10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number: 001-13561

EPR PROPERTIES

(Exact name of registrant as specified in its charter)

Maryland		43-1790877
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
909 Walnut Street,	Suite 200
Kansas City,	Missouri	64106
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (816) 472-1700

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No ☒

At May 1, 2024, there were 75,672,637 common shares outstanding.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our capital resources and liquidity, our expected pursuit of growth opportunities, our expected cash flows, the performance of our customers, our expected cash collections and our results of operations and financial condition. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance that the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions in this Quarterly Report on Form 10-Q.

Factors that could materially and adversely affect us include, but are not limited to, the factors listed below:

•Global economic uncertainty, disruptions in financial markets, and generally weakening economic conditions;

•Risks associated with COVID-19, or the future outbreak of any additional variants of COVID-19 or other highly infectious or contagious diseases;

•The impact of inflation on our customers and our results of operations;

•Reduction in discretionary spending by consumers;

•Covenants in our debt instruments that limit our ability to take certain actions;

•Adverse changes in our credit ratings;

•Rising interest rates;

•Defaults in the performance of lease terms by our tenants;

•Defaults by our customers and counterparties on their obligations owed to us;

•A borrower's bankruptcy or default;

•Risks associated with sales or divestitures of properties;

•Our ability to renew maturing leases on terms comparable to prior leases and/or our ability to locate substitute lessees for these properties on economically favorable terms or at all;

•Risks of operating in the experiential real estate industry (including the impact of labor strikes on the production, supply or theatrical release of motion pictures to our theatre tenants);

•Our ability to compete effectively;

•Risks associated with three tenants representing a substantial portion of our lease revenues;

•The ability of our build-to-suit tenants to achieve sufficient operating results within expected time-frames and therefore have capacity to pay their agreed-upon rent;

•Risks associated with our dependence on third-party managers to operate certain of our properties;

•Risks associated with our level of indebtedness;

•Risks associated with use of leverage to acquire properties;

•Financing arrangements that require lump-sum payments;

•Our ability to raise capital;

•The concentration of our investment portfolio;

•Our continued qualification as a real estate investment trust for U.S. federal income tax purposes and related tax matters;

•The ability of our subsidiaries to satisfy their obligations;

•Financing arrangements that expose us to funding and completion risks;

•Our reliance on a limited number of employees, the loss of which could harm operations;

•Risks associated with the employment of personnel by managers of certain of our properties;

•Risks associated with the gaming industry;

•Risks associated with gaming and other regulatory authorities;

•Delays or prohibitions of transfers of gaming properties due to required regulatory approvals;

•Risks associated with security breaches and other disruptions;

•Changes in accounting standards that may adversely affect our financial statements;

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•Fluctuations in the value of real estate income and investments;

•Risks relating to real estate ownership, leasing and development, including local conditions such as an oversupply of space or a reduction in demand for real estate in the area, competition from other available space, whether tenants and users such as customers of our tenants consider a property attractive, changes in real estate taxes and other expenses, changes in market rental rates, the timing and costs associated with property improvements and rentals, changes in taxation or zoning laws or other governmental regulation, whether we are able to pass some or all of any increased operating costs through to tenants or other customers, and how well we manage our properties;

•Our ability to secure adequate insurance and risk of potential uninsured losses, including from natural disasters;

•Risks involved in joint ventures;

•Risks in leasing multi-tenant properties;

•Risks associated with litigation that could negatively impact our financial condition, cash flows, results of operations and the trading price of our shares;

•A failure to comply with the Americans with Disabilities Act or other laws;

•Risks of environmental liability;

•Risks associated with the relatively illiquid nature of our real estate investments;

•Risks with owning assets in foreign countries;

•Risks associated with owning, operating or financing properties for which the tenants', mortgagors' or our operations may be impacted by weather conditions, climate change and natural disasters;

•Risks associated with the development, redevelopment and expansion of properties and the acquisition of other real estate related companies;

•Our ability to pay dividends in cash or at current rates;

•Risks associated with the impact of inflation or market interest rates on the value of our shares;

•Fluctuations in the market prices for our shares;

•Certain limits on changes in control imposed under law and by our Declaration of Trust and Bylaws;

•Policy changes obtained without the approval of our shareholders;

•Equity issuances that could dilute the value of our shares;

•Future offerings of debt or equity securities, which may rank senior to our common shares;

•Risks associated with changes in foreign exchange rates; and

•Changes in laws and regulations, including tax laws and regulations.

Our 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 Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report") filed with the Securities and Exchange Commission ("SEC") on February 29, 2024.

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 of this Quarterly Report on Form 10-Q 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 of this Quarterly Report on Form 10-Q.

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TABLE OF CONTENTS

			Page
PART I			1
	Item 1.	Financial Statements	1
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
	Item 4.	Controls and Procedures	37
PART II			37
	Item 1.	Legal Proceedings	37
	Item 1A.	Risk Factors	37
	Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds	38
	Item 3.	Defaults Upon Senior Securities	38
	Item 4.	Mine Safety Disclosures	38
	Item 5.	Other Information	38
	Item 6.	Exhibits	39

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

EPR PROPERTIES

Consolidated Balance Sheets

(Dollars in thousands except share data)

	March 31, 2024		December 31, 2023
	(unaudited)
Assets
Real estate investments, net of accumulated depreciation of $1,470,507 and $1,435,683 at March 31, 2024 and December 31, 2023, respectively	$	4,629,859	$	4,537,359
Land held for development	20,168		20,168
Property under development	36,138		131,265
Operating lease right-of-use assets	183,031		186,628
Mortgage notes and related accrued interest receivable, net	578,915		569,768
Investment in joint ventures	46,127		49,754
Cash and cash equivalents	59,476		78,079
Restricted cash	2,929		2,902
Accounts receivable	69,414		63,655
Other assets	67,979		61,307
Total assets	$	5,694,036	$	5,700,885
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	84,153	$	94,927
Operating lease liabilities	223,077		226,961
Common dividends payable	22,918		25,275
Preferred dividends payable	6,032		6,032
Unearned rents and interest	91,829		77,440
Debt	2,817,710		2,816,095
Total liabilities	3,245,719		3,246,730
Equity:
Common Shares, $0.01 par value; 125,000,000 shares authorized at March 31, 2024 and December 31, 2023; and 83,553,611 and 82,964,231 shares issued at March 31, 2024 and December 31, 2023, respectively	835		829
Preferred Shares, $0.01 par value; 25,000,000 shares authorized:
5,392,916 Series C convertible shares issued at March 31, 2024 and December 31, 2023; liquidation preference of $134,822,900	54		54
3,445,980 Series E convertible shares issued at March 31, 2024 and December 31, 2023; liquidation preference of $86,149,500	34		34
6,000,000 Series G shares issued at March 31, 2024 and December 31, 2023; liquidation preference of $150,000,000	60		60
Additional paid-in-capital	3,939,242		3,924,467
Treasury shares at cost: 7,883,581 and 7,631,725 common shares at March 31, 2024 and December 31, 2023, respectively	(285,413)		(274,038)
Accumulated other comprehensive income	1,119		3,296
Distributions in excess of net income	(1,207,614)		(1,200,547)
Total equity	$	2,448,317	$	2,454,155
Total liabilities and equity	$	5,694,036	$	5,700,885

See accompanying notes to consolidated financial statements.

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EPR PROPERTIES

Consolidated Statements of Income and Comprehensive Income

(Unaudited)

(Dollars in thousands except per share data)

	Three Months Ended March 31,
	2024		2023
Rental revenue	$	142,281	$	151,591
Other income	12,037		9,333
Mortgage and other financing income	12,914		10,472
Total revenue	167,232		171,396
Property operating expense	14,920		14,155
Other expense	12,976		8,950
General and administrative expense	13,908		13,965
Retirement and severance expense	1,836		—
Transaction costs	1		270
Provision (benefit) for credit losses, net	2,737		587
Depreciation and amortization	40,469		41,204
Total operating expenses	86,847		79,131
Gain (loss) on sale of real estate	17,949		(560)
Income from operations	98,334		91,705
Interest expense, net	31,651		31,722
Equity in loss from joint ventures	3,627		1,985
Income before income taxes	63,056		57,998
Income tax expense	347		341
Net income	62,709		57,657
Preferred dividend requirements	6,032		6,033
Net income available to common shareholders of EPR Properties	$	56,677	$	51,624
Net income available to common shareholders of EPR Properties per share:
Basic	$	0.75	$	0.69
Diluted	$	0.75	$	0.69
Shares used for computation (in thousands):
Basic	75,398		75,084
Diluted	75,705		75,283
Other comprehensive income:
Net income	$	62,709	$	57,657
Foreign currency translation adjustment	(6,909)		230
Unrealized gain (loss) on derivatives, net	4,732		(304)
Comprehensive income attributable to EPR Properties	$	60,532	$	57,583

See accompanying notes to consolidated financial statements.

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EPR PROPERTIES

Consolidated Statements of Changes in Equity

(Unaudited)

(Dollars in thousands except per share data)

	EPR Properties Shareholders’ Equity
	Common Stock			Preferred Stock			Additional paid-in capital		Treasury shares		Accumulated other comprehensive income		Distributions in excess of net income		Total
	Shares	Par		Shares	Par
Balance at December 31, 2022	82,545,501	$	825	14,840,297	$	148	$	3,899,732	$	(269,751)	$	1,897	$	(1,097,132)	$	2,535,719
Restricted share units issued to Trustees	1,449	—		—	—		—		—		—		—		—
Issuance of nonvested shares and performance shares, net of cancellations	352,090	4		—	—		5,956		(588)		—		—		5,372
Purchase of common shares for vesting	—	—		—	—		—		(3,565)		—		—		(3,565)
Share-based compensation expense	—	—		—	—		4,322		—		—		—		4,322
Foreign currency translation adjustment	—	—		—	—		—		—		230		—		230
Change in unrealized loss on derivatives, net	—	—		—	—		—		—		(304)		—		(304)
Net income	—	—		—	—		—		—		—		57,657		57,657
Issuances of common shares	5,557	—		—	—		225		—		—		—		225
Conversion of Series E Convertible Preferred shares to common shares	632	—		(1,311)	—		—		—		—		—		—
Dividend equivalents accrued on performance shares	—	—		—	—		—		—		—		(353)		(353)
Dividends to common shareholders ($0.8250 per share)	—	—		—	—		—		—		—		(62,109)		(62,109)
Dividends to Series C preferred shareholders ($0.359375 per share)	—	—		—	—		—		—		—		(1,938)		(1,938)
Dividends to Series E preferred shareholders ($0.5625 per share)	—	—		—	—		—		—		—		(1,938)		(1,938)
Dividends to Series G preferred shareholders ($0.359375 per share)	—	—		—	—		—		—		—		(2,156)		(2,156)
Balance at March 31, 2023	82,905,229	$	829	14,838,986	$	148	$	3,910,235	$	(273,904)	$	1,823	$	(1,107,969)	$	2,531,162

Balance at December 31, 2023	82,964,231	$	829	14,838,896	$	148	$	3,924,467	$	(274,038)	$	3,296	$	(1,200,547)	$	2,454,155
Issuance of nonvested shares and performance shares, net of cancellations	583,135	6		—	—		9,212		—		—		—		9,218
Purchase of common shares for vesting	—	—		—	—		—		(11,375)		—		—		(11,375)
Share-based compensation expense	—	—		—	—		3,692		—		—		—		3,692
Share-based compensation included in retirement and severance expense	—	—		—	—		1,598		—		—		—		1,598
Foreign currency translation adjustment	—	—		—	—		—		—		(6,909)		—		(6,909)
Change in unrealized gain on derivatives, net	—	—		—	—		—		—		4,732		—		4,732
Net income	—	—		—	—		—		—		—		62,709		62,709
Issuances of common shares	6,245	—		—	—		273		—		—		—		273
Dividend equivalents accrued on performance shares	—	—		—	—		—		—		—		(598)		(598)
Dividends to common shareholders ($0.835 per share)	—	—		—	—		—		—		—		(63,146)		(63,146)
Dividends to Series C preferred shareholders ($0.359375 per share)	—	—		—	—		—		—		—		(1,938)		(1,938)
Dividends to Series E preferred shareholders ($0.5625 per share)	—	—		—	—		—		—		—		(1,938)		(1,938)
Dividends to Series G preferred shareholders ($0.359375 per share)	—	—		—	—		—		—		—		(2,156)		(2,156)
Balance at March 31, 2024	83,553,611	$	835	14,838,896	$	148	$	3,939,242	$	(285,413)	$	1,119	$	(1,207,614)	$	2,448,317

See accompanying notes to consolidated financial statements.

3

EPR PROPERTIES

Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

	Three Months Ended March 31,
	2024		2023
Operating activities:
Net income	$	62,709	$	57,657
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss on sale of real estate	(17,949)		560
Deferred income tax benefit	(277)		(90)
Equity in loss from joint ventures	3,627		1,985
Provision (benefit) for credit losses, net	2,737		587
Depreciation and amortization	40,469		41,204
Amortization of deferred financing costs	2,212		2,129
Amortization of above/below market leases and tenant allowances, net	(84)		(89)
Share-based compensation expense to management and Trustees	3,692		4,322
Share-based compensation expense included in retirement and severance expense	1,598		—
Change in assets and liabilities:
Operating lease assets and liabilities	(287)		317
Mortgage notes accrued interest receivable	(1,418)		(296)
Accounts receivable	(5,819)		2,998
Other assets	(3,878)		(6,276)
Accounts payable and accrued liabilities	6,202		8,861
Unearned rents and interest	6,009		7,661
Net cash provided by operating activities	99,543		121,530
Investing activities:
Acquisition of and investments in real estate and other assets	(34,531)		(46,669)
Proceeds from sale of real estate	46,188		4,029
Investment in mortgage notes receivable	(9,969)		(1,427)
Proceeds from mortgage notes receivable paydowns	198		132
Investment in notes receivable	—		(3,025)
Proceeds from note receivable paydowns	136		161
Additions to properties under development	(40,573)		(14,711)
Net cash used by investing activities	(38,551)		(61,510)
Financing activities:
Deferred financing fees paid	(53)		(74)
Net proceeds from issuance of common shares	185		141
Purchase of common shares for treasury for vesting	(11,375)		(3,565)
Dividends paid to shareholders	(68,241)		(67,988)
Net cash used by financing activities	(79,484)		(71,486)
Effect of exchange rate changes on cash	(84)		(8)
Net change in cash and cash equivalents and restricted cash	(18,576)		(11,474)
Cash and cash equivalents and restricted cash at beginning of the period	80,981		110,511
Cash and cash equivalents and restricted cash at end of the period	$	62,405	$	99,037
Supplemental information continued on next page.

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EPR PROPERTIES

Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

Continued from previous page
	Three Months Ended March 31,
	2024		2023
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents at beginning of the period	$	78,079	$	107,934
Restricted cash at beginning of the period	2,902		2,577
Cash and cash equivalents and restricted cash at beginning of the period	$	80,981	$	110,511
Cash and cash equivalents at end of the period	$	59,476	$	96,438
Restricted cash at end of the period	2,929		2,599
Cash and cash equivalents and restricted cash at end of the period	$	62,405	$	99,037
Supplemental schedule of non-cash activity:
Transfer of property under development to real estate investments	$	111,154	$	134
Transfer of real estate investments to mortgage note	$	—	$	1,321
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses	$	20,096	$	21,698
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	17,265	$	17,913
Cash paid during the period for income taxes	$	617	$	253
Interest cost capitalized	$	958	$	783
Change in accrued capital expenditures	$	(6,762)	$	(7,510)

See accompanying notes to consolidated financial statements.

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EPR PROPERTIES

Notes to Consolidated Financial Statements (Unaudited)

1. Organization

Description of Business

EPR Properties (the Company) was formed on August 22, 1997 as a Maryland real estate investment trust (REIT), and an initial public offering of the Company's common shares of beneficial interest (common shares) was completed on November 18, 1997. Since that time, the Company has been a leading diversified experiential net lease REIT specializing in select enduring experiential properties. The Company's underwriting is centered on key industry and property cash flow criteria, as well as the credit metrics of the Company's tenants and customers. The Company’s properties are located in the United States (U.S.) and Canada.

2. Summary of Significant Accounting Policies and Recently Issued Accounting Standards

Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Amounts as of December 31, 2023 have been derived from the audited Consolidated Financial Statements as of that date and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (SEC) on February 29, 2024.

The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the FASB ASC Topic on Consolidation (Topic 810) but can exercise influence over the entity with respect to its operations and major decisions.

The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. The primary beneficiary generally is defined as the party with the controlling financial interest. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. As of March 31, 2024 and December 31, 2023, the Company does not have any investments in consolidated VIEs.

Deferred Financing Costs

Deferred financing costs are amortized over the terms of the related debt obligations, as applicable. Deferred financing costs of $23.5 million and $25.1 million as of March 31, 2024 and December 31, 2023, respectively, are shown as a reduction of debt. The deferred financing costs related to the unsecured revolving credit facility of $3.6 million and $4.1 million as of March 31, 2024 and December 31, 2023, respectively, are included in "Other assets" in the accompanying consolidated balance sheets.

Rental Revenue

The Company leases real estate to its tenants under leases classified as operating leases. The Company's leases generally provide for rent escalations throughout the lease terms. Rents that are fixed are recognized on a straight-line basis over the lease term. Base rent escalations that include a variable component are recognized upon the occurrence of the specified event as defined in the Company's lease agreements. Many of the Company's leasing

6

arrangements include options to extend the lease, which are not included in the minimum lease terms unless the option is reasonably certain to be exercised. Straight-line rental revenue is subject to an evaluation for collectibility, and the Company records a direct write-off against rental revenue if collectibility of these future rents is not probable. For the three months ended March 31, 2024 and 2023, the Company recognized $3.7 million and $2.1 million, respectively, of straight-line rental revenue. There were no straight-line write-offs recognized during the three months ended March 31, 2024 and 2023.

Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments to third parties for lessor costs (such as property taxes and insurance) associated with the properties. In accordance with Topic 842, the Company does not include these lessee payments to third parties in rental revenue or property operating expenses. In certain situations, the Company pays these lessor costs directly to third parties and the tenants reimburse the Company. In accordance with Topic 842, these payments are presented on a gross basis in rental revenue and property operating expense. During the three months ended March 31, 2024 and 2023, the Company recognized $0.4 million and $0.7 million, respectively, in tenant reimbursements related to the gross-up of these reimbursed expenses that are included in rental revenue.

Certain of the Company's leases, particularly at its entertainment districts, require the tenants to make payments to the Company for property-related expenses such as common area maintenance. The Company has elected to combine these non-lease components with the lease components in rental revenue. For the three months ended March 31, 2024 and 2023, the amounts due for non-lease components included in rental revenue totaled $4.7 million for both periods.

In addition, most of the Company's tenants are subject to additional rents (above base rents) if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents are recognized at the time when specified triggering events occur as provided by the lease agreement. Rental revenue included percentage rents of $1.9 million and $1.8 million for the three months ended March 31, 2024 and 2023, respectively.

The Company regularly evaluates the collectibility of its receivables on a lease-by-lease basis. The evaluation primarily consists of reviewing past due account balances and considering such factors as the credit quality of the Company's tenants, historical trends of the tenant, current economic conditions and changes in customer payment terms. When the collectibility of lease receivables or future lease payments are no longer probable, the Company records a direct write-off of the receivable to rental revenue and recognizes future rental revenue on a cash basis.

Mortgage Notes and Other Notes Receivable

Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower less allowance for credit loss. Interest income is recognized using the effective interest method over the estimated life of the note. Interest income includes both the stated interest and the amortization or accretion of premiums or discounts (if any).

The Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables related to its mortgage notes and notes receivable. Accordingly, if accrued interest receivable is deemed to be uncollectible, the Company will record any necessary write-offs as a reversal of interest income. There were no accrued interest write-offs for the three months ended March 31, 2024 and 2023. As of March 31, 2024, the Company believes that all outstanding accrued interest is collectible.

In the event the Company has a past due mortgage note or note receivable that the Company determines is collateral-dependent, the Company measures expected credit losses based on the fair value of the collateral. As of March 31, 2024, the Company does not have any mortgage notes or notes receivable with past due principal balances. See Note 5 for further discussion of mortgage notes and notes receivable for which the Company elected to apply the collateral-dependent practical expedient.

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Concentrations of Risk

Topgolf USA (Topgolf), American-Multi Cinema, Inc. (AMC) and Regal Cinemas (Regal), a subsidiary of Cineworld Group, represented a significant portion of the Company's total revenue for the three months ended March 31, 2024 and 2023. The following is a summary of the Company's total revenue derived from rental or interest payments from Topgolf, AMC and Regal (dollars in thousands):

	Three Months Ended March 31,
	2024				2023
	Total Revenue		% of Company's Total Revenue		Total Revenue		% of Company's Total Revenue
Topgolf	$	24,723	14.8	%	$	23,672	13.8	%
AMC	23,464		14.0	%	23,801		13.9	%
Regal	18,706		11.2	%	28,751		16.8	%

Impact of Recently Issued Accounting Standards

In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 31, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the Company's financial statement disclosures.

3. Real Estate Investments

The following table summarizes the carrying amounts of real estate investments as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024		December 31, 2023
Buildings and improvements	$	4,712,831	$	4,609,050
Furniture, fixtures & equipment	117,241		115,596
Land	1,241,841		1,219,943
Leasehold interests	28,453		28,453
	6,100,366		5,973,042
Accumulated depreciation	(1,470,507)		(1,435,683)
Total	$	4,629,859	$	4,537,359

Depreciation expense on real estate investments was $39.5 million and $40.0 million for the three months ended March 31, 2024 and 2023, respectively.

4. Investments and Dispositions

The Company's investment spending during the three months ended March 31, 2024 totaled $85.7 million, and included $33.4 million for the acquisition of an attraction property in New York and $14.7 million for the acquisition and financing of land for two build-to-suit eat & play developments in Kansas and Illinois, respectively. Investment spending for the quarter also included experiential build-to-suit development and redevelopment projects.

During the three months ended March 31, 2024, the Company completed the sale of two cultural properties and one vacant theatre property for net proceeds totaling $46.2 million and recognized a gain on sale totaling $17.9 million.

5. Investment in Mortgage Notes and Notes Receivable

The Company measures expected credit losses on its mortgage notes and notes receivable on an individual basis because its financial instruments do not have similar risk characteristics. The Company uses a forward-looking

8

commercial real estate loss forecasting tool to estimate its current expected credit losses (CECL) for each of its mortgage notes and notes receivable on a loan-by-loan basis. As of March 31, 2024, the Company did not anticipate any prepayments. Therefore, the contractual terms of its mortgage notes and notes receivable were used for the calculation of the expected credit losses. The Company updates the model inputs at each reporting period to reflect, if applicable, any newly originated loans, changes to loan specific information on existing loans and current macroeconomic conditions. The CECL allowance is a valuation account that is deducted from the related mortgage note or note receivable. Effective January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures.

Certain of the Company’s mortgage notes and notes receivable include commitments to fund future incremental amounts to its borrowers. These future funding commitments are also subject to the CECL model. The allowance related to future funding is recorded as a liability and is included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets.

Investment in mortgage notes, including related accrued interest receivable, was $578.9 million and $569.8 million at March 31, 2024 and December 31, 2023, respectively.

Investment in notes receivable, including related accrued interest receivable, was $3.7 million and $3.9 million at March 31, 2024 and December 31, 2023, respectively, and is included in "Other assets" in the accompanying consolidated balance sheets.

At March 31, 2024, one of the Company's mortgage notes receivable and two of the Company's notes receivable are considered collateral-dependent and expected credit losses are based on the fair value of the underlying collateral at the reporting date. The Company assessed the fair value of the collateral as of March 31, 2024 on the mortgage note receivable and the notes receivable. The mortgage note receivable has a carrying amount at March 31, 2024 of approximately $10.4 million net of an allowance for credit loss totaling $0.4 million. The notes receivable remain fully reserved with an allowance for credit loss totaling $7.6 million and $1.9 million, respectively, which represents the outstanding principal balance of the notes as of March 31, 2024. Income from these borrowers is recognized on a cash basis. During the three months ended March 31, 2024 and 2023, the Company received cash basis interest payments of $0.2 million for each period from the mortgage note receivable borrower.

At March 31, 2024, the Company's investment in one of the notes receivable was a variable interest investment and the underlying entity is a VIE. The Company is not the primary beneficiary of this VIE because the Company does not individually have the power to direct the activities that are most significant to the entity and, accordingly, this investment is not consolidated. The Company's maximum exposure to loss associated with this VIE is limited to the Company's outstanding note receivable in the amount of $7.6 million, which is fully reserved in the allowance for credit losses at March 31, 2024.

