INVESTOR PRESENTATION

Q1 2023
 DISCLAIMER

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, the uncertain financial impact of the COVID-19
pandemic, uncertainties regarding the ultimate impact of a customer's pending bankruptcy proceeding on our existing
leases with Regal theatre tenants, our capital resources and liquidity, our pursuit of growth opportunities, the timing of
transaction closings and investment spending, 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.

2
COMPANY
OVERVIEW
 Q1 2023 HEADLINES

Strong First Quarter Results – For the quarter, net income per diluted
common share grew approx. 44% & FFOAA per diluted common share grew
15% versus the prior year, demonstrating continued strong recovery

Executes on Investment Pipeline – Q1 investment spending was $66.5M;

consisted of experiential acquisitions and development and redevelopment
projects; also committed additional approx. $245.0M expected to be funded
over the next two years without the need to raise additional capital

Solid Deferral Collections – In Q1, collected $6.5M of deferred rent from cash
basis customers that was booked as additional revenue; $0.6M deferred rent
from accrual basis customers that reduced receivables; through Q1, collected
approximately $127.0M rent and interest deferred from pandemic

Strong Liquidity Position - As of Q1, cash on hand was $96.4M, no

borrowings on its $1.0B unsecured revolving credit facility and a consolidated
debt profile all at fixed interest rates & no maturities until 2024

4
EPR PROPERTIES

EPR Properties (NYSE:EPR) is the leading diversified experiential real estate investment trust (REIT),
specializing in select enduring experiential properties in the real estate industry.
Diverse Portfolio Potential for Strong Future Growth In
of Experiential Properties Location Based Entertainment
Popular and Affordable and Several underpenetrated experiential segments
Drive To Offerings in experiential real estate

$100B+
addressable market opportunity

Unique Depth of Experience Lifetime Historical Outperformance

In Experiential Properties 1997 - 2023*

Have invested in experiential

1080%
properties for over 25 years
601% 619%
25 years+
EPR
EPR MSCI US REIT
MSCI (RMS)
US REIT RUSSELL 1000
RUSSELL 1000
*Source: S&P Capital IQ, dates 11/18/97 through 3/31/23 (RMS) 5
 THE EXPERIENCE ECONOMY

The Experience Economy has Demonstrated Strong Recovery

Leisure Experience Spending*
MILLENNIALS
$1,600
$1,200 72M+ people aged
24-39 in 2021**
(In Billions)

$800 the LARGEST

population segment
$400
$0 prioritize EXPERIENCES
'92 '97 '02 '07 '12 '17 '22 over PRODUCTS***
Recession Period Covid-19

Experiential Drivers

*Source: U.S. Bureau of Economic Analysis

**Source: Statista, “Resident Population in the U.S. in 2021, by generation”
6
***Source: Strategic Retail Solutions, “Exploring the Millennial Shift Towards Buying Experiences Over Things”
CONSUMER RECOVERY

Consumers are Leading the Experiential Recovery

7
VISION

Build The Premier Experiential Real Estate Portfolio

Estimated $100+ Billion Addressable Market
Deep Market | Property Diversification
Experienced Team | Institutional Knowledge

TARGET EXPERIENTIAL PROPERTY TYPES

8
 INVESTING AND ASSET MANAGEMENT

Investment Criteria

Asset Management

9
 PORTFOLIO OVERVIEW

$6.7B+ PORTFOLIO
(2)

363 locations with over 200 tenants in 44 states & Canada

Diversified, Experiential Property Types* Rent Coverage Reporting
Total Portfolio Coverage Exceeds 2019

TTM December YE
2022 2019

Theatre Coverage 1.3x 1.7x

Box Office** $7.4B $11.4B

Non-Theatre Coverage 2.7x 2.2x

Total Portfolio Coverage 2.0x 1.9x

Methodology – Coverage numerator is customer's store level

EBITDARM and denominator is EPR's minimum rent or interest
(excludes non-cash straight-line rent or interest income from the
effective interest method of accounting)(3)

*Based on Annualized Adj. EBITDAre(1)

