Form 8-K EPR PROPERTIES For: May 05

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May 5, 2021 4:17 PM EDT

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Exhibit 99.1

EPR PROPERTIES REPORTS FIRST QUARTER 2021 RESULTS

Kansas City, MO, May 5, 2021 -- EPR Properties (NYSE:EPR) today announced operating results for the first quarter ended March 31, 2021 (dollars in thousands, except per share data):


	Three Months Ended March 31,
	2021		2020
Total revenue	$	111,765	$	151,012
Net (loss) income available to common shareholders	(2,654)		31,084
Net (loss) income available to common shareholders per diluted common share	(0.04)		0.40


Funds From Operations as adjusted (FFOAA) (1)	35,605		75,926
FFOAA per diluted common share (1)	0.48		0.97
Adjusted Funds From Operations (AFFO) (1)	38,926		90,067
AFFO per diluted common share (1)	0.52		1.14

(1) a non-GAAP financial measure

First Quarter Company Headlines

•Quarterly Collections Continue to Increase - Cash collections from customers continue to improve and were approximately 72% and 77% of contractual cash revenue for the first quarter of 2021 and April 2021, respectively. In addition, year-to-date through April 30, 2021, the Company collected $40.0 million of deferred rent and interest from accrual basis tenants and borrowers that reduced receivables.

•Strong Increase in Theatre Reopenings Expected - Approximately 71% of the Company's theatre properties were open as of April 30, 2021. Additionally, with Regal's announced reopening schedule, it is expected that by May 21, 2021, approximately 98% of the Company's theatres will be open.

•Continued Capital Recycling - During the first quarter, the Company received $13.7 million in net proceeds and recognized a net gain of $0.2 million from property dispositions. During the past year, the Company has sold three theatre properties and has an additional six theatres under contract to sell with closings anticipated through the remainder of 2021 and into 2022.

•Strong Liquidity Position - The Company had cash on hand of $538.1 million at quarter-end. Subsequent to quarter-end, due to stronger collections, proceeds from dispositions and significant liquidity, the Company used $90.0 million of its cash on hand to pay off the remaining borrowings under its $1.0 billion unsecured revolving credit facility.

CEO Comments

“Our first quarter results reflect the acceleration of cash collections from tenants and borrowers,” stated Greg Silvers, Company President and CEO. “We are increasingly optimistic about our outlook as vaccination deployment expands, and consumers are exhibiting their desire to re-engage in the experiences that our customers offer them. We are pleased that most markets are largely open, capacity restrictions are easing, and particularly that the much anticipated reopening of theatres across the country is underway. Having managed our business through the pandemic to preserve liquidity, we believe we are at an inflection point, and with increased visibility look forward to further stabilization and a return to growth.”

COVID-19 Response and Update

Collections and Property Openings

Approximately 96% of the Company's non-theatre and 71% of the Company's theatre locations were open for business as of April 30, 2021. It is expected that by May 21, 2021 approximately 98% of the Company's theatres will be open based on Regal's announced reopening schedule. Cash collections from tenants and borrowers continued to improve and were approximately $98.1 million or 72% of contractual cash revenue for the first quarter (including approximately $1.5 million in deferred rent from cash basis tenants and from tenants for which the deferred payments were not previously recognized as revenue). Such cash collections further increased to 77% for April of 2021. Contractual cash revenue is an operational measure and represents aggregate cash payments for which the Company is entitled under existing contracts, excluding the impact of any temporary abatements or deferrals, percentage rent (rents received over base amounts), non-cash revenue and revenue from taxable REIT subsidiaries (TRSs).

In addition, year-to-date through April 30, 2021, collections of deferred rent and interest from accrual basis tenants and borrowers that reduced receivables totaled approximately $40.0 million. These collections are in addition to the collection amounts discussed above.

Theatre Update

During March of 2021, multiple states, most importantly New York and California, began allowing theatres to reopen with capacity limitations that vary from location to location. As vaccinations increase and theatres reopen, studios are releasing more films. With the increased supply and demand, box office increased in March and again in April. Local capacity restrictions and limited film content continue to create a challenging environment for theatre operators, but with increasing vaccinations, recent box office performance, the current major title release schedule, and expected continuing easing of capacity limitations, the Company anticipates that the US box office will continue to improve throughout the remainder of 2021.

Capital Recycling

During the first quarter of 2021, the Company completed the sale of one theatre property and one outparcel for net proceeds totaling $13.7 million and recognized a combined gain on sale of $0.2 million. During the past year, the Company has sold three theatre properties and has an additional six theatres under contract to sell with closings anticipated through the remainder of 2021 and into 2022.

On March 22, 2021, the Company received $5.1 million in proceeds representing prepayment in full on a mortgage note receivable that was secured by a private school property. No prepayment fee was received in connection with this note payoff.

Strong Liquidity Position

The Company remains focused on maintaining strong liquidity and financial flexibility through the pandemic. The Company had $538.1 million of cash on hand at quarter-end. On April 9, 2021, due to stronger collections, proceeds from dispositions and significant liquidity, the Company used $90.0 million of its cash on hand to pay off the remaining borrowings under its $1.0 billion unsecured revolving credit facility.

Portfolio Update

The Company's total investments (a non-GAAP financial measure) were approximately $6.5 billion at March 31, 2021 with Experiential totaling $5.9 billion, or 91%, and Education totaling $0.6 billion, or 9%.

The Company's Experiential portfolio (excluding property under development) consisted of the following property types (owned or financed) at March 31, 2021:

•177 theatre properties;

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

•18 attraction properties;

•13 ski properties;

•six experiential lodging properties;

•one gaming property;

•three cultural properties; and

•seven fitness & wellness properties.

As of March 31, 2021, the Company's owned Experiential portfolio consisted of approximately 19.3 million square feet, which was 92.8% leased and included $94.8 million in property under development and $20.2 million in undeveloped land inventory.

The Company's Education portfolio consisted of the following property types (owned or financed) at March 31, 2021:

•65 early childhood education center properties; and

•9 private school properties.

As of March 31, 2021, the Company's owned Education portfolio consisted of approximately 1.4 million square feet, which was 100% leased and included $3.0 million in undeveloped land inventory.

The combined owned portfolio consisted of 20.7 million square feet and was 93.3% leased.

Investment Update

The Company's investment spending during the three months ended March 31, 2021 totaled $52.1 million, and included the acquisition of a Topgolf property in San Jose, California for $26.7 million as well as spending on build-to-suit development and redevelopment projects.

Dividend Information

The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020. The Company is restricted from paying dividends on its common shares during the previously disclosed covenant relief period under certain of its debt agreements, subject to certain limited exceptions, and there can be no assurances as to the Company's ability to reinstitute cash dividend payments to common shareholders or the timing thereof.

The Board declared its regular quarterly dividends to preferred shareholders of $0.359375 per share on its 5.75% Series C cumulative convertible preferred shares, $0.5625 per share on its 9.00% Series E cumulative convertible preferred shares and $0.359375 per share on its 5.75% Series G cumulative redeemable preferred shares.

Conference Call Information

Management will host a conference call to discuss the Company's financial results on May 6, 2021 at 8:30 a.m. Eastern Time. The call may also include discussion of Company developments, and forward-looking and other material information about business and financial matters. The conference will be webcast and can be accessed via the Webcasts page in the Investor Center on the Company's website located at https://investors.eprkc.com/webcasts. To access the call, audio only, dial (866) 587-2930 and when prompted, provide the passcode 9155913.

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

Quarterly Supplemental

The Company's supplemental information package for the first quarter ended March 31, 2021 is available in the Investor Center on the Company's website located at https://investors.eprkc.com/earnings-supplementals.

