8-K - EPR - Equibles

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): November 3, 2021

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
---	---

(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 November 3, 2021, the Company announced its results of operations and financial condition for the third quarter and nine months ended September 30, 2021. The public announcement was made by means of a press release, the text of which is set forth in Exhibit 99.1 hereto and is hereby incorporated by reference herein.

In addition, on November 3, 2021, the Company made available on its website an investor slide presentation and supplemental operating and financial data for the third quarter and nine months ended September 30, 2021, the text of which are set forth in Exhibits 99.2 and 99.3 hereto, respectively, and are hereby incorporated by reference herein.

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

Item 9.01 Financial Statements and Exhibits.

Exhibit<br>No.	Description
99.1	Press Release dated November 3, 2021 issued by EPR Properties announcing its results of operations and financial condition for the third quarter and nine months ended September 30, 2021.
99.2	Investor slide presentation for the third quarter and nine months ended September 30, 2021, made available by EPR Properties on November 3, 2021.
99.3	Supplemental Operating and Financial Data for the third quarter and nine months ended September 30, 2021, made available by EPR Properties on November 3, 2021.
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: November 3, 2021

Document

Exhibit 99.1

EPR PROPERTIES REPORTS THIRD QUARTER 2021 RESULTS

Raises 2021 Earnings Guidance

Kansas City, MO, November 3, 2021 -- EPR Properties (NYSE:EPR) today announced operating results for the third quarter and nine months ended September 30, 2021 (dollars in thousands, except per share data):

				Nine Months Ended September 30,
		2020 (2)		2021		2020 (2)
Total revenue	139,647	$	63,877	$	376,774	$	321,249
Net income (loss) available to common shareholders		(91,938)		35,949		(129,853)
Net income (loss) available to common shareholders per diluted common share		(1.23)		0.48		(1.70)
Funds From Operations as adjusted (FFOAA) (1)		(11,699)		150,413		95,645
FFOAA per diluted common share (1)		(0.16)		2.01		1.25
Adjusted Funds From Operations (AFFO) (1)		2,698		160,647		126,078
AFFO per diluted common share (1)		0.04		2.15		1.65
(1) A non-GAAP financial measure
(2) The operating results for the three and nine months ended September 30, 2020, include 49.8 million of straight-line and other receivable write-offs, or 0.67 per diluted share, related to moving two customers to cash basis for revenue recognition purposes at the end of the third quarter in 2020. These write-offs are reflected in all metrics in these columns except that AFFO per diluted share for the three and nine months ended September 30, 2020 excludes the impact of the straight-line portion of these write-offs totaling 23.9 million.

All values are in US Dollars.

Third Quarter Company Headlines

•Quarterly Collections Continue to Exceed Expectations - Cash collections from customers continued to exceed expectations and were approximately 90% of contractual cash revenue for the third quarter of 2021. In addition, during the third quarter, the Company collected a total of $11.3 million of deferred rent and interest as well as $5.3 million on a previously reserved note receivable.

•New $1.0 Billion Revolving Credit Facility - In early October 2021, the Company entered into a new amended and restated $1.0 billion revolving credit facility that matures in October 2025 with options to extend for a total of 12 additional months, subject to conditions.

•Rating Agency Upgrades - During September 2021, the Company received an investment grade rating from S&P on its unsecured debt with a stable outlook, adding to its current investment grade rating from Moody's, who raised its outlook to stable during October 2021.

•Successful Debt Issuance Lowers Cost of Capital and Extends Maturities – In October 2021, the Company closed on a public offering of $400.0 million in unsecured notes due in November 2031 with an interest rate of 3.60%, a record low coupon for the Company, and provided notice that all $275.0 million of its 5.25% senior notes due in 2023 will be redeemed (including a make-whole premium) on November 12, 2021. Following this redemption, the Company will have no scheduled debt maturities until 2024.

•Strong Liquidity Position – In September 2021, the Company repaid its $400.0 million unsecured term loan facility, and as of September 30, 2021, the Company had cash on hand of $144.4 million and no borrowings on its $1.0 billion unsecured revolving credit facility. Furthermore, the net debt issuance described above provides additional liquidity.

CEO Comments

"The strength of the consumer-led recovery across our experiential properties was illustrated by our increased level of cash collections which exceeded our expectations," stated Greg Silvers, President and CEO of EPR Properties. "Our sustained progress has also been recognized by the ratings agencies as evidenced by our recent upgrades. We have also solidified our balance sheet position and enhanced our liquidity with a new $1.0 billion credit facility and $400.0 million debt issuance. With an active pipeline, we are well-positioned to reaccelerate our growth and expand our portfolio with diversified experiential properties."

Collections

Cash collections from both accrual and cash basis tenants and borrowers continued to exceed expectations and were approximately $124.5 million or 90% of contractual cash revenue for the third quarter. Contractual cash revenue is an

operational measure and represents aggregate cash payments for which the Company is entitled under existing contracts, excluding the impact of any temporary abatements or deferrals, percentage rent (rents received over base amounts), non-cash revenue and revenue from taxable REIT subsidiaries (TRSs).

During the third quarter of 2021, the Company also collected deferred rent and interest from accrual basis tenants and borrowers that reduced receivables totaling $7.7 million and collected deferred rent and interest from cash basis customers totaling $3.6 million which were booked as additional revenue. Through September 30, 2021, the Company collected approximately $59.5 million of deferred rent and interest from both accrual and cash basis customers.

Additionally, during the third quarter, the Company collected $5.3 million from a borrower (bringing the total principal repayment from this borrower to $6.8 million through September 30, 2021) and was released from an additional $8.5 million in funding commitments. All of these amounts had been previously reserved by the Company. Accordingly, the Company recognized a benefit to loan loss reserves of $13.8 million related to this borrower during the third quarter and $15.3 million for the nine months ended September 30, 2021. Note that loan loss reserve activity is excluded from Funds From Operations as Adjusted or “FFOAA” (a non-GAAP financial measure).

Collections activity for the third quarter of 2021 is summarized below:

Cash Collections for Quarter Ended September 30, 2021
( in millions)
		% of Contractual Cash Revenue *
Collections related to Q3	124.5	90	%
Deferral Repayments - Accrual Tenants (Reduction of receivables)		5	%
Deferral Repayments in Revenue - Cash Basis Tenants		3	%
Note Repayments - Cash Basis Tenants (Credit loss recovery)		4	%
Total Cash Received **	141.1	102	%
*Contractual Cash Revenue = 138.4
**Excludes Percentage Rent and Revenue from TRSs

All values are in US Dollars.

New Revolving Credit Facility

On October 6, 2021, the Company entered into a new amended and restated senior unsecured revolving credit facility. The new facility, which will mature on October 6, 2025, replaced the Company’s existing $1.0 billion senior unsecured revolving credit facility and $400.0 million senior unsecured term loan facility. The new facility provides for an initial maximum principal amount of borrowing availability of $1.0 billion with an accordion feature under which the Company may increase the total maximum principal amount available by $1.0 billion, to a total of $2.0 billion, subject to lender consent. The new facility has the same pricing terms and financial covenants as the prior facility (with improved valuation of certain asset types), as well as customary covenants and events of default. The Company has two options to extend the maturity date of the new credit facility by an additional six months each (for a total of 12 months), subject to paying additional fees and the absence of any default.

On September 13, 2021, the Company repaid its $400.0 million senior unsecured term loan facility using cash on hand and recognized a non-cash write-off of $1.5 million in deferred financing costs as well as the cash settlement of the related interest rate swaps of $3.2 million.

Rating Agency Upgrades

During September 2021, the Company received an investment grade rating from S&P Global Ratings ("S&P") on its unsecured debt, adding to its current investment grade rating from Moody's Investors Services ("Moody's"). S&P has assigned the Company a 'BBB-' issuer-level credit rating on its unsecured debt with a stable outlook. Additionally, in October 2021, Moody's revised its outlook on the Company's 'Baa3' investment grade rating on its unsecured debt from negative to stable.

The Company previously caused certain of its key subsidiaries to guarantee its obligations under its existing bank credit facility, private placement notes and senior unsecured bonds due to a decrease in the Company's credit ratings resulting from the impact of the COVID-19 pandemic. As a result of the Company obtaining an investment grade rating on its long-term unsecured debt from both S&P and Moody's, the Company's subsidiary guarantors were released from their guarantees under these debt agreements in accordance with the terms of such agreements.

New Debt Issuance and Debt Redemption

On October 27, 2021, the Company closed on the public offering of $400.0 million in senior unsecured notes due November 15, 2031. These notes bear interest at an annual interest rate of 3.60%, a record low coupon for the Company.

In conjunction with the pricing of the above senior unsecured notes, the Company delivered notice of redemption to redeem all of the $275.0 million principal amount of its 5.25% senior notes due in 2023. The redemption date has been set for November 12, 2021, and the Company will use a portion of the proceeds from the new senior unsecured notes to fund this redemption plus the make-whole premium payment estimated to be approximately $20.1 million based on interest rates as of October 29, 2021 (the final make-whole premium will be determined closer to the redemption date).

Strong Liquidity Position

The Company remains focused on maintaining strong liquidity and financial flexibility. The Company had $144.4 million of cash on hand at quarter-end and no borrowings on its $1.0 billion unsecured revolving credit facility. Additionally, the Company expects to generate additional liquidity after issuing the $400.0 million of 3.60% senior notes due in 2031 and redeeming the $275.0 million of 5.25% senior notes due in 2023 plus the make-whole premium.

Portfolio Update

The Company's total investments (a non-GAAP financial measure) were approximately $6.5 billion at September 30, 2021 with Experiential totaling $5.9 billion, or 91%, and Education totaling $0.6 billion, or 9%.

The Company's Experiential portfolio (excluding property under development and undeveloped land inventory) consisted of the following property types (owned or financed) at September 30, 2021:

•177 theatre properties;

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

•18 attraction properties;

•13 ski properties;

•eight experiential lodging properties;

•one gaming property;

•three cultural properties; and

•seven fitness & wellness properties.

As of September 30, 2021, the Company's owned Experiential portfolio consisted of approximately 19.4 million square feet, which was 95% leased and included a total of $40.4 million in property under development and undeveloped land inventory.

