8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2020

EPR Properties

(Exact name of registrant as specified in its charter)

Maryland	001-13561	43-1790877
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

909 Walnut Street,		Suite 200
Kansas City,	Missouri		64106
(Address of principal executive offices) (Zip Code)

(816) 472-1700

(Registrant’s telephone number, including area code) 

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On August 5, 2020, the Company announced its results of operations and financial condition for the second quarter and six months ended June 30, 2020. 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 August 5, 2020, the Company made available on its website an investor slide presentation and supplemental operating and financial data for the second quarter and six months ended June 30, 2020, the text of which are set forth in Exhibits 99.2 and 99.3 hereto, respectively, and are hereby incorporated by reference herein.

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

Item 9.01 Financial Statements and Exhibits.

 

Exhibit No.	Description
99.1	Press Release dated August 5, 2020 issued by EPR Properties announcing its results of operations and financial condition for the second quarter and six months ended June 30, 2020.
99.2	Investor slide presentation for the second quarter and six months ended June 30, 2020, made available by EPR Properties on August 5, 2020.
99.3	Supplemental Operating and Financial Data for the second quarter and six months ended June 30, 2020, made available by EPR Properties on August 5, 2020.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

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

Date: August 5, 2020

EX-99.1

Exhibit 99.1

EPR PROPERTIES REPORTS SECOND QUARTER 2020 RESULTS

Kansas City, MO, August 5, 2020 -- EPR Properties (NYSE:EPR) today announced operating results for the second quarter and six months ended June 30, 2020 (dollars in thousands, except per share data):    

	Three Months Ended June 30,					Six Months Ended June 30,
	2020			2019 (1)		2020			2019 (1)
Total revenue from continuing operations	$	106,360		$	161,740	$	257,372		$	312,267
Net (loss) income available to common shareholders	(68,999		)	60,560		(37,915		)	119,875
Net (loss) income available to common shareholders per diluted common share	(0.90		)	0.79		(0.49		)	1.59
Funds From Operations as adjusted (FFOAA) (a non-GAAP financial measure)	31,418			105,219		107,344			208,210
FFOAA per diluted common share (a non-GAAP financial measure)	0.41			1.36		1.39			2.73
Adjusted Funds From Operations (AFFO) (a non-GAAP financial measure)	33,313			105,621		123,380			209,920
AFFO per diluted common share (a non-GAAP financial measure)	0.44			1.37		1.59			2.75

(1) The operating results of the Company's public charter school portfolio for the three and six months ended June 30, 2019, include $6.5 million and $11.5 million in termination fees, respectively, and are included in all metrics in these columns except for total revenue from continuing operations. The remaining public charter school portfolio was sold subsequent to June 30, 2019.

Second Quarter Company Headlines

• Strong Liquidity Position - With over $1.0 billion of cash on hand, it is currently estimated that the Company would have approximately six years of liquidity even if the elevated second quarter negative cash run rate were to persist.

• Property Openings - Approximately 88% of non-theatre properties are open as of August 4, 2020.

• Restructured AMC Leases - In exchange for agreeing with AMC to place 46 of the Company's 53 AMC leased theatres into a new master lease that reduces future restructuring risk and increases the average lease term by 9 years, the Company agreed to reduce annual fixed minimum rents by approximately 21%.

• Collections - Through August 4, 2020, customers paid approximately 21% and 28% of second quarter and July 2020 pre-COVID contractual cash rent and interest payments, respectively.

• Customer Agreements - The Company has reached resolution with customers representing 85% of its annualized pre-COVID contractual cash rent and interest payments, with no payment deferral for 18%, and deferral agreements for 67%.

• Permanent Rent Adjustments - Permanent rent adjustments are expected to lower annualized pre-COVID contractual cash rent and interest payments by approximately 5% to 7%, including the AMC rent reduction.

CEO Comments

“As the country continues to face extraordinary challenges related to the COVID-19 pandemic, we have taken a number of steps to manage through this difficult time. We have effectively fortified our balance sheet and maintained sufficient liquidity, while working with our customers to help facilitate re-openings and operations in this current environment, and ensuring a strong positioning for the long term,” stated Greg Silvers, Company President and CEO. “Importantly, we have reached agreements with the vast majority of our customers including our largest tenant, AMC Theatres, which provides us additional certainty going forward. A number of our customers have been reopening, and they are seeing visitors return and exhibit their desire to participate in such experiences. While the outlook remains uncertain as the pandemic persists, we look forward to the eventual reopening of all of our customers and remain confident in our strategy of focusing on experiential real estate.”

COVID-19 Response and Update

AMC Restructuring

On July 31, 2020, the Company entered into a Forbearance Agreement (“Forbearance Agreement”), a Master Lease Agreement ("the Master Lease") and seven amended lease agreements (the "Transitional Leases" and collectively with the Master Lease, the "Leases") with American Multi-Cinema, Inc. and certain affiliates (“AMC”) relating to 53 properties currently leased by the Company to AMC (the “Leased Properties”). The Company and AMC entered into the Master Lease relating to 46 theatres

(“Master Lease Properties”) and amended the Transitional Leases relating to seven theatres (“Transitional Properties”), each of which is effective July 1, 2020.

Under the Leases, the Company agreed to reduce total annual fixed cash rent by approximately 21%, or $25.6 million, to $95.9 million (including $8.0 million of ground rent and the repayment of deferral amounts for the months of April, May and June, 2020 described below). The Company previously agreed to defer all of the fixed rent due under the Leases for the months of April, May and June 2020. The deferred amounts are included in the calculation of the new fixed cash rent of the Leases amortized over the first 14 years of the term of the applicable Lease or the expiration of the current term of the Lease, whichever is earlier. Additionally, the Master Lease has fixed escalators of 7.5% every five years on fixed rent excluding the portion attributable to deferred rent.

Pursuant to the Master Lease and the Forbearance Agreement, during the period of July 1, 2020 through December 31, 2020, AMC will pay percentage rent (15% of gross receipts) in lieu of fixed rent for the Leased Properties. The difference between the percentage rent paid and fixed rent due under the Leases represents an additional deferred amount that, beginning in February 2021, will be added to fixed cash rent and amortized over the first 14 years of the term of the applicable Lease or the expiration of the current term of the Lease, whichever is earlier. For the month of July, the Company expects no percentage rent given AMC theatres had not re-opened.

The Master Lease Properties have been divided into four tranches, with the initial term of each tranche expiring annually from June 30, 2034 to June 30, 2037. The Transitional Leases have expiration dates occurring between November 2026 and March 2029.

The Company believes that the AMC restructuring significantly improves the Company’s long-term position with respect to AMC, while providing AMC with deferrals it needs during the pandemic and better performing theatres in the future. Specifically:

• The Master Lease was designed with the intention that the parties will respect the master lease characterization at all times, which the Company believes will enhance its position in the event of a reorganization proceeding regarding AMC,

• The lease terms on properties included in the Master Lease were increased by an average of nine years, and

• The Company has the ability to reduce its exposure to AMC through the option to terminate each of the seven Transitional Leases and re-brand or sell them with the cooperation of AMC.

The material terms of the agreements with AMC described above will be more fully described in the Company’s Quarterly Report on Form 10-Q.

Collections and Property Openings

The Company's COVID-19 Task Force, an internal team comprised of individuals from across the Company, has been working diligently with customers negatively impacted by the pandemic to provide solutions for the parties' long-term mutual interests, including establishing appropriate repayment plans for deferred obligations and assisting these customers in establishing re-opening plans. The customers occupying substantially all of the Company's theatre properties are currently closed but most currently anticipate opening for business by the end of August subject to local restrictions. Approximately 88% of the customers in the Company's non-theatre portfolio are open for business as of August 4, 2020. Tenants and borrowers paid approximately21% and 28% of second quarter and July 2020 pre-COVID contractual cash rent and interest payments, respectively. As many of the Company's customers remain temporarily closed or are only beginning to re-open, the Company has entered into agreements or is currently negotiating agreements to defer the rent and mortgage payments for substantially all of the customers that did not pay full rent or interest during the second quarter of 2020 and has classified tenants and borrowers (inclusive of AMC) into various categories described in the table below.

Additionally, as shown in the table below, during the quarter, the Company deferred approximately $64.0 million of amounts due from customers that were booked as revenue and receivables, and approximately $41.0 million that were not booked as revenue and receivables as the full amounts were not deemed probable of collection as a result of the COVID-19 pandemic. During the quarter, the Company reduced rental revenue by $3.3 million due to contractual rent abatements and provided $3.8 million in rent concessions. Permanent rent reductions are expected to total approximately 5% to 7% of annualized pre-COVID contractual revenue, inclusive of the AMC rent reduction discussed above.

Classification of Customers and Deferral Information
($ in millions)
			Three months ended June 30, 2020
	Annualized Revenue (1)				Deferrals Recognized		Deferrals Not Recognized		Projected Total Deferrals
No Payment Deferral	$	115	18	%	$	—	$	—	$	—
Payments Deferred and Recognized as Revenue During Deferral Period	310		50	%	64		—		131
Payments Deferred But Not Recognized as Revenue During Deferral Period	25		4	%	—		4		11
Cash Basis/Lease Restructurings (2)	166		27	%	—		37		n/a (3)
New Vacancies	8		1	%	—		—		—
Total	$	624	100	%	$	64	$	41	$	142
(1) Represents annualized pre-COVID contractual revenue which includes cash rent (including tenant reimbursements) and interest payments.
(2) Includes leases for tenants accounted for on a cash basis and/or leases for tenants that have been or are expected to be restructured which generally have a ramp up in cash rent and some permanent reduction in rent after the ramp up period. This category includes AMC.
(3) Projected amounts not shown for this category as tenants are on a cash basis and/or agreements have been or are expected to be restructured.

Statistics for the $142.0 million of projected total deferrals shown above as well as the status of all agreements based on annualized pre-COVID contractual revenue is shown below:

Average Deferral Period	11 months
Average Months Deferred	5 months
Average Collection Period	32 months

	Projected Total Deferrals		Annualized Revenue (1)
No Deferral	n/a		18	%
Executed	86	%	67	%
Subtotal	86	%	85	%
Approved	—	%	1	%
Pending	14	%	13	%
Vacant	n/a		1	%
Total	100	%	100	%
(1) Represents annualized pre-COVID contractual revenue which includes cash rent (including tenant reimbursements) and interest payments.