EPR Properties

Consolidated Statements of (Loss) Income

(Unaudited, dollars in thousands except per share data)


	Three Months Ended March 31,
	2021		2020
Rental revenue	$	102,614	$	135,043
Other income	678		7,573
Mortgage and other financing income	8,473		8,396
Total revenue	111,765		151,012
Property operating expense	15,313		13,093
Other expense	2,552		9,534
General and administrative expense	11,336		10,988


Costs associated with loan refinancing or payoff	241		—

Interest expense, net	39,194		34,753
Transaction costs	548		1,075
Credit loss (benefit) expense	(2,762)		1,192

Depreciation and amortization	40,326		43,810
Income before equity in loss from joint ventures and other items	5,017		36,567
Equity in loss from joint ventures	(1,431)		(420)

Gain on sale of real estate	201		220

Income before income taxes	3,787		36,367
Income tax (expense) benefit	(407)		751








Net income	3,380		37,118


Preferred dividend requirements	(6,034)		(6,034)

Net (loss) income available to common shareholders of EPR Properties	$	(2,654)	$	31,084
Net (loss) income available to common shareholders of EPR Properties per share:


Basic	$	(0.04)	$	0.40



Diluted	$	(0.04)	$	0.40
Shares used for computation (in thousands):
Basic	74,627		78,467
Diluted	74,627		78,476

EPR Properties

Condensed Consolidated Balance Sheets

(Unaudited, dollars in thousands)



	March 31, 2021		December 31, 2020
Assets
Real estate investments, net of accumulated depreciation of $1,101,727 and $1,062,087 at March 31, 2021 and December 31, 2020, respectively	$	4,801,106	$	4,851,302
Land held for development	23,225		23,225
Property under development	94,822		57,630
Operating lease right-of-use assets	179,113		163,766
Mortgage notes and related accrued interest receivable	364,969		365,628

Investment in joint ventures	28,313		28,208
Cash and cash equivalents	538,077		1,025,577
Restricted cash	5,928		2,433

Accounts receivable	97,517		116,193

Other assets	75,032		70,223
Total assets	$	6,208,102	$	6,704,185
Liabilities and Equity
Accounts payable and accrued liabilities	$	95,085	$	105,379
Operating lease liabilities	217,448		202,223
Dividends payable	6,078		6,070
Unearned rents and interest	83,565		65,485
Debt	3,171,193		3,694,443
Total liabilities	3,573,369		4,073,600


Total equity	$	2,634,733	$	2,630,585
Total liabilities and equity	$	6,208,102	$	6,704,185

Non-GAAP Financial Measures

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

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

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

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

The following table summarizes FFO, FFOAA and AFFO for the three months ended March 31, 2021 and 2020 and reconciles such measures to net income available to common shareholders, the most directly comparable GAAP measure:

EPR Properties

Reconciliation of Non-GAAP Financial Measures

(Unaudited, dollars in thousands except per share data)


	Three Months Ended March 31,
	2021		2020
FFO:
Net (loss) income available to common shareholders of EPR Properties	$	(2,654)	$	31,084
Gain on sale of real estate	(201)		(220)


Real estate depreciation and amortization	40,109		43,525
Allocated share of joint venture depreciation	354		383

FFO available to common shareholders of EPR Properties	$	37,608	$	74,772

FFO available to common shareholders of EPR Properties	$	37,608	$	74,772
Add: Preferred dividends for Series C preferred shares	—		1,939
Add: Preferred dividends for Series E preferred shares	—		1,939
Diluted FFO available to common shareholders of EPR Properties	$	37,608	$	78,650


	Three Months Ended March 31,
	2021		2020
FFOAA:
FFO available to common shareholders of EPR Properties	$	37,608	$	74,772
Costs associated with loan refinancing or payoff	241		—
Transaction costs	548		1,075





Credit loss (benefit) expense	(2,762)		1,192

Gain on insurance recovery (included in other income)	(30)		—
Deferred income tax benefit	—		(1,113)
FFOAA available to common shareholders of EPR Properties	$	35,605	$	75,926

FFOAA available to common shareholders of EPR Properties	$	35,605	$	75,926
Add: Preferred dividends for Series C preferred shares	—		1,939
Add: Preferred dividends for Series E preferred shares	—		1,939
Diluted FFOAA available to common shareholders of EPR Properties	$	35,605	$	79,804

AFFO:
FFOAA available to common shareholders of EPR Properties	$	35,605	$	75,926
Non-real estate depreciation and amortization	217		285
Deferred financing fees amortization	1,547		1,634
Share-based compensation expense to management and trustees	3,784		3,509
Amortization of above and below market leases, net and tenant allowances	(96)		(152)
Maintenance capital expenditures (1)	(756)		(928)
Straight-lined rental revenue	(1,288)		9,708
Straight-lined ground sublease expense	84		176
Non-cash portion of mortgage and other financing income	(171)		(91)
AFFO available to common shareholders of EPR Properties	$	38,926	$	90,067

AFFO available to common shareholders of EPR Properties	$	38,926	$	90,067
Add: Preferred dividends for Series C preferred shares	—		1,939
Add: Preferred dividends for Series E preferred shares	—		1,939
Diluted AFFO available to common shareholders of EPR Properties	$	38,926	$	93,945

FFO per common share:
Basic	$	0.50	$	0.95
Diluted	0.50		0.95
FFOAA per common share:
Basic	$	0.48	$	0.97
Diluted	0.48		0.97
AFFO per common share:
Basic	$	0.52	$	1.15
Diluted	0.52		1.14
Shares used for computation (in thousands):
Basic	74,627		78,467
Diluted	74,669		78,476

Weighted average shares outstanding-diluted EPS	74,669		78,476
Effect of dilutive Series C preferred shares	—		2,232

Effect of dilutive Series E preferred shares	—		1,664
Adjusted weighted average shares outstanding-diluted Series C and Series E	74,669		82,372
Other financial information:

Dividends per common share	$	—	$	1.1325

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

The conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares would be dilutive to FFO, FFOAA and AFFO per share for the three months ended March 31, 2020. Therefore, the additional common shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFO, FFOAA and AFFO per share for this period.

Net Debt

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

Gross Assets

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

Net Debt to Gross Assets

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

EBITDAre

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

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

Adjusted EBITDAre

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

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


	March 31,
	2021			2020
Net Debt:
Debt	$	3,171,193		$	3,854,062
Deferred financing costs, net	35,036			35,933
Cash and cash equivalents	(538,077)			(1,225,122)
Net Debt	$	2,668,152		$	2,664,873

Gross Assets:
Total Assets	$	6,208,102		$	7,255,340
Accumulated depreciation	1,101,727			1,023,993
Cash and cash equivalents	(538,077)			(1,225,122)
Gross Assets	$	6,771,752		$	7,054,211

Net Debt to Gross Assets	39		%	38		%

	Three Months Ended March 31,
	2021			2020
EBITDAre and Adjusted EBITDAre:
Net income	$	3,380		$	37,118
Interest expense, net	39,194			34,753
Income tax expense (benefit)	407			(751)
Depreciation and amortization	40,326			43,810
Gain on sale of real estate	(201)			(220)



Costs associated with loan refinancing or payoff	241			—

Allocated share of joint venture depreciation	354			383
Allocated share of joint venture interest expense	789			735

EBITDAre	$	84,490		$	115,828

Gain on insurance recovery (1)	(30)			—



Transaction costs	548			1,075
Credit loss (benefit) expense	(2,762)			1,192

Straight-line receivable write-offs from prior periods (2)	—			12,532


Adjusted EBITDAre	$	82,246		$	130,627






(1) Included in other income in the accompanying consolidated statements of (loss) income. Other income includes the following:
	Three Months Ended March 31,
	2021			2020
Income from settlement of foreign currency swap contracts	$	52		$	368
Gain on insurance recovery	30			—
Operating income from operated properties	295			7,201
Miscellaneous income	301			4
Other income	$	678		$	7,573

(2) Included in rental revenue in the accompanying consolidated statements of (loss) income. Rental revenue includes the following:
	Three Months Ended March 31,
	2021			2020
Minimum rent	$	94,190		$	138,219

Tenant reimbursements	4,822			3,698
Percentage rent	2,030			2,757
Straight-line rental revenue	1,289			2,824
Straight-line receivable write-offs from prior periods	—			(12,532)
Other rental revenue	283			77
Rental revenue	$	102,614		$	135,043

Total Investments

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


	March 31, 2021		December 31, 2020
Total Investments:
Real estate investments, net of accumulated depreciation	$	4,801,106	$	4,851,302
Add back accumulated depreciation on real estate investments	1,101,727		1,062,087
Land held for development	23,225		23,225
Property under development	94,822		57,630
Mortgage notes and related accrued interest receivable	364,969		365,628

Investment in joint ventures	28,313		28,208
Intangible assets, gross (1)	57,962		57,962
Notes receivable and related accrued interest receivable, net (1)	7,284		7,300
Total investments	$	6,479,408	$	6,453,342

Total investments	$	6,479,408	$	6,453,342
Operating lease right-of-use assets	179,113		163,766
Cash and cash equivalents	538,077		1,025,577
Restricted cash	5,928		2,433
Accounts receivable	97,517		116,193
Less: accumulated depreciation on real estate investments	(1,101,727)		(1,062,087)
Less: accumulated amortization on intangible assets	(17,379)		(16,330)
Prepaid expenses and other current assets	27,165		21,291
Total assets	$	6,208,102	$	6,704,185

(1) Included in other assets in the accompanying consolidated balance sheet. Other assets include the following:

	March 31, 2021		December 31, 2020
Intangible assets, gross	$	57,962	$	57,962
Less: accumulated amortization on intangible assets	(17,379)		(16,330)
Notes receivable and related accrued interest receivable, net	7,284		7,300
Prepaid expenses and other current assets	27,165		21,291
Total other assets	$	75,032	$	70,223

About EPR Properties

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

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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

