Enhanced Investments - Financial Portal

Published: 2023-02-22 00:00:00 ET

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Exhibit 99.3


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
Summary of Unconsolidated Joint Ventures																								18
Investment Spending and Disposition Summaries																								19
Property Under Development - Investment Spending Estimates																								20
Portfolio Detail																								21

Lease Expirations																								22
Top Ten Customers by Total Revenue																								23

Guidance																								24
Definitions-Non-GAAP Financial Measures																								25
Appendix-Reconciliation of Certain Non-GAAP Financial Measures																								28



			Q4 2022 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 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 our guidance, the uncertain financial impact of the COVID-19 pandemic, uncertainties regarding the ultimate impact of a customer's pending bankruptcy proceeding on our existing leases with Regal theatre tenants, our capital resources and liquidity, our pursuit of growth opportunities, the timing of transaction closings and investment spending, our expected cash flows, the performance of our customers, our expected cash collections and our results of operations and financial condition. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

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

NON-GAAP INFORMATION

This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See pages 25 through 27 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 28 through 32.



			Q4 2022 Supplemental			Page 3

COMPANY PROFILE


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

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

BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO



			Q4 2022 Supplemental			Page 4


INVESTOR INFORMATION

SENIOR MANAGEMENT

Greg Silvers						Mark Peterson
Chairman, 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						Elizabeth Grace
Senior Vice President and Chief Accounting Officer						Senior Vice President - Human Resources and Administration


COMPANY INFORMATION

CORPORATE HEADQUARTERS						TRADING SYMBOLS
909 Walnut Street, Suite 200						Common Stock:
Kansas City, MO 64106						EPR
816-472-1700						Preferred Stock:
www.eprkc.com						EPR-PrC
						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	Nick Joseph	212-816-1383

Janney Montgomery Scott	Rob Stevenson	646-840-3217
J.P. Morgan	Anthony Paolone	212-622-6682
Kansas City Capital Associates	Jonathan Braatz	816-932-8019
Keybanc Capital Markets	Todd Thomas	917-368-2286
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
Truist	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.



			Q4 2022 Supplemental			Page 5


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

	THREE MONTHS ENDED DECEMBER 31,						YEAR ENDED DECEMBER 31,
OPERATING INFORMATION:	2022			2021			2022		2021
Revenue	$	178,703		$	154,906		$	658,031	$	531,680
Net income available to common shareholders of EPR Properties	36,287			38,523			152,088		74,472




EBITDAre (1)	140,328			126,046			511,512		429,450
Adjusted EBITDAre (1)	135,524			122,660			519,143		409,699
Interest expense, net	31,879			34,005			131,175		148,095

Capitalized interest	680			225			1,286		1,567
Straight-lined rental revenue	2,291			1,974			6,993		5,664
Dividends declared on preferred shares	6,042			6,034			24,141		24,134
Dividends declared on common shares	61,896			56,105			243,757		112,209
General and administrative expense	13,082			10,496			51,579		44,362

	DECEMBER 31,
BALANCE SHEET INFORMATION:	2022			2021
Total assets	$	5,758,701		$	5,801,150
Accumulated depreciation	1,302,640			1,167,734
Cash and cash equivalents	107,934			288,822
Total assets before accumulated depreciation less cash and cash equivalents (gross assets)	6,953,407			6,680,062
Debt	2,810,111			2,804,365
Deferred financing costs, net	31,118			36,864
Net debt (1)	2,733,295			2,552,407
Equity	2,535,719			2,618,039
Common shares outstanding	75,025			74,808
Total market capitalization (using EOP closing price and liquidation values) (2)	5,934,256			6,476,062
Net debt/total market capitalization ratio (1)	46		%	39		%
Debt to total assets ratio	49		%	48		%
Net debt/gross assets ratio (1)	39		%	38		%

Net debt/Adjusted EBITDAre ratio (1) (3)	5.0			5.2


(1) See pages 25 through 27 for definitions. See calculation on page 31, as applicable.
(2) See calculation on page 15.
(3) Adjusted EBITDAre in this calculation is for the three month period multiplied times four. See pages 25 through 27 for definitions. See calculation on page 31.



