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TABLE OF CONTENTS
SECTION																								PAGE
Company Profile																								4
Investor Information																								5
Selected Financial Information																								6
Selected Balance Sheet Information																								7
Selected Operating Data																								8
Funds From Operations and Funds From Operations as Adjusted																								9
Adjusted Funds From Operations																								10
Capital Structure																								11
Summary of Ratios																								16
Summary of Mortgage Notes Receivable																								17
Investment Spending and Disposition Summaries																								18
Property Under Development - Investment Spending Estimates																								19
Portfolio Detail																								20
Lease Expirations																								21
Top Ten Customers by Total Revenue																								22
Guidance																								23
Definitions-Non-GAAP Financial Measures																								24
Appendix-Reconciliation of Certain Non-GAAP Financial Measures																								27

			Q3 2025 Supplemental			Page 2

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CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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

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

NON-GAAP INFORMATION

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

			Q3 2025 Supplemental			Page 3

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COMPANY PROFILE

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

BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO

			Q3 2025 Supplemental			Page 4

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INVESTOR INFORMATION
SENIOR MANAGEMENT
Greg Silvers						Mark Peterson
Chairman and Chief Executive Officer						Executive Vice President and Chief Financial Officer
Tonya Mater						Greg Zimmerman
Senior Vice President and Chief Accounting Officer						Executive Vice President and Chief Investment Officer
Paul Turvey						Elizabeth Grace
Senior Vice President, General Counsel and Secretary						Senior Vice President - Human Resources and Administration
Ben Fox						Gwen Johnson
Executive Vice President						Senior Vice President - Asset Management
Brian Moriarty
Senior Vice President - Corporate Communications

COMPANY INFORMATION
CORPORATE HEADQUARTERS						TRADING SYMBOLS
909 Walnut Street, Suite 200						Common Stock:
Kansas City, MO 64106						EPR
816-472-1700						Preferred Stock:
www.eprkc.com						EPR-PrC
STOCK EXCHANGE LISTING						EPR-PrE
New York Stock Exchange						EPR-PrG

EQUITY RESEARCH COVERAGE
Bank of America Merrill Lynch			Jana Galan			646-855-5042
Citi Global Markets			Nick Joseph/Smedes Rose			212-816-6243
Citizens Capital Markets & Advisory			Mitch Germain			212-906-3537
Janney Montgomery Scott			Rob Stevenson			646-840-3217
J.P. Morgan			Anthony Paolone			212-622-6682
Kansas City Capital Associates			Jonathan Braatz			816-932-8019
KeyBanc Capital Markets			Todd Thomas			917-368-2286
Raymond James & Associates			RJ Milligan			727-567-2585
RBC Capital Markets			Michael Carroll			440-715-2649
Stifel			Simon Yarmak			443-224-1345
Truist			Michael Lewis			212-319-5659
UBS			Michael Goldsmith			212-713-2951
Wells Fargo			James Feldman/John Kilichowski			212-214-5311

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

			Q3 2025 Supplemental			Page 5

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SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
			THREE MONTHS ENDED SEPTEMBER 30,												NINE MONTHS ENDED SEPTEMBER 30,
OPERATING INFORMATION:			2025						2024						2025						2024
Revenue			$	182,306					$	180,507					$	535,407					$	520,834
Net income available to common shareholders of EPR Properties			60,554						40,618						189,928						136,357
EBITDAre (1)			136,371						143,242						404,733						400,089
Adjusted EBITDAre (1)			147,074						142,647						417,017						404,671
Interest expense, net			33,238						32,867						99,505						97,338
Capitalized interest			758						878						3,154						2,307
Straight-lined rental revenue			3,541						4,414						12,075						13,335
Percentage rent and participating interest			7,042						5,944						16,721						9,817
Dividends declared on preferred shares			6,032						6,032						18,104						18,104
Dividends declared on common shares			67,376						64,745						200,464						192,229
General and administrative expense			14,001						11,935						41,255						37,863
			SEPTEMBER 30,
BALANCE SHEET INFORMATION:			2025						2024
Total assets			$	5,543,897					$	5,689,162
Accumulated depreciation			1,671,309						1,546,509
Cash and cash equivalents			13,710						35,328
Total assets before accumulated depreciation less cash and cash equivalents (gross assets)			7,201,496						7,200,343
Debt			2,768,387						2,852,970
Deferred financing costs, net			15,205						20,622
Net debt (1)			2,769,882						2,838,264
Equity			2,328,782						2,403,703
Common shares outstanding			76,138						75,729
Total market capitalization (using EOP closing price and liquidation values)(2)			7,557,640						6,922,992
Net debt/total market capitalization ratio (1)			37		%				41		%
Debt to total assets ratio			50		%				50		%
Net debt/gross assets ratio (1)			38		%				39		%
Net debt/Adjusted EBITDAre ratio (1) (3)			4.7						5.0
Net debt/Annualized adjusted EBITDAre ratio (1) (4)			4.9						5.2
(1) See pages 24 through 26 for definitions. See calculation on page 30, as applicable.
(2) See calculation on page 15.
(3) Adjusted EBITDAre in this calculation is for the three-month period multiplied times four. See pages 24 through 26 for definitions. See calculation on page 30.
(4) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 30 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 24 through 26 for definitions.