The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and notes receivable for the three months ended March 31, 2024 (in thousands):

	Mortgage notes receivable		Unfunded commitments - mortgage notes receivable		Notes receivable		Unfunded commitments - notes receivable		Total
Allowance for credit losses at December 31, 2023	$	3,656	$	1,072	$	9,687	$	—	$	14,415
Provision (benefit) for credit losses, net	2,041		701		(5)		—		2,737
Charge-offs	—		—		—		—		—
Recoveries	—		—		—		—		—
Allowance for credit losses at March 31, 2024	$	5,697	$	1,773	$	9,682	$	—	$	17,152

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6. Accounts Receivable

The following table summarizes the carrying amounts of accounts receivable as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024		December 31, 2023
Receivable from tenants	$	3,398	$	7,298
Receivable from non-tenants (1)	6,687		824
Straight-line rent receivable	59,329		55,533
Total	$	69,414	$	63,655

(1) Receivable from non-tenants includes a payment of $5.9 million made to the City of Kansas City, Missouri under protest related to an assessment of tax years ending December 31, 2018 through 2022. The City has denied the Company’s necessary deduction for dividends paid for each of these years resulting in assessment of additional tax, penalties and interest. The Company has recorded this payment as a receivable as it intends to petition a court for review of the relevant facts and believes it is more likely than not the Company's position will be upheld by the court and the payment will be refunded.

As of March 31, 2024, as a result of the COVID-19 pandemic, the Company continues to recognize revenue on a cash basis for AMC and two other tenants, one of which has deferred rent from this period that is not booked as a receivable of approximately $11.5 million. The Company has collected all deferred receivables from accrual basis tenants that were deferred due to the COVID-19 pandemic. During the three months ended March 31, 2024 and 2023, the Company collected $0.6 million and $6.5 million, respectively, in deferred rent and interest from cash basis customers and from customers for which the deferred payments were not previously recognized as revenue.

7. Capital Markets and Dividends

During the three months ended March 31, 2024, the Company declared cash dividends totaling $0.835 per common share. Additionally, during the three months ended March 31, 2024, the Company declared cash dividends of $0.359375 per share on each of the Company's 5.75% Series C cumulative convertible preferred shares and the Company's 5.75% Series G cumulative redeemable preferred shares, and cash dividends of $0.5625 per share on the Company's 9.00% Series E cumulative convertible preferred shares.

8. Unconsolidated Real Estate Joint Ventures

The following table summarizes the Company's investments in unconsolidated joint ventures as of March 31, 2024 and December 31, 2023 (in thousands):

					Investment as of				(Loss) Income for the Three Months Ended
Property Type	Location	Ownership Interest			March 31, 2024		December 31, 2023		March 31, 2024		March 31, 2023
Experiential lodging	St. Pete Beach, FL	65	%	(1)	$	14,504	$	14,727	$	(223)	$	682
Experiential lodging	Warrens, WI	95	%	(2)	8,417		9,945		(1,528)		(1,215)
Experiential lodging	Breaux Bridge, LA	85	%	(3)	17,368		18,996		(1,628)		(1,225)
Experiential lodging	Harrisville, PA	62	%	(4)	5,838		6,086		(248)		(227)
Theatres	China	various			—		—		—		—
					$	46,127	$	49,754	$	(3,627)	$	(1,985)

(1) The Company has equity investments in two unconsolidated real estate joint ventures, one that holds the investment in the real estate of the experiential lodging properties and the other that holds the lodging operations,

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which are facilitated by a management agreement. The joint venture that holds the real property has a secured mortgage loan of $105.0 million at March 31, 2024. The maturity date of this mortgage loan is May 18, 2025. The note can be extended for two additional one-year periods from the original maturity date upon the satisfaction of certain conditions. The mortgage loan bears interest at SOFR plus 3.65%, with monthly interest payments required. The joint venture has an interest rate cap agreement to limit the variable portion of the interest rate (SOFR) on this note to 3.5% from May 19, 2022 to June 1, 2024.

(2) The Company has equity investments in two unconsolidated real estate joint ventures, one that holds the investment in the real estate of the experiential lodging property and the other that holds the lodging operations, which are facilitated by a management agreement. The joint venture that holds the real property has a secured mortgage loan of $22.8 million at March 31, 2024 that provides for additional draws of approximately $1.1 million to fund renovations. The maturity date of this mortgage loan is September 15, 2031. The loan bears interest at an annual fixed rate of 4.00% with monthly interest payments required. Additionally, the Company has guaranteed the completion of the renovations in the amount of approximately $14.2 million, with $1.2 million remaining to fund at March 31, 2024.

(3) The Company has equity investments in two unconsolidated real estate joint ventures, one that holds the investment in the real estate of the experiential lodging property and the other that holds the lodging operations, which are facilitated by a management agreement. The joint venture that holds the real estate property has a secured senior mortgage loan of $38.5 million at March 31, 2024. The maturity date of this mortgage loan is March 8, 2034. The mortgage loan bears interest at an annual fixed rate of 3.85% through April 7, 2025 and increases to 4.25% from April 8, 2025 through maturity. Monthly interest payments are required. Additionally, the Company provided a subordinated loan to the joint venture for $11.3 million with a maturity date of March 8, 2034. The mortgage loan bears interest at an annual fixed rate of 7.25% through the sixth anniversary and increases to SOFR plus 7.20% with a cap of 8.00%, through maturity.

(4) The Company has a 92% equity investment in two separate unconsolidated real estate joint ventures, that through subsequent joint ventures (described below), hold the investments in the real estate of the experiential lodging property and the lodging operations, which are facilitated by a management agreement. The Company's investments in these two unconsolidated real estate joint ventures were considered to be variable interest investments and the Company's investment in the joint venture that holds the lodging operations is a VIE. The Company is not the primary beneficiary of the VIE because the Company does not individually have the power to direct the activities that are most important to the joint venture and, accordingly, this investment is not consolidated. Other than the guarantee described below, the Company's maximum exposure to loss is limited to its initial investment, which was nominal.

The Company's investments in the two unconsolidated real estate joint ventures (representing 92% of each joint venture's equity) have a 67% equity interest in two separate consolidated joint ventures, one that holds the investments in the real estate of the experiential lodging property and the other that holds the lodging operations, which are facilitated by a management agreement. The consolidated joint venture that holds the real estate property has a secured senior mortgage loan commitment of up to $22.5 million at March 31, 2024 in order to fund renovations, with $13.0 million outstanding at March 31, 2024. The maturity date of this mortgage loan is November 1, 2029. The mortgage loan bears interest at an annual fixed rate of 6.38% with monthly interest payments required. The Company has guaranteed $10.0 million in principal on the secured mortgage loan, and, upon completion of construction and achieving a specified debt service coverage ratio, the principal guarantee will be reduced to $5.0 million. The guarantee will be removed completely upon achievement of specified debt service coverage for three consecutive calculation periods. Additionally, the Company has guaranteed the completion of the renovations in the amount of approximately $13.9 million, with $5.8 million remaining to fund at March 31, 2024.

9. Derivative Instruments

All derivatives are recognized at fair value in the consolidated balance sheets within the line items "Other assets" and "Accounts payable and accrued liabilities" as applicable. The Company has elected not to offset its derivative position for purposes of balance sheet presentation and disclosure. The Company had derivative assets of

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$1.6 million and $1.3 million at March 31, 2024 and December 31, 2023, respectively. The Company had derivative liabilities of $0.4 million and $4.9 million at March 31, 2024 and December 31, 2023, respectively. The Company has not posted or received collateral with its derivative counterparties as of March 31, 2024 or December 31, 2023. See Note 10 for disclosures relating to the fair value of the derivative instruments.

Risk Management Objective of Using Derivatives

The Company is exposed to certain risk arising from both its business operations and economic conditions, including the effect of changes in foreign currency exchange rates on foreign currency transactions and interest rates on its SOFR-based borrowings. The Company manages this risk by following established risk management policies and procedures including the use of derivatives. The Company’s objective in using derivatives is to add stability to reported earnings and to manage its exposure to foreign exchange and interest rate movements or other identified risks. To accomplish this objective, the Company primarily uses interest rate swaps, cross-currency swaps and foreign currency forwards.

Cash Flow Hedges of Interest Rate Risk

The Company uses interest rate swaps as its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt or payment of variable-rate amounts from a counterparty, which results in the Company recording net interest expense that is fixed over the life of the agreements without exchange of the underlying notional amount.

At March 31, 2024, the Company had one interest rate swap agreement designated as a cash flow hedge of interest rate risk. The interest rate swap agreement outstanding as of March 31, 2024 is summarized below:

Fixed rate	Notional Amount (in millions)		Index	Maturity
2.5325%	$	25.0	USD SOFR	September 30, 2026

The change in the fair value of interest rate derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction.

Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of March 31, 2024, the Company estimates that during the twelve months ending March 31, 2025, $0.6 million of gains will be reclassified from AOCI to interest expense.

Cash Flow Hedges of Foreign Exchange Risk

The Company is exposed to foreign currency exchange risk against its functional currency, USD, on CAD denominated cash flow from its six Canadian properties. The Company uses cross-currency swaps to mitigate its exposure to fluctuations in the USD-CAD exchange rate on cash inflows associated with these properties, which should hedge a significant portion of the Company's expected CAD denominated cash flows. As of March 31, 2024, the Company had the following cross-currency swaps:

Fixed rate	Notional Amount (in millions, CAD)		Annual Cash Flow (in millions, CAD)		Maturity
$1.26 CAD per USD	$	150.0	$	10.8	October 1, 2024
$1.28 CAD per USD	200.0		4.5		October 1, 2024
$1.30 CAD per USD	90.0		8.1		December 1, 2024
	$	440.0	$	23.4

The change in the fair value of foreign currency derivatives designated and that qualify as cash flow hedges of foreign exchange risk is recorded in AOCI and reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged

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transaction. As of March 31, 2024, the Company estimates that during the twelve months ending March 31, 2025, $0.5 million of gains will be reclassified from AOCI to other income.

Net Investment Hedges

The Company is exposed to fluctuations in the USD-CAD exchange rate on its net investments in Canada. As such, the Company uses currency forward agreements to manage its exposure to changes in foreign exchange rates on certain of its foreign net investments. As of March 31, 2024, the Company had the following foreign currency forwards designated as net investment hedges:

Fixed rate	Notional Amount (in millions, CAD)		Maturity
$1.35 CAD per USD	$	200.0	October 1, 2025
$1.35 CAD per USD	90.0		December 1, 2025
Total	$	290.0

For qualifying foreign currency derivatives designated as net investment hedges, the change in the fair value of the derivatives is reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with the Company's accounting policy election. The earnings recognition of excluded components are presented in other income.

Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three months ended March 31, 2024 and 2023.

Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (Dollars in thousands)

	Three Months Ended March 31,
Description	2024		2023
Cash Flow Hedges
Interest Rate Swaps
Amount of Gain (Loss) Recognized in AOCI on Derivative	$	334	$	(298)
Amount of Income Reclassified from AOCI into Earnings (1)	183		126
Cross-Currency Swaps
Amount of Gain Recognized in AOCI on Derivative	342		4
Amount of Income Reclassified from AOCI into Earnings (2)	227		225
Net Investment Hedges
Currency Forward Agreements
Amount of Gain Recognized in AOCI on Derivative	4,466		341
Total
Amount of Gain Recognized in AOCI on Derivatives	$	5,142	$	47
Amount of Income Reclassified from AOCI into Earnings	410		351
Interest expense, net in accompanying consolidated statements of income and comprehensive income	$	31,651	$	31,722
Other income in accompanying consolidated statements of income and comprehensive income	$	12,037	$	9,333

(1) Included in "Interest expense, net" in the accompanying consolidated statements of income and comprehensive income for the three months ended March 31, 2024 and 2023.

(2) Included in "Other income" in the accompanying consolidated statements of income and comprehensive income for the three months ended March 31, 2024 and 2023.

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Credit-risk-related Contingent Features

The Company has an agreement with its interest rate derivative counterparty that contains a provision where if the Company defaults on any of its obligations for borrowed money or credit in an amount exceeding $50.0 million and such default is not waived or cured within a specified period of time, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its interest rate derivative agreements.

As of March 31, 2024, the fair value of the Company's derivatives in a liability position related to these agreements was $0.4 million. If the Company breached any of the contractual provisions of these derivative contracts, it would be required to settle its obligations under the agreements at their termination value of $0.3 million, after considering the right of offset. As of March 31, 2024, the Company had not posted any collateral related to these agreements and was not in breach of any provisions in these agreements.

10. Fair Value Disclosures

The Company has certain financial instruments that are required to be measured under the FASB’s Fair Value Measurement guidance. The Company currently does not have any non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

Derivative Financial Instruments

The Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives also use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of March 31, 2024, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives and therefore, classified its derivatives as Level 2 within the fair value reporting hierarchy.

The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type.

Assets and Liabilities Measured at Fair Value on a Recurring Basis at

March 31, 2024 and December 31, 2023

(Dollars in thousands)

Description	Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at end of period
March 31, 2024
Cross-Currency Swaps (1)	$	—	$	499	$	—	$	499
Currency Forward Agreements (2)	—		(442)		—		(442)
Interest Rate Swap Agreements (1)	—		1,121		—		1,121
December 31, 2023
Cross-Currency Swaps (1)	$	—	$	384	$	—	$	384
Currency Forward Agreements (2)	—		(4,908)		—		(4,908)
Interest Rate Swap Agreements (1)	—		876		—		876

(1) Included in "Other assets" in the accompanying consolidated balance sheets.

(2) Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets.

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Non-recurring fair value measurements

The table below presents the Company's assets measured at fair value on a non-recurring basis as of December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements are classified.

Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2023

(Dollars in thousands)

Description	Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at end of period
December 31, 2023
Real estate investments, net	$	—	$	—	$	39,150	$	39,150

During the year ended December 31, 2023, the Company recorded an impairment charge of $67.4 million related to real estate investments, net, on 12 properties. Management estimated the fair values of these investments taking into account various factors including independent appraisals, shortened hold periods and market conditions. The significant inputs and assumptions used in the real estate appraisals included market rents ranging from $4.50 per square foot to $20.00 per square foot, discount rates ranging from 8.50% to 11.50% and terminal capitalization rates ranging from 7.75% to 10.25%. These measurements were classified within Level 3 of the fair value hierarchy because many of the assumptions were not observable.

There were no assets or liabilities measured at fair value on a non-recurring basis at March 31, 2024.

Fair Value of Financial Instruments

The following methods and assumptions were used by the Company to estimate the fair value of each class of financial instruments at March 31, 2024 and December 31, 2023:

Mortgage notes receivable and related accrued interest receivable, net:

The fair value of the Company’s mortgage notes and related accrued interest receivable, net, is estimated by discounting the future cash flows of each instrument using current market rates. At March 31, 2024, the Company had a carrying value of $578.9 million in fixed-rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 8.80%. The fixed-rate mortgage notes bear interest at rates of 6.50% to 12.32%. Discounting the future cash flows for fixed-rate mortgage notes receivable using rates of 6.50% to 10.65%, management estimates the fair value of the fixed-rate mortgage notes receivable to be approximately $618.0 million with an estimated weighted average market rate of 7.90% at March 31, 2024.

At December 31, 2023, the Company had a carrying value of $569.8 million in fixed-rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 8.82%. The fixed-rate mortgage notes bear interest at rates of 6.99% to 12.32%. Discounting the future cash flows for fixed-rate mortgage notes receivable using rates of 7.15% to 10.25%, management estimates the fair value of the fixed-rate mortgage notes receivable to be $611.2 million with an estimated weighted average market rate of 7.84% at December 31, 2023.

Derivative instruments:

Derivative instruments are carried at their fair value.

Debt instruments:

The fair value of the Company's debt is estimated by discounting the future cash flows of each instrument using current market rates. At March 31, 2024, the Company had a carrying value of $25.0 million in variable-rate debt outstanding with an average interest rate of approximately 5.45%. The carrying value of the variable-rate debt outstanding approximated the fair value at March 31, 2024.

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At December 31, 2023, the Company had a carrying value of $25.0 million in variable-rate debt outstanding with an interest rate of approximately 5.48%. The carrying value of the variable-rate debt outstanding approximated the fair value at December 31, 2023.

At both March 31, 2024 and December 31, 2023, the $25.0 million of variable-rate debt outstanding, discussed above, had been effectively converted to a fixed rate by an interest rate swap agreement. See Note 9 for additional information related to the Company's interest rate swap agreement.

At March 31, 2024, the Company had a carrying value of $2.82 billion in fixed-rate long-term debt outstanding with a weighted average interest rate of approximately 4.34%. Discounting the future cash flows for fixed-rate debt using March 31, 2024 market rates of 5.97% to 6.41%, management estimates the fair value of the fixed rate debt to be approximately $2.62 billion with an estimated weighted average market rate of 6.24% at March 31, 2024.

At December 31, 2023, the Company had a carrying value of $2.82 billion in fixed-rate long-term debt outstanding with a weighted average interest rate of approximately 4.34%. Discounting the future cash flows for fixed-rate debt using December 31, 2023 market rates of 6.46% to 6.70%, management estimates the fair value of the fixed rate debt to be approximately $2.58 billion with an estimated weighted average market rate of 6.60% at December 31, 2023.

11. Earnings Per Share

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three months ended March 31, 2024 and 2023 (amounts in thousands except per share information):

	Three Months Ended March 31, 2024
	Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	62,709
Less: preferred dividend requirements	(6,032)
Net income available to common shareholders	$	56,677	75,398	$	0.75
Diluted EPS:
Net income available to common shareholders	$	56,677	75,398
Effect of dilutive securities:
Performance shares	—		307
Net income available to common shareholders	$	56,677	75,705	$	0.75

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	Three Months Ended March 31, 2023
	Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	57,657
Less: preferred dividend requirements	(6,033)
Net income available to common shareholders	$	51,624	75,084	$	0.69
Diluted EPS:
Net income available to common shareholders	$	51,624	75,084
Effect of dilutive securities:
Share options and performance shares	—		199
Net income available to common shareholders	$	51,624	75,283	$	0.69

The effect of the potential common shares from the conversion of the Company’s convertible preferred shares and from the exercise of share options are included in diluted earnings per share if the effect is dilutive. Potential common shares from the performance shares are included in diluted earnings per share upon the satisfaction of certain performance and market conditions. These conditions are evaluated at each reporting period and, if the conditions have been satisfied during the reporting period, the number of contingently issuable shares are included in the computation of diluted earnings per share.

The following shares have been excluded from the calculation of diluted earnings per share because they are anti-dilutive, or in the case of contingently issuable performance shares, are not probable of issuance:

•The additional 2.3 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for both the three months ended March 31, 2024 and 2023.

•The additional 1.7 million common shares that would result from the conversion of the Company’s 9.0% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for both the three months ended March 31, 2024 and 2023.

•Outstanding options to purchase 57 thousand and 83 thousand common shares at per share prices ranging from $44.44 to $76.63 for the three months ended March 31, 2024 and March 31, 2023, respectively.

•The effect of 99 thousand contingently issuable performance shares granted during 2022 for the three months ended March 31, 2023.

•The effect of 112 thousand contingently issuable performance shares granted during 2023 for the three months ended March 31, 2023.

•The effect of 116 thousand contingently issuable performance shares granted during 2024 for the three months ended March 31, 2024.

12. Retirement of Executive Vice President, General Counsel and Secretary

On March 1, 2024, the Company's Executive Vice President, General Counsel and Secretary, Craig Evans, retired from the Company. Details of Mr. Evans' retirement are included in the previously disclosed Retirement and Release Agreement entered into between the Company and Mr. Evans. The role of General Counsel and Secretary was assumed by Paul Turvey upon Mr. Evans' retirement. For the three months ended March 31, 2024, the Company recorded retirement and severance expense related to Mr. Evans' retirement, as well as the departure of another employee, totaling $1.8 million, which included cash payments totaling $0.2 million and accelerated vesting of nonvested shares totaling $1.6 million.

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13. Equity Incentive Plans

All grants of common shares and options to purchase common shares were issued under the Company's 2007 Equity Incentive Plan prior to May 12, 2016, and under the 2016 Equity Incentive Plan on and after May 12, 2016. Under the 2016 Equity Incentive Plan, an aggregate of 3,950,000 common shares, options to purchase common shares and restricted share units, subject to adjustment in the event of certain capital events, may be granted. Additionally, the 2020 Long Term Incentive Plan (2020 LTIP) is a sub-plan under the Company's 2016 Equity Incentive Plan. Under the 2020 LTIP, the Company awards performance shares and restricted shares to the Company's executive officers. At March 31, 2024, there were 905,470 shares available for grant under the 2016 Equity Incentive Plan.

Nonvested Shares

A summary of the Company’s nonvested share activity and related information is as follows:

	Number of shares	Weighted avg. grant date fair value		Weighted avg. life remaining
Outstanding at December 31, 2023	609,228	$	44.44
Granted	290,271	41.96
Vested	(284,885)	45.47
Outstanding at March 31, 2024	614,614	$	42.79	1.61

The holders of nonvested shares have voting rights and receive dividends from the date of grant. The fair value of the nonvested shares that vested was $13.7 million and $8.3 million for the three months ended March 31, 2024 and 2023, respectively. Expense recognized related to nonvested shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $1.8 million and $1.9 million for the three months ended March 31, 2024 and 2023, respectively. Expense related to nonvested shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.7 million for the three months ended March 31, 2024. There was no expense related to nonvested shares included in retirement and severance expense for the three months ended March 31, 2023. At March 31, 2024, unamortized share-based compensation expense related to nonvested shares was $14.7 million.

Nonvested Performance Shares

A summary of the Company's nonvested performance share activity and related information is as follows:

	Target Number of Performance Shares	Weighted avg. grant date fair value (1)
Outstanding at December 31, 2023	312,641	$	70.04
Granted	116,266	44.76
Vested (2)	(102,438)	75.14
Outstanding at March 31, 2024	326,469	$	59.44

(1) The grant date fair value was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of the Company's future stock price over the three-year performance period for performance shares based on the Company's Total Shareholder Return (TSR) performance further described below and (ii) the Company's grant date fair value for performance shares based on the Company's estimated Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period.

(2) The achievement of the performance conditions for the performance shares granted during the year ended December 31, 2021 resulted in a performance payout percentage of 250% for both the Company's TSR relative to the TSRs of the Company's peer group companies and the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and a payout percentage of 200% for the Company's CAGR in AFFO per share over the three-year performance period. The achievement of the performance conditions and the above payout percentages resulted in the issuance of 243,290 common shares and 49,574 common shares from dividend equivalents. The fair value of the performance shares and dividend equivalents that vested was $12.6 million.

The number of common shares issuable upon settlement of the performance shares granted during the three months ended March 31, 2024, 2023 and 2022 will be based upon the Company's achievement level relative to performance

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measures at December 31, 2026, 2025 and 2024, respectively. The achievement level for the performance shares granted during the three months ended March 31, 2024 is 52.2% based upon the Company's TSR relative to the TSRs of the Company's peer group companies, 26.1% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 21.7% based upon the Company's estimated CAGR in AFFO per share over the three-year performance period. The achievement level for the performance shares granted during the years ended December 31, 2023 and 2022 is 50% based upon the Company's Total Shareholder Return (TSR) relative to the TSRs of the Company's peer group companies, 25% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 25% based upon the Company's Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period. The Company's achievement level relative to the performance measures is assigned a specific payout percentage, which is multiplied by a target number of performance shares.

The performance shares based on relative TSR performance have market conditions and are valued using a Monte Carlo simulation model on the grant date, which resulted in a grant date fair value of approximately $4.1 million and $5.9 million for the three months ended March 31, 2024 and 2023, respectively. The estimated fair value is amortized to expense over the three-year performance periods, which end on December 31, 2026, 2025 and 2024 for performance shares granted in 2024, 2023 and 2022, respectively. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the performance shares with a market condition for the three months ended March 31, 2024: risk-free interest rate of 4.5%, volatility factors in the expected market price of the Company's common shares of 30% and an expected life of approximately three years.

The performance shares based on growth in AFFO per share have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common stock on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost and any compensation cost previously recorded will be reversed. At March 31, 2024, achievement of the performance condition was deemed probable for the performance shares granted during the three months ended March 31, 2023 and 2022 with an expected payout percentage of 52.3% and 200%, respectively, which resulted in a grant date fair value of approximately $0.6 million and $2.3 million, respectively. Achievement of the performance condition for the performance shares granted during the three months ended March 31, 2024 was deemed not probable at March 31, 2024.

Expense recognized related to performance shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $1.5 million and $2.0 million for the three months ended March 31, 2024 and 2023, respectively. Expense related to performance shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.9 million for the three months ended March 31, 2024. At March 31, 2024, unamortized share-based compensation expense related to nonvested performance shares was $8.9 million.