			Q4 2022 Supplemental			Page 6


SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)

ASSETS	4TH QUARTER 2022		3RD QUARTER 2022		2ND QUARTER 2022		1ST QUARTER 2022		4TH QUARTER 2021		3RD QUARTER 2021
Real estate investments	$	6,016,776	$	6,048,144	$	6,081,941	$	5,945,204	$	5,880,825	$	5,943,074
Less: accumulated depreciation	(1,302,640)		(1,278,427)		(1,243,240)		(1,206,317)		(1,167,734)		(1,142,513)
Land held for development	20,168		20,168		20,168		20,168		20,168		21,875
Property under development	76,029		56,347		8,241		10,885		42,362		20,166
Operating lease right-of-use assets	200,985		199,031		202,708		177,174		180,808		175,987
Mortgage notes and related accrued interest receivable	457,268		399,485		374,617		370,021		370,159		369,134

Investment in joint ventures	52,964		50,124		47,705		36,564		36,670		38,729
Cash and cash equivalents	107,934		160,838		168,266		323,761		288,822		144,433
Restricted cash	2,577		5,252		1,277		2,956		1,079		5,142
Accounts receivable	53,587		53,375		60,176		60,704		78,073		80,491

Other assets	73,053		78,422		71,583		76,950		69,918		64,639
Total assets	$	5,758,701	$	5,792,759	$	5,793,442	$	5,818,070	$	5,801,150	$	5,721,157

LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	80,087	$	83,384	$	67,178	$	92,999	$	73,462	$	87,021
Operating lease liabilities	241,407		237,254		240,595		215,112		218,795		214,065
Common dividends payable	21,405		21,411		21,146		20,946		18,896		18,802
Preferred dividends payable	6,033		6,033		6,033		6,033		6,034		6,033
Unearned rents and interest	63,939		79,943		72,833		76,013		61,559		79,692
Line of credit	—		—		—		—		—		—
Deferred financing costs, net	(31,118)		(32,642)		(34,149)		(35,376)		(36,864)		(32,166)
Other debt	2,841,229		2,841,229		2,841,229		2,841,229		2,841,229		2,716,229
Total liabilities	3,222,982		3,236,612		3,214,865		3,216,956		3,183,111		3,089,676
Equity:
Common stock and additional paid-in-capital	3,900,557		3,896,179		3,891,509		3,887,065		3,877,639		3,873,599
Preferred stock at par value	148		148		148		148		148		148
Treasury stock	(269,751)		(269,744)		(269,608)		(269,608)		(264,817)		(264,679)

Accumulated other comprehensive income	1,897		1,097		10,675		10,471		9,955		9,625
Distributions in excess of net income	(1,097,132)		(1,071,533)		(1,054,147)		(1,026,962)		(1,004,886)		(987,212)


Total equity	2,535,719		2,556,147		2,578,577		2,601,114		2,618,039		2,631,481
Total liabilities and equity	$	5,758,701	$	5,792,759	$	5,793,442	$	5,818,070	$	5,801,150	$	5,721,157



			Q4 2022 Supplemental			Page 7


SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)

	4TH QUARTER 2022		3RD QUARTER 2022		2ND QUARTER 2022		1ST QUARTER 2022		4TH QUARTER 2021		3RD QUARTER 2021
Rental revenue	$	152,652	$	140,471	$	142,875	$	139,603	$	137,345	$	123,040
Other income	16,756		11,360		9,961		9,305		9,014		8,091
Mortgage and other financing income	9,295		9,579		7,610		8,564		8,547		8,516
Total revenue	178,703		161,410		160,446		157,472		154,906		139,647

