8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 26, 2025

EPR Properties

(Exact name of registrant as specified in its charter)

Maryland	001-13561	43-1790877
(State or other jurisdiction of<br>incorporation)	(Commission<br>File Number)	(I.R.S. Employer<br>Identification No.)		909 Walnut Street,		Suite 200
---	---	---	---
Kansas City,	Missouri		64106
(Address of principal executive offices) (Zip Code)					(816)	472-1700
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(Registrant’s telephone number, including area code)

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

| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | --- | --- || ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | | --- | --- |

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

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common shares, par value $0.01 per share	EPR	New York Stock Exchange
5.75% Series C cumulative convertible preferred shares, par value $0.01 per share	EPR PrC	New York Stock Exchange
9.00% Series E cumulative convertible preferred shares, par value $0.01 per share	EPR PrE	New York Stock Exchange
5.75% Series G cumulative redeemable preferred shares, par value $0.01 per share	EPR PrG	New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On February 26, 2025, EPR Properties (the "Company") announced its results of operations and financial condition for the fourth quarter and year ended December 31, 2024. The public announcement was made by means of a press release, the text of which is set forth in Exhibit 99.1 hereto and is hereby incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

In addition, on February 26, 2025, the Company made available on its website an investor slide presentation and supplemental operating and financial data for the fourth quarter and year ended December 31, 2024, the text of which are set forth in Exhibits 99.2 and 99.3 hereto, respectively, and are hereby incorporated by reference herein.

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

Item 9.01 Financial Statements and Exhibits.

Exhibit<br>No.	Description
99.1	Press Release dated February 26, 2025 issued by EPR Properties announcing its results of operations and financial condition for the fourth quarter and year ended December 31, 2024.
99.2	Investor slide presentation for the fourth quarter and year ended December 31, 2024, made available by EPR Properties on February 26, 2025.
99.3	Supplemental Operating and Financial Data for the fourth quarter and year ended December 31, 2024, made available by EPR Properties on February 26, 2025.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

EPR PROPERTIES
By:	/s/ Mark A. Peterson
	Mark A. Peterson
	Executive Vice President, Treasurer and Chief Financial<br>Officer

Date: February 26, 2025

Document

Exhibit 99.1

EPR Properties Reports Fourth Quarter and 2024 Year-End Results

Introduces Earnings and Investment Spending Guidance for 2025

Announces 3.5% Increase in Monthly Dividend

Kansas City, MO, February 26, 2025 -- EPR Properties (NYSE:EPR) today announced operating results for the fourth quarter and year ended December 31, 2024 (dollars in thousands, except per share data):

				Year Ended December 31,
		2023		2024		2023
Total revenue	177,234	$	171,981	$	698,068	$	705,668
Net (loss) income available to common shareholders		39,489		121,922		148,901
Net (loss) income available to common shareholders per diluted common share		0.52		1.60		1.97
Funds From Operations as adjusted (FFOAA)(1)		90,240		373,929		397,194
FFOAA per diluted common share (1)		1.18		4.87		5.18
Adjusted Funds From Operations (AFFO)(1)		88,475		371,409		400,643
AFFO per diluted common share (1)		1.16		4.84		5.22
Note: Each of the measures above include deferred rent and interest collections from cash basis customers that were recognized as revenue of 0.6 million for the three months ended December 31, 2023 and 0.6 million and 36.4 million for the years ended December 31, 2024 and 2023, respectively. No deferred rent and interest was received during the three months ended December 31, 2024.
(1) A non-GAAP financial measure.

All values are in US Dollars.

Fourth Quarter Company Headlines

•Executes on Investment Pipeline - During the fourth quarter of 2024, the Company's investment spending totaled $49.3 million, bringing year-to-date investment spending to $263.9 million. Additionally, the Company has committed approximately $150.0 million for experiential development and redevelopment projects, which is expected to be funded over the next two years.

•Strong Liquidity Position - As of December 31, 2024, the Company had cash on hand of $22.1 million, $175.0 million outstanding on its $1.0 billion unsecured revolving credit facility and only $300.0 million of consolidated debt maturing in 2025.

•Introduces 2025 Guidance - The Company is introducing FFOAA per diluted common share guidance for 2025 of $4.94 to $5.14, representing an increase of 3.5% at the midpoint over 2024. The Company is also introducing investment spending guidance for 2025 of $200.0 million to $300.0 million and disposition proceeds guidance of $25.0 million to $75.0 million.

•Announces Increase in Monthly Dividend - Based on the Company's expectation for its financial results for 2025, the Company is announcing an increase to its monthly dividend of 3.5%.

"We were pleased to have delivered earnings growth for full year 2024, when removing the impact of the deferred rent and interest collections that boosted the prior year’s results.” stated Company Chairman and CEO Greg Silvers. “For the year, we deployed more than $263 million into accretive investments to grow our portfolio of differentiated experiential real estate. We also continued to make progress reducing our theatre and education investments and recycling those disposition

proceeds into other experiential assets. Supported by our strong liquidity position and balance sheet, we have a solid pipeline of relationship-driven investment opportunities and maintain our commitment to prudent capital allocation.”

Investment Update

The Company's investment spending during the three months ended December 31, 2024 totaled $49.3 million, bringing the total investment spending for the year ended December 31, 2024 to $263.9 million. Investment spending for the quarter was primarily related to experiential build-to-suit development and redevelopment projects.

As of December 31, 2024, the Company has committed approximately $150.0 million in additional spending for experiential development and redevelopment projects, which is expected to be funded over the next two years. The Company will continue to be more selective in making investments, utilizing cash on hand, excess cash flow, disposition proceeds and borrowings under our line of credit, until such time as the Company's cost of capital improves.

Strong Liquidity Position

The Company remains focused on maintaining strong liquidity and financial flexibility. At December 31, 2024, the Company had $22.1 million of cash on hand, $175.0 million outstanding on its $1.0 billion unsecured revolving credit facility and only $300.0 million of consolidated debt maturing in 2025.

Capital Recycling and Charges

During the fourth quarter of 2024, the Company continued to make progress towards its goal of reducing its theatre and education investments with the intent of recycling proceeds from such dispositions into other experiential assets.

First, the Company completed the sale of two vacant theatre properties and one vacant early childhood education center for net proceeds totaling $9.3 million, and recognized a net gain on sale of $0.1 million for the quarter. For the year ended December 31, 2024, disposition proceeds totaled $74.4 million, and the Company recognized a net gain on sale of $16.1 million.

Second, the Company entered into contracts to sell two theatre properties leased by a smaller theatre operator and two operating theatres. The Company currently anticipates that the sales of all four properties will close in the first half of 2025, but there can be no assurance regarding the ultimate timing of such sales or that such sales will be consummated. The Company recognized non-cash impairment charges of $40.0 million related to these properties during the quarter; however, the Company intends to redeploy the proceeds from these sales into other experiential assets that will be accretive to earnings while also reducing the volatility in reported earnings associated with operating properties.

In addition, the Company made the decision during the fourth quarter of 2024 to exit its unconsolidated equity investment in an operating RV property located in Breaux Bridge, Louisiana and entered into good faith negotiations with its joint venture partners and the non-recourse debt provider to identify a path forward to remove the experiential lodging property from the Company's portfolio. The RV property underperformed expectations and would have required ongoing capital infusion to service the non-recourse debt and property operations. The Company finalized its exit from this investment on February 4, 2025. Accordingly, during the fourth quarter, upon the Company’s determination that the investment was not recoverable, the Company recognized a $16.1 million impairment charge to fully write-off its carrying value in the investment. The Company also received $1.0 million in exchange for the sale of its remaining subordinated mortgage note receivable on the property. Accordingly, during the fourth quarter of 2024, the Company recognized $10.3 million as provision for credit loss.

The Company continues to have interests in two remaining unconsolidated joint ventures that hold two operating RV properties with a total carrying value of $14.0 million at December 31, 2024.

Portfolio Update

The Company's total assets were $5.6 billion (after accumulated depreciation of approximately $1.6 billion) and total investments (a non-GAAP financial measure) were $6.9 billion at December 31, 2024, with Experiential investments totaling $6.4 billion, or 93%, and Education investments totaling $0.5 billion, or 7%.

The Company's Experiential portfolio (excluding property under development, undeveloped land inventory and the three joint venture properties noted below) consisted of the following property types (owned or financed) at December 31, 2024:

•157 theatre properties;

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

•24 attraction properties;

•11 ski properties;

•four experiential lodging properties;

•22 fitness & wellness properties;

•one gaming property; and

•one cultural property.

The Company has excluded three experiential lodging properties held in joint ventures from the property count above. One was transferred to the Company's joint venture partner as discussed above. As the Company has previously disclosed, the remaining two properties sustained significant hurricane damage and the Company continues to work in good faith with its joint venture partners, the non-recourse debt provider and insurance companies to identify a path forward, which is expected to result in the eventual removal of the properties from the Company's portfolio, although there can be no assurances as to the outcome of those discussions. Included in the property count are two experiential lodging properties held in unconsolidated joint ventures in which the Company continues to have interests.

As of December 31, 2024, the Company's wholly-owned Experiential portfolio consisted of approximately 18.8 million square feet, which includes 0.3 million square feet of vacant properties the Company intends to sell. The wholly-owned Experiential portfolio, excluding the vacant properties the Company intends to sell, was 99% leased or operated and included a total of $112.3 million in property under development and $20.2 million in undeveloped land inventory.

The Company's Education portfolio consisted of the following property types (owned or financed) at December 31, 2024:

•59 early childhood education center properties; and

•nine private school properties.

As of December 31, 2024, the Company's wholly-owned Education portfolio consisted of approximately 1.2 million square feet, which includes 13 thousand square feet for a vacant property the Company intends to sell. The wholly-owned Education portfolio, excluding the vacant property the Company intends to sell, was 100% leased.

The combined wholly-owned portfolio consisted of 19.7 million square feet and was 99% leased or operated excluding the 0.3 million square feet of vacant properties the Company intends to sell.

Dividend Information

The Company's Board of Trustees declared its monthly cash dividend to common shareholders of $0.295 per share payable April 15, 2025 to shareholders of record as of March 31, 2025. This dividend represents an annualized dividend of $3.54 per common share, an increase of 3.5% over the prior years annualized dividend (based upon the monthly dividend at the end of the prior year).

Additionally, the Company declared its regular quarterly dividends to preferred shareholders of $0.359375 per share on both the Company's 5.75% Series C cumulative convertible preferred shares and Series G cumulative redeemable preferred shares and $0.5625 per share on its 9.00% Series E cumulative convertible preferred shares, payable April 15, 2025 to shareholders of record as of March 31, 2025.