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

EPR Properties

Brian Moriarty, 888-EPR-REIT

www.eprkc.com

FIRST QUARTER 2021 EARNINGS CALL May 6, 2021

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

INTRODUCTORY COMMENTS 3

PORTFOLIO UPDATE 4

5 PORTFOLIO OVERVIEW Education Portfolio 74 Properties; 8 Operators Occupancy at 100% * See investor supplemental for the applicable period for definitions and calculations of this Non-GAAP measure Experiential Portfolio 280 Properties; 42 Operators Occupancy at 93% $5.9B Total Investments 4 Properties under Development Total Portfolio Snapshot ~$6.5B Total Investments* Occupancy at 93% 354 Properties Q1 Investment Spending $52.1M Create Memorable Experiences in Safe Environments

6 2021 Reopening – 71% of theatres were open as of April 30, anticipate 98% as of May 21 Demonstrated Demand – April’s box office was $189M, 66% increase over March even with continued closures and capacity limitations • High quality content to drive increasing demand through 2021 Lessons Learned – Studios are committed to the exhibition economic model • Studios pushed most major titles to ensure theatrical releases; “at home viewing” not seen as replacement due to economics • Historically over 90% of ticket sales are in 45 days, so shorter release window should not have material impact PORTFOLIO REOPENING Theatres

7 PORTFOLIO REOPENING Reopening – 96% of non-theatre properties are open Other Experiential and Education

8 ASSET MANAGEMENT Capital Recycling Total property disposition proceeds were $13.7M • Sold one theatre property and vacant theatre building, bringing the total number of theatres sold since Q3 2020 to three Executed contracts • 5 remaining transitional AMC properties and former CMX theatre; anticipated closings in 2021 and 2022 Collections and Deferral Agreements Cash collections continue to improve with reopenings • Q1 collections were 72% of contractual cash revenue • April collections were 77% of contractual cash revenue Deferral agreements • Customers representing substantially all contractual cash revenue, including each of our Top 20 customers, are paying their contractual rent or interest or have a deferral agreement in place

FINANCIAL REVIEW 9

1 0 (In millions except per-share data) * See investor supplementals for the applicable periods for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS Financial Performance* Quarter ended March 31, 2021 2020 $ Change % Change Total Revenue $111.8 $151.0 ($39.2) (26%) Net (Loss) Income – Common (2.7) 31.1 (33.8) (109%) FFO as adj. – Common* 35.6 75.9 (40.3) (53%) AFFO – Common* 38.9 90.1 (51.2) (57%) Net (Loss) Income/share – Common (0.04) 0.40 (0.44) (110%) FFO/share - Common, as adj.* 0.48 0.97 (0.49) (51%) AFFO/share - Common* 0.52 1.14 (0.62) (54%)

1 1 Net Debt to Gross Assets was 39% at 3/31/21 • $3.2B total debt; $3.1B fixed rate or fixed through int. rate swaps at wtd. avg. = 4.7% • Weighted average debt maturity ~5 years; No scheduled debt maturities until revolver matures in 2022 which currently has no balance outstanding • Continue to be in Covenant Relief Period Liquidity Position • $538.1M unrestricted cash on hand at 3/31/21 • $90M drawn on $1B revolver at 3/31/21 • Strong collections and significant liquidity allowed repayment of remaining balance of revolver on April 9, 2021 • Cash collections 72% and 77% of contractual cash revenue for first quarter and April 2021; Additional $40M of accrued deferred rent and interest receivable collected through 4/30/21 CAPITAL MARKETS UPDATE

1 2 EXPECTED REVENUE RECOGNITION AND COLLECTIONS Q2 2021 Range in $ % of Contractual Cash Revenue1 Revenue recognition $109M - $116M 80% - 85% Collections $102M - $109M 75% - 80% (1) Contractual cash revenue is an operational measure and represents aggregate cash payments for which the Company is entitled under existing contracts, excluding the impact of any temporary abatements or deferrals, percentage rent (rents received over base amounts), non-cash revenue and revenue from taxable REIT subsidiaries (TRSs).

CLOSING COMMENTS 1 3

EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com 816-472-1700 [email protected]

Exhibit 99.3


Supplemental Operating and Financial Data
First Quarter Ended March 31, 2021


TABLE OF CONTENTS

SECTION																								PAGE

Company Profile																								4
Investor Information																								5
Selected Financial Information																								6
Selected Balance Sheet Information																								7
Selected Operating Data																								8
Funds From Operations and Funds From Operations as Adjusted																								9
Adjusted Funds From Operations																								10
Capital Structure																								11
Summary of Ratios																								16
Summary of Mortgage Notes Receivable																								17
Investment Spending and Disposition Summaries																								18
Property Under Development - Investment Spending Estimates																								19

Lease Expirations																								20
Top Ten Customers by Total Revenue																								21


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



			Q1 2021 Supplemental			Page 2

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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

NON-GAAP INFORMATION

This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See pages 22 through 24 for definitions of certain non-GAAP financial measures used in this document and the reconciliations of certain non-GAAP measures on pages 9 and 10 and in the Appendix on pages 25 through 29.



			Q1 2021 Supplemental			Page 3

COMPANY PROFILE


THE COMPANY						COMPANY STRATEGY
EPR Properties ("EPR" or the "Company") is a self-administered and self-managed real estate investment trust. EPR was formed in August 1997 as a Maryland real estate investment trust ("REIT"), and an initial public offering was completed on November 18, 1997.						EPR's primary business objective is to enhance shareholder value by achieving predictable growth in Funds from Operations As Adjusted ("FFOAA") and dividends per share.

Since that time, the Company has been a leading Experiential net lease REIT, specializing in select enduring experiential properties. We are focused on growing our Experiential portfolio with properties that offer a variety of enduring, congregate entertainment, recreation and leisure activities. Separately, our Education portfolio is a legacy investment that provides additional geographic and operator diversity.						Our strategic growth is focused on acquiring or developing experiential real estate venues which create value by facilitating out-of-home congregate entertainment, recreation and leisure experiences where consumers choose to spend their discretionary time and money. These are properties which make up the social infrastructure of society.
						This focus is consistent with our depth of knowledge across each of our property types, creating a competitive advantage that allows us to more quickly identify key market trends. We deliberately apply information and our ingenuity to target properties that represent logical extensions within each of our existing property types or potential future investments.

						As part of our strategic planning and portfolio management process we assess new opportunities against the following underwriting principles:

BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO



			Q1 2021 Supplemental			Page 4


INVESTOR INFORMATION

SENIOR MANAGEMENT

Greg Silvers						Mark Peterson
President and Chief Executive Officer						Executive Vice President and Chief Financial Officer

Craig Evans						Greg Zimmerman
Executive Vice President, General Counsel and Secretary						Executive Vice President and Chief Investment Officer

Tonya Mater
Senior Vice President and Chief Accounting Officer


COMPANY INFORMATION

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


EQUITY RESEARCH COVERAGE

Bank of America Merrill Lynch	Jeffrey Spector/Joshua Dennerlein	646-855-1363
Citi Global Markets	Michael Bilerman/Katy McConnell	212-816-4471

Janney Montgomery Scott	Rob Stevenson	646-840-3217
J.P. Morgan	Anthony Paolone/Nikita Bely	212-622-6682
Kansas City Capital Associates	Jonathan Braatz	816-932-8019
Keybanc Capital Markets	Jordan Sadler/Todd Thomas	917-368-2286
Ladenburg Thalmann	John Massocca	212-409-2056
Raymond James & Associates	RJ Milligan	727-567-2585
RBC Capital Markets	Michael Carroll	440-715-2649
Stifel	Simon Yarmak	443-224-1345
SunTrust Robinson Humphrey	Ki Bin Kim	212-303-4124

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



			Q1 2021 Supplemental			Page 5


SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)

	THREE MONTHS ENDED MARCH 31,
Operating Information:	2021			2020
Revenue	$	111,765		$	151,012
Net (loss) income available to common shareholders of EPR Properties	(2,654)			31,084




EBITDAre (1)	84,490			115,828
Adjusted EBITDAre (1)	82,246			130,627
Interest expense, net	39,194			34,753

Capitalized interest	595			262
Straight-lined rental revenue	1,288			(9,708)
Dividends declared on preferred shares	6,034			6,034
Dividends declared on common shares	—			88,996
General and administrative expense	11,336			10,988

	MARCH 31,
Balance Sheet Information:	2021			2020
Total assets	$	6,208,102		$	7,255,340
Accumulated depreciation	1,101,727			1,023,993
Cash and cash equivalents	538,077			1,225,122
Total assets before accumulated depreciation less cash and cash equivalents (gross assets)	6,771,752			7,054,211
Debt	3,171,193			3,854,062
Deferred financing costs, net	35,036			35,933
Net debt (1)	2,668,152			2,664,873
Equity	2,634,733			2,936,481
Common shares outstanding	74,767			78,588
Total market capitalization (using EOP closing price)	6,522,602			4,939,300

Net debt/gross assets	39		%	38		%

Net debt/Adjusted EBITDAre ratio (2)	Footnote 5			5.1
Adjusted net debt/Annualized adjusted EBITDAre ratio (1)(3)(4)	Footnote 5			4.9

(1) See pages 22 through 24 for definitions. See calculation as applicable on page 28.
(2) Adjusted EBITDAre in this calculation is for the quarter multiplied times four. See pages 22 through 24 for definitions. See calculation on page 28.
(3) Adjusted net debt is net debt less 40% times property under development. See pages 22 through 24 for definitions.
(4) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other non-recurring items which is then multiplied times four. These calculations can be found on page 28 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 22 through 24 for definitions.
(5) Not presented as this ratio is not meaningful given the continuing disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.