			Q3 2025 Supplemental			Page 6

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SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS						3RD QUARTER 2025						2ND QUARTER 2025						1ST QUARTER 2025						4TH QUARTER 2024						3RD QUARTER 2024						2ND QUARTER 2024
Real estate investments						$	6,051,937					$	6,044,295					$	5,949,713					$	5,998,003					$	6,080,959					$	6,070,909
Less: accumulated depreciation						(1,671,309)						(1,641,916)						(1,595,820)						(1,562,645)						(1,546,509)						(1,504,427)
Land held for development						20,168						20,168						20,168						20,168						20,168						20,168
Property under development						67,381						84,195						118,264						112,263						76,913						59,092
Operating lease right-of-use assets						168,730						177,919						180,557						173,364						175,451						179,260
Mortgage notes and related accrued interest receivable, net						696,438						666,154						659,004						665,796						657,636						593,084
Investment in joint ventures						14,046						9,680						11,361						14,019						32,426						45,406
Cash and cash equivalents						13,710						12,955						20,572						22,062						35,328						33,731
Restricted cash						15,982						15,765						6,354						13,637						2,992						2,958
Accounts receivable						92,291						94,514						85,811						84,589						79,726						75,493
Other assets						74,523						77,151						76,565						75,251						74,072						69,693
Total assets						$	5,543,897					$	5,560,880					$	5,532,549					$	5,616,507					$	5,689,162					$	5,645,367
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities						$	113,475					$	101,543					$	93,248					$	107,976					$	99,334					$	63,441
Operating lease liabilities						203,269						216,411						219,305						212,400						214,809						219,004
Common dividends payable						22,461						22,454						22,440						25,831						23,811						23,365
Preferred dividends payable						6,032						6,032						6,032						6,032						6,032						6,032
Unearned rents and interest						101,491						90,379						78,550						80,565						88,503						89,700
Line of credit						379,000						405,000						105,000						175,000						169,000						—
Deferred financing costs, net						(15,205)						(16,622)						(17,630)						(19,134)						(20,622)						(22,200)
Other debt						2,404,592						2,404,592						2,704,592						2,704,592						2,704,592						2,841,229
Total liabilities						3,215,115						3,229,789						3,211,537						3,293,262						3,285,459						3,220,571
Equity:
Common stock and additional paid-in-capital						3,973,626						3,968,520						3,964,272						3,951,364						3,947,470						3,943,925
Preferred stock at par value						148						148						148						148						148						148
Treasury stock						(295,268)						(295,258)						(295,258)						(285,413)						(285,413)						(285,413)
Accumulated other comprehensive loss						(587)						(4)						(3,567)						(3,756)						(609)						(541)
Distributions in excess of net income						(1,349,137)						(1,342,315)						(1,344,583)						(1,339,098)						(1,257,893)						(1,233,323)
Total equity						2,328,782						2,331,091						2,321,012						2,323,245						2,403,703						2,424,796
Total liabilities and equity						$	5,543,897					$	5,560,880					$	5,532,549					$	5,616,507					$	5,689,162					$	5,645,367

			Q3 2025 Supplemental			Page 7

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SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)
			3RD QUARTER 2025						2ND QUARTER 2025						1ST QUARTER 2025						4TH QUARTER 2024						3RD QUARTER 2024						2ND QUARTER 2024
Rental revenue			$	154,838					$	150,351					$	146,359					$	149,116					$	148,677					$	145,093
Other income (1)			12,135						12,218						11,636						13,197						17,419						14,418
Mortgage and other financing income			15,333						15,499						17,038						14,921						14,411						13,584
Total revenue			182,306						178,068						175,033						177,234						180,507						173,095
Property operating expense			14,478						14,661						15,171						15,188						14,611						14,427
Other expense (1)			11,173						11,959						12,611						13,437						15,631						14,833
General and administrative expense			14,001						13,230						14,024						12,233						11,935						12,020
Retirement and severance expense			1,094						—						—						—						—						—
Transaction costs			492						669						567						423						175						199
Provision (benefit) for credit losses, net			9,117						997						(652)						9,876						(770)						404
Impairment charges			—						—						—						39,952						—						11,812
Depreciation and amortization			42,409						42,080						41,089						40,995						42,795						41,474
Total operating expenses			92,764						83,596						82,810						132,104						84,377						95,169
Gain (loss) on sale of real estate and early ground lease termination			8,073						16,779						9,384						112						(3,419)						1,459
Income from operations			97,615						111,251						101,607						45,242						92,711						79,385
Costs associated with loan refinancing or payoff			—						—						—						—						337						—
Interest expense, net			33,238						33,246						33,021						33,472						32,867						32,820
Equity in (income) loss from joint ventures			(2,934)						1,681						2,647						3,425						851						906
Impairment charges on joint ventures			—						—						—						16,087						12,130						—
Income (loss) before income taxes			67,311						76,324						65,939						(7,742)						46,526						45,659
Income tax expense (benefit)			725						681						136						653						(124)						557
Net income (loss)			66,586						75,643						65,803						(8,395)						46,650						45,102
Preferred dividend requirements			6,032						6,040						6,032						6,040						6,032						6,040
Net income (loss) available to common shareholders of EPR Properties			$	60,554					$	69,603					$	59,771					$	(14,435)					$	40,618					$	39,062
(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.

			Q3 2025 Supplemental			Page 8

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FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
FUNDS FROM OPERATIONS ("FFO") (1):			3RD QUARTER 2025						2ND QUARTER 2025						1ST QUARTER 2025						4TH QUARTER 2024						3RD QUARTER 2024						2ND QUARTER 2024
Net income (loss) available to common shareholders of EPR Properties			$	60,554					$	69,603					$	59,771					$	(14,435)					$	40,618					$	39,062
(Gain) loss on sale of real estate and early ground lease termination			(8,073)						(16,779)						(9,384)						(112)						3,419						(1,459)
Impairment of real estate investments			—						—						—						39,952						—						11,812
Real estate depreciation and amortization			42,257						41,939						40,932						40,838						42,620						41,289
Allocated share of joint venture depreciation			989						985						1,036						1,965						2,581						2,457
Impairment charges on joint ventures			—						—						—						16,087						12,130						—
FFO available to common shareholders of EPR Properties			$	95,727					$	95,748					$	92,355					$	84,295					$	101,368					$	93,161
FFO available to common shareholders of EPR Properties			$	95,727					$	95,748					$	92,355					$	84,295					$	101,368					$	93,161
Add: Preferred dividends for Series C preferred shares			1,938						1,938						1,938						1,938						1,938						1,938
Add: Preferred dividends for Series E preferred shares			1,938						1,938						1,938						1,938						1,938						1,938
Diluted FFO available to common shareholders of EPR Properties			$	99,603					$	99,624					$	96,231					$	88,171					$	105,244					$	97,037
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties			$	95,727					$	95,748					$	92,355					$	84,295					$	101,368					$	93,161
Retirement and severance expense			1,094						—						—						—						—						—
Transaction costs			492						669						567						423						175						199
Provision (benefit) for credit losses, net			9,117						997						(652)						9,876						(770)						404
Costs associated with loan refinancing or payoff			—						—						—						—						337						—
Deferred income tax benefit			(53)						(93)						(530)						(285)						(728)						(249)
FFO as adjusted available to common shareholders of EPR Properties			$	106,377					$	97,321					$	91,740					$	94,309					$	100,382					$	93,515
FFO as adjusted available to common shareholders of EPR Properties			$	106,377					$	97,321					$	91,740					$	94,309					$	100,382					$	93,515
Add: Preferred dividends for Series C preferred shares			1,938						1,938						1,938						1,938						1,938						1,938
Add: Preferred dividends for Series E preferred shares			1,938						1,938						1,938						1,938						1,938						1,938
Diluted FFO as adjusted available to common shareholders of EPR Properties			$	110,253					$	101,197					$	95,616					$	98,185					$	104,258					$	97,391
FFO per common share:
Basic			$	1.26					$	1.26					$	1.22					$	1.11					$	1.34					$	1.23
Diluted			1.23						1.24						1.20						1.10						1.31						1.21
FFO as adjusted per common share:
Basic			$	1.40					$	1.28					$	1.21					$	1.25					$	1.33					$	1.24
Diluted			1.37						1.26						1.19						1.23						1.30						1.22
Shares used for computation (in thousands):
Basic			76,127						76,083						75,804						75,733						75,723						75,689
Diluted			76,668						76,571						76,215						76,156						76,108						76,022
Effect of dilutive Series C preferred shares			2,352						2,344						2,336						2,327						2,319						2,310
Effect of dilutive Series E preferred shares			1,668						1,667						1,665						1,665						1,664						1,664
Adjusted weighted-average shares outstanding-diluted Series C and Series E			80,688						80,582						80,216						80,148						80,091						79,996
(1) See pages 24 through 26 for definitions.