2025 Guidance

(Dollars in millions, except per share data):

Net income available to common shareholders per diluted common share	$	2.84	to	$	3.04
FFOAA per diluted common share	$	4.94	to	$	5.14
Investment spending	$	200.0	to	$	300.0
Disposition proceeds	$	25.0	to	$	75.0

The Company is introducing its 2025 earnings guidance for FFOAA per diluted common share of $4.94 to $5.14, representing an increase of 3.5% at the midpoint over 2024. The 2025 guidance for FFOAA per diluted common share is based on an FFO per diluted common share range of $4.95 to $5.15 adjusted for transaction costs, provision (benefit) for credit losses, net, and deferred income tax benefit. FFO per diluted common share for 2025 is based on a net income available to common shareholders per diluted common share range of $2.84 to $3.04 plus estimated real estate depreciation and amortization of $2.17 and allocated share of joint venture depreciation of $0.05, less estimated gain on sale of real estate of $0.05 and the impact of Series C and Series E dilution of $0.06 (in accordance with the NAREIT definition of FFO).

Additional earnings guidance detail can be found on page 24 in the Company's supplemental information package available in the Investor Center of the Company's website located at https://investors.eprkc.com/earnings-supplementals.

Conference Call Information

Management will host a conference call to discuss the Company's financial results on February 27, 2025 at 8:30 a.m. Eastern Time. The call may also include discussion of Company developments and forward-looking and other material information about business and financial matters. The conference will be webcast and can be accessed via the Webcasts page in the Investor Center on the Company's website located at https://investors.eprkc.com/webcasts. It is recommended that you join 10 minutes prior to the start of the event (although you may register and join the webcast at any time during the call).

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

Quarterly Supplemental

The Company's supplemental information package for the fourth quarter and year ended December 31, 2024 is available in the Investor Center on the Company's website located at https://investors.eprkc.com/earnings-supplementals.

EPR Properties

Consolidated Statements of Income (Loss)

(Unaudited, dollars in thousands except per share data)

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Rental revenue	$	149,116	$	148,738	$	585,167	$	616,139
Other income	13,197		12,068		57,071		45,947
Mortgage and other financing income	14,921		11,175		55,830		43,582
Total revenue	177,234		171,981		698,068		705,668
Property operating expense	15,188		14,759		59,146		57,478
Other expense	13,437		13,539		56,877		44,774
General and administrative expense	12,233		13,765		50,096		56,442
Retirement and severance expense	—		—		1,836		547
Transaction costs	423		401		798		1,554
Provision (benefit) for credit losses, net	9,876		1,285		12,247		878
Impairment charges	39,952		2,694		51,764		67,366
Depreciation and amortization	40,995		40,692		165,733		168,033
Total operating expenses	132,104		87,135		398,497		397,072
Gain (loss) on sale of real estate	112		(3,612)		16,101		(2,197)
Income from operations	45,242		81,234		315,672		306,399
Costs associated with loan refinancing or payoff	—		—		337		—
Interest expense, net	33,472		30,337		130,810		124,858
Equity in loss from joint ventures	3,425		4,701		8,809		6,768
Impairment charges on joint ventures	16,087		—		28,217		—
(Loss) income before income taxes	(7,742)		46,196		147,499		174,773
Income tax expense	653		667		1,433		1,727
Net (loss) income	$	(8,395)	$	45,529	$	146,066	$	173,046
Preferred dividend requirements	6,040		6,040		24,144		24,145
Net (loss) income available to common shareholders of EPR Properties	$	(14,435)	$	39,489	$	121,922	$	148,901
Net (loss) income available to common shareholders of EPR Properties per share:
Basic	$	(0.19)	$	0.52	$	1.61	$	1.98
Diluted	$	(0.19)	$	0.52	$	1.60	$	1.97
Shares used for computation (in thousands):
Basic	75,733		75,330		75,636		75,260
Diluted	76,156		75,883		75,999		75,715

EPR Properties

Condensed Consolidated Balance Sheets

(Unaudited, dollars in thousands)

	December 31, 2024		December 31, 2023
Assets
Real estate investments, net of accumulated depreciation of $1,562,645 and $1,435,683 at December 31, 2024 and December 31, 2023, respectively	$	4,435,358	$	4,537,359
Land held for development	20,168		20,168
Property under development	112,263		131,265
Operating lease right-of-use assets	173,364		186,628
Mortgage notes and related accrued interest receivable, net of allowance for credit losses of $17,111 and $3,656 at December 31, 2024 and 2023, respectively	665,796		569,768
Investment in joint ventures	14,019		49,754
Cash and cash equivalents	22,062		78,079
Restricted cash	13,637		2,902
Accounts receivable	84,589		63,655
Other assets	75,251		61,307
Total assets	$	5,616,507	$	5,700,885
Liabilities and Equity
Accounts payable and accrued liabilities	$	107,976	$	94,927
Operating lease liabilities	212,400		226,961
Dividends payable	31,863		31,307
Unearned rents and interest	80,565		77,440
Debt	2,860,458		2,816,095
Total liabilities	3,293,262		3,246,730
Total equity	$	2,323,245	$	2,454,155
Total liabilities and equity	$	5,616,507	$	5,700,885

Non-GAAP Financial Measures

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

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

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

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

The following table summarizes FFO, FFOAA and AFFO including per share amounts for FFO and FFOAA, for the three months and years ended December 31, 2024 and 2023 and reconciles such measures to net income available to common shareholders, the most directly comparable GAAP measure:

EPR Properties

Reconciliation of Non-GAAP Financial Measures

(Unaudited, dollars in thousands except per share data)

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
FFO:
Net (loss) income available to common shareholders of EPR Properties	$	(14,435)	$	39,489	$	121,922	$	148,901
(Gain) loss on sale of real estate	(112)		3,612		(16,101)		2,197
Impairment of real estate investments	39,952		2,694		51,764		67,366
Real estate depreciation and amortization	40,838		40,501		165,029		167,219
Allocated share of joint venture depreciation	1,965		2,344		9,419		8,876
Impairment charges on joint ventures	16,087		—		28,217		—
FFO available to common shareholders of EPR Properties	$	84,295	$	88,640	$	360,250	$	394,559
FFO available to common shareholders of EPR Properties	$	84,295	$	88,640	$	360,250	$	394,559
Add: Preferred dividends for Series C preferred shares	1,938		1,938		7,752		7,752
Add: Preferred dividends for Series E preferred shares	1,938		1,938		7,752		7,752
Diluted FFO available to common shareholders of EPR Properties	$	88,171	$	92,516	$	375,754	$	410,063
FFOAA:
FFO available to common shareholders of EPR Properties	$	84,295	$	88,640	$	360,250	$	394,559
Retirement and severance expense	—		—		1,836		547
Transaction costs	423		401		798		1,554
Provision (benefit) for credit losses, net	9,876		1,285		12,247		878
Costs associated with loan refinancing or payoff	—		—		337		—
Deferred income tax benefit	(285)		(86)		(1,539)		(344)
FFOAA available to common shareholders of EPR Properties	$	94,309	$	90,240	$	373,929	$	397,194
FFOAA available to common shareholders of EPR Properties	$	94,309	$	90,240	$	373,929	$	397,194
Add: Preferred dividends for Series C preferred shares	1,938		1,938		7,752		7,752
Add: Preferred dividends for Series E preferred shares	1,938		1,938		7,752		7,752
Diluted FFOAA available to common shareholders of EPR Properties	$	98,185	$	94,116	$	389,433	$	412,698
	Three Months Ended December 31,				Year Ended December 31,
---	---	---	---	---	---	---	---	---
	2024		2023		2024		2023
AFFO:
FFOAA available to common shareholders of EPR Properties	$	94,309	$	90,240	$	373,929	$	397,194
Non-real estate depreciation and amortization	157		191		704		814
Deferred financing fees amortization	2,187		2,188		8,844		8,637
Share-based compensation expense to management and trustees	3,572		4,359		14,066		17,512
Amortization of above and below market leases, net and tenant allowances	(81)		(79)		(333)		(535)
Maintenance capital expenditures (1)	(1,862)		(5,015)		(7,299)		(12,399)
Straight-lined rental revenue	(3,992)		(2,930)		(17,327)		(10,591)
Straight-lined ground sublease expense	20		56		97		1,099
Non-cash portion of mortgage and other financing income	(171)		(535)		(1,984)		(1,088)
Allocated share of joint venture non-cash items	—		—		712		—
AFFO available to common shareholders of EPR Properties	$	94,139	$	88,475	$	371,409	$	400,643
AFFO available to common shareholders of EPR Properties	$	94,139	$	88,475	$	371,409	$	400,643
Add: Preferred dividends for Series C preferred shares	1,938		1,938		7,752		7,752
Add: Preferred dividends for Series E preferred shares	1,938		1,938		7,752		7,752
Diluted AFFO available to common shareholders of EPR Properties	$	98,015	$	92,351	$	386,913	$	416,147
FFO per common share:
Basic	$	1.11	$	1.18	$	4.76	$	5.24
Diluted	1.10		1.16		4.70		5.15
FFOAA per common share:
Basic	$	1.25	$	1.20	$	4.94	$	5.28
Diluted	1.23		1.18		4.87		5.18
AFFO per common share:
Basic	$	1.24	$	1.17	$	4.91	$	5.32
Diluted	1.22		1.16		4.84		5.22
Shares used for computation (in thousands):
Basic	75,733		75,330		75,636		75,260
Diluted	76,156		75,883		75,999		75,715
Weighted average shares outstanding-diluted EPS	76,156		75,883		75,999		75,715
Effect of dilutive Series C preferred shares	2,327		2,293		2,314		2,283
Effect of dilutive Series E preferred shares	1,665		1,663		1,664		1,663
Adjusted weighted average shares outstanding-diluted Series C and Series E	80,148		79,839		79,977		79,661
Other financial information:
Dividends per common share	$	0.855	$	0.825	$	3.400	$	3.300

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

The conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares would be dilutive to FFO, FFOAA and AFFO per share for the three months and years ended December 31, 2024 and 2023. Therefore, the additional common shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFO, FFOAA and AFFO per share for those periods.