			Q1 2021 Supplemental			Page 6


SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)

ASSETS	1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020		1ST QUARTER 2020		4TH QUARTER 2019
Real estate investments	$	5,902,833	$	5,913,389	$	6,139,858	$	6,144,830	$	6,208,685	$	6,186,562
Less: accumulated depreciation	(1,101,727)		(1,062,087)		(1,072,201)		(1,034,771)		(1,023,993)		(989,254)
Land held for development	23,225		23,225		25,846		26,244		28,080		28,080
Property under development	94,822		57,630		44,103		39,039		30,063		36,756
Operating lease right-of-use assets	179,113		163,766		185,459		189,058		207,605		211,187
Mortgage notes and related accrued interest receivable	364,969		365,628		362,011		357,668		356,666		357,391

Investment in joint ventures	28,313		28,208		29,571		28,925		33,897		34,317
Cash and cash equivalents	538,077		1,025,577		985,372		1,006,981		1,225,122		528,763
Restricted cash	5,928		2,433		2,424		2,615		4,583		2,677
Accounts receivable	97,517		116,193		129,714		134,774		72,537		86,858

Other assets	75,032		70,223		75,053		107,615		112,095		94,174
Total assets	$	6,208,102	$	6,704,185	$	6,907,210	$	7,002,978	$	7,255,340	$	6,577,511

LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	95,085	$	105,379	$	95,429	$	96,454	$	112,167	$	122,939
Operating lease liabilities	217,448		202,223		225,379		229,030		232,343		235,650
Common dividends payable	44		36		29		19		30,063		29,424
Preferred dividends payable	6,034		6,034		6,034		6,034		6,034		6,034
Unearned rents and interest	83,565		65,485		75,415		81,096		84,190		74,829
Line of credit	90,000		590,000		750,000		750,000		750,000		—
Deferred financing costs, net	(35,036)		(35,552)		(35,140)		(35,907)		(35,933)		(37,165)
Other debt	3,116,229		3,139,995		3,139,995		3,139,995		3,139,995		3,139,995
Total liabilities	3,573,369		4,073,600		4,257,141		4,266,721		4,318,859		3,571,706
Equity:
Common stock and additional paid-in-capital	3,865,243		3,858,451		3,853,581		3,849,803		3,845,911		3,835,674
Preferred stock at par value	148		148		148		148		148		148
Treasury stock	(263,982)		(261,238)		(260,594)		(260,351)		(154,357)		(147,435)

Accumulated other comprehensive income (loss)	2,978		216		(2,106)		(4,331)		(5,289)		7,275
Distributions in excess of net income	(969,654)		(966,992)		(940,960)		(849,012)		(749,932)		(689,857)


Total equity	2,634,733		2,630,585		2,650,069		2,736,257		2,936,481		3,005,805
Total liabilities and equity	$	6,208,102	$	6,704,185	$	6,907,210	$	7,002,978	$	7,255,340	$	6,577,511



			Q1 2021 Supplemental			Page 7


SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)

	1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020		1ST QUARTER 2020		4TH QUARTER 2019
Rental revenue	$	102,614	$	84,011	$	55,591	$	97,531	$	135,043	$	154,765
Other income	678		968		182		416		7,573		8,386
Mortgage and other financing income	8,473		8,433		8,104		8,413		8,396		7,195
Total revenue	111,765		93,412		63,877		106,360		151,012		170,346

Property operating expense	15,313		16,406		13,759		15,329		13,093		16,097
Other expense	2,552		1,462		2,680		2,798		9,534		10,173
General and administrative expense	11,336		11,142		10,034		10,432		10,988		10,831
Severance expense	—		2,868		—		—		—		423

Costs associated with loan refinancing or payoff	241		812		—		820		—		—

Interest expense, net	39,194		42,838		41,744		38,340		34,753		34,914
Transaction costs	548		814		2,776		771		1,075		5,784
Credit loss (benefit) expense	(2,762)		20,312		5,707		3,484		1,192		—
Impairment charges	—		22,832		11,561		51,264		—		2,206
Depreciation and amortization	40,326		42,014		42,059		42,450		43,810		42,398
Income (loss) before equity in loss from joint ventures, other items and discontinued operations	5,017		(68,088)		(66,443)		(59,328)		36,567		47,520
Equity in loss from joint ventures	(1,431)		(1,364)		(1,044)		(1,724)		(420)		(905)
Impairment charges on joint ventures	—		—		—		(3,247)		—		—
Gain on sale of real estate	201		49,877		—		22		220		3,717


Income tax (expense) benefit	(407)		(402)		(18,417)		1,312		751		530
Income (loss) from continuing operations	3,380		(19,977)		(85,904)		(62,965)		37,118		50,862
Discontinued operations:
Income from discontinued operations before other items	—		—		—		—		—		4,937

Impairment on public charter school portfolio sale	—		—		—		—		—		(21,433)

Gain on sale of real estate from discontinued operations	—		—		—		—		—		1,931

Loss from discontinued operations	—		—		—		—		—		(14,565)
Net income (loss)	3,380		(19,977)		(85,904)		(62,965)		37,118		36,297

Preferred dividend requirements	(6,034)		(6,034)		(6,034)		(6,034)		(6,034)		(6,034)

Net (loss) income available to common shareholders of EPR Properties	$	(2,654)	$	(26,011)	$	(91,938)	$	(68,999)	$	31,084	$	30,263



			Q1 2021 Supplemental			Page 8


FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
FUNDS FROM OPERATIONS ("FFO") (1):	1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020		1ST QUARTER 2020		4TH QUARTER 2019
Net (loss) income available to common shareholders of EPR Properties	$	(2,654)	$	(26,011)	$	(91,938)	$	(68,999)	$	31,084	$	30,263
Gain on sale of real estate	(201)		(49,877)		—		(22)		(220)		(5,648)


Impairment of real estate investments, net (2)	—		22,832		11,561		36,255		—		23,639

Real estate depreciation and amortization	40,109		41,786		41,791		42,151		43,525		44,242
Allocated share of joint venture depreciation	354		361		369		378		383		551
Impairment charges on joint ventures	—		—		—		3,247		—		—
FFO available to common shareholders of EPR Properties	$	37,608	$	(10,909)	$	(38,217)	$	13,010	$	74,772	$	93,047
FFO available to common shareholders of EPR Properties	$	37,608	$	(10,909)	$	(38,217)	$	13,010	$	74,772	$	93,047
Add: Preferred dividends for Series C preferred shares	—		—		—		—		1,939		1,937
Add: Preferred dividends for Series E preferred shares	—		—		—		—		1,939		1,939
Diluted FFO available to common shareholders of EPR Properties	$	37,608	$	(10,909)	$	(38,217)	$	13,010	$	78,650	$	96,923
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties	$	37,608	$	(10,909)	$	(38,217)	$	13,010	$	74,772	$	93,047
Costs associated with loan refinancing or payoff	241		812		—		820		—		43
Transaction costs	548		814		2,776		771		1,075		5,784
Severance expense	—		2,868		—		—		—		423


Termination fee included in gain on sale	—		—		—		—		—		1,217

Impairment of operating lease right-of-use assets (2)	—		—		—		15,009		—		—
Credit loss (benefit) expense	(2,762)		20,312		5,707		3,484		1,192		—


Gain on insurance recovery (included in other income)	(30)		(809)		—		—		—		—
Deferred income tax expense (benefit)	—		—		18,035		(1,676)		(1,113)		(847)
FFO as adjusted available to common shareholders of EPR Properties	$	35,605	$	13,088	$	(11,699)	$	31,418	$	75,926	$	99,667
FFO as adjusted available to common shareholders of EPR Properties	$	35,605	$	13,088	$	(11,699)	$	31,418	$	75,926	$	99,667
Add: Preferred dividends for Series C preferred shares	—		—		—		—		1,939		1,937
Add: Preferred dividends for Series E preferred shares	—		—		—		—		1,939		1,939
Diluted FFO as adjusted available to common shareholders of EPR Properties	$	35,605	$	13,088	$	(11,699)	$	31,418	$	79,804	$	103,543
FFO per common share:
Basic	$	0.50	$	(0.15)	$	(0.51)	$	0.17	$	0.95	$	1.19
Diluted	0.50		(0.15)		(0.51)		0.17		0.95		1.18
FFO as adjusted per common share:
Basic	$	0.48	$	0.18	$	(0.16)	$	0.41	$	0.97	$	1.27
Diluted	0.48		0.18		(0.16)		0.41		0.97		1.26
Shares used for computation (in thousands):
Basic	74,627		74,615		74,613		76,310		78,467		78,456
Diluted	74,669		74,615		74,613		76,310		78,476		78,485

Effect of dilutive Series C preferred shares	—		—		—		—		2,232		2,184

Effect of dilutive Series E preferred shares	—		—		—		—		1,664		1,640
Adjusted weighted-average shares outstanding-diluted Series C and Series E	74,669		74,615		74,613		76,310		82,372		82,309
(1) See pages 22 through 24 for definitions.
(2) Impairment charges recognized during the three months ended June 30, 2020 totaled $51.3 million, which was comprised of $36.3 million of impairments of real estate investments and $15.0 million of impairments of operating lease right-of-use assets.
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income.