Strong Liquidity Position

The Company remains focused on maintaining a strong balance sheet, strong liquidity and financial flexibility through the pandemic. The Company has no scheduled debt maturities until 2022 and over $1.0 billion of cash on hand. As previously announced and further discussed below, the Company entered into amendments to the agreements governing its bank credit facilities and private placement notes in the second quarter of 2020 to, among other things, waive the Company's obligations to comply with certain covenants. The Company also temporarily suspended its monthly cash dividend to common shareholders subsequent to the common share dividend previously declared and payable on May 15, 2020 and suspended its previously disclosed share repurchase program. In addition, the Company continues to limit investment spending.

The Company’s cash outflows from operations (which includes interest payments), less preferred dividends was approximately $38.0 million during the second quarter. The Company anticipates having a lower quarterly cash burn rate subsequent to the second quarter as collections are expected to continue to improve; however, even at the elevated second quarter negative cash burn rate, the Company would have approximately six years of liquidity based on the ending cash balance at June 30, 2020 of over $1.0 billion, and committed investment spending and anticipated maintenance capital expenditures totaling approximately $103.0 million during the remainder of 2020 and 2021 (assuming that none of the Company's available cash would be used for the repayment of principal on the Company's indebtedness, either at maturity or upon an acceleration event).

Portfolio Update

The Company's total investments (a non-GAAP financial measure) were approximately $6.7 billion at June 30, 2020 with Experiential totaling $5.9 billion, or 89%, and Education totaling $0.8 billion, or 11%.

The Company's Experiential portfolio (excluding property under development) consisted of the following property types (owned or financed) at June 30, 2020:

• 180 theatre properties;

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

• 18 attraction properties;

• 13 ski properties;

• six experiential lodging properties;

• one gaming property;

• three cultural properties; and

• seven fitness & wellness properties.

As of June 30, 2020, the Company's owned Experiential portfolio consisted of approximately 19.4 million square feet, which was 97% leased and included $39.0 million in property under development and $22.7 million in undeveloped land inventory.

The Company's Education portfolio consisted of the following property types (owned or financed) at June 30, 2020:

• 69 early childhood education center properties; and

• 16 private school properties.

As of June 30, 2020, the Company's owned Education portfolio consisted of approximately 1.9 million square feet, which was 100% leased and included $3.5 million in undeveloped land inventory.

The combined owned portfolio consisted of 21.3 million square feet and was 97.3% leased.

Investment Update

The Company's investment spending for the three months ended June 30, 2020 totaled $11.7 million (bringing the year-to-date investment spending to $53.6 million), and included spending on Experiential build-to-suit development and redevelopment projects.

Balance Sheet and Liquidity Update

At June 30, 2020, the Company's net debt to gross assets ratio (a non-GAAP Financial Measure) was 41%.

The Company had $1.0 billion of unrestricted cash on hand and $750.0 million outstanding under its $1.0 billion unsecured revolving credit facility at June 30, 2020. The Company has no scheduled debt maturities until 2022 when its unsecured revolving credit facility comes due.

As previously announced, on June 29, 2020, the Company amended the agreements governing its bank credit facilities and private placement notes. The amendments modified certain provisions and waived the Company's obligation to comply with certain covenants under these debt agreements in light of the continuing financial and operational impacts of the COVID-19 pandemic on the Company and its tenants and borrowers. The changes are generally effective during the covenant relief period, which began at the execution of the amendment and end on the earlier of April 1, 2021 or when the Company provides notice that it elects to terminate the covenant relief period, subject to certain conditions. The loans subject to the modifications bear interest at higher rates during the covenant relief period, however, the rates will return to previous levels at the end of such

period, subject to certain conditions. The rates are subject to change based on long-term unsecured debt ratings, as defined in the agreements.

The share repurchase program previously approved by the Company's Board of Trustees (the "Board") was scheduled to expire on December 31, 2020, however, the Company suspended the program on June 29, 2020, the effective date of the covenant modification agreements. During the three months ended June 30, 2020, the Company repurchased 4,066,716 common shares under the share repurchase program for approximately $106.0 million at an average price of $26.06 per share. The repurchases were made under a Rule 10b5-1 trading plan.

The amendments to the agreements governing the Company's bank credit facilities and private placement notes also impose additional restrictions on the Company during the covenant relief period, including limitations on certain investments, incurrences of indebtedness, capital expenditures, payment of dividends or other distributions, and share repurchases, in each case subject to certain exceptions.

Impairment Charges

As a result of the COVID-19 pandemic, the Company reassessed the expected holding periods of certain properties during the six months ending June 30, 2020, and determined that the estimated cash flows were not sufficient to recover the carrying values of six properties. Accordingly, the Company recognized non-cash impairment charges of $51.3 million, which were comprised of $36.3 million of impairments of real estate investments and $15.0 million of impairments of operating lease right-of-use assets at two of these properties. Additionally, the Company recognized other-than-temporary non-cash impairment charges of $3.2 million on the Company's equity investments in three theatre projects located in China.

Dividend Information

The Board declared monthly cash dividends during the second quarter of 2020 totaling $0.3825 per common share. As discussed above, the monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020. The Company is restricted from paying dividends on its common shares during the covenant relief period, subject to certain limited exceptions, and there can be no assurances as to the Company's ability to reinstitute cash dividend payments to common shareholders or the timing thereof.

The Board also 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.

Conference Call Information

Management will host a conference call to discuss the Company's financial results on August 6, 2020 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 http://investors.eprkc.com/webcasts. To access the call, audio only, dial (866) 587-2930 and when prompted, provide the passcode 8734836.

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

Quarterly Supplemental

The Company's supplemental information package for the second quarter and six months ended June 30, 2020 is available in the Investor Center on the Company's website located at http://investors.eprkc.com/earnings-supplementals.

EPR Properties

Consolidated Statements of (Loss) Income

(Unaudited, dollars in thousands except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Rental revenue	$	97,531		$	147,003		$	232,574		$	287,295
Other income	416			5,726			7,989			6,070
Mortgage and other financing income	8,413			9,011			16,809			18,902
Total revenue	106,360			161,740			257,372			312,267
Property operating expense	15,329			14,597			28,422			30,148
Other expense	2,798			8,091			12,332			8,091
General and administrative expense	10,432			12,230			21,420			23,940
Severance expense	—			—			—			420
Costs associated with loan refinancing or payoff	820			—			820			—
Interest expense, net	38,340			36,458			73,093			70,421
Transaction costs	771			6,923			1,846			12,046
Credit loss expense	3,484			—			4,676			—
Impairment charges	51,264			—			51,264			—
Depreciation and amortization	42,450			38,790			86,260			74,792
(Loss) income before equity in (loss) income from joint ventures, other items and discontinued operations	(59,328		)	44,651			(22,761		)	92,409
Equity in (loss) income from joint ventures	(1,724		)	470			(2,144		)	959
Impairment charges on joint ventures	(3,247		)	—			(3,247		)	—
Gain (loss) on sale of real estate	22			—			242			(388		)
(Loss) income before income taxes	(64,277		)	45,121			(27,910		)	92,980
Income tax benefit	1,312			1,300			2,063			1,905
(Loss) income from continuing operations	$	(62,965	)	$	46,421		$	(25,847	)	$	94,885
Discontinued operations:
Income from discontinued operations before other items	—			10,399			—			20,568
Gain on sale of real estate from discontinued operations	—			9,774			—			16,490
Income from discontinued operations	—			20,173			—			37,058
Net (loss) income	(62,965		)	66,594			(25,847		)	131,943
Preferred dividend requirements	(6,034		)	(6,034		)	(12,068		)	(12,068		)
Net (loss) income available to common shareholders of EPR Properties	$	(68,999	)	$	60,560		$	(37,915	)	$	119,875
Net (loss) income available to common shareholders of EPR Properties per share:
Continuing operations	$	(0.90	)	$	0.53		$	(0.49	)	$	1.10
Discontinued operations	—			0.27			—			0.49
Basic	$	(0.90	)	$	0.80		$	(0.49	)	$	1.59
Continuing operations	$	(0.90	)	$	0.53		$	(0.49	)	$	1.10
Discontinued operations	—			0.26			—			0.49
Diluted	$	(0.90	)	$	0.79		$	(0.49	)	$	1.59
Shares used for computation (in thousands):
Basic	76,310			76,164			77,388			75,426
Diluted	76,310			76,199			77,388			75,467

EPR Properties

Condensed Consolidated Balance Sheets

(Unaudited, dollars in thousands)

	June 30, 2020		December 31, 2019
Assets
Real estate investments, net of accumulated depreciation of $1,034,771 and $989,254 at June 30, 2020 and December 31, 2019, respectively	$	5,110,059	$	5,197,308
Land held for development	26,244		28,080
Property under development	39,039		36,756
Operating lease right-of-use assets	189,058		211,187
Mortgage notes and related accrued interest receivable	357,668		357,391
Investment in joint ventures	28,925		34,317
Cash and cash equivalents	1,006,981		528,763
Restricted cash	2,615		2,677
Accounts receivable	134,774		86,858
Other assets	107,615		94,174
Total assets	$	7,002,978	$	6,577,511
Liabilities and Equity
Accounts payable and accrued liabilities	$	96,454	$	122,939
Operating lease liabilities	229,030		235,650
Dividends payable	6,053		35,458
Unearned rents and interest	81,096		74,829
Debt	3,854,088		3,102,830
Total liabilities	4,266,721		3,571,706
Total equity	$	2,736,257	$	3,005,805
Total liabilities and equity	$	7,002,978	$	6,577,511

The historical financial results of the public charter schools sold by the Company in 2019 are reflected in the Company's consolidated statements of income as discontinued operations for the three and six months ended June 30, 2019. The operating results relating to discontinued operations are as follows (unaudited, dollars in thousands):

	Three Months Ended June 30, 2019			Six Months Ended June 30, 2019
Rental revenue	$	10,327		$	20,758
Mortgage and other financing income	3,631			7,215
Total revenue	13,958			27,973
Property operating expense	174			416
Interest expense, net	(180		)	(317		)
Depreciation and amortization	3,565			7,306
Income from discontinued operations before other items	10,399			20,568
Gain on sale of real estate	9,774			16,490
Income from discontinued operations	$	20,173		$	37,058

Non-GAAP Financial Measures

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

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

In addition to FFO, the Company presents FFOAA and AFFO. FFOAA is presented by adding to FFO costs associated with loan refinancing or payoff, transaction costs, 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 and credit loss expense and subtracting 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 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 a supplemental measure to GAAP net income available to common shareholders and earnings per share, and management provides FFO, FFOAA and AFFO herein because it believes this information is useful to investors in this regard. FFO, FFOAA and AFFO are non-GAAP financial measures. FFO, FFOAA and AFFO do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered alternatives to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO, FFOAA and AFFO the same way so comparisons with other REITs may not be meaningful.