**BoxOfficeMojo 10
 INVESTMENT SPENDING

Q1 Investment spending was $66.5M

• Acquired newly constructed Vital Climbing Gym in Brooklyn for $46.7M –
second investment in the climbing gym space with well-positioned real estate

2023 Investment
Spending Guidance $200M-$300M
11
 CORPORATE RESPONSIBILITY

At EPR Properties, we are committed to operating in a socially responsible and ethical manner.
Our company’s core values both distinguish us and guide our business activities.
Company ESG Updates Upcoming Initiatives
Formed an internal ESG task force to ensure Provide annual sustainability reports aligned
development and implementation stays on track with Global Reporting Initiative (GRI) to improve
overall ESG transparency and performance
Partnered with a third-party ESG consultant to • Inaugural report released in September 2022
assist in our sustainability efforts
Align our ESG program with sustainability reporting
For more information, visit eprkc.com > Corporate Responsibility frameworks, such as TCFD and SASB

Governance
Updates
Transparent and resilient corporate
governance is critical to our goal of Created disclosures to formalize
driving sustained shareholder value. ESG commitments

Nominating/Company Governance
Board Composition Metrics Committee tasked with oversight
of ESG practices and progress

89% 44% 62 6 year Elected new trustees, including the

addition of two women
of trustees are of trustees average average tenure of
independent are female trustee age independent trustees Named Virginia Shanks lead
independent trustee

12
 CORPORATE RESPONSIBILITY

Environmental
We are dedicated to the integration of
sustainable practices in all aspects of our
business. From internal policies to tenant
partnerships, pursuing a more sustainable
environment is a collective effort that we
share with our associates, tenants and
company vendors.

Tenant Highlights Future Initiatives & Targets

Several tenants have improved their energy conservation
Reduce the amount of landlord-controlled energy and
and are leading the way for other properties to follow.
greenhouse gas emissions by 25% over 10 years
Vail Resorts has
reduced electricity 2 Cinemark has a
goal to offset
Target long-term reduction of landlord-controlled
water and waste by 15% over 10 years
and natural gas by Six Flags properties are energy usage by Establish recycling programs where feasible

19% almost entirely run on

solar power 75% Strategically evaluate and pursue green building
certifications, on-site solar, etc.
Encourage tenant engagement in our ESG
program and employing green lease language
Evaluate resiliency of our assets by identifying
risks that may be instigated by climate change
and evaluate mitigation strategies

13
 CORPORATE RESPONSIBILITY

Social
We are committed to our associates and the communities
where we live, work and invest. That’s why we support the
comprehensive well-being of our staff members – financially,
physically, mentally and professionally – to cultivate an
inclusive and collaborative company culture and empower
others to make a positive social impact.

Community Engagement Diversity, Equity, Inclusion & Belonging (DEIB)

Match associate-directed contributions to
nonprofit organizations through our charitable
giving program, EPR Impact
Provide associates paid volunteer time to give
back during work hours and on dedicated Days
of Service
In 2022, EPR Impact donated to 142 charities
with 77% located in Kansas City and over 460
hours of volunteer time
We are committed to fostering an environment of
collaboration, integrity, safety, respect and belonging.
Recent updates include the following:
Revitalized our DEIB council focusing on three
core areas: Foster an inclusive workplace, provide
ongoing education and encourage community
outreach
Conducted an organizational assessment to
establish a baseline and measure our progress
on the needs of our workforce

LEADERSHIP GENDER AGE

14%
48% 59% 57% UNDER 30
FEMALE FEMALE 30 TO 50

52% 41% 29%

MALE MALE ABOVE 50

Data as of 12/31/22

14
VALUES AS STRATEGIC PRINCIPLES

We believe success comes from talented people at all levels of the

organization who are inspired, driven by market-focused thinking and
instilled with a strong sense of ownership