The Company's Education portfolio (excluding undeveloped land inventory) consisted of the following property types (owned or financed) at September 30, 2021:

•65 early childhood education center properties; and

•nine private school properties.

As of September 30, 2021, the Company's owned Education portfolio consisted of approximately 1.4 million square feet, which was 100% leased and included $1.7 million in undeveloped land inventory.

The combined owned portfolio consisted of 20.8 million square feet and was 96% leased.

Investment Update

The Company's investment spending during the three months ended September 30, 2021 totaled $39.3 million (bringing the total of investment spending for the nine months ended September 30, 2021 to $107.9 million), and included spending on Experiential build-to-suit development, redevelopment projects and the acquisition of a 95% interest in two joint ventures which acquired an experiential lodging property in Wisconsin for $25.2 million. The Company accounts for this investment under the equity method of accounting.

Capital Recycling

During the third quarter of 2021, the Company completed the sale of two land parcels for net proceeds of $2.2 million and recognized a gain on sale of $0.8 million. Disposition proceeds and mortgage note pay-offs totaled $35.9 million for the nine

months ended September 30, 2021. Subsequent to September 30, 2021, the Company completed the sale of two ski properties for net proceeds of $48.0 million and recognized a gain on sale of approximately $15.4 million.

Dividend Information

The Company declared regular monthly cash dividends during the third quarter of 2021 totaling $0.75 per common share. Additionally, the Board declared its regular quarterly dividends to preferred shareholders of $0.359375 per share on its 5.75% Series C cumulative convertible preferred shares, $0.5625 per share on its 9.00% Series E cumulative convertible preferred shares and $0.359375 per share on its 5.75% Series G cumulative redeemable preferred shares.

Guidance

(Dollars in millions, except per share data):

Measure	2021 Guidance
Net income available to common shareholders per diluted common share	$	0.76	to	$	0.84
FFOAA per diluted common share	$	2.95	to	$	3.01
Disposition proceeds	$	93.0	to	$	103.0

The Company is increasing its 2021 guidance for FFOAA per diluted common share to a range of $2.95 to $3.01 from $2.76 to $2.86. At this time, the Company is not providing investment spending guidance. The 2021 guidance for FFOAA per diluted share includes only previously committed additional investment spending of approximately $6.1 million for the last three months of 2021.

The 2021 guidance for FFOAA per diluted share is based on a FFO per diluted common share range of $2.80 to $2.86 adjusted for transaction costs, costs associated with loan refinancing or payoff and credit loss (benefit) expense. FFO per diluted common share for 2021 is based on a net income available to common shareholders per diluted common share range of $0.76 to $0.84 less estimated gain on sale of real estate of $0.23 to $0.25, plus impairment of real estate investments, net of $0.04, estimated real estate depreciation of $2.18 and allocated share of joint venture depreciation of $0.05 (in accordance with the NAREIT definition of FFO).

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

Conference Call Information

Management will host a conference call to discuss the Company's financial results on November 4, 2021 at 8:30 a.m. Eastern Time. The call may also include discussion of Company developments, and forward-looking and other material information about business and financial matters. The conference will be webcast and can be accessed via the Webcasts page in the Investor Center on the Company's website located at https://investors.eprkc.com/webcasts. To access the call, audio only, dial (866) 587-2930 and when prompted, provide the passcode 1994089.

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

Quarterly Supplemental

The Company's supplemental information package for the third quarter and nine months ended September 30, 2021 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Rental revenue	$	123,040	$	55,591	$	341,537	$	288,165
Other income	8,091		182		9,802		8,171
Mortgage and other financing income	8,516		8,104		25,435		24,913
Total revenue	139,647		63,877		376,774		321,249
Property operating expense	13,815		13,759		43,806		42,181
Other expense	7,851		2,680		13,428		15,012
General and administrative expense	11,154		10,034		33,866		31,454
Costs associated with loan refinancing or payoff	4,741		—		4,982		820
Interest expense, net	36,584		41,744		114,090		114,837
Transaction costs	2,132		2,776		3,342		4,622
Credit loss (benefit) expense	(14,096)		5,707		(19,677)		10,383
Impairment charges	2,711		11,561		2,711		62,825
Depreciation and amortization	42,612		42,059		123,476		128,319
Income (loss) before equity in loss from joint ventures and other items	32,143		(66,443)		56,750		(89,204)
Equity in loss from joint ventures	(418)		(1,044)		(3,000)		(3,188)
Impairment charges on joint ventures	—		—		—		(3,247)
Gain on sale of real estate	787		—		1,499		242
Income (loss) before income taxes	32,512		(67,487)		55,249		(95,397)
Income tax expense	(395)		(18,417)		(1,200)		(16,354)
Net income (loss)	32,117		(85,904)		54,049		(111,751)
Preferred dividend requirements	(6,033)		(6,034)		(18,100)		(18,102)
Net income (loss) available to common shareholders of EPR Properties	$	26,084	$	(91,938)	$	35,949	$	(129,853)
Net income (loss) available to common shareholders of EPR Properties per share:
Basic	$	0.35	$	(1.23)	$	0.48	$	(1.70)
Diluted	$	0.35	$	(1.23)	$	0.48	$	(1.70)
Shares used for computation (in thousands):
Basic	74,804		74,613		74,738		76,456
Diluted	74,911		74,613		74,819		76,456

EPR Properties

Condensed Consolidated Balance Sheets

(Unaudited, dollars in thousands)

	September 30, 2021		December 31, 2020
Assets
Real estate investments, net of accumulated depreciation of $1,142,513 and $1,062,087 at September 30, 2021 and December 31, 2020, respectively	$	4,800,561	$	4,851,302
Land held for development	21,875		23,225
Property under development	20,166		57,630
Operating lease right-of-use assets	175,987		163,766
Mortgage notes and related accrued interest receivable	369,134		365,628
Investment in joint ventures	38,729		28,208
Cash and cash equivalents	144,433		1,025,577
Restricted cash	5,142		2,433
Accounts receivable	80,491		116,193
Other assets	64,639		70,223
Total assets	$	5,721,157	$	6,704,185
Liabilities and Equity
Accounts payable and accrued liabilities	$	87,021	$	105,379
Operating lease liabilities	214,065		202,223
Dividends payable	24,835		6,070
Unearned rents and interest	79,692		65,485
Debt	2,684,063		3,694,443
Total liabilities	3,089,676		4,073,600
Total equity	$	2,631,481	$	2,630,585
Total liabilities and equity	$	5,721,157	$	6,704,185

Non-GAAP Financial Measures

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

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

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

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

The following table summarizes FFO, FFOAA and AFFO for the three and nine months ended September 30, 2021 and 2020 and reconciles such measures to net income (loss) available to common shareholders, the most directly comparable GAAP measure:

EPR Properties

Reconciliation of Non-GAAP Financial Measures

(Unaudited, dollars in thousands except per share data)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
FFO:
Net income (loss) available to common shareholders of EPR Properties	$	26,084	$	(91,938)	$	35,949	$	(129,853)
Gain on sale of real estate	(787)		—		(1,499)		(242)
Impairment of real estate investments, net (1)	2,711		11,561		2,711		47,816
Real estate depreciation and amortization	42,415		41,791		122,856		127,467
Allocated share of joint venture depreciation	966		369		1,779		1,130
Impairment charges on joint ventures	—		—		—		3,247
FFO available to common shareholders of EPR Properties	$	71,389	$	(38,217)	$	161,796	$	49,565
FFOAA:
FFO available to common shareholders of EPR Properties	$	71,389	$	(38,217)	161,796		$	49,565
Costs associated with loan refinancing or payoff	4,741		—		4,982		820
Transaction costs	2,132		2,776		3,342		4,622
Impairment of operating lease right-of-use assets (1)	—		—		—		15,009
Credit loss (benefit) expense	(14,096)		5,707		(19,677)		10,383
Gain on insurance recovery (included in other income)	—		—		(30)		—
Deferred income tax benefit	—		18,035		—		15,246
FFOAA available to common shareholders of EPR Properties	$	64,166	$	(11,699)	$	150,413	$	95,645
AFFO:
FFOAA available to common shareholders of EPR Properties	$	64,166	$	(11,699)	$	150,413	$	95,645
Non-real estate depreciation and amortization	197		268		620		852
Deferred financing fees amortization	2,210		1,498		5,331		4,783
Share-based compensation expense to management and trustees	3,759		3,410		11,218		10,382
Amortization of above and below market leases, net and tenant allowances	(98)		(124)		(293)		(384)
Maintenance capital expenditures (2)	(690)		(8,911)		(2,913)		(11,130)
Straight-lined rental revenue	(981)		17,969		(3,690)		25,448
Straight-lined ground sublease expense	98		216		293		599
Non-cash portion of mortgage and other financing income	55		71		(332)		(117)
AFFO available to common shareholders of EPR Properties	$	68,716	$	2,698	$	160,647	$	126,078
FFO per common share:
Basic	$	0.95	$	(0.51)	$	2.16	$	0.65
Diluted	0.95		(0.51)		2.16		0.65
FFOAA per common share:
Basic	$	0.86	$	(0.16)	$	2.01	$	1.25
Diluted	0.86		(0.16)		2.01		1.25
AFFO per common share:
Basic	$	0.92	$	0.04	$	2.15	$	1.65
Diluted	0.92		0.04		2.15		1.65
Shares used for computation (in thousands):
Basic	74,804		74,613		74,738		76,456
Diluted	74,911		74,613		74,819		76,456
Other financial information:
Dividends per common share	$	0.7500	$	—	$	0.7500	$	1.5150

(1) Impairment charges recognized during the nine months ended September 30, 2020 totaled $62.8 million, which was comprised of $47.8 million of impairments of real estate investments and $15.0 million of impairments of operating lease right-of-use assets.

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

The additional common shares that would result from the conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares for each of the three and nine months ended September 30, 2021 and 2020, and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted FFO and FFOAA per share because the effect is anti-dilutive.

Net Debt

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

Gross Assets

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

Net Debt to Gross Assets

Net Debt to Gross Assets 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 Net Debt to Gross Assets may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

EBITDAre

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

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

Adjusted EBITDAre

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.