The following table summarizes FFO, FFOAA and AFFO for the three and six months ended June 30, 2020 and 2019 and reconciles such measures to net income available to common shareholders, the most directly comparable GAAP measure:

EPR Properties

Reconciliation of Non-GAAP Financial Measures

(Unaudited, dollars in thousands except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
FFO:
Net (loss) income available to common shareholders of EPR Properties	$	(68,999	)	$	60,560		$	(37,915	)	$	119,875
Gain on sale of real estate	(22		)	(9,774		)	(242		)	(16,102		)
Impairment of real estate investments, net (1)	36,255			—			36,255			—
Real estate depreciation and amortization	42,151			42,098			85,676			81,612
Allocated share of joint venture depreciation	378			554			761			1,109
Impairment charges on joint ventures	3,247			—			3,247			—
FFO available to common shareholders of EPR Properties	$	13,010		$	93,438		$	87,782		$	186,494
FFO available to common shareholders of EPR Properties	$	13,010		$	93,438		$	87,782		$	186,494
Add: Preferred dividends for Series C preferred shares	—			1,939			—			3,878
Add: Preferred dividends for Series E preferred shares	—			1,939			—			3,878
Diluted FFO available to common shareholders of EPR Properties	$	13,010		$	97,316		$	87,782		$	194,250

FFOAA:
FFO available to common shareholders of EPR Properties	$	13,010		$	93,438		87,782			$	186,494
Costs associated with loan refinancing or payoff	820			—			820			—
Transaction costs	771			6,923			1,846			12,046
Severance expense	—			—			—			420
Termination fees included in gain on sale	—			6,533			—			11,534
Impairment of operating lease right-of-use assets (1)	15,009			—			15,009			—
Credit loss expense	3,484			—			4,676			—
Deferred income tax benefit	(1,676		)	(1,675		)	(2,789		)	(2,284		)
FFOAA available to common shareholders of EPR Properties	$	31,418		$	105,219		$	107,344		$	208,210
FFOAA available to common shareholders of EPR Properties	$	31,418		$	105,219		$	107,344		$	208,210
Add: Preferred dividends for Series C preferred shares	—			1,939			—			3,878
Add: Preferred dividends for Series E preferred shares	—			1,939			—			3,878
Diluted FFOAA available to common shareholders of EPR Properties	$	31,418		$	109,097		$	107,344		$	215,966
AFFO:
FFOAA available to common shareholders of EPR Properties	$	31,418		$	105,219		$	107,344		$	208,210
Non-real estate depreciation and amortization	299			257			584			486
Deferred financing fees amortization	1,651			1,517			3,285			3,019
Share-based compensation expense to management and trustees	3,463			3,283			6,972			6,460
Amortization of above and below market leases, net and tenant allowances	(108		)	(58		)	(260		)	(117		)
Maintenance capital expenditures (2)	(1,291		)	(510		)	(2,219		)	(807		)
Straight-lined rental revenue	(2,229		)	(3,223		)	7,479			(5,637		)
Straight-lined ground sublease expense	207			205			383			389
Non-cash portion of mortgage and other financing income	(97		)	(1,069		)	(188		)	(2,083		)
AFFO available to common shareholders of EPR Properties	$	33,313		$	105,621		$	123,380		$	209,920
AFFO available to common shareholders of EPR Properties	$	33,313		$	105,621		$	123,380		$	209,920
Add: Preferred dividends for Series C preferred shares	—			1,939			—			3,878
Add: Preferred dividends for Series E preferred shares	—			1,939			—			3,878
Diluted AFFO available to common shareholders of EPR Properties	$	33,313		$	109,499		$	123,380		$	217,676
FFO per common share:
Basic	$	0.17		$	1.23		$	1.13		$	2.47
Diluted	0.17			1.22			1.13			2.45
FFOAA per common share:
Basic	$	0.41		$	1.38		$	1.39		$	2.76
Diluted	0.41			1.36			1.39			2.73
AFFO per common share:
Basic	$	0.44		$	1.39		$	1.59		$	2.78
Diluted	0.44			1.37			1.59			2.75
Shares used for computation (in thousands):
Basic	76,310			76,164			77,388			75,426
Diluted	76,310			76,199			77,388			75,467
Weighted average shares outstanding-diluted EPS	76,310			76,199			77,388			75,467
Effect of dilutive Series C preferred shares	—			2,158			—			2,151
Effect of dilutive Series E preferred shares	—			1,628			—			1,625
Adjusted weighted average shares outstanding-diluted Series C and Series E	76,310			79,985			77,388			79,243
Other financial information:
Dividends per common share	$	0.3825		$	1.1250		$	1.5150		$	2.2500

Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of income for all periods.

(1) Impairment charges recognized during the three and six 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.

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

The conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares would be dilutive to FFO and FFOAA per share for the three and six months ended June 30, 2019. Therefore, the additional common shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFO and FFOAA per share for these periods.

Net Debt

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

Gross Assets

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

Net Debt to Gross Assets

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, 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 EBITDA

Management uses Adjusted EBITDA in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDA 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 EBITDA as EBITDAre (defined above) for the quarter excluding severance expense, credit loss expense, transaction costs, impairment losses on operating lease right-of-use assets and prepayment fees.

The Company's method of calculating Adjusted EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Adjusted EBITDA 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 and total assets (all reported in accordance with GAAP) to Net Debt, Gross Assets, Net Debt to Gross Assets, EBITDAre and Adjusted EBITDA (each of which is a non-GAAP financial measure) are included in the following tables (unaudited, in thousands):

	June 30,
	2020			2019
Net Debt:
Debt	$	3,854,088		$	3,216,623
Deferred financing costs, net	35,907			31,957
Cash and cash equivalents	(1,006,981		)	(6,927		)
Net Debt	$	2,883,014		$	3,241,653
Gross Assets:
Total Assets	$	7,002,978		$	6,746,655
Accumulated depreciation	1,034,771			954,806
Cash and cash equivalents	(1,006,981		)	(6,927		)
Gross Assets	$	7,030,768		$	7,694,534
Net Debt to Gross Assets	41		%	42		%
	Three Months Ended June 30,
	2020			2019
EBITDAre and Adjusted EBITDA:
Net (loss) income	$	(62,965	)	$	66,594
Interest expense, net	38,340			36,278
Income tax benefit	(1,312		)	(1,300		)
Depreciation and amortization	42,450			42,355
Gain on sale of real estate	(22		)	(9,774		)
Impairment of real estate investments, net (1)	36,255			—
Costs associated with loan refinancing or payoff	820			—
Equity in loss (income) from joint ventures	1,724			(470		)
Impairment charges on joint ventures	3,247			—
EBITDAre	$	58,537		$	133,683
Transaction costs	771			6,923
Credit loss expense	3,484			—
Impairment of operating lease right-of-use assets (1)	15,009			—
Adjusted EBITDA	$	77,801		$	140,606
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income and comprehensive (loss) income.
(1) Impairment charges recognized during the three and six 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.

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):

	June 30, 2020			December 31, 2019
Total Investments:
Real estate investments, net of accumulated depreciation	$	5,110,059		$	5,197,308
Add back accumulated depreciation on real estate investments	1,034,771			989,254
Land held for development	26,244			28,080
Property under development	39,039			36,756
Mortgage notes and related accrued interest receivable	357,668			357,391
Investment in joint ventures	28,925			34,317
Intangible assets, gross (1)	58,784			57,385
Notes receivable and related accrued interest receivable, net (1)	14,037			14,026
Total investments	$	6,669,527		$	6,714,517
Total investments	$	6,669,527		$	6,714,517
Operating lease right-of-use assets	189,058			211,187
Cash and cash equivalents	1,006,981			528,763
Restricted cash	2,615			2,677
Accounts receivable	134,774			86,858
Less: accumulated depreciation on real estate investments	(1,034,771		)	(989,254		)
Less: accumulated amortization on intangible assets	(14,624		)	(12,693		)
Prepaid expenses and other current assets	49,418			35,456
Total assets	$	7,002,978		$	6,577,511
(1) Included in other assets in the accompanying consolidated balance sheet. Other assets include the following:
	June 30, 2020			December 31, 2019
Intangible assets, gross	$	58,784		$	57,385
Less: accumulated amortization on intangible assets	(14,624		)	(12,693		)
Notes receivable and related accrued interest receivable, net	14,037			14,026
Prepaid expenses and other current assets	49,418			35,456
Total other assets	$	107,615		$	94,174

About EPR Properties

EPR Properties is a leading 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 $6.7 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 uncertain financial impact of COVID-19, our capital resources and liquidity, expected liquidity and performance of our customers, including AMC, our expected revenue and customer deferral agreements, our expected dividend payments and share repurchases 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 other 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. While references to commitments for investment spending are based on present commitments and agreements of the Company, we cannot provide assurance that these transactions will be completed on satisfactory terms. 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 filed with the Securities and Exchange Commission ("SEC") on May 11, 2020.