15
PORTFOLIO
 PORTFOLIO DETAIL
Annualized Strategic
Property type Properties Operators Adj. EBITDAre(1) Focus
Theatres(4) 172 19 41% Reduce
(5)
Eat & Play 56 8 24% Grow
Attractions 23 7 11% Grow
Ski 11 3 7% Grow
Experiential Lodging 7 4 3% Grow
Gaming 1 1 2% Grow
Fitness & Wellness 16 6 4% Grow
Cultural 3 2 1% Grow
EXPERIENTIAL PORTFOLIO 289 50 93%

Early Childhood Education 65 7 5% Reduce

Private Schools 9 1 2% Reduce
EDUCATION PORTFOLIO 74 8 7%

TOTAL PORTFOLIO 363 58 100%

17
 PORTFOLIO HIGHLIGHTS

Stable Occupancy Key Features

100%
98%
80%
Lower Price Points
60%
40% Drive-to Locations
20%
0%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Geographic Diversity
2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023

Distinctive Lease Features Low 10-Year Lease Expirations*

20.0% Avg. of 3.1% Total Revenue Per Year

15.0%
Escalators Weighted Avg.
Generally 1.5% - 2% or Lease Term 10.0%
7.5% - 10% every 5 years
13 years
5.0%
Credit Support
0.0%
Includes Cross Defaults, Master Leases
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
or Corporate Guarantees

*Rental revenue for the trailing twelve months ended March 31, 2023 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 18
trailing twelve months ended March 31, 2023 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).
 EXPERIENTIAL PORTFOLIO
PORTFOLIO
HIGHLIGHTS

$6.2B
INVESTED(2)

93%
ANNUALIZED ADJ.
EBITDAre(1)

289
PROPERTIES IN SERVICE

50
THEATRES EAT & PLAY SKI ATTRACTIONS

OPERATORS(5)

EXPERIENTIAL GAMING CULTURAL FITNESS &

LODGING WELLNESS

19
 THEATRES

Today’s audiences are seeking a complete experience when they spend

their leisure dollars. Exhibitors are transforming the customer experience
through expanded food and beverage concepts, luxury seating and the
latest technology.

172 Properties in Service(4) 19 Operators 41% Annualized Adj. EBITDAre(1)

20
 THEATRES

Long History of Demand A Dominant Form of Entertainment

Annual U.S. Box Office Revenue 1.2B Theatre tickets sold in 2019
(in billions)
*

1500 2019 Attendance**

(in millions)
$12
1000
$8
500
$4
$- 0
1994 2019 Cinemas Theme Parks Major League
Sports

Quality Content Releases & Pent-Up Demand Driving Recovery

Box Office* Recovery 2023 Featured Releases

(in billions, cumulative)
$10.0

$7.5
$7.4B
$5.0 $4.5B
$2.5B
$2.5

$0.0
Jan Dec The Little Barbie
The Super The Guardians
2021 2022 2023 Mermaid Mario Bros. Marvels of the
As of 4/24/23 Galaxy 3
*BoxOfficeMojo
**MPAA 2019 THEME Report 21
 THEATRES: IT’S AN EXPERIENCE, NOT A TRANSACTION
Theatres Provide Escape & Streaming Remains Driven By
Unique Sensory Experiences Series-Based Content
Out of Home In Home
17% Movies
Top Streaming Content of 2022
IN-THEATRE EXPERIENCE:
by Minutes Streamed*
 New F&B concepts, including
Acquired Series 46%
fine dining and alcohol options
# 1 NCIS: 38.1B min.
 Luxury seating Original Series 37%
 Cutting-edge sight and sound # 1 Stranger Things: 52B min.
Movies 17%
 No interruptions
83% Series # 1 Encanto: 27.4B min.