Net Debt

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

Gross Assets

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

Net Debt to Gross Assets Ratio

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

EBITDAre

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

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

Adjusted EBITDAre

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

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

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

Net Debt to Adjusted EBITDAre Ratio

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

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

	December 31,
	2024			2023
Net Debt:
Debt	$	2,860,458		$	2,816,095
Deferred financing costs, net	19,134			25,134
Cash and cash equivalents	(22,062)			(78,079)
Net Debt	$	2,857,530		$	2,763,150
Gross Assets:
Total Assets	$	5,616,507		$	5,700,885
Accumulated depreciation	1,562,645			1,435,683
Cash and cash equivalents	(22,062)			(78,079)
Gross Assets	$	7,157,090		$	7,058,489
Debt to Total Assets Ratio	51		%	49		%
Net Debt to Gross Assets Ratio	40		%	39		%
	Three Months Ended December 31,
	2024			2023
EBITDAre and Adjusted EBITDAre:
Net (loss) income	$	(8,395)		$	45,529
Interest expense, net	33,472			30,337
Income tax expense	653			667
Depreciation and amortization	40,995			40,692
(Gain) loss on sale of real estate	(112)			3,612
Impairment of real estate investments	39,952			2,694
Allocated share of joint venture depreciation	1,965			2,344
Allocated share of joint venture interest expense	589			1,879
Impairment charges on joint ventures	16,087			—
EBITDAre	$	125,206		$	127,754
Transaction costs	423			401
Provision (benefit) for credit losses, net	9,876			1,285
Adjusted EBITDAre	$	135,505		$	129,440
Adjusted EBITDAre (annualized) (1)	$	542,020		$	517,760
Net Debt/Adjusted EBITDAre Ratio	5.3			5.3
(1) Adjusted EBITDA for the quarter is multiplied by four to calculate an annualized amount but does not include the annualization of investments put in service, acquired or disposed of during the quarter, as well as the potential earnings on property under development, the annualization of percentage rent and participating interest and adjustments for other items. See detailed calculation and reconciliation of Annualized Adjusted EBITDAre and Net Debt/Annualized EBITDAre ratio that includes these adjustments in the Company's Supplemental Operating and Financial Data for the quarter and year ended December 31, 2024.

Total Investments

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

	December 31, 2024		December 31, 2023
Total assets	$	5,616,507	$	5,700,885
Operating lease right-of-use assets	(173,364)		(186,628)
Cash and cash equivalents	(22,062)		(78,079)
Restricted cash	(13,637)		(2,902)
Accounts receivable	(84,589)		(63,655)
Add: accumulated depreciation on real estate investments	1,562,645		1,435,683
Add: accumulated amortization on intangible assets (1)	31,876		30,589
Prepaid expenses and other current assets (1)	(39,464)		(22,718)
Total investments	$	6,877,912	$	6,813,175
Total Investments:
Real estate investments, net of accumulated depreciation	$	4,435,358	$	4,537,359
Add back accumulated depreciation on real estate investments	1,562,645		1,435,683
Land held for development	20,168		20,168
Property under development	112,263		131,265
Mortgage notes and related accrued interest receivable, net	665,796		569,768
Investment in joint ventures	14,019		49,754
Intangible assets, gross (1)	64,317		65,299
Notes receivable and related accrued interest receivable, net (1)	3,346		3,879
Total investments	$	6,877,912	$	6,813,175
(1) Included in other assets in the accompanying consolidated balance sheet. Other assets include the following:
	December 31, 2024		December 31, 2023
Intangible assets, gross	$	64,317	$	65,299
Less: accumulated amortization on intangible assets	(31,876)		(30,589)
Notes receivable and related accrued interest receivable, net	3,346		3,879
Prepaid expenses and other current assets	39,464		22,718
Total other assets	$	75,251	$	61,307

About EPR Properties

EPR Properties (NYSE:EPR) is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues that create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have total assets of approximately $5.6 billion (after accumulated depreciation of approximately $1.6 billion) across 44 states. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage and the potential for stable and attractive returns. Further information is available at www.eprkc.com.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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

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

EPR Properties

Brian Moriarty, 816-472-1700

www.eprkc.com

q42024earningscallpresen

EARNINGS CALL PRESENTATION Q4 2024

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

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INTRODUCTORY COMMENTS

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PORTFOLIO

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5 PORTFOLIO OVERVIEW Education Portfolio 68 Properties; 8 Operators Leased at 100%** *See Annual Report on Form 10-K for the year ended December 31, 2024 for definition and calculation of this non-GAAP measure **Excluding vacant properties EPR intends to sell Experiential Portfolio 278 Properties; 51 Operators ~$6.4B (93%) Total Investments* Leased or Operated at 99%** Total Portfolio Snapshot ~$6.9B Total Investments* 346 Properties Leased or Operated at 99%** Q4 Investment Spending $49.3M

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6 PORTFOLIO COVERAGE TTM Sept. 2024 YE 2019 Theatre Coverage 1.5x 1.7x Non-Theatre Coverage 2.5x 2.0x Total Portfolio Coverage 2.0x 1.9x Strong Total Portfolio Coverage Methodology – Coverage numerator is customer's store level EBITDARM and denominator is EPR's minimum rent or interest (excludes non-cash straight-line rent or interest income from the effective interest method of accounting) EBITDARM data is sourced from customers' reported store level profit and loss statements

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7*BoxOfficeMojo PORTFOLIO UPDATE Box Office Updates* North American Box Office Gross (NABOG) rebounding – Q4 box office was $2.3B (up 26% vs. 2023) with 2024 at $8.6B (down only 4% vs. 2023) Number of titles returning after strikes – box office ties to numbers of titles released and there are 138 scheduled for 2025 • 78 Major Studio (MS) releases scheduled for 2025 are forecast to gross $800M more than MS releases scheduled at this point in 2024 2025 box office off to good start – Q1 box office is $991M; two Q1 films expected to gross $200M+ Captain America: Brave New World & Snow White 2025 NABOG expectations – $9.3B to $9.7B Upcoming 2025 Films

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8 Attractions & Cultural – many properties closed seasonally; waterpark at Bavarian Inn to open in Q1 Fitness & Wellness • Expansion project at The Springs Resort expected to open Spring 2025 • Across portfolio increases in revenue and EBITDARM vs. prior year Other Experiential Property and Operator Updates Eat & Play – Andretti construction progressing; Topgolf expected to self-fund refreshes at 4 locations; coverage strong even with revenue and EBITDARM down slightly vs. prior year PORTFOLIO UPDATE Ski – Q4 and TTM Q4 revenue and EBITDARM up vs. prior year

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9 Consolidated properties – operating theatres showing improvement with box office recovery; offset by revenue and expense pressures at our Kartrite Hotel and Indoor Waterpark St. Pete Beach hotels – continue to work with JV partners/lender to identify a path forward for 2 St. Pete Beach hotels significantly damaged by 2024 hurricanes; we expect the eventual removal of these hotels from portfolio RV resort in Breaux Bridge – in Q4 decided to exit interests in unconsolidated equity investment in Camp Margaritaville RV Resort in Breaux Bridge, LA; finalized agreements subsequent to year-end Remaining JV properties – continue to have interests in 2 unconsolidated JVs that hold the Jellystone Park Warrens and Yogi Bear’s Jellystone Park Kozy Rest RV parks with total combined carrying value of $14M; showed Q4 trailing twelve-month growth in revenue and EBIDTARM vs. 2023 Going forward – disappointed with performance of operating properties; accordingly, we will no longer pursue these types of investments Operating Properties PORTFOLIO UPDATE

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1 0 INVESTMENT SPENDING Q4 Investment spending was $49.3M; 2024 total was $263.9M 2025 Investment Spending Guidance $200M-$300M

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1 1 Completed Transactions • Sold 3 vacant properties – former Regal, former Xscape theatre and former KinderCare for net proceeds of $9.3M, resulting in net gain of ~$112K • 2024 disposition proceeds totaled $74.4M; net gain on sale of $16.1M Update on Dispositions Education Properties • Subsequent to quarter end, sold vacant former early childhood education asset for gain of $1M & net proceeds of $3M • As of today, we have no vacant education assets Theatre Properties • Subsequent to quarter end, sold another vacant former Regal theatre for gain of $2.7M & net proceeds of $6.1M • Since early 2021, sold 25 theatres; have 1 remaining vacant AMC theatre • 20 months after Regal bankruptcy, have sold 10 of 11 former Regal theatres  2 remaining vacant former Regals – 1 from bankruptcy & 1 which Cinemark was operating closed last September  Cinemark currently manages 3 former Regal theatres 2025 Disposition Proceeds Guidance $25M-$75M CAPITAL RECYCLING

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FINANCIAL REVIEW

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1 3*See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2024 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS (In millions except per-share data) Note: Each of the measures above for the quarter ended December 31, 2023, include deferred rent and interest collections from cash-basis customers that were recognized as revenue of $0.6 million. There were no deferred rent and interest collections for cash-basis customers for the quarter ended December 31, 2024. Financial Performance Quarter ended December 31, 2024 2023 $ Change % Change Total Revenue $177.2 $172.0 $5.2 3% Net (Loss) Income – Common (14.4) 39.5 (53.9) (136%) FFO as adj. – Common* 94.3 90.2 4.1 5% AFFO – Common* 94.1 88.5 5.6 6% Net (Loss) Income/share – Common (0.19) 0.52 (0.71) (137%) FFO/share - Common, as adj.* 1.23 1.18 0.05 4% AFFO/share - Common* 1.22 1.16 0.06 5%

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1 4*See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2024 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS (In millions except per-share data) Note: Each of the measures above for the year ended December 31, 2023, include deferred rent and interest collections from cash-basis customers that were recognized as revenue of $36.4 million. There were $0.6 million in deferred rent and interest collections for cash-basis customers for the year ended December 31, 2024. Financial Performance Year ended December 31, 2024 2023 $ Change % Change Total Revenue $698.1 $705.7 ($7.6) (1%) Net Income – Common 121.9 148.9 (27.0) (18%) FFO as adj. – Common* 373.9 397.2 (23.3) (6%) AFFO – Common* 371.4 400.6 (29.2) (7%) Net Income/share – Common 1.60 1.97 (0.37) (19%) FFO/share - Common, as adj.* 4.87 5.18 (0.31) (6%) AFFO/share - Common* 4.84 5.22 (0.38) (7%)

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1 5*See Supplemental Operating and Financial Data for the applicable period for definition and calculation of this non-GAAP measure. FFO AS ADJUSTED PER SHARE WITHOUT DEFERRAL COLLECTIONS $ in millions 2023 $ in millions 2024 2023 vs. 2024 Growth FFO As Adjusted Per Share* $5.18 $4.87 (6.0%) Less: Deferral Collections $36.4 ($0.48) $0.6 ($0.01) FFO As Adjusted Per Share* Without Deferral Collections $4.70 $4.86 3.4%

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1 6*See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2024 for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Key Ratios* Quarter ended December 31, 2024 Fixed charge coverage 3.2x Debt service coverage 3.8x Interest coverage 3.8x Net Debt to Adjusted EBITDAre 5.3x Net Debt to Annualized Adjusted EBITDAre 5.1x Net Debt to Gross Assets 40% AFFO payout 70%

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1 7 Debt • $2.9B total debt; $2.7B fixed rate or fixed through interest rate swaps at overall weighted avg. = 4.4% • Only $300.0M of scheduled debt maturities in 2025 Liquidity Position at 12/31/2024 • $22.1M unrestricted cash • $175.0M outstanding on $1B revolver CAPITAL MARKETS UPDATE

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1 8*See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2024 for definitions and calculations of these non-GAAP measures 2025 GUIDANCE FFO AS ADJUSTED PER SHARE* Guidance $4.94 - $5.14 INVESTMENT SPENDING Guidance $200M - $300M DISPOSITION PROCEEDS Guidance $25M - $75M