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

EX-99.2

Second Quarter 2020 Earnings Call August 6, 2020

DISCLAIMER 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 COVID-19, our capital resources and liquidity, expected dividend payments, expected liquidity and performance of our customers, including AMC, future expenditures for development projects 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 paying dividends at expected levels, or at all, or 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. While references to commitments for investment spending are based on present commitments and agreements of the Company, we cannot provide assurance that these transactions will be completed on satisfactory terms. 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 filed with the Securities and Exchange Commission ("SEC") on May 11, 2020. 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. 2

INTRODUCTORY COMMENTS This information is as of the date indicated and, to our knowledge, was timely and accurate when presented. We are under no obligation to update or remove outdated information other than as required by applicable law or regulation. 3

PORTFOLIO UPDATE 4

PORTFOLIO OVERVIEW Portfolio Snapshot Q2 Update $6.7B Total Investments* Investment Spending $11.7M Occupancy at 97.3% 369 Properties * See investor supplemental for the applicable period for definitions and calculations of this Non-GAAP measure 5

EXPERIENTIAL PORTFOLIO PORTFOLIO HIGHLIGHTS $6.0B INVESTED* 97% OCCUPIED 284 PROPERTIES IN SERVICE THEATRES EAT & PLAY SKI ATTRACTIONS 3 PROPERTIES UNDER DEVELOPMENT EXPERIENTIAL GAMING CULTURAL FITNESS & LODGING WELLNESS 44 OPERATORS * See investor supplemental for the applicable period for definitions and calculations of this Non-GAAP measure 6

PORTFOLIO REOPENING Theatres Reopening – Expected to begin mid- to late-August but dependent on studio release schedule • Planned timing is state by state and city by city • Operators are diligently developing health & safety measures 7

PORTFOLIO REOPENING Theatres Film Slate – Strong titles scheduled for remainder of 2020 and 2021 Planned 2020 Releases Planned 2021 Releases 8

PORTFOLIO REOPENING Other Experiential and Education Reopening – 88% of non-theatre properties are open 9

COLLECTIONS AND DEFERRAL AGREEMENTS Collections • Collected 21% of Q2 & 28% of July 2020 pre-COVID contractual cash rent and interest payments Permanent Rent Adjustments • Anticipate permanent rent reductions, including AMC will total approximately 5-7% of annualized pre-COVID contractual cash rent and interest payments Deferral Agreements Scope • Worked closely with customers to structure agreements to ensure long- term health and protect our position as landlord • Addressed 85% of annualized pre-COVID contractual cash rent and interest payments Key Features • Agreements structured to ramp up through 2020 and beyond; vast majority provide repayment of all deferred rent • Where rent concessions were provided, we received greater or equal value through additional lease term, additional collateral, or other benefits 10

AMC RESTRUCTURING Restructured AMC Lease Agreements – Reduces risk, improves collateral and enhances our position in the event of a reorganization in exchange for rent reduction and deferrals Key Features • Entered into Master Lease for 46 of our 53 AMC theatres o Extended our average lease term by 9 years to 15.5 years o Rent Escalator: 7.5% every five years o Master Lease divided into four tranches with staggered initial terms • 7 Transitional Property Leases o Opportunity to reduce exposure to AMC through termination and re- leasing or selling • Rent Reduction and Deferrals o Reduced total annual fixed cash rent by approx. 21% or $26M to $96M o Master Lease deferred rent repaid in equal monthly installments over first 14 years of lease term o Transitional Leases deferred rent repaid over term of each lease 11

FINANCIAL REVIEW 12

DEFERRAL INFORMATION Classification of Customers and Deferral Information ($ in millions) For the three months ended June 30, 2020 Deferrals Projected Annualized Deferrals Not Total Revenue1 Recognized Recognized Deferrals $ $ No Payment Deferral $ 115 18% $ - - - Payments Deferred and Recognized as 310 50% 64 - 131 Revenue During Deferral Period Payments Deferred But Not Recognized 25 4% - 4 11 as Revenue During Deferral Period Cash Basis/Lease Restructurings2 166 27% - 37 n/a3 New Vacancies 8 1% - - - Total $ 624 100% $ 64 $ 41 $ 142 (1) Represents annualized pre-COVID contractual revenue which includes cash rent (including tenant reimbursements) and interest payments. (2) Includes leases for tenants accounted for on a cash basis and/or leases for tenants that have been or are expected to be restructured which generally have a ramp up in cash rent and some permanent reduction in rent after the ramp up period. This category includes AMC. n/a (3) (3) Projected amounts not shown for this category as tenants are on a cash basis and/or agreements have been or are expected to be restructured. 13

DEFERRAL INFORMATION Statistics for the $142M of projected total deferrals and the status of all agreements based on annualized pre-COVID contractual revenue: Average deferral period 12 months Average months deferred 5 months Average collection period 32 months Projected Total Annualized Deferrals Revenue1 No Deferral n/a 18% Executed 86% 67% Sub-total 86% 85% Approved - 1% Pending 14% 13% Vacant n/a 1% Total 100% 100% n/a (3) 14

FINANCIAL HIGHLIGHTS Financial Performance* Quarter ended June 30, 2020 2019(1) $ Change % Change Total Revenue (Continuing Ops) $106.4 $161.7 ($55.3) (34%) Net Income - Common (69.0) 60.6 (129.6) (214%) FFO as adj. – Common* 31.4 105.2 (73.8) (70%) AFFO – Common* 33.3 105.6 (72.3) (68%) Net Income/share – Common (0.90) 0.79 (1.69) (214%) FFO/share - Common, as adj.* 0.41 1.36 (0.95) (70%) AFFO/share - Common* 0.44 1.37 (0.93) (68%) (In millions except per-share data) (1) The operating results of the Company's public charter school portfolio for the three months ended June 30, 2019, include $6.5 million in termination fees, and are included in all metrics in this column except for total revenue from continuing operations. The remaining public charter school portfolio was sold subsequent to this period. * See investor supplementals for the applicable periods for definitions and calculations of these non-GAAP measures 15

CAPITAL MARKETS UPDATE Net Debt to Gross Assets was 41% at 6/30/20 • $3.9B total debt; $3.1B fixed rate or fixed through int. rate swaps at wtd. avg. = 4.50% • $750M drawn on $1B revolver • Weighted average debt maturity ~5 years; No scheduled debt maturities until revolver matures in 2022 • On 6/29/20, amended Credit Agreement and Note Purchase Agreements o Modified certain provisions and waived certain covenants in light of impacts of the COVID-19 pandemic Liquidity Position • $1.0B unrestricted cash • Implies six years of liquidity even at elevated Q2 cash burn rate (assuming no cash would be used for the repayment of principal on current indebtedness) Share Repurchase Plan • Repurchased 4.1M common shares for $106.0M at average price of $26.06 • Suspended program on effective date of covenant modifications 16

EXPECTED REVENUE RECOGNITION AND COLLECTIONS Last 2 Quarters Full Year of 2020 2020 % of pre-COVID contractual cash 65% - 75% 70% - 80% revenue to be recognized % of pre-COVID contractual cash 50% - 60% 55% - 65% revenue to be collected 17

CLOSING COMMENTS 18

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

EX-99.3

Exhibit 99.3

Supplemental Operating and Financial Data

Second Quarter and Six Months Ended June 30, 2020

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
Definitions-Non-GAAP Financial Measures	22
Appendix-Reconciliation of Certain Non-GAAP Financial Measures	25

	Q2 2020 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 COVID-19, our capital resources and liquidity, expected dividend payments, expected liquidity and performance of our customers, including AMC, future expenditures for development projects 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 paying dividends at expected levels, or at all, or 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. While references to commitments for investment spending are based on present commitments and agreements of the Company, we cannot provide assurance that these transactions will be completed on satisfactory terms. 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 filed with the Securities and Exchange Commission ("SEC") on May 11, 2020.

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

NON-GAAP INFORMATION

This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See pages 22 through 24 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 25 through 29.

	Q2 2020 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 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

	Q2 2020 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	Mike Hirons
Senior Vice President and Chief Accounting Officer	Senior Vice President - Asset Management

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/Nick Joseph	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/Craig Mailman	917-368-2280
Ladenburg Thalmann	John Massocca	212-409-2056
Raymond James & Associates	Collin Mings	727-567-2585
RBC Capital Markets	Michael Carroll	440-715-2649
Stifel	Simon Yarmak	443-224-1345
SunTrust Robinson Humphrey	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.

	Q2 2020 Supplemental	Page 5

SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
	THREE MONTHS ENDED JUNE 30,						SIX MONTHS ENDED JUNE 30,
Operating Information:	2020			2019			2020			2019
Revenue (1)	$	106,360		$	161,740		$	257,372		$	312,267
Net (loss) income available to common shareholders of EPR Properties	(68,999		)	60,560			(37,915		)	119,875
EBITDAre (2)	58,537			133,683			173,667			265,179
Adjusted EBITDA (2)	77,801			140,606			207,730			276,745
Interest expense, net (1)	38,340			36,458			73,093			70,421
Capitalized interest	242			1,530			504			4,667
Straight-lined rental revenue	2,229			3,223			(7,479		)	5,637
Dividends declared on preferred shares	6,034			6,034			12,068			12,068
Dividends declared on common shares	30,081			86,097			119,077			170,440
General and administrative expense	10,432			12,230			21,420			24,360
	JUNE 30,
Balance Sheet Information:	2020			2019
Total assets	$	7,002,978		$	6,746,655
Accumulated depreciation	1,034,771			954,806
Cash and cash equivalents	1,006,981			6,927
Total assets before accumulated depreciation less cash and cash equivalents (gross assets)	7,030,768			7,694,534
Debt	3,854,088			3,216,623
Deferred financing costs, net	35,907			31,957
Net debt (2)	2,883,014			3,241,653
Equity	2,736,257			3,044,898
Common shares outstanding	74,613			77,556
Total market capitalization (using EOP closing price)	5,725,973			9,397,591
Net debt/gross assets	41		%	42		%
Net debt/Adjusted EBITDA ratio (3)	Footnote 6			5.8
Adjusted net debt/Annualized adjusted EBITDA ratio (2)(4)(5)	Footnote 6			5.5
(1) Excludes discontinued operations.
(2) See pages 22 through 24 for definitions. See calculation as applicable on page 28.
(3) Adjusted EBITDA in this calculation is for the quarter multiplied times four. See pages 22 through 24 for definitions. See calculation on page 28.
(4) Adjusted net debt is net debt less 40% times property under development. See pages 22 through 24 for definitions.
(5) Annualized adjusted EBITDA is adjusted EBITDA 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 28 under the reconciliation of Adjusted EBITDA and Annualized Adjusted EBITDA. See pages 22 through 24 for definitions.
(6) Not presented as this ratio is not meaningful given the temporary disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.