			Q1 2021 Supplemental			Page 9


ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):	1ST QUARTER 2021			4TH QUARTER 2020			3RD QUARTER 2020			2ND QUARTER 2020			1ST QUARTER 2020			4TH QUARTER 2019
FFO available to common shareholders of EPR Properties	$	37,608		$	(10,909)		$	(38,217)		$	13,010		$	74,772		$	93,047
Adjustments:
Costs associated with loan refinancing or payoff	241			812			—			820			—			43
Transaction costs	548			814			2,776			771			1,075			5,784
Impairment of operating lease right-of-use assets (2)	—			—			—			15,009			—			—
Credit loss (benefit) expense	(2,762)			20,312			5,707			3,484			1,192			—
Severance expense	—			2,868			—			—			—			423


Termination fees included in gain on sale	—			—			—			—			—			1,217



Gain on insurance recovery (included in other income)	(30)			(809)			—			—			—			—
Deferred income tax expense (benefit)	—			—			18,035			(1,676)			(1,113)			(847)

Non-real estate depreciation and amortization	217			228			268			299			285			288
Deferred financing fees amortization	1,547			1,823			1,498			1,651			1,634			1,621
Share-based compensation expense to management and trustees	3,784			3,437			3,410			3,463			3,509			3,349
Amortization of above/below market leases, net and tenant allowances	(96)			(96)			(124)			(108)			(152)			(119)
Maintenance capital expenditures (3)	(756)			(247)			(8,911)			(1,291)			(928)			(2,276)
Straight-lined rental revenue	(1,288)			(898)			17,969			(2,229)			9,708			(3,516)
Straight-lined ground sublease expense	84			150			216			207			176			237
Non-cash portion of mortgage and other financing income	(171)			(133)			71			(97)			(91)			(91)
AFFO available to common shareholders of EPR Properties	$	38,926		$	17,352		$	2,698		$	33,313		$	90,067		$	99,160

AFFO available to common shareholders of EPR Properties	$	38,926		$	17,352		$	2,698		$	33,313		$	90,067		$	99,160
Add: Preferred dividends for Series C preferred shares	—			—			—			—			1,939			1,937
Add: Preferred dividends for Series E preferred shares	—			—			—			—			1,939			1,939
Diluted AFFO available to common shareholders of EPR Properties	$	38,926		$	17,352		$	2,698		$	33,313		$	93,945		$	103,036

Weighted average diluted shares outstanding (in thousands)	74,669			74,615			74,613			76,310			78,476			78,485
Effect of dilutive Series C preferred shares	—			—			—			—			2,232			2,184
Effect of dilutive Series E preferred shares	—			—			—			—			1,664			1,640
Adjusted weighted-average shares outstanding-diluted	74,669			74,615			74,613			76,310			82,372			82,309

AFFO per diluted common share	$	0.52		$	0.23		$	0.04		$	0.44		$	1.14		$	1.25

Dividends declared per common share	$	—		$	—		$	—		$	0.3825		$	1.1325		$	1.1250

AFFO payout ratio (4)	—		%	—		%	—		%	87		%	99		%	90		%

(1) See pages 22 through 24 for definitions.
(2) Impairment charges recognized during the three months ended June 30, 2020 totaled $51.3 million, which was comprised of $36.3 million of impairments of real estate investments and $15.0 million of impairments of operating lease right-of-use assets.
(3) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
(4) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share. The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income.



			Q1 2021 Supplemental			Page 10


CAPITAL STRUCTURE AS OF MARCH 31, 2021
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
	BONDS/TERM LOAN/OTHER (1) (2)		UNSECURED CREDIT FACILITY (3)		UNSECURED SENIOR NOTES			TOTAL		WEIGHTED AVG INTEREST RATE
YEAR
2021	$	—	$	—	$	—		$	—	—%
2022	—		90,000		—			90,000		2.13%
2023	400,000		—		275,000			675,000		4.76%
2024	—		—		136,637			136,637		5.60%
2025	—		—		300,000			300,000		4.50%
2026	—		—		629,597			629,597		5.05%
2027	—		—		450,000			450,000		4.50%
2028	—		—		400,000			400,000		4.95%
2029	—		—		500,000			500,000		3.75%
2030	—		—		—			—		—%
2031	—		—		—			—		—%
Thereafter	24,995		—		—			24,995		1.39%
Less: deferred financing costs, net	—		—		—			(35,036)		—%
	$	424,995	$	90,000	$	2,691,234		$	3,171,193	4.56%

			BALANCE		WEIGHTED AVG INTEREST RATE			WEIGHTED AVG MATURITY
Fixed rate unsecured debt (1)			$	3,091,234	4.66		%	5.29
Fixed rate secured debt (2)			24,995		1.39		%	26.33

Variable rate unsecured debt			90,000		2.13		%	0.91
Less: deferred financing costs, net			(35,036)		—		%	—
Total			$	3,171,193	4.56		%	5.34

(1) Includes $400 million of term loan that has been fixed through interest rate swaps through February 7, 2022.
(2) Includes $25 million of secured bonds that have been fixed through interest rate swaps through September 30, 2024.
(3) Unsecured Revolving Credit Facility Summary:
			BALANCE					RATE
	COMMITMENT		AT 3/31/2021		MATURITY			AT 3/31/2021

	$1,000,000		$90,000		February 27, 2022			2.125%

	Note: This facility has a seven-month extension available at the Company's option (solely with respect to the unsecured revolving credit portion of the facility) and includes an accordion feature pursuant to which the maximum borrowing amount under the combined unsecured revolving credit and term loan facility can be increased from $1.4 billion to $2.4 billion, in each case, subject to certain terms and conditions.



			Q1 2021 Supplemental			Page 11


CAPITAL STRUCTURE AS OF MARCH 31, 2021 AND DECEMBER 31, 2020
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT (continued)

SUMMARY OF DEBT:	March 31, 2021		December 31, 2020

Unsecured revolving variable rate credit facility, LIBOR + 1.625% at March 31, 2021, due February 27, 2022 (1)(2)(3)	$	90,000	$	590,000
Unsecured term loan payable, LIBOR + 2.00% at March 31, 2021 with $350,000 fixed at 4.40% and $50,000 fixed at 4.60%, due February 27, 2023 (1)(2)	400,000		400,000
Senior unsecured notes payable, 5.25%, due July 15, 2023	275,000		275,000
Senior unsecured notes payable, 5.60% at December 31, 2020, due August 22, 2024 (1)	136,637		148,000
Senior unsecured notes payable, 4.50%, due April 1, 2025	300,000		300,000
Senior unsecured notes payable, 5.81% at December 31, 2020, due August 22, 2026 (1)	179,597		192,000
Senior unsecured notes payable, 4.75%, due December 15, 2026	450,000		450,000
Senior unsecured notes payable, 4.50%, due June 1, 2027	450,000		450,000
Senior unsecured notes payable, 4.95%, due April 15, 2028	400,000		400,000
Senior unsecured notes payable, 3.75%, due August 15, 2029	500,000		500,000
Bonds payable, variable rate, fixed at 1.39% through September 30, 2024, due August 1, 2047	24,995		24,995
Less: deferred financing costs, net	(35,036)		(35,552)
Total debt	$	3,171,193	$	3,694,443

(1) During the year ended December 31, 2020, the Company amended its Consolidated Credit Agreement and its Note Purchase Agreement. The amendments modified certain provisions and waived certain covenants of the revolving credit and term loan facilities and the private placement notes through December 31, 2021 (subject to certain conditions) in light of the continuing financial and operational impacts of the COVID-19 pandemic on the Company and its tenants and borrowers. The Company can elect to terminate the Covenant Relief Period early, subject to certain conditions. The Company pays higher interest costs during the Covenant Relief Period but interest rates return to pre-waiver levels after the Covenant Relief Period, with the revolving credit and term loan facilities continuing to be subject to the Company's unsecured ratings. The amendments to the Consolidated Credit Agreement and Note Purchase Agreement also impose additional restrictions on the Company during the Covenant Relief Period, including limitations on certain investments, incurrences of indebtedness, capital expenditures, payment of dividends or other distributions, and share repurchases, in each case subject to certain exceptions. Subsequent to March 31, 2021, the Company paid off the remaining $90.0 million of borrowings under its revolving credit facility.

