DECEMBER 31, 2021
Attraction property Powells Point, North Carolina
7.75 %
6/30/2025
$28,864 $28,695 $28,243 
Fitness & wellness property Omaha, Nebraska7.85 %
1/3/2027
10,905 10,952 10,940 
Fitness & wellness property Merriam, Kansas
7.55 %
7/31/2029
9,090 9,171 9,159 
Ski property Girdwood, Alaska
8.20 %
12/31/2029
45,599 45,623 45,877 
Fitness & wellness property Omaha, Nebraska7.85 %
6/30/2030
10,539 10,602 10,615 
Experiential lodging property Nashville, Tennessee
7.01 %
9/30/2031
71,223 71,277 70,896 
Eat & play property Austin, Texas
11.31 %
6/1/2033
10,629 10,629 10,874 
Ski property West Dover and Wilmington, Vermont11.96 %
12/1/2034
51,050 51,049 51,047 
Four ski properties Ohio and Pennsylvania
11.07 %
12/1/2034
37,562 37,538 37,519 
Ski property Chesterland, Ohio
11.55 %
12/1/2034
4,550 4,529 4,516 
Ski property Hunter, New York
8.88 %
1/5/2036
21,000 21,000 21,000 
Eat & play property Midvale, Utah10.25 %
5/31/2036
17,505 17,505 17,639 
Eat & play property West Chester, Ohio9.75 %
8/1/2036
18,068 18,066 18,198 
Fitness & wellness property Fort Collins, Colorado7.85 %
1/31/2038
10,292 10,048 10,277 
Early childhood education center Lake Mary, Florida7.98 %
5/9/2039
4,200 4,337 4,329 
Eat & play property Eugene, Oregon
8.13 %
6/17/2039
14,700 15,018 14,996 
Early childhood education center Lithia, Florida8.58 %
10/31/2039
3,959 3,982 4,034 
Total
$369,735 $370,021 $370,159 
(1) Amounts include accrued interest and are net of allowance for credit losses.
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Page 17

INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED MARCH 31, 2022
INVESTMENT TYPETOTAL INVESTMENT SPENDINGNEW DEVELOPMENTRE-DEVELOPMENTASSET ACQUISITIONMORTGAGE NOTES OR NOTES RECEIVABLEINVESTMENT IN JOINT VENTURES
Theatres$45 $5 $40 $— $— $— 
Eat & Play2,899 2,793 106 — — — 
Attractions300 — 300 — — — 
Experiential Lodging1,256 309 299 — — 648 
Cultural5 — 5 — — — 
Fitness & Wellness19,858 — — 19,858 — — 
Total Experiential24,363 3,107 750 19,858 — 648 
Total Education— — — — — — 
Total Investment Spending$24,363 $3,107 $750 $19,858 $— $648 

Note: The Company had no significant dispositions during the three months ended March 31, 2022.
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Page 18

PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT MARCH 31, 2022 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)
MARCH 31, 2022OWNED BUILD-TO-SUIT SPENDING ESTIMATES
PROPERTY UNDER DEVELOPMENT# OF PROJECTS2ND QUARTER 20223RD QUARTER 20224TH QUARTER 20221ST QUARTER 2023THEREAFTERTOTAL EXPECTED COSTS (2)% LEASED
Total Build-to-Suit (3)$5,432 4$3,625 $9,263 $9,263 $11,589 $— $39,172 100 %
Non Build-to-Suit Development
5,453 
Total Property Under Development
$10,885 
MARCH 31, 2022OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
# OF PROJECTS2ND QUARTER 20223RD QUARTER 20224TH QUARTER 20221ST QUARTER 2023THEREAFTERTOTAL IN-SERVICE (2)ACTUAL IN-SERVICE 1ST QUARTER 2022
Total Build-to-Suit4$1,545 $2,248 $4,976 $30,403 $— $39,172 $48,241 
MARCH 31, 2022MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
MORTGAGE NOTES RECEIVABLE# OF PROJECTS2ND QUARTER 20223RD QUARTER 20224TH QUARTER 20221ST QUARTER 2023THEREAFTERTOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes
$56,225 2$126 $2,500 $2,500 $2,500 $3,877 $67,728 
Non Build-to-Suit Mortgage Notes
313,796 
Total Mortgage Notes Receivable
$370,021 
(1) This schedule includes only those properties for which the Company has commenced construction as of March 31, 2022.
(2) "Total Expected Costs" and "Total In-Service" each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest as applicable).
(3) Total Build-to-Suit excludes property under development related to the Company's real estate joint ventures that own an experiential lodging property in Warrens, Wisconsin. The Company's spending for these joint ventures is estimated at $4.2 million for 2022.
Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. Development projects have risks. See Item 1A - "Risk Factors" in the Company's most recent Annual Report on Form 10-K and, to the extent applicable, the Company's Quarterly Reports on Form 10-Q.
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Page 19

PORTFOLIO DETAIL AS OF MARCH 31, 2022
(UNAUDITED)
PROPERTY TYPEPROPERTIESOPERATORSCONTRACTUAL CASH REVENUE (1)STRATEGIC FOCUS
Theatres (2)1751843 %Reduce
Eat & Play578(3)29 %Grow
Attractions1857 %Grow
Ski1137 %Grow
Experiential Lodging824 %Grow
Gaming111 %Grow
Cultural321 %Grow
Fitness & Wellness831 %Grow
EXPERIENTIAL PORTFOLIO2814293 %
Early Childhood Education6575 %(4)Reduce
Private schools912 %Reduce
EDUCATION PORTFOLIO7487 %
TOTAL PORTFOLIO35550100 %
(1) Contractual cash revenue is an operational measure and represents aggregate cash payments to which the Company is entitled under existing contracts, excluding the impact of any temporary abatements or deferrals, percentage rent (rents received over base amounts), non-cash revenue, and revenue from taxable REIT subsidiaries (TRSs) and investments in joint ventures.
(2) Excludes seven theatres located in Entertainment Districts (included in Eat & Play)
(3) Excludes non-theatre operators at Entertainment districts
(4) Increase of 2% versus the quarter ending December 31, 2021 is due to a restructured lease related to an early childhood education tenant in which base rent increased (base rent is included in contractual cash revenue) and percentage rent decreased (percentage rent is excluded from contractual cash revenue).
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Page 20

LEASE EXPIRATIONS
AS OF MARCH 31, 2022
(UNAUDITED, DOLLARS IN THOUSANDS)
YEARTOTAL NUMBER OF PROPERTIES
RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED MARCH 31, 2022 (1)
% OF TOTAL REVENUE
20221 $1,586 — %
20232 953 — %
20246 9,410 2 %
20252 2,654 — %
20263 7,349 1 %
20278 20,006 4 %
202812 19,241 3 %
202912 15,744 3 %
203022 26,822 5 %
203113 14,234 3 %
203220 23,781 4 %
203310 11,697 2 %
203440 59,026 10 %
203532 76,911 13 %
203627 43,721 8 %
203732 64,028 11 %
203835 37,331 7 %
20394 6,893 1 %
20403 6,521 1 %
204131 16,941 3 %
Thereafter8 17,471 3 %
323 $482,320 84 %
Note: This schedule excludes non-theatre tenant leases within the Company's entertainment districts, properties under development, land held for development, properties operated by the Company and investments in mortgage notes receivable.
(1) Rental revenue for the trailing twelve months ended March 31, 2022 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 March 31, 2022 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).
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Page 21

TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED)
PERCENTAGE OF TOTAL REVENUE
FOR THE THREE MONTHS ENDED
CUSTOMERSMARCH 31, 2022
1.AMC Theatres14.9%
2.Topgolf14.2%
3.Regal Entertainment Group13.5%
4.Cinemark6.8%
5.Vail Resorts4.4%
6.VSS Southern3.5%
7.Camelback Resort3.4%
8.Resorts World3.0%
9.Six Flags2.5%
10.Creme de la Creme2.4%
Total68.6%
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Page 22

GUIDANCE
(UNAUDITED, DOLLARS IN MILLION, EXCEPT PER SHARE DATA)
MEASURE2022 GUIDANCE
YTD ACTUALSCURRENTPRIOR
Investment spending $24.4$500.0to$700.0$500.0to$700.0
Disposition proceeds and mortgage note payoff$—$—to$10.0$—to$10.0
Percentage rent and participating interest income$3.4$9.0to$13.0$8.0to$12.0
General and administrative expense$13.2$50.0to$53.0$49.0to$52.0
FFO per diluted share$1.09$4.33to$4.49$4.24to$4.44
FFO as adjusted (FFOAA) per diluted share$1.10$4.39to$4.55$4.30to$4.50
RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE):YTD ACTUALS2022 GUIDANCE
Net income available to common shareholders of EPR Properties$0.48$2.09to$2.25
Impairment of real estate investments, net0.060.06
Real estate depreciation and amortization0.532.13
Allocated share of joint venture depreciation0.020.09
Impact of Series C and Series E Dilution, if applicable—(0.04)
FFO available to common shareholders of EPR Properties $1.09$4.33to$4.49
Transaction costs0.030.07
Gain on insurance recovery (included in other income) (0.01)(0.01)
Impact of Series C and Series E Dilution, if applicable(0.01)—
FFO as adjusted (FFOAA) available to common shareholders of EPR Properties $1.10$4.39to$4.55


Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. See cautionary statement concerning forward-looking statements on page 3.
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Page 23

DEFINITIONS - NON-GAAP FINANCIAL MEASURES

EBITDAre
The National Association of Real Estate Investment Trusts (“NAREIT”) developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income (loss), 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 as 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 (loss) or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

ADJUSTED EBITDAre
Management uses Adjusted EBITDAre in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDAre is useful to investors because it excludes various items that management believes are not indicative of operating performance, and that 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 gain on insurance recovery, severance expense, credit loss (benefit) expense, transaction costs, 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. Additionally, for the year ended December 31, 2020, Adjusted EBITDAre was further adjusted to add back prior period receivable write-offs related to certain theatre tenants placed on cash basis or receiving abatements during the respective periods.

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 (loss) 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.

NET DEBT TO ADJUSTED EBITDAre RATIO AND NET DEBT TO GROSS ASSETS RATIO
Net Debt to Adjusted EBITDAre Ratio and Net Debt to Gross Asset 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 and 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.
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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 (loss) 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 (loss) 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 (loss) available to common shareholders and earnings per share. FFO as adjusted is FFO plus costs associated with loan refinancing or payoff, transaction costs, severance expense, preferred share redemption costs, impairment of operating lease right-of-use assets and credit loss (benefit) expense, and by subtracting 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 (loss) 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 costs associated with loan refinancing or payoff, transaction costs, credit loss (benefit) expense, severance expense, 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, share-based compensation expense to management and trustees and amortization of above and below market leases, net and tenant allowances and by subtracting maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue (removing the impact of straight-line ground sublease expense), non-cash portion of mortgage and other financing income, gain on insurance recovery and deferred income tax (benefit) expense. AFFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income (loss) 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 (loss) 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.

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 (loss) impairment charges, credit loss (benefit) expense, transaction costs, interest expense, gross (including interest expense in discontinued operations), severance expense, depreciation and amortization, share-based compensation expense to management and trustees and costs associated with loan refinancing or payoff; subtracting 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.
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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.