	Q2 2020 Supplemental	Page 6

SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS	2ND QUARTER 2020			1ST QUARTER 2020			4TH QUARTER 2019			3ND QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019
Real estate investments	$	6,144,830		$	6,208,685		$	6,186,562		$	6,558,790		$	6,553,052		$	5,992,707
Less: accumulated depreciation	(1,034,771		)	(1,023,993		)	(989,254		)	(989,480		)	(954,806		)	(920,409		)
Land held for development	26,244			28,080			28,080			28,080			28,080			28,080
Property under development	39,039			30,063			36,756			31,825			80,695			315,237
Operating lease right-of-use assets	189,058			207,605			211,187			219,459			220,758			211,299
Mortgage notes and related accrued interest receivable	357,668			356,666			357,391			413,695			550,131			527,627
Investment in direct financing leases, net	—			—			—			20,727			20,675			20,616
Investment in joint ventures	28,925			33,897			34,317			35,222			35,658			35,188
Cash and cash equivalents	1,006,981			1,225,122			528,763			115,839			6,927			11,116
Restricted cash	2,615			4,583			2,677			5,929			5,010			11,166
Accounts receivable	134,774			72,537			86,858			99,190			108,433			111,146
Other assets	107,615			112,095			94,174			94,014			92,042			87,458
Total assets	$	7,002,978		$	7,255,340		$	6,577,511		$	6,633,290		$	6,746,655		$	6,431,231
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	96,454		$	112,167		$	122,939		$	121,351		$	126,015		$	117,746
Operating lease liabilities	229,030			232,343			235,650			244,358			245,372			235,612
Common dividends payable	19			30,063			29,424			29,340			29,084			28,306
Preferred dividends payable	6,034			6,034			6,034			6,034			6,034			6,034
Unearned rents and interest	81,096			84,190			74,829			89,797			78,629			85,012
Line of credit	750,000			750,000			—			—			240,000			70,000
Deferred financing costs, net	(35,907		)	(35,933		)	(37,165		)	(38,384		)	(31,957		)	(32,838		)
Other debt	3,139,995			3,139,995			3,139,995			3,139,995			3,008,580			3,008,580
Total liabilities	4,266,721			4,318,859			3,571,706			3,592,491			3,701,757			3,518,452
Equity:
Common stock and additional paid-in-capital	3,849,803			3,845,911			3,835,674			3,815,278			3,759,032			3,597,916
Preferred stock at par value	148			148			148			148			148			148
Treasury stock	(260,351		)	(154,357		)	(147,435		)	(147,435		)	(147,143		)	(146,906		)
Accumulated other comprehensive income	(4,331		)	(5,289		)	7,275			4,659			5,174			8,397
Distributions in excess of net income	(849,012		)	(749,932		)	(689,857		)	(631,851		)	(572,313		)	(546,776		)
Total equity	2,736,257			2,936,481			3,005,805			3,040,799			3,044,898			2,912,779
Total liabilities and equity	$	7,002,978		$	7,255,340		$	6,577,511		$	6,633,290		$	6,746,655		$	6,431,231

	Q2 2020 Supplemental	Page 7

SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)
	2ND QUARTER 2020			1ST QUARTER 2020			4TH QUARTER 2019			3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019
Rental revenue	$	97,531		$	135,043		$	154,765		$	150,962		$	147,003		$	140,292
Other income	416			7,573			8,386			11,464			5,726			344
Mortgage and other financing income	8,413			8,396			7,195			6,930			9,011			9,891
Total revenue	106,360			151,012			170,346			169,356			161,740			150,527
Property operating expense	15,329			13,093			16,097			14,494			14,597			15,551
Other expense	2,798			9,534			10,173			11,403			8,091			—
General and administrative expense	10,432			10,988			10,831			11,600			12,230			11,710
Severance expense	—			—			423			1,521			—			420
Costs associated with loan refinancing or payoff	820			—			—			38,269			—			—
Interest expense, net	38,340			34,753			34,914			36,667			36,458			33,963
Transaction costs	771			1,075			5,784			5,959			6,923			5,123
Credit loss expense	3,484			1,192			—			—			—			—
Impairment charges	51,264			—			2,206			—			—			—
Depreciation and amortization	42,450			43,810			42,398			41,644			38,790			36,002
(Loss) income before equity in (loss) income from joint ventures, other items and discontinued operations	(59,328		)	36,567			47,520			7,799			44,651			47,758
Equity in (loss) income from joint ventures	(1,724		)	(420		)	(905		)	(435		)	470			489
Impairment charges on joint ventures	(3,247		)	—			—			—			—			—
Gain (loss) on sale of real estate	22			220			3,717			845			—			(388		)
Income tax benefit	1,312			751			530			600			1,300			605
(Loss) income from continuing operations	(62,965		)	37,118			50,862			8,809			46,421			48,464
Discontinued operations:
Income from discontinued operations before other items	—			—			4,937			11,736			10,399			10,169
Impairment on public charter school portfolio sale	—			—			(21,433		)	—			—			—
Gain on sale of real estate from discontinued operations	—			—			1,931			13,458			9,774			6,716
(Loss) income from discontinued operations	—			—			(14,565		)	25,194			20,173			16,885
Net (loss) income	(62,965		)	37,118			36,297			34,003			66,594			65,349
Preferred dividend requirements	(6,034		)	(6,034		)	(6,034		)	(6,034		)	(6,034		)	(6,034		)
Net (loss) income available to common shareholders of EPR Properties	$	(68,999	)	$	31,084		$	30,263		$	27,969		$	60,560		$	59,315

	Q2 2020 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 2020			1ST QUARTER 2020			4TH QUARTER 2019			3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019
Net (loss) income available to common shareholders of EPR Properties	$	(68,999	)	$	31,084		$	30,263		$	27,969		$	60,560		$	59,315
Gain on sale of real estate	(22		)	(220		)	(5,648		)	(14,303		)	(9,774		)	(6,328		)
Impairment of real estate investments, net (2)	36,255			—			23,639			—			—			—
Real estate depreciation and amortization	42,151			43,525			44,242			44,863			42,098			39,514
Allocated share of joint venture depreciation	378			383			551			553			554			555
Impairment charges on joint ventures	3,247			—			—			—			—			—
FFO available to common shareholders of EPR Properties	$	13,010		$	74,772		$	93,047		$	59,082		$	93,438		$	93,056
FFO available to common shareholders of EPR Properties	$	13,010		$	74,772		$	93,047		$	59,082		$	93,438		$	93,056
Add: Preferred dividends for Series C preferred shares	—			1,939			1,937			—			1,939			1,939
Add: Preferred dividends for Series E preferred shares	—			1,939			1,939			—			1,939			1,939
Diluted FFO available to common shareholders of EPR Properties	$	13,010		$	78,650		$	96,923		$	59,082		$	97,316		$	96,934
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties	$	13,010		$	74,772		$	93,047		$	59,082		$	93,438		$	93,056
Costs associated with loan refinancing or payoff	820			—			43			38,407			—			—
Transaction costs	771			1,075			5,784			5,959			6,923			5,123
Severance expense	—			—			423			1,521			—			420
Termination fee included in gain on sale	—			—			1,217			11,324			6,533			5,001
Impairment of operating lease right-of-use assets (2)	15,009			—			—			—			—			—
Credit loss expense	3,484			1,192			—			—			—			—
Deferred income tax benefit	(1,676		)	(1,113		)	(847		)	(984		)	(1,675		)	(609		)
FFO as adjusted available to common shareholders of EPR Properties	$	31,418		$	75,926		$	99,667		$	115,309		$	105,219		$	102,991
FFO as adjusted available to common shareholders of EPR Properties	$	31,418		$	75,926		$	99,667		$	115,309		$	105,219		$	102,991
Add: Preferred dividends for Series C preferred shares	—			1,939			1,937			1,939			1,939			1,939
Add: Preferred dividends for Series E preferred shares	—			1,939			1,939			1,939			1,939			1,939
Diluted FFO as adjusted available to common shareholders of EPR Properties	$	31,418		$	79,804		$	103,543		$	119,187		$	109,097		$	106,869
FFO per common share:
Basic	$	0.17		$	0.95		$	1.19		$	0.76		$	1.23		$	1.25
Diluted	0.17			0.95			1.18			0.76			1.22			1.23
FFO as adjusted per common share:
Basic	$	0.41		$	0.97		$	1.27		$	1.49		$	1.38		$	1.38
Diluted	0.41			0.97			1.26			1.46			1.36			1.36
Shares used for computation (in thousands):
Basic	76,310			78,467			78,456			77,632			76,164			74,679
Diluted	76,310			78,476			78,485			77,664			76,199			74,725
Effect of dilutive Series C preferred shares	—			2,232			2,184			2,170			2,158			2,145
Effect of dilutive Series E preferred shares	—			1,664			1,640			1,634			1,628			1,622
Adjusted weighted-average shares outstanding-diluted Series C and Series E	76,310			82,372			82,309			81,468			79,985			78,492
(1) See pages 22 through 24 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.
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income.

	Q2 2020 Supplemental	Page 9

ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):	2ND QUARTER 2020			1ST QUARTER 2020			4TH QUARTER 2019			3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019
FFO available to common shareholders of EPR Properties	$	13,010		$	74,772		$	93,047		$	59,082		$	93,438		$	93,056
Adjustments:
Costs associated with loan refinancing or payoff	820			—			43			38,407			—			—
Transaction costs	771			1,075			5,784			5,959			6,923			5,123
Impairment of operating lease right-of-use assets (2)	15,009			—			—			—			—			—
Credit loss expense	3,484			1,192			—			—			—			—
Severance expense	—			—			423			1,521			—			420
Termination fees included in gain on sale	—			—			1,217			11,324			6,533			5,001
Deferred income tax benefit	(1,676		)	(1,113		)	(847		)	(984		)	(1,675		)	(609		)
Non-real estate depreciation and amortization	299			285			288			271			257			229
Deferred financing fees amortization	1,651			1,634			1,621			1,552			1,517			1,502
Share-based compensation expense to management and trustees	3,463			3,509			3,349			3,372			3,283			3,177
Amortization of above/below market leases, net and tenant allowances	(108		)	(152		)	(119		)	(107		)	(58		)	(59		)
Maintenance capital expenditures (3)	(1,291		)	(928		)	(2,276		)	(2,370		)	(510		)	(297		)
Straight-lined rental revenue	(2,229		)	9,708			(3,516		)	(4,399		)	(3,223		)	(2,414		)
Straight-lined ground sublease expense	207			176			237			256			205			184
Non-cash portion of mortgage and other financing income	(97		)	(91		)	(91		)	(237		)	(1,069		)	(1,014		)
AFFO available to common shareholders of EPR Properties	$	33,313		$	90,067		$	99,160		$	113,647		$	105,621		$	104,299
AFFO available to common shareholders of EPR Properties	$	33,313		$	90,067		$	99,160		$	113,647		$	105,621		$	104,299
Add: Preferred dividends for Series C preferred shares	—			1,939			1,937			1,939			1,939			1,939
Add: Preferred dividends for Series E preferred shares	—			1,939			1,939			1,939			1,939			1,939
Diluted AFFO available to common shareholders of EPR Properties	$	33,313		$	93,945		$	103,036		$	117,525		$	109,499		$	108,177
Weighted average diluted shares outstanding (in thousands)	76,310			78,476			78,485			77,664			76,199			74,725
Effect of dilutive Series C preferred shares	—			2,232			2,184			2,170			2,158			2,145
Effect of dilutive Series E preferred shares	—			1,664			1,640			1,634			1,628			1,622
Adjusted weighted-average shares outstanding-diluted	76,310			82,372			82,309			81,468			79,985			78,492
AFFO per diluted common share	$	0.44		$	1.14		$	1.25		$	1.44		$	1.37		$	1.38
Dividends declared per common share	$	0.3825		$	1.1325		$	1.1250		$	1.1250		$	1.1250		$	1.1250
AFFO payout ratio (4)	87		%	99		%	90		%	78		%	82		%	82		%
(1) See pages 22 through 24 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 suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income.