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

	September 30,
	2021			2020
Net Debt:
Debt	$	2,684,063		$	3,854,855
Deferred financing costs, net	32,166			35,140
Cash and cash equivalents	(144,433)			(985,372)
Net Debt	$	2,571,796		$	2,904,623
Gross Assets:
Total Assets	$	5,721,157		$	6,907,210
Accumulated depreciation	1,142,513			1,072,201
Cash and cash equivalents	(144,433)			(985,372)
Gross Assets	$	6,719,237		$	6,994,039
Net Debt to Gross Assets	38		%	42		%
	Three Months Ended September 30,
	2021			2020
EBITDAre and Adjusted EBITDAre:
Net income (loss)	$	32,117		$	(85,904)
Interest expense, net	36,584			41,744
Income tax expense	395			18,417
Depreciation and amortization	42,612			42,059
Gain on sale of real estate	(787)			—
Impairment of real estate investments, net	2,711			11,561
Costs associated with loan refinancing or payoff	4,741			—
Allocated share of joint venture depreciation	966			369
Allocated share of joint venture interest expense	981			741
EBITDAre	$	120,320		$	28,987
Transaction costs	2,132			2,776
Credit loss (benefit) expense	(14,096)			5,707
Accounts receivable write-offs from prior periods (1)	—			13,533
Straight-line receivable write-offs from prior periods (1)	—			19,927
Adjusted EBITDAre	$	108,356		$	70,930
(1) Included in rental revenue in the accompanying consolidated statements of income (loss). Rental revenue includes the following:
	Three Months Ended September 30,
	2021			2020
Minimum rent	$	114,375		$	83,230
Accounts receivable write-offs from prior periods	—			(13,533)
Tenant reimbursements	4,187			2,413
Percentage rent	3,149			1,303
Straight-line rental revenue	981			1,958
Straight-line receivable write-offs from prior periods	—			(19,927)
Other rental revenue	348			147
Rental revenue	$	123,040		$	55,591

Total Investments

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

	September 30, 2021		December 31, 2020
Total Investments:
Real estate investments, net of accumulated depreciation	$	4,800,561	$	4,851,302
Add back accumulated depreciation on real estate investments	1,142,513		1,062,087
Land held for development	21,875		23,225
Property under development	20,166		57,630
Mortgage notes and related accrued interest receivable	369,134		365,628
Investment in joint ventures	38,729		28,208
Intangible assets, gross (1)	57,962		57,962
Notes receivable and related accrued interest receivable, net (1)	7,338		7,300
Total investments	$	6,458,278	$	6,453,342
Total investments	$	6,458,278	$	6,453,342
Operating lease right-of-use assets	175,987		163,766
Cash and cash equivalents	144,433		1,025,577
Restricted cash	5,142		2,433
Accounts receivable	80,491		116,193
Less: accumulated depreciation on real estate investments	(1,142,513)		(1,062,087)
Less: accumulated amortization on intangible assets	(19,362)		(16,330)
Prepaid expenses and other current assets	18,701		21,291
Total assets	$	5,721,157	$	6,704,185
(1) Included in other assets in the accompanying consolidated balance sheet. Other assets include the following:
	September 30, 2021		December 31, 2020
Intangible assets, gross	$	57,962	$	57,962
Less: accumulated amortization on intangible assets	(19,362)		(16,330)
Notes receivable and related accrued interest receivable, net	7,338		7,300
Prepaid expenses and other current assets	18,701		21,291
Total other assets	$	64,639	$	70,223

About EPR Properties

EPR Properties (NYSE:EPR) is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues which create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have nearly $6.5 billion in total investments across 44 states. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage and the potential for stable and attractive returns. Further information is available at www.eprkc.com.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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

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

EPR Properties

Brian Moriarty, 888-EPR-REIT

www.eprkc.com

q32021earningscall

THIRD QUARTER 2021 EARNINGS CALL November 4, 2021

2 The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to the uncertain financial impact of the COVID-19 pandemic, our guidance, our capital resources and liquidity, our expected dividend payments, our expected cash flows and liquidity, the performance of our customers, our expected cash collections, expected use of proceeds from dispositions and our results of operations and financial condition. The estimates presented herein are based on the Company's current expectations and, given the current economic uncertainty, there can be no assurances that the Company will be able to continue to comply with applicable covenants under its debt agreements, which could materially impact actual performance. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law, we do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof. DISCLAIMER

INTRODUCTORY COMMENTS

4 UPDATED LOGO & TAGLINE

PORTFOLIO UPDATE

6 PORTFOLIO OVERVIEW Education Portfolio 74 Properties; 8 Operators Occupancy at 100% *See Supplemental Operating and Financial Data – Third Quarter and Nine Months Ended September 30, 2021 for definitions and calculations of these non-GAAP measures Experiential Portfolio 284 Properties; 43 Operators Occupancy at 95% $5.9B Total Investments* Total Portfolio Snapshot ~$6.5B Total Investments* Occupancy at 96% 358 Properties Q3 Investment Spending $39.3M YTD Investment Spending $107.9M Create Memorable Experiences in Safe Environments

7 Consumer Demand Demonstrated – Recovery continues with more releases driving increased box office • Q4 box office expected to total $2B* • October box office will exceed $622M**, approx. 80% of 2019 PORTFOLIO UPDATE - THEATRES *EPR Internal Research **Box Office Mojo 0% 25% 50% 75% 100% Q2 July Aug Sept Oct 2021 Box Office** (percentage of 2019 box office) Planned 2021 Releases Consistent Month-Over-Month Improvement

8 PORTFOLIO UPDATE - THEATRES MISSION IMPOSSIBLE 7 Compelling 2022 Film Slate

9 PORTFOLIO UPDATE - THEATRES Studios Return to Exclusive Theatrical Releases • Disney announced exclusive theatrical releases for the remainder of its 2021 film slate • Warner Brothers committed to exclusive theatrical releases for 2022 Best Way for Studios to Maximize Revenue • Multi-pronged approach anchored by theatrical exhibition • Window settling at 45 days • Majority of box office gross occurring in the first 45 days Streaming Services to Release More Films Theatrically • Streaming providers recognize the increased potential for revenue generation and word-of-mouth marketing Experimentation Confirmed Importance of Theatrical Exhibition

1 0 PORTFOLIO UPDATE Ski • Expecting strong demand, Vail reporting increased season pass sales for 2021-22 Eat & Play • Attendance at or above 2019 levels • Continued margin improvement and profitability Attractions & Cultural • Recovering demand; several locations well ahead of 2019 attendance levels • Anticipate attendance increase in 2022 Experiential Lodging • High occupancy and ADR growth

1 1 INVESTMENT SPENDING & ASSET MANAGEMENT Investment Spending • Returning to growth; pursuing investments across all verticals • Acquired Jellystone Camp-Resort in Warrens, WI for $25.2M in a JV • Remainder: build-to-suit development and redevelopment in eat & play and experiential lodging categories Capital Recycling • Continued progress on the sale of theatres • Completed the sale of two land parcels • Sold Wisp and Wintergreen ski resorts for $48M Collections • Q3 collections were 90% of contractual cash revenue • YTD through September 30, collections of deferred rent and interest from accrual basis tenants totaled $59.5M

FINANCIAL REVIEW

1 3 (In millions except per-share data) *See Supplemental Operating and Financial Data for the applicable periods for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance* Quarter ended September 30, 2021 2020 $ Change % Change Total Revenue $139.6 $63.9 75.7 118% Net Income (Loss) – Common 26.1 (91.9) 118.0 128% FFO as adj. – Common* 64.2 (11.7) 75.9 649% AFFO – Common* 68.7 2.7 66.0 2,444% Net Income (Loss)/share – Common 0.35 (1.23) 1.58 128% FFO/share - Common, as adj.* 0.86 (0.16) 1.02 638% AFFO/share - Common* 0.92 0.04 0.88 2,200%

1 4 Favorable Debt Capital Market Activities • Investment Grade (IG) rating received from S&P on unsecured debt with a stable outlook, and Moody’s raised its outlook on our IG rating to stable • New $1.0B revolving credit facility that matures in October 2025 with options to extend for a total of 12 additional months; same pricing and covenants as previous with improved valuation of certain asset types • On October 27 – closed on public offering of $400M senior unsecured notes due November 2031 with interest rate of 3.60%; all $275M of 5.25% senior notes due in 2023 will be redeemed in November 2021 Net Debt to Gross Assets was 38% at 9/30/21 • $2.8B total pro-forma debt; all fixed rate or fixed through int. rate swaps at wtd. avg. = 4.3% • Pro-forma weighted avg. debt maturity ~6.5 years and no scheduled debt maturities until 2024 Liquidity Position at 9/30/21 • $144.4M unrestricted cash • No balance on $1B revolver CAPITAL MARKETS UPDATE

1 5 CASH COLLECTIONS *Contractual Cash Revenue = $138.4. See definition on slide 16. **Excludes Percentage Rent and Revenue from TRSs ***See Supplemental Operating and Financial Data - Third Quarter and Nine Months Ended September 30, 2021 for definition of this non-GAAP measure Amount % of Contractual Cash Rev.* Collections Related to Q3 $ 124.5 90% Deferral Repayments - Accrual Tenants (Reduction of receivables) 7.7 5% Deferral Repayments in Revenue - Cash Basis Tenants 3.6 3% Note Repayments - Cash Basis Tenants (Credit loss recovery - excluded from FFOAA***) 5.3 4% Total Cash Received** $ 141.1 102% Cash Collections for the Quarter Ended September 30, 2021 ($ in millions)

1 6 2021 GUIDANCE *See Supplemental Operating and Financial Data - Third Quarter and Nine Months Ended September 30, 2021 for definition of this non-GAAP measure Q4 2021 Range in $ % of Contractual Cash Rev.1 Revenue recognition $133M - $138M 96% - 99% Collections $131M - $135M 95% - 97% (1) Contractual cash revenue is an operational measure and represents aggregate cash payments for which the Company is entitled under existing contracts, excluding the impact of any temporary abatements or deferrals, percentage rent (rents received over base amounts), non-cash revenue and revenue from taxable REIT subsidiaries (TRSs). FFO AS ADJUSTED PER SHARE* Revised Guidance $2.95 - $3.01 Prior Guidance $2.76 - $2.86