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1 9See Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2024 for definitions and calculations of these non-GAAP measures 2025 GUIDANCE, CONTINUED OTHER INCOME Guidance $42.0M - $52.0M OTHER EXPENSE Guidance $42.0M - $52.0M 3.5% MONTHLY DIVIDEND INCREASE Monthly Dividend $0.295 GENERAL & ADMINISTRATIVE EXPENSE Guidance $52.0M - $55.0M PERCENTAGE RENT & PARTICIPATING INTEREST Guidance $18.0M - $22.0M

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CLOSING COMMENTS

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Document

Exhibit 99.3

TABLE OF CONTENTS
SECTION	PAGE
Company Profile	4
Investor Information	5
Selected Financial Information	6
Selected Balance Sheet Information	7
Selected Operating Data	8
Funds From Operations and Funds From Operations as Adjusted	9
Adjusted Funds From Operations	10
Capital Structure	11
Summary of Ratios	16
Summary of Mortgage Notes Receivable	17
Summary of Unconsolidated Joint Ventures	18
Investment Spending and Disposition Summaries	19
Property Under Development - Investment Spending Estimates	20
Portfolio Detail	21
Lease Expirations	22
Top Ten Customers by Total Revenue	23
Guidance	24
Definitions-Non-GAAP Financial Measures	25
Appendix-Reconciliation of Certain Non-GAAP Financial Measures	28
Q4 2024 Supplemental	Page 2
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CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
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The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Annual Report on Form 10-K is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our guidance, our capital resources and liquidity, our pursuit of growth opportunities, the timing of transaction closings and investment spending, our ongoing negotiations to exit from certain joint ventures or the ultimate terms of any such exit, our expected cash flows, the performance of our customers, our expected cash collections and our results of operations and financial condition. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance that the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

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

NON-GAAP INFORMATION

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

Q4 2024 Supplemental	Page 3
COMPANY PROFILE
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THE COMPANY		COMPANY STRATEGY
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EPR Properties ("we," "us," "our," "EPR" or the "Company") is a self-administered and self-managed real estate investment trust. EPR was formed in August 1997 as a Maryland real estate investment trust ("REIT"), and an initial public offering was completed on November 18, 1997.		Our primary business objective is to enhance shareholder value by achieving predictable growth in Funds from Operations As Adjusted ("FFOAA") and dividends per share.
	Our strategic growth is focused on acquiring or developing a diversified portfolio of experiential real estate venues which create value by facilitating out of home congregate entertainment, recreation and leisure experiences where consumers choose to spend their discretionary time and money. This strategy is driven by the long-term trends of the growing experience economy.
Since that time, the Company has been a leading Experiential net lease REIT, specializing in select enduring experiential properties. We are focused on growing our Experiential portfolio with properties that offer a variety of enduring, congregate entertainment, recreation and leisure activities. Separately, our Education portfolio is a legacy investment that provides additional geographic and operator diversity.
	This focus is consistent with our depth of knowledge across each of our property types, creating a competitive advantage that allows us to more quickly identify key market trends. We deliberately apply information and our ingenuity to target properties that represent logical extensions within each of our existing property types or potential future investments.
	As part of our strategic planning and portfolio management process we assess new opportunities against the following underwriting principles:
BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO
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Q4 2024 Supplemental	Page 4
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INVESTOR INFORMATION
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SENIOR MANAGEMENT
Greg Silvers	Mark Peterson
Chairman and Chief Executive Officer	Executive Vice President and Chief Financial Officer
Tonya Mater	Greg Zimmerman
Senior Vice President and Chief Accounting Officer	Executive Vice President and Chief Investment Officer
Paul Turvey	Elizabeth Grace
Senior Vice President, General Counsel and Secretary	Senior Vice President - Human Resources and Administration
Brian Moriarty	Gwen Johnson
Senior Vice President - Corporate Communications	Senior Vice President - Asset Management		COMPANY INFORMATION
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CORPORATE HEADQUARTERS	TRADING SYMBOLS
909 Walnut Street, Suite 200	Common Stock:
Kansas City, MO 64106	EPR
816-472-1700	Preferred Stock:
www.eprkc.com	EPR-PrC
STOCK EXCHANGE LISTING	EPR-PrE
New York Stock Exchange	EPR-PrG		EQUITY RESEARCH COVERAGE
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Bank of America Merrill Lynch	Joshua Dennerlein	646-855-1363
Citi Global Markets	Nick Joseph/Smedes Rose	212-816-6243
Janney Montgomery Scott	Rob Stevenson	646-840-3217
J.P. Morgan	Anthony Paolone	212-622-6682
JMP Securities	Mitch Germain	212-906-3537
Kansas City Capital Associates	Jonathan Braatz	816-932-8019
Keybanc Capital Markets	Todd Thomas	917-368-2286
Raymond James & Associates	RJ Milligan	727-567-2585
RBC Capital Markets	Michael Carroll	440-715-2649
Stifel	Simon Yarmak	443-224-1345
Truist	Ki Bin Kim	212-303-4124
UBS	Michael Goldsmith	212-713-2951
Wells Fargo	James Feldman/ John Kilichowski	212-214-5311