			Q3 2025 Supplemental			Page 9

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ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):						3RD QUARTER 2025						2ND QUARTER 2025						1ST QUARTER 2025						4TH QUARTER 2024						3RD QUARTER 2024						2ND QUARTER 2024
FFO available to common shareholders of EPR Properties						$	95,727					$	95,748					$	92,355					$	84,295					$	101,368					$	93,161
Adjustments:
Retirement and severance expense						1,094						—						—						—						—						—
Transaction costs						492						669						567						423						175						199
Provision (benefit) for credit losses, net						9,117						997						(652)						9,876						(770)						404
Costs associated with loan refinancing or payoff						—						—						—						—						337						—
Deferred income tax benefit						(53)						(93)						(530)						(285)						(728)						(249)
Non-real estate depreciation and amortization						152						141						157						157						175						185
Deferred financing fees amortization						2,120						2,102						2,206						2,187						2,211						2,234
Share-based compensation expense to management and trustees						3,907						3,912						3,867						3,572						3,264						3,538
Amortization of above/below market leases, net and tenant allowances						(81)						(81)						(81)						(81)						(84)						(84)
Maintenance capital expenditures (2)						(564)						(1,858)						(1,251)						(1,862)						(2,561)						(1,321)
Straight-lined rental revenue						(3,541)						(5,137)						(3,397)						(3,992)						(4,414)						(5,251)
Straight-lined ground sublease expense						(4)						—						2						20						20						25
Non-cash portion of mortgage and other financing income						(296)						(566)						(297)						(171)						(396)						(555)
Allocated share of joint venture non-cash items						—						—						—						—						712						—
AFFO available to common shareholders of EPR Properties						$	108,070					$	95,834					$	92,946					$	94,139					$	99,309					$	92,286
AFFO available to common shareholders of EPR Properties						$	108,070					$	95,834					$	92,946					$	94,139					$	99,309					$	92,286
Add: Preferred dividends for Series C preferred shares						1,938						1,938						1,938						1,938						1,938						1,938
Add: Preferred dividends for Series E preferred shares						1,938						1,938						1,938						1,938						1,938						1,938
Diluted AFFO available to common shareholders of EPR Properties						$	111,946					$	99,710					$	96,822					$	98,015					$	103,185					$	96,162
Weighted average diluted shares outstanding (in thousands)						76,668						76,571						76,215						76,156						76,108						76,022
Effect of dilutive Series C preferred shares						2,352						2,344						2,336						2,327						2,319						2,310
Effect of dilutive Series E preferred shares						1,668						1,667						1,665						1,665						1,664						1,664
Adjusted weighted-average shares outstanding-diluted						80,688						80,582						80,216						80,148						80,091						79,996
AFFO per diluted common share						$	1.39					$	1.24					$	1.21					$	1.22					$	1.29					$	1.20
Dividends declared per common share						$	0.885					$	0.885					$	0.865					$	0.855					$	0.855					$	0.855
AFFO payout ratio (3)						64		%				71		%				71		%				70		%				66		%				71		%
(1) See pages 24 through 26 for definitions.
(2) Includes maintenance capital expenditures and certain second-generation tenant improvements and leasing commissions.
(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

			Q3 2025 Supplemental			Page 10

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CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2025
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
						BONDS/TERM LOAN/OTHER (1)						UNSECURED CREDIT FACILITY (2)						UNSECURED SENIOR NOTES						TOTAL						WEIGHTED AVG INTEREST RATE
YEAR
2025						$	—					$	—					$	—					$	—					—%
2026						—						—						629,597						629,597						4.70%
2027						—						—						450,000						450,000						4.50%
2028						—						379,000						400,000						779,000						5.06%
2029						—						—						500,000						500,000						3.75%
2030						—						—						—						—						—%
2031						—						—						400,000						400,000						3.60%
2032						—						—						—						—						—%
2033						—						—						—						—						—%
2034						—						—						—						—						—%
2035						—						—						—						—						—%
Thereafter						24,995						—						—						24,995						2.53%
Less: deferred financing costs, net						—						—						—						(15,205)						—%
						$	24,995					$	379,000					$	2,379,597					$	2,768,387					4.42%
												BALANCE						WEIGHTED AVG INTEREST RATE						WEIGHTED AVG MATURITY
Fixed rate unsecured debt												$	2,379,597					4.32		%				2.85
Fixed rate secured debt (1)												24,995						2.53		%				21.84
Variable rate unsecured debt												379,000						5.17		%				3.02
Less: deferred financing costs, net												(15,205)						—		%				—
Total												$	2,768,387					4.42		%				3.07
(1) Includes $25.0 million of secured bonds that have been fixed through interest rate swaps through September 20, 2026.
(2) Unsecured Revolving Credit Facility Summary:
												BALANCE												RATE
						COMMITMENT						AT 9/30/2025						MATURITY						AT 9/30/2025
						$1,000,000						$379,000						October 2, 2028						5.17%
						Note: This facility will mature on October 2, 2028 and has two six-month extensions available at the Company's option, and includes an accordion feature pursuant to which the maximum borrowing amount can be increased from $1.0 billion to $2.0 billion, in each case, subject to certain terms and conditions.