(2) The unsecured revolving credit facility and unsecured term loan have a LIBOR floor of 0.50% during the Covenant Relief Period and a LIBOR floor of zero thereafter.

(3) The unsecured revolving credit facility is subject to a facility fee of 0.375% during the Covenant Relief Period and returns to pre-waiver levels after the Covenant Relief Period subject to changes in the Company's unsecured debt ratings.



			Q1 2021 Supplemental			Page 12

CAPITAL STRUCTURE

SENIOR NOTES

SENIOR DEBT RATINGS AS OF MARCH 31, 2021

Moody's

Baa3 (negative)

Fitch

BB+ (negative)

Standard and Poor's

BB+ (negative)

SUMMARY OF COVENANTS

The Company has outstanding public senior unsecured notes with fixed interest rates of 3.75%, 4.50%, 4.75%, 4.95% and 5.25%. Interest on these notes is paid semiannually. These public senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.

The following is a summary of the key financial covenants for the Company's 3.75%, 4.50%, 4.75%, 4.95% and 5.25% public senior unsecured notes, as defined and calculated per the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles, or GAAP, measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance. The actual amounts as of March 31, 2021 and December 31, 2020 are:

Actual

NOTE COVENANTS

Required

1st Quarter 2021 (1)

4th Quarter 2020 (1)

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

≤ 60%

44%

48%

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

1.7x

2.1x

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

≥ 150% of unsecured debt

215%

197%

(1) See page 14 for details of calculations.



			Q1 2021 Supplemental			Page 13


CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)

COVENANT CALCULATIONS

TOTAL ASSETS:	March 31, 2021				TOTAL DEBT:				March 31, 2021
Total Assets per balance sheet	$	6,208,102			Secured debt obligations				$	24,995
Add: accumulated depreciation	1,101,727				Unsecured debt obligations:
Less: intangible assets, net	(40,583)				Unsecured debt				3,181,234
Total Assets	$	7,269,246			Outstanding letters of credit				—
					Guarantees				—
TOTAL UNENCUMBERED ASSETS:	September 30, 2020				Derivatives at fair market value, net, if liability				13,532
Unencumbered real estate assets, gross	$	6,203,432			Total unsecured debt obligations:				3,194,766
Cash and cash equivalents	538,077				Total Debt				$	3,219,761
Land held for development	23,225
Property under development	94,822
Total Unencumbered Assets	$	6,859,556


CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020		TRAILING TWELVE MONTHS
Adjusted EBITDAre	$	82,246	$	68,633	$	70,930	$	77,191	$	299,000

Accounts receivable write-offs from prior periods (1)	—		—		(1,800)		(15,751)		(17,551)

Less: straight-line revenue, net, included in adjusted EBITDAre	(1,289)		(1,768)		(1,958)		(2,229)		(7,244)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	80,957	$	66,865	$	67,172	$	59,211	$	274,205

ANNUAL DEBT SERVICE:
Interest expense, gross	$	39,854	$	43,341	$	42,312	$	39,281	$	164,788

Less: deferred financing fees amortization	(1,547)		(1,823)		(1,498)		(1,651)		(6,519)
ANNUAL DEBT SERVICE	$	38,307	$	41,518	$	40,814	$	37,630	$	158,269

DEBT SERVICE COVERAGE	2.1		1.6		1.6		1.6		1.7

(1) For purposes of the bond calculation of Consolidated Income Available for Debt Service, the accounts receivable write-offs that were recognized in the third and fourth quarters were reclassified to the quarter such amounts were recognized originally as revenue.



			Q1 2021 Supplemental			Page 14


CAPITAL STRUCTURE AS OF MARCH 31, 2021
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)

EQUITY
SECURITY	SHARES OUTSTANDING	PRICE PER SHARE AT MARCH 31, 2021	LIQUIDATION PREFERENCE	DIVIDEND RATE	CONVERTIBLE	CONVERSION RATIO AT MARCH 31, 2021	CONVERSION PRICE AT MARCH 31, 2021

Common shares	74,767,425	$46.59	N/A	(1)	N/A	N/A	N/A
Series C	5,394,050	$25.52	$134,851	5.750%	Y	0.4137	$60.43
Series E	3,447,381	$36.90	$86,185	9.000%	Y	0.4826	$51.80
Series G	6,000,000	$25.20	$150,000	5.750%	N	N/A	N/A










(1) The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.



			Q1 2021 Supplemental			Page 15


SUMMARY OF RATIOS
(UNAUDITED)

	1ST QUARTER 2021	4TH QUARTER 2020	3RD QUARTER 2020	2ND QUARTER 2020	1ST QUARTER 2020	4TH QUARTER 2019


Net debt to gross assets	39%	40%	42%	41%	38%	37%

Net debt/Adjusted EBITDAre ratio (1)(2)	Footnote 9	Footnote 9	Footnote 9	Footnote 9	5.1	4.6

Adjusted net debt/Annualized adjusted EBITDAre ratio (3)(4)	Footnote 9	Footnote 9	Footnote 9	Footnote 9	4.9	4.8







Interest coverage ratio (5)	Footnote 9	Footnote 9	Footnote 9	Footnote 9	3.6	3.8

Fixed charge coverage ratio (5)	Footnote 9	Footnote 9	Footnote 9	Footnote 9	3.1	3.3

Debt service coverage ratio (5)	Footnote 9	Footnote 9	Footnote 9	Footnote 9	3.6	3.8

FFO payout ratio (6)	—%	—%	—%	225%	119%	95%

FFO as adjusted payout ratio (7)	—%	—%	—%	93%	117%	89%

AFFO payout ratio (8)	—%	—%	—%	87%	99%	90%

(1) See pages 22 through 24 for definitions.
(2) Adjusted EBITDAre is for the quarter multiplied times four. See calculation on page 28.
(3) Adjusted net debt is net debt less 40% times property under development. See pages 22 through 24 for definitions.
(4) Annualized adjusted EBITDAre is Adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other non-recurring items which is then multiplied times four. These calculations can be found on page 28 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 22 through 24 for definitions.
(5) See page 26 for detailed calculation.
(6) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share. The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.
(7) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share. The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.
(8) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share. The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020.
(9) Not presented as ratio is not meaningful given the continuing disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.



			Q1 2021 Supplemental			Page 16



SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
						CARRYING AMOUNT AS OF (1)
DESCRIPTION	INTEREST RATE		PAYOFF DATE/MATURITY DATE	OUTSTANDING PRINCIPAL AMOUNT OF MORTGAGE		MARCH 31, 2021		DECEMBER 31, 2020
Private school property Mableton, Georgia	9.02	%	Prepaid in full	$	—	$	—	$	5,278
Attraction property Powells Point, North Carolina	7.75	%	6/30/2025	28,178		27,372		27,045
Fitness & wellness property Omaha, Nebraska	7.85	%	1/3/2027	10,905		11,252		11,225
Fitness & wellness property Merriam, Kansas	7.55	%	7/31/2029	9,090		9,370		9,355
Ski property Girdwood, Alaska	8.24	%	12/31/2029	42,645		42,515		40,680
Fitness & wellness property Omaha, Nebraska	7.85	%	6/30/2030	9,839		10,082		8,630
Experiential lodging property Nashville, Tennessee	7.01	%	9/30/2031	71,223		69,475		67,235
Eat & play property Austin, Texas	11.31	%	6/1/2033	11,150		11,357		11,929
Ski property West Dover and Wilmington, Vermont	11.78	%	12/1/2034	51,050		51,037		51,031
Four ski properties Ohio and Pennsylvania	10.91	%	12/1/2034	37,562		37,459		37,413
Ski property Chesterland, Ohio	11.38	%	12/1/2034	4,550		4,433		4,396
Ski property Hunter, New York	8.72	%	1/5/2036	21,000		21,000		21,000
Eat & play property Midvale, Utah	10.25	%	5/31/2036	17,505		17,796		18,289
Eat & play property West Chester, Ohio	9.75	%	8/1/2036	18,068		18,348		18,830
Fitness & wellness property Fort Collins, Colorado	7.85	%	1/31/2038	10,292		10,490		10,408
Early childhood education center Lake Mary, Florida	7.87	%	5/9/2039	4,200		4,357		4,348
Eat & play property Eugene, Oregon	8.13	%	6/17/2039	14,700		14,799		14,799
Early childhood education center Lithia, Florida	8.42	%	10/31/2039	3,959		3,827		3,737
Total				$	365,916	$	364,969	$	365,628

(1) Amounts include accrued interest.