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

Q4 2024 Supplemental	Page 5
SELECTED FINANCIAL INFORMATION
---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
	THREE MONTHS ENDED DECEMBER 31,						YEAR ENDED DECEMBER 31,
OPERATING INFORMATION:	2024			2023			2024		2023
Revenue	$	177,234		$	171,981		$	698,068	$	705,668
Net income available to common shareholders of EPR Properties	(14,435)			39,489			121,922		148,901
EBITDAre (1)	125,206			127,754			525,295		554,401
Adjusted EBITDAre (1)	135,505			129,440			540,176		557,380
Interest expense, net	33,472			30,337			130,810		124,858
Capitalized interest	1,161			1,080			3,468		3,566
Straight-lined rental revenue	3,992			2,930			17,327		10,591
Percentage rent	4,723			6,160			14,540		12,192
Dividends declared on preferred shares	6,040			6,040			24,144		24,145
Dividends declared on common shares	64,752			62,148			256,981		248,530
General and administrative expense	12,233			13,765			50,096		56,442
	DECEMBER 31,
BALANCE SHEET INFORMATION:	2024			2023
Total assets	$	5,616,507		$	5,700,885
Accumulated depreciation	1,562,645			1,435,683
Cash and cash equivalents	22,062			78,079
Total assets before accumulated depreciation less cash and cash equivalents (gross assets)	7,157,090			7,058,489
Debt	2,860,458			2,816,095
Deferred financing costs, net	19,134			25,134
Net debt (1)	2,857,530			2,763,150
Equity	2,323,245			2,454,155
Common shares outstanding	75,736			75,333
Total market capitalization (using EOP closing price and liquidation values)(2)	6,582,095			6,783,983
Net debt/total market capitalization ratio (1)	43		%	41		%
Debt to total assets ratio	51		%	49		%
Net debt/gross assets ratio (1)	40		%	39		%
Net debt/Adjusted EBITDAre ratio (1) (3)	5.3			5.3
Net debt/Annualized adjusted EBITDAre ratio (1) (4)	5.1			5.3
(1) See pages 25 through 27 for definitions. See calculation on page 31 as applicable.
(2) See calculation on page 15.
(3) Adjusted EBITDAre in this calculation is for the three-month period multiplied times four. See pages 25 through 27 for definitions. See calculation on page 31.
(4) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 31 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 25 through 27 for definitions.												Q4 2024 Supplemental	Page 6
---	---
SELECTED BALANCE SHEET INFORMATION
---	---	---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS	4TH QUARTER 2024		3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023
Real estate investments	$	5,998,003	$	6,080,959	$	6,070,909	$	6,100,366	$	5,973,042	$	5,972,156
Less: accumulated depreciation	(1,562,645)		(1,546,509)		(1,504,427)		(1,470,507)		(1,435,683)		(1,400,642)
Land held for development	20,168		20,168		20,168		20,168		20,168		20,168
Property under development	112,263		76,913		59,092		36,138		131,265		101,313
Operating lease right-of-use assets	173,364		175,451		179,260		183,031		186,628		190,309
Mortgage notes and related accrued interest receivable, net	665,796		657,636		593,084		578,915		569,768		477,243
Investment in joint ventures	14,019		32,426		45,406		46,127		49,754		53,855
Cash and cash equivalents	22,062		35,328		33,731		59,476		78,079		172,953
Restricted cash	13,637		2,992		2,958		2,929		2,902		2,868
Accounts receivable	84,589		79,726		75,493		69,414		63,655		54,826
Other assets	75,251		74,072		69,693		67,979		61,307		74,328
Total assets	$	5,616,507	$	5,689,162	$	5,645,367	$	5,694,036	$	5,700,885	$	5,719,377
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	107,976	$	99,334	$	63,441	$	84,153	$	94,927	$	82,804
Operating lease liabilities	212,400		214,809		219,004		223,077		226,961		230,922
Common dividends payable	25,831		23,811		23,365		22,918		25,275		22,795
Preferred dividends payable	6,032		6,032		6,032		6,032		6,032		6,032
Unearned rents and interest	80,565		88,503		89,700		91,829		77,440		88,530
Line of credit	175,000		169,000		—		—		—		—
Deferred financing costs, net	(19,134)		(20,622)		(22,200)		(23,519)		(25,134)		(26,732)
Other debt	2,704,592		2,704,592		2,841,229		2,841,229		2,841,229		2,841,229
Total liabilities	3,293,262		3,285,459		3,220,571		3,245,719		3,246,730		3,245,580
Equity:
Common stock and additional paid-in-capital	3,951,364		3,947,470		3,943,925		3,940,077		3,925,296		3,920,714
Preferred stock at par value	148		148		148		148		148		148
Treasury stock	(285,413)		(285,413)		(285,413)		(285,413)		(274,038)		(274,035)
Accumulated other comprehensive (loss) income	(3,756)		(609)		(541)		1,119		3,296		2,378
Distributions in excess of net income	(1,339,098)		(1,257,893)		(1,233,323)		(1,207,614)		(1,200,547)		(1,175,408)
Total equity	2,323,245		2,403,703		2,424,796		2,448,317		2,454,155		2,473,797
Total liabilities and equity	$	5,616,507	$	5,689,162	$	5,645,367	$	5,694,036	$	5,700,885	$	5,719,377		Q4 2024 Supplemental	Page 7
---	---
SELECTED OPERATING DATA
---	---	---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
	4TH QUARTER 2024		3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023
Rental revenue	$	149,116	$	148,677	$	145,093	$	142,281	$	148,738	$	163,940
Other income (1)	13,197		17,419		14,418		12,037		12,068		14,422
Mortgage and other financing income	14,921		14,411		13,584		12,914		11,175		11,022
Total revenue	177,234		180,507		173,095		167,232		171,981		189,384
Property operating expense	15,188		14,611		14,427		14,920		14,759		14,592
Other expense (1)	13,437		15,631		14,833		12,976		13,539		13,124
General and administrative expense	12,233		11,935		12,020		13,908		13,765		13,464
Retirement and severance expense	—		—		—		1,836		—		—
Transaction costs	423		175		199		1		401		847
Provision (benefit) for credit losses, net	9,876		(770)		404		2,737		1,285		(719)
Impairment charges	39,952		—		11,812		—		2,694		20,887
Depreciation and amortization	40,995		42,795		41,474		40,469		40,692		42,432
Total operating expenses	132,104		84,377		95,169		86,847		87,135		104,627
Gain (loss) on sale of real estate	112		(3,419)		1,459		17,949		(3,612)		2,550
Income from operations	45,242		92,711		79,385		98,334		81,234		87,307
Costs associated with loan refinancing or payoff	—		337		—		—		—		—
Interest expense, net	33,472		32,867		32,820		31,651		30,337		31,208
Equity in loss (income) from joint ventures	3,425		851		906		3,627		4,701		(533)
Impairment charges on joint ventures	16,087		12,130		—		—		—		—
(Loss) income before income taxes	(7,742)		46,526		45,659		63,056		46,196		56,632
Income tax expense (benefit)	653		(124)		557		347		667		372
Net (loss) income	(8,395)		46,650		45,102		62,709		45,529		56,260
Preferred dividend requirements	6,040		6,032		6,040		6,032		6,040		6,032
Net (loss) income available to common shareholders of EPR Properties	$	(14,435)	$	40,618	$	39,062	$	56,677	$	39,489	$	50,228
(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.														Q4 2024 Supplemental	Page 8
---	---
FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED
---	---	---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
FUNDS FROM OPERATIONS ("FFO") (1):	4TH QUARTER 2024		3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023
Net (loss) income available to common shareholders of EPR Properties	$	(14,435)	$	40,618	$	39,062	$	56,677	$	39,489	$	50,228
(Gain) loss on sale of real estate	(112)		3,419		(1,459)		(17,949)		3,612		(2,550)
Impairment of real estate investments	39,952		—		11,812		—		2,694		20,887
Real estate depreciation and amortization	40,838		42,620		41,289		40,282		40,501		42,224
Allocated share of joint venture depreciation	1,965		2,581		2,457		2,416		2,344		2,315
Impairment charges on joint ventures	16,087		12,130		—		—		—		—
FFO available to common shareholders of EPR Properties	$	84,295	$	101,368	$	93,161	$	81,426	$	88,640	$	113,104
FFO available to common shareholders of EPR Properties	$	84,295	$	101,368	$	93,161	$	81,426	$	88,640	$	113,104
Add: Preferred dividends for Series C preferred shares	1,938		1,938		1,938		1,938		1,938		1,938
Add: Preferred dividends for Series E preferred shares	1,938		1,938		1,938		1,938		1,938		1,938
Diluted FFO available to common shareholders of EPR Properties	$	88,171	$	105,244	$	97,037	$	85,302	$	92,516	$	116,980
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties	$	84,295	$	101,368	$	93,161	$	81,426	$	88,640	$	113,104
Retirement and severance expense	—		—		—		1,836		—		—
Transaction costs	423		175		199		1		401		847
Provision (benefit) for credit losses, net	9,876		(770)		404		2,737		1,285		(719)
Costs associated with loan refinancing or payoff	—		337		—		—		—		—
Deferred income tax benefit	(285)		(728)		(249)		(277)		(86)		(76)
FFO as adjusted available to common shareholders of EPR Properties	$	94,309	$	100,382	$	93,515	$	85,723	$	90,240	$	113,156
FFO as adjusted available to common shareholders of EPR Properties	$	94,309	$	100,382	$	93,515	$	85,723	$	90,240	$	113,156
Add: Preferred dividends for Series C preferred shares	1,938		1,938		1,938		1,938		1,938		1,938
Add: Preferred dividends for Series E preferred shares	1,938		1,938		1,938		1,938		1,938		1,938
Diluted FFO as adjusted available to common shareholders of EPR Properties	$	98,185	$	104,258	$	97,391	$	89,599	$	94,116	$	117,032
FFO per common share:
Basic	$	1.11	$	1.34	$	1.23	$	1.08	$	1.18	$	1.50
Diluted	1.10		1.31		1.21		1.07		1.16		1.47
FFO as adjusted per common share:
Basic	$	1.25	$	1.33	$	1.24	$	1.14	$	1.20	$	1.50
Diluted	1.23		1.30		1.22		1.13		1.18		1.47
Shares used for computation (in thousands):
Basic	75,733		75,723		75,689		75,398		75,330		75,325
Diluted	76,156		76,108		76,022		75,705		75,883		75,816
Effect of dilutive Series C preferred shares	2,327		2,319		2,310		2,301		2,293		2,287
Effect of dilutive Series E preferred shares	1,665		1,664		1,664		1,663		1,663		1,663
Adjusted weighted-average shares outstanding-diluted Series C and Series E	80,148		80,091		79,996		79,669		79,839		79,766
(1) See pages 25 through 27 for definitions.														Q4 2024 Supplemental	Page 9
---	---
ADJUSTED FUNDS FROM OPERATIONS
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):	4TH QUARTER 2024			3RD QUARTER 2024			2ND QUARTER 2024			1ST QUARTER 2024			4TH QUARTER 2023			3RD QUARTER 2023
FFO available to common shareholders of EPR Properties	$	84,295		$	101,368		$	93,161		$	81,426		$	88,640		$	113,104
Adjustments:
Retirement and severance expense	—			—			—			1,836			—			—
Transaction costs	423			175			199			1			401			847
Provision (benefit) for credit losses, net	9,876			(770)			404			2,737			1,285			(719)
Costs associated with loan refinancing or payoff	—			337			—			—			—			—
Deferred income tax benefit	(285)			(728)			(249)			(277)			(86)			(76)
Non-real estate depreciation and amortization	157			175			185			187			191			208
Deferred financing fees amortization	2,187			2,211			2,234			2,212			2,188			2,170
Share-based compensation expense to management and trustees	3,572			3,264			3,538			3,692			4,359			4,354
Amortization of above/below market leases, net and tenant allowances	(81)			(84)			(84)			(84)			(79)			(182)
Maintenance capital expenditures (2)	(1,862)			(2,561)			(1,321)			(1,555)			(5,015)			(1,753)
Straight-lined rental revenue	(3,992)			(4,414)			(5,251)			(3,670)			(2,930)			(4,407)
Straight-lined ground sublease expense	20			20			25			32			56			77
Non-cash portion of mortgage and other financing income	(171)			(396)			(555)			(862)			(535)			(290)
Allocated share of joint venture non-cash items	—			712			—			—			—			—
AFFO available to common shareholders of EPR Properties	$	94,139		$	99,309		$	92,286		$	85,675		$	88,475		$	113,333
AFFO available to common shareholders of EPR Properties	$	94,139		$	99,309		$	92,286		$	85,675		$	88,475		$	113,333
Add: Preferred dividends for Series C preferred shares	1,938			1,938			1,938			1,938			1,938			1,938
Add: Preferred dividends for Series E preferred shares	1,938			1,938			1,938			1,938			1,938			1,938
Diluted AFFO available to common shareholders of EPR Properties	$	98,015		$	103,185		$	96,162		$	89,551		$	92,351		$	117,209
Weighted average diluted shares outstanding (in thousands)	76,156			76,108			76,022			75,705			75,883			75,816
Effect of dilutive Series C preferred shares	2,327			2,319			2,310			2,301			2,293			2,287
Effect of dilutive Series E preferred shares	1,665			1,664			1,664			1,663			1,663			1,663
Adjusted weighted-average shares outstanding-diluted	80,148			80,091			79,996			79,669			79,839			79,766
AFFO per diluted common share	$	1.22		$	1.29		$	1.20		$	1.12		$	1.16		$	1.47
Dividends declared per common share	$	0.855		$	0.855		$	0.855		$	0.835		$	0.825		$	0.825
AFFO payout ratio (3)	70		%	66		%	71		%	75		%	71		%	56		%
(1) See pages 25 through 27 for definitions.
(2) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.																				Q4 2024 Supplemental	Page 10
---	---
CAPITAL STRUCTURE AS OF DECEMBER 31, 2024
---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
	UNSECURED CREDIT FACILITY (2)	UNSECURED SENIOR NOTES			TOTAL		WEIGHTED AVG INTEREST RATE
YEAR
2025		$	300,000		$	300,000	4.50%
2026	—	629,597			629,597		4.70%
2027	—	450,000			450,000		4.50%
2028	175,000	400,000			575,000		5.11%
2029	—	500,000			500,000		3.75%
2030	—	—			—		—%
2031	—	400,000			400,000		3.60%
2032	—	—			—		—%
2033	—	—			—		—%
2034	—	—			—		—%
2035	—	—			—		—%
Thereafter	—	—			24,995		2.53%
Less: deferred financing costs, net	—	—			(19,134)		—%
		$	2,679,597		$	2,860,458	4.39%
	BALANCE	WEIGHTED AVG INTEREST RATE			WEIGHTED AVG MATURITY
Fixed rate unsecured debt		4.34		%	3.22
Fixed rate secured debt (1)	24,995	2.53		%	22.59
Variable rate unsecured debt	175,000	5.46		%	3.77
Less: deferred financing costs, net	(19,134)	—		%	—
Total		4.39		%	3.45
(1) Includes 25.0 million of secured bonds that have been fixed through interest rate swaps through September 20, 2026.
(2) Unsecured Revolving Credit Facility Summary:
	BALANCE				RATE
	AT 12/31/2024	MATURITY			AT 12/31/2024
	175,000	October 2, 2028			5.46%

All values are in US Dollars.