Property operating expense	13,747		14,707		13,592		13,939		12,933		13,815
Other expense	7,705		9,135		8,872		8,097		8,313		7,851
General and administrative expense	13,082		12,582		12,691		13,224		10,496		11,154


Transaction costs	993		148		1,145		2,247		60		2,132
Credit loss expense (benefit)	1,369		241		9,512		(306)		(2,295)		(14,096)
Impairment charges	22,998		—		—		4,351		—		2,711
Depreciation and amortization	41,303		41,539		40,766		40,044		40,294		42,612
Total operating expenses	101,197		78,352		86,578		81,596		69,801		66,179
Gain on sale of real estate	347		304		—		—		16,382		787
Income from operations	77,853		83,362		73,868		75,876		101,487		74,255
Costs associated with loan refinancing or payoff	—		—		—		—		20,469		4,741
Interest expense, net	31,879		32,747		33,289		33,260		34,005		36,584
Equity in loss (income) from joint ventures	3,559		(572)		(1,421)		106		2,059		418
Impairment charges on joint ventures	—		—		647		—		—		—
Income before income taxes	42,415		51,187		41,353		42,510		44,954		32,512
Income tax expense	86		388		444		318		397		395









Net income	42,329		50,799		40,909		42,192		44,557		32,117

Preferred dividend requirements	6,042		6,033		6,033		6,033		6,034		6,033

Net income available to common shareholders of EPR Properties	$	36,287	$	44,766	$	34,876	$	36,159	$	38,523	$	26,084



			Q4 2022 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):	4TH QUARTER 2022		3RD QUARTER 2022		2ND QUARTER 2022		1ST QUARTER 2022		4TH QUARTER 2021		3RD QUARTER 2021
Net income available to common shareholders of EPR Properties	$	36,287	$	44,766	$	34,876	$	36,159	$	38,523	$	26,084
Gain on sale of real estate	(347)		(304)		—		—		(16,382)		(787)


Impairment of real estate investments, net (2)	21,030		—		—		4,351		—		2,711

Real estate depreciation and amortization	41,100		41,331		40,563		39,827		40,095		42,415
Allocated share of joint venture depreciation	1,833		2,093		1,996		1,487		1,561		966
Impairment charges on joint ventures	—		—		647		—		—		—
FFO available to common shareholders of EPR Properties	$	99,903	$	87,886	$	78,082	$	81,824	$	63,797	$	71,389
FFO available to common shareholders of EPR Properties	$	99,903	$	87,886	$	78,082	$	81,824	$	63,797	$	71,389
Add: Preferred dividends for Series C preferred shares	1,938		1,938		1,938		1,938		—		—
Add: Preferred dividends for Series E preferred shares	1,939		1,939		1,939		1,939		—		—
Diluted FFO available to common shareholders of EPR Properties	$	103,780	$	91,763	$	81,959	$	85,701	$	63,797	$	71,389
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties	$	99,903	$	87,886	$	78,082	$	81,824	$	63,797	$	71,389
Transaction costs	993		148		1,145		2,247		60		2,132
Credit loss expense (benefit)	1,369		241		9,512		(306)		(2,295)		(14,096)
Costs associated with loan refinancing or payoff	—		—		—		—		20,469		4,741
Sale participation income (included in other income)	(9,134)		—		—		—		—		—