The performance shares accrue dividend equivalents that are paid only if common shares are issued upon settlement of the performance shares. During the three months ended March 31, 2024 and 2023, the Company accrued dividend equivalents expected to be paid on earned awards of $598 thousand and $353 thousand, respectively.

Restricted Share Units

A summary of the Company’s restricted share unit activity and related information is as follows:

	Number of shares	Weighted avg. grant date fair value		Weighted avg. life remaining
Outstanding at December 31, 2023	42,048	$	41.67
Granted	—	—
Vested	—	—
Outstanding at March 31, 2024	42,048	$	41.67	0.17

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The holders of restricted share units receive dividend equivalents from the date of grant. Total expense recognized related to shares issued to non-employee Trustees and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $0.4 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024, unamortized share-based compensation expense related to restricted share units was $0.3 million.

14. Operating Leases

The Company’s real estate investments are leased under operating leases. In addition to its lessor arrangements on its real estate investments, as of March 31, 2024 and December 31, 2023, the Company was lessee in 51 operating ground leases. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these ground leases. As of March 31, 2024, rental revenue from one of the Company's tenants, who are also sub-tenants under the ground leases, is being recognized on a cash basis. In most cases, the ground lease sub-tenants have continued to pay the rent under these ground leases, however, one of these properties does not currently have a sub-tenant. In the event the tenant fails to pay the ground lease rent or if the property does not have a sub-tenant, the Company is primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. The Company is also the lessee in an operating lease of its executive office.

The following table summarizes rental revenue, including sublease arrangements and lease costs, for the three months ended March 31, 2024 and 2023 (in thousands):

		Three Months Ended March 31,
	Classification	2024		2023
Operating leases	Rental revenue	$	135,794	$	145,235
Sublease income - operating ground leases	Rental revenue	6,487		6,356
Lease costs
Operating ground lease cost	Property operating expense	$	6,547	$	6,600
Operating office lease cost	General and administrative expense	224		224

15. Segment Information

The Company groups its investments into two reportable operating segments: Experiential and Education.

The financial information summarized below is presented by reportable operating segment (in thousands):

Balance Sheet Data:
	As of March 31, 2024
	Experiential		Education		Corporate/Unallocated		Consolidated
Total Assets	$	5,201,690	$	430,201	$	62,145	$	5,694,036
	As of December 31, 2023
	Experiential		Education		Corporate/Unallocated		Consolidated
Total Assets	$	5,189,831	$	433,177	$	77,877	$	5,700,885

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Operating Data:
	Three Months Ended March 31, 2024
	Experiential		Education		Corporate/Unallocated		Consolidated
Rental revenue	$	132,824	$	9,457	$	—	$	142,281
Other income	11,770		100		167		12,037
Mortgage and other financing income	12,705		209		—		12,914
Total revenue	157,299		9,766		167		167,232
Property operating expense	14,540		129		251		14,920
Other expense	12,976		—		—		12,976
Total investment expenses	27,516		129		251		27,896
Net operating income - before unallocated items	129,783		9,637		(84)		139,336
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense							(13,908)
Retirement and severance expense							(1,836)
Transaction costs							(1)
(Provision) benefit for credit losses, net							(2,737)
Depreciation and amortization							(40,469)
Gain on sale of real estate							17,949
Interest expense, net							(31,651)
Equity in loss from joint ventures							(3,627)
Income tax expense							(347)
Net income							62,709
Preferred dividend requirements							(6,032)
Net income available to common shareholders of EPR Properties							$	56,677

Operating Data:
	Three Months Ended March 31, 2023
	Experiential		Education		Corporate/Unallocated		Consolidated
Rental revenue	$	141,700	$	9,891	$	—	$	151,591
Other income	9,108		1		224		9,333
Mortgage and other financing income	10,249		223		—		10,472
Total revenue	161,057		10,115		224		171,396
Property operating expense	14,177		—		(22)		14,155
Other expense	8,950		—		—		8,950
Total investment expenses	23,127		—		(22)		23,105
Net operating income - before unallocated items	137,930		10,115		246		148,291
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense							(13,965)
Transaction costs							(270)
(Provision) benefit for credit losses, net							(587)
Depreciation and amortization							(41,204)
Loss on sale of real estate							(560)
Interest expense, net							(31,722)
Equity in loss from joint ventures							(1,985)
Income tax expense							(341)
Net income							57,657
Preferred dividend requirements							(6,033)
Net income available to common shareholders of EPR Properties							$	51,624

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16. Other Commitments and Contingencies

As of March 31, 2024, the Company had 13 development projects with commitments to fund an aggregate of approximately $158.6 million. The Company advances development costs in periodic draws. If the Company determines that construction is not being completed in accordance with the terms of the development agreement, it can discontinue funding construction draws. The Company has agreed to lease the properties to the operators at pre-determined rates upon completion of construction.

The Company has certain commitments related to its mortgage notes investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of its direct control. As of March 31, 2024, the Company had five mortgage notes with commitments totaling approximately $99.9 million. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments.

In connection with construction of the Company's development projects and related infrastructure, certain public agencies require posting of surety bonds to guarantee that the Company's obligations will be satisfied. These bonds expire upon the completion of the improvements or infrastructure. As of March 31, 2024, the Company had four surety bonds outstanding totaling $2.1 million.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q of EPR Properties (the “Company”, “EPR”, “we” or “us”). The forward-looking statements included in this discussion and elsewhere in this Quarterly Report on Form 10-Q involve risks and uncertainties, including anticipated financial performance, anticipated liquidity and capital resources, business prospects, industry trends, shareholder returns, performance of leases by tenants, performance on loans to customers and other matters, which reflect management's best judgment based on factors currently known. See “Cautionary Statement Concerning Forward-Looking Statements,” which is incorporated herein by reference. Actual results and experience could differ materially from the anticipated results and other expectations expressed in our forward-looking statements as a result of a number of factors, including but not limited to those discussed in Item 1A - "Risk Factors" in our 2023 Annual Report.

Overview

Business

Our principal business objective is to enhance shareholder value by achieving predictable and increasing Funds From Operations As Adjusted ("FFOAA") and dividends per share. Our strategy is to focus on long-term investments in the Experiential sector that benefit from our depth of knowledge and relationships, and which we believe offer sustained performance throughout most economic cycles.

Our investment portfolio includes ownership of and long-term mortgages on Experiential and Education properties. Substantially all of our owned single-tenant properties are leased pursuant to long-term, triple-net leases, under which the tenants typically pay all operating expenses of the property. Tenants at our owned multi-tenant properties are typically required to pay common area maintenance charges to reimburse us for their pro-rata portion of these costs. We also own certain experiential lodging assets structured using traditional REIT lodging structures.

It has been our strategy to structure leases and financings to ensure a positive spread between our cost of capital and the rentals or interest paid by our tenants. We have primarily acquired or developed new properties that are pre-leased to a single tenant or multi-tenant properties with a high occupancy rate. We have also entered into certain joint ventures and provided mortgage note financing. We intend to continue entering into some or all of these types of arrangements in the foreseeable future.

Historically, our primary challenges had been locating suitable properties, negotiating favorable lease or financing terms (on new or existing properties), and managing our portfolio as we continued to grow. We believe our

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management’s knowledge and industry relationships have facilitated opportunities for us to acquire, finance and lease properties. More recently, and as further discussed below, the challenging economic environment and a theatre tenant's bankruptcy have increased our cost of capital, which has negatively impacted our ability to make investments in the near-term. Our business is subject to a number of risks and uncertainties, including those described in Item 1A - “Risk Factors” in our 2023 Annual Report.

As of March 31, 2024, our total assets were approximately $5.7 billion (after accumulated depreciation of approximately $1.5 billion) with properties located in 44 states, Ontario and Quebec, Canada. Our total investments (a non-GAAP financial measure) were approximately $6.9 billion at March 31, 2024. See "Non-GAAP Financial Measures" for the reconciliation of "Total assets" in the consolidated balance sheet to total investments at March 31, 2024 and December 31, 2023. We group our investments into two reportable segments, Experiential and Education. As of March 31, 2024, our Experiential investments comprised $6.4 billion, or 93%, and our Education investments comprised $0.5 billion, or 7%, of our total investments.

As of March 31, 2024, our Experiential portfolio (excluding property under development and undeveloped land inventory) consisted of the following property types (owned or financed):

•165 theatre properties;

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

•24 attraction properties;

•11 ski properties;

•seven experiential lodging properties;

•21 fitness & wellness properties;

•one gaming property; and

•one cultural property.

As of March 31, 2024, our owned Experiential real estate portfolio consisted of approximately 19.7 million square feet, which includes 0.5 million square feet of properties we intend to sell. The Experiential portfolio, excluding the properties we intend to sell, was 99% leased and included $36.1 million in property under development and $20.2 million in undeveloped land inventory.

As of March 31, 2024, our Education portfolio consisted of the following property types (owned or financed):

•61 early childhood education center properties; and

•nine private school properties.

As of March 31, 2024, our owned Education real estate portfolio consisted of approximately 1.3 million square feet, which includes 39 thousand square feet of properties we intend to sell. The Education portfolio, excluding the properties we intend to sell, was 100% leased.

The combined owned portfolio consisted of 21.0 million square feet and was 99% leased excluding the 0.5 million square feet of properties we intend to sell.

Challenging Economic Environment

REITs are generally experiencing heightened risks and uncertainties resulting from current challenging economic conditions, including significant volatility and negative pressure in financial and capital markets, higher cost of capital, high inflation and other risks and uncertainties associated with the current economic environment. Our business has been more acutely affected by these risks and uncertainties because of the bankruptcy of Regal Cinemas ("Regal"), a subsidiary of Cineworld Group. Although we intend to continue making future investments, we expect our levels of investment spending to be reduced in the near-term due to elevated costs of capital, and near-term investments will be funded primarily from cash on hand, excess cash flow, disposition proceeds and borrowing availability under our unsecured revolving credit facility, subject to maintaining our leverage levels

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consistent with past practice. As a result, we intend to continue to be more selective in making future investments and acquisitions until such time as economic conditions improve and our cost of capital improves.

As of March 31, 2024, as a result of the COVID-19 pandemic, we continue to recognize revenue on a cash basis for AMC and two other tenants, one of which has deferred rent from this period that is not booked as a receivable of approximately $11.5 million. We collected all deferred receivables from accrual basis tenants that were deferred due to the COVID-19 pandemic. During the three months ended March 31, 2024 and 2023, we collected $0.6 million and $6.5 million, respectively, in deferred rent and interest from cash basis customers and from customers for which the deferred payments were not previously recognized as revenue.

Operating Results

Our total revenue, net income available to common shareholders per diluted share and Funds From Operations As Adjusted ("FFOAA") per diluted share (a non-GAAP financial measure) are detailed below for the three months ended March 31, 2024 and 2023 (in millions, except per share information):

	Three Months Ended March 31,
	2024		2023		Change
Total revenue	$	167.2	$	171.4	(2)	%
Net income available to common shareholders per diluted share	$	0.75	$	0.69	9	%
FFOAA per diluted share	$	1.13	$	1.26	(10)	%

The major factors impacting our results for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023 were as follows:

•The decrease in rental revenue due to a comprehensive restructuring agreement with Regal and higher deferred rental payments from cash basis tenants received in 2023;

•The effect of property acquisitions and dispositions that occurred in 2024 and 2023;

•The increase in other income and other expense related to additional operating properties; and

•The increase in gain on sale of real estate, provision (benefit) for credit losses, net, and equity in loss from joint ventures.

For further detail on items impacting our operating results, see section below titled "Results of Operations". FFOAA is a non-GAAP financial measure. For the definitions and further details on the calculations of FFOAA and certain other non-GAAP financial measures, see the section below titled "Non-GAAP Financial Measures."

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying consolidated financial statements and related notes. In preparing these financial statements, management has made its best estimates and assumptions that affect the reported assets and liabilities and the reported amounts of revenues and expenses during the reporting period. The most significant assumptions and estimates relate to the valuation of real estate, accounting for real estate acquisitions, assessing the collectibility of receivables and the credit loss related to mortgage and other notes receivable. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. A summary of critical accounting policies and estimates is included in our 2023 Annual Report. For the three months ended March 31, 2024, there were no changes to critical accounting policies.

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Recent Developments

Investment Spending

Our investment spending during the three months ended March 31, 2024 and 2023 totaled $85.7 million and $66.5 million, respectively, and is detailed below (in thousands):

Three Months Ended March 31, 2024
Operating Segment	Total Investment Spending		New Development		Re-development		Asset Acquisition		Mortgage Notes or Notes Receivable		Investment in Joint Ventures
Experiential:
Theatres	$	370	$	—	$	370	$	—	$	—	$	—
Eat & Play	16,445		8,935		553		—		6,957		—
Attractions	35,231		—		164		33,437		1,630		—
Ski	1,209		—		—		—		1,209		—
Experiential Lodging	3,845		—		—		—		—		3,845
Fitness & Wellness	26,903		15,066		11,075		—		762		—
Cultural	1,709		—		1,709		—		—		—
Total Experiential	85,712		24,001		13,871		33,437		10,558		3,845
Education:
Total Education	—		—		—		—		—		—
Total Investment Spending	$	85,712	$	24,001	$	13,871	$	33,437	$	10,558	$	3,845

Three Months Ended March 31, 2023
Operating Segment	Total Investment Spending		New Development		Re-development		Asset Acquisition		Mortgage Notes or Notes Receivable		Investment in Joint Ventures
Experiential:
Eat & Play	$	11,432	$	11,201	$	231	$	—	$	—	$	—
Attractions	3,494		—		3,494		—		—		—
Ski	1,427		—		—		—		1,427		—
Experiential Lodging	2,658		—		—		—		—		2,658
Fitness & Wellness	47,369		473		101		43,770		3,025		—
Cultural	145		—		145		—		—		—
Total Experiential	66,525		11,674		3,971		43,770		4,452		2,658
Education:
Total Education	—		—		—		—		—		—
Total Investment Spending	$	66,525	$	11,674	$	3,971	$	43,770	$	4,452	$	2,658

The above amounts include $1.0 million and $0.8 million in capitalized interest for the three months ended March 31, 2024 and 2023, respectively, and $60 thousand and $59 thousand in capitalized other general and administrative direct project costs for the three months ended March 31, 2024 and 2023, respectively. Excluded from the table above is approximately $1.4 million and $2.1 million of maintenance capital expenditures and other spending for the three months ended March 31, 2024 and 2023, respectively.

Dispositions

During the three months ended March 31, 2024, we completed the sales of two cultural properties and one vacant theatre property for net proceeds totaling $46.2 million. In connection with these sales, we recognized a gain on sale totaling $17.9 million.

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Retirement and Severance Expense

On March 1, 2024, our Executive Vice President, General Counsel and Secretary, Craig Evans, retired. Details of Mr. Evans' retirement are included in the previously disclosed Retirement and Release Agreement entered into between us and Mr. Evans. The role of General Counsel and Secretary was assumed by Paul Turvey upon Mr. Evans' retirement. For the three months ended March 31, 2024, we recorded retirement and severance expense related to Mr. Evans' retirement, as well as the departure of another employee, totaling $1.8 million which included cash payments totaling $0.2 million and accelerated vesting of nonvested shares totaling $1.6 million.

Results of Operations

Three months ended March 31, 2024 compared to the three months ended March 31, 2023

Analysis of Revenue

The following table summarizes our total revenue (dollars in thousands):

	Three Months Ended March 31,
	2024		2023		Change
Minimum rent (1)	$	131,225	$	141,852	$	(10,627)
Percentage rent	1,900		1,811		89
Straight-line rent (2)	3,670		2,105		1,565
Tenant reimbursements	5,032		5,435		(403)
Other rental revenue	454		388		66
Total Rental Revenue	$	142,281	$	151,591	$	(9,310)
Other income (3)	12,037		9,333		2,704
Mortgage and other financing income (4)	12,914		10,472		2,442
Total revenue	$	167,232	$	171,396	$	(4,164)

(1) For the three months ended March 31, 2024 compared to the three months ended March 31, 2023, the decrease in minimum rent resulted from a decrease of $6.2 million related to the comprehensive restructuring agreement with Regal entered into on June 27, 2023, a $5.9 million decrease in deferred rental repayments from cash basis tenants, $1.4 million from property dispositions and $0.5 million in vacant properties. This decrease was partially offset by an increase in rental revenue of $2.2 million related to property acquisitions and developments completed in 2024 and 2023 and an increase in rental revenue on existing properties of $1.2 million.

During the three months ended March 31, 2024, we renewed one lease agreement on approximately 65 thousand square feet and experienced an increase of approximately 2.9% in rental rates and paid no leasing commissions with respect to this lease renewal.

(2) The increase in straight-line rent for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was due primarily to straight-line rent receivable for Regal recognized during the three months ended March 31, 2024 in connection with reestablishing accrual basis accounting for Regal at August 1, 2023. Additionally, property acquisitions and developments completed in 2024 and 2023 contributed to the increase.

(3) The increase in other income for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 related primarily to an increase in operating income from the addition of five operating theatre properties in the third quarter of 2023 that were previously leased by Regal.

(4) The increase in mortgage and other financing income during the three months ended March 31, 2024 compared to the three months ended March 31, 2023 related to interest income on new mortgage notes funded in 2024 and 2023 and from additional investments on existing mortgage note receivables.

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Analysis of Expenses and Other Line Items

The following table summarizes our expenses and other line items (dollars in thousands):

	Three Months Ended March 31,
	2024		2023		Change
Property operating expense	$	14,920	$	14,155	$	765
Other expense (1)	12,976		8,950		4,026
General and administrative expense	13,908		13,965		(57)
Retirement and severance expense (2)	1,836		—		1,836
Transaction costs	1		270		(269)
Provision (benefit) for credit losses, net (3)	2,737		587		2,150
Depreciation and amortization	40,469		41,204		(735)
Gain (loss) on sale of real estate (4)	17,949		(560)		18,509
Interest expense, net	31,651		31,722		(71)
Equity in loss from joint ventures (5)	3,627		1,985		1,642
Income tax expense	347		341		6
Preferred dividend requirements	6,032		6,033		(1)

(1) The increase in other expense for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 related primarily to the addition of operating expense from five new theatre properties that were previously leased by Regal.

(2) Retirement and severance expense for the three months ended March 31, 2024 related primarily to the retirement of our former Executive Vice President, General Counsel and Secretary. There was no retirement and severance expense for the three months ended March 31, 2023.

(3) The change in provision (benefit) for credit losses, net for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was due primarily to a credit loss expense related to new mortgage notes funded in 2024 and 2023 and from additional investments on existing mortgage notes receivables.

(4) The gain on sale of real estate for the three months ended March 31, 2024 related to the sales of two cultural properties and one vacant theatre property. The loss on sale of real estate for the three months ended March 31, 2023 related to the sale of one vacant eat & play property and a land parcel.

(5) The increase in equity in loss from joint ventures for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 related to lower revenues and higher expenses including depreciation expense at our joint ventures for the three months ended March 31, 2024.

Liquidity and Capital Resources

Cash and cash equivalents were $59.5 million at March 31, 2024. As of March 31, 2024, we had no uninsured deposits. In addition, we had restricted cash of $2.9 million at March 31, 2024, which related primarily to escrow deposits required for property management and debt agreements or held for potential acquisitions and redevelopments.

Mortgage Debt, Senior Notes and Unsecured Revolving Credit Facility

At March 31, 2024, we had total debt outstanding of $2.8 billion, of which 99% was unsecured.

At March 31, 2024, we had outstanding $2.5 billion in aggregate principal amount of unsecured senior notes (excluding the private placement notes discussed below) ranging in interest rates from 3.60% to 4.95%. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the ratio of our debt

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to adjusted total assets to exceed 60%; (ii) a limitation on incurrence of any secured debt that would cause the ratio of secured debt to adjusted total assets to exceed 40%; (iii) a limitation on incurrence of any debt that would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of our total unencumbered assets such that they are not less than 150% of our outstanding unsecured debt. Interest payments on our unsecured senior notes are due semiannually.

At March 31, 2024, we had no outstanding balance under our $1.0 billion unsecured revolving credit facility. Our unsecured revolving credit facility is governed by the terms of a Third Amended, Restated and Consolidated Credit Agreement, dated as of October 6, 2021 (the "Third Consolidated Credit Agreement"). The facility will mature on October 6, 2025. We have two options to extend the maturity date of the facility by an additional six months each (for a total of 12 months), subject to paying additional fees and the absence of any default. The facility provides for an initial maximum principal amount of borrowing availability of $1.0 billion with an "accordion" feature under which we may increase the total maximum principal amount available by $1.0 billion, to a total of $2.0 billion, subject to lender consent. The unsecured revolving credit facility bears interest at a floating rate of SOFR plus 1.30% (based on our unsecured debt ratings and with a SOFR floor of zero), which was 6.63% at March 31, 2024. Additionally, the facility fee on the revolving credit facility is 0.25%.

At March 31, 2024, we had outstanding $316.2 million of senior unsecured notes that were issued in a private placement transaction. The private placement notes were issued in two tranches, with $136.6 million due August 22, 2024, and $179.6 million due August 22, 2026. At March 31, 2024, the interest rates for the private placement notes were 4.35% and 4.56% for the Series A notes due 2024 and the Series B notes due 2026, respectively.

Our unsecured revolving credit facility and the private placement notes contain financial covenants or restrictions that limit our levels of consolidated debt, secured debt, investments outside certain categories, stock repurchases and dividend distributions and require us to maintain a minimum consolidated tangible net worth and meet certain coverage levels for fixed charges and debt service. Additionally, these debt instruments contain cross-default provisions if we default under other indebtedness exceeding certain amounts. Those cross-default thresholds vary from $50.0 million to $75.0 million, depending upon the debt instrument. We were in compliance with all financial and other covenants under our debt instruments at March 31, 2024.

Our principal investing activities are acquiring, developing and financing Experiential properties. These investing activities have generally been financed with senior unsecured notes and the proceeds from equity offerings. Our unsecured revolving credit facility and cash from operations are also used to finance the acquisition or development of properties, and to provide mortgage financing. We have and expect to continue to issue debt securities in public or private offerings. We have and may in the future assume mortgage debt in connection with property acquisitions or incur new mortgage debt on existing properties. We may also issue equity securities in connection with acquisitions. Continued growth of our real estate investments and mortgage financing portfolios will depend in part on our continued ability to access funds through additional borrowings and securities offerings and, to a lesser extent, our ability to assume debt in connection with property acquisitions. We may also fund investments with the proceeds from asset dispositions. As discussed above, due to our current elevated cost of capital, we intend to fund our investments in the near term primarily from cash on hand, excess cash flow, disposition proceeds and borrowing availability under our unsecured revolving credit facility, subject to maintaining our leverage levels consistent with past practice.

Liquidity Requirements

Short-term liquidity requirements consist primarily of normal recurring corporate operating expenses, debt service requirements and distributions to shareholders. We have historically met these requirements primarily through cash provided by operating activities. The table below summarizes our cash flows (dollars in thousands):

	Three Months Ended March 31,
	2024		2023
Net cash provided by operating activities	$	99,543	$	121,530
Net cash used by investing activities	(38,551)		(61,510)
Net cash used by financing activities	(79,484)		(71,486)

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Commitments

As of March 31, 2024, we had 13 development projects with commitments to fund an aggregate of approximately $158.6 million, of which approximately $59.4 million is expected to be funded in the remainder of 2024. Development costs are advanced by us in periodic draws. If we determine that construction is not being completed in accordance with the terms of the development agreement, we may discontinue funding construction draws. We have agreed to lease the properties to the operators at pre-determined rates upon completion of construction.

We have certain commitments related to our mortgage notes investments that we may be required to fund in the future. We are generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of our direct control. As of March 31, 2024, we had five mortgage notes with commitments totaling approximately $99.9 million, of which $49.2 million is expected to be funded in the remainder of 2024. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments.

In connection with construction of our development projects and related infrastructure, certain public agencies require posting of surety bonds to guarantee that our obligations will be satisfied. These bonds expire upon the completion of the improvements or infrastructure. As of March 31, 2024, we had four surety bonds outstanding totaling $2.1 million.

Liquidity Analysis

We currently anticipate that our cash on hand, cash from operations, funds available under our unsecured revolving credit facility and proceeds from asset dispositions will provide adequate liquidity to meet our financial commitments, including the amounts needed to fund our operations, make recurring debt service payments, allow distributions to our shareholders and avoid corporate level federal income or excise tax in accordance with REIT Internal Revenue Code requirements.

Long-term liquidity requirements consist primarily of debt maturities. We have $136.6 million of debt maturities due in August 2024. We currently believe that we will be able to repay, extend, refinance or otherwise settle our debt maturities as the debt comes due and that we will be able to fund our remaining commitments, as necessary. However, there can be no assurance that additional financing or capital will be available, or that terms will be acceptable or advantageous to us, particularly in light of the challenging economic environment and our elevated cost of capital.