Q4 2024 Supplemental	Page 11
CAPITAL STRUCTURE AS OF DECEMBER 31, 2024 AND 2023
---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT (continued)
SUMMARY OF DEBT:	December 31, 2024		December 31, 2023
Senior unsecured notes payable, 4.35%, paid in full on August 22, 2024	$	—	$	136,637
Senior unsecured notes payable, 4.50%, due April 1, 2025	300,000		300,000
Senior unsecured notes payable, 4.56%, due August 22, 2026	179,597		179,597
Senior unsecured notes payable, 4.75%, due December 15, 2026	450,000		450,000
Senior unsecured notes payable, 4.50%, due June 1, 2027	450,000		450,000
Senior unsecured notes payable, 4.95%, due April 15, 2028	400,000		400,000
Unsecured revolving variable rate credit facility, SOFR + 1.15%, due October 2, 2028	175,000		—
Senior unsecured notes payable, 3.75%, due August 15, 2029	500,000		500,000
Senior unsecured notes payable, 3.60%, due November 15, 2031	400,000		400,000
Bonds payable, variable rate, fixed at 2.53% through September 30, 2026, due August 1, 2047	24,995		24,995
Less: deferred financing costs, net	(19,134)		(25,134)
Total debt	$	2,860,458	$	2,816,095
Q4 2024 Supplemental	Page 12
---	---
CAPITAL STRUCTURE
---	---	---	---
SENIOR NOTES
SENIOR DEBT RATINGS AS OF DECEMBER 31, 2024
Moody's	Baa3 (stable)
Fitch	BBB- (stable)
Standard and Poor's	BBB- (stable)
SUMMARY OF COVENANTS
The Company had outstanding public senior unsecured notes with fixed interest rates of 3.60%, 3.75%, 4.50%, 4.75% and 4.95% at December 31, 2024. Interest on these notes is paid semiannually. These public senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.
The following is a summary of the key financial covenants for the Company's 3.60%, 3.75%, 4.50%, 4.75% and 4.95% public senior unsecured notes, as defined and calculated per the Company's interpretation of the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles ("GAAP") measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance. The actual amounts as of December 31, 2024 and September 30, 2024 are:
		Actual	Actual
NOTE COVENANTS	Required	4th Quarter 2024 (1)	3rd Quarter 2024 (1)
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	40%	40%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	≤ 40%	—%	—%
Limitation on incurrence of debt: Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service) - trailing twelve months	≥ 1.5 x	4.0x	4.0x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	245%	247%
(1) See page 14 for details of calculations.
Q4 2024 Supplemental	Page 13
---	---
CAPITAL STRUCTURE
---	---	---	---	---	---	---	---	---
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)
COVENANT CALCULATIONS
TOTAL ASSETS:	December 31, 2024				TOTAL DEBT:				December 31, 2024
Total Assets per balance sheet	$	5,616,507			Secured debt obligations				$	24,995
Add: accumulated depreciation	1,562,645				Unsecured debt obligations:
Less: intangible assets, net	(32,441)				Unsecured debt				2,854,597
Total Assets	$	7,146,711			Outstanding letters of credit				—
					Guarantees				10,000
TOTAL UNENCUMBERED ASSETS:	December 31, 2024				Derivatives at fair market value, net, if liability				—
Total Assets, per above	$	7,146,711			Total unsecured debt obligations:				$	2,864,597
Less: investment in joint ventures	(14,019)				Total Debt				$	2,889,592
Less: accounts receivable	(84,589)
Less: encumbered assets	(25,665)
Total Unencumbered Assets	$	7,022,438
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	4TH QUARTER 2024		3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024		TRAILING TWELVE MONTHS
Adjusted EBITDAre	$	135,505	$	142,647	$	135,676	$	126,348	$	540,176
Less: straight-line revenue, net, included in adjusted EBITDAre	(3,992)		(4,414)		(5,251)		(3,670)		(17,327)
Less: joint venture EBITDA	870		(4,318)		(3,861)		(921)		(8,230)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	132,383	$	133,915	$	126,564	$	121,757	$	514,619
ANNUAL DEBT SERVICE:
Interest expense, gross	$	34,991	$	34,402	$	33,784	$	33,592	$	136,769
Less: deferred financing fees amortization	(2,187)		(2,211)		(2,234)		(2,212)		(8,844)
ANNUAL DEBT SERVICE	$	32,804	$	32,191	$	31,550	$	31,380	$	127,925
DEBT SERVICE COVERAGE	4.0		4.2		4.0		3.9		4.0			Q4 2024 Supplemental	Page 14
---	---
CAPITAL STRUCTURE AS OF DECEMBER 31, 2024
---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)
EQUITY
SECURITY	PRICE PER SHARE AT DECEMBER 31, 2024	LIQUIDATION PREFERENCE	DIVIDEND RATE	CONVERTIBLE	CONVERSION RATIO AT DECEMBER 31, 2024		CONVERSION PRICE AT DECEMBER 31, 2024
Common shares	$44.28	N/A	(1)	N/A	N/A		N/A
Series C	$20.80	$134,818	5.750%	Y	0.4316		$57.92
Series E	$27.23	$86,150	9.000%	Y	0.4831		$51.75
Series G	$19.75	$150,000	5.750%	N	N/A		N/A
CALCULATION OF TOTAL MARKET CAPITALIZATION:
Common shares outstanding at December 31, 2024 multiplied by closing price at December 31, 2024					$	3,353,597
Aggregate liquidation value of Series C preferred shares (2)					134,818
Aggregate liquidation value of Series E preferred shares (2)					86,150
Aggregate liquidation value of Series G preferred shares (2)					150,000
Net debt at December 31, 2024 (3)					2,857,530
Total consolidated market capitalization					$	6,582,095
(1) Total monthly dividends declared in the fourth quarter of 2024 were 0.855 per share.
(2) Excludes accrued unpaid dividends at December 31, 2024.
(3) See pages 25 through 27 for definitions.

All values are in US Dollars.

Q4 2024 Supplemental	Page 15
SUMMARY OF RATIOS
---	---	---	---	---	---	---
(UNAUDITED)
	4TH QUARTER 2024	3RD QUARTER 2024	2ND QUARTER 2024	1ST QUARTER 2024	4TH QUARTER 2023	3RD QUARTER 2023
Debt to total assets ratio	51%	50%	50%	49%	49%	49%
Net debt to total market capitalization ratio (1)	43%	41%	44%	44%	41%	43%
Net debt to gross assets ratio (1)	40%	39%	39%	39%	39%	38%
Net debt/Adjusted EBITDAre ratio (1)(2)	5.3	5.0	5.2	5.5	5.3	4.4
Net debt/Annualized adjusted EBITDAre ratio (1)(3)	5.1	5.2	5.2	5.2	5.3	5.1
Interest coverage ratio (4)	3.8	4.0	3.8	3.6	3.8	4.5
Fixed charge coverage ratio (4)	3.2	3.4	3.2	3.1	3.2	3.8
Debt service coverage ratio (4)	3.8	4.0	3.8	3.6	3.8	4.5
FFO payout ratio (5)	78%	65%	71%	78%	71%	56%
FFO as adjusted payout ratio (6)	70%	66%	70%	74%	70%	56%
AFFO payout ratio (7)	70%	66%	71%	75%	71%	56%
(1) See pages 25 through 27 for definitions. See prior period supplementals for detailed calculations as applicable.
(2) Adjusted EBITDAre is for the quarter multiplied times four. See calculation on page 31.
(3) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 31 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 25 through 27 for definitions.
(4) See page 29 for detailed calculation.
(5) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(6) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(7) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.								Q4 2024 Supplemental	Page 16
---	---
SUMMARY OF MORTGAGE NOTES RECEIVABLE
---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
						CARRYING AMOUNT AS OF (1)
DESCRIPTION	INTEREST RATE		PAYOFF DATE/MATURITY DATE	OUTSTANDING PRINCIPAL AMOUNT OF MORTGAGE		DECEMBER 31, 2024		DECEMBER 31, 2023
Attraction property Powells Point, North Carolina	7.23	%	6/30/2025	$	29,378	$	29,173	$	29,200
Eat & play property Eugene, Oregon	8.13	%	12/31/2025	10,750		10,417		10,417
Fitness & wellness property Merriam, Kansas	8.15	%	7/31/2029	9,090		9,238		9,223
Fitness & wellness property Omaha, Nebraska	9.25	%	6/30/2030	10,905		10,996		10,951
Fitness & wellness property Omaha, Nebraska	9.25	%	6/30/2030	10,539		10,659		10,615
Experiential lodging property Nashville, Tennessee	7.69	%	9/30/2031	70,000		71,041		71,187
Ski property Girdwood, Alaska	8.79	%	7/31/2032	80,120		79,742		78,062
Fitness & wellness properties Colorado and California	7.15	%	1/10/2033	64,252		64,275		59,207
Eat & play property Austin, Texas	11.31	%	6/1/2033	9,083		9,083		9,701
Eat & play property Dallas, Texas	10.25	%	11/26/2033	6,175		6,163		1,105
Experiential lodging property Breaux Bridge, Louisiana (2)	7.25	%	3/8/2034	11,305		1,000		11,373
Fitness & wellness property Glenwood Springs, Colorado	8.45	%	8/16/2034	52,000		51,892		—
Ski property West Dover and Wilmington, Vermont	12.50	%	12/1/2034	51,050		51,049		51,049
Four ski properties Ohio and Pennsylvania	11.58	%	12/1/2034	37,562		37,430		37,495
Ski property Chesterland, Ohio	12.07	%	12/1/2034	4,550		4,394		4,508
Ski property Hunter, New York	9.19	%	1/5/2036	21,000		21,000		21,000
Eat & play property Midvale, Utah	10.25	%	5/31/2036	17,505		17,505		17,505
Eat & play property West Chester, Ohio	9.75	%	8/1/2036	18,068		18,068		18,067
Fitness & wellness property Fort Collins, Colorado	8.00	%	1/31/2038	10,292		9,896		10,070
Early childhood education center Lake Mary, Florida	8.35	%	5/9/2039	4,200		4,412		4,387
Early childhood education center Lithia, Florida	9.11	%	10/31/2039	3,959		4,103		4,018
Attraction property Frankenmuth, Michigan	8.25	%	10/14/2042	69,139		67,966		24,375
Fitness & wellness properties Massachusetts and New York	8.30	%	1/10/2044	77,000		76,294		76,253
Total				$	677,922	$	665,796	$	569,768

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

(2) Represents subordinated loan to the unconsolidated joint venture that owns an experiential lodging property. The Company received $1.0 million in exchange for the sale of its remaining subordinated mortgage note receivable. Accordingly, during the fourth quarter of 2024, the Company recognized $10.3 million as a provision for credit loss. See Footnote 8 and 9 in the Company's most recent Annual Report on Form 10-K for additional details.