Impairment of operating lease right-of-use asset (2)	1,968		—		—		—		—		—


Gain on insurance recovery (included in other income)	—		—		—		(552)		(1,151)		—
Deferred income tax benefit	(132)		(37)		—		—		—		—
FFO as adjusted available to common shareholders of EPR Properties	$	94,967	$	88,238	$	88,739	$	83,213	$	80,880	$	64,166
FFO as adjusted available to common shareholders of EPR Properties	$	94,967	$	88,238	$	88,739	$	83,213	$	80,880	$	64,166
Add: Preferred dividends for Series C preferred shares	1,938		1,938		1,938		1,938		1,938		—
Add: Preferred dividends for Series E preferred shares	1,939		1,939		1,939		1,939		1,939		—
Diluted FFO as adjusted available to common shareholders of EPR Properties	$	98,844	$	92,115	$	92,616	$	87,090	$	84,757	$	64,166
FFO per common share:
Basic	$	1.33	$	1.17	$	1.04	$	1.09	$	0.85	$	0.95
Diluted	1.31		1.16		1.04		1.09		0.85		0.95
FFO as adjusted per common share:
Basic	$	1.27	$	1.18	$	1.18	$	1.11	$	1.08	$	0.86
Diluted	1.25		1.16		1.17		1.10		1.08		0.86
Shares used for computation (in thousands):
Basic	75,022		75,016		74,986		74,843		74,806		74,804
Diluted	75,111		75,183		75,234		75,047		74,808		74,911

Effect of dilutive Series C preferred shares	2,261		2,250		2,245		2,241		2,237		—

Effect of dilutive Series E preferred shares	1,664		1,664		1,664		1,664		1,664		—
Adjusted weighted-average shares outstanding-diluted Series C and Series E	79,036		79,097		79,143		78,952		78,709		74,911
(1) See pages 25 through 27 for definitions.
(2) Impairment charges recognized during the three months ended December 31, 2022 totaled $23.0 million, which was comprised of $21.0 million of impairments of real estate investments and a $2.0 million impairment of an operating lease right-of-use asset.



			Q4 2022 Supplemental			Page 9


ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):	4TH QUARTER 2022			3RD QUARTER 2022			2ND QUARTER 2022			1ST QUARTER 2022			4TH QUARTER 2021			3RD QUARTER 2021
FFO available to common shareholders of EPR Properties	$	99,903		$	87,886		$	78,082		$	81,824		$	63,797		$	71,389
Adjustments:
Transaction costs	993			148			1,145			2,247			60			2,132
Credit loss expense (benefit)	1,369			241			9,512			(306)			(2,295)			(14,096)
Costs associated with loan refinancing or payoff	—			—			—			—			20,469			4,741
Sale participation income (included in other income)	(9,134)			—			—			—			—			—
Impairment of operating lease right-of-use asset (2)	1,968			—			—			—			—			—







Gain on insurance recovery (included in other income)	—			—			—			(552)			(1,151)			—
Deferred income tax benefit	(132)			(37)			—			—			—			—

Non-real estate depreciation and amortization	203			208			203			217			199			197
Deferred financing fees amortization	2,109			2,090			2,090			2,071			2,335			2,210
Share-based compensation expense to management and trustees	4,114			4,138			4,169			4,245			3,685			3,759
Amortization of above/below market leases, net and tenant allowances	(90)			(89)			(89)			(87)			(92)			(98)
Maintenance capital expenditures (3)	(2,674)			(386)			(134)			(1,351)			(1,718)			(690)
Straight-lined rental revenue	(2,291)			(2,374)			(1,733)			(595)			(1,974)			(981)
Straight-lined ground sublease expense	581			602			261			248			89			98
Non-cash portion of mortgage and other financing income	(120)			(119)			(118)			(116)			(114)			55
AFFO available to common shareholders of EPR Properties	$	96,799		$	92,308		$	93,388		$	87,845		$	83,290		$	68,716

AFFO available to common shareholders of EPR Properties	$	96,799		$	92,308		$	93,388		$	87,845		$	83,290		$	68,716
Add: Preferred dividends for Series C preferred shares	1,938			1,938			1,938			1,938			1,938			—
Add: Preferred dividends for Series E preferred shares	1,939			1,939			1,939			1,939			1,939			—
Diluted AFFO available to common shareholders of EPR Properties	$	100,676		$	96,185		$	97,265		$	91,722		$	87,167		$	68,716