Our primary use of cash after paying operating expenses, debt service, distributions to shareholders and funding existing commitments is in growing our investment portfolio through acquiring, developing and financing additional properties. We expect to finance these investments with borrowings under our unsecured revolving credit facility as well as debt and equity financing alternatives or proceeds from asset dispositions. If we borrow the maximum amount available under our unsecured revolving credit facility, there can be no assurance that we will be able to obtain additional or substitute investment financing. We may also assume mortgage debt in connection with property acquisitions. The availability and terms of any such financing or sales will depend upon market and other conditions.

The challenging economic environment has increased our cost of capital, which has negatively impacted our ability to make investments in the near-term. As a result, we intend to continue to be more selective in making investments, acquisitions, utilizing cash on hand, excess cash flow and borrowings under our line of credit until such time as economic conditions improve and our cost of capital returns to acceptable levels.

Capital Structure

We believe that our shareholders are best served by a conservative capital structure. Therefore, we seek to maintain a conservative debt level on our balance sheet as measured primarily by our net debt to adjusted EBITDAre ratio (see "Non-GAAP Financial Measures" for definitions). Because adjusted EBITDAre, as defined, does not include the annualization of investments put in service, acquired or disposed of during the quarter, or the potential earnings on property under development, the annualization of percentage rent and adjustments for other items, we also look at an additional ratio that reflects these adjustments. We also seek to maintain conservative interest, fixed charge, debt service coverage and net debt to gross asset ratios (see "Non-GAAP Financial Measures" for calculations).

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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, we calculate 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. We have calculated FFO for all periods presented in accordance with this definition.

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

FFO, FFOAA and AFFO are widely used measures of the operating performance of real estate companies and are provided here as supplemental measures to GAAP net income 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.

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The following table summarizes our FFO, FFOAA and AFFO including per share amounts for FFO and FFOAA, for the three months ended March 31, 2024 and 2023 and reconciles such measures to net income available to common shareholders, the most directly comparable GAAP measure (unaudited, in thousands, except per share information):

	Three Months Ended March 31,
	2024		2023
FFO:
Net income available to common shareholders of EPR Properties	$	56,677	$	51,624
(Gain) loss on sale of real estate	(17,949)		560
Real estate depreciation and amortization	40,282		41,000
Allocated share of joint venture depreciation	2,416		2,055
FFO available to common shareholders of EPR Properties	$	81,426	$	95,239
FFO available to common shareholders of EPR Properties	$	81,426	$	95,239
Add: Preferred dividends for Series C preferred shares	1,938		1,938
Add: Preferred dividends for Series E preferred shares	1,938		1,938
Diluted FFO available to common shareholders of EPR Properties	$	85,302	$	99,115
FFOAA:
FFO available to common shareholders of EPR Properties	$	81,426	$	95,239
Retirement and severance expense	1,836		—
Transaction costs	1		270
Provision (benefit) for credit losses, net	2,737		587
Deferred income tax benefit	(277)		(90)
FFOAA available to common shareholders of EPR Properties	$	85,723	$	96,006
FFOAA available to common shareholders of EPR Properties	$	85,723	$	96,006
Add: Preferred dividends for Series C preferred shares	1,938		1,938
Add: Preferred dividends for Series E preferred shares	1,938		1,938
Diluted FFOAA available to common shareholders of EPR Properties	$	89,599	$	99,882
AFFO:
FFOAA available to common shareholders of EPR Properties	$	85,723	$	96,006
Non-real estate depreciation and amortization	187		204
Deferred financing fees amortization	2,212		2,129
Share-based compensation expense to management and trustees	3,692		4,322
Amortization of above and below market leases, net and tenant allowances	(84)		(89)
Maintenance capital expenditures (1)	(1,555)		(2,176)
Straight-lined rental revenue	(3,670)		(2,105)
Straight-lined ground sublease expense	32		565
Non-cash portion of mortgage and other financing income	(862)		(122)
AFFO available to common shareholders of EPR Properties	$	85,675	$	98,734
AFFO available to common shareholders of EPR Properties	$	85,675	$	98,734
Add: Preferred dividends for Series C preferred shares	1,938		1,938
Add: Preferred dividends for Series E preferred shares	1,938		1,938
Diluted AFFO available to common shareholders of EPR Properties	$	89,551	$	102,610

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	Three Months Ended March 31,
	2024		2023
FFO per common share:
Basic	$	1.08	$	1.27
Diluted	1.07		1.25
FFOAA per common share:
Basic	$	1.14	$	1.28
Diluted	1.13		1.26
Shares used for computation (in thousands):
Basic	75,398		75,084
Diluted	75,705		75,283
Weighted average shares outstanding-diluted EPS	75,705		75,283
Effect of dilutive Series C preferred shares	2,301		2,272
Effect of dilutive Series E preferred shares	1,663		1,663
Adjusted weighted average shares outstanding-diluted Series C and Series E	79,669		79,218
Other financial information:
Dividends per common share	$	0.835	$	0.825

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

The effect of the conversion of our convertible preferred shares is calculated using the if-converted method and the conversion, which results in the most dilution is included in the computation of per share amounts. The conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares would be dilutive to FFO, FFOAA and AFFO per share for the three months ended March 31, 2024 and 2023. Therefore, the additional common shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFO and FFOAA per share and would be included in a calculation of AFFO per share.

Net Debt

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

Net Debt to Gross Assets Ratio

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

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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, we calculate 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 because it can help facilitate comparisons of operating performance between periods and with other REITs. Our 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 our operations or cash flows or liquidity as defined by GAAP.

Adjusted EBITDAre

Management uses Adjusted EBITDAre in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDAre is useful to investors because it excludes various items that management believes are not indicative of operating performance, and because it is an informative measure to use in computing various financial ratios to evaluate the Company. We define Adjusted EBITDAre as EBITDAre (defined above) for the quarter excluding sale participation income, gain on insurance recovery, retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, impairment losses on operating lease right-of-use assets and prepayment fees.

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

Net Debt to Adjusted EBITDAre Ratio

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

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

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	March 31,
	2024			2023
Net Debt:
Debt	$	2,817,710		$	2,811,653
Deferred financing costs, net	23,519			29,576
Cash and cash equivalents	(59,476)			(96,438)
Net Debt	$	2,781,753		$	2,744,791
Gross Assets:
Total Assets	$	5,694,036		$	5,756,615
Accumulated depreciation	1,470,507			1,341,527
Cash and cash equivalents	(59,476)			(96,438)
Gross Assets	$	7,105,067		$	7,001,704
Debt to Total Assets Ratio	49		%	49		%
Net Debt to Gross Assets Ratio	39		%	39		%
	Three Months Ended March 31,
	2024			2023
EBITDAre and Adjusted EBITDAre:
Net income	$	62,709		$	57,657
Interest expense, net	31,651			31,722
Income tax expense	347			341
Depreciation and amortization	40,469			41,204
(Gain) loss on sale of real estate	(17,949)			560
Allocated share of joint venture depreciation	2,416			2,055
Allocated share of joint venture interest expense	2,131			2,083
EBITDAre	$	121,774		$	135,622
Retirement and severance expense	1,836			—
Transaction costs	1			270
Provision (benefit) for credit losses, net	2,737			587
Adjusted EBITDAre (for the quarter)	$	126,348		$	136,479
Adjusted EBITDAre (annualized) (1)	$	505,392		$	545,916
Net Debt/Adjusted EBITDAre Ratio	5.5			5.0
(1) Adjusted EBITDA for the quarter is multiplied by four to calculate an annual amount but does not include the annualization of investments put in service, acquired or disposed of during the quarter, as well as the potential earnings on property under development, the annualization of percent rent and adjustments for other items.

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Total Investments

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

	March 31, 2024		December 31, 2023
Total assets	$	5,694,036	$	5,700,885
Operating lease right-of-use assets	(183,031)		(186,628)
Cash and cash equivalents	(59,476)		(78,079)
Restricted cash	(2,929)		(2,902)
Accounts receivable	(69,414)		(63,655)
Add: accumulated depreciation on real estate investments	1,470,507		1,435,683
Add: accumulated amortization on intangible assets (1)	30,934		30,589
Prepaid expenses and other current assets (1)	(30,093)		(22,718)
Total investments	$	6,850,534	$	6,813,175
Total Investments:
Real estate investments, net of accumulated depreciation	$	4,629,859	$	4,537,359
Add back accumulated depreciation on real estate investments	1,470,507		1,435,683
Land held for development	20,168		20,168
Property under development	36,138		131,265
Mortgage notes and related accrued interest receivable, net	578,915		569,768
Investment in joint ventures	46,127		49,754
Intangible assets, gross (1)	65,073		65,299
Notes receivable and related accrued interest receivable, net (1)	3,747		3,879
Total investments	$	6,850,534	$	6,813,175
(1) Included in "Other assets" in the accompanying consolidated balance sheet. Other assets include the following:
	March 31, 2024		December 31, 2023
Intangible assets, gross	$	65,073	$	65,299
Less: accumulated amortization on intangible assets	(30,934)		(30,589)
Notes receivable and related accrued interest receivable, net	3,747		3,879
Prepaid expenses and other current assets	30,093		22,718
Total other assets	$	67,979	$	61,307

Impact of Recently Issued Accounting Standards

See Note 2 to the consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information on the impact of recently issued accounting standards on our business.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risks, primarily relating to potential losses due to changes in interest rates and foreign currency exchange rates. We seek to mitigate the effects of fluctuations in interest rates by matching the term of new investments with new long-term fixed rate borrowings whenever possible. As of March 31, 2024, we had a $1.0 billion unsecured revolving credit facility with no outstanding balance. We also had a $25.0 million bond that bears interest at a floating rate but has been fixed through an interest rate swap agreement.

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As of March 31, 2024, we had a 65% investment interest in two unconsolidated real estate joint ventures related to two experiential lodging properties located in St. Petersburg Beach, Florida. At March 31, 2024, the joint ventures had a secured mortgage loan with an outstanding balance of $105.0 million. The mortgage loan bears interest at SOFR plus 3.65%, with monthly interest payments required. The joint venture includes an interest rate cap agreement to limit the variable portion of the interest rate (SOFR) on this note to 3.5% from May 19, 2022 to June 1, 2024.

We are subject to risks associated with debt financing, including the risk that existing indebtedness may not be refinanced or that the terms of such refinancing may not be as favorable as the terms of current indebtedness. The majority of our borrowings are subject to contractual agreements or mortgages, which limit the amount of indebtedness we may incur. Accordingly, if we are unable to raise additional equity or borrow money due to these limitations or otherwise, our ability to make additional real estate investments may be limited.

We are exposed to foreign currency risk against our functional currency, the U.S. dollar, on our six Canadian properties and the rents received from tenants of the properties are payable in CAD. To hedge our CAD denominated cash flows and our net investment in our six Canadian properties, we entered into cross-currency swaps designated as cash flow hedges and foreign currency forwards designated as net investment hedges as further described below.

Cash Flow Hedges of Interest Rate Risk

To hedge our interest rate risk, we entered into an interest rate swap agreement on our variable rate secured bonds with a notional amount of $25.0 million. The interest rate cap agreement limits the variable portion of the interest rate (SOFR) on this bond to 2.5325% until September 30, 2026.

Cash Flow Hedges of Foreign Exchange Risk-Cross Currency Swaps

We entered into three USD-CAD cross-currency swaps that became effective July 1, 2022, mature on October 1, 2024, and have a total fixed original notional value of $150.0 million CAD and $118.7 million USD. The net effect of these swaps provides a fixed exchange rate of $1.26 CAD per USD on approximately $10.8 million annual CAD denominated cash flows.

We entered into two USD-CAD cross-currency swaps that became effective May 1, 2022, mature on October 1, 2024 and have a total fixed notional value of $200.0 million CAD and $156.0 million USD. The net effect of these swaps provides a fixed exchange rate of $1.28 CAD per USD on approximately $4.5 million of annual CAD denominated cash flows.

We entered into three USD-CAD cross-currency swaps that became effective June 1, 2022, mature on December 1, 2024 and have a total fixed notional value of $90.0 million CAD and $69.5 million USD. The net effect of these swaps provides a fixed exchange rate of $1.30 CAD per USD on approximately $8.1 million of annual CAD denominated cash flows.

Net Investment Hedges - Foreign Currency Forward Contracts

We entered into two forward contracts that became effective December 13, 2023 with a fixed notional value of $200.0 million CAD and $148.3 million USD with a settlement date of October 1, 2025. The exchange rate of these forward contracts is approximately $1.35 CAD per USD.

We entered into a forward contract that became effective December 13, 2023 with a fixed notional value of $90.0 million CAD and $66.8 million USD with a settlement date of December 1, 2025. The exchange rate of this forward contract is approximately $1.35 CAD per USD.

For foreign currency derivatives designated as net investment hedges, the change in the fair value of the derivatives are reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated.

36

See Note 9 to the consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information on our derivative financial instruments and hedging activities.

Item 4. Controls and Procedures

Evaluation of disclosures controls and procedures

As of March 31, 2024, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Based upon and as of the date of that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in reports we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Limitations on the effectiveness of controls

Our disclosure controls were designed to provide reasonable assurance that the controls and procedures would meet their objectives. Our management, including the Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls will prevent all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable assurance of achieving the designed control objectives and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusions of two or more people, or by management override of the control. Because of the inherent limitations in a cost-effective, maturing control system, misstatements due to error or fraud may occur and not be detected.

Change in internal controls

There have not been any changes in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter of the fiscal year to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We are subject to certain claims and lawsuits in the ordinary course of business, the outcome of which cannot be determined at this time. In the opinion of management, any liability we might incur upon the resolution of these claims and lawsuits will not, in the aggregate, have a material adverse effect on our consolidated financial position or results of operations.

Item 1A. Risk Factors

There have been no material changes to the risk factors associated with our business previously disclosed in Item 1A - "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on February 29, 2024.

37

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Period	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
January 1 through January 31, 2024 common shares	106,172	(1)	$	48.45	—	$	—
February 1 through February 29, 2024 common shares	132,610	(1)	42.87		—	—
March 1 through March 31, 2024 common shares	13,074	(1)	41.76		—	—
Total	251,856		$	45.16	—	$	—

(1) The repurchases of equity securities during January, February and March 2024 were completed in conjunction with the vesting of employee nonvested shares and performance share units. These repurchases were not made pursuant to a publicly announced plan or program.

Item 3. Defaults Upon Senior Securities

There were no reportable events during the quarter ended March 31, 2024.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended March 31, 2024, no trustee or officer of the Company, as defined in Rule 16a-1(f) of the Exchange Act, adopted, modified, or terminated any "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K. There were no reportable events during the quarter ended March 31, 2024 otherwise reportable under this Item 5.

38

Item 6. Exhibits

10.1	Retirement and Release Agreement, dated as of February 26, 2023, by and between the Company and Craig L. Evans, is attached hereto as Exhibit 10.1.
31.1*	Certification of Gregory K. Silvers pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, is attached hereto as Exhibit 31.1.
31.2*	Certification of Mark A. Peterson pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, is attached hereto as Exhibit 31.2.
32.1**	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is attached hereto as Exhibit 32.1.
32.2**	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is attached hereto as Exhibit 32.2.
101.INS*	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*	Inline XBRL Taxonomy Extension Schema
101.CAL*	Inline XBRL Extension Calculation Linkbase
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase
104*	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

* Filed herewith.

** Furnished herewith.

39

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 thereunto duly authorized.

		EPR Properties
Dated:	May 2, 2024	By	/s/ Gregory K. Silvers
			Gregory K. Silvers, Chairman, President and Chief Executive Officer (Principal Executive Officer)
Dated:	May 2, 2024	By	/s/ Tonya L. Mater
			Tonya L. Mater, Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)

40

EX-10.1

Exhibit 10.1

RETIREMENT AND RELEASE AGREEMENT

This RETIREMENT AND RELEASE AGREEMENT (“Agreement”), dated as of February 26, 2023, is by and between EPR Properties, a Maryland real estate investment trust (the “Company”) and Craig L. Evans (“Evans”).

WHEREAS, Evans is employed by the Company in the position of Executive Vice President, General Counsel and Secretary;

WHEREAS, Evans has announced his retirement from the Company; and

WHEREAS, the Company and Evans desire to compromise and settle any and all claims which might arise out of or in any manner be related to Evans’ employment with the Company up to and including the date of this Agreement, in consideration for certain benefits to which Evans would not otherwise be entitled.

NOW, THEREFORE, in consideration of the mutual promises and agreements set forth herein, the parties agree as follows:

Consideration

1.The Company will provide the following consideration.

a.The Company and Evans agree that Evans’ employment will terminate at the close of business on March 1, 2024 (the “Retirement Date”). The Company will compensate Evans for his services through the Retirement Date, at the same level of wages and benefits he earned as of the date hereof.

b.Subject to Evans executing (and not revoking) this Agreement, the Company will pay to Evans, or on his behalf:

i.Payment for one unused PTO day in the amount of $1,701.73; and

ii.The gross amount of $59,154.96, which is equivalent to the pro-rated annual incentive bonus that Evans would have received under the Company’s annual incentive program for 2024 with the achievement of “at target” performance level, less deductions required by law.

iii.The gross amount of $49,246.50, which is equivalent to the pro-rated Time-Based Restricted Shares portion of the Company’s long term incentive plan that Evans would have received under such plan for 2024 with the achievement of “at target” performance level, less deductions required by law.

iv.2,589 performance share units under a 2024 Performance Share Award Agreement which is equivalent to the performance share portion of the pro-rated long term incentive bonus that Evans would have received under

the Company’s long term incentive program for 2024, less deductions required by law.

c.     The amounts set forth in this Section will be less applicable payroll withholdings. The performance share units in Section 1.b.iv will be issued pursuant to a 2024 Award Agreement at the time performance share units are issued to other Company executives (in the ordinary course) pursuant to the Company’s long term incentive plan. The amounts set forth in Sections 1.b.i, 1.b.ii and 1.b.iii will be paid in a lump sum promptly after the later of (1) the expiration of the seven-day waiting period described in Section 11 of this Agreement, or (2) the Retirement Date.

d.     All unvested restricted common shares of the Company held by Evans will become vested upon the close of business on the later of (1) the expiration of the seven-day waiting period described in Section 11 of this Agreement, or (2) the Retirement Date. Further, any Performance Share Award Agreements entered into by and between Company and Evans will remain in place and continue in full force and effect.

All Compensation Received

2.     Evans acknowledges and agrees that upon receipt of the consideration set forth in Section 1.b of this Agreement he will have received any and all wages or other compensation to which he is entitled because of his work performed for the Company or otherwise due from the Company.

3.     Evans understands and acknowledges that all employee benefits paid to him or on his behalf shall cease effective the Retirement Date, or on such later date as specified in the applicable plan, and the parties specifically understand and agree that this Agreement does not affect and shall not diminish Evans’ rights to: (a) elect continued coverage for medical, dental and/or vision insurance pursuant to COBRA, (b) vested 401(k) benefits, (c) vested restricted common shares, and (d) any shares of EPR stock that Evans owns. All vested 401(k) benefits and vested restricted common shares will continue to be governed by their respective applicable plans and agreements.

Release of All Claims

4.     Evans releases the Company and all of its parents, subsidiaries, joint venturers, affiliates, assigns and successors, and all of its past, present and future owners/shareholders, officers, directors, agents, employees, trustees, representatives, insurers and attorneys (referred to in this document as the “Released Parties”) from any and all claims, damages, lawsuits, injuries, liabilities and causes of action that he may have, whether known to him or not. Notwithstanding this Section 4, nothing in this Agreement is intended to release any claims that cannot be released as a matter of law.

Release of All Employment Law Claims

5.     Evans understands and agrees that he is releasing the Released Parties from any and all claims, damages, lawsuits, injuries, liabilities and causes of action that he may have under any express or implied contract, or any city ordinance or state, federal or common law meant to protect workers in their employment relationships including, without limitation, claims under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Missouri Human Rights Act, the Kansas Act Against Discrimination, the Americans with Disabilities Act, the Equal Pay Act, 42 U.S.C. §§ 1981, 1983 and 1985, 18 U.S.C. § 1514A, the Family and Medical Leave Act, the Employee Retirement Income Security Act, the Fair Labor Standards Act, the Missouri Service Letter statute, the Labor Management Relations Act, and under which he may have rights and claims, whether known to him or not, arising, directly or indirectly out of Evans’ employment by the Company and/or the separation of his employment with the Company. Notwithstanding this Section 5, nothing in this Agreement is intended to release any claims that cannot be released as a matter of law.

Release of Any Age Discrimination Claims

6.     Evans understands and agrees that he is releasing the Released Parties from any and all claims, damages, lawsuits, injuries, liabilities and causes of action that he may have, under the Age Discrimination in Employment Act, the Missouri Human Rights Act, the Kansas Age Discrimination in Employment Act, and any other federal, state or local laws prohibiting age discrimination in employment, whether known to him or not, past or present, suspected or unsuspected, arising, directly or indirectly out of Evans’ employment by the Company or the separation of his employment with the Company or any statements or actions of the Released Parties. Notwithstanding this Section 6, nothing in this Agreement is intended to release any claims that cannot be released as a matter of law.

Will Not File Claims

7.     Evans understands and represents that he intends this Agreement to be complete and not subject to any claim of mistake, and that the release herein expresses a full and complete release of all claims known and unknown, suspected or unsuspected, and that he intends the release set forth herein to be final and complete. Evans further agrees that he will not prosecute or allow to be prosecuted on his behalf, in any administrative agency or court, whether state or federal, or in any arbitration proceeding, any claim or demand of any type related to the matters released above, it being Evans’ intention that, with the execution of this Agreement, Released Parties will be absolutely, unconditionally and forever discharged of and from all obligations to him that exist as of the date of this Agreement. Evans understands that nothing in this Agreement shall preclude him from filing a charge of discrimination, or participating in an investigation, with the Equal Employment Opportunity Commission or comparable agency. However, Evans further agrees that he cannot and will not seek or accept any personal benefit from the Company, whether in monetary or other form, as part of or related to any proceeding initiated by any other person, agency or other governmental body of the United States or any other jurisdiction. Furthermore, nothing in this Agreement prohibits Evans from reporting possible violations of federal law or regulation to any government agency or entity, or making other disclosures that are protected under the whistleblower provisions of law. Notwithstanding

any of the provisions of this Agreement, Evans is not releasing any rights that he may have that cannot be released pursuant to applicable law.

Notwithstanding Evans’ releases under Sections 4, 5 and 6 above, and his obligations under this Section 7, Evans retains all rights to be indemnified, defended and held harmless, with advancement of expenses, that, before entering into this Agreement, he enjoys under applicable state laws, indemnification agreements or the organic documents of the Company. Evans’ obligations under Sections 4 through 7 shall be subject to the Company’s full and timely performance of its payment obligations under this Agreement.

Future Consulting

8.     To the extent requested and upon a rate to be mutually agreed, Evans agrees to provide future consulting services to the Company. Any such future services rendered by Evans shall be not be legal in nature and in all circumstances shall not constitute legal advice.

Non-Disparagement

9.     From and after the date of this Agreement, Evans warrants and agrees that he will not make any disparaging comment in any format, whether written, electronic (including but limited to social media), or oral, to any customer, vendor, prospective employer, Company employee, the media, or any other individual or entity regarding the Company and/or the Released Parties which relates to the Company's business or related activities, or the relationship between the Company, Released Parties and Evans.

Consequences of Breach of Non-Disparagement Obligations

10.    Evans understands and agrees that his obligations set forth in Section 9 of this Agreement is a material inducement to the Company in making this Agreement. Accordingly, the Company shall be entitled to injunctive or specific relief from a court of competent jurisdiction against any breach or threatened breach by Evans, his agents or any persons acting with him, of the covenants in Section 9 of this Agreement without the necessity of posting bond or proving lack of an adequate remedy at law, and without limitation of other remedies that may be available to the Company at law or in equity.

Time to Consider this Separation Agreement and Release and 7-Day Revocation Period

11.     Evans acknowledges that he has been given the option to consider this Agreement for up to twenty-one (21) days before signing it. Evans further acknowledges that he has been advised to consult with an attorney prior to signing this Agreement. Evans understands that after signing this Agreement, he has seven (7) days in which to consider it and, if desired, to revoke it by giving written notice of such revocation to the Company in care of Liz Grace, Sr. Vice President – Human Resources and Administration, 909 Walnut, Suite 200, Kansas City, MO 64106, lizg@eprkc.com, prior to the expiration of the 7-day revocation period, but that upon such revocation, Evans shall forfeit any and all rights to all consideration otherwise to be provided to him under the terms of this Agreement. Evans also understands that this Agreement shall not become effective or enforceable until the expiration of the 7-day revocation period.