Streamers Recognize Benefit of Studios See Success Returning to

Theatrical Releases Traditional Distribution Model
Top Gun: Maverick
Theatres: Int’l Box Office: $1.5B
Streaming: Most watched film in its
premiere weekend on Paramount+

Black Panther: Wakanda Forever

Theatres: Int’l Box Office: $840M
Streaming: Most watched Marvel Global
Premiere on Disney+

*Nielsen, “Streaming unwrapped: 2022 was the year of original content” 22

 STUDIOS CONTINUE TO CONFIRM OUR THEATRICAL THESIS

David Zaslav. CEO - Warner Bros. Discovery

Q3 Earnings Call (Nov 3, 2022)

“…I believe the grand experiment, chasing subs at any cost, is over. Let's face it, the strategy to
collapse all windows, starve linear and theatrical and spend money with abandon, while making a
fraction in return, all in the service of growing sub numbers, has ultimately proven, in our view, to
be deeply flawed. We believe there is a real opportunity to do things differently, to deliver the
content consumers want and will pay for while getting the full value of our offering. Profitability,
not purely sub count, is our benchmark for success.”

“And this is what doesn't work for us based on everything that we've seen and we've looked at it
hard. One is direct-to-streaming movies, so spending a billion dollars or collapsing a motion
picture window into a streaming service. The movies that we launch in the theater do
significantly better and launching a two-hour or an hour and 40 minute movie direct to
streaming has done almost nothing for HBO Max in terms of viewership, retention or love of
the service.”

Robert Marc Bakish, Pres. & Director – Paramount Global

Q3 Earnings Call (Nov 2, 2022)

“So, our strategy around film, to the first part of your question, which is really theatrical leading
to streaming. It's absolutely the right call in general… and that's both financially and from a
marketing franchise building perspective. …So bottom line, we remain committed to traditional,
including theatrical and streaming… and we believe that's one of our advantages in the pursuit of
shareholder value.”

23
 PORTFOLIO UPDATE – THEATRES*

EPR’s Portfolio: Well-positioned with amenities & highly productive

Expanded amenities in most locations Outsized productivity**

58% have reclining seats 3% of North American theatres owned by EPR

77% have enhanced food and beverage 8% of North American box office generated
and/or alcohol by EPR’s theatres

58% have either IMAX, other large format 96% of EPR theatres in top 50% of country by
premium screens, or both box office

*Tenant reporting
**Through July 2021 24
 EAT & PLAY

The emergence of the “eatertainment” category has inspired an increasing

number of successful concepts that appeal to consumers by providing
good food and high-quality entertainment options all at one location.

56 Properties in Service 8 Operators

(5)
24% Annualized Adj. EBITDAre(1)

25
 EAT & PLAY

Returning Demand for Eating Out EPR’s Portfolio vs. 2021

Total Restaurant Sales* Revenue up EBITDARM up

11% 4%
(in billions)
$100 93.1
$80
66.2
$60
$40
$20
Feb May Aug Nov Feb May Aug Nov Feb May Aug Nov Feb
2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023

Successful Brands Competitive Socializing

Concepts centered around games combined
1 STRONG OPERATIONAL with food and adult beverages***
EXECUTION
70% of consumers prefer to visit
Topgolf’s 2022 same-venue sales eatertainment formats versus typical
grew 7% compared to 2019 sales** casual dining for group occasions****
2 CONSISTENT GROWTH
Topgolf: 80 + venues in 5 countries
Andretti: 7 locations since 2019

3 BRAND EXPANSIONS
*U.S. Census Bureau, National Restaurant Association
**Callaway Q4 2022 Earnings Call
***JLL Research “Playing games: food, drink and friendly competition prove an attractive mix for these expanding tenants” 26
****Source: Technomic Research 2019
 ATTRACTIONS

Demonstrating a consistent track record of attendance and revenue, the

attractions industry has proven to be an enduring component of the
American lifestyle. Representing classic and innovative activities, our
attractions include waterparks, amusement parks and adjacent lodging.