Weighted average diluted shares outstanding (in thousands)	75,111			75,183			75,234			75,047			74,808			74,911
Effect of dilutive Series C preferred shares	2,261			2,250			2,245			2,241			2,237			—
Effect of dilutive Series E preferred shares	1,664			1,664			1,664			1,664			1,664			—
Adjusted weighted-average shares outstanding-diluted	79,036			79,097			79,143			78,952			78,709			74,911

AFFO per diluted common share	$	1.27		$	1.22		$	1.23		$	1.16		$	1.11		$	0.92
Dividends declared per common share	$	0.825		$	0.825		$	0.825		$	0.775		$	0.750		$	0.7500
AFFO payout ratio (4)	65		%	68		%	67		%	67		%	68		%	82		%
(1) See pages 25 through 27 for definitions.

(2) Impairment charges recognized during the three months ended December 31, 2022 totaled $23.0 million, which was comprised of $21.0 million of impairments of real estate investments and a $2.0 million impairment of an operating lease right-of-use asset.
(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.



			Q4 2022 Supplemental			Page 10


CAPITAL STRUCTURE AS OF DECEMBER 31, 2022
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
	BONDS/TERM LOAN/OTHER (1)		UNSECURED CREDIT FACILITY (2)		UNSECURED SENIOR NOTES			TOTAL		WEIGHTED AVG INTEREST RATE
YEAR
2023	$	—	$	—	$	—		$	—	—%
2024	—		—		136,637			136,637		4.35%
2025	—		—		300,000			300,000		4.50%
2026	—		—		629,597			629,597		4.70%
2027	—		—		450,000			450,000		4.50%
2028	—		—		400,000			400,000		4.95%
2029	—		—		500,000			500,000		3.75%
2030	—		—		—			—		—%
2031	—		—		400,000			400,000		3.60%
2032	—		—		—			—		—%
2033	—		—		—			—		—%
Thereafter	24,995		—		—			24,995		2.53%
Less: deferred financing costs, net	—		—		—			(31,118)		—%
	$	24,995	$	—	$	2,816,234		$	2,810,111	4.32%

			BALANCE		WEIGHTED AVG INTEREST RATE			WEIGHTED AVG MATURITY
Fixed rate unsecured debt			$	2,816,234	4.30		%	5.03
Fixed rate secured debt (1)			24,995		2.53		%	24.58


Less: deferred financing costs, net			(31,118)		—		%	—
Total			$	2,810,111	4.32		%	5.25

(1) Includes $25 million of secured bonds that have been fixed through interest rate swaps through September 30, 2026.

(2) Unsecured Revolving Credit Facility Summary:

			BALANCE					RATE
	COMMITMENT		AT 12/31/2022		MATURITY			AT 12/31/2022

	$1,000,000		$—		October 6, 2025			5.584%

	Note: This facility will mature on October 6, 2025 and has two six-month extensions available at the Company's option and includes an accordion feature pursuant to which the maximum borrowing amount can be increased from $1.0 billion to $2.0 billion, in each case, subject to certain terms and conditions.



			Q4 2022 Supplemental			Page 11


CAPITAL STRUCTURE AS OF DECEMBER 31, 2022 AND 2021
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT (continued)

SUMMARY OF DEBT:	December 31, 2022		December 31, 2021


Senior unsecured notes payable, 4.35%, due August 22, 2024	136,637		136,637
Senior unsecured notes payable, 4.50%, due April 1, 2025	300,000		300,000

Senior unsecured notes payable, 4.56%, due August 22, 2026	179,597		179,597
Senior unsecured notes payable, 4.75%, due December 15, 2026	450,000		450,000
Senior unsecured notes payable, 4.50%, due June 1, 2027	450,000		450,000
Senior unsecured notes payable, 4.95%, due April 15, 2028	400,000		400,000
Senior unsecured notes payable, 3.75%, due August 15, 2029	500,000		500,000
Senior unsecured notes payable, 3.60%, due November 15, 2031	400,000		400,000
Bonds payable, variable rate, fixed at 2.53% through September 30, 2026, due August 1, 2047	24,995		24,995
Less: deferred financing costs, net	(31,118)		(36,864)
Total debt	$	2,810,111	$	2,804,365