Return of All Company Property

12.     Evans agrees that he will return any and all property (including, but not limited to, his Company-provided computer, personal computing devices, keys, security and parking cards or fobs, tools, credit cards and Company files and documents and all copies thereof, whether in hard copy or stored electronically) of the Company, its parents, subsidiaries or affiliates in his possession.

Non‑Admission of Liability

13.     Evans understands and agrees that the Released Parties deny that he has any legally cognizable claims against them but that the Released Parties desire to amicably settle any and all disputes they now may have with him, Evans further understands and agrees that neither this Agreement nor any action taken hereunder is to be construed as an admission by the Released Parties of violation of any local, state, federal, or common law - in fact, Evans understands that the Released Parties expressly deny any such violation.

Section 409A Savings Clause

14.     This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code, Title 26 of the United States Code (the “Code”), including the exceptions for short-term deferrals, separation pay arrangements, reimbursements and in-kind distributions, and must be administered and interpreted in accordance with such intent. Without limiting the generality of the foregoing, any term or provision that is determined to have an ambiguous definition shall be interpreted, to the extent reasonable, to comply with Section 409A of the Code. Each installment payment under this Agreement is treated as a separate payment for purposes of Section 409A of the Code. All reimbursements provided under this Agreement that constitute deferred compensation within the meaning of Section 409A of the Code must be made or provided in accordance with the requirements of Section 409A of the Code.

Resignation

15.     On and as of the Retirement Date, Evans will deliver to the Company a letter of resignation in substantially the form attached hereto as Exhibit A.

Taxation

16.     Evans understands and agrees that none of the Released Parties, including their attorneys, have made any express or implied representations to him with respect to the tax implications of any payment made herein.

Missouri Law Applies

17.     Evans and the Company understand and agree that this Agreement shall be governed by the laws of the State of Missouri.

Use of Headings

18.     Evans and the Company understand and agree that the headings in this Agreement have been inserted for convenience of reference only and do not in any way restrict or modify any of its terms or provisions.

Agreement May Not Be Modified

19.     Evans and the Company understand and agree that no provision of this Agreement may be waived, modified, altered or amended except upon the express written consent of the Company and Evans.

Full Agreement

20.     Evans and the Company understand this Agreement sets forth the entire terms of the agreement between the Company and Evans.

Invalidity of Any Provision Affects Only that Provision

21.     Evans and the Company understand and agree that if, for any reason, any term or provision of this Agreement is construed to be unenforceable or void, the balance of it will yet be effective and enforceable.

Have Read, Understand and Have Voluntarily Signed Agreement

22.     Evans and the Company have each read this Agreement, and each understands its contents. Evans and the Company have each signed this Agreement voluntarily and knowingly.

IN WITNESS WHERE OF, the parties have executed this Release Agreement.

	/s/ Craig L. Evans
	CRAIG L. EVANS
	EPR PROPERTIES
By:	/s/ Greg Silvers
Name:	Greg Silvers
Its:	Chairman and Chief Executive Officer

EXHIBIT A

Letter of Resignation

Craig L. Evans

30 High Street

Camden, Maine 04843

March 1, 2024

EPR Properties

909 Walnut Street, Suite 200

Kansas City, Missouri 64106

Attn: Secretary

Dear Secretary:

I hereby resign my offices of Executive Vice President, General Counsel and Secretary of EPR Properties, a Maryland real estate investment trust (the “Company”), and any and all other positions as an officer, director, trustee or employee of any direct or indirect subsidiary or benefit plan or trust of the Company, effective as of the close of business on the date hereof.

/s/ Craig L. Evans

Craig L. Evans

EX-31.1

EXHIBIT 31.1

CERTIFICATION

PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.

I, Gregory K. Silvers, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of EPR Properties;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 2, 2024	/s/ Gregory K. Silvers
		Gregory K. Silvers
		Chairman, President and Chief Executive Officer (Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATION

PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.

I, Mark A. Peterson, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of EPR Properties;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 2, 2024	/s/ Mark A. Peterson
		Mark. A. Peterson
		Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350 AS

ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT

I, Gregory K. Silvers, President and Chief Executive Officer of EPR Properties (the “Issuer”), have executed this certification for furnishing to the Securities and Exchange Commission in connection with the filing with the Commission of the registrant’s Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the “Report”). I hereby certify that, to the best of my knowledge and belief:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

/s/ Gregory K. Silvers

Gregory K. Silvers

Chairman, President and Chief Executive Officer

(Principal Executive Officer)

Date: May 2, 2024

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350 AS

ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT

I, Mark A. Peterson, Executive Vice President and Chief Financial Officer of EPR Properties (the “Issuer”), have executed this certification for furnishing to the Securities and Exchange Commission in connection with the filing with the Commission of the registrant’s Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the “Report”). I hereby certify that, to the best of my knowledge and belief:

(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

/s/ Mark A. Peterson

Mark A. Peterson
Executive Vice President, Chief Financial Officer
and Treasurer (Principal Financial
Officer)

Date: May 2, 2024

XML

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-13561
Entity Registrant Name	EPR PROPERTIES
Entity Incorporation, State or Country Code	MD
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		75,672,637
Entity Central Index Key	0001045450
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common shares, par value $0.01 per share
Trading Symbol	EPR
Entity Listing, Description	NYSE
Series C Preferred Shares [Member]
Entity 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
Entity Listing, Description	NYSE
Series E Preferred Shares [Member]
Entity 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
Entity Listing, Description	NYSE
Series G Preferred Stock [Member]
Entity 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
Entity Listing, Description	NYSE

XML

Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Assets
Real Estate Investment Property, Net	$ 4,629,859,000	$ 4,537,359,000
Land held for development	20,168,000	20,168,000
Property under development	36,138,000	131,265,000
Operating Lease, Right-of-Use Asset	183,031,000	186,628,000
Financing Receivable, after Allowance for Credit Loss, Current	578,915,000	569,768,000
Investment in joint ventures	46,127,000	49,754,000
Cash and cash equivalents	59,476,000	78,079,000
Restricted cash	2,929,000	2,902,000
Accounts receivable, net	69,414,000	63,655,000
Other assets	67,979,000	61,307,000
Total assets	5,694,036,000	5,700,885,000
Liabilities:
Accounts payable and accrued liabilities	84,153,000	94,927,000
Operating Lease, Liability	223,077,000	226,961,000
Dividends Payable, Current	22,918,000	25,275,000
Preferred dividends payable	6,032,000	6,032,000
Unearned rents and interest	91,829,000	77,440,000
Debt	2,817,710,000	2,816,095,000
Total liabilities	$ 3,245,719,000	$ 3,246,730,000
Equity:
Common Stock, Shares, Issued	83,553,611	82,964,231
Common Stock, Value, Issued	$ 835,000	$ 829,000
Additional paid-in-capital	3,939,242,000	3,924,467,000
Treasury Stock, Value	(285,413,000)	(274,038,000)
Accumulated other comprehensive income	1,119,000	3,296,000
Distributions in excess of net income	1,207,614,000	1,200,547,000
Total equity	2,448,317,000	2,454,155,000
Total liabilities and equity	$ 5,694,036,000	$ 5,700,885,000
Series C Preferred Shares [Member]
Equity:
Preferred Shares, shares issued	5,392,916	5,392,916
Preferred shares	$ 54,000	$ 54,000
Preferred Shares, liquidation preference	$ 134,822,900	$ 134,822,900
Series E Preferred Shares [Member]
Equity:
Preferred Shares, shares issued	3,445,980	3,445,980
Preferred shares	$ 34,000	$ 34,000
Preferred Shares, liquidation preference	$ 86,149,500	$ 86,149,500
Series G Preferred Stock [Member]
Equity:
Preferred Shares, shares issued	6,000,000	6,000,000
Preferred shares	$ 60,000	$ 60,000
Preferred Shares, liquidation preference	$ 150,000,000	$ 150,000,000

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Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Real Estate Owned, Accumulated Depreciation	$ 1,470,507,000	$ 1,435,683,000
Common Shares, par value	$ 0.01	$ 0.01
Common Shares, shares authorized	125,000,000
Preferred Shares, par value	$ 0.01	$ 0.01
Preferred Shares, shares authorized	25,000,000	25,000,000
Treasury Stock, Common, Shares	7,883,581	7,631,725
Dividends Payable, Current	$ 22,918,000	$ 25,275,000
Series C Preferred Shares [Member]
Preferred Shares, shares issued	5,392,916	5,392,916
Preferred Shares, liquidation preference	$ 134,822,900	$ 134,822,900
Series E Preferred Shares [Member]
Preferred Shares, shares issued	3,445,980	3,445,980
Preferred Shares, liquidation preference	$ 86,149,500	$ 86,149,500
Series G Preferred Stock [Member]
Preferred Shares, shares issued	6,000,000	6,000,000
Preferred Shares, liquidation preference	$ 150,000,000	$ 150,000,000

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Consolidated Statements Of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Lease, Lease Income	$ 142,281	$ 151,591
Other income	12,037	9,333
Interest and Fee Income, Loans, Commercial and Residential, Real Estate	12,914	10,472
Total revenue	167,232	171,396
Property operating expense	14,920	14,155
Other expense	12,976	8,950
General and Administrative Expense	13,908	13,965
Severance Costs	1,836	0
Transaction costs	1	270
Financing Receivable, Credit Loss, Expense (Reversal)	2,737	587
Depreciation and amortization	40,469	41,204
Operating Costs and Expenses	86,847	79,131
Gain on sale of real estate	17,949	(560)
Operating Income	98,334	91,705
Interest expense, net	31,651	31,722
Equity in (income) loss from joint ventures	3,627	1,985
Income from Continuing Operations before Income Taxes, Noncontrolling Interest	63,056	57,998
Income tax expense	347	341
Net income	62,709	57,657
Preferred dividend requirements	6,032	6,033
Net income available to common shareholders of EPR Properties	56,677	51,624
Foreign currency translation adjustment	(6,909)	230
Unrealized Gain (Loss) on Derivatives	4,732	(304)
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 60,532	$ 57,583
Basic earnings per share data:
Net income available to common shareholders (in dollars per share)	$ 0.75	$ 0.69
Diluted earnings per share data:
Net income available to common shareholders (in dollars per share)	$ 0.75	$ 0.69
Shares used for computation (in thousands):
Basic (in shares)	75,398	75,084
Diluted (in shares)	75,705	75,283

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Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common	Accumulated other comprehensive income (loss) [Member]	Distributions in excess of net income [Member]	Series C Preferred Shares [Member]	Series C Preferred Shares [Member] Distributions in excess of net income [Member]	Series E Preferred Shares [Member]	Series E Preferred Shares [Member] Preferred Stock [Member]	Series E Preferred Shares [Member] Distributions in excess of net income [Member]	Series G Preferred Stock [Member]	Series G Preferred Stock [Member] Distributions in excess of net income [Member]	Performance Shares [Member]	Performance Shares [Member] Distributions in excess of net income [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	$ 2,535,719	$ 825	$ 148	$ 3,899,732	$ (269,751)	$ 1,897	$ (1,097,132)
Balance (in shares) at Dec. 31, 2022		82,545,501	14,840,297
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Shares, Other		1,449
Stock Issued During Period, Value, Other	0
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		352,090
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	5,372	$ 4		5,956	(588)
Treasury Stock, Retired, Cost Method, Amount	(3,565)				(3,565)
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards	4,322			4,322
share based compensation included in severance expense	0
Foreign currency translation adjustment	230					230
Unrealized Gain (Loss) on Derivatives	(304)					(304)
Net income	57,657						57,657
Issuances of common shares (in shares)		5,557
Issuances of common shares	225	$ 0		225
Stock Issued During Period, Value, Conversion of Convertible Securities	$ 0
Stock Issued During Period, Shares, Conversion of Convertible Securities		632									(1,311)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.8250
Dividends to common and preferred shareholders	$ (62,109)						(62,109)	$ (1,938)	$ (1,938)	$ (1,938)		$ (1,938)	$ (2,156)	$ (2,156)	$ (353)	$ (353)
Preferred Stock, Dividends, Per Share, Cash Paid								$ 0.359375		$ 0.5625			$ 0.359375
Balance (in shares) at Mar. 31, 2023		82,905,229	14,838,986
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	2,531,162	$ 829	$ 148	3,910,235	(273,904)	1,823	(1,107,969)
Total equity	2,454,155	$ 829	$ 148	3,924,467	(274,038)	3,296	(1,200,547)
Balance (in shares) at Dec. 31, 2023		82,964,231	14,838,896
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		583,135
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	9,218	$ 6		9,212	0
Treasury Stock, Retired, Cost Method, Amount	(11,375)				(11,375)
Employee Service Share Based Compensation Restricted Stock Units And Restricted Shares Unrecognized Compensation Cost On Nonvested Awards	3,692			3,692
share based compensation included in severance expense	1,598			1,598
Foreign currency translation adjustment	(6,909)					(6,909)
Unrealized Gain (Loss) on Derivatives	4,732					4,732
Net income	62,709						62,709
Issuances of common shares (in shares)		6,245
Issuances of common shares	$ 273	$ 0		273
Common Stock, Dividends, Per Share, Cash Paid	$ 0.835
Dividends to common and preferred shareholders	$ (63,146)						(63,146)	$ (1,938)	$ (1,938)	$ (1,938)		$ (1,938)	$ (2,156)	$ (2,156)	$ (598)	$ (598)
Preferred Stock, Dividends, Per Share, Cash Paid								$ 0.359375		$ 0.5625			$ 0.359375
Balance (in shares) at Mar. 31, 2024		83,553,611	14,838,896
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity	$ 2,448,317	$ 835	$ 148	$ 3,939,242	$ (285,413)	$ 1,119	$ (1,207,614)

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Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 62,709	$ 57,657
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
(Gain) loss on sale of real estate	(17,949)	560
Deferred income tax benefit	(277)	(90)
Equity in (income) loss from joint ventures	(3,627)	(1,985)
Financing Receivable, Credit Loss, Expense (Reversal)	2,737	587
Depreciation and amortization	40,469	41,204
Amortization of deferred financing costs	2,212	2,129
Amortization of above/below market leases and tenant allowances, net	(84)	(89)
Share-based Payment Arrangement, Noncash Expense	3,692	4,322
share based compensation included in severance expense	1,598	0
Increase (Decrease) in Operating Lease Assets and Liabilities, Net	(287)	317
Mortgage notes accrued interest receivable	(1,418)	(296)
Accounts receivable	(5,819)	2,998
Other assets	(3,878)	(6,276)
Accounts payable and accrued liabilities	6,202	8,861
Increase (Decrease) in Deferred Revenue	6,009	7,661
Net cash provided by operating activities	99,543	121,530
Investing activities:
Payments to Acquire Productive Assets	34,531	46,669
Proceeds from Sale of Productive Assets	46,188	4,029
Investment in mortgage notes receivable	(9,969)	(1,427)
Proceeds from Sale and Collection of Mortgage Notes Receivable	198	132
Investment in promissory notes receivable	0	3,025
Proceeds from promissory note receivable paydown	136	161
Additions to properties under development	(40,573)	(14,711)
Net cash used by investing activities	(38,551)	(61,510)
Financing activities:
Deferred financing fees paid	(53)	(74)
Net proceeds from issuance of common shares	185	141
Purchase of common shares for treasury	(11,375)	(3,565)
Dividends paid to shareholders	(68,241)	(67,988)
Net cash used by financing activities	(79,484)	(71,486)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(84)	(8)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(18,576)	(11,474)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	62,405	99,037
Cash and Cash Equivalents, at Carrying Value	59,476	96,438
Restricted Cash and Cash Equivalents	2,929	2,599
Supplemental schedule of non-cash activity:
Transfer of property under development to rental property	111,154	134
Real Estate Owned, Transfer from Real Estate Owned	0	1,321
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses	20,096	21,698
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities	17,265	17,913
Cash paid during the period for income taxes	617	253
Interest cost capitalized	958	783
Change in accrued capital expenditures	$ (6,762)	$ (7,510)

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Organization

3 Months Ended

Mar. 31, 2024

Organization [Abstract]

Organization

Organization

Description of Business

EPR Properties (the Company) was formed on August 22, 1997 as a Maryland real estate investment trust (REIT), and an initial public offering of the Company's common shares of beneficial interest (common shares) was completed on November 18, 1997. Since that time, the Company has been a leading diversified experiential net lease REIT specializing in select enduring experiential properties. The Company's underwriting is centered on key industry and property cash flow criteria, as well as the credit metrics of the Company's tenants and customers. The Company’s properties are located in the United States (U.S.) and Canada.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies and Recently Issued Accounting Standards

Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Amounts as of December 31, 2023 have been derived from the audited Consolidated Financial Statements as of that date and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (SEC) on February 29, 2024.

The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the FASB ASC Topic on Consolidation (Topic 810) but can exercise influence over the entity with respect to its operations and major decisions.

The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. The primary beneficiary generally is defined as the party with the controlling financial interest. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. As of March 31, 2024 and December 31, 2023, the Company does not have any investments in consolidated VIEs.

Deferred Financing Costs

Deferred financing costs are amortized over the terms of the related debt obligations, as applicable. Deferred financing costs of $23.5 million and $25.1 million as of March 31, 2024 and December 31, 2023, respectively, are shown as a reduction of debt. The deferred financing costs related to the unsecured revolving credit facility of $3.6 million and $4.1 million as of March 31, 2024 and December 31, 2023, respectively, are included in "Other assets" in the accompanying consolidated balance sheets.

Rental Revenue

The Company leases real estate to its tenants under leases classified as operating leases. The Company's leases generally provide for rent escalations throughout the lease terms. Rents that are fixed are recognized on a straight-line basis over the lease term. Base rent escalations that include a variable component are recognized upon the occurrence of the specified event as defined in the Company's lease agreements. Many of the Company's leasing

arrangements include options to extend the lease, which are not included in the minimum lease terms unless the option is reasonably certain to be exercised. Straight-line rental revenue is subject to an evaluation for collectibility, and the Company records a direct write-off against rental revenue if collectibility of these future rents is not probable. For the three months ended March 31, 2024 and 2023, the Company recognized $3.7 million and $2.1 million, respectively, of straight-line rental revenue. There were no straight-line write-offs recognized during the three months ended March 31, 2024 and 2023.

Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments to third parties for lessor costs (such as property taxes and insurance) associated with the properties. In accordance with Topic 842, the Company does not include these lessee payments to third parties in rental revenue or property operating expenses. In certain situations, the Company pays these lessor costs directly to third parties and the tenants reimburse the Company. In accordance with Topic 842, these payments are presented on a gross basis in rental revenue and property operating expense. During the three months ended March 31, 2024 and 2023, the Company recognized $0.4 million and $0.7 million, respectively, in tenant reimbursements related to the gross-up of these reimbursed expenses that are included in rental revenue.

Certain of the Company's leases, particularly at its entertainment districts, require the tenants to make payments to the Company for property-related expenses such as common area maintenance. The Company has elected to combine these non-lease components with the lease components in rental revenue. For the three months ended March 31, 2024 and 2023, the amounts due for non-lease components included in rental revenue totaled $4.7 million for both periods.

In addition, most of the Company's tenants are subject to additional rents (above base rents) if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents are recognized at the time when specified triggering events occur as provided by the lease agreement. Rental revenue included percentage rents of $1.9 million and $1.8 million for the three months ended March 31, 2024 and 2023, respectively.

The Company regularly evaluates the collectibility of its receivables on a lease-by-lease basis. The evaluation primarily consists of reviewing past due account balances and considering such factors as the credit quality of the Company's tenants, historical trends of the tenant, current economic conditions and changes in customer payment terms. When the collectibility of lease receivables or future lease payments are no longer probable, the Company records a direct write-off of the receivable to rental revenue and recognizes future rental revenue on a cash basis.

Mortgage Notes and Other Notes Receivable

Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower less allowance for credit loss. Interest income is recognized using the effective interest method over the estimated life of the note. Interest income includes both the stated interest and the amortization or accretion of premiums or discounts (if any).

The Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables related to its mortgage notes and notes receivable. Accordingly, if accrued interest receivable is deemed to be uncollectible, the Company will record any necessary write-offs as a reversal of interest income. There were no accrued interest write-offs for the three months ended March 31, 2024 and 2023. As of March 31, 2024, the Company believes that all outstanding accrued interest is collectible.

In the event the Company has a past due mortgage note or note receivable that the Company determines is collateral-dependent, the Company measures expected credit losses based on the fair value of the collateral. As of March 31, 2024, the Company does not have any mortgage notes or notes receivable with past due principal balances. See Note 5 for further discussion of mortgage notes and notes receivable for which the Company elected to apply the collateral-dependent practical expedient.

Concentrations of Risk

Topgolf USA (Topgolf), American-Multi Cinema, Inc. (AMC) and Regal Cinemas (Regal), a subsidiary of Cineworld Group, represented a significant portion of the Company's total revenue for the three months ended March 31, 2024 and 2023. The following is a summary of the Company's total revenue derived from rental or interest payments from Topgolf, AMC and Regal (dollars in thousands):

	Three Months Ended March 31,
	2024				2023
	Total Revenue		% of Company's Total Revenue		Total Revenue		% of Company's Total Revenue
Topgolf	$	24,723	14.8	%	$	23,672	13.8	%
AMC	23,464		14.0	%	23,801		13.9	%
Regal	18,706		11.2	%	28,751		16.8	%

Impact of Recently Issued Accounting Standards

In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 31, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the Company's financial statement disclosures.

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Rental Properties

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

Rental Properties

Real Estate Investments

The following table summarizes the carrying amounts of real estate investments as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024		December 31, 2023
Buildings and improvements	$	4,712,831	$	4,609,050
Furniture, fixtures & equipment	117,241		115,596
Land	1,241,841		1,219,943
Leasehold interests	28,453		28,453
	6,100,366		5,973,042
Accumulated depreciation	(1,470,507)		(1,435,683)
Total	$	4,629,859	$	4,537,359

Depreciation expense on real estate investments was $39.5 million and $40.0 million for the three months ended March 31, 2024 and 2023, respectively.

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Investments and Dispositions

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Investments

Investments and Dispositions

The Company's investment spending during the three months ended March 31, 2024 totaled $85.7 million, and included $33.4 million for the acquisition of an attraction property in New York and $14.7 million for the acquisition and financing of land for two build-to-suit eat & play developments in Kansas and Illinois, respectively. Investment spending for the quarter also included experiential build-to-suit development and redevelopment projects.

During the three months ended March 31, 2024, the Company completed the sale of two cultural properties and one vacant theatre property for net proceeds totaling $46.2 million and recognized a gain on sale totaling $17.9 million.

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Receivables, Loans, Notes Receivable, and Others

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Financing Receivables

Investment in Mortgage Notes and Notes Receivable

The Company measures expected credit losses on its mortgage notes and notes receivable on an individual basis because its financial instruments do not have similar risk characteristics. The Company uses a forward-looking

commercial real estate loss forecasting tool to estimate its current expected credit losses (CECL) for each of its mortgage notes and notes receivable on a loan-by-loan basis. As of March 31, 2024, the Company did not anticipate any prepayments. Therefore, the contractual terms of its mortgage notes and notes receivable were used for the calculation of the expected credit losses. The Company updates the model inputs at each reporting period to reflect, if applicable, any newly originated loans, changes to loan specific information on existing loans and current macroeconomic conditions. The CECL allowance is a valuation account that is deducted from the related mortgage note or note receivable. Effective January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures.

Certain of the Company’s mortgage notes and notes receivable include commitments to fund future incremental amounts to its borrowers. These future funding commitments are also subject to the CECL model. The allowance related to future funding is recorded as a liability and is included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets.

Investment in mortgage notes, including related accrued interest receivable, was $578.9 million and $569.8 million at March 31, 2024 and December 31, 2023, respectively.

Investment in notes receivable, including related accrued interest receivable, was $3.7 million and $3.9 million at March 31, 2024 and December 31, 2023, respectively, and is included in "Other assets" in the accompanying consolidated balance sheets.

At March 31, 2024, one of the Company's mortgage notes receivable and two of the Company's notes receivable are considered collateral-dependent and expected credit losses are based on the fair value of the underlying collateral at the reporting date. The Company assessed the fair value of the collateral as of March 31, 2024 on the mortgage note receivable and the notes receivable. The mortgage note receivable has a carrying amount at March 31, 2024 of approximately $10.4 million net of an allowance for credit loss totaling $0.4 million. The notes receivable remain fully reserved with an allowance for credit loss totaling $7.6 million and $1.9 million, respectively, which represents the outstanding principal balance of the notes as of March 31, 2024. Income from these borrowers is recognized on a cash basis. During the three months ended March 31, 2024 and 2023, the Company received cash basis interest payments of $0.2 million for each period from the mortgage note receivable borrower.