			Q1 2021 Supplemental			Page 17



INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)

INVESTMENT SPENDING THREE MONTHS ENDED MARCH 31, 2021
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	2,440	$	2,382	$	58	$	—	$	—	$	—
Eat & Play	30,847		4,061		111		26,675		—		—
Attractions	14		—		14		—		—		—
Ski	1,013		—		—		—		1,013		—
Experiential Lodging	11,993		6,680		3,688		—		—		1,625

Cultural	4,383		—		4		—		4,379		—
Fitness & Wellness	1,423		—		—		—		1,423		—

Total Experiential	52,113		13,123		3,875		26,675		6,815		1,625



Total Education	—		—		—		—		—		—
Total Investment Spending	$	52,113	$	13,123	$	3,875	$	26,675	$	6,815	$	1,625



















2021 DISPOSITIONS
	THREE MONTHS ENDED MARCH 31, 2021
INVESTMENT TYPE	TOTAL DISPOSITIONS		NET PROCEEDS FROM SALE OF REAL ESTATE		NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES
Theatres	$	13,707	$	13,707	$	—


Total Experiential	13,707		13,707		—

Private Schools	5,078		—		5,078

Total Education	5,078		—		5,078
Total Dispositions	$	18,785	$	13,707	$	5,078



			Q1 2021 Supplemental			Page 18



PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT MARCH 31, 2021 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)

	MARCH 31, 2021			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
	PROPERTY UNDER DEVELOPMENT		# OF PROJECTS	2ND QUARTER 2021		3RD QUARTER 2021		4TH QUARTER 2021		1ST QUARTER 2022		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Total Build-to-Suit (3)	$	79,154	10	$	10,990	$	6,300	$	4,100	$	—	$	—	$	100,544	100		%
Non Build-to-Suit Development	15,668

Total Property Under Development	$	94,822

			MARCH 31, 2021	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
			# OF PROJECTS	2ND QUARTER 2021		3RD QUARTER 2021		4TH QUARTER 2021		1ST QUARTER 2022		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 1ST QUARTER 2021
Total Build-to-Suit			10	$	52,587	$	14,739	$	31,175	$	371	$	1,672	$	100,544	$	—

	MARCH 31, 2021			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
	MORTGAGE NOTES RECEIVABLE		# OF PROJECTS	2ND QUARTER 2021		3RD QUARTER 2021		4TH QUARTER 2021		1ST QUARTER 2022		THEREAFTER		TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes	$	52,597	2	$	4,025	$	3,000	$	3,000	$	—	$	5,484	$	68,106
Non Build-to-Suit Mortgage Notes	312,372
Total Mortgage Notes Receivable	$	364,969

(1) This schedule includes only those properties for which the Company has commenced construction as of March 31, 2021.
(2) "Total Expected Costs" and "Total In-Service" each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest as applicable).
(3) Total Build-to-Suit excludes property under development related to the Company's two unconsolidated real estate joint ventures that own recreation anchored lodging properties in St. Petersburg, Florida. The Company's spending estimates for this are estimated at $10.3 million for 2021.

Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. Development projects have risks. See Item 1A - "Risk Factors" in the Company's most recent Annual Report on Form 10-K and, to the extent applicable, the Company's Quarterly Reports on Form 10-Q.



			Q1 2021 Supplemental			Page 19



LEASE EXPIRATIONS
AS OF MARCH 31, 2021
(UNAUDITED, DOLLARS IN THOUSANDS)

YEAR	TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED MARCH 31, 2021 (1)		% OF TOTAL REVENUE (2)
2021	—	$	—	—	%
2022	2	1,705		—	%
2023	2	953		—	%
2024	6	6,123		2	%
2025	2	2,670		1	%
2026	3	5,478		1	%
2027	8	17,106		5	%
2028	12	6,842		2	%
2029	12	7,799		2	%
2030	22	20,011		5	%
2031	13	2,521		1	%
2032	21	8,333		2	%
2033	9	7,749		2	%
2034	40	23,666		6	%
2035	33	59,824		16	%
2036	22	23,045		6	%
2037	32	36,832		10	%
2038	35	23,916		6	%
2039	4	6,739		2	%
2040	2	2,253		1	%
Thereafter	35	24,740		7	%
	315	$	288,305	77	%

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 March 31, 2021 includes lease revenue related to the Company's existing operating ground leases (leases in which the Company is a sub-lessor) as well as the gross-up of tenant reimbursed expenses recognized during the trailing twelve months ended March 31, 2021 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).

(2) Includes the write-offs of straight line rent receivables of $25.4 million and receivables from tenants of $27.1 million against rental revenue during the trailing twelve months ended March 31, 2021.



			Q1 2021 Supplemental			Page 20



TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED, DOLLARS IN THOUSANDS)

		PERCENTAGE OF TOTAL REVENUE
		FOR THE THREE MONTHS ENDED
	CUSTOMERS	MARCH 31, 2021

1.	AMC Theatres	21.3%
2.	Topgolf	18.3%
3.	Cinemark	9.5%
4.	Vail Resorts	6.2%
5.	Camelback Resort	4.7%
6.	Six Flags	3.6%
7.	Endeavor Schools	3.3%
8.	Empire Resorts	2.4%
9.	Creme de la Creme	2.3%
10.	Andretti Indoor Karting & Games	1.6%

	Total	73.2%



			Q1 2021 Supplemental			Page 21

DEFINITIONS - NON-GAAP FINANCIAL MEASURES

EBITDAre

The National Association of Real Estate Investment Trusts (“NAREIT”) developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net (loss) income, computed in accordance with GAAP, excluding interest expense (net), income tax (benefit) expense, depreciation and amortization, gains and losses from disposition of real estate, impairment losses on real estate, costs associated with loan refinancing or payoff and adjustments for unconsolidated partnerships, joint ventures and other affiliates. Management provides EBITDAre herein because it believes this information is useful to investors as a supplemental performance measure as it can help facilitate comparisons of operating performance between periods and with other REITs. The Company's method of calculating EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDAre is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered an alternative to net (loss) 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 that it is an informative measure to use in computing various financial ratios to evaluate the Company. The Company defines Adjusted EBITDAre as EBITDAre (defined above) for the quarter excluding gain on insurance recovery, severance expense, credit loss (benefit) expense, transaction costs, impairment losses on operating lease right-of-use assets and prepayment fees. This number for the quarter is then multiplied by four to get an annual amount. Annualized Adjusted EBITDAre is Adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other non-recurring items including removing any impact from operating properties, which is then multiplied by four to get an annual amount. Additionally, for the year ended December 31, 2020, Adjusted EBITDAre was further adjusted to add back prior period receivable write-offs related to certain theatre tenants placed on cash basis or receiving abatements during the respective periods.

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

NET DEBT AND ADJUSTED NET DEBT

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



			Q1 2021 Supplemental			Page 22

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

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

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

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

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

In addition to FFO, the Company presents AFFO by adding to FFO costs associated with loan refinancing or payoff, transaction costs, credit loss (benefit) expense, severance expense, preferred share redemption costs, impairment of operating lease right-of-use assets, termination fees associated with tenants' exercises of public charter school buy-out options, non-real estate depreciation and amortization, deferred financing fees amortization, share-based compensation expense to management and trustees and amortization of above and below market leases, net and tenant allowances and by subtracting maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue (removing the impact of straight-line ground sublease expense), non-cash portion of mortgage and other financing income, gain on insurance recovery and deferred income tax (benefit) expense. AFFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net (loss) 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 (loss) 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.



			Q1 2021 Supplemental			Page 23

INTEREST COVERAGE RATIO

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

FIXED CHARGE COVERAGE RATIO

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

DEBT SERVICE COVERAGE RATIO

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



			Q1 2021 Supplemental			Page 24

Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

First Quarter Ended March 31, 2021



			Q1 2021 Supplemental			Page 25


CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020		1ST QUARTER 2020		4TH QUARTER 2019
Net income (loss)	$	3,380	$	(19,977)	$	(85,904)	$	(62,965)	$	37,118	$	36,297
Impairment charges	—		22,832		11,561		51,264		—		23,639
Impairment charges on joint ventures	—		—		—		3,247		—		—
Transaction costs	548		814		2,776		771		1,075		5,784
Credit loss (benefit) expense	(2,762)		20,312		5,707		3,484		1,192		—
Interest expense, gross	39,854		43,341		42,312		39,281		36,794		36,442
Severance expense	—		2,868		—		—		—		423

Depreciation and amortization	40,326		42,014		42,059		42,450		43,810		44,530
Share-based compensation expense
to management and trustees	3,784		3,437		3,410		3,463		3,509		3,348

Costs associated with loan refinancing or payoff	241		812		—		820		—		43
Interest cost capitalized	(595)		(404)		(325)		(242)		(262)		(273)
Straight-line rental revenue	(1,288)		(898)		17,969		(2,229)		9,708		(3,516)

Gain on sale of real estate	(201)		(49,877)		—		(22)		(220)		(5,648)
Gain on insurance recovery	(30)		(809)		—		—		—		—



Deferred income tax expense (benefit)	—		—		18,035		(1,676)		(1,113)		(847)
Interest coverage amount	$	83,257	$	64,465	$	57,600	$	77,646	$	131,611	$	140,222

Interest expense, net	$	39,194	$	42,838	$	41,744	$	38,340	$	34,753	$	34,907
Interest income	65		99		243		699		1,779		1,262
Interest cost capitalized	595		404		325		242		262		273
Interest expense, gross	$	39,854	$	43,341	$	42,312	$	39,281	$	36,794	$	36,442

Interest coverage ratio	Footnote 2		Footnote 2		Footnote 2		Footnote 2		3.6		3.8

FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	83,257	$	64,465	$	57,600	$	77,646	$	131,611	$	140,222

Interest expense, gross	$	39,854	$	43,341	$	42,312	$	39,281	$	36,794	$	36,442
Preferred share dividends	6,034		6,034		6,034		6,034		6,034		6,034
Fixed charges	$	45,888	$	49,375	$	48,346	$	45,315	$	42,828	$	42,476
Fixed charge coverage ratio	Footnote 2		Footnote 2		Footnote 2		Footnote 2		3.1		3.3

DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	83,257	$	64,465	$	57,600	$	77,646	$	131,611	$	140,222
Interest expense, gross	$	39,854	$	43,341	$	42,312	$	39,281	$	36,794	$	36,442
Recurring principal payments	—		—		—		—		—		—
Debt service	$	39,854	$	43,341	$	42,312	$	39,281	$	36,794	$	36,442
Debt service coverage ratio	Footnote 2		Footnote 2		Footnote 2		Footnote 2		3.6		3.8
(1) See pages 22 through 24 for definitions.
(2) Not presented as this ratio is not meaningful given the continuing disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income.