			Q4 2022 Supplemental			Page 12

CAPITAL STRUCTURE

SENIOR NOTES

SENIOR DEBT RATINGS AS OF DECEMBER 31, 2022

Moody's

Baa3 (stable)

Fitch

BBB- (stable)

Standard and Poor's

BBB- (stable)

SUMMARY OF COVENANTS

The Company had outstanding public senior unsecured notes with fixed interest rates of 3.60%, 3.75%, 4.50%, 4.75% and 4.95% at December 31, 2022. Interest on these notes is paid semiannually. These public senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.

The following is a summary of the key financial covenants for the Company's 3.60%, 3.75%, 4.50%, 4.75% and 4.95% public senior unsecured notes, as defined and calculated per the 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 December 31, 2022 and September 30, 2022 are:

Actual

NOTE COVENANTS

Required

4th Quarter 2022 (1)

3rd Quarter 2022 (1)

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

≤ 60%

40%

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

≤ 40%

—%

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

≥ 1.5 x

4.1x

4.0x

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

≥ 150% of unsecured debt

235%

(1) See page 14 for details of calculations.



			Q4 2022 Supplemental			Page 13


CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)

COVENANT CALCULATIONS

TOTAL ASSETS:	December 31, 2022				TOTAL DEBT:				December 31, 2022
Total Assets per balance sheet	$	5,758,701			Secured debt obligations				$	24,995
Add: accumulated depreciation	1,302,640				Unsecured debt obligations:
Less: intangible assets, net	(36,622)				Unsecured debt				2,816,234
Total Assets	$	7,024,719			Outstanding letters of credit				—
					Guarantees				510
TOTAL UNENCUMBERED ASSETS:	December 31, 2022				Derivatives at fair market value, net, if liability				—
Unencumbered real estate assets, gross	$	6,411,455			Total unsecured debt obligations:				2,816,744
Cash and cash equivalents	107,934				Total Debt				$	2,841,739
Land held for development	20,168
Property under development	76,029
Total Unencumbered Assets	$	6,615,586


CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	4TH QUARTER 2022		3RD QUARTER 2022		2ND QUARTER 2022		1ST QUARTER 2022		TRAILING TWELVE MONTHS
Adjusted EBITDAre	$	135,524	$	129,473	$	129,984	$	124,162	$	519,143



Less: straight-line revenue, net, included in adjusted EBITDAre	(2,291)		(2,374)		(1,733)		(595)		(6,993)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	133,233	$	127,099	$	128,251	$	123,567	$	512,150

ANNUAL DEBT SERVICE:
Interest expense, gross	$	33,522	$	33,595	$	33,512	$	33,483	$	134,112

Less: deferred financing fees amortization	(2,109)		(2,090)		(2,090)		(2,071)		(8,360)
ANNUAL DEBT SERVICE	$	31,413	$	31,505	$	31,422	$	31,412	$	125,752

DEBT SERVICE COVERAGE	4.2		4.0		4.1		3.9		4.1



			Q4 2022 Supplemental			Page 14


CAPITAL STRUCTURE AS OF DECEMBER 31, 2022
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)

EQUITY
SECURITY	SHARES OUTSTANDING	PRICE PER SHARE AT DECEMBER 31, 2022	LIQUIDATION PREFERENCE	DIVIDEND RATE	CONVERTIBLE		CONVERSION RATIO AT DECEMBER 31, 2022	CONVERSION PRICE AT DECEMBER 31, 2022