At March 31, 2024, the Company's investment in one of the notes receivable was a variable interest investment and the underlying entity is a VIE. The Company is not the primary beneficiary of this VIE because the Company does not individually have the power to direct the activities that are most significant to the entity and, accordingly, this investment is not consolidated. The Company's maximum exposure to loss associated with this VIE is limited to the Company's outstanding note receivable in the amount of $7.6 million, which is fully reserved in the allowance for credit losses at March 31, 2024.

The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and notes receivable for the three months ended March 31, 2024 (in thousands):

	Mortgage notes receivable		Unfunded commitments - mortgage notes receivable		Notes receivable		Unfunded commitments - notes receivable		Total
Allowance for credit losses at December 31, 2023	$	3,656	$	1,072	$	9,687	$	—	$	14,415
Provision (benefit) for credit losses, net	2,041		701		(5)		—		2,737
Charge-offs	—		—		—		—		—
Recoveries	—		—		—		—		—
Allowance for credit losses at March 31, 2024	$	5,697	$	1,773	$	9,682	$	—	$	17,152

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Accounts Receivable, Net

3 Months Ended

Mar. 31, 2024

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Accounts Receivable, Net

Accounts Receivable

The following table summarizes the carrying amounts of accounts receivable as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024		December 31, 2023
Receivable from tenants	$	3,398	$	7,298
Receivable from non-tenants (1)	6,687		824
Straight-line rent receivable	59,329		55,533
Total	$	69,414	$	63,655

(1) Receivable from non-tenants includes a payment of $5.9 million made to the City of Kansas City, Missouri under protest related to an assessment of tax years ending December 31, 2018 through 2022. The City has denied the Company’s necessary deduction for dividends paid for each of these years resulting in assessment of additional tax, penalties and interest. The Company has recorded this payment as a receivable as it intends to petition a court for review of the relevant facts and believes it is more likely than not the Company's position will be upheld by the court and the payment will be refunded.

As of March 31, 2024, as a result of the COVID-19 pandemic, the Company continues to recognize revenue on a cash basis for AMC and two other tenants, one of which has deferred rent from this period that is not booked as a receivable of approximately $11.5 million. The Company has collected all deferred receivables from accrual basis tenants that were deferred due to the COVID-19 pandemic. During the three months ended March 31, 2024 and 2023, the Company collected $0.6 million and $6.5 million, respectively, in deferred rent and interest from cash basis customers and from customers for which the deferred payments were not previously recognized as revenue.

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Unconsolidated Real Estate Joint Ventures (Notes)

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

Unconsolidated Real Estate Joint Ventures

The following table summarizes the Company's investments in unconsolidated joint ventures as of March 31, 2024 and December 31, 2023 (in thousands):

					Investment as of				(Loss) Income for the Three Months Ended
Property Type	Location	Ownership Interest			March 31, 2024		December 31, 2023		March 31, 2024		March 31, 2023
Experiential lodging	St. Pete Beach, FL	65	%	(1)	$	14,504	$	14,727	$	(223)	$	682
Experiential lodging	Warrens, WI	95	%	(2)	8,417		9,945		(1,528)		(1,215)
Experiential lodging	Breaux Bridge, LA	85	%	(3)	17,368		18,996		(1,628)		(1,225)
Experiential lodging	Harrisville, PA	62	%	(4)	5,838		6,086		(248)		(227)
Theatres	China	various			—		—		—		—
					$	46,127	$	49,754	$	(3,627)	$	(1,985)

(1) The Company has equity investments in two unconsolidated real estate joint ventures, one that holds the investment in the real estate of the experiential lodging properties and the other that holds the lodging operations,

which are facilitated by a management agreement. The joint venture that holds the real property has a secured mortgage loan of $105.0 million at March 31, 2024. The maturity date of this mortgage loan is May 18, 2025. The note can be extended for two additional one-year periods from the original maturity date upon the satisfaction of certain conditions. The mortgage loan bears interest at SOFR plus 3.65%, with monthly interest payments required. The joint venture has an interest rate cap agreement to limit the variable portion of the interest rate (SOFR) on this note to 3.5% from May 19, 2022 to June 1, 2024.

(2) The Company has equity investments in two unconsolidated real estate joint ventures, one that holds the investment in the real estate of the experiential lodging property and the other that holds the lodging operations, which are facilitated by a management agreement. The joint venture that holds the real property has a secured mortgage loan of $22.8 million at March 31, 2024 that provides for additional draws of approximately $1.1 million to fund renovations. The maturity date of this mortgage loan is September 15, 2031. The loan bears interest at an annual fixed rate of 4.00% with monthly interest payments required. Additionally, the Company has guaranteed the completion of the renovations in the amount of approximately $14.2 million, with $1.2 million remaining to fund at March 31, 2024.

(3) The Company has equity investments in two unconsolidated real estate joint ventures, one that holds the investment in the real estate of the experiential lodging property and the other that holds the lodging operations, which are facilitated by a management agreement. The joint venture that holds the real estate property has a secured senior mortgage loan of $38.5 million at March 31, 2024. The maturity date of this mortgage loan is March 8, 2034. The mortgage loan bears interest at an annual fixed rate of 3.85% through April 7, 2025 and increases to 4.25% from April 8, 2025 through maturity. Monthly interest payments are required. Additionally, the Company provided a subordinated loan to the joint venture for $11.3 million with a maturity date of March 8, 2034. The mortgage loan bears interest at an annual fixed rate of 7.25% through the sixth anniversary and increases to SOFR plus 7.20% with a cap of 8.00%, through maturity.

(4) The Company has a 92% equity investment in two separate unconsolidated real estate joint ventures, that through subsequent joint ventures (described below), hold the investments in the real estate of the experiential lodging property and the lodging operations, which are facilitated by a management agreement. The Company's investments in these two unconsolidated real estate joint ventures were considered to be variable interest investments and the Company's investment in the joint venture that holds the lodging operations is a VIE. The Company is not the primary beneficiary of the VIE because the Company does not individually have the power to direct the activities that are most important to the joint venture and, accordingly, this investment is not consolidated. Other than the guarantee described below, the Company's maximum exposure to loss is limited to its initial investment, which was nominal.

The Company's investments in the two unconsolidated real estate joint ventures (representing 92% of each joint venture's equity) have a 67% equity interest in two separate consolidated joint ventures, one that holds the investments in the real estate of the experiential lodging property and the other that holds the lodging operations, which are facilitated by a management agreement. The consolidated joint venture that holds the real estate property has a secured senior mortgage loan commitment of up to $22.5 million at March 31, 2024 in order to fund renovations, with $13.0 million outstanding at March 31, 2024. The maturity date of this mortgage loan is November 1, 2029. The mortgage loan bears interest at an annual fixed rate of 6.38% with monthly interest payments required. The Company has guaranteed $10.0 million in principal on the secured mortgage loan, and, upon completion of construction and achieving a specified debt service coverage ratio, the principal guarantee will be reduced to $5.0 million. The guarantee will be removed completely upon achievement of specified debt service coverage for three consecutive calculation periods. Additionally, the Company has guaranteed the completion of the renovations in the amount of approximately $13.9 million, with $5.8 million remaining to fund at March 31, 2024.

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Derivative Instruments

3 Months Ended

Mar. 31, 2024

Summary of Derivative Instruments [Abstract]

Derivative Instruments

Derivative Instruments

All derivatives are recognized at fair value in the consolidated balance sheets within the line items "Other assets" and "Accounts payable and accrued liabilities" as applicable. The Company has elected not to offset its derivative position for purposes of balance sheet presentation and disclosure. The Company had derivative assets of

$1.6 million and $1.3 million at March 31, 2024 and December 31, 2023, respectively. The Company had derivative liabilities of $0.4 million and $4.9 million at March 31, 2024 and December 31, 2023, respectively. The Company has not posted or received collateral with its derivative counterparties as of March 31, 2024 or December 31, 2023. See Note 10 for disclosures relating to the fair value of the derivative instruments.

Risk Management Objective of Using Derivatives

The Company is exposed to certain risk arising from both its business operations and economic conditions, including the effect of changes in foreign currency exchange rates on foreign currency transactions and interest rates on its SOFR-based borrowings. The Company manages this risk by following established risk management policies and procedures including the use of derivatives. The Company’s objective in using derivatives is to add stability to reported earnings and to manage its exposure to foreign exchange and interest rate movements or other identified risks. To accomplish this objective, the Company primarily uses interest rate swaps, cross-currency swaps and foreign currency forwards.

Cash Flow Hedges of Interest Rate Risk

The Company uses interest rate swaps as its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt or payment of variable-rate amounts from a counterparty, which results in the Company recording net interest expense that is fixed over the life of the agreements without exchange of the underlying notional amount.

At March 31, 2024, the Company had one interest rate swap agreement designated as a cash flow hedge of interest rate risk. The interest rate swap agreement outstanding as of March 31, 2024 is summarized below:

Fixed rate	Notional Amount (in millions)		Index	Maturity
2.5325%	$	25.0	USD SOFR	September 30, 2026

The change in the fair value of interest rate derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction.

Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of March 31, 2024, the Company estimates that during the twelve months ending March 31, 2025, $0.6 million of gains will be reclassified from AOCI to interest expense.

Cash Flow Hedges of Foreign Exchange Risk

The Company is exposed to foreign currency exchange risk against its functional currency, USD, on CAD denominated cash flow from its six Canadian properties. The Company uses cross-currency swaps to mitigate its exposure to fluctuations in the USD-CAD exchange rate on cash inflows associated with these properties, which should hedge a significant portion of the Company's expected CAD denominated cash flows. As of March 31, 2024, the Company had the following cross-currency swaps:

Fixed rate	Notional Amount (in millions, CAD)		Annual Cash Flow (in millions, CAD)		Maturity
$1.26 CAD per USD	$	150.0	$	10.8	October 1, 2024
$1.28 CAD per USD	200.0		4.5		October 1, 2024
$1.30 CAD per USD	90.0		8.1		December 1, 2024
	$	440.0	$	23.4

The change in the fair value of foreign currency derivatives designated and that qualify as cash flow hedges of foreign exchange risk is recorded in AOCI and reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged

transaction. As of March 31, 2024, the Company estimates that during the twelve months ending March 31, 2025, $0.5 million of gains will be reclassified from AOCI to other income.

Net Investment Hedges

The Company is exposed to fluctuations in the USD-CAD exchange rate on its net investments in Canada. As such, the Company uses currency forward agreements to manage its exposure to changes in foreign exchange rates on certain of its foreign net investments. As of March 31, 2024, the Company had the following foreign currency forwards designated as net investment hedges:

Fixed rate	Notional Amount (in millions, CAD)		Maturity
$1.35 CAD per USD	$	200.0	October 1, 2025
$1.35 CAD per USD	90.0		December 1, 2025
Total	$	290.0

For qualifying foreign currency derivatives designated as net investment hedges, the change in the fair value of the derivatives is reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with the Company's accounting policy election. The earnings recognition of excluded components are presented in other income.

Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three months ended March 31, 2024 and 2023.

Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (Dollars in thousands)

	Three Months Ended March 31,
Description	2024		2023
Cash Flow Hedges
Interest Rate Swaps
Amount of Gain (Loss) Recognized in AOCI on Derivative	$	334	$	(298)
Amount of Income Reclassified from AOCI into Earnings (1)	183		126
Cross-Currency Swaps
Amount of Gain Recognized in AOCI on Derivative	342		4
Amount of Income Reclassified from AOCI into Earnings (2)	227		225
Net Investment Hedges
Currency Forward Agreements
Amount of Gain Recognized in AOCI on Derivative	4,466		341
Total
Amount of Gain Recognized in AOCI on Derivatives	$	5,142	$	47
Amount of Income Reclassified from AOCI into Earnings	410		351
Interest expense, net in accompanying consolidated statements of income and comprehensive income	$	31,651	$	31,722
Other income in accompanying consolidated statements of income and comprehensive income	$	12,037	$	9,333

(1) Included in "Interest expense, net" in the accompanying consolidated statements of income and comprehensive income for the three months ended March 31, 2024 and 2023.

(2) Included in "Other income" in the accompanying consolidated statements of income and comprehensive income for the three months ended March 31, 2024 and 2023.

Credit-risk-related Contingent Features

The Company has an agreement with its interest rate derivative counterparty that contains a provision where if the Company defaults on any of its obligations for borrowed money or credit in an amount exceeding $50.0 million and such default is not waived or cured within a specified period of time, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its interest rate derivative agreements.

As of March 31, 2024, the fair value of the Company's derivatives in a liability position related to these agreements was $0.4 million. If the Company breached any of the contractual provisions of these derivative contracts, it would be required to settle its obligations under the agreements at their termination value of $0.3 million, after considering the right of offset. As of March 31, 2024, the Company had not posted any collateral related to these agreements and was not in breach of any provisions in these agreements.

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Fair Value Disclosures

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value Disclosures

The Company has certain financial instruments that are required to be measured under the FASB’s Fair Value Measurement guidance. The Company currently does not have any non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

Derivative Financial Instruments

The Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives also use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of March 31, 2024, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives and therefore, classified its derivatives as Level 2 within the fair value reporting hierarchy.

The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type.

Assets and Liabilities Measured at Fair Value on a Recurring Basis at

March 31, 2024 and December 31, 2023

(Dollars in thousands)

Description	Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at end of period
March 31, 2024
Cross-Currency Swaps (1)	$	—	$	499	$	—	$	499
Currency Forward Agreements (2)	—		(442)		—		(442)
Interest Rate Swap Agreements (1)	—		1,121		—		1,121
December 31, 2023
Cross-Currency Swaps (1)	$	—	$	384	$	—	$	384
Currency Forward Agreements (2)	—		(4,908)		—		(4,908)
Interest Rate Swap Agreements (1)	—		876		—		876

(1) Included in "Other assets" in the accompanying consolidated balance sheets.

(2) Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets.

Non-recurring fair value measurements

The table below presents the Company's assets measured at fair value on a non-recurring basis as of December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements are classified.

Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2023

(Dollars in thousands)

Description	Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at end of period
December 31, 2023
Real estate investments, net	$	—	$	—	$	39,150	$	39,150

During the year ended December 31, 2023, the Company recorded an impairment charge of $67.4 million related to real estate investments, net, on 12 properties. Management estimated the fair values of these investments taking into account various factors including independent appraisals, shortened hold periods and market conditions. The significant inputs and assumptions used in the real estate appraisals included market rents ranging from $4.50 per square foot to $20.00 per square foot, discount rates ranging from 8.50% to 11.50% and terminal capitalization rates ranging from 7.75% to 10.25%. These measurements were classified within Level 3 of the fair value hierarchy because many of the assumptions were not observable.

There were no assets or liabilities measured at fair value on a non-recurring basis at March 31, 2024.

Fair Value of Financial Instruments

The following methods and assumptions were used by the Company to estimate the fair value of each class of financial instruments at March 31, 2024 and December 31, 2023:

Mortgage notes receivable and related accrued interest receivable, net:

The fair value of the Company’s mortgage notes and related accrued interest receivable, net, is estimated by discounting the future cash flows of each instrument using current market rates. At March 31, 2024, the Company had a carrying value of $578.9 million in fixed-rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 8.80%. The fixed-rate mortgage notes bear interest at rates of 6.50% to 12.32%. Discounting the future cash flows for fixed-rate mortgage notes receivable using rates of 6.50% to 10.65%, management estimates the fair value of the fixed-rate mortgage notes receivable to be approximately $618.0 million with an estimated weighted average market rate of 7.90% at March 31, 2024.

At December 31, 2023, the Company had a carrying value of $569.8 million in fixed-rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 8.82%. The fixed-rate mortgage notes bear interest at rates of 6.99% to 12.32%. Discounting the future cash flows for fixed-rate mortgage notes receivable using rates of 7.15% to 10.25%, management estimates the fair value of the fixed-rate mortgage notes receivable to be $611.2 million with an estimated weighted average market rate of 7.84% at December 31, 2023.

Derivative instruments:

Derivative instruments are carried at their fair value.

Debt instruments:

The fair value of the Company's debt is estimated by discounting the future cash flows of each instrument using current market rates. At March 31, 2024, the Company had a carrying value of $25.0 million in variable-rate debt outstanding with an average interest rate of approximately 5.45%. The carrying value of the variable-rate debt outstanding approximated the fair value at March 31, 2024.

At December 31, 2023, the Company had a carrying value of $25.0 million in variable-rate debt outstanding with an interest rate of approximately 5.48%. The carrying value of the variable-rate debt outstanding approximated the fair value at December 31, 2023.

At both March 31, 2024 and December 31, 2023, the $25.0 million of variable-rate debt outstanding, discussed above, had been effectively converted to a fixed rate by an interest rate swap agreement. See Note 9 for additional information related to the Company's interest rate swap agreement.

At March 31, 2024, the Company had a carrying value of $2.82 billion in fixed-rate long-term debt outstanding with a weighted average interest rate of approximately 4.34%. Discounting the future cash flows for fixed-rate debt using March 31, 2024 market rates of 5.97% to 6.41%, management estimates the fair value of the fixed rate debt to be approximately $2.62 billion with an estimated weighted average market rate of 6.24% at March 31, 2024.

At December 31, 2023, the Company had a carrying value of $2.82 billion in fixed-rate long-term debt outstanding with a weighted average interest rate of approximately 4.34%. Discounting the future cash flows for fixed-rate debt using December 31, 2023 market rates of 6.46% to 6.70%, management estimates the fair value of the fixed rate debt to be approximately $2.58 billion with an estimated weighted average market rate of 6.60% at December 31, 2023.

Assets Measured At Fair Value On A Recurring Basis

The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type.

Assets and Liabilities Measured at Fair Value on a Recurring Basis at

March 31, 2024 and December 31, 2023

(Dollars in thousands)

Description	Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at end of period
March 31, 2024
Cross-Currency Swaps (1)	$	—	$	499	$	—	$	499
Currency Forward Agreements (2)	—		(442)		—		(442)
Interest Rate Swap Agreements (1)	—		1,121		—		1,121
December 31, 2023
Cross-Currency Swaps (1)	$	—	$	384	$	—	$	384
Currency Forward Agreements (2)	—		(4,908)		—		(4,908)
Interest Rate Swap Agreements (1)	—		876		—		876

(1) Included in "Other assets" in the accompanying consolidated balance sheets.

(2) Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets.

Fair Value Measurements, Nonrecurring [Table Text Block]

The table below presents the Company's assets measured at fair value on a non-recurring basis as of December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements are classified.

Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2023

(Dollars in thousands)

Description	Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at end of period
December 31, 2023
Real estate investments, net	$	—	$	—	$	39,150	$	39,150

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Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three months ended March 31, 2024 and 2023 (amounts in thousands except per share information):

	Three Months Ended March 31, 2024
	Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	62,709
Less: preferred dividend requirements	(6,032)
Net income available to common shareholders	$	56,677	75,398	$	0.75
Diluted EPS:
Net income available to common shareholders	$	56,677	75,398
Effect of dilutive securities:
Performance shares	—		307
Net income available to common shareholders	$	56,677	75,705	$	0.75

	Three Months Ended March 31, 2023
	Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	57,657
Less: preferred dividend requirements	(6,033)
Net income available to common shareholders	$	51,624	75,084	$	0.69
Diluted EPS:
Net income available to common shareholders	$	51,624	75,084
Effect of dilutive securities:
Share options and performance shares	—		199
Net income available to common shareholders	$	51,624	75,283	$	0.69

The effect of the potential common shares from the conversion of the Company’s convertible preferred shares and from the exercise of share options are included in diluted earnings per share if the effect is dilutive. Potential common shares from the performance shares are included in diluted earnings per share upon the satisfaction of certain performance and market conditions. These conditions are evaluated at each reporting period and, if the conditions have been satisfied during the reporting period, the number of contingently issuable shares are included in the computation of diluted earnings per share.

The following shares have been excluded from the calculation of diluted earnings per share because they are anti-dilutive, or in the case of contingently issuable performance shares, are not probable of issuance:

•The additional 2.3 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for both the three months ended March 31, 2024 and 2023.

•The additional 1.7 million common shares that would result from the conversion of the Company’s 9.0% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for both the three months ended March 31, 2024 and 2023.

•Outstanding options to purchase 57 thousand and 83 thousand common shares at per share prices ranging from $44.44 to $76.63 for the three months ended March 31, 2024 and March 31, 2023, respectively.

•The effect of 99 thousand contingently issuable performance shares granted during 2022 for the three months ended March 31, 2023.

•The effect of 112 thousand contingently issuable performance shares granted during 2023 for the three months ended March 31, 2023.

•The effect of 116 thousand contingently issuable performance shares granted during 2024 for the three months ended March 31, 2024.

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Compensation Related Costs, Retirement Benefits	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Retirement Benefits	Retirement of Executive Vice President, General Counsel and SecretaryOn March 1, 2024, the Company's Executive Vice President, General Counsel and Secretary, Craig Evans, retired from the Company. Details of Mr. Evans' retirement are included in the previously disclosed Retirement and Release Agreement entered into between the Company and Mr. Evans. The role of General Counsel and Secretary was assumed by Paul Turvey upon Mr. Evans' retirement. For the three months ended March 31, 2024, the Company recorded retirement and severance expense related to Mr. Evans' retirement, as well as the departure of another employee, totaling $1.8 million, which included cash payments totaling $0.2 million and accelerated vesting of nonvested shares totaling $1.6 million.

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Equity Incentive Plans

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Equity Incentive Plans

Equity Incentive Plans

All grants of common shares and options to purchase common shares were issued under the Company's 2007 Equity Incentive Plan prior to May 12, 2016, and under the 2016 Equity Incentive Plan on and after May 12, 2016. Under the 2016 Equity Incentive Plan, an aggregate of 3,950,000 common shares, options to purchase common shares and restricted share units, subject to adjustment in the event of certain capital events, may be granted. Additionally, the 2020 Long Term Incentive Plan (2020 LTIP) is a sub-plan under the Company's 2016 Equity Incentive Plan. Under the 2020 LTIP, the Company awards performance shares and restricted shares to the Company's executive officers. At March 31, 2024, there were 905,470 shares available for grant under the 2016 Equity Incentive Plan.

Nonvested Shares

A summary of the Company’s nonvested share activity and related information is as follows:

	Number of shares	Weighted avg. grant date fair value		Weighted avg. life remaining
Outstanding at December 31, 2023	609,228	$	44.44
Granted	290,271	41.96
Vested	(284,885)	45.47
Outstanding at March 31, 2024	614,614	$	42.79	1.61

The holders of nonvested shares have voting rights and receive dividends from the date of grant. The fair value of the nonvested shares that vested was $13.7 million and $8.3 million for the three months ended March 31, 2024 and 2023, respectively. Expense recognized related to nonvested shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $1.8 million and $1.9 million for the three months ended March 31, 2024 and 2023, respectively. Expense related to nonvested shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.7 million for the three months ended March 31, 2024. There was no expense related to nonvested shares included in retirement and severance expense for the three months ended March 31, 2023. At March 31, 2024, unamortized share-based compensation expense related to nonvested shares was $14.7 million.

Nonvested Performance Shares

A summary of the Company's nonvested performance share activity and related information is as follows:

	Target Number of Performance Shares	Weighted avg. grant date fair value (1)
Outstanding at December 31, 2023	312,641	$	70.04
Granted	116,266	44.76
Vested (2)	(102,438)	75.14
Outstanding at March 31, 2024	326,469	$	59.44

(1) The grant date fair value was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of the Company's future stock price over the three-year performance period for performance shares based on the Company's Total Shareholder Return (TSR) performance further described below and (ii) the Company's grant date fair value for performance shares based on the Company's estimated Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period.

(2) The achievement of the performance conditions for the performance shares granted during the year ended December 31, 2021 resulted in a performance payout percentage of 250% for both the Company's TSR relative to the TSRs of the Company's peer group companies and the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and a payout percentage of 200% for the Company's CAGR in AFFO per share over the three-year performance period. The achievement of the performance conditions and the above payout percentages resulted in the issuance of 243,290 common shares and 49,574 common shares from dividend equivalents. The fair value of the performance shares and dividend equivalents that vested was $12.6 million.

The number of common shares issuable upon settlement of the performance shares granted during the three months ended March 31, 2024, 2023 and 2022 will be based upon the Company's achievement level relative to performance

measures at December 31, 2026, 2025 and 2024, respectively. The achievement level for the performance shares granted during the three months ended March 31, 2024 is 52.2% based upon the Company's TSR relative to the TSRs of the Company's peer group companies, 26.1% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 21.7% based upon the Company's estimated CAGR in AFFO per share over the three-year performance period. The achievement level for the performance shares granted during the years ended December 31, 2023 and 2022 is 50% based upon the Company's Total Shareholder Return (TSR) relative to the TSRs of the Company's peer group companies, 25% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 25% based upon the Company's Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period. The Company's achievement level relative to the performance measures is assigned a specific payout percentage, which is multiplied by a target number of performance shares.