23 Properties in Service 7 Operators 11% Annualized Adj. EBITDAre(1)

27
 ATTRACTIONS
Proven Properties and Geographic Diversity

Six Flags Camelback Resort Valcartier

Darien Lake, NY Pocono Mountains, PA Quebec City, Canada

Consumer Attraction Dollars Industry Research Projects Number of Visits

Exceeds Pre-Pandemic Levels in 2022 to Outpace 2019**
Amusements, gaming, and recreation industries
Avg. Number of Attraction Visits
Gross Output to GDP*
(in billions)
$200 172.7
168.9 4.3
$150 4.1
3.5
$100
2.5
$50

$0
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2019 2020 2022a
2021
2019 2019 2020 2020 2021 2021 2022 2022 (Projected)
aAmong consumers who visit attractions one or more times a year
*U.S. Bureau of Economic Analysis
**PGAV Voice of the Visitor 2022
28
ATTRACTIONS

29
 SKI

Snowsports such as skiing and snowboarding have endured as a recreation

choice in the U.S. over the past 40 years. Increasingly, summer has become
important for the industry, as optimizing all four seasons provides
advantages to ski operators ready to expand their business beyond winter.

11 Properties in Service 3 Operators 7% Annualized Adj. EBITDAre(1)

30
 SKI

Leading Regional Ski and

2022-2023 Late Season*
Resort Destinations
Quality Operators & Geographic Diversity EPR Portfolio for Dec-March Season Metrics

• Skier visits up 11% over same period in

11 Properties across 2021-2022’s record breaking season
5 Regions • Revenue up 8%
Pacific Northwest • EBITDARM negatively impacted by
Pacific Southwest expense increases
Midwest
Northeast
Southeast

Snowmaking Capabilities Four Season Appeal

Snowmaking is less dependent on weather, improving A variety of activities invites guests to visit all year.
customer experience and increasing number of days open.

*EPR tenant financials 31

SKI
Alyeska Resort in Alaska

32
 EXPERIENTIAL LODGING

As consumer dollars continue to shift from possessions to experiences and

travel, experiential lodging is proving to be a durable category in the industry.
Experiential lodging provides a convenient, central location that combines high-
quality lodging amenities with entertainment, recreation or leisure activities.

7 Properties in Service 4 Operators 3% Annualized Adj. EBITDAre(1)

33
 EXPERIENTIAL LODGING
Strong Recovery

Solid demand driving growth in ADR; RV resorts performing well

Jellystone Park Camp-Resort Margaritaville Hotel Nashville

(Warrens, WI) (Nashville, TN)

Named 2020 "Best New Hotel" in USA Today’s 10Best Awards

2022 RV Travel Trends*

Camp Margaritaville RV Resort
(Pigeon Forge, TN)
79% 39%
OF RVERS OF MILLENIALS
SAY THEIR TRAVEL SAY THEY ANTICIPATE
PLANS ARE NOT TRAVELING BY RV MORE THAN
IMPACTED BY GAS PRICES THEY HAVE IN THE PAST

78% 47%
OF RVERS OF GEN ZERS
PLAN ON TAKING MORE SAY THEY WOULD
OR THE SAME AMOUNT OF CONSIDER WORKING
WEEKEND TRIPS AS IN OR SCHOOLING
PREVIOUS YEARS REMOTELY IN AN RV
*RV Industry Association 34
 GAMING

As casino offerings expand to include activities beyond the slots and poker
tables, appeal is also widening to a greater variety of demographics. Non-
lottery gaming is one of the top location-based experience (LBE) categories.

1 Property in Service 1 Operator 2% Annualized Adj. EBITDAre(1)

35
 GAMING + EPR

Strong Strategic Fit

• Gaming properties represent a significant LBE
addressable asset class
• Established as an institutionalized asset class among
REIT’s and REIT investors

Healthy Industry Attributes

• Stable yet growing demand – benefiting from trend
of state adoption
• Assets with superior durability exist and have
identifiable characteristics
• Dynamic regional assets showed resilience during the
pandemic

Enhances Experiential Portfolio

• Facilitates accelerated growth in experiential
properties
• Increases property and tenant diversification

36
 GAMING

Market Segmentation

Dynamic
Vegas Strip Conventional Specialty Tribal
Regional
Market leading Premier global Primarily gaming Live racing pari- Gaming facilities
regional assets gaming focused facilities mutual owned by
destinations sovereign nations
Significant non- More
gaming amenities High amenity, high- transactional vs. Make up
cost facilities experiential significant % of
Differentiated U.S. gaming
assets & real estate Dynamic attractions Limited product
with diverse differentiation
Experiential vs. entertainment
purely transactional offerings

Target Potential

High Moderate Low Low Low

37
 FITNESS & WELLNESS

The increased priority on holistic wellness has become a driving force within the
fitness and wellness industry. From relaxing spas to intense spin classes, the
diverse offerings of boutique and larger fitness centers have caught the interest
of many in our culture, driving an expansion of the fitness and wellness industry.