1 7 2021 GUIDANCE *See Supplemental Operating and Financial Data - Third Quarter and Nine Months Ended September 30, 2021 for definition of this non-GAAP measure Midpoint of previous FFOAA*/share guidance range $ 2.81 Additional revenue recognition 0.12 Lower interest expense 0.06 Additional percentage rents 0.03 Reduction in G&A expense 0.01 Impact of additional property sales (0.01) Managed properties/other (0.04) Midpoint of current FFOAA*/share guidance range $ 2.98 2021 FFO As Adjusted Per Share Guidance Reconciliation

CLOSING COMMENTS

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

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
Investment Spending and Disposition Summaries	18
Property Under Development - Investment Spending Estimates	19
Lease Expirations	20
Top Ten Customers by Total Revenue	21
Guidance	22
Definitions-Non-GAAP Financial Measures	23
Appendix-Reconciliation of Certain Non-GAAP Financial Measures	26
Q3 2021 Supplemental	Page 2
---	---
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
---

The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to the uncertain financial impact of the COVID-19 pandemic, our guidance, our capital resources and liquidity, our expected dividend payments, our expected cash flows and liquidity, the performance of our customers, our expected cash collections, expected use of proceeds from dispositions and our results of operations and financial condition. The estimates presented herein are based on the Company's current expectations and, given the current economic uncertainty, there can be no assurances that the Company will be able to continue to comply with applicable covenants under its debt agreements, which could materially impact actual performance. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

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 23 through 25 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 26 through 30.

Q3 2021 Supplemental	Page 3
COMPANY PROFILE
---		THE COMPANY		COMPANY STRATEGY
---	---	---
EPR Properties ("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.		EPR's primary business objective is to enhance shareholder value by achieving predictable growth in Funds from Operations As Adjusted ("FFOAA") and dividends per share.
Since that time, the Company has been a leading diversified 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.		Our strategic growth is focused on acquiring or developing 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. These are properties which make up the social infrastructure of society.
	This focus is consistent with our depth of knowledge across each of our property types, creating a competitive advantage that allows us to more quickly identify key market trends. We deliberately apply information and our ingenuity to target properties that represent logical extensions within each of our existing property types or potential future investments.
	As part of our strategic planning and portfolio management process we assess new opportunities against the following underwriting principles:			BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO
---		Q3 2021 Supplemental	Page 4
---	---
INVESTOR INFORMATION
---	---
SENIOR MANAGEMENT
Greg Silvers	Mark Peterson
President and Chief Executive Officer	Executive Vice President and Chief Financial Officer
Craig Evans	Greg Zimmerman
Executive Vice President, General Counsel and Secretary	Executive Vice President and Chief Investment Officer
Tonya Mater
Senior Vice President and Chief Accounting Officer			COMPANY INFORMATION
---	---
CORPORATE HEADQUARTERS	TRADING SYMBOLS
909 Walnut Street, Suite 200	Common Stock:
Kansas City, MO 64106	EPR
888-EPR-REIT	Preferred Stock:
www.eprkc.com	EPR-PrC
	EPR-PrE
STOCK EXCHANGE LISTING	EPR-PrG
New York Stock Exchange			EQUITY RESEARCH COVERAGE
---	---	---
Bank of America Merrill Lynch	Jeffrey Spector/Joshua Dennerlein	646-855-1363
Citi Global Markets	Michael Bilerman/Katy McConnell	212-816-4471
Janney Montgomery Scott	Rob Stevenson	646-840-3217
J.P. Morgan	Anthony Paolone/Nikita Bely	212-622-6682
Kansas City Capital Associates	Jonathan Braatz	816-932-8019
Keybanc Capital Markets	Jordan Sadler/Todd Thomas	917-368-2286
Ladenburg Thalmann	John Massocca	212-409-2056
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

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

Q3 2021 Supplemental	Page 5
SELECTED FINANCIAL INFORMATION
---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
	THREE MONTHS ENDED SEPTEMBER 30,						NINE MONTHS ENDED SEPTEMBER 30,
Operating Information:	2021			2020			2021		2020
Revenue	$	139,647		$	63,877		$	376,774	$	321,249
Net income (loss) available to common shareholders of EPR Properties	26,084			(91,938)			35,949		(129,853)
EBITDAre (1)	120,320			28,987			303,404		202,742
Adjusted EBITDAre (1)	108,356			70,930			287,039		278,748
Interest expense, net	36,584			41,744			114,090		114,837
Capitalized interest	233			325			1,342		829
Straight-lined rental revenue	981			(17,969)			3,690		(25,448)
Dividends declared on preferred shares	6,033			6,034			18,100		18,102
Dividends declared on common shares	56,104			—			56,104		119,058
General and administrative expense	11,154			10,034			33,866		31,454
	SEPTEMBER 30,
Balance Sheet Information:	2021			2020
Total assets	$	5,721,157		$	6,907,210
Accumulated depreciation	1,142,513			1,072,201
Cash and cash equivalents	144,433			985,372
Total assets before accumulated depreciation less cash and cash equivalents (gross assets)	6,719,237			6,994,039
Debt	2,684,063			3,854,855
Deferred financing costs, net	32,166			35,140
Net debt (1)	2,571,796			2,904,623
Equity	2,631,481			2,650,069
Common shares outstanding	74,806			74,613
Total market capitalization (using EOP closing price)	6,636,715			5,327,528
Net debt/gross assets	38		%	42		%
Net debt/Adjusted EBITDAre ratio (2)	Footnote 5			Footnote 5
Adjusted net debt/Annualized adjusted EBITDAre ratio (1)(3)(4)	Footnote 5			Footnote 5
(1) See pages 23 through 25 for definitions. See calculation as applicable on page 29.
(2) Adjusted EBITDAre in this calculation is for the quarter multiplied times four. See pages 23 through 25 for definitions. See calculation on page 29.
(3) Adjusted net debt is net debt less 40% times property under development. See pages 23 through 25 for definitions.
(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 non-recurring items which is then multiplied times four. These calculations can be found on page 29 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 23 through 25 for definitions.
(5) Not presented as this ratio is not meaningful given the continuing disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.												Q3 2021 Supplemental	Page 6
---	---
SELECTED BALANCE SHEET INFORMATION
---	---	---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS	3RD QUARTER 2021		2ND QUARTER 2021		1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020
Real estate investments	$	5,943,074	$	5,965,061	$	5,902,833	$	5,913,389	$	6,139,858	$	6,144,830
Less: accumulated depreciation	(1,142,513)		(1,130,409)		(1,101,727)		(1,062,087)		(1,072,201)		(1,034,771)
Land held for development	21,875		23,225		23,225		23,225		25,846		26,244
Property under development	20,166		35,082		94,822		57,630		44,103		39,039
Operating lease right-of-use assets	175,987		179,354		179,113		163,766		185,459		189,058
Mortgage notes and related accrued interest receivable	369,134		366,064		364,969		365,628		362,011		357,668
Investment in joint ventures	38,729		27,476		28,313		28,208		29,571		28,925
Cash and cash equivalents	144,433		509,836		538,077		1,025,577		985,372		1,006,981
Restricted cash	5,142		3,570		5,928		2,433		2,424		2,615
Accounts receivable	80,491		91,319		97,517		116,193		129,714		134,774
Other assets	64,639		71,634		75,032		70,223		75,053		107,615
Total assets	$	5,721,157	$	6,142,212	$	6,208,102	$	6,704,185	$	6,907,210	$	7,002,978
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	87,021	$	103,778	$	95,085	$	105,379	$	95,429	$	96,454
Operating lease liabilities	214,065		217,575		217,448		202,223		225,379		229,030
Common dividends payable	18,802		54		44		36		29		19
Preferred dividends payable	6,033		6,033		6,034		6,034		6,034		6,034
Unearned rents and interest	79,692		79,992		83,565		65,485		75,415		81,096
Line of credit	—		—		90,000		590,000		750,000		750,000
Deferred financing costs, net	(32,166)		(34,744)		(35,036)		(35,552)		(35,140)		(35,907)
Other debt	2,716,229		3,116,229		3,116,229		3,139,995		3,139,995		3,139,995
Total liabilities	3,089,676		3,488,917		3,573,369		4,073,600		4,257,141		4,266,721
Equity:
Common stock and additional paid-in-capital	3,873,599		3,869,687		3,865,243		3,858,451		3,853,581		3,849,803
Preferred stock at par value	148		148		148		148		148		148
Treasury stock	(264,679)		(264,660)		(263,982)		(261,238)		(260,594)		(260,351)
Accumulated other comprehensive income (loss)	9,625		5,265		2,978		216		(2,106)		(4,331)
Distributions in excess of net income	(987,212)		(957,145)		(969,654)		(966,992)		(940,960)		(849,012)
Total equity	2,631,481		2,653,295		2,634,733		2,630,585		2,650,069		2,736,257
Total liabilities and equity	$	5,721,157	$	6,142,212	$	6,208,102	$	6,704,185	$	6,907,210	$	7,002,978		Q3 2021 Supplemental	Page 7
---	---
SELECTED OPERATING DATA
---	---	---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
	3RD QUARTER 2021		2ND QUARTER 2021		1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020
Rental revenue	$	123,040	$	115,883	$	102,614	$	84,011	$	55,591	$	97,531
Other income	8,091		1,033		678		968		182		416
Mortgage and other financing income	8,516		8,446		8,473		8,433		8,104		8,413
Total revenue	139,647		125,362		111,765		93,412		63,877		106,360
Property operating expense	13,815		14,678		15,313		16,406		13,759		15,329
Other expense	7,851		3,025		2,552		1,462		2,680		2,798
General and administrative expense	11,154		11,376		11,336		11,142		10,034		10,432
Severance expense	—		—		—		2,868		—		—
Costs associated with loan refinancing or payoff	4,741		—		241		812		—		820
Interest expense, net	36,584		38,312		39,194		42,838		41,744		38,340
Transaction costs	2,132		662		548		814		2,776		771
Credit loss (benefit) expense	(14,096)		(2,819)		(2,762)		20,312		5,707		3,484
Impairment charges	2,711		—		—		22,832		11,561		51,264
Depreciation and amortization	42,612		40,538		40,326		42,014		42,059		42,450
Income (loss) before equity in loss from joint ventures and other items	32,143		19,590		5,017		(68,088)		(66,443)		(59,328)
Equity in loss from joint ventures	(418)		(1,151)		(1,431)		(1,364)		(1,044)		(1,724)
Impairment charges on joint ventures	—		—		—		—		—		(3,247)
Gain on sale of real estate	787		511		201		49,877		—		22
Income tax (expense) benefit	(395)		(398)		(407)		(402)		(18,417)		1,312
Net income (loss)	32,117		18,552		3,380		(19,977)		(85,904)		(62,965)
Preferred dividend requirements	(6,033)		(6,033)		(6,034)		(6,034)		(6,034)		(6,034)
Net income (loss) available to common shareholders of EPR Properties	$	26,084	$	12,519	$	(2,654)	$	(26,011)	$	(91,938)	$	(68,999)		Q3 2021 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):		2ND QUARTER 2021		1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020
Net income (loss) available to common shareholders of EPR Properties	26,084	$	12,519	$	(2,654)	$	(26,011)	$	(91,938)	$	(68,999)
Gain on sale of real estate		(511)		(201)		(49,877)		—		(22)
Impairment of real estate investments, net (2)		—		—		22,832		11,561		36,255
Real estate depreciation and amortization		40,332		40,109		41,786		41,791		42,151
Allocated share of joint venture depreciation		459		354		361		369		378
Impairment charges on joint ventures		—		—		—		—		3,247
FFO available to common shareholders of EPR Properties	71,389	$	52,799	$	37,608	$	(10,909)	$	(38,217)	$	13,010
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties	71,389	$	52,799	$	37,608	$	(10,909)	$	(38,217)	$	13,010
Costs associated with loan refinancing or payoff		—		241		812		—		820
Transaction costs		662		548		814		2,776		771
Severance expense		—		—		2,868		—		—
Impairment of operating lease right-of-use assets (2)		—		—		—		—		15,009
Credit loss (benefit) expense		(2,819)		(2,762)		20,312		5,707		3,484
Gain on insurance recovery (included in other income)		—		(30)		(809)		—		—
Deferred income tax expense (benefit)		—		—		—		18,035		(1,676)
FFO as adjusted available to common shareholders of EPR Properties	64,166	$	50,642	$	35,605	$	13,088	$	(11,699)	$	31,418
FFO per common share:
Basic	0.95	$	0.71	$	0.50	$	(0.15)	$	(0.51)	$	0.17
Diluted		0.71		0.50		(0.15)		(0.51)		0.17
FFO as adjusted per common share:
Basic	0.86	$	0.68	$	0.48	$	0.18	$	(0.16)	$	0.41
Diluted		0.68		0.48		0.18		(0.16)		0.41
Shares used for computation (in thousands):
Basic		74,781		74,627		74,615		74,613		76,310
Diluted		74,870		74,669		74,615		74,613		76,310
(1) See pages 23 through 25 for definitions.
(2) Impairment charges recognized during the three months ended June 30, 2020 totaled 51.3 million, which was comprised of 36.3 million of impairments of real estate investments and 15.0 million of impairments of operating lease right-of-use assets.