			Q3 2025 Supplemental			Page 11

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CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT (continued)
SUMMARY OF DEBT:						September 30, 2025						December 31, 2024
Senior unsecured notes payable, 4.50%, paid in full on April 1, 2025						$	—					$	300,000
Senior unsecured notes payable, 4.56%, due August 22, 2026						179,597						179,597
Senior unsecured notes payable, 4.75%, due December 15, 2026						450,000						450,000
Senior unsecured notes payable, 4.50%, due June 1, 2027						450,000						450,000
Senior unsecured notes payable, 4.95%, due April 15, 2028						400,000						400,000
Unsecured revolving variable rate credit facility, SOFR + 1.05%, due October 2, 2028						379,000						175,000
Senior unsecured notes payable, 3.75%, due August 15, 2029						500,000						500,000
Senior unsecured notes payable, 3.60%, due November 15, 2031						400,000						400,000
Bonds payable, variable rate, fixed at 2.53% through September 30, 2026, due August 1, 2047						24,995						24,995
Less: deferred financing costs, net						(15,205)						(19,134)
Total debt						$	2,768,387					$	2,860,458

			Q3 2025 Supplemental			Page 12

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CAPITAL STRUCTURE

SENIOR NOTES

SENIOR DEBT RATINGS AS OF SEPTEMBER 30, 2025

Moody's

Baa3 (stable)

Fitch

BBB- (stable)

Standard and Poor's

BBB- (stable)

SUMMARY OF COVENANTS

The Company had outstanding public senior unsecured notes with fixed interest rates of 3.60%, 3.75%, 4.50%, 4.75% and 4.95% at September 30, 2025. Interest on these notes is paid semiannually. These public senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.

The following is a summary of the key financial covenants for the Company's 3.60%, 3.75%, 4.50%, 4.75% and 4.95% public senior unsecured notes, as defined and calculated per the Company's interpretation of the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles ("GAAP") measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance. The actual amounts as of September 30, 2025 and June 30, 2025 are:

Actual

Actual

NOTE COVENANTS

Required

3rd Quarter 2025 (1)

2nd Quarter 2025 (1)

Limitation on incurrence of total debt (Total Debt/Total Assets)

≤ 60%

39%

39%

Limitation on incurrence of secured debt (Secured Debt/Total Assets)

≤ 40%

—%

—%

Limitation on incurrence of debt: Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service) - trailing twelve months

≥ 1.5 x

4.1x

4.1x

Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)

≥ 150% of unsecured debt

254%

251%

(1) See page 14 for details of calculations.

			Q3 2025 Supplemental			Page 13

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CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)
COVENANT CALCULATIONS
TOTAL ASSETS:						September 30, 2025												TOTAL DEBT:												September 30, 2025
Total Assets per balance sheet						$	5,543,897											Secured debt obligations												$	24,995
Add: accumulated depreciation						1,671,309												Unsecured debt obligations:
Less: intangible assets, net						(32,219)												Unsecured debt												2,758,597
Total Assets						$	7,182,987											Outstanding letters of credit												—
																		Guarantees												10,000
TOTAL UNENCUMBERED ASSETS:						September 30, 2025												Derivatives at fair market value, net, if liability												3,680
Total Assets, per above						$	7,182,987											Total unsecured debt obligations:												$	2,772,277
Less: investment in joint ventures						(14,046)												Total Debt												$	2,797,272
Less: accounts receivable						(92,291)
Less: encumbered assets						(25,665)
Total Unencumbered Assets						$	7,050,985
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:						3RD QUARTER 2025						2ND QUARTER 2025						1ST QUARTER 2025						4TH QUARTER 2024						TRAILING TWELVE MONTHS
Adjusted EBITDAre						$	147,074					$	137,952					$	131,991					$	135,505					$	552,522
Less: straight-line revenue, net, included in adjusted EBITDAre						(3,541)						(5,137)						(3,397)						(3,992)						(16,067)
Less: joint venture EBITDA						(4,420)						266						1,236						870						(2,048)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE						$	139,113					$	133,081					$	129,830					$	132,383					$	534,407
ANNUAL DEBT SERVICE:
Interest expense, gross						$	34,239					$	34,506					$	34,784					$	34,991					$	138,520
Less: deferred financing fees amortization						(2,120)						(2,102)						(2,206)						(2,187)						(8,615)
ANNUAL DEBT SERVICE						$	32,119					$	32,404					$	32,578					$	32,804					$	129,905
DEBT SERVICE COVERAGE						4.3						4.1						4.0						4.0						4.1

			Q3 2025 Supplemental			Page 14

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CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2025
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)
EQUITY
SECURITY						SHARES OUTSTANDING						PRICE PER SHARE AT SEPTEMBER 30, 2025						LIQUIDATION PREFERENCE						DIVIDEND RATE						CONVERTIBLE						CONVERSION RATIO AT SEPTEMBER 30, 2025						CONVERSION PRICE AT SEPTEMBER 30, 2025
Common shares						76,138,480						$58.01						N/A						(1)						N/A						N/A						N/A
Series C						5,392,616						$25.43						$134,815						5.750%						Y						0.4361						$57.33
Series E						3,445,980						$31.56						$86,150						9.000%						Y						0.4841						$51.64
Series G						6,000,000						$21.64						$150,000						5.750%						N						N/A						N/A
CALCULATION OF TOTAL MARKET CAPITALIZATION:
Common shares outstanding at September 30, 2025 multiplied by closing price at September 30, 2025																																				$	4,416,793
Aggregate liquidation value of Series C preferred shares (2)																																				134,815
Aggregate liquidation value of Series E preferred shares (2)																																				86,150
Aggregate liquidation value of Series G preferred shares (2)																																				150,000
Net debt at September 30, 2025 (3)																																				2,769,882
Total consolidated market capitalization																																				$	7,557,640
(1) Total monthly dividends declared in the third quarter of 2025 were $0.885 per share.
(2) Excludes accrued unpaid dividends at September 30, 2025.
(3) See pages 24 through 26 for definitions.