The performance shares based on relative TSR performance have market conditions and are valued using a Monte Carlo simulation model on the grant date, which resulted in a grant date fair value of approximately $4.1 million and $5.9 million for the three months ended March 31, 2024 and 2023, respectively. The estimated fair value is amortized to expense over the three-year performance periods, which end on December 31, 2026, 2025 and 2024 for performance shares granted in 2024, 2023 and 2022, respectively. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the performance shares with a market condition for the three months ended March 31, 2024: risk-free interest rate of 4.5%, volatility factors in the expected market price of the Company's common shares of 30% and an expected life of approximately three years.

The performance shares based on growth in AFFO per share have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common stock on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost and any compensation cost previously recorded will be reversed. At March 31, 2024, achievement of the performance condition was deemed probable for the performance shares granted during the three months ended March 31, 2023 and 2022 with an expected payout percentage of 52.3% and 200%, respectively, which resulted in a grant date fair value of approximately $0.6 million and $2.3 million, respectively. Achievement of the performance condition for the performance shares granted during the three months ended March 31, 2024 was deemed not probable at March 31, 2024.

Expense recognized related to performance shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $1.5 million and $2.0 million for the three months ended March 31, 2024 and 2023, respectively. Expense related to performance shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.9 million for the three months ended March 31, 2024. At March 31, 2024, unamortized share-based compensation expense related to nonvested performance shares was $8.9 million.

The performance shares accrue dividend equivalents that are paid only if common shares are issued upon settlement of the performance shares. During the three months ended March 31, 2024 and 2023, the Company accrued dividend equivalents expected to be paid on earned awards of $598 thousand and $353 thousand, respectively.

Restricted Share Units

A summary of the Company’s restricted share unit activity and related information is as follows:

	Number of shares	Weighted avg. grant date fair value		Weighted avg. life remaining
Outstanding at December 31, 2023	42,048	$	41.67
Granted	—	—
Vested	—	—
Outstanding at March 31, 2024	42,048	$	41.67	0.17

The holders of restricted share units receive dividend equivalents from the date of grant. Total expense recognized related to shares issued to non-employee Trustees and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $0.4 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024, unamortized share-based compensation expense related to restricted share units was $0.3 million.

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Leases, Codification Topic 842

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Lessor, Operating Leases

Operating Leases

The Company’s real estate investments are leased under operating leases. In addition to its lessor arrangements on its real estate investments, as of March 31, 2024 and December 31, 2023, the Company was lessee in 51 operating ground leases. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these ground leases. As of March 31, 2024, rental revenue from one of the Company's tenants, who are also sub-tenants under the ground leases, is being recognized on a cash basis. In most cases, the ground lease sub-tenants have continued to pay the rent under these ground leases, however, one of these properties does not currently have a sub-tenant. In the event the tenant fails to pay the ground lease rent or if the property does not have a sub-tenant, the Company is primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. The Company is also the lessee in an operating lease of its executive office.

The following table summarizes rental revenue, including sublease arrangements and lease costs, for the three months ended March 31, 2024 and 2023 (in thousands):

		Three Months Ended March 31,
	Classification	2024		2023
Operating leases	Rental revenue	$	135,794	$	145,235
Sublease income - operating ground leases	Rental revenue	6,487		6,356
Lease costs
Operating ground lease cost	Property operating expense	$	6,547	$	6,600
Operating office lease cost	General and administrative expense	224		224

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Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company groups its investments into two reportable operating segments: Experiential and Education.

The financial information summarized below is presented by reportable operating segment (in thousands):

Balance Sheet Data:
	As of March 31, 2024
	Experiential		Education		Corporate/Unallocated		Consolidated
Total Assets	$	5,201,690	$	430,201	$	62,145	$	5,694,036
	As of December 31, 2023
	Experiential		Education		Corporate/Unallocated		Consolidated
Total Assets	$	5,189,831	$	433,177	$	77,877	$	5,700,885

Operating Data:
	Three Months Ended March 31, 2024
	Experiential		Education		Corporate/Unallocated		Consolidated
Rental revenue	$	132,824	$	9,457	$	—	$	142,281
Other income	11,770		100		167		12,037
Mortgage and other financing income	12,705		209		—		12,914
Total revenue	157,299		9,766		167		167,232
Property operating expense	14,540		129		251		14,920
Other expense	12,976		—		—		12,976
Total investment expenses	27,516		129		251		27,896
Net operating income - before unallocated items	129,783		9,637		(84)		139,336
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense							(13,908)
Retirement and severance expense							(1,836)
Transaction costs							(1)
(Provision) benefit for credit losses, net							(2,737)
Depreciation and amortization							(40,469)
Gain on sale of real estate							17,949
Interest expense, net							(31,651)
Equity in loss from joint ventures							(3,627)
Income tax expense							(347)
Net income							62,709
Preferred dividend requirements							(6,032)
Net income available to common shareholders of EPR Properties							$	56,677

Operating Data:
	Three Months Ended March 31, 2023
	Experiential		Education		Corporate/Unallocated		Consolidated
Rental revenue	$	141,700	$	9,891	$	—	$	151,591
Other income	9,108		1		224		9,333
Mortgage and other financing income	10,249		223		—		10,472
Total revenue	161,057		10,115		224		171,396
Property operating expense	14,177		—		(22)		14,155
Other expense	8,950		—		—		8,950
Total investment expenses	23,127		—		(22)		23,105
Net operating income - before unallocated items	137,930		10,115		246		148,291
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense							(13,965)
Transaction costs							(270)
(Provision) benefit for credit losses, net							(587)
Depreciation and amortization							(41,204)
Loss on sale of real estate							(560)
Interest expense, net							(31,722)
Equity in loss from joint ventures							(1,985)
Income tax expense							(341)
Net income							57,657
Preferred dividend requirements							(6,033)
Net income available to common shareholders of EPR Properties							$	51,624

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Other Commitments And Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Other Commitments And Contingencies

Other Commitments and Contingencies

As of March 31, 2024, the Company had 13 development projects with commitments to fund an aggregate of approximately $158.6 million. The Company advances development costs in periodic draws. If the Company determines that construction is not being completed in accordance with the terms of the development agreement, it can discontinue funding construction draws. The Company has agreed to lease the properties to the operators at pre-determined rates upon completion of construction.

The Company has certain commitments related to its mortgage notes investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of its direct control. As of March 31, 2024, the Company had five mortgage notes with commitments totaling approximately $99.9 million. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments.

In connection with construction of the Company's development projects and related infrastructure, certain public agencies require posting of surety bonds to guarantee that the Company's obligations will be satisfied. These bonds expire upon the completion of the improvements or infrastructure. As of March 31, 2024, the Company had four surety bonds outstanding totaling $2.1 million.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income attributable to EPR Properties	$ 62,709	$ 57,657

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Summary of Significant Accounting Policies (Policy)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Amounts as of December 31, 2023 have been derived from the audited Consolidated Financial Statements as of that date and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (SEC) on February 29, 2024.

The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the FASB ASC Topic on Consolidation (Topic 810) but can exercise influence over the entity with respect to its operations and major decisions.

The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. The primary beneficiary generally is defined as the party with the controlling financial interest. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. As of March 31, 2024 and December 31, 2023, the Company does not have any investments in consolidated VIEs.

Deferred Charges, Policy [Policy Text Block]

Deferred Financing Costs

Deferred financing costs are amortized over the terms of the related debt obligations, as applicable. Deferred financing costs of $23.5 million and $25.1 million as of March 31, 2024 and December 31, 2023, respectively, are shown as a reduction of debt. The deferred financing costs related to the unsecured revolving credit facility of $3.6 million and $4.1 million as of March 31, 2024 and December 31, 2023, respectively, are included in "Other assets" in the accompanying consolidated balance sheets.

Revenue Recognition

Rental Revenue

The Company leases real estate to its tenants under leases classified as operating leases. The Company's leases generally provide for rent escalations throughout the lease terms. Rents that are fixed are recognized on a straight-line basis over the lease term. Base rent escalations that include a variable component are recognized upon the occurrence of the specified event as defined in the Company's lease agreements. Many of the Company's leasing

arrangements include options to extend the lease, which are not included in the minimum lease terms unless the option is reasonably certain to be exercised. Straight-line rental revenue is subject to an evaluation for collectibility, and the Company records a direct write-off against rental revenue if collectibility of these future rents is not probable. For the three months ended March 31, 2024 and 2023, the Company recognized $3.7 million and $2.1 million, respectively, of straight-line rental revenue. There were no straight-line write-offs recognized during the three months ended March 31, 2024 and 2023.

Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments to third parties for lessor costs (such as property taxes and insurance) associated with the properties. In accordance with Topic 842, the Company does not include these lessee payments to third parties in rental revenue or property operating expenses. In certain situations, the Company pays these lessor costs directly to third parties and the tenants reimburse the Company. In accordance with Topic 842, these payments are presented on a gross basis in rental revenue and property operating expense. During the three months ended March 31, 2024 and 2023, the Company recognized $0.4 million and $0.7 million, respectively, in tenant reimbursements related to the gross-up of these reimbursed expenses that are included in rental revenue.

Certain of the Company's leases, particularly at its entertainment districts, require the tenants to make payments to the Company for property-related expenses such as common area maintenance. The Company has elected to combine these non-lease components with the lease components in rental revenue. For the three months ended March 31, 2024 and 2023, the amounts due for non-lease components included in rental revenue totaled $4.7 million for both periods.

In addition, most of the Company's tenants are subject to additional rents (above base rents) if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents are recognized at the time when specified triggering events occur as provided by the lease agreement. Rental revenue included percentage rents of $1.9 million and $1.8 million for the three months ended March 31, 2024 and 2023, respectively.

The Company regularly evaluates the collectibility of its receivables on a lease-by-lease basis. The evaluation primarily consists of reviewing past due account balances and considering such factors as the credit quality of the Company's tenants, historical trends of the tenant, current economic conditions and changes in customer payment terms. When the collectibility of lease receivables or future lease payments are no longer probable, the Company records a direct write-off of the receivable to rental revenue and recognizes future rental revenue on a cash basis.

Mortgage Notes and Other Notes Receivable

Mortgage Notes and Other Notes Receivable

Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower less allowance for credit loss. Interest income is recognized using the effective interest method over the estimated life of the note. Interest income includes both the stated interest and the amortization or accretion of premiums or discounts (if any).

The Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables related to its mortgage notes and notes receivable. Accordingly, if accrued interest receivable is deemed to be uncollectible, the Company will record any necessary write-offs as a reversal of interest income. There were no accrued interest write-offs for the three months ended March 31, 2024 and 2023. As of March 31, 2024, the Company believes that all outstanding accrued interest is collectible.

In the event the Company has a past due mortgage note or note receivable that the Company determines is collateral-dependent, the Company measures expected credit losses based on the fair value of the collateral. As of March 31, 2024, the Company does not have any mortgage notes or notes receivable with past due principal balances. See Note 5 for further discussion of mortgage notes and notes receivable for which the Company elected to apply the collateral-dependent practical expedient.

Concentrations Of Risk

Concentrations of Risk

Topgolf USA (Topgolf), American-Multi Cinema, Inc. (AMC) and Regal Cinemas (Regal), a subsidiary of Cineworld Group, represented a significant portion of the Company's total revenue for the three months ended March 31, 2024 and 2023. The following is a summary of the Company's total revenue derived from rental or interest payments from Topgolf, AMC and Regal (dollars in thousands):

	Three Months Ended March 31,
	2024				2023
	Total Revenue		% of Company's Total Revenue		Total Revenue		% of Company's Total Revenue
Topgolf	$	24,723	14.8	%	$	23,672	13.8	%
AMC	23,464		14.0	%	23,801		13.9	%
Regal	18,706		11.2	%	28,751		16.8	%

New Accounting Pronouncements, Policy [Policy Text Block]

Impact of Recently Issued Accounting Standards

In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 31, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the Company's financial statement disclosures.

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Rental Properties (Tables)

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

Summary Of Carrying Amounts Of Rental Properties

The following table summarizes the carrying amounts of real estate investments as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024		December 31, 2023
Buildings and improvements	$	4,712,831	$	4,609,050
Furniture, fixtures & equipment	117,241		115,596
Land	1,241,841		1,219,943
Leasehold interests	28,453		28,453
	6,100,366		5,973,042
Accumulated depreciation	(1,470,507)		(1,435,683)
Total	$	4,629,859	$	4,537,359

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Receivables, Loans, Notes Receivable, and Others (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Allowance for Credit Losses [Text Block]

The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and notes receivable for the three months ended March 31, 2024 (in thousands):

	Mortgage notes receivable		Unfunded commitments - mortgage notes receivable		Notes receivable		Unfunded commitments - notes receivable		Total
Allowance for credit losses at December 31, 2023	$	3,656	$	1,072	$	9,687	$	—	$	14,415
Provision (benefit) for credit losses, net	2,041		701		(5)		—		2,737
Charge-offs	—		—		—		—		—
Recoveries	—		—		—		—		—
Allowance for credit losses at March 31, 2024	$	5,697	$	1,773	$	9,682	$	—	$	17,152

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Accounts Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2024

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule Of Accounts Receivable

The following table summarizes the carrying amounts of accounts receivable as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024		December 31, 2023
Receivable from tenants	$	3,398	$	7,298
Receivable from non-tenants (1)	6,687		824
Straight-line rent receivable	59,329		55,533
Total	$	69,414	$	63,655

(1) Receivable from non-tenants includes a payment of $5.9 million made to the City of Kansas City, Missouri under protest related to an assessment of tax years ending December 31, 2018 through 2022. The City has denied the Company’s necessary deduction for dividends paid for each of these years resulting in assessment of additional tax, penalties and interest. The Company has recorded this payment as a receivable as it intends to petition a court for review of the relevant facts and believes it is more likely than not the Company's position will be upheld by the court and the payment will be refunded.

As of March 31, 2024, as a result of the COVID-19 pandemic, the Company continues to recognize revenue on a cash basis for AMC and two other tenants, one of which has deferred rent from this period that is not booked as a receivable of approximately $11.5 million. The Company has collected all deferred receivables from accrual basis tenants that were deferred due to the COVID-19 pandemic. During the three months ended March 31, 2024 and 2023, the Company collected $0.6 million and $6.5 million, respectively, in deferred rent and interest from cash basis customers and from customers for which the deferred payments were not previously recognized as revenue.

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Capital Markets Issuance of Shares (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Common And Preferred Shares Disclosure [Text Block]

During the three months ended March 31, 2024, the Company declared cash dividends totaling $0.835 per common share. Additionally, during the three months ended March 31, 2024, the Company declared cash dividends of $0.359375 per share on each of the Company's 5.75% Series C cumulative convertible preferred shares and the Company's 5.75% Series G cumulative redeemable preferred shares, and cash dividends of $0.5625 per share on the Company's 9.00% Series E cumulative convertible preferred shares.

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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Summary of Derivative Instruments [Abstract]

Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income

Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three months ended March 31, 2024 and 2023.

Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (Dollars in thousands)

	Three Months Ended March 31,
Description	2024		2023
Cash Flow Hedges
Interest Rate Swaps
Amount of Gain (Loss) Recognized in AOCI on Derivative	$	334	$	(298)
Amount of Income Reclassified from AOCI into Earnings (1)	183		126
Cross-Currency Swaps
Amount of Gain Recognized in AOCI on Derivative	342		4
Amount of Income Reclassified from AOCI into Earnings (2)	227		225
Net Investment Hedges
Currency Forward Agreements
Amount of Gain Recognized in AOCI on Derivative	4,466		341
Total
Amount of Gain Recognized in AOCI on Derivatives	$	5,142	$	47
Amount of Income Reclassified from AOCI into Earnings	410		351
Interest expense, net in accompanying consolidated statements of income and comprehensive income	$	31,651	$	31,722
Other income in accompanying consolidated statements of income and comprehensive income	$	12,037	$	9,333

(1) Included in "Interest expense, net" in the accompanying consolidated statements of income and comprehensive income for the three months ended March 31, 2024 and 2023.

(2) Included in "Other income" in the accompanying consolidated statements of income and comprehensive income for the three months ended March 31, 2024 and 2023.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Computation Of Basic And Diluted Earnings Per Share

The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the three months ended March 31, 2024 and 2023 (amounts in thousands except per share information):

	Three Months Ended March 31, 2024
	Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	62,709
Less: preferred dividend requirements	(6,032)
Net income available to common shareholders	$	56,677	75,398	$	0.75
Diluted EPS:
Net income available to common shareholders	$	56,677	75,398
Effect of dilutive securities:
Performance shares	—		307
Net income available to common shareholders	$	56,677	75,705	$	0.75

	Three Months Ended March 31, 2023
	Income (numerator)		Shares (denominator)	Per Share Amount
Basic EPS:
Net income	$	57,657
Less: preferred dividend requirements	(6,033)
Net income available to common shareholders	$	51,624	75,084	$	0.69
Diluted EPS:
Net income available to common shareholders	$	51,624	75,084
Effect of dilutive securities:
Share options and performance shares	—		199
Net income available to common shareholders	$	51,624	75,283	$	0.69

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Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary Of Nonvested Share Activity

A summary of the Company’s nonvested share activity and related information is as follows:

	Number of shares	Weighted avg. grant date fair value		Weighted avg. life remaining
Outstanding at December 31, 2023	609,228	$	44.44
Granted	290,271	41.96
Vested	(284,885)	45.47
Outstanding at March 31, 2024	614,614	$	42.79	1.61

The holders of nonvested shares have voting rights and receive dividends from the date of grant. The fair value of the nonvested shares that vested was $13.7 million and $8.3 million for the three months ended March 31, 2024 and 2023, respectively. Expense recognized related to nonvested shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $1.8 million and $1.9 million for the three months ended March 31, 2024 and 2023, respectively. Expense related to nonvested shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.7 million for the three months ended March 31, 2024. There was no expense related to nonvested shares included in retirement and severance expense for the three months ended March 31, 2023. At March 31, 2024, unamortized share-based compensation expense related to nonvested shares was $14.7 million.

Nonvested Performance Shares

A summary of the Company's nonvested performance share activity and related information is as follows:

	Target Number of Performance Shares	Weighted avg. grant date fair value (1)
Outstanding at December 31, 2023	312,641	$	70.04
Granted	116,266	44.76
Vested (2)	(102,438)	75.14
Outstanding at March 31, 2024	326,469	$	59.44

(1) The grant date fair value was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of the Company's future stock price over the three-year performance period for performance shares based on the Company's Total Shareholder Return (TSR) performance further described below and (ii) the Company's grant date fair value for performance shares based on the Company's estimated Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period.

(2) The achievement of the performance conditions for the performance shares granted during the year ended December 31, 2021 resulted in a performance payout percentage of 250% for both the Company's TSR relative to the TSRs of the Company's peer group companies and the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and a payout percentage of 200% for the Company's CAGR in AFFO per share over the three-year performance period. The achievement of the performance conditions and the above payout percentages resulted in the issuance of 243,290 common shares and 49,574 common shares from dividend equivalents. The fair value of the performance shares and dividend equivalents that vested was $12.6 million.

The number of common shares issuable upon settlement of the performance shares granted during the three months ended March 31, 2024, 2023 and 2022 will be based upon the Company's achievement level relative to performance

measures at December 31, 2026, 2025 and 2024, respectively. The achievement level for the performance shares granted during the three months ended March 31, 2024 is 52.2% based upon the Company's TSR relative to the TSRs of the Company's peer group companies, 26.1% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 21.7% based upon the Company's estimated CAGR in AFFO per share over the three-year performance period. The achievement level for the performance shares granted during the years ended December 31, 2023 and 2022 is 50% based upon the Company's Total Shareholder Return (TSR) relative to the TSRs of the Company's peer group companies, 25% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 25% based upon the Company's Compounded Annual Growth Rate (CAGR) in AFFO per share over the three-year performance period. The Company's achievement level relative to the performance measures is assigned a specific payout percentage, which is multiplied by a target number of performance shares.

The performance shares based on relative TSR performance have market conditions and are valued using a Monte Carlo simulation model on the grant date, which resulted in a grant date fair value of approximately $4.1 million and $5.9 million for the three months ended March 31, 2024 and 2023, respectively. The estimated fair value is amortized to expense over the three-year performance periods, which end on December 31, 2026, 2025 and 2024 for performance shares granted in 2024, 2023 and 2022, respectively. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the performance shares with a market condition for the three months ended March 31, 2024: risk-free interest rate of 4.5%, volatility factors in the expected market price of the Company's common shares of 30% and an expected life of approximately three years.

The performance shares based on growth in AFFO per share have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common stock on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost and any compensation cost previously recorded will be reversed. At March 31, 2024, achievement of the performance condition was deemed probable for the performance shares granted during the three months ended March 31, 2023 and 2022 with an expected payout percentage of 52.3% and 200%, respectively, which resulted in a grant date fair value of approximately $0.6 million and $2.3 million, respectively. Achievement of the performance condition for the performance shares granted during the three months ended March 31, 2024 was deemed not probable at March 31, 2024.

Expense recognized related to performance shares and included in "General and administrative expense" in the accompanying consolidated statements of income and comprehensive income was $1.5 million and $2.0 million for the three months ended March 31, 2024 and 2023, respectively. Expense related to performance shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.9 million for the three months ended March 31, 2024. At March 31, 2024, unamortized share-based compensation expense related to nonvested performance shares was $8.9 million.

The performance shares accrue dividend equivalents that are paid only if common shares are issued upon settlement of the performance shares. During the three months ended March 31, 2024 and 2023, the Company accrued dividend equivalents expected to be paid on earned awards of $598 thousand and $353 thousand, respectively.

Summary Of Restricted Share Unit Activity

A summary of the Company’s restricted share unit activity and related information is as follows:

	Number of shares	Weighted avg. grant date fair value		Weighted avg. life remaining
Outstanding at December 31, 2023	42,048	$	41.67
Granted	—	—
Vested	—	—
Outstanding at March 31, 2024	42,048	$	41.67	0.17

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Reportable Operating Segments

Segment Information

The Company groups its investments into two reportable operating segments: Experiential and Education.