All values are in US Dollars.

Q3 2021 Supplemental	Page 9
ADJUSTED FUNDS FROM OPERATIONS
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):			2ND QUARTER 2021			1ST QUARTER 2021			4TH QUARTER 2020			3RD QUARTER 2020			2ND QUARTER 2020
FFO available to common shareholders of EPR Properties	71,389		$	52,799		$	37,608		$	(10,909)		$	(38,217)		$	13,010
Adjustments:
Costs associated with loan refinancing or payoff			—			241			812			—			820
Transaction costs			662			548			814			2,776			771
Impairment of operating lease right-of-use assets (2)			—			—			—			—			15,009
Credit loss (benefit) expense			(2,819)			(2,762)			20,312			5,707			3,484
Severance expense			—			—			2,868			—			—
Gain on insurance recovery (included in other income)			—			(30)			(809)			—			—
Deferred income tax expense (benefit)			—			—			—			18,035			(1,676)
Non-real estate depreciation and amortization			206			217			228			268			299
Deferred financing fees amortization			1,574			1,547			1,823			1,498			1,651
Share-based compensation expense to management and trustees			3,675			3,784			3,437			3,410			3,463
Amortization of above/below market leases, net and tenant allowances			(99)			(96)			(96)			(124)			(108)
Maintenance capital expenditures (3)			(1,467)			(756)			(247)			(8,911)			(1,291)
Straight-lined rental revenue			(1,420)			(1,289)			(898)			17,969			(2,229)
Straight-lined ground sublease expense			111			84			150			216			207
Non-cash portion of mortgage and other financing income			(216)			(171)			(133)			71			(97)
AFFO available to common shareholders of EPR Properties	68,716		$	53,006		$	38,925		$	17,352		$	2,698		$	33,313
Weighted average diluted shares outstanding (in thousands)			74,870			74,669			74,615			74,613			76,310
AFFO per diluted common share	0.92		$	0.71		$	0.52		$	0.23		$	0.04		$	0.44
Dividends declared per common share	0.7500		$	—		$	—		$	—		$	—		$	0.3825
AFFO payout ratio (4)		%	—		%	—		%	—		%	—		%	87		%
(1) See pages 23 through 25 for definitions.
(2) Impairment charges recognized during the three months ended June 30, 2020 totaled 51.3 million, which was comprised of 36.3 million of impairments of real estate investments and 15.0 million of impairments of operating lease right-of-use assets.
(3) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
(4) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share. The monthly cash dividend to common shareholders was temporarily suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020. On July 13, 2021, following termination of the Covenant Relief Period, the Company resumed regular monthly cash dividends to common shareholders. During the three months ended September 30, 2021, the Company declared cash dividends totaling 0.75 per common share.

All values are in US Dollars.

Q3 2021 Supplemental	Page 10
CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2021
---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
	UNSECURED CREDIT FACILITY (3)	UNSECURED SENIOR NOTES				TOTAL		WEIGHTED AVG INTEREST RATE
YEAR
2021		$	—			$	—	—%
2022	—	—				—		—%
2023	—	275,000			(2)	275,000		5.25%
2024	—	136,637				136,637		4.35%
2025	—	300,000				300,000		4.50%
2026	—	629,597				629,597		4.70%
2027	—	450,000				450,000		4.50%
2028	—	400,000				400,000		4.95%
2029	—	500,000				500,000		3.75%
2030	—	—				—		—%
2031	—	—			(2)	—		—%
Thereafter	—	—				24,995		1.39%
Less: deferred financing costs, net	—	—				(32,166)		—%
		$	2,691,234			$	2,684,063	4.51%
	BALANCE	WEIGHTED AVG INTEREST RATE				WEIGHTED AVG MATURITY
Fixed rate unsecured debt		4.54		%		5.25
Fixed rate secured debt (1)	24,995	1.39		%		25.84
Less: deferred financing costs, net	(32,166)	—		%		—
Total		4.51		%		5.49
(1) Includes 25 million of secured bonds that have been fixed through interest rate swaps through September 30, 2024.
(2) On October 27, 2021, the Company closed on the public offering of 400.0 million in senior unsecured notes due November 15, 2031. These notes bear interest at an annual rate of 3.60%. In conjunction with the pricing of the new senior unsecured notes, the Company delivered notice of redemption to redeem all of the 275.0 million principal amount of its 5.25% senior notes due in 2023. The redemption date is set for November 12, 2021, and the Company will use a portion of the proceeds from the issuance of the new senior unsecured notes to fund this redemption plus the make-whole premium payment estimated to be approximately 20.1 million based on interest rates as of October 29, 2021 (the final make-whole premium will be determined closer to the redemption date).
(3) Unsecured Revolving Credit Facility Summary:
	BALANCE					RATE
	AT 9/30/2021	MATURITY				AT 9/30/2021
	—	October 6, 2025				1.280%

All values are in US Dollars.

Q3 2021 Supplemental	Page 11
CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2021 AND DECEMBER 31, 2020
---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT (continued)
SUMMARY OF DEBT:	September 30, 2021		December 31, 2020
Unsecured term loan payable, paid in full and related interest rate swaps terminated on September 13, 2021	$	—	$	400,000
Senior unsecured notes payable, 5.25%, due July 15, 2023 (1)	275,000		275,000
Senior unsecured notes payable, 4.35% at December 31, 2020, due August 22, 2024	136,637		148,000
Senior unsecured notes payable, 4.50%, due April 1, 2025	300,000		300,000
Unsecured revolving variable rate credit facility, LIBOR + 1.20% at September 30, 2021, due October 6, 2025 (2)	—		590,000
Senior unsecured notes payable, 4.56% at December 31, 2020, due August 22, 2026	179,597		192,000
Senior unsecured notes payable, 4.75%, due December 15, 2026	450,000		450,000
Senior unsecured notes payable, 4.50%, due June 1, 2027	450,000		450,000
Senior unsecured notes payable, 4.95%, due April 15, 2028	400,000		400,000
Senior unsecured notes payable, 3.75%, due August 15, 2029	500,000		500,000
Bonds payable, variable rate, fixed at 1.39% through September 30, 2024, due August 1, 2047	24,995		24,995
Less: deferred financing costs, net	(32,166)		(35,552)
Total debt	$	2,684,063	$	3,694,443

(1) Subsequent to September 30, 2021, on October 27, 2021, the Company closed on the public offering of $400.0 million in senior unsecured notes due November 15, 2031. These notes bear interest at an annual rate of 3.60%. In conjunction with the pricing of the new senior unsecured notes, the Company delivered notice of redemption to redeem all of the $275.0 million principal amount of its 5.25% senior notes due in 2023. The redemption date is set for November 12, 2021, and the Company will use a portion of the proceeds from the issuance of the new senior unsecured notes to fund this redemption plus the make-whole premium payment estimated to be approximately $20.1 million based on interest rates as of October 29, 2021 (the final make-whole premium will be determined closer to the redemption date).