			Q3 2025 Supplemental			Page 15

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SUMMARY OF RATIOS
(UNAUDITED)
			3RD QUARTER 2025						2ND QUARTER 2025						1ST QUARTER 2025						4TH QUARTER 2024						3RD QUARTER 2024						2ND QUARTER 2024
Debt to total assets ratio			50%						50%						50%						51%						50%						50%
Net debt to total market capitalization ratio (1)			37%						37%						39%						43%						41%						44%
Net debt to gross assets ratio (1)			38%						39%						39%						40%						39%						39%
Net debt/Adjusted EBITDAre ratio (1)(2)			4.7						5.1						5.3						5.3						5.0						5.2
Net debt/Annualized adjusted EBITDAre ratio (1)(3)			4.9						5.0						5.1						5.1						5.2						5.2
Interest coverage ratio (4)			4.2						3.9						3.8						3.8						4.0						3.8
Fixed charge coverage ratio (4)			3.6						3.3						3.2						3.2						3.4						3.2
Debt service coverage ratio (4)			4.2						3.9						3.8						3.8						4.0						3.8
FFO payout ratio (5)			72%						71%						72%						78%						65%						71%
FFO as adjusted payout ratio (6)			65%						70%						73%						70%						66%						70%
AFFO payout ratio (7)			64%						71%						71%						70%						66%						71%
(1) See pages 24 through 26 for definitions. See prior period supplementals for detailed calculations, as applicable.
(2) Adjusted EBITDAre is for the quarter multiplied times four. See calculation on page 30.
(3) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 30 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 24 through 26 for definitions.
(4) See page 28 for detailed calculation.
(5) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(6) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(7) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

			Q3 2025 Supplemental			Page 16

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SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
															CARRYING AMOUNT AS OF (1)
DESCRIPTION			INTEREST RATE			PAYOFF DATE/MATURITY DATE			OUTSTANDING PRINCIPAL AMOUNT OF MORTGAGE						SEPTEMBER 30, 2025						DECEMBER 31, 2024
Eat & play property Eugene, Oregon			8.13		%	12/31/2025			$	10,750					$	10,417					$	10,417
Attraction property Powells Point, North Carolina			7.48		%	6/30/2026			29,378						28,863						29,173
Fitness & wellness property Merriam, Kansas			8.15		%	7/31/2029			9,090						9,202						9,238
Fitness & wellness property Omaha, Nebraska			9.50		%	6/30/2030			10,905						10,959						10,996
Fitness & wellness property Omaha, Nebraska			9.50		%	6/30/2030			10,539						10,666						10,659
Experiential lodging property Nashville, Tennessee			7.69		%	9/30/2031			70,000						70,696						71,041
Ski property Girdwood, Alaska			8.80		%	7/31/2032			82,000						80,595						79,742
Fitness & wellness properties Colorado and California			7.15		%	1/10/2033			64,550						65,187						64,275
Eat & play property Austin, Texas			11.31		%	6/1/2033			8,571						8,571						9,083
Eat & play property Dallas, Texas			10.25		%	11/26/2033			6,449						—						6,163
Experiential lodging property Breaux Bridge, Louisiana			7.25		%	3/8/2034			—						—						1,000
Fitness & wellness property Glenwood Springs, Colorado			8.38		%	8/16/2034			71,929						71,284						51,892
Ski property West Dover and Wilmington, Vermont			12.69		%	12/1/2034			51,050						51,048						51,049
Four ski properties Ohio and Pennsylvania			11.58		%	12/1/2034			37,562						37,466						37,430
Ski property Chesterland, Ohio			12.07		%	12/1/2034			4,550						4,432						4,394
Fitness & wellness property Acworth, Georgia			8.65		%	6/1/2035			5,923						5,963						—
Ski property Hunter, New York			9.35		%	1/5/2036			21,000						21,000						21,000
Eat & play property Midvale, Utah			10.25		%	5/31/2036			17,505						17,505						17,505
Eat & play property West Chester, Ohio			9.75		%	8/1/2036			18,068						18,068						18,068
Fitness & wellness property Fort Collins, Colorado			8.00		%	1/31/2038			10,292						9,859						9,896
Early childhood education center Lake Mary, Florida			8.35		%	5/9/2039			—						—						4,412
Early childhood education center Lithia, Florida			9.11		%	10/31/2039			—						—						4,103
Attraction property Frankenmuth, Michigan			8.25		%	10/14/2042			69,139						68,082						67,966
Fitness & wellness properties Massachusetts and New York			8.45		%	1/10/2044			77,000						76,896						76,294
Fitness & wellness property Manitoba, Canada			7.75		%	9/25/2055			20,042						19,679						—
Total									$	706,292					$	696,438					$	665,796

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

			Q3 2025 Supplemental			Page 17

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INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED SEPTEMBER 30, 2025
INVESTMENT TYPE			TOTAL INVESTMENT SPENDING			NEW DEVELOPMENT			RE-DEVELOPMENT						ASSET ACQUISITION			MORTGAGE NOTES OR NOTES RECEIVABLE			INVESTMENT IN JOINT VENTURES
Eat & Play			$	13,965		$	12,415		$	1,550					$	—		$	—		$	—
Attractions			—			—			—						—			—			—
Ski			—			—			—						—			—			—
Experiential Lodging			2,109			—			14						—			—			2,095
Fitness & Wellness			38,385			—			87						—			38,298			—
Total Experiential			54,459			12,415			1,651						—			38,298			2,095
Total Investment Spending			$	54,459		$	12,415		$	1,651					$	—		$	38,298		$	2,095
INVESTMENT SPENDING NINE MONTHS ENDED SEPTEMBER 30, 2025
INVESTMENT TYPE			TOTAL INVESTMENT SPENDING			NEW DEVELOPMENT			RE-DEVELOPMENT						ASSET ACQUISITION			MORTGAGE NOTES OR NOTES RECEIVABLE			INVESTMENT IN JOINT VENTURES
Eat & Play			$	59,875		$	57,130		$	2,471					$	—		$	274		$	—
Attractions			14,281			—			—						14,281			—			—
Ski			1,880			—			—						—			1,880			—
Experiential Lodging			3,355			—			14						—			—			3,341
Fitness & Wellness			61,400			—			13,965						1,242			46,193			—
Total Experiential			140,791			57,130			16,450						15,523			48,347			3,341
Total Investment Spending			$	140,791		$	57,130		$	16,450					$	15,523		$	48,347		$	3,341