The financial information summarized below is presented by reportable operating segment (in thousands):

Balance Sheet Data:
	As of March 31, 2024
	Experiential		Education		Corporate/Unallocated		Consolidated
Total Assets	$	5,201,690	$	430,201	$	62,145	$	5,694,036
	As of December 31, 2023
	Experiential		Education		Corporate/Unallocated		Consolidated
Total Assets	$	5,189,831	$	433,177	$	77,877	$	5,700,885

Operating Data:
	Three Months Ended March 31, 2024
	Experiential		Education		Corporate/Unallocated		Consolidated
Rental revenue	$	132,824	$	9,457	$	—	$	142,281
Other income	11,770		100		167		12,037
Mortgage and other financing income	12,705		209		—		12,914
Total revenue	157,299		9,766		167		167,232
Property operating expense	14,540		129		251		14,920
Other expense	12,976		—		—		12,976
Total investment expenses	27,516		129		251		27,896
Net operating income - before unallocated items	129,783		9,637		(84)		139,336
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense							(13,908)
Retirement and severance expense							(1,836)
Transaction costs							(1)
(Provision) benefit for credit losses, net							(2,737)
Depreciation and amortization							(40,469)
Gain on sale of real estate							17,949
Interest expense, net							(31,651)
Equity in loss from joint ventures							(3,627)
Income tax expense							(347)
Net income							62,709
Preferred dividend requirements							(6,032)
Net income available to common shareholders of EPR Properties							$	56,677

Operating Data:
	Three Months Ended March 31, 2023
	Experiential		Education		Corporate/Unallocated		Consolidated
Rental revenue	$	141,700	$	9,891	$	—	$	151,591
Other income	9,108		1		224		9,333
Mortgage and other financing income	10,249		223		—		10,472
Total revenue	161,057		10,115		224		171,396
Property operating expense	14,177		—		(22)		14,155
Other expense	8,950		—		—		8,950
Total investment expenses	23,127		—		(22)		23,105
Net operating income - before unallocated items	137,930		10,115		246		148,291
Reconciliation to Consolidated Statements of Income and Comprehensive Income:
General and administrative expense							(13,965)
Transaction costs							(270)
(Provision) benefit for credit losses, net							(587)
Depreciation and amortization							(41,204)
Loss on sale of real estate							(560)
Interest expense, net							(31,722)
Equity in loss from joint ventures							(1,985)
Income tax expense							(341)
Net income							57,657
Preferred dividend requirements							(6,033)
Net income available to common shareholders of EPR Properties							$	51,624

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Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue Recognition [Abstract]
Straight Line Rent	$ 3,700,000	$ 2,100,000
Straight line rent write off	0	0
Concentrations of Risk [Abstract]
Operating Lease, Lease Income	142,281,000	151,591,000
Deferred Costs	23,500,000		$ 25,100,000
Recovery of Direct Costs	4,700,000	4,700,000
Operating Lease, Percentage Revenue	1,900,000	1,800,000
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans	0	0
triple-net lessor costs [Member]
Concentrations of Risk [Abstract]
Recovery of Direct Costs	400,000	700,000
Revolving Credit Facility [Member]
Concentrations of Risk [Abstract]
Deferred Costs	3,600,000		$ 4,100,000
Regal [Member]
Concentrations of Risk [Abstract]
Operating Lease, Lease Income	$ 18,706,000	$ 28,751,000
Percentage of lease revenue in total revenue	11.20%	16.80%
American Multi-Cinema, Inc. [Member]
Concentrations of Risk [Abstract]
Operating Lease, Lease Income	$ 23,464,000	$ 23,801,000
Percentage of lease revenue in total revenue	14.00%	13.90%
TopGolf [Member]
Concentrations of Risk [Abstract]
Operating Lease, Lease Income	$ 24,723,000	$ 23,672,000
Percentage of lease revenue in total revenue	14.80%	13.80%

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Rental Properties (Summary Of Carrying Amounts Of Rental Properties) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Real Estate Properties [Line Items]
Carrying amounts of rental properties	$ 6,100,366		$ 5,973,042
Accumulated depreciation	(1,470,507)		(1,435,683)
Real Estate Investment Property, Net	4,629,859		4,537,359
Depreciation expense on rental properties	39,500	$ 40,000
Building and improvements [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	4,712,831		4,609,050
Furniture, fixtures & equipment [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	117,241		115,596
Land [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	1,241,841		1,219,943
Leaseholds and Leasehold Improvements [Member]
Real Estate Properties [Line Items]
Carrying amounts of rental properties	$ 28,453		$ 28,453

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Investments and Dispositions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets	$ 34,531	$ 46,669
Proceeds from Sale of Property, Plant, and Equipment	46,200
Gain on sale of real estate	17,949	$ (560)
Experiential Reportable Operating Segment [Member]
Real Estate Properties [Line Items]
Payments to Acquire Property, Plant, and Equipment	85,700
Experiential Reportable Operating Segment [Member] | Attraction Properties [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets	33,400
Experiential Reportable Operating Segment [Member] | Eat & Play Properties [Member]
Real Estate Properties [Line Items]
Payments to Acquire Productive Assets	$ 14,700
number of properties acquired	2
Experiential Reportable Operating Segment [Member] | Cultural Properties
Real Estate Properties [Line Items]
number of properties sold	2
Experiential Reportable Operating Segment [Member] | Theatre Properties [Member]
Real Estate Properties [Line Items]
number of properties sold	1

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Investment in Mortgage Notes and Notes Receivable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) years mortgagenotes	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, after Allowance for Credit Loss, Current	$ 578,915		$ 569,768
Notes Receivable	$ 3,700		3,900
Number Of Mortgage Notes Receivable | mortgagenotes	5
Financing Receivable, Allowance for Credit Loss	$ 17,152		14,415
Provision for Loan, Lease, and Other Losses	2,737
Financing Receivable, Allowance for Credit Loss, Writeoff	0
Financing Receivable, Allowance for Credit Loss, Recovery	0
Impaired Financing Receivable, Interest Income, Cash Basis Method	$ 200	$ 200
Mortgage Receivable [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Number Of Mortgage Notes Receivable | years	1
Financing Receivable, Allowance for Credit Loss	$ 5,697		3,656
Provision for Loan, Lease, and Other Losses	2,041
Financing Receivable, Allowance for Credit Loss, Writeoff	0
Financing Receivable, Allowance for Credit Loss, Recovery	0
Unfunded Loan Commitment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	1,773		1,072
Provision for Loan, Lease, and Other Losses	701
Financing Receivable, Allowance for Credit Loss, Writeoff	0
Financing Receivable, Allowance for Credit Loss, Recovery	$ 0
Notes Receivable [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Number Of Mortgage Notes Receivable | years	2
Financing Receivable, Allowance for Credit Loss	$ 9,682		9,687
Provision for Loan, Lease, and Other Losses	(5)
Financing Receivable, Allowance for Credit Loss, Writeoff	0
Financing Receivable, Allowance for Credit Loss, Recovery	0
Notes Receivable [Member] | Theatre Properties [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for Loan, Lease, and Other Losses	1,900
Note Receivable Unfunded Loan Commitment
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	0		$ 0
Provision for Loan, Lease, and Other Losses	0
Financing Receivable, Allowance for Credit Loss, Writeoff	0
Financing Receivable, Allowance for Credit Loss, Recovery	0
Note, 8.0%, due June 30, 2032 | Attraction Properties [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for Loan, Lease, and Other Losses	7,600
Mortgage Note, 8.13%, due August 31, 2024 | Eat & Play Properties [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for Loan, Lease, and Other Losses	400
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 10,400

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Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Straight-Line Rent Receivable	$ 59,329		$ 55,533
Total	69,414		63,655
Fair Value Disclosure, off-Balance-Sheet Risks, Face Amount, Asset	11,500
Collections, Deferred Rent, Cash basis tenants	600	$ 6,500
Tax Payment, Paid Under Protest	5,900
Tenants [Member]
Total	3,398		7,298
Non-Tenants [Member]
Carrying amounts of accounts receivable	$ 6,687		$ 824

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Capital Markets (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.835
Series C Preferred Shares [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage	5.75%	5.75%
Series E Preferred Shares [Member]
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 0.5625
Preferred Stock, Dividend Rate, Percentage	9.00%	9.00%
Series G Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 0.359375
Preferred Stock, Dividend Rate, Percentage	5.75%

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Unconsolidated Real Estate Joint Ventures (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) properties years	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 46,127		$ 49,754
Equity in (income) loss from joint ventures	$ (3,627)	$ (1,985)
St. Petersburg Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	65.00%
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 14,504		14,727
Equity in (income) loss from joint ventures	$ (223)	682
Number of unconsolidated real estate joint ventures | properties	2
Maximum Availability Joint Venture Mortgage Loan	$ 105,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	3.65%
Number of Extension Options	2
Years in Extension | years	1
Warrens Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	95.00%
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 8,417		9,945
Equity in (income) loss from joint ventures	$ (1,528)	(1,215)
Number of unconsolidated real estate joint ventures | properties	2
Long Term Funding Commitment For Project Development	$ 14,200
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.00%
Maximum Availability Joint Venture Mortgage Loan	$ 22,800
Long Term Funding Commitment For Project Development, Remaining	1,200
Construction Availability Joint Venture Mortgage Loan	$ 1,100
Breaux Bridge Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	85.00%
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 17,368		18,996
Equity in (income) loss from joint ventures	$ (1,628)	(1,225)
Number of unconsolidated real estate joint ventures | properties	2
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.85%
Maximum Availability Joint Venture Mortgage Loan	$ 38,500
Subordinated Joint Venture Mortgage Loan	$ 11,300
Breaux Bridge Joint Venture | Subordinated Debt
Schedule of Equity Method Investments [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	7.25%
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	7.20%
Long-term debt, Percentage Capped	8.00%
Breaux Bridge Joint Venture | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.25%
Harrisville PA Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	62.00%
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 5,838		6,086
Equity in (income) loss from joint ventures	$ (248)	(227)
Number of unconsolidated real estate joint ventures | properties	2
Long Term Funding Commitment For Project Development	$ 13,900
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	6.38%
Maximum Availability Joint Venture Mortgage Loan	$ 22,500
Long Term Funding Commitment For Project Development, Remaining	$ 5,800
Equity method investment, ownership percentage, unconsolidated real estate joint venture	92.00%
Equity Method Investment, Ownership Percentage, Consolidated Real Estate Joint Venture	67.00%
Carrying Amount Joint Venture Mortgage Loan	$ 13,000
Guarantor Obligations, Maximum Exposure, Undiscounted	10,000
Guaranty Liabilities	5,000
Theatre Project China Member
Schedule of Equity Method Investments [Line Items]
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	0		$ 0
Equity in (income) loss from joint ventures	$ 0	$ 0
Interest Rate Swap [Member] | St. Petersburg Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Derivative, Fixed Interest Rate	3.50%

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Derivative Instruments (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 CAD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Apr. 29, 2022 $ / $
Derivative Asset, Fair Value, Gross Asset		$ 1.6		$ 1.3
Derivative Liability, Fair Value, Gross Liability		0.4		$ 4.9
Credit Risk Derivatives, at Fair Value, Net		50.0
Derivative Liability, Subject to Master Netting Arrangement, after Offset		0.3
Net Investment Hedging [Member]
Derivative, Notional Amount			$ 290.0
Cash Flow Hedging [Member]
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months		0.5
Interest Rate Risk [Member]
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months		$ 0.6
Cross Currency Swaps [Member]
Derivative, Notional Amount			440,000,000.0
Foreign currency exposure	$ 23,400,000
Currency Swap [Member]
Number of Canadian properties exposed to foreign currency exchange risk (in properties)	6
Cross Currency Swaps October 2024
Derivative, Notional Amount			200,000,000.0
Net exchange rate, CAD to US dollar | $ / $					1.28
Foreign currency exposure	$ 4,500,000
Foreign Currency Forward October 2025 | Net Investment Hedging [Member]
Derivative, Notional Amount			$ 200.0
Net exchange rate, CAD to US dollar		1.35	1.35
Foreign Currency Forward December 2025 | Net Investment Hedging [Member]
Derivative, Notional Amount			$ 90.0
Net exchange rate, CAD to US dollar		1.35	1.35
Cross Currency Swap October 2024 $1.26
Derivative, Notional Amount			$ 150,000,000.0
Net exchange rate, CAD to US dollar | $ / $					1.26
Foreign currency exposure	10,800,000
Cross Currency Swap December 2024
Derivative, Notional Amount			$ 90,000,000.0
Net exchange rate, CAD to US dollar | $ / $					1.30
Foreign currency exposure	$ 8,100,000
interest rate swap 2.5325 percent | Interest Rate Swap [Member]
Derivative fixed interest rate		2.5325%	2.5325%
Derivative, Notional Amount		$ 25.0

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Derivative Instruments (Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	$ 410	$ 351
Derivative, Gain (Loss) on Derivative, Net	5,142	47
Interest Expense	31,651	31,722
Other Income	12,037	9,333
Interest Rate Swap [Member]
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	183	126
Cross Currency Swaps [Member]
Other Comprehensive Income, Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	342	4
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion)	227	225
foreign currency forward
Other Comprehensive Income, Net Investment Hedge, Gain (Loss), Reclassification, before Tax	4,466	341
Interest Expense [Member] | Interest Rate Swap [Member]
Other Comprehensive Income, Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	$ 334	$ (298)

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Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Long-term Debt	$ 2,817,710,000	$ 2,816,095,000
Derivative Asset, Fair Value, Gross Asset	1,600,000	1,300,000
Real Estate Investment Property, Net	4,629,859,000	4,537,359,000
Financing Receivable, after Allowance for Credit Loss, Current	$ 578,915,000	569,768,000
Number of impaired properties | property	12
Asset Impairment Charges		67,400,000
Fair Value, Inputs, Level 3 [Member] | Minimum [Member]
fair value input, price per square foot		$ 4.50
fair value input, discount rate		8.50%
fair value input, Terminal Capitalization Rate		7.75%
Fair Value, Inputs, Level 3 [Member] | Maximum [Member]
fair value input, price per square foot		$ 20.00
fair value input, discount rate		11.50%
fair value input, Terminal Capitalization Rate		10.25%
Fair Value, Recurring [Member] | Cross Currency Swaps [Member]
Derivative Asset, Fair Value, Gross Asset	$ (499,000)	$ 384,000
Fair Value, Recurring [Member] | Cross Currency Swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Asset, Fair Value, Gross Asset	(499,000)	384,000
Fair Value, Recurring [Member] | Currency Forward
Derivative Asset, Fair Value, Gross Asset	442,000	4,908,000
Fair Value, Recurring [Member] | Currency Forward | Fair Value, Inputs, Level 2 [Member]
Derivative Asset, Fair Value, Gross Asset	442,000	4,908,000
Fair Value, Recurring [Member] | Interest Rate Swap [Member]
Derivative Asset, Fair Value, Gross Asset	(1,121,000)	(876,000)
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Asset, Fair Value, Gross Asset	$ (1,121,000)	(876,000)
Fair Value, Nonrecurring [Member]
Real Estate Investment Property, Net		39,150,000
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Real Estate Investment Property, Net		0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Real Estate Investment Property, Net		$ 39,150,000
Fixed Rate Mortgage Notes Receivable Member
Mortgage Receivable Weighted Average Interest Rate	8.80%	8.82%
Receivable Interest Rate Stated Percentage Rate Range Minimum	6.50%	6.99%
Receivable Interest Rate Stated Percentage Rate Range Maximum	12.32%	12.32%
Notes Receivable, Fair Value Disclosure	$ 618,000,000	$ 611,200,000
Weighted Average Market Rate Used As Discount Factor To Determine Fair Value Of Notes	7.90%	7.84%
Financing Receivable, after Allowance for Credit Loss, Current		$ 569,800,000
Fixed Rate Mortgage Notes Receivable Member | Minimum [Member]
market rate used as discount factor to determine fair value of notes	6.50%	7.15%
Fixed Rate Mortgage Notes Receivable Member | Maximum [Member]
market rate used as discount factor to determine fair value of notes	10.65%	10.25%
Fixed Rate Debt Member
Long-term Debt	$ 2,820,000,000	$ 2,820,000,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.34%	4.34%
Long-term Debt, Fair Value	$ 2,620,000,000	$ 2,580,000,000
Weighted Average Market Rate Used As Discount Factor To Determine Fair Value Of Debt	6.24%	6.60%
Fixed Rate Debt Member | Minimum [Member]
market rate used as discount factor to determine fair value of debt	5.97%	6.46%
Fixed Rate Debt Member | Maximum [Member]
market rate used as discount factor to determine fair value of debt	6.41%	6.70%
Variable Rate Converted to Fixed Rate [Member]
Long-term Debt	$ 25,000,000	$ 25,000,000
Variable Rate Debt Member
Long-term Debt	$ 25,000,000	$ 25,000,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	5.45%	5.48%

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Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic EPS:
Income from continuing operations	$ 62,709	$ 57,657
Less: preferred dividend requirements	(6,032)	(6,033)
Net income available to common shareholders of EPR Properties	$ 56,677	$ 51,624
Net income available to common shareholders (in dollars per share)	$ 0.75	$ 0.69
Net Income (Loss) Available to Common Stockholders, Diluted	$ 56,677	$ 51,624
Weighted average number of shares outstanding, basic	75,398	75,084
Diluted EPS:
Share options (in shares)	307	199
Weighted average number of shares outstanding, diluted	75,705	75,283
Net income available to common shareholders (in dollars per share)	$ 0.75	$ 0.69

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Earnings Per Share (Narrative) (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Series C Preferred Shares [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares	2,300	2,300
Preferred Stock, Dividend Rate, Percentage	5.75%	5.75%
Series E Preferred Shares [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares	1,700	1,700
Preferred Stock, Dividend Rate, Percentage	9.00%	9.00%
Share Options [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares	57	83
Performance Shares [Member] | January 1, 2022 Award Date
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares		99
Performance Shares [Member] | January 1, 2024 Award Date
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares	116
Performance Shares [Member] | January 1, 2023 Award Date
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Common shares upon conversion of convertible preferred shares		112
Minimum [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit	$ 44.44	$ 44.44
Maximum [Member]
Anitidlutive securities exluded from computation of earnings per share [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit	$ 76.63	$ 76.63

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Compensation Related Costs, Retirement Benefits (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Severance Costs	$ 1,836,000	$ 0
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Severance Costs	1,836,000	0
Restricted Stock [Member]
Retirement Benefits [Abstract]
Severance Costs	700,000	0
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Severance Costs	700,000	$ 0
Cash Payment | Postemployment Retirement Benefits
Retirement Benefits [Abstract]
Severance Costs	200,000
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Severance Costs	200,000
accelerated vesting of shares | Postemployment Retirement Benefits | Share-Based Payment Arrangement
Retirement Benefits [Abstract]
Severance Costs	1,600,000
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Severance Costs	$ 1,600,000

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Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	May 12, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Outstanding at December 31, 2022	609,228
Number of Shares, Granted	290,271
Number of Shares, Vested	(284,885)
Number of Shares, Outstanding at September 30, 2023	614,614
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022	$ 44.44
Weighted Average Grant Date Fair Value, Granted	41.96
Weighted Average Grant Date Fair Value, Vested	45.47
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023	$ 42.79
Weighted Average Life Remaining, Outstanding at September 30, 2023 (in years)	1 year 7 months 9 days
Fair value of non-vested shares	$ 13,700,000	$ 8,300,000
Unamortized share-based compensation expense	14,700,000
Severance Costs	$ 1,836,000	0
2016 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Common shares, options to purchase common shares and restricted share units, expected to granted (in shares)					3,950,000
Number of shares available for grant (in shares)	905,470
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Payment Arrangement, Expense	$ 1,800,000	1,900,000
Severance Costs	$ 700,000	0
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Outstanding at December 31, 2022	312,641
Number of Shares, Granted	116,266
Number of Shares, Vested	(102,438)
Number of Shares, Outstanding at September 30, 2023	326,469
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022	$ 70.04
Weighted Average Grant Date Fair Value, Granted	44.76
Weighted Average Grant Date Fair Value, Vested	75.14
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023	$ 59.44
Unamortized share-based compensation expense	$ 8,900,000
Share-based Compensation, Performance Measure Percent, Peer TSR	50.00%
Share-based Compensation, Performance Measure Percent, MSCI US REIT Index TSR	25.00%
Share-based Compensation, Performance Measure Percent, Growth in AFFO per share	25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	4.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	30.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	3 years
Dividend, Share-based Payment Arrangement	$ 598,000	353,000
Share-based Payment Arrangement, Expense	1,500,000	2,000,000
Severance Costs	$ 900,000
Performance Shares [Member] | Granted in 2024
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Compensation, Performance Measure Percent, Peer TSR	52.20%
Share-based Compensation, Performance Measure Percent, MSCI US REIT Index TSR	26.10%
Share-based Compensation, Performance Measure Percent, Growth in AFFO per share	21.70%
Performance Shares [Member] | Market Condition
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share Based Compensation Arrangement, Equity Instrument, Other Than Options, Market Condition, Grant Date Fair Value	$ 4,100,000	$ 5,900,000
Performance Shares [Member] | Market Condition | Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	250.00%
Performance Shares [Member] | Performance Condition | Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Fair value of non-vested shares	$ 12,600,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	200.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period	243,290
Performance Shares [Member] | Performance Condition | Granted in 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	200.00%
Share-based Compensation Arrangement, Equity Instruments Other Than Options, Performance Condition, Nonvested, Grant Date Fair Value				$ 2,300,000
Performance Shares [Member] | Performance Condition | Granted in 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	52.30%
Share-based Compensation Arrangement, Equity Instruments Other Than Options, Performance Condition, Nonvested, Grant Date Fair Value			$ 600,000
Dividend Paid | Performance Condition | Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period	49,574

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Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Outstanding at December 31, 2022	609,228
Number of Shares, Granted	290,271
Number of Shares, Vested	(284,885)
Number of Shares, Outstanding at September 30, 2023	614,614
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022	$ 44.44
Weighted Average Grant Date Fair Value, Granted	41.96
Weighted Average Grant Date Fair Value, Vested	$ 45.47
Weighted Average Life Remaining, Outstanding at September 30, 2023 (in years)	1 year 7 months 9 days
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023	$ 42.79
Unamortized share-based compensation expense	$ 14,700,000
Severance Costs	$ 1,836,000	$ 0
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Shares, Outstanding at December 31, 2022	42,048
Number of Shares, Granted	0
Number of Shares, Vested	0
Number of Shares, Outstanding at September 30, 2023	42,048
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2022	$ 41.67
Weighted Average Grant Date Fair Value, Granted	0
Weighted Average Grant Date Fair Value, Vested	$ 0
Weighted Average Life Remaining, Outstanding at September 30, 2023 (in years)	2 months 1 day
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2023	$ 41.67
Unamortized share-based compensation expense	$ 300,000
Restricted Share Units [Member] | Non-Employee Trustees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Payment Arrangement, Expense	400,000	500,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Payment Arrangement, Expense	1,800,000	1,900,000
Severance Costs	$ 700,000	$ 0

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Operating Leases (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2024

USD ($)

Mar. 31, 2023

USD ($)

Dec. 31, 2023

Operating Leases [Abstract]

Lease, Cost

The following table summarizes rental revenue, including sublease arrangements and lease costs, for the three months ended March 31, 2024 and 2023 (in thousands):

		Three Months Ended March 31,
	Classification	2024		2023
Operating leases	Rental revenue	$	135,794	$	145,235
Sublease income - operating ground leases	Rental revenue	6,487		6,356
Lease costs
Operating ground lease cost	Property operating expense	$	6,547	$	6,600
Operating office lease cost	General and administrative expense	224		224

Property Subject to or Available for Operating Lease [Line Items]

Number of Properties Subject to Ground Leases

51

51

Number of tenants, ground lease subtenants, cash basis

1

Operating Lease, Lease Income

$ 142,281

$ 151,591

Property operating expense

14,920

14,155

General and Administrative Expense

13,908

13,965

Property Subject to Operating Lease

Property Subject to or Available for Operating Lease [Line Items]

Operating Lease, Lease Income

$ 135,794

145,235

vacant

Property Subject to or Available for Operating Lease [Line Items]

Number of Properties Subject to Ground Leases

1

Ground Lease Arrangement [Member]

Property Subject to or Available for Operating Lease [Line Items]

Sublease Income

$ 6,487

6,356

Property operating expense

6,547

6,600

Office Lease [Member]

Property Subject to or Available for Operating Lease [Line Items]

General and Administrative Expense

$ 224

$ 224

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Segment Information Balance Sheet Data (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Integer	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Operating Segments | Integer	2
Total Assets	$ 5,694,036	$ 5,700,885
Experiential Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	5,201,690	5,189,831
Education Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	430,201	433,177
Corporate / Unallocated
Segment Reporting Information [Line Items]
Total Assets	$ 62,145	$ 77,877

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Segment Information Operating Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Operating Lease, Lease Income	$ 142,281	$ 151,591
Other income	12,037	9,333
Interest and Fee Income, Loans, Commercial and Residential, Real Estate	12,914	10,472
Revenues	167,232	171,396
Property operating expense	14,920	14,155
Other expense	12,976	8,950
Total investment expenses	27,896	23,105
Net Operating Income - Before Unallocated Items	139,336	148,291
Reconciliation to Consolidated Statements of Income:
General and administrative expense	(13,908)	(13,965)
Severance Costs	(1,836)	0
Transaction costs	(1)	(270)
Financing Receivable, Credit Loss, Expense (Reversal)	(2,737)	(587)
Depreciation and amortization	(40,469)	(41,204)
Gain on sale of real estate	17,949	(560)
Interest expense, net	(31,651)	(31,722)
Equity in (income) loss from joint ventures	(3,627)	(1,985)
Income tax expense	(347)	(341)
Net income attributable to EPR Properties	62,709	57,657
Preferred dividend requirements	(6,032)	(6,033)
Net Income Available to Common Stockholders, Basic	56,677	51,624
Experiential Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Operating Lease, Lease Income	132,824	141,700
Other income	11,770	9,108
Interest and Fee Income, Loans, Commercial and Residential, Real Estate	12,705	10,249
Revenues	157,299	161,057
Property operating expense	14,540	14,177
Other expense	12,976	8,950
Total investment expenses	27,516	23,127
Net Operating Income - Before Unallocated Items	129,783	137,930
Education Reportable Operating Segment [Member]
Segment Reporting Information [Line Items]
Operating Lease, Lease Income	9,457	9,891
Other income	100	1
Interest and Fee Income, Loans, Commercial and Residential, Real Estate	209	223
Revenues	9,766	10,115
Property operating expense	129	0
Other expense	0	0
Total investment expenses	129	0
Net Operating Income - Before Unallocated Items	9,637	10,115
Corporate / Unallocated
Segment Reporting Information [Line Items]
Operating Lease, Lease Income	0	0
Other income	167	224
Interest and Fee Income, Loans, Commercial and Residential, Real Estate	0	0
Revenues	167	224
Property operating expense	251	(22)
Other expense	0	0
Total investment expenses	251	(22)
Net Operating Income - Before Unallocated Items	$ (84)	$ 246

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Other Commitments And Contingencies (Details) $ in Millions	Mar. 31, 2024 USD ($) mortgagenotes
Number Of Mortgage Notes Receivable | mortgagenotes	5
Mortgage Note and Notes Receivable Commitments	$ 99.9
Number of Surety Bonds	4
Surety bonds	$ 2.1
Experiential Reportable Operating Segment [Member]
Development projects in process (in projects)	13
Other Commitment	$ 158.6

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Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 110,511,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 80,981,000