(2) Subsequent to September 30, 2021, the Company entered into a Third Amended, Restated Consolidated Credit Agreement, governing a new amended and restated senior unsecured revolving credit facility. The new facility, which will mature on October 6, 2025, replaced the Company’s existing $1.0 billion senior unsecured revolving credit facility and $400.0 million senior unsecured term loan facility, which had a previous maturity date of February 27, 2022. The new facility provides for an initial maximum principal amount of borrowing availability of $1.0 billion with an accordion feature under which the Company may increase the total maximum principal amount available by $1.0 billion, to a total of $2.0 billion, subject to lender consent. The new facility has the same pricing terms and financial covenants as the prior facility (with improved valuation of certain asset types), as well as customary covenants and events of default. The Company has two options to extend the maturity date of the new credit facility by an additional six months each (for a total of 12 months), subject to paying additional fees and the absence of any default.

Q3 2021 Supplemental	Page 12
CAPITAL STRUCTURE
---	---	---	---
SENIOR NOTES
SENIOR DEBT RATINGS AS OF SEPTEMBER 30, 2021
Moody's (1)	Baa3 (stable)
Fitch	BB+ (stable)
Standard and Poor's	BBB- (stable)
SUMMARY OF COVENANTS
The Company had outstanding public senior unsecured notes with fixed interest rates of 3.75%, 4.50%, 4.75%, 4.95% and 5.25% at September 30, 2021. 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 3.75%, 4.50%, 4.75%, 4.95% and 5.25% public senior unsecured notes, as defined and calculated per the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles, or GAAP, measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance. The actual amounts as of September 30, 2021 and June 30, 2021 are:
		Actual	Actual
NOTE COVENANTS	Required	3rd Quarter 2021 (2)	2nd Quarter 2021 (2)
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	40%	43%
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	2.3x	2.0x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	239%	220%
(1) Moody's senior debt rating reflects an upgrade from a negative to a stable outlook on October 6, 2021.
(2) See page 14 for details of calculations.
Q3 2021 Supplemental	Page 13
---	---
CAPITAL STRUCTURE
---	---	---	---	---	---	---	---	---
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)
COVENANT CALCULATIONS
TOTAL ASSETS:	September 30, 2021				TOTAL DEBT:				September 30, 2021
Total Assets per balance sheet	$	5,721,157			Secured debt obligations				$	24,995
Add: accumulated depreciation	1,142,513				Unsecured debt obligations:
Less: intangible assets, net	(38,600)				Unsecured debt				2,691,234
Total Assets	$	6,825,070			Outstanding letters of credit				—
					Guarantees				—
TOTAL UNENCUMBERED ASSETS:	September 30, 2021				Derivatives at fair market value, net, if liability				4,391
Unencumbered real estate assets, gross	$	6,246,400			Total unsecured debt obligations:				2,695,625
Cash and cash equivalents	144,433				Total Debt				$	2,720,620
Land held for development	21,875
Property under development	20,166
Total Unencumbered Assets	$	6,432,874
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	3RD QUARTER 2021		2ND QUARTER 2021		1ST QUARTER 2021		4TH QUARTER 2020		TRAILING TWELVE MONTHS
Adjusted EBITDAre	$	108,356	$	96,437	$	82,246	$	68,633	$	355,672
Less: straight-line revenue, net, included in adjusted EBITDAre	(981)		(1,420)		(1,289)		(1,768)		(5,458)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	107,375	$	95,017	$	80,957	$	66,865	$	350,214
ANNUAL DEBT SERVICE:
Interest expense, gross	$	36,841	$	38,869	$	39,854	$	43,341	$	158,905
Less: deferred financing fees amortization	(2,210)		(1,574)		(1,547)		(1,823)		(7,154)
ANNUAL DEBT SERVICE	$	34,631	$	37,295	$	38,307	$	41,518	$	151,751
DEBT SERVICE COVERAGE	3.1		2.5		2.1		1.6		2.3		Q3 2021 Supplemental	Page 14
---	---
CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2021
---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)
EQUITY
SECURITY	PRICE PER SHARE AT SEPTEMBER 30, 2021	LIQUIDATION PREFERENCE	DIVIDEND RATE	CONVERTIBLE	CONVERSION RATIO AT SEPTEMBER 30, 2021	CONVERSION PRICE AT SEPTEMBER 30, 2021
Common shares	$49.38	N/A	(1)	N/A	N/A	N/A
Series C	$26.09	$134,823	5.750%	Y	0.4142	$60.36
Series E	$36.92	$86,185	9.000%	Y	0.4826	$51.80
Series G	$25.92	$150,000	5.750%	N	N/A	N/A
(1) Total monthly dividends declared in the third quarter of 2021 were 0.75 per share.

All values are in US Dollars.

Q3 2021 Supplemental	Page 15
SUMMARY OF RATIOS
---	---	---	---	---	---
(UNAUDITED)
	2ND QUARTER 2021	1ST QUARTER 2021	4TH QUARTER 2020	3RD QUARTER 2020	2ND QUARTER 2020
Net debt to gross assets	39%	39%	40%	42%	41%
Net debt/Adjusted EBITDAre ratio (1)(2)	Footnote 9	Footnote 9	Footnote 9	Footnote 9	Footnote 9
Adjusted net debt/Annualized adjusted EBITDAre ratio (3)(4)	Footnote 9	Footnote 9	Footnote 9	Footnote 9	Footnote 9
Interest coverage ratio (5)	Footnote 9	Footnote 9	Footnote 9	Footnote 9	Footnote 9
Fixed charge coverage ratio (5)	Footnote 9	Footnote 9	Footnote 9	Footnote 9	Footnote 9
Debt service coverage ratio (5)	Footnote 9	Footnote 9	Footnote 9	Footnote 9	Footnote 9
FFO payout ratio (6) (10)	—%	—%	—%	—%	225%
FFO as adjusted payout ratio (7) (10)	—%	—%	—%	—%	93%
AFFO payout ratio (8) (10)	—%	—%	—%	—%	87%
(1) See pages 23 through 25 for definitions.
(2) Adjusted EBITDAre is for the quarter multiplied times four. See calculation on page 29.
(3) Adjusted net debt is net debt less 40% times property under development. See pages 23 through 25 for definitions.
(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 non-recurring items which is then multiplied times four. These calculations can be found on page 29 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 23 through 25 for definitions.
(5) See page 27 for detailed calculation.
(6) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(7) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(8) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.
(9) Not presented as ratio is not meaningful given the continuing disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.
(10) The monthly cash dividend to common shareholders was temporarily suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020. On July 13, 2021, following termination of the Covenant Relief Period, the Company resumed regular monthly cash dividends to common shareholders. During the three months ended September 30, 2021, the Company declared cash dividends totaling 0.75 per common share.

All values are in US Dollars.

Q3 2021 Supplemental	Page 16
SUMMARY OF MORTGAGE NOTES RECEIVABLE
---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
						CARRYING AMOUNT AS OF (1)
DESCRIPTION	INTEREST RATE		PAYOFF DATE/MATURITY DATE	OUTSTANDING PRINCIPAL AMOUNT OF MORTGAGE		SEPTEMBER 30, 2021		DECEMBER 31, 2020
Private school property Mableton, Georgia	9.02	%	Prepaid in full	$	—	$	—	$	5,278
Attraction property Powells Point, North Carolina	7.75	%	6/30/2025	28,521		27,908		27,045
Fitness & wellness property Omaha, Nebraska	7.85	%	1/3/2027	10,905		11,278		11,225
Fitness & wellness property Merriam, Kansas	7.55	%	7/31/2029	9,090		9,398		9,355
Ski property Girdwood, Alaska	8.21	%	12/31/2029	44,605		44,537		40,680
Fitness & wellness property Omaha, Nebraska	7.85	%	6/30/2030	10,539		10,797		8,630
Experiential lodging property Nashville, Tennessee	7.01	%	9/30/2031	71,223		70,422		67,235
Eat & play property Austin, Texas	11.31	%	6/1/2033	10,915		11,073		11,929
Ski property West Dover and Wilmington, Vermont	11.96	%	12/1/2034	51,050		51,045		51,031
Four ski properties Ohio and Pennsylvania	10.91	%	12/1/2034	37,562		37,506		37,413
Ski property Chesterland, Ohio	11.38	%	12/1/2034	4,550		4,509		4,396
Ski property Hunter, New York	8.72	%	1/5/2036	21,000		21,000		21,000
Eat & play property Midvale, Utah	10.25	%	5/31/2036	17,505		17,729		18,289
Eat & play property West Chester, Ohio	9.75	%	8/1/2036	18,068		18,285		18,830
Fitness & wellness property Fort Collins, Colorado	7.85	%	1/31/2038	10,292		10,568		10,408
Early childhood education center Lake Mary, Florida	7.98	%	5/9/2039	4,200		4,321		4,348
Eat & play property Eugene, Oregon	8.13	%	6/17/2039	14,700		14,759		14,799
Early childhood education center Lithia, Florida	8.42	%	10/31/2039	3,959		3,999		3,737
Total				$	368,684	$	369,134	$	365,628

(1) Amounts include accrued interest.