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Appendix to Supplemental Operating and Financial Data
Reconciliation of Certain Non-GAAP Financial Measures
First Quarter Ended March 31, 2022

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CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):1ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 20214TH QUARTER 2020
Net income (loss)$42,192 $44,557 $32,117 $18,552 $3,380 $(19,977)
Impairment charges4,351 — 2,711 — — 22,832 
Transaction costs2,247 60 2,132 662 548 814 
Credit loss (benefit) expense(306)(2,295)(14,096)(2,819)(2,762)20,312 
Interest expense, gross33,483 34,251 36,841 38,869 39,854 43,341 
Severance expense— — — — — 2,868 
Depreciation and amortization40,044 40,294 42,612 40,538 40,326 42,014 
Share-based compensation expense
to management and trustees4,245 3,685 3,759 3,675 3,784 3,437 
Costs associated with loan refinancing or payoff— 20,469 4,741 — 241 812 
Interest cost capitalized(200)(225)(233)(514)(595)(404)
Straight-line rental revenue(595)(1,974)(981)(1,420)(1,289)(898)
Gain on sale of real estate
— (16,382)(787)(511)(201)(49,877)
Gain on insurance recovery
(552)(1,151)— — (30)(809)
Interest coverage amount$124,909 $121,289 $108,816 $97,032 $83,256 $64,465 
Interest expense, net$33,260 $34,005 $36,584 $38,312 $39,194 $42,838 
Interest income23 21 24 43 65 99 
Interest cost capitalized200 225 233 514 595 404 
Interest expense, gross$33,483 $34,251 $36,841 $38,869 $39,854 $43,341 
Interest coverage ratio3.7 3.5 Footnote 2Footnote 2Footnote 2Footnote 2
FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount$124,909 $121,289 $108,816 $97,032 $83,256 $64,465 
Interest expense, gross$33,483 $34,251 $36,841 $38,869 $39,854 $43,341 
Preferred share dividends6,033 6,034 6,033 6,033 6,034 6,034 
Fixed charges$39,516 $40,285 $42,874 $44,902 $45,888 $49,375 
Fixed charge coverage ratio3.2 3.0 Footnote 2Footnote 2Footnote 2Footnote 2
DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount$124,909 $121,289 $108,816 $97,032 $83,256 $64,465 
Interest expense, gross$33,483 $34,251 $36,841 $38,869 $39,854 $43,341 
Recurring principal payments— — — — — — 
Debt service$33,483 $34,251 $36,841 $38,869 $39,854 $43,341 
Debt service coverage ratio3.7 3.5 Footnote 2Footnote 2Footnote 2Footnote 2
(1) See pages 24 through 26 for definitions.
(2) Not presented as this ratio for this period is not meaningful given the disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.
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RECONCILIATION OF INTEREST COVERAGE AMOUNT TO NET CASH PROVIDED BY OPERATING ACTIVITIES
(UNAUDITED, DOLLARS IN THOUSANDS)
The interest coverage amount per the table on page 28 is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used by investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
1ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 20214TH QUARTER 2020
Net cash provided by operating activities$128,087 $70,501 $95,624 $62,494 $78,306 $5,795 
Equity in loss from joint ventures(106)(2,059)(418)(1,151)(1,431)(1,364)
Distributions from joint ventures— — — — (90)— 
Amortization of deferred financing costs(2,071)(2,335)(2,210)(1,574)(1,547)(1,823)
Amortization of above and below market leases, net and tenant allowances
87 92 98 99 96 96 
Changes in assets and liabilities, net:
Amortization of operating lease assets and liabilities
49 172 146 113 120 230 
Mortgage notes and related accrued interest receivable
(310)(557)(154)423 (280)3,297 
Accounts receivable(17,424)(1,177)(10,692)(6,265)(18,687)4,422 
Other assets5,861 (642)(4,396)(1,003)7,323 (367)
Accounts payable and accrued liabilities(15,132)14,164 (7,230)2,716 (997)404 
Unearned rents and interest(9,067)11,018 289 3,583 (18,075)9,312 