Q4 2024 Supplemental	Page 17
SUMMARY OF UNCONSOLIDATED JOINT VENTURES
---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
PROPERTY	ACQUISITION DATE	PROPERTY TYPE	LOCATION	CARRYING VALUE AT DECEMBER 31, 2024		OWNERSHIP INTEREST
Bellwether Beach Resort & Beachcomber Beach Resort Hotel (1)	12/2018	Experiential lodging	St. Pete Beach, Florida	$	—	65	%
Jellystone Park Warrens	8/2021	Experiential lodging	Warrens, Wisconsin	7,835		95	%
Camp Margaritaville Breaux Bridge (2)	5/2022	Experiential lodging	Breaux Bridge, Louisiana	—		85	%
Jellystone Kozy Rest	11/2022	Experiential lodging	Harrisville, Pennsylvania	6,184		66	%
---	---	---	---	---	---	---	---
		EPR PORTION (3)
Total assets	262,952	$	193,584
Mortgage notes payable due to third parties		135,529
Mortgage note payable due to EPR (2)		9,609
				YEAR ENDED DECEMBER 31, 2024
		EPR PORTION (3)		TOTAL		EPR PORTION (3)
Revenue and other income	1,552	$	1,251	$	63,281	$	46,334
Operating expenses		4,087		64,055		47,526
Net operating loss	(3,230)	$	(2,836)	$	(774)	$	(1,192)
Interest expense		589		10,708		7,617
Net loss	(3,966)	$	(3,425)	$	(11,482)	$	(8,809)
Allocated share of joint venture depreciation (3)		1,965		n/a		9,419
FFOAA (3)		$	(1,460)	n/a		$	610
(1) The Company is working in good faith with its joint venture partners, the non-recourse debt provider and the insurance companies to identify a path forward in which the Company expects to result in the eventual removal of the unconsolidated equity investments in the two St. Pete experiential lodging properties and the related non-recourse debt from the Company's portfolio. Accordingly, during the year ended December 31, 2024, the Company recognized 12.1 million in other-than-temporary impairment charges on joint ventures to fully write-off these investments. See Note 8 in the Company's most recent Annual Report on Form 10-K for more information.
(2) The Company finalized its exit from its equity investment in the RV Park in Breaux Bridge, Louisiana on February 4, 2025. Accordingly, during the fourth quarter of 2024, the Company recognized 16.1 million in other-than-temporary impairment charges on joint ventures to fully write-off this investment. Additionally, the Company had previously provided an 11.3 million subordinated mortgage note receivable to the joint venture that owned the RV Park. On February 4, 2024, the Company received 1.0 million in exchange for the sale of the remaining subordinated mortgage note receivable. Accordingly, during the fourth quarter of 2024, the Company recognized 10.3 million as provision for credit loss. See Notes 8 and 9 in the Company's most recent Annual Report on Form 10-K for more information.
(3) Non-GAAP financial measure. See pages 25 through 27 for definitions.

All values are in US Dollars.

SUMMARY OF UNCONSOLIDATED MORTGAGE NOTES PAYABLE DUE TO THIRD PARTIES (4)
				DECEMBER 31, 2024
PROPERTY	MATURITY	EXTENSIONS	INTEREST RATE	TOTAL		EPR PORTION (3)
Bellwether Beach Resort & Beachcomber Beach Resort Hotel (1)	May 18, 2025	Two additional one-year extensions	SOFR plus 3.65%	$	105,000	$	68,250
Jellystone Park Warrens	September 15, 2031	n/a	4.00%	23,576		22,397
Camp Margaritaville Breaux Bridge (2)	March 8, 2034	n/a	3.85% through April 7, 2025; 4.25% April 8, 2025 through maturity	38,500		32,725
Jellystone Kozy Rest	November 1, 2029	n/a	6.38%	19,608		12,157
Total mortgage notes payable due to third parties				$	186,684	$	135,529
(4) All unconsolidated mortgage notes payable are non-recourse debt instruments with the exception of Jellystone Kozy Rest, which has a limited guarantee by the Company. See Footnote 8 in the Company's most recent Annual Report on Form 10-K for additional details.									Q4 2024 Supplemental	Page 18
---	---
INVESTMENT SPENDING AND DISPOSITION SUMMARIES
---	---	---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED DECEMBER 31, 2024
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	—	$	—	$	—	$	—	$	—	$	—
Eat & Play	10,310		9,095		321		—		894		—
Attractions	22,227		—		—		—		22,227		—
Ski	289		—		—		—		289		—
Experiential Lodging	1,654		—		—		—		—		1,654
Fitness & Wellness	14,539		2,324		10,468		—		1,747		—
Cultural	272		—		272		—		—		—
Total Experiential	49,291		11,419		11,061		—		25,157		1,654
Total Investment Spending	$	49,291	$	11,419	$	11,061	$	—	$	25,157	$	1,654
INVESTMENT SPENDING YEAR ENDED DECEMBER 31, 2024
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	370	$	—	$	370	$	—	$	—	$	—
Eat & Play	42,254		30,058		1,118		—		11,078		—
Attractions	78,025		—		164		33,437		44,424		—
Ski	2,018		—		—		—		2,018		—
Experiential Lodging	9,411		—		—		—		—		9,411
Fitness & Wellness	129,710		24,080		48,412		—		57,218		—
Cultural	2,132		—		2,132		—		—		—
Total Experiential	263,920		54,138		52,196		33,437		114,738		9,411
Total Investment Spending	$	263,920	$	54,138	$	52,196	$	33,437	$	114,738	$	9,411		2024 DISPOSITIONS
---	---	---	---	---	---	---	---	---	---	---	---	---
	THREE MONTHS ENDED DECEMBER 31, 2024						YEAR ENDED DECEMBER 31, 2024
INVESTMENT TYPE	TOTAL DISPOSITIONS		NET PROCEEDS FROM SALE OF REAL ESTATE		NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES		TOTAL DISPOSITIONS		NET PROCEEDS FROM SALE OF REAL ESTATE		NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES
Theatres	$	4,133	$	4,133	$	—	$	18,519	$	18,519	$	—
Cultural	—		—		—		44,902		44,902		—
Total Experiential	4,133		4,133		—		63,421		63,421		—
Total Education	5,139		5,139		—		11,000		11,000		—
Total Education	5,139		5,139		—		11,000		11,000		—
Total Dispositions	$	9,272	$	9,272	$	—	$	74,421	$	74,421	$	—		Q4 2024 Supplemental	Page 19
---	---
PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT DECEMBER 31, 2024 (1)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
		# OF PROJECTS	1ST QUARTER 2025		2ND QUARTER 2025		3RD QUARTER 2025		4TH QUARTER 2025		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Total Build-to-Suit (3)	106,578	5	$	36,238	$	27,019	$	16,363	$	9,129	$	1,462	$	196,789	100		%
Non Build-to-Suit Development
Total Property Under Development	112,263
		DECEMBER 31, 2024	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
		# OF PROJECTS	1ST QUARTER 2025		2ND QUARTER 2025		3RD QUARTER 2025		4TH QUARTER 2025		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 4TH QUARTER 2024
Total Build-to-Suit		5	$	—	$	151,792	$	4,314	$	—	$	40,683	$	196,789	$	3,153
			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
		# OF PROJECTS	1ST QUARTER 2025		2ND QUARTER 2025		3RD QUARTER 2025		4TH QUARTER 2025		THEREAFTER		TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes	220,311	3	$	2,380	$	—	$	—	$	—	$	47,100	$	269,791
Non Build-to-Suit Mortgage Notes
Total Mortgage Notes Receivable	664,796
(1) This schedule includes only those properties for which the Company has commenced construction as of December 31, 2024.
(2) "Total Expected Costs" and "Total In-Service" each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest as applicable).
(3) Total Build-to-Suit excludes property under development related to the Company's real estate joint ventures. The Company's investment spending for these joint ventures is estimated at 1.8 million for 2025.
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.

All values are in US Dollars.

Q4 2024 Supplemental	Page 20
PORTFOLIO DETAIL AS OF DECEMBER 31, 2024
---	---	---	---	---	---	---
(UNAUDITED)
PROPERTY TYPE	PROPERTIES	OPERATORS		ANNUALIZED ADJUSTED EBITDAre (1)		STRATEGIC FOCUS
Theatres (2) (4)	157	17		37	%	Reduce
Eat & Play	58	9	(3)	24	%	Grow
Attractions	24	8		12	%	Grow
Ski	11	3		7	%	Grow
Experiential Lodging (5)	4	3		2	%	Grow
Fitness & Wellness	22	9		8	%	Grow
Gaming	1	1		2	%	Grow
Cultural	1	1		1	%	Grow
EXPERIENTIAL PORTFOLIO	278	51		93	%
Early Childhood Education (6)	59	7		5	%	Reduce
Private schools	9	1		2	%	Reduce
EDUCATION PORTFOLIO	68	8		7	%
TOTAL PORTFOLIO	346	59		100	%
(1) See pages 25 through 27 for definitions.
(2) Excludes seven theatres located in Entertainment Districts (included in Eat & Play).
(3) Excludes non-theatre operators at Entertainment districts.
(4) Includes four vacant properties that the Company intends to sell.
(5) Excludes two experiential lodging properties held in unconsolidated joint ventures that the Company is working in good faith with the Company's joint venture partners, the non-recourse debt provider and insurance companies to identify a path forward in which the Company expects will result in the eventual removal of both experiential properties from the Company's portfolio and one experiential lodging property held in an unconsolidated joint venture that the Company exited from on February 4, 2025.
(6) Includes one vacant property that the Company intends to sell.								Q4 2024 Supplemental	Page 21
---	---
LEASE EXPIRATIONS
---	---	---	---	---	---
AS OF DECEMBER 31, 2024
(UNAUDITED, DOLLARS IN THOUSANDS)
YEAR	TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE YEAR ENDED DECEMBER 31, 2024 (1)		% OF TOTAL REVENUE
2025	1	$	653	—	%
2026	2	2,412		—	%
2027	4	21,065		3	%
2028	9	14,905		2	%
2029	14	21,720		3	%
2030	19	32,043		5	%
2031	4	7,382		1	%
2032	8	12,236		2	%
2033	7	10,409		1	%
2034	36	65,859		9	%
2035	29	75,265		11	%
2036	40	73,313		11	%
2037	29	61,970		9	%
2038	41	63,443		9	%
2039	9	6,511		1	%
2040	4	10,235		1	%
2041	30	18,608		3	%
2042	4	17,597		3	%
2043	7	20,529		3	%
2044	2	10,972		2	%
Thereafter	1	1,048		—	%
	300	$	548,175	79	%
Note: This schedule excludes non-theatre tenant leases within the Company's entertainment districts, properties under development, land held for development, properties operated by the Company and investments in mortgage notes receivable.
(1) Rental revenue for the year ended December 31, 2024 includes lease revenue related to the Company's existing operating ground leases (leases in which the Company is a sub-lessor) as well as the gross-up of tenant reimbursed expenses recognized during the year ended December 31, 2024 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).							Q4 2024 Supplemental	Page 22
---	---
TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
---	---	---	---
(UNAUDITED)
		PERCENTAGE OF TOTAL REVENUE	PERCENTAGE OF TOTAL REVENUE
		FOR THE THREE MONTHS ENDED	FOR THE YEAR ENDED
	CUSTOMERS	DECEMBER 31, 2024	DECEMBER 31, 2024
1.	Topgolf	14.8%	14.4%
2.	AMC Entertainment Holdings, Inc.	13.4%	13.5%
3.	Regal Entertainment Group	10.6%	10.9%
4.	Cinemark	6.0%	6.3%
5.	Premier Parks	5.4%	4.6%
6.	Vail Resorts	4.0%	4.3%
7.	Camelback Resort	3.2%	3.2%
8.	Six Flags Entertainment Corporation	2.4%	2.6%
9.	Santikos Theaters, LLC	2.4%	2.5%
10.	Endeavor Schools	2.0%	2.1%
	Total	64.2%	64.4%		Q4 2024 Supplemental	Page 23
---	---
GUIDANCE
---
(UNAUDITED, DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)		MEASURE	2025 GUIDANCE
---	---	---	---
	CURRENT
Investment spending	$200.0	to	$300.0
Disposition proceeds and mortgage note payoff	$25.0	to	$75.0
Percentage rent	$18.0	to	$22.0
General and administrative expense	$52.0	to	$55.0
Other income (1)	$42.0	to	$52.0
Other expense (1)	$42.0	to	$52.0
FFO per diluted share	$4.95	to	$5.15
FFOAA per diluted share	$4.94	to	$5.14
RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE):	2025 GUIDANCE
Net income available to common shareholders of EPR Properties	$2.84	to	$3.04
Gain on sale of real estate	(0.05)
Real estate depreciation and amortization	2.17
Allocated share of joint venture depreciation	0.05
Impact of Series C and Series E Dilution, if applicable	(0.06)
FFO available to common shareholders of EPR Properties	$4.95	to	$5.15
Transaction costs	0.01
Deferred income tax benefit	(0.02)
FFO as adjusted (FFOAA) available to common shareholders of EPR Properties	$4.94	to	$5.14
(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.