			Q1 2021 Supplemental			Page 26



RECONCILIATION OF INTEREST COVERAGE AMOUNT TO NET CASH PROVIDED BY OPERATING ACTIVITIES
(UNAUDITED, DOLLARS IN THOUSANDS)

The interest coverage amount per the table on page 26 is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used by investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
	1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020		1ST QUARTER 2020		4TH QUARTER 2019

Net cash provided (used) by operating activities	$	78,306	$	5,795	$	2,065	$	(31,631)	$	89,044	$	102,268

Equity in loss from joint ventures	(1,431)		(1,364)		(1,044)		(1,724)		(420)		(905)
Distributions from joint ventures	(90)		—		—		—		—		—
Amortization of deferred financing costs	(1,547)		(1,823)		(1,498)		(1,651)		(1,634)		(1,621)
Amortization of above and below market leases, net and tenant allowances	96		96		124		108		152		119
Changes in assets and liabilities, net:
Amortization of operating lease assets and liabilities	120		230		(14)		(287)		(273)		(161)
Mortgage notes and related accrued interest receivable	(280)		3,297		1,154		2,613		512		(8)

Accounts receivable	(18,687)		4,422		(5,053)		62,163		(14,149)		14,320

Direct financing lease receivable	—		—		—		—		—		17
Other assets	7,323		(367)		(2,208)		819		4,454		(1,888)
Accounts payable and accrued liabilities	(997)		404		(4,348)		6,555		13,517		(21,851)
Unearned rents and interest	(18,075)		9,312		5,690		3,100		(6,907)		11,132

Straight-line rental revenue	(1,288)		(898)		17,969		(2,229)		9,708		(3,516)
Interest expense, gross	39,854		43,341		42,312		39,281		36,794		36,442
Interest cost capitalized	(595)		(404)		(325)		(242)		(262)		(273)
Transaction costs	548		814		2,776		771		1,075		5,784

Severance expense (cash portion)	—		1,610		—		—		—		363


Interest coverage amount (1)	$	83,257	$	64,465	$	57,600	$	77,646	$	131,611	$	140,222

Net cash (used) provided by investing activities	$	(29,894)	$	204,883	$	(17,919)	$	(13,219)	$	(39,759)	$	381,255

Net cash (used) provided by financing activities	$	(532,435)	$	(170,716)	$	(5,994)	$	(175,358)	$	649,237	$	(73,886)

(1) See pages 22 through 24 for definitions.



			Q1 2021 Supplemental			Page 27



RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre, ANNUALIZED ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED REVENUE
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (4):	1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020		1ST QUARTER 2020		4TH QUARTER 2019
Net income (loss)	$	3,380	$	(19,977)	$	(85,904)	$	(62,965)	$	37,118	$	36,297
Interest expense, net	39,194		42,838		41,744		38,340		34,753		34,907
Income tax expense (benefit)	407		402		18,417		(1,312)		(751)		(530)
Depreciation and amortization	40,326		42,014		42,059		42,450		43,810		44,530
Gain on sale of real estate	(201)		(49,877)		—		(22)		(220)		(5,648)

Impairment of real estate investments, net (3)	—		22,832		11,561		36,255		—		23,639

Costs associated with loan refinancing or payoff	241		812		—		820		—		43

Allocated share of joint venture depreciation	354		361		369		378		383		551
Allocated share of joint venture interest expense	789		872		741		736		735		735
Impairment charges on joint ventures	—		—		—		3,247		—		—
EBITDAre	$	84,490	$	40,277	$	28,987	$	57,927	$	115,828	$	134,524
Gain on insurance recovery (1)	(30)		(809)		—		—		—		—
Severance expense	—		2,868		—		—		—		423


Transaction costs	548		814		2,776		771		1,075		5,784

Credit loss (benefit) expense	(2,762)		20,312		5,707		3,484		1,192		—
Accounts receivable write-offs from prior periods (2)	—		4,301		13,533		—		—		—
Straight-line receivable write-offs from prior periods (2)	—		870		19,927		—		12,532		—

Impairment of operating lease right-of-use assets (3)	—		—		—		15,009		—		—

Adjusted EBITDAre (for the quarter)	$	82,246	$	68,633	$	70,930	$	77,191	$	130,627	$	140,731
Adjusted EBITDAre (5)	Footnote 10		Footnote 10		Footnote 10		Footnote 10		$	522,508	$	562,924

ANNUALIZED ADJUSTED EBITDAre (4):
Adjusted EBITDAre (for the quarter)	Footnote 10		Footnote 10		Footnote 10		Footnote 10		$	130,627	$	140,731
Corporate/unallocated and other NOI									(145)		403
In-service and disposition adjustments (6)									1,351		(4,580)
Percentage rent/participation adjustments (7)									979		(2,947)
Non-recurring adjustments (8)									3,999		1,170
Annualized Adjusted EBITDAre (for the quarter)									$	136,811	$	134,777
Annualized Adjusted EBITDAre (9)									$	547,244	$	539,108












See footnotes on following page.



			Q1 2021 Supplemental			Page 28


(1) Included in other income in the consolidated statements of (loss) income in the Company's Annual Reports on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Reconciliation is as follows:
	1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020		1ST QUARTER 2020		4TH QUARTER 2019
Income from settlement of foreign currency swap contracts	$	52	$	110	$	154	$	408	$	368	$	252
Gain on insurance recovery	30		809		—		—		—		—
Operating income from operated properties	295		45		16		8		7,201		7,996
Miscellaneous income	301		4		12		—		4		138
Other income	$	678	$	968	$	182	$	416	$	7,573	$	8,386

(2) Included in rental revenue from continuing operations in the consolidated statements of (loss) income in the Company's Annual Reports on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Reconciliation is as follows:
	1ST QUARTER 2021		4TH QUARTER 2020		3RD QUARTER 2020		2ND QUARTER 2020		1ST QUARTER 2020		4TH QUARTER 2019
Minimum rent	$	94,190	$	79,342	$	83,230	$	89,589	$	138,219	$	139,529
Accounts receivable write-offs from prior periods	—		(4,301)		(13,533)		—		—		—
Tenant reimbursements	4,822		4,831		2,413		4,169		3,698		5,790
Percentage rent	2,030		3,040		1,303		1,454		2,757		6,428
Straight-line rental revenue	1,289		1,768		1,958		2,229		2,824		2,926
Straight-line write-offs from prior periods	—		(870)		(19,927)		—		(12,532)		—
Other rental revenue	283		201		147		90		77		92
Rental revenue	$	102,614	$	84,011	$	55,591	$	97,531	$	135,043	$	154,765

(3) Impairment charges recognized during the three months ended June 30, 2020 totaled $51.3 million, which was comprised of $36.3 million of impairments of real estate investments and $15.0 million of impairments of operating lease right-of-use assets.
(4) See pages 22 through 24 for definitions.
(5) Adjusted EBITDAre for the quarter is multiplied by four to calculate an annual amount.

(6) Adjustments for properties commencing or terminating GAAP net operating income during the quarter and adjustments to revenue from mortgage notes receivable to be consistent with end of quarter balance, for continuing properties only.
(7) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the trailing twelve month amount divided by four.
(8) Non-recurring adjustments relate to properties under operating agreements with third parties, as applicable, and COVID-19 related adjustments.
(9) Annualized Adjusted EBITDAre for the quarter is multiplied by four to calculate an annual amount.

(10) Not presented as this metric is not meaningful given the continuing disruption caused by the COVID-19 pandemic and the associated accounting for tenant rent deferrals and other lease modifications.
Amounts above include the impact of discontinued operations, which are separately classified in the consolidated statements of (loss) income.



			Q1 2021 Supplemental			Page 29

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