Straight-line rental revenue(595)(1,974)(981)(1,420)(1,289)(898)
Interest expense, gross33,483 34,251 36,841 38,869 39,854 43,341 
Interest cost capitalized(200)(225)(233)(514)(595)(404)
Transaction costs2,247 60 2,132 662 548 814 
Severance expense (cash portion)— — — — — 1,610 
Interest coverage amount (1)$124,909 $121,289 $108,816 $97,032 $83,256 $64,465 
Net cash (used) provided by investing activities$(25,035)$41,339 $(12,711)$3,128 $(29,894)$204,883 
Net cash (used) provided by financing activities$(66,293)$28,595 $(446,643)$(96,195)$(532,435)$(170,716)
(1) See pages 24 through 26 for definitions.
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RECONCILIATION OF EBITDAre AND ADJUSTED EBITDAre
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (3):1ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 20214TH QUARTER 2020
Net income (loss)$42,192 $44,557 $32,117 $18,552 $3,380 $(19,977)
Interest expense, net33,260 34,005 36,584 38,312 39,194 42,838 
Income tax expense 318 397 395 398 407 402 
Depreciation and amortization40,044 40,294 42,612 40,538 40,326 42,014 
Gain on sale of real estate— (16,382)(787)(511)(201)(49,877)
Impairment of real estate investments, net4,351 — 2,711 — — 22,832 
Costs associated with loan refinancing or payoff— 20,469 4,741 — 241 812 
Allocated share of joint venture depreciation1,487 1,561 966 459 354 361 
Allocated share of joint venture interest expense1,121 1,145 981 846 789 872 
EBITDAre$122,773 $126,046 $120,320 $98,594 $84,490 $40,277 
Gain on insurance recovery (1)(552)(1,151)— — (30)(809)
Severance expense— — — — — 2,868 
Transaction costs2,247 60 2,132 662 548 814 
Credit loss (benefit) expense(306)(2,295)(14,096)(2,819)(2,762)20,312 
Accounts receivable write-offs from prior periods (2)— — — — — 4,301 
Straight-line receivable write-offs from prior periods (2)— — — — — 870 
Adjusted EBITDAre $124,162 $122,660 $108,356 $96,437 $82,246 $68,633 
Adjusted EBITDAre (annualized) (4)$496,648 $490,640 Footnote 5Footnote 5Footnote 5Footnote 5
See footnotes on following page.
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(1) Included in other income in the consolidated statements of income (loss) in the Company's Annual Reports on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Reconciliation is as follows:
1ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 20214TH QUARTER 2020
Income (loss) from settlement of foreign currency swap contracts$45 41 39 (28)52 110 
Gain on insurance recovery552 1,151 — — 30 809 
Operating income from operated properties8,648 7,815 7,860 848 295 45 
Fee income— — 187 — — — 
Miscellaneous income60 7 5 213 301 4 
Other income$9,305 $9,014 $8,091 $1,033 $678 $968 
(2) Included in rental revenue from continuing operations in the consolidated statements of income (loss) in the Company's Annual Reports on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Reconciliation is as follows:
1ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 20214TH QUARTER 2020
Minimum rent$130,275 $123,463 $114,375 $107,100 $94,190 $79,342 
Accounts receivable write-offs from prior periods— — — — — (4,301)
Tenant reimbursements5,001 4,712 4,187 5,000 4,822 4,831 
Percentage rent3,443 6,851 3,149 2,016 2,030 3,040 
Straight-line rental revenue595 1,974 981 1,420 1,289 1,768 
Straight-line write-offs from prior periods— — — — — (870)
Other rental revenue289 345 348 347 283 201 
Rental revenue$139,603 $137,345 $123,040 $115,883 $102,614 $84,011 
(3) See pages 24 through 26 for definitions.
(4) Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount.
(5) Not presented as this metric is not meaningful given the disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.
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