2025 DISPOSITIONS
			THREE MONTHS ENDED SEPTEMBER 30, 2025												NINE MONTHS ENDED SEPTEMBER 30, 2025
INVESTMENT TYPE			TOTAL DISPOSITIONS			NET PROCEEDS FROM SALE OF REAL ESTATE			NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES						TOTAL DISPOSITIONS			NET PROCEEDS FROM SALE OF REAL ESTATE			NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES
Theatres			$	16,560		$	16,560		$	—					$	84,075		$	84,075		$	—
Attractions			2,735			2,735			—						2,735			2,735			—
Total Experiential			19,295			19,295			—						86,810			86,810			—
Education			—			—			—						47,009			38,887			8,122
Total Education			—			—			—						47,009			38,887			8,122
Total Dispositions			$	19,295		$	19,295		$	—					$	133,819		$	125,697		$	8,122

			Q3 2025 Supplemental			Page 18

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PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT SEPTEMBER 30, 2025 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)
						SEPTEMBER 30, 2025												OWNED BUILD-TO-SUIT SPENDING ESTIMATES
						PROPERTY UNDER DEVELOPMENT						# OF PROJECTS						4TH QUARTER 2025			1ST QUARTER 2026			2ND QUARTER 2026			3RD QUARTER 2026						THEREAFTER						TOTAL EXPECTED COSTS (2)						% LEASED
Total Build-to-Suit						$	61,426					3						$	13,320		$	10,664		$	6,285		$	2,736					$	—					$	94,431					100		%
Non Build-to-Suit Development						5,955
Total Property Under Development						$	67,381
												SEPTEMBER 30, 2025						OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
												# OF PROJECTS						4TH QUARTER 2025			1ST QUARTER 2026			2ND QUARTER 2026			3RD QUARTER 2026						THEREAFTER						TOTAL IN-SERVICE (2)						ACTUAL IN-SERVICE 3RD QUARTER 2025
Total Build-to-Suit												3						$	36,696		$	—		$	38,535		$	19,200					$	—					$	94,431					$	38,570
						SEPTEMBER 30, 2025												MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
						MORTGAGE NOTES RECEIVABLE						# OF PROJECTS						4TH QUARTER 2025			1ST QUARTER 2026			2ND QUARTER 2026			3RD QUARTER 2026						THEREAFTER						TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes						$	148,180					2						$	2,750		$	1,590		$	—		$	45,500					$	—					$	198,020
Non Build-to-Suit Mortgage Notes						548,258
Total Mortgage Notes Receivable						$	696,438
(1) This schedule includes only those properties for which the Company has commenced construction as of September 30, 2025.
(2) "Total Expected Costs" and "Total In-Service" each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest, as applicable).
Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. Development projects have risks. See Item 1A - "Risk Factors" in the Company's most recent Annual Report on Form 10-K and, to the extent applicable, the Company's Quarterly Reports on Form 10-Q.

			Q3 2025 Supplemental			Page 19

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PORTFOLIO DETAIL AS OF SEPTEMBER 30, 2025
(UNAUDITED)
PROPERTY TYPE						PROPERTIES						OPERATORS						ANNUALIZED ADJUSTED EBITDAre (1)						STRATEGIC FOCUS
Theatres (2) (4)						150						17						37		%				Reduce
Eat & Play						59						9			(3)			25		%				Grow
Attractions						25						8						12		%				Grow
Ski						11						3						7		%				Grow
Experiential Lodging (5)						4						3						1		%				Grow
Fitness & Wellness						24						11						9		%				Grow
Gaming						1						1						2		%				Grow
Cultural						1						1						1		%				Grow
EXPERIENTIAL PORTFOLIO						275						53						94		%
Early Childhood Education						46						4						4		%				Reduce
Private schools						9						1						2		%				Reduce
EDUCATION PORTFOLIO						55						5						6		%
TOTAL PORTFOLIO						330						58						100		%
(1) See pages 24 through 26 for definitions.
(2) Excludes seven theatres located in Entertainment Districts (included in Eat & Play).
(3) Excludes non-theatre operators at Entertainment districts.
(4) Includes one vacant properties that the Company intends to sell.
(5) Excludes two experiential lodging properties held in unconsolidated joint ventures that the Company is working in good faith with the Company's joint venture partners, the non-recourse debt provider and insurance companies to identify a path forward in which the Company expects will result in the eventual removal of both experiential properties from the Company's portfolio.

			Q3 2025 Supplemental			Page 20

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LEASE EXPIRATIONS
AS OF SEPTEMBER 30, 2025
(UNAUDITED, DOLLARS IN THOUSANDS)
YEAR						TOTAL NUMBER OF PROPERTIES						RENTAL REVENUE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2025 (1)						% OF TOTAL REVENUE
2025						—						$	—					—		%
2026						1						1,130						—		%
2027						4						20,633						3		%
2028						9						15,092						2		%
2029						15						22,550						3		%
2030						20						33,745						5		%
2031						3						5,095						1		%
2032						8						12,099						2		%
2033						7						10,159						1		%
2034						34						68,236						10		%
2035						29						71,316						10		%
2036						41						75,887						11		%
2037						27						61,555						9		%
2038						40						63,670						9		%
2039						2						4,987						1		%
2040						3						9,750						1		%
2041						30						18,608						3		%
2042						4						17,458						2		%
2043						7						20,648						3		%
2044						1						3,071						—		%
Thereafter						6						24,685						3		%
						291						$	560,374					79		%
Note: This schedule excludes non-theatre tenant leases within the Company's entertainment districts, properties under development, land held for development, properties operated by the Company and investments in mortgage notes receivable.
(1) Rental revenue for the trailing twelve months ended September 30, 2025 includes lease revenue related to the Company's existing operating ground leases (leases in which the Company is a sub-lessor) as well as the gross-up of tenant reimbursed expenses recognized during the trailing twelve months ended September 30, 2025 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).