Q3 2021 Supplemental	Page 17
INVESTMENT SPENDING AND DISPOSITION SUMMARIES
---	---	---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED SEPTEMBER 30, 2021
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	1,141	$	845	$	296	$	—	$	—	$	—
Eat & Play	1,496		1,492		4		—		—		—
Attractions	17		—		17		—		—		—
Ski	2,753		—		—		—		2,753		—
Experiential Lodging	33,509		2,378		5,248		—		—		25,883
Cultural	5		—		5		—		—		—
Fitness & Wellness	329		—		—		—		329		—
Total Experiential	39,250		4,715		5,570		—		3,082		25,883
Total Education	—		—		—		—		—		—
Total Investment Spending	$	39,250	$	4,715	$	5,570	$	—	$	3,082	$	25,883
INVESTMENT SPENDING NINE MONTHS ENDED SEPTEMBER 30, 2021
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	4,190	$	3,785	$	405	$	—	$	—	$	—
Eat & Play	36,414		9,347		315		26,752		—		—
Attractions	46		—		46		—		—		—
Ski	5,546		—		—		—		5,546		—
Experiential Lodging	55,193		16,300		11,070		—		—		27,823
Cultural	4,394		—		15		—		4,379		—
Fitness & Wellness	2,124		—		—		—		2,124		—
Total Experiential	107,907		29,432		11,851		26,752		12,049		27,823
Total Education	—		—		—		—		—		—
Total Investment Spending	$	107,907	$	29,432	$	11,851	$	26,752	$	12,049	$	27,823
2021 DISPOSITIONS
	THREE MONTHS ENDED SEPTEMBER 30, 2021						NINE MONTHS ENDED SEPTEMBER 30, 2021
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	$	—	$	—	$	—	$	28,634	$	28,634	$	—
Total Experiential	—		—		—		28,634		28,634		—
Total Education	2,186		2,186		—		7,264		2,186		5,078
Total Dispositions	$	2,186	$	2,186	$	—	$	35,898	$	30,820	$	5,078		Q3 2021 Supplemental	Page 18
---	---
PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT SEPTEMBER 30, 2021 (1)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
		# OF PROJECTS	4TH QUARTER 2021		1ST QUARTER 2022		2ND QUARTER 2022		3RD QUARTER 2022		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Total Build-to-Suit (3)	16,535	6	$	105	$	105	$	105	$	—	$	130	$	16,980	100		%
Non Build-to-Suit Development
Total Property Under Development	20,166
		SEPTEMBER 30, 2021	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
		# OF PROJECTS	4TH QUARTER 2021		1ST QUARTER 2022		2ND QUARTER 2022		3RD QUARTER 2022		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 3RD QUARTER 2021
Total Build-to-Suit		6	$	12,696	$	381	$	1,404	$	2,499	$	—	$	16,980	$	2,899
			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
		# OF PROJECTS	4TH QUARTER 2021		1ST QUARTER 2022		2ND QUARTER 2022		3RD QUARTER 2022		THEREAFTER		TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes	55,333	2	$	2,426	$	—	$	—	$	—	$	10,163	$	67,922
Non Build-to-Suit Mortgage Notes
Total Mortgage Notes Receivable	369,134
(1) This schedule includes only those properties for which the Company has commenced construction as of September 30, 2021.
(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 two unconsolidated real estate joint ventures that own recreation anchored lodging properties in St. Petersburg, Florida. The Company's spending is estimated at 0.2 million for the three months ended December 31, 2021.
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.

Q3 2021 Supplemental	Page 19
LEASE EXPIRATIONS
---	---	---	---	---	---
AS OF SEPTEMBER 30, 2021
(UNAUDITED, DOLLARS IN THOUSANDS)
YEAR	TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2021 (1)		% OF TOTAL REVENUE
2021	—	$	—	—	%
2022	2	2,673		1	%
2023	2	953		—	%
2024	6	7,955		2	%
2025	2	2,664		1	%
2026	3	6,199		1	%
2027	8	19,014		4	%
2028	12	8,912		2	%
2029	12	12,600		3	%
2030	22	22,025		5	%
2031	13	7,174		1	%
2032	21	16,040		3	%
2033	10	10,103		2	%
2034	40	42,705		9	%
2035	33	73,172		15	%
2036	26	31,027		7	%
2037	32	51,423		11	%
2038	35	33,376		7	%
2039	4	6,739		1	%
2040	4	4,673		1	%
Thereafter	37	27,302		6	%
	324	$	386,729	82	%
Note: This schedule excludes non-theatre tenant leases within the Company's entertainment districts, properties under development, land held for development, properties operated by the Company and investments in mortgage notes receivable.
(1) Rental revenue for the trailing twelve months ended September 30, 2021 includes lease revenue related to the Company's existing operating ground leases (leases in which the Company is a sub-lessor) as well as the gross-up of tenant reimbursed expenses recognized during the trailing twelve months ended September 30, 2021 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).							Q3 2021 Supplemental	Page 20
---	---
TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
		PERCENTAGE OF TOTAL REVENUE	PERCENTAGE OF TOTAL REVENUE
		FOR THE THREE MONTHS ENDED	FOR THE NINE MONTHS ENDED
	CUSTOMERS	SEPTEMBER 30, 2021	SEPTEMBER 30, 2021
1.	AMC Theatres	16.7%	18.8%
2.	Topgolf	15.4%	16.8%
3.	Regal Cinemas	8.3%	6.2%
4.	Cinemark	7.6%	8.5%
5.	Vail Resorts	5.0%	5.5%
6.	Premier Parks	4.5%	2.6%
7.	Camelback Resort	4.0%	4.4%
8.	Six Flags	3.3%	3.3%
9.	Endeavor Schools	2.7%	3.0%
10.	Empire Resorts	2.0%	2.2%
	Total	69.5%	71.3%		Q3 2021 Supplemental	Page 21
---	---
GUIDANCE
---
(UNAUDITED, DOLLARS IN MILLION, EXCEPT PER SHARE DATA)
MEASURE		2021 GUIDANCE
---	---	---	---	---	---	---
	YTD ACTUALS	CURRENT
Investment spending (1)	$107.9	(1)
Disposition proceeds and mortgage note payoff	$35.9	$93.0	to	103.0	to	$50.0
Percentage rent and participating interest income	$7.2	$10.8	to	11.8	to	$9.5
General and administrative expense	$33.9	$45.0	to	47.0	to	$47.5
FFO per diluted share (1)	$2.16	$2.80	to	2.86	to	$2.90
FFO as adjusted (FFOAA) per diluted share (1)	$2.01	$2.95	to	3.01	to	$2.86
RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE):	YTD ACTUALS	2021 GUIDANCE
Net income available to common shareholders of EPR Properties	$0.48	$0.76	to	0.84
Gain on sale of real estate	(0.02)	(0.23)	to	(0.25)
Impairment of real estate investments, net	0.04	0.04
Real estate depreciation and amortization	1.64	2.18
Allocated share of joint venture depreciation	0.02	0.05
FFO available to common shareholders of EPR Properties	$2.16	$2.80	to	2.86
Transaction costs	0.04	0.05
Costs associated with loan refinancing or payoff	0.07	0.36
Credit loss (benefit) expense	(0.26)	(0.26)
FFO as adjusted (FFOAA) available to common shareholders of EPR Properties	$2.01	$2.95	to	3.01

All values are in US Dollars.

(1) At this time, the Company is not providing investment spending guidance. The guidance for FFO per diluted share and FFOAA per diluted share includes only previously committed additional investment spending of approximately $6.1 million for the last three months of 2021.

EXPECTED REVENUE RECOGNITION AND CASH COLLECTIONS AS A % of CONTRACTUAL CASH REVENUE (2)
	RANGE IN $	% OF CONTRACTUAL CASH REVENUE (2)
Revenue recognition		$133.0	to	$138.0	96%	to	99%
Cash collections		$131.0	to	$135.0	95%	to	97%

(2) Contractual cash revenue is an operational measure and represents aggregate cash payments for which the Company is entitled under existing contracts, excluding the impact of any temporary abatements or deferrals, percentage rent (rents received over base amounts), non-cash revenue and revenue from taxable REIT subsidiaries (TRSs).

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

Q3 2021 Supplemental	Page 22
DEFINITIONS - NON-GAAP FINANCIAL MEASURES
---

EBITDAre

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

ADJUSTED EBITDAre 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 that it is an informative measure to use in computing various financial ratios to evaluate the Company. The Company defines Adjusted EBITDAre as EBITDAre (defined above) for the quarter excluding gain on insurance recovery, severance expense, credit loss (benefit) expense, transaction costs, impairment losses on operating lease right-of-use assets and prepayment fees. This number for the quarter is then multiplied by four to get an annual amount. Annualized Adjusted EBITDAre is Adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other non-recurring items including removing any impact from operating properties, which is then multiplied by four to get an annual amount. Additionally, for the year ended December 31, 2020, Adjusted EBITDAre was further adjusted to add back prior period receivable write-offs related to certain theatre tenants placed on cash basis or receiving abatements during the respective periods.

The Company's method of calculating Adjusted EBITDAre 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 (loss) or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

NET DEBT AND ADJUSTED NET DEBT

Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced for cash and cash equivalents. By excluding deferred financing costs, net and reducing debt for cash and cash equivalents on hand, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. Adjusted net debt is net debt less 40% times property under development to remove the estimated portion of property under development that has been financed with debt but has not yet produced earnings. The Company's method of calculating Net Debt and Adjusted Net Debt may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Q3 2021 Supplemental	Page 23

NET DEBT TO ADJUSTED EBITDAre RATIO AND ADJUSTED NET DEBT TO ANNUALIZED ADJUSTED EBITDAre RATIO

Net Debt to Adjusted EBITDAre ratio and Adjusted Net Debt to Annualized Adjusted EBITDAre 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 both ratios 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 (loss) available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, the Company calculates FFO as net income (loss) available to common shareholders, computed in accordance with GAAP, excluding gains and losses from disposition of real estate and impairment losses on real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. The Company has calculated FFO for all periods presented in accordance with this definition. In addition, the Company presents FFO as adjusted. Management believes it is useful to provide FFO as adjusted as a supplemental measure to GAAP net income (loss) available to common shareholders and earnings per share. FFO as adjusted is FFO plus costs associated with loan refinancing or payoff, transaction costs, severance expense, preferred share redemption costs, impairment of operating lease right-of-use assets and credit loss (benefit) expense, and by subtracting gain on insurance recovery and deferred income tax expense (benefit). FFO and FFO as adjusted are non-GAAP financial measures. FFO and FFO as adjusted do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income (loss) or any other GAAP measure as a measurement of the results of the Company's operations, cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO and FFO as adjusted the same way so comparisons with other REITs may not be meaningful.

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

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

Q3 2021 Supplemental	Page 24

INTEREST COVERAGE RATIO

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

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.