	Q2 2020 Supplemental	Page 10

CAPITAL STRUCTURE AS OF JUNE 30, 2020
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
	BONDS/TERM LOAN/OTHER (1) (2)		UNSECURED CREDIT FACILITY (3)			UNSECURED SENIOR NOTES			TOTAL			WEIGHTED AVG INTEREST RATE
YEAR
2020	$	—	$	—		$	—		$	—		—%
2021	—		—			—			—			—%
2022	—		750,000			—			750,000			2.25%
2023	400,000		—			275,000			675,000			4.41%
2024	—		—			148,000			148,000			5.00%
2025	—		—			300,000			300,000			4.50%
2026	—		—			642,000			642,000			4.89%
2027	—		—			450,000			450,000			4.50%
2028	—		—			400,000			400,000			4.95%
2029	—		—			500,000			500,000			3.75%
2030	—		—			—			—			—%
Thereafter	24,995		—			—			24,995			1.39%
Less: deferred financing costs, net	—		—			—			(35,907		)	—%
	$	424,995	$	750,000		$	2,715,000		$	3,854,088		4.06%
			BALANCE			WEIGHTED AVG INTEREST RATE			WEIGHTED AVG MATURITY
Fixed rate unsecured debt (1)			$	3,115,000		4.52		%	6.04
Fixed rate secured debt (2)			24,995			1.39		%	27.09
Variable rate unsecured debt			750,000			2.25		%	1.66
Less: deferred financing costs, net			(35,907		)	—		%	—
Total			$	3,854,088		4.06		%	5.33
(1) Includes $400 million of term loan that has been fixed through interest rate swaps through February 7, 2022.
(2) Includes $25 million of secured bonds that have been fixed through interest rate swaps through September 30, 2024.
(3) Unsecured Revolving Credit Facility Summary:
			BALANCE						RATE
	COMMITMENT		AT 6/30/2020			MATURITY			AT 6/30/2020
	$1,000,000		$	750,000		February 27, 2022			2.25%
	Note: This facility has a seven-month extension available at the Company's option (solely with respect to the unsecured revolving credit portion of the facility) and includes an accordion feature pursuant to which the maximum borrowing amount under the combined unsecured revolving credit and term loan facility can be increased from $1.4 billion to $2.4 billion, in each case, subject to certain terms and conditions.

	Q2 2020 Supplemental	Page 11

CAPITAL STRUCTURE AS OF JUNE 30, 2020 AND DECEMBER 31, 2019
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT (continued)
SUMMARY OF DEBT:	June 30, 2020			December 31, 2019
Unsecured revolving variable rate credit facility, LIBOR + 1.375% during covenant relief period, LIBOR + 1.00% thereafter, due February 27, 2022 (1)(2)(3)	$	750,000		$	—
Unsecured term loan payable, LIBOR + 1.75% during covenant relief period, LIBOR + 1.10% thereafter, $350,000 fixed at 3.80% and $50,000 fixed at 4.00% during the covenant relief period and 3.15% and 3.35%, respectively, thereafter, through February 7, 2022, due February 27, 2023 (1)(2)	400,000			400,000
Senior unsecured notes payable, 5.25%, due July 15, 2023	275,000			275,000
Senior unsecured notes payable, 5.00% during covenant relief period, 4.35% thereafter, due August 22, 2024 (1)	148,000			148,000
Senior unsecured notes payable, 4.50%, due April 1, 2025	300,000			300,000
Senior unsecured notes payable, 5.21% during covenant relief period, 4.56% thereafter, due August 22, 2026 (1)	192,000			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	(35,907		)	(37,165		)
Total debt	$	3,854,088		$	3,102,830

(1) On June 29, 2020, the Company amended its Consolidated Credit Agreement and its Note Purchase Agreement governing its private placement notes. The amendments modified certain provisions and waived certain covenants of the revolving credit and term loan facilities and the private placement notes in light of the continuing financial and operational impacts of the COVID-19 pandemic on the Company and its tenants and borrowers. The changes are generally effective during the covenant relief period, which began at the execution of the amendments and end on the earlier of April 1, 2021 or when the Company provides notice that it elects to terminate the covenant relief period.

(2) The unsecured revolving credit facility and unsecured term loan have a LIBOR floor of 0.50% during the covenant relief period and a LIBOR floor of zero thereafter.

(3) The unsecured revolving credit facility is subject to a facility fee of 0.375% during the covenant relief period and 0.20% thereafter.

	Q2 2020 Supplemental	Page 12

CAPITAL STRUCTURE
SENIOR NOTES
SENIOR DEBT RATINGS AS OF JUNE 30, 2020
Moody's	Baa2 (negative)
Fitch	BBB- (negative)
Standard and Poor's	BBB- (negative)
SUMMARY OF COVENANTS
The Company has outstanding public senior unsecured notes with fixed interest rates of 3.75%, 4.50%, 4.75%, 4.95% and 5.25%. 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 June 30, 2020 and March 31, 2020 are:
		Actual	Actual
NOTE COVENANTS	Required	2nd Quarter 2020 (1)	1st Quarter 2020 (1)
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	49%	47%
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	3.4x	3.8x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	192%	200%
(1) See page 14 for details of calculations.

	Q2 2020 Supplemental	Page 13

CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)
COVENANT CALCULATIONS
TOTAL ASSETS:	June 30, 2020						TOTAL DEBT:							June 30, 2020
Total Assets per balance sheet	$	7,002,978					Secured debt obligations							$	24,995
Add: accumulated depreciation	1,034,771						Unsecured debt obligations:
Less: intangible assets, net	(44,160		)				Unsecured debt							3,865,000
Total Assets	$	7,993,589					Outstanding letters of credit							—
							Guarantees							—
							Derivatives at fair market value, net, if liability							5,837
							Total unsecured debt obligations:							3,870,837
TOTAL UNENCUMBERED ASSETS:	June 30, 2020						Total Debt							$	3,895,832
Unencumbered real estate assets, gross	$	6,369,118
Cash and cash equivalents	1,006,981
Land held for development	26,244
Property under development	39,039
Total Unencumbered Assets	$	7,441,382
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	2ND QUARTER 2020			1ST QUARTER 2020			4TH QUARTER 2019			3RD QUARTER 2019				TRAILING TWELVE MONTHS
Adjusted EBITDA per bond documents (1)	$	77,801		$	117,397		$	140,350		$	147,196		(2)	$	482,744
Less: straight-line rental revenue	(2,229		)	9,708			(3,516		)	(4,399		)		(436		)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	75,572		$	127,105		$	136,834		$	142,797			$	482,308
ANNUAL DEBT SERVICE:
Interest expense, gross	$	39,281		$	36,794		$	36,442		$	37,575			$	150,092
Less: deferred financing fees amortization	(1,651		)	(1,634		)	(1,621		)	(1,552		)		(6,458		)
ANNUAL DEBT SERVICE	$	37,630		$	35,160		$	34,821		$	36,023			$	143,634
DEBT SERVICE COVERAGE	2.0			3.6			3.9			4.0				3.4
(1) Includes straight-line rental revenue write-offs.
(2) Includes prepayment fees.
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income.

	Q2 2020 Supplemental	Page 14

CAPITAL STRUCTURE AS OF JUNE 30, 2020
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)
EQUITY
SECURITY	SHARES OUTSTANDING	PRICE PER SHARE AT JUNE 30, 2020	LIQUIDIATION PREFERENCE	DIVIDEND RATE	CONVERTIBLE	CONVERSION RATIO AT JUNE 30, 2020	CONVERSION PRICE AT JUNE 30, 2020
Common shares	74,612,838	$33.13	N/A	(1)	N/A	N/A	N/A
Series C	5,394,050	$18.21	$134,851	5.750%	Y	0.4137	$60.43
Series E	3,447,381	$25.77	$86,185	9.000%	Y	0.4826	$51.80
Series G	6,000,000	$17.09	$150,000	5.750%	N	N/A	N/A
(1) Total monthly dividends declared in the second quarter of 2020 were $0.3825 per share. The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.

	Q2 2020 Supplemental	Page 15

SUMMARY OF RATIOS
(UNAUDITED)
	2ND QUARTER 2020	1ST QUARTER 2020	4TH QUARTER 2019	3RD QUARTER 2019	2ND QUARTER 2019	1ST QUARTER 2019
Net debt to gross assets	41%	38%	35%	40%	42%	42%
Net debt/Adjusted EBITDA ratio (1)(2)	Footnote 9	5.1	4.7	5.2	5.8	5.6
Adjusted net debt/Annualized adjusted EBITDA ratio (3)(4)	Footnote 9	4.9	4.8	5.2	5.5	5.4
Interest coverage ratio (5)	Footnote 9	3.6	3.8	3.8	3.7	3.7
Fixed charge coverage ratio (5)	Footnote 9	3.1	3.3	3.3	3.2	3.2
Debt service coverage ratio (5)	Footnote 9	3.6	3.8	3.8	3.7	3.7
FFO payout ratio (6)	225%	119%	95%	148%	92%	91%
FFO as adjusted payout ratio (7)	93%	117%	89%	77%	83%	83%
AFFO payout ratio (8)	87%	99%	90%	78%	82%	82%
(1) See pages 22 through 24 for definitions.
(2) Adjusted EBITDA is for the quarter multiplied times four. See calculation on page 28.
(3) Adjusted net debt is net debt less 40% times property under development. See pages 22 through 24 for definitions.
(4) Annualized adjusted EBITDA is Adjusted EBITDA 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 28 under the reconciliation of Adjusted EBITDA and Annualized Adjusted EBITDA. See pages 22 through 24 for definitions.
(5) See page 26 for detailed calculation.
(6) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share. The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.
(7) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share. The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.
(8) 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 suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.
(9) Not presented as ratio is not meaningful given the temporary disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.