16 Properties in Service 6 Operators 4% Annualized Adj. EBITDAre(1)

38
 FITNESS & WELLNESS

Fitness & Wellness Centers Recovery

MEETING THE NEED PROJECTED GROWTH

Fitness & Wellness Centers fill a need and are
expected to continue to recover and grow 2.7%* Annual growth in
revenue 2021-2026

4 Main Reasons People Go to the Gym **

Solve a Problem Fuel a Passion 55%

More than one Sports-specific 48% 48%
out of four members conditioning ranks
indicate using a gym or high among
health club to address a members’ goals To To Build To Get
specific health concern Improve Muscle Stronger
Flexibility

Enhance their It’s Their Community

Well-Being The social aspects of
Katie- Nearly half of gym goers
a club rank highly
among members
Recreate (49%) use their club to

graphic
improve their mood and
reduce stress
42% miss working out with other people
36% miss their gym’s sense of community

*IBISWorld, Oct 2021, “Gym, Health & Fitness Clubs in the US”
**2021 IHRSA Media Report “Health and Fitness Consumer Data & Industry Trends Before and During the COVID-19 Pandemic”
39
FITNESS & WELLNESS

Hot Springs Resort in Pagosa Springs, CO

40
 FITNESS & WELLNESS
Gravity Haus 6 Premiere Locations:
A club model concept providing fitness, wellness, dining, and lodging

Conde Nast Traveler’s

2022 Reader’s Choice Awards

41
 CULTURAL

Seeking to engage consumers and create memorable experiences, cultural

venues such as zoos, aquariums and museums, are reemerging as an
entertainment option. Combining an opportunity to experience culture with a
congregate social experience, they are evolving to offer immersive and
interactive exhibits that keep customers coming back.

3 Properties in Service 2 Operators 1% Annualized Adj. EBITDAre(1)

42
 CULTURAL
Artainment: An Emerging Category Historical Museum Attendance and Recovery
By combining art with entertainment, museums are
emerging as LBE’s that appeal to a broad demographic
Top 20 North American Museums*
Attendance in millions

40

20
175%
Attendance increase
2021 over 2020
0
City Museum – St. Louis, MO 2013 2019

History Comes Alive Breadth of Opportunity

Through museums, past events become more than a story From museums to zoos to aquariums

Titanic Museum – Pigeon Forge, TN

*Annual Theme Index and Museum Index by the Themed Entertainment Association (TEA) and AECOM (2012-2018), excluding 43
national museums and those without consistent attendance reporting
 EDUCATION PORTFOLIO
PORTFOLIO
HIGHLIGHTS

$500M+
INVESTED (2)

7%
ANNUALIZED ADJ.
EBITDAre(1)

Portfolio of private schools and early childhood education

centers that provides additional geographic and operator
74
PROPERTIES IN SERVICE
diversity

• Private Schools - located in gateway cities, providing an alternative to meet

the demand for high quality education in the U.S.
8
• Early Childhood Education Centers – deliver an education-focused OPERATORS
approach to childcare

• Traditional long-term, triple-net lease structure

44
 EARLY CHILDHOOD EDUCATION

Over the past decade, an increasing awareness of the long-term benefits of

early childhood education has led to growing enrollment in quality,
education-based programs.

65 Properties in Service 7 Operators 5% Annualized Adj. EBITDAre(1)

45
 PRIVATE SCHOOLS

Located in gateway cities, private schools provide an alternative to meet the

continuous, significant demand for high quality education in the U.S.