			Q3 2025 Supplemental			Page 21

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TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED)
									PERCENTAGE OF TOTAL REVENUE						PERCENTAGE OF TOTAL REVENUE
									FOR THE THREE MONTHS ENDED						FOR THE NINE MONTHS ENDED
			CUSTOMERS						SEPTEMBER 30, 2025						SEPTEMBER 30, 2025
1.			Topgolf						13.9%						14.1%
2.			AMC Entertainment Holdings, Inc.						13.7%						13.5%
3.			Regal Entertainment Group						13.1%						12.0%
4.			Cinemark						5.9%						6.0%
5.			Premier Parks						4.6%						4.3%
6.			Vail Resorts						4.1%						4.6%
7.			Camelback Resort						3.1%						3.2%
8.			Santikos Theaters, LLC						2.5%						2.5%
9.			Six Flags Entertainment Corporation						2.4%						2.5%
10.			Endeavor Schools						2.0%						2.0%
			Total						65.3%						64.7%

			Q3 2025 Supplemental			Page 22

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GUIDANCE

(UNAUDITED, DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)

MEASURE												2025 GUIDANCE
						YTD ACTUALS						CURRENT												PRIOR
Investment spending						$140.8						$225.0			to			$275.0						$200.0			to			$300.0
Disposition proceeds and mortgage note payoff						$133.8						$150.0			to			$160.0						$130.0			to			$145.0
Percentage rent and participating interest						$16.7						$22.5			to			$24.5						$21.5			to			$25.5
General and administrative expense						$41.3						$54.0			to			$56.0						$53.0			to			$56.0
Other income (1)						$36.0						$43.0			to			$49.0						$42.0			to			$52.0
Other expense (1)						$35.7						$43.0			to			$49.0						$42.0			to			$52.0
FFO per diluted share						$3.67						$4.87			to			$4.95						$4.97			to			$5.13
FFOAA per diluted share						$3.81						$5.05			to			$5.13						$5.00			to			$5.16
RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE):						YTD ACTUALS						2025 GUIDANCE
Net income available to common shareholders of EPR Properties						$2.48						$3.14			to			$3.22
Gain on sale of real estate and early ground lease termination						(0.45)						(0.45)
Real estate depreciation and amortization						1.64						2.19
Allocated share of joint venture depreciation						0.04						0.05
Impact of Series C and Series E Dilution, if applicable						(0.04)						(0.06)
FFO available to common shareholders of EPR Properties						$3.67						$4.87			to			$4.95
Retirement and severance expense						0.01						0.04
Transaction costs						0.02						0.03
Provision (benefit) for credit losses, net						0.12						0.12
Deferred income tax benefit						(0.01)						(0.01)
FFO as adjusted (FFOAA) available to common shareholders of EPR Properties						$3.81						$5.05			to			$5.13
(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.

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

			Q3 2025 Supplemental			Page 23

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DEFINITIONS - NON-GAAP FINANCIAL MEASURES

EBITDAre

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

ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre

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

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

NET DEBT

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

			Q3 2025 Supplemental			Page 24

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

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

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

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

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

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

			Q3 2025 Supplemental			Page 25

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INTEREST COVERAGE RATIO

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

FIXED CHARGE COVERAGE RATIO

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

DEBT SERVICE COVERAGE RATIO

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

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

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

			Q3 2025 Supplemental			Page 26

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Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

Third Quarter Ended September 30, 2025

			Q3 2025 Supplemental			Page 27

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CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):			3RD QUARTER 2025						2ND QUARTER 2025						1ST QUARTER 2025						4TH QUARTER 2024						3RD QUARTER 2024						2ND QUARTER 2024
Net income (loss)			$	66,586					$	75,643					$	65,803					$	(8,395)					$	46,650					$	45,102
Impairment charges			—						—						—						39,952						—						11,812
Impairment charges on joint ventures			—						—						—						16,087						12,130						—
Retirement and severance expense			1,094						—						—						—						—						—
Transaction costs			492						669						567						423						175						199
Provision (benefit) for credit losses, net			9,117						997						(652)						9,876						(770)						404
Interest expense, gross			34,239						34,506						34,784						34,991						34,402						33,784
Depreciation and amortization			42,409						42,080						41,089						40,995						42,795						41,474
Share-based compensation expense
to management and trustees			3,907						3,912						3,867						3,572						3,264						3,538
Costs associated with loan refinancing or payoff			—						—						—						—						337						—
Interest cost capitalized			(758)						(961)						(1,435)						(1,161)						(878)						(471)
Straight-line rental revenue			(3,541)						(5,137)						(3,397)						(3,992)						(4,414)						(5,251)
(Gain) loss on sale of real estate and early ground lease termination			(8,073)						(16,779)						(9,384)						(112)						3,419						(1,459)
Deferred income tax benefit			(53)						(93)						(530)						(285)						(728)						(249)
Interest coverage amount			$	145,419					$	134,837					$	130,712					$	131,951					$	136,382					$	128,883
Interest expense, net			$	33,238					$	33,246					$	33,021					$	33,472					$	32,867					$	32,820
Interest income			243						299						328						358						657						493
Interest cost capitalized			758						961						1,435						1,161						878						471
Interest expense, gross			$	34,239					$	34,506					$	34,784					$	34,991					$	34,402					$	33,784
Interest coverage ratio			4.2						3.9						3.8						3.8						4.0						3.8
FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount			$	145,419					$	134,837					$	130,712					$	131,951					$	136,382					$	128,883
Interest expense, gross			$	34,239					$	34,506					$	34,784					$	34,991					$	34,402					$	33,784
Preferred share dividends			6,032						6,040						6,032						6,040						6,032						6,040
Fixed charges			$	40,271					$	40,546					$	40,816					$	41,031					$	40,434					$	39,824
Fixed charge coverage ratio			3.6						3.3						3.2						3.2						3.4						3.2
DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount			$	145,419					$	134,837					$	130,712					$	131,951					$	136,382					$	128,883
Interest expense, gross			$	34,239					$	34,506					$	34,784					$	34,991					$	34,402					$	33,784
Recurring principal payments			—						—						—						—						—						—
Debt service			$	34,239					$	34,506					$	34,784					$	34,991					$	34,402					$	33,784
Debt service coverage ratio			4.2						3.9						3.8						3.8						4.0						3.8
(1) See pages 24 through 26 for definitions.