	Q2 2020 Supplemental	Page 16

SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
					CARRYING AMOUNT AS OF (2)
DESCRIPTION	INTEREST RATE	PAYOFF DATE/MATURITY DATE	OUTSTANDING PRINCIPAL AMOUNT OF MORTGAGE		JUNE 30, 2020		DECEMBER 31, 2019 (1)
Attraction property Powells Point, North Carolina	7.75%	6/30/2025	$	27,423	$	26,480	$	27,423
Fitness & wellness property Omaha, Nebraska	7.85%	1/3/2027	10,905		11,002		10,977
Fitness & wellness property Merriam, Kansas	7.55%	7/31/2029	8,384		8,515		5,985
Ski property Girdwood, Alaska	8.25%	12/31/2029	37,000		36,975		37,000
Fitness & wellness property Omaha, Nebraska	7.85%	6/30/2030	5,773		5,889		5,803
Experiential lodging property Nashville, Tennessee	6.99%	9/30/2031	71,223		68,311		70,396
Eat & play property Austin, Texas	11.31%	6/1/2033	11,488		11,814		11,582
Ski property West Dover and Wilmington, Vermont	11.78%	12/1/2034	51,050		51,023		51,050
Four ski properties Ohio and Pennsylvania	10.75%	12/1/2034	37,562		37,392		37,562
Ski property Chesterland, Ohio	11.21%	12/1/2034	4,550		4,367		4,550
Ski property Hunter, New York	8.57%	1/5/2036	21,000		20,999		21,000
Eat & play property Midvale, Utah	10.25%	5/31/2036	17,505		17,952		17,505
Eat & play property West Chester, Ohio	9.75%	8/1/2036	18,068		18,498		18,068
Private school property Mableton, Georgia	9.02%	4/30/2037	4,674		5,055		5,048
Fitness & wellness property Fort Collins, Colorado	7.85%	1/31/2038	10,292		10,235		10,360
Early childhood education center Lake Mary, Florida	7.87%	5/9/2039	4,200		4,304		4,258
Eat & play property Eugene, Oregon	8.13%	6/17/2039	14,700		14,799		14,800
Early childhood education center Lithia, Florida	8.25%	10/31/2039	3,959		4,058		4,024
Total			$	359,756	$	357,668	$	357,391

(1) Balances as of December 31, 2019 are prior to the adoption of ASC Topic 326.

(2) Amounts include accrued interest.

	Q2 2020 Supplemental	Page 17

INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED JUNE 30, 2020
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	2,010	$	50	$	1,960	$	—	$	—	$	—
Eat & Play	7,718		7,028		690		—		—		—
Attractions	11		—		11		—		—		—
Experiential Lodging	1,309		1,128		181		—		—		—
Cultural	146		—		146		—		—		—
Fitness & Wellness	442		—		—		—		442		—
Total Experiential	11,636		8,206		2,988		—		442		—
Early Childhood Education Centers	—		—		—		—		—		—
Total Education	—		—		—		—		—		—
Total Investment Spending	$	11,636	$	8,206	$	2,988	$	—	$	442	$	—
INVESTMENT SPENDING SIX MONTHS ENDED JUNE 30, 2020
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	26,118	$	700	$	3,310	$	22,108	$	—	$	—
Eat & Play	12,791		12,013		778		—		—		—
Attractions	970		—		970		—		—		—
Experiential Lodging	11,106		10,708		398		—		—		—
Cultural	152		—		152		—		—		—
Fitness & Wellness	2,441		—		—		—		2,441		—
Total Experiential	53,578		23,421		5,608		22,108		2,441		—
Early Childhood Education Centers	3		—		—		—		3		—
Total Education	3		—		—		—		3		—
Total Investment Spending	$	53,581	$	23,421	$	5,608	$	22,108	$	2,444	$	—
2020 DISPOSITIONS
	THREE MONTHS ENDED JUNE 30, 2020						SIX MONTHS ENDED JUNE 30, 2020
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
Early Childhood Education Centers	932		932		—		3,839		3,839		—
Total Dispositions	$	932	$	932	$	—	$	3,839	$	3,839	$	—

	Q2 2020 Supplemental	Page 18

PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT JUNE 30, 2020 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)
	JUNE 30, 2020			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
	PROPERTY UNDER DEVELOPMENT		# OF PROJECTS	3RD QUARTER 2020		4TH QUARTER 2020		1ST QUARTER 2021		2ND QUARTER 2021		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Total Build-to-Suit (3)	$	22,632	6	$	14,226	$	11,965	$	9,700	$	8,900	$	4,000	$	71,423	100		%
Non Build-to-Suit Development	16,407
Total Property Under Development	$	39,039
			JUNE 30, 2020	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
			# OF PROJECTS	3RD QUARTER 2020		4TH QUARTER 2020		1ST QUARTER 2021		2ND QUARTER 2021		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 2ND QUARTER 2020
Total Build-to-Suit			6	$	—	$	21,165	$	21,624	$	28,634	$	—	$	71,423	$	—
	JUNE 30, 2020			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
	MORTGAGE NOTES RECEIVABLE		# OF PROJECTS	3RD QUARTER 2020		4TH QUARTER 2020		1ST QUARTER 2021		2ND QUARTER 2021		THEREAFTER		TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes	$	51,379	3	$	3,044	$	4,133	$	4,133	$	2,500	$	11,243	$	76,432
Non Build-to-Suit Mortgage Notes	306,289
Total Mortgage Notes Receivable	$	357,668
(1) This schedule includes only those properties for which the Company has commenced construction as of June 30, 2020
(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 estimates for this are estimated at $14.6 million for 2020.
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.

	Q2 2020 Supplemental	Page 19

LEASE EXPIRATIONS
AS OF JUNE 30, 2020
(UNAUDITED, DOLLARS IN THOUSANDS)
YEAR	TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED JUNE 30, 2020 (1)(2)		% OF TOTAL REVENUE (2)
2020	—	$	—	—	%
2021	—	—		—	%
2022	2	2,465		—	%
2023	3	1,737		—	%
2024	6	8,955		2	%
2025	2	2,680		—	%
2026	10	17,621		3	%
2027	13	26,875		5	%
2028	11	19,322		3	%
2029	13	19,603		3	%
2030	22	27,886		5	%
2031	17	13,957		2	%
2032	22	27,102		5	%
2033	10	12,513		2	%
2034	47	80,503		13	%
2035	28	67,944		11	%
2036	21	39,256		7	%
2037	34	62,877		11	%
2038	14	24,851		4	%
2039	24	16,278		3	%
Thereafter	37	28,455		5	%
	336	$	500,880	84	%
Note: This schedule excludes non-theatre tenant leases within the Company's entertainment districts, properties under development, land held for development, properties operated by the Company and investments in mortgage notes receivable. This schedule reflects lease extensions related to Regal and AMC that occurred subsequent to June 30, 2020.
(1) Rental revenue for the trailing twelve months ended June 30, 2020 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 June 30, 2020 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).
(2) Excludes revenue from discontinued operations and includes the write-offs of straight line rent receivables of $13.0 million against rental revenue during the six months ended June 30, 2020.

	Q2 2020 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 SIX MONTHS ENDED
	CUSTOMERS	JUNE 30, 2020	JUNE 30, 2020
1.	Topgolf	18.9%	15.6%
2.	Regal Entertainment Group	16.7%	15.2%
3.	Cinemark	9.9%	8.1%
4.	Vail Resorts	6.5%	5.3%
5.	Basis Independent Schools	5.2%	4.3%
6.	Camelback Resort	4.9%	4.0%
7.	Six Flags	3.8%	3.1%
8.	Endeavor Schools	3.5%	2.9%
9.	Empire Resorts	2.1%	2.2%
10.	AMC Theatres (1)	1.9%	8.6%
	Total	73.4%	69.3%

(1) During the six months ended June 30, 2020, the Company wrote-off $9.2 million of straight-line receivables to straight-line rental revenue classified in rental revenue in the consolidated statements of (loss) income. The Company began recognizing revenue on a cash basis for AMC in the first quarter of 2020 and cash payments have been reduced due to the impact of COVID-19.

	Q2 2020 Supplemental	Page 21

DEFINITIONS - NON-GAAP FINANCIAL MEASURES

EBITDAre

The National Association of Real Estate Investment Trusts (“NAREIT”) developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income, computed in accordance with GAAP, excluding interest expense (net), income tax (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 EBITDA AND ANNUALIZED ADJUSTED EBITDA

Management uses Adjusted EBITDA in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDA 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 EBITDA as EBITDAre (defined above) for the quarter excluding severance expense, credit loss 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 EBITDA is Adjusted EBITDA 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. For the three months ended March 31, 2020, Adjusted EBITDA was further adjusted to reflect the write-offs of straight line rent receivables against rental revenue of $12.5 million related to the impact of the COVID-19 disruption.

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

NET DEBT 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.

NET DEBT TO ADJUSTED EBITDA RATIO AND ADJUSTED NET DEBT TO ANNUALIZED ADJUSTED EBITDA RATIO

Net Debt to Adjusted EBITDA ratio and Adjusted Net Debt to Annualized Adjusted EBITDA 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

	Q2 2020 Supplemental	Page 22

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

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

In addition to FFO, the Company presents AFFO by adding to FFO costs associated with loan refinancing or payoff, transaction costs, credit loss expense, severance expense, preferred share redemption costs, 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 impact of straight-line ground sublease expense), non-cash portion of mortgage and other financing income and deferred income tax (benefit) expense. AFFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share and management provides AFFO herein because it believes this information is useful to investors in this regard. AFFO is a non-GAAP financial measure. AFFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or its cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate AFFO the same way so comparisons with other REITs may not be meaningful.

	Q2 2020 Supplemental	Page 23

INTEREST COVERAGE RATIO

The interest coverage ratio is calculated as the interest coverage amount divided by interest expense, gross. The Company calculates the interest coverage amount by adding to net income impairment charges, credit loss 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 previously held equity interest, gain on early extinguishment of debt, prepayment fees and deferred income tax benefit (expense). The Company calculated 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.