Q3 2021 Supplemental	Page 25

Appendix to Supplemental Operating and Financial Data
Reconciliation of Certain Non-GAAP Financial Measures
Third Quarter and Nine Months Ended September 30, 2021
Q3 2021 Supplemental	Page 26
---	---
CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
---	---	---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	3RD QUARTER 2021		2ND QUARTER 2021		1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020
Net income (loss)	$	32,117	$	18,552	$	3,380	$	(19,977)	$	(85,904)	$	(62,965)
Impairment charges	2,711		—		—		22,832		11,561		51,264
Impairment charges on joint ventures	—		—		—		—		—		3,247
Transaction costs	2,132		662		548		814		2,776		771
Credit loss (benefit) expense	(14,096)		(2,819)		(2,762)		20,312		5,707		3,484
Interest expense, gross	36,841		38,869		39,854		43,341		42,312		39,281
Severance expense	—		—		—		2,868		—		—
Depreciation and amortization	42,612		40,538		40,326		42,014		42,059		42,450
Share-based compensation expense
to management and trustees	3,759		3,675		3,784		3,437		3,410		3,463
Costs associated with loan refinancing or payoff	4,741		—		241		812		—		820
Interest cost capitalized	(233)		(514)		(595)		(404)		(325)		(242)
Straight-line rental revenue	(981)		(1,420)		(1,289)		(898)		17,969		(2,229)
Gain on sale of real estate	(787)		(511)		(201)		(49,877)		—		(22)
Gain on insurance recovery	—		—		(30)		(809)		—		—
Deferred income tax expense (benefit)	—		—		—		—		18,035		(1,676)
Interest coverage amount	$	108,816	$	97,032	$	83,256	$	64,465	$	57,600	$	77,646
Interest expense, net	$	36,584	$	38,312	$	39,194	$	42,838	$	41,744	$	38,340
Interest income	24		43		65		99		243		699
Interest cost capitalized	233		514		595		404		325		242
Interest expense, gross	$	36,841	$	38,869	$	39,854	$	43,341	$	42,312	$	39,281
Interest coverage ratio	Footnote 2		Footnote 2		Footnote 2		Footnote 2		Footnote 2		Footnote 2
FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	108,816	$	97,032	$	83,256	$	64,465	$	57,600	$	77,646
Interest expense, gross	$	36,841	$	38,869	$	39,854	$	43,341	$	42,312	$	39,281
Preferred share dividends	6,033		6,033		6,034		6,034		6,034		6,034
Fixed charges	$	42,874	$	44,902	$	45,888	$	49,375	$	48,346	$	45,315
Fixed charge coverage ratio	Footnote 2		Footnote 2		Footnote 2		Footnote 2		Footnote 2		Footnote 2
DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	108,816	$	97,032	$	83,256	$	64,465	$	57,600	$	77,646
Interest expense, gross	$	36,841	$	38,869	$	39,854	$	43,341	$	42,312	$	39,281
Recurring principal payments	—		—		—		—		—		—
Debt service	$	36,841	$	38,869	$	39,854	$	43,341	$	42,312	$	39,281
Debt service coverage ratio	Footnote 2		Footnote 2		Footnote 2		Footnote 2		Footnote 2		Footnote 2
(1) See pages 23 through 25 for definitions.
(2) Not presented as this ratio is not meaningful given the continuing disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.													Q3 2021 Supplemental	Page 27
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RECONCILIATION OF INTEREST COVERAGE AMOUNT TO NET CASH PROVIDED BY OPERATING ACTIVITIES
---	---	---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
The interest coverage amount per the table on page 27 is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used by investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
	3RD QUARTER 2021		2ND QUARTER 2021		1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020
Net cash provided (used) by operating activities	$	95,624	$	62,494	$	78,306	$	5,795	$	2,065	$	(31,631)
Equity in loss from joint ventures	(418)		(1,151)		(1,431)		(1,364)		(1,044)		(1,724)
Distributions from joint ventures	—		—		(90)		—		—		—
Amortization of deferred financing costs	(2,210)		(1,574)		(1,547)		(1,823)		(1,498)		(1,651)
Amortization of above and below market leases, net and tenant allowances	98		99		96		96		124		108
Changes in assets and liabilities, net:
Amortization of operating lease assets and liabilities	146		113		120		230		(14)		(287)
Mortgage notes and related accrued interest receivable	(154)		423		(280)		3,297		1,154		2,613
Accounts receivable	(10,692)		(6,265)		(18,687)		4,422		(5,053)		62,163
Other assets	(4,396)		(1,003)		7,323		(367)		(2,208)		819
Accounts payable and accrued liabilities	(7,230)		2,716		(997)		404		(4,348)		6,555
Unearned rents and interest	289		3,583		(18,075)		9,312		5,690		3,100
Straight-line rental revenue	(981)		(1,420)		(1,289)		(898)		17,969		(2,229)
Interest expense, gross	36,841		38,869		39,854		43,341		42,312		39,281
Interest cost capitalized	(233)		(514)		(595)		(404)		(325)		(242)
Transaction costs	2,132		662		548		814		2,776		771
Severance expense (cash portion)	—		—		—		1,610		—		—
Interest coverage amount (1)	$	108,816	$	97,032	$	83,256	$	64,465	$	57,600	$	77,646
Net cash (used) provided by investing activities	$	(12,711)	$	3,128	$	(29,894)	$	204,883	$	(17,919)	$	(13,219)
Net cash used by financing activities	$	(446,643)	$	(96,195)	$	(532,435)	$	(170,716)	$	(5,994)	$	(175,358)
(1) See pages 23 through 25 for definitions.													Q3 2021 Supplemental	Page 28
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RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre, ANNUALIZED ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED REVENUE
---	---	---	---	---	---	---	---	---	---	---	---	---
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (4):	3RD QUARTER 2021		2ND QUARTER 2021		1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020
Net income (loss)	$	32,117	$	18,552	$	3,380	$	(19,977)	$	(85,904)	$	(62,965)
Interest expense, net	36,584		38,312		39,194		42,838		41,744		38,340
Income tax expense (benefit)	395		398		407		402		18,417		(1,312)
Depreciation and amortization	42,612		40,538		40,326		42,014		42,059		42,450
Gain on sale of real estate	(787)		(511)		(201)		(49,877)		—		(22)
Impairment of real estate investments, net (3)	2,711		—		—		22,832		11,561		36,255
Costs associated with loan refinancing or payoff	4,741		—		241		812		—		820
Allocated share of joint venture depreciation	966		459		354		361		369		378
Allocated share of joint venture interest expense	981		846		789		872		741		736
Impairment charges on joint ventures	—		—		—		—		—		3,247
EBITDAre	$	120,320	$	98,594	$	84,490	$	40,277	$	28,987	$	57,927
Gain on insurance recovery (1)	—		—		(30)		(809)		—		—
Severance expense	—		—		—		2,868		—		—
Transaction costs	2,132		662		548		814		2,776		771
Credit loss (benefit) expense	(14,096)		(2,819)		(2,762)		20,312		5,707		3,484
Accounts receivable write-offs from prior periods (2)	—		—		—		4,301		13,533		—
Straight-line receivable write-offs from prior periods (2)	—		—		—		870		19,927		—
Impairment of operating lease right-of-use assets (3)	—		—		—		—		—		15,009
Adjusted EBITDAre (for the quarter)	$	108,356	$	96,437	$	82,246	$	68,633	$	70,930	$	77,191
Adjusted EBITDAre (5)	Footnote 10		Footnote 10		Footnote 10		Footnote 10		Footnote 10		Footnote 10
ANNUALIZED ADJUSTED EBITDAre (4):
Adjusted EBITDAre (for the quarter)	Footnote 10		Footnote 10		Footnote 10		Footnote 10		Footnote 10		Footnote 10
Corporate/unallocated and other NOI
In-service and disposition adjustments (6)
Percentage rent/participation adjustments (7)
Non-recurring adjustments (8)
Annualized Adjusted EBITDAre (for the quarter)
Annualized Adjusted EBITDAre (9)
See footnotes on following page.													Q3 2021 Supplemental	Page 29
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(1) Included in other income in the consolidated statements of income (loss) in the Company's Annual Reports on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Reconciliation is as follows:
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		2ND QUARTER 2021		1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020
Income (loss) from settlement of foreign currency swap contracts	39	$	(28)	$	52	$	110	$	154	$	408
Gain on insurance recovery		—		30		809		—		—
Operating income from operated properties		848		295		45		16		8
Fee income		—		—		—		—		—
Miscellaneous income		213		301		4		12		—
Other income	8,091	$	1,033	$	678	$	968	$	182	$	416
(2) Included in rental revenue from continuing operations in the consolidated statements of income (loss) in the Company's Annual Reports on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Reconciliation is as follows:
		2ND QUARTER 2021		1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020
Minimum rent	114,375	$	107,100	$	94,190	$	79,342	$	83,230	$	89,589
Accounts receivable write-offs from prior periods		—		—		(4,301)		(13,533)		—
Tenant reimbursements		5,000		4,822		4,831		2,413		4,169
Percentage rent		2,016		2,030		3,040		1,303		1,454
Straight-line rental revenue		1,420		1,289		1,768		1,958		2,229
Straight-line write-offs from prior periods		—		—		(870)		(19,927)		—
Other rental revenue		347		283		201		147		90
Rental revenue	123,040	$	115,883	$	102,614	$	84,011	$	55,591	$	97,531
(3) Impairment charges recognized during the three months ended June 30, 2020 totaled 51.3 million, which was comprised of 36.3 million of impairments of real estate investments and 15.0 million of impairments of operating lease right-of-use assets.
(4) See pages 23 through 25 for definitions.
(5) Adjusted EBITDAre for the quarter is multiplied by four to calculate an annual amount.
(6) Adjustments for 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, for continuing properties only.
(7) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the trailing twelve month amount divided by four.
(8) Non-recurring adjustments relate to properties under operating agreements with third parties, as applicable, and COVID-19 related adjustments.
(9) Annualized Adjusted EBITDAre for the quarter is multiplied by four to calculate an annual amount.
(10) Not presented as this metric is not meaningful given the continuing disruption caused by the COVID-19 pandemic and the associated accounting for tenant rent deferrals and other lease modifications.

All values are in US Dollars.

Q3 2021 Supplemental	Page 30