			Q3 2025 Supplemental			Page 28

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RECONCILIATION OF INTEREST COVERAGE AMOUNT TO NET CASH PROVIDED BY OPERATING ACTIVITIES
(UNAUDITED, DOLLARS IN THOUSANDS)
The interest coverage amount per the table on page 28 is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used by investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
						3RD QUARTER 2025						2ND QUARTER 2025						1ST QUARTER 2025						4TH QUARTER 2024						3RD QUARTER 2024						2ND QUARTER 2024
Net cash provided by operating activities						$	136,483					$	87,321					$	99,369					$	92,938					$	122,001					$	78,655
Equity in gain (loss) from joint ventures						2,934						(1,681)						(2,647)						(3,425)						(851)						(906)
Distributions from joint ventures						—						—						(11)						—						—						—
Amortization of deferred financing costs						(2,120)						(2,102)						(2,206)						(2,187)						(2,211)						(2,234)
Amortization of above and below market leases and tenant allowances, net						81						81						81						81						84						84
Changes in assets and liabilities:
Operating lease assets and liabilities						496						259						293						324						373						315
Mortgage notes accrued interest receivable						1,824						(1,266)						1,687						(549)						485						817
Accounts receivable						(2,209)						8,619						3,862						5,902						4,209						6,101
Other assets						(1,318)						3,370						1,507						759						677						2,621
Accounts payable and accrued liabilities						(15,929)						10,160						(3,759)						81						(18,882)						13,053
Unearned rents and interest						(5,502)						999						2,017						7,766						1,212						2,116
Straight-line rental revenue						(3,541)						(5,137)						(3,397)						(3,992)						(4,414)						(5,251)
Interest expense, gross						34,239						34,506						34,784						34,991						34,402						33,784
Interest cost capitalized						(758)						(961)						(1,435)						(1,161)						(878)						(471)
Transaction costs						492						669						567						423						175						199
Retirement and severance expense (cash portion)						247						—						—						—						—						—
Interest coverage amount (1)						$	145,419					$	134,837					$	130,712					$	131,951					$	136,382					$	128,883
Net cash (used) provided by investing activities						$	(36,329)					$	(12,574)					$	42,397					$	(30,710)					$	(73,160)					$	(33,931)
Net cash used by financing activities						$	(99,058)					$	(73,416)					$	(150,490)					$	(64,468)					$	(47,295)					$	(70,372)
(1) See pages 24 through 26 for definitions.

			Q3 2025 Supplemental			Page 29

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RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (1):						3RD QUARTER 2025						2ND QUARTER 2025						1ST QUARTER 2025						4TH QUARTER 2024						3RD QUARTER 2024						2ND QUARTER 2024
Net income (loss)						$	66,586					$	75,643					$	65,803					$	(8,395)					$	46,650					$	45,102
Interest expense, net						33,238						33,246						33,021						33,472						32,867						32,820
Income tax expense						725						681						136						653						(124)						557
Depreciation and amortization						42,409						42,080						41,089						40,995						42,795						41,474
(Gain) loss on sale of real estate and early ground lease termination						(8,073)						(16,779)						(9,384)						(112)						3,419						(1,459)
Impairment of real estate investments						—						—						—						39,952						—						11,812
Costs associated with loan refinancing or payoff						—						—						—						—						337						—
Allocated share of joint venture depreciation						989						985						1,036						1,965						2,581						2,457
Allocated share of joint venture interest expense						497						430						375						589						2,587						2,310
Impairment charges on joint ventures						—						—						—						16,087						12,130						—
EBITDAre						$	136,371					$	136,286					$	132,076					$	125,206					$	143,242					$	135,073
Retirement and severance expense						1,094						—						—						—						—						—
Transaction costs						492						669						567						423						175						199
Provision (benefit) for credit losses, net						9,117						997						(652)						9,876						(770)						404
Adjusted EBITDAre (for the quarter)						$	147,074					$	137,952					$	131,991					$	135,505					$	142,647					$	135,676
Adjusted EBITDAre (2)						$	588,296					$	551,808					$	527,964					$	542,020					$	570,588					$	542,704
ANNUALIZED ADJUSTED EBITDAre (1):
Adjusted EBITDAre (for the quarter)						$	147,074					$	137,952					$	131,991					$	135,505					$	142,647					$	135,676
In-service and disposition adjustments (3)						834						200						(500)						448						708						141
Managed and JV property adjustments (4)						(4,804)						285						2,420						1,711						(5,392)						(881)
Property under development adjustments (5)						1,303						1,715						2,336						2,258						1,472						1,118
Percentage rent/participation adjustments (6)						(1,906)						496						40						70						(2,193)						1,527
Non-recurring adjustments (7)						231						(606)						1,313						(643)						(187)						(1,305)
Annualized Adjusted EBITDAre (for the quarter)						$	142,732					$	140,042					$	137,600					$	139,349					$	137,055					$	136,276
Annualized Adjusted EBITDAre (8)						$	570,928					$	560,168					$	550,400					$	557,396					$	548,220					$	545,104
See footnotes on the following page.

			Q3 2025 Supplemental			Page 30

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(1) See pages 24 through 26 for definitions.

(2) Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount but does not include the annualization of investments put in service, acquired or disposed of during the quarter, as well as the potential earnings on property under development, the annualization of percentage rent and participating interest and adjustments for other items. These adjustments are considered in the calculation of Annualized Adjusted EBITDAre.

(3) Adjustments for rental properties commencing or terminating GAAP net operating income during the quarter and adjustments to revenue from mortgage notes receivable to be consistent with end of quarter balance.

(4) To annualize amounts from the actual latest quarterly amount to the trailing 12-month amount divided by four. Annualized Adjusted EBITDAre related to the Company's investments in two joint venture properties in St. Pete Beach, Florida has been reduced to zero.

(5) To add in income for property under development that is build-to-suit at the initial cash yields of the projects upon completion.

(6) To adjust percentage rents and participating interest income from the actual quarterly amount to the mid-point of the guidance amount shown on page 23, less non-recurring adjustments, divided by four.

(7) Adjustments for various non-recurring items during the quarter.

(8) Annualized Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount.

			Q3 2025 Supplemental			Page 31