9 Properties in Service 1 Operator 2% Annualized Adj. EBITDAre(1)

46
FINANCIAL
REVIEW
FINANCIAL STRATEGY

Balance Sheet Unsecured Model

Committed to Emphasis on
conservative common equity &
balance sheet unsecured debt
management Maintain
Discipline

Flexibility
Preserve financial flexibility
& liquidity

48
 FINANCIAL OVERVIEW

Capital Structure Financial Highlights

(in millions)

Q1
Liquidity available: $96.4M cash on hand
2023
$1B revolver, now ZERO BALANCE
Common Equity $2,868

Preferred Equity $371

Unsecured Net Debt to
Net Debt $2,745 Debt 99% 5.0x
Adjusted EBITDAre
Total Market Capitalization $5,984
~$2.8B total debt; all fixed rate or fixed
through int. rate swaps at wtd. avg. of 4.3%
Investment Grade Ratings
EPR’s unsecured debt is investment grade
Wtd. avg. debt No 2023 debt maturities
maturity 5.0 yrs only $136.6M in 2024
Fitch S&P Moody’s
BBB- BBB- Baa3 Monthly common dividend $0.275/share;
Stable Stable Stable
annualized is $3.30/share

49
 FINANCIAL HIGHLIGHTS

Well-Laddered Debt Maturity Profile

No debt maturities in 2023; only $136.6M in 2024

$600

$500
$500
$450 $450
$400 $400
$400

$300
$300

$200 $179.6
$136.6
$100
$25
$0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Thereafter

$1B Unsecured Credit Facility Unsecured Senior Notes Secured Debt Private Placement Notes
(due in 2025; $0 balance)

50
 FINANCIAL HIGHLIGHTS

Financial Performance

Quarter ended March 31,

2023 2022 $ Change % Change
Total Revenue $171.4 $157.5 $13.9 9%

Net Income – Common 51.6 36.2 15.4 43%

FFO as adj. – Common* 96.0 83.2 12.8 15%

AFFO – Common* 98.7 87.8 10.9 12%

Net Income/share – Common 0.69 0.48 0.21 44%

FFO/share - Common, as adj.* 1.26 1.10 0.16 15%

AFFO/share - Common* 1.30 1.16 0.14 12%

(In millions except per-share data)

*See Supplemental Operating and Financial Data for the First Quarter Ended March 31, 2023 for definitions and
calculations of these non-GAAP measures
51
FINANCIAL HIGHLIGHTS

Key Ratios*

Quarter ended March 31, 2023

Fixed charge coverage 3.4x

Debt service coverage 4.0x

Interest coverage 4.0x

Net Debt to Adjusted EBITDAre 5.0x

Net Debt to Gross Assets 39%

AFFO payout 63%

*See Supplemental Operating and Financial Data for the First Quarter Ended March 31, 2023 for definitions and
calculations of these non-GAAP measures
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CONFIRMING 2023 GUIDANCE

Not providing due to uncertainties

FFO AS ADJUSTED related to Regal Bankruptcy

INVESTMENT SPENDING $200M - $300M

PERCENTAGE RENT $8.5M - $12.5M

GENERAL & ADMINISTRATIVE EXPENSE $54M - $57M

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APPENDIX
 FOOTNOTES

(1) Annualized Adjusted EBITDAre is as of March 31, 2023. See Supplemental Operating and Financial
Data for the applicable period for definition and calculation of this non-GAAP measure.

(2) Total Investments is as of March 31, 2023. See Form 10-Q for the applicable period for definition
and calculation of this non-GAAP measure.

(3) EBITDARM represents earnings before interest, taxes, depreciation and amortization, rent and
management fee. EBITDARM data is sourced from customers' store level profit and loss statements
or in some cases EBITDARM is estimated based on customers’ reported revenue. Calculation only
includes those that report timely financial information and includes an estimated 85% of EPR’s
total minimum rental revenue and mortgage interest income for the trailing twelve months ended
December 2022.

(4) Excludes 7 theatres located in Entertainment Districts (included in Eat & Play)

(5) Excludes non-theatre operators at Entertainment Districts

55