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

Q4 2024 Supplemental	Page 24
DEFINITIONS - NON-GAAP FINANCIAL MEASURES
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EBITDAre

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

ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre

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

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

NET DEBT

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

Q4 2024 Supplemental	Page 25

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

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

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

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

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

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

Q4 2024 Supplemental	Page 26

INTEREST COVERAGE RATIO

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

FIXED CHARGE COVERAGE RATIO

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

DEBT SERVICE COVERAGE RATIO

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

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

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

Q4 2024 Supplemental	Page 27

Appendix to Supplemental Operating and Financial Data
Reconciliation of Certain Non-GAAP Financial Measures
Fourth Quarter and Year Ended December 31, 2024
Q4 2024 Supplemental	Page 28
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CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
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(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	4TH QUARTER 2024		3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023
Net (loss) income	$	(8,395)	$	46,650	$	45,102	$	62,709	$	45,529	$	56,260
Impairment charges	39,952		—		11,812		—		2,694		20,887
Impairment charges on joint ventures	16,087		12,130		—		—		—		—
Retirement and severance expense	—		—		—		1,836		—		—
Transaction costs	423		175		199		1		401		847
Provision (benefit) for credit losses, net	9,876		(770)		404		2,737		1,285		(719)
Interest expense, gross	34,991		34,402		33,784		33,592		33,583		33,647
Depreciation and amortization	40,995		42,795		41,474		40,469		40,692		42,432
Share-based compensation expense
to management and trustees	3,572		3,264		3,538		3,692		4,359		4,354
Costs associated with loan refinancing or payoff	—		337		—		—		—		—
Interest cost capitalized	(1,161)		(878)		(471)		(958)		(1,080)		(857)
Straight-line rental revenue	(3,992)		(4,414)		(5,251)		(3,670)		(2,930)		(4,407)
(Gain) loss on sale of real estate	(112)		3,419		(1,459)		(17,949)		3,612		(2,550)
Deferred income tax benefit	(285)		(728)		(249)		(277)		(86)		(76)
Interest coverage amount	$	131,951	$	136,382	$	128,883	$	122,182	$	128,059	$	149,818
Interest expense, net	$	33,472	$	32,867	$	32,820	$	31,651	$	30,337	$	31,208
Interest income	358		657		493		983		2,166		1,582
Interest cost capitalized	1,161		878		471		958		1,080		857
Interest expense, gross	$	34,991	$	34,402	$	33,784	$	33,592	$	33,583	$	33,647
Interest coverage ratio	3.8		4.0		3.8		3.6		3.8		4.5
FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	131,951	$	136,382	$	128,883	$	122,182	$	128,059	$	149,818
Interest expense, gross	$	34,991	$	34,402	$	33,784	$	33,592	$	33,583	$	33,647
Preferred share dividends	6,040		6,032		6,040		6,032		6,040		6,032
Fixed charges	$	41,031	$	40,434	$	39,824	$	39,624	$	39,623	$	39,679
Fixed charge coverage ratio	3.2		3.4		3.2		3.1		3.2		3.8
DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	131,951	$	136,382	$	128,883	$	122,182	$	128,059	$	149,818
Interest expense, gross	$	34,991	$	34,402	$	33,784	$	33,592	$	33,583	$	33,647
Recurring principal payments	—		—		—		—		—		—
Debt service	$	34,991	$	34,402	$	33,784	$	33,592	$	33,583	$	33,647
Debt service coverage ratio	3.8		4.0		3.8		3.6		3.8		4.5
(1) See pages 25 through 27 for definitions.														Q4 2024 Supplemental	Page 29
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RECONCILIATION OF INTEREST COVERAGE AMOUNT TO NET CASH PROVIDED BY OPERATING ACTIVITIES
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(UNAUDITED, DOLLARS IN THOUSANDS)
The interest coverage amount per the table on page 29 is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used by investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
	4TH QUARTER 2024		3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023
Net cash provided by operating activities	$	92,938	$	122,001	$	78,655	$	99,543	$	77,002	$	149,204
Equity in (loss) income from joint ventures	(3,425)		(851)		(906)		(3,627)		(4,701)		533
Distributions from joint ventures	—		—		—		—		—		(1,300)
Amortization of deferred financing costs	(2,187)		(2,211)		(2,234)		(2,212)		(2,188)		(2,170)
Amortization of above and below market leases and tenant allowances, net	81		84		84		84		79		182
Changes in assets and liabilities:
Operating lease assets and liabilities	324		373		315		287		279		187
Mortgage notes accrued interest receivable	(549)		485		817		1,418		734		(420)
Accounts receivable	5,902		4,209		6,101		5,819		8,780		1,560
Other assets	759		677		2,621		3,878		(1,850)		(1,593)
Accounts payable and accrued liabilities	81		(18,882)		13,053		(6,202)		5,773		(8,795)
Unearned rents and interest	7,766		1,212		2,116		(6,009)		14,177		(16,800)
Straight-line rental revenue	(3,992)		(4,414)		(5,251)		(3,670)		(2,930)		(4,407)
Interest expense, gross	34,991		34,402		33,784		33,592		33,583		33,647
Interest cost capitalized	(1,161)		(878)		(471)		(958)		(1,080)		(857)
Transaction costs	423		175		199		1		401		847
Retirement and severance expense (cash portion)	—		—		—		238		—		—
Interest coverage amount (1)	$	131,951	$	136,382	$	128,883	$	122,182	$	128,059	$	149,818
Net cash used by investing activities	$	(30,710)	$	(73,160)	$	(33,931)	$	(38,551)	$	(104,015)	$	(7,562)
Net cash used by financing activities	$	(64,468)	$	(47,295)	$	(70,372)	$	(79,484)	$	(67,968)	$	(68,040)
(1) See pages 25 through 27 for definitions.														Q4 2024 Supplemental	Page 30
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RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre
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(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (1):	4TH QUARTER 2024		3RD QUARTER 2024		2ND QUARTER 2024		1ST QUARTER 2024		4TH QUARTER 2023		3RD QUARTER 2023
Net (loss) income	$	(8,395)	$	46,650	$	45,102	$	62,709	$	45,529	$	56,260
Interest expense, net	33,472		32,867		32,820		31,651		30,337		31,208
Income tax expense	653		(124)		557		347		667		372
Depreciation and amortization	40,995		42,795		41,474		40,469		40,692		42,432
(Gain) loss on sale of real estate	(112)		3,419		(1,459)		(17,949)		3,612		(2,550)
Impairment of real estate investments	39,952		—		11,812		—		2,694		20,887
Costs associated with loan refinancing or payoff	—		337		—		—		—		—
Allocated share of joint venture depreciation	1,965		2,581		2,457		2,416		2,344		2,315
Allocated share of joint venture interest expense	589		2,587		2,310		2,131		1,879		2,164
Impairment charges on joint ventures	16,087		12,130		—		—		—		—
EBITDAre	$	125,206	$	143,242	$	135,073	$	121,774	$	127,754	$	153,088
Retirement and severance expense	—		—		—		1,836		—		—
Transaction costs	423		175		199		1		401		847
Provision (benefit) for credit losses, net	9,876		(770)		404		2,737		1,285		(719)
Adjusted EBITDAre (for the quarter)	$	135,505	$	142,647	$	135,676	$	126,348	$	129,440	$	153,216
Adjusted EBITDAre (2)	$	542,020	$	570,588	$	542,704	$	505,392	$	517,760	$	612,864
ANNUALIZED ADJUSTED EBITDAre (1):
Adjusted EBITDAre (for the quarter)	$	135,505	$	142,647	$	135,676	$	126,348	$	129,440	$	153,216
In-service and disposition adjustments (3)	448		708		141		2,079		1,263		157
Managed and JV property adjustments (4)	1,711		(5,392)		(881)		2,832		4,405		(3,120)
Property under development adjustments (5)	2,258		1,472		1,118		646		2,610		1,874
Percentage rent/participation adjustments (6)	70		(2,193)		1,527		1,660		(3,154)		674
Deferral and stub rent collections not previously recognized (7)	—		—		—		(565)		(648)		(19,358)
Non-recurring adjustments (8)	(643)		(187)		(1,305)		798		(3,044)		(3,666)
Annualized Adjusted EBITDAre (for the quarter)	$	139,349	$	137,055	$	136,276	$	133,798	$	130,872	$	129,777
Annualized Adjusted EBITDAre (9)	$	557,396	$	548,220	$	545,104	$	535,192	$	523,488	$	519,108
See footnotes on the following page.														Q4 2024 Supplemental	Page 31
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(1) See pages 25 through 27 for definitions.
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(2) Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount but does not include the annualization of investments put in service, acquired or disposed of during the quarter, as well as the potential earnings on property under development, the annualization of percentage rent and participating interest and adjustments for other items. These adjustments are considered in the calculation of Annualized Adjusted EBITDAre.
(3) Adjustments for rental properties commencing or terminating GAAP net operating income during the quarter and adjustments to revenue from mortgage notes receivable to be consistent with end of quarter balance.
(4) To annualize amounts from the actual latest quarterly amount to the trailing 12-month amount divided by four. Annualized Adjusted EBITDAre related to the Company's investments in three joint venture properties in St. Pete Beach, Florida and Breaux Bridge, Louisiana has been reduced to zero.
(5) To add in income for property under development that is build-to-suit at the initial cash yields of the projects upon completion.
(6) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the mid-point of the guidance amount shown on page 24 divided by four.
(7) To remove non-recurring, out-of-period deferred and stub rent collections
(8) Adjustments for various non-recurring items during the quarter.
(9) Annualized Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount.		Q4 2024 Supplemental	Page 32
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