	Q2 2020 Supplemental	Page 24

Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

Second Quarter and Six Months Ended June 30, 2020

	Q2 2020 Supplemental	Page 25

CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	2ND QUARTER 2020			1ST QUARTER 2020			4TH QUARTER 2019			3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019
Net (loss) income	$	(62,965	)	$	37,118		$	36,297		$	34,003		$	66,594		$	65,349
Impairment charges	51,264			—			23,639			—			—			—
Impairment charges on joint ventures	3,247			—			—			—			—			—
Transaction costs	771			1,075			5,784			5,959			6,923			5,123
Credit loss expense	3,484			1,192			—			—			—			—
Interest expense, gross	39,281			36,794			36,442			37,575			37,999			37,138
Severance expense	—			—			423			1,521			—			420
Depreciation and amortization	42,450			43,810			44,530			45,134			42,355			39,743
Share-based compensation expense
to management and trustees	3,463			3,509			3,348			3,372			3,283			3,177
Costs associated with loan refinancing or payoff	820			—			43			38,407			—			—
Interest cost capitalized	(242		)	(262		)	(273		)	(386		)	(1,530		)	(3,137		)
Straight-line rental revenue	(2,229		)	9,708			(3,516		)	(4,399		)	(3,223		)	(2,414		)
Gain on sale of real estate	(22		)	(220		)	(5,648		)	(14,303		)	(9,774		)	(6,328		)
Prepayment fees	—			—			—			(1,760		)	—			(900		)
Deferred income tax benefit	(1,676		)	(1,113		)	(847		)	(984		)	(1,675		)	(609		)
Interest coverage amount	$	77,646		$	131,611		$	140,222		$	144,139		$	140,952		$	137,562
Interest expense, net	$	38,340		$	34,753		$	34,907		$	36,640		$	36,278		$	33,826
Interest income	699			1,779			1,262			549			191			175
Interest cost capitalized	242			262			273			386			1,530			3,137
Interest expense, gross	$	39,281		$	36,794		$	36,442		$	37,575		$	37,999		$	37,138
Interest coverage ratio	Footnote 2			3.6			3.8			3.8			3.7			3.7
FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	77,646		$	131,611		$	140,222		$	144,139		$	140,952		$	137,562
Interest expense, gross	$	39,281		$	36,794		$	36,442		$	37,575		$	37,999		$	37,138
Preferred share dividends	6,034			6,034			6,034			6,034			6,034			6,034
Fixed charges	$	45,315		$	42,828		$	42,476		$	43,609		$	44,033		$	43,172
Fixed charge coverage ratio	Footnote 2			3.1			3.3			3.3			3.2			3.2
DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	77,646		$	131,611		$	140,222		$	144,139		$	140,952		$	137,562
Interest expense, gross	$	39,281		$	36,794		$	36,442		$	37,575		$	37,999		$	37,138
Recurring principal payments	—			—			—			—			—			—
Debt service	$	39,281		$	36,794		$	36,442		$	37,575		$	37,999		$	37,138
Debt service coverage ratio	Footnote 2			3.6			3.8			3.8			3.7			3.7
(1) See pages 22 through 24 for definitions.
(2) Not presented as this ratio is not meaningful given the temporary disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income.

	Q2 2020 Supplemental	Page 26

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 26 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:
	2ND QUARTER 2020			1ST QUARTER 2020			4TH QUARTER 2019			3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019
Net cash (used) provided by operating activities	$	(31,631	)	$	89,044		$	102,268		$	127,506		$	87,372		$	122,384
Equity in (loss) income from joint ventures	(1,724		)	(420		)	(905		)	(435		)	470			489
Distributions from joint ventures	—			—			—			—			—			(112		)
Amortization of deferred financing costs	(1,651		)	(1,634		)	(1,621		)	(1,552		)	(1,517		)	(1,502		)
Amortization of above and below market leases, net and tenant allowances	108			152			119			107			58			59
Changes in assets and liabilities, net:
Amortization of operating lease assets and liabilities	(287		)	(273		)	(161		)	(1,323		)	735			(445		)
Mortgage notes and related accrued interest receivable	2,613			512			(8		)	(1,155		)	1,409			135
Accounts receivable	62,163			(14,149		)	14,320			(500		)	2,234			(14,669		)
Direct financing lease receivable	—			—			17			52			59			58
Other assets	819			4,454			(1,888		)	(2,245		)	(239		)	5,673
Accounts payable and accrued liabilities	6,555			13,517			(21,851		)	(5,639		)	4,634			(4,684		)
Unearned rents and interest	3,100			(6,907		)	11,132			(8,769		)	5,568			(5,951		)
Straight-line rental revenue	(2,229		)	9,708			(3,516		)	(4,399		)	(3,223		)	(2,414		)
Interest expense, gross	39,281			36,794			36,442			37,575			37,999			37,138
Interest cost capitalized	(242		)	(262		)	(273		)	(386		)	(1,530		)	(3,137		)
Transaction costs	771			1,075			5,784			5,959			6,923			5,123
Severance expense (cash portion)	—			—			363			1,103			—			317
Prepayment fees	—			—			—			(1,760		)	—			(900		)
Interest coverage amount (1)	$	77,646		$	131,611		$	140,222		$	144,139		$	140,952		$	137,562
Net cash (used) provided by investing activities	$	(13,219	)	$	(39,759	)	$	381,255		$	176,446		$	(333,363	)	$	(127,833	)
Net cash (used) provided by financing activities	$	(175,358	)	$	649,237		$	(73,886	)	$	(194,098	)	$	235,607		$	9,154
(1) See pages 22 through 24 for definitions.

	Q2 2020 Supplemental	Page 27

RECONCILIATION OF EBITDAre, ADJUSTED EBITDA, ANNUALIZED ADJUSTED EBITDA AND ANNUALIZED ADJUSTED REVENUE
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDA (3):	2ND QUARTER 2020			1ST QUARTER 2020			4TH QUARTER 2019			3RD QUARTER 2019			2ND QUARTER 2019			1ST QUARTER 2019
Net (loss) income	$	(62,965	)	$	37,118		$	36,297		$	34,003		$	66,594		$	65,349
Interest expense, net	38,340			34,753			34,907			36,640			36,278			33,826
Income tax benefit	(1,312		)	(751		)	(530		)	(600		)	(1,300		)	(605		)
Depreciation and amortization	42,450			43,810			44,530			45,134			42,355			39,743
Gain on sale of real estate	(22		)	(220		)	(5,648		)	(14,303		)	(9,774		)	(6,328		)
Impairment of real estate investments, net (2)	36,255			—			23,639			—			—			—
Costs associated with loan refinancing or payoff	820			—			43			38,407			—			—
Equity in loss (income) from joint ventures	1,724			420			905			435			(470		)	(489		)
Impairment charges on joint ventures	3,247			—			—			—			—			—
EBITDAre	$	58,537		$	115,130		$	134,143		$	139,716		$	133,683		$	131,496
Severance expense	—			—			423			1,521			—			420
Transaction costs	771			1,075			5,784			5,959			6,923			5,123
Credit loss expense	3,484			1,192			—			—			—			—
Straight-line rental revenue write-offs (1)	—			12,532			—			—			—			—
Impairment of operating lease right-of-use assets (2)	15,009			—			—			—			—			—
Prepayment fees	—			—			—			(1,760		)	—			(900		)
Adjusted EBITDA (for the quarter)	$	77,801		$	129,929		$	140,350		$	145,436		$	140,606		$	136,139
Adjusted EBITDA (4)	Footnote 9			$	519,716		$	561,400		$	581,744		$	562,424		$	544,556
ANNUALIZED ADJUSTED EBITDA (3):
Adjusted EBITDA (for the quarter)	Footnote 9			$	129,929		$	140,350		$	145,436		$	140,606		$	136,139
Corporate/unallocated and other NOI				(145		)	403			(2,173		)	(1,855		)	(1,925		)
In-service and disposition adjustments (5)				1,351			(4,580		)	528			5,591			252
Percentage rent/participation adjustments (6)				979			(2,947		)	206			(856		)	1,335
Non-recurring adjustments (7)				3,999			1,170			213			2,668			(72		)
Annualized Adjusted EBITDA (for the quarter)				$	136,113		$	134,396		$	144,210		$	146,154		$	135,729
Annualized Adjusted EBITDA (8)				$	544,452		$	537,584		$	576,840		$	584,616		$	542,916
See footnotes on following page.

	Q2 2020 Supplemental	Page 28

(1) Included in rental revenue from continuing operations in the consolidated statements of (loss) income in the Company's Annual Reports on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Reconciliation is as follows:
	2ND QUARTER 2020		1ST QUARTER 2020			4TH QUARTER 2019		3RD QUARTER 2019		2ND QUARTER 2019		1ST QUARTER 2019
Minimum rent	$	89,589	$	138,219		$	139,529	$	139,844	$	134,409	$	130,497
Tenant reimbursements	4,169		3,698			5,790		5,129		5,843		6,102
Percentage rent	1,454		2,757			6,428		3,032		4,147		1,355
Straight-line rental revenue	2,229		2,824			2,926		2,866		2,520		2,245
Straight-line rental revenue write-offs	—		(12,532		)	—		—		—		—
Other rental revenue	90		77			92		91		84		93
Rental revenue	$	97,531	$	135,043		$	154,765	$	150,962	$	147,003	$	140,292
(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) See pages 22 through 24 for definitions.
(4) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.
(5) 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.
(6) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the trailing twelve month amount divided by four.
(7) Non-recurring adjustments relate to properties under operating agreements with third parties, as applicable, and COVID-19 related adjustments.
(8) Annualized Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount.
(9) Not presented as this metric is not meaningful given the temporary disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income.

	Q2 2020 Supplemental	Page 29

XML

DEI Information Document	Aug. 05, 2020
Document Information [Line Items]
Entity Central Index Key	0001045450
Document Type	8-K
Document Period End Date	Aug. 05, 2020
Entity Registrant Name	EPR Properties
Entity Incorporation, State or Country Code	MD
Entity File Number	001-13561
Entity Tax Identification Number	43-1790877
Entity Address, Address Line One	909 Walnut Street,
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Kansas City,
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	64106
City Area Code	(816)
Local Phone Number	472-1700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common shares, par value $0.01 per share
Trading Symbol	EPR
Security Exchange Name	NYSE
Series C Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	5.75% Series C cumulative convertible preferred shares, par value $0.01 per share
Trading Symbol	EPR PrC
Security Exchange Name	NYSE
Series E Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	9.00% Series E cumulative convertible preferred shares, par value $0.01 per share
Trading Symbol	EPR PrE
Security Exchange Name	NYSE
Series G Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	5.75% Series G cumulative redeemable preferred shares, par value $0.01 per share
Trading Symbol	EPR PrG
Security Exchange Name	NYSE