Common shares	75,025,274	$37.72	N/A	(1)	N/A		N/A	N/A
Series C	5,392,916	$17.97	$134,823	5.750%	Y		0.4192	$59.64
Series E	3,447,381	$25.73	$86,185	9.000%	Y		0.4826	$51.80
Series G	6,000,000	$16.79	$150,000	5.750%	N		N/A	N/A

CALCULATION OF TOTAL MARKET CAPITALIZATION:

Common shares outstanding at December 31, 2022 multiplied by closing price at December 31, 2022					$	2,829,953
Aggregate liquidation value of Series C preferred shares (2)					134,823
Aggregate liquidation value of Series E preferred shares (2)					86,185
Aggregate liquidation value of Series G preferred shares (2)					150,000
Net debt at December 31, 2022 (3)					2,733,295
Total consolidated market capitalization					$	5,934,256

(1) Total monthly dividends declared in the fourth quarter of 2022 were $0.825 per share.
(2) Excludes accrued unpaid dividends at December 31, 2022
(3) See pages 25 through 27 for definitions.



			Q4 2022 Supplemental			Page 15


SUMMARY OF RATIOS
(UNAUDITED)

	4TH QUARTER 2022	3RD QUARTER 2022	2ND QUARTER 2022	1ST QUARTER 2022	4TH QUARTER 2021	3RD QUARTER 2021
Debt to total assets ratio	49%	48%	48%	48%	48%	47%

Net debt to total market capitalization ratio (1)	46%	47%	41%	41%	39%	Footnote 7

Net debt to gross assets ratio (1)	39%	39%	39%	38%	38%	38%

Net debt/Adjusted EBITDAre ratio (1)(2)	5.0	5.2	5.1	5.1	5.2	Footnote 7









Interest coverage ratio (3)	4.0	3.8	3.8	3.7	3.5	Footnote 7

Fixed charge coverage ratio (3)	3.4	3.2	3.3	3.2	3.0	Footnote 7

Debt service coverage ratio (3)	4.0	3.8	3.8	3.7	3.5	Footnote 7

FFO payout ratio (4)	63%	71%	79%	71%	88%	79%

FFO as adjusted payout ratio (5)	66%	71%	71%	70%	69%	87%

AFFO payout ratio (6)	65%	68%	67%	67%	68%	82%

(1) See pages 25 through 27 for definitions. See prior period supplementals for detailed calculations as applicable.
(2) Adjusted EBITDAre is for the quarter multiplied times four. See calculation on page 31.


(3) See page 29 for detailed calculation.
(4) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(5) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(6) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.
(7) Not presented as this ratio is not meaningful given the disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.



			Q4 2022 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		DECEMBER 31, 2022		DECEMBER 31, 2021
Attraction property Powells Point, North Carolina	7.75	%	6/30/2025	$	29,378	$	29,227	$	28,243
Fitness & wellness property Omaha, Nebraska	7.85	%	1/3/2027	10,905		10,898		10,940
Fitness & wellness property Merriam, Kansas	7.55	%	7/31/2029	9,090		9,195		9,159
Fitness & wellness property Omaha, Nebraska	11.24	%	6/30/2030	10,539		10,531		10,615
Experiential lodging property Nashville, Tennessee	6.99	%	9/30/2031	70,000		70,576		70,896
Ski property Girdwood, Alaska	8.72	%	7/31/2032	72,777		72,366		45,877
Fitness & wellness properties Colorado and California	7.15	%	1/10/2033	56,751		56,911		—
Eat & play property Austin, Texas	11.31	%	6/1/2033	10,253		10,253		10,874
Experiential lodging property Breaux Bridge, LA	7.25	%	3/8/2034	11,305		11,373		—
Ski property West Dover and Wilmington, Vermont	12.14	%	12/1/2034	51,050		51,049		51,047
Four ski properties Ohio and Pennsylvania	11.24	%	12/1/2034	37,562		37,529		37,519
Ski property Chesterland, Ohio	11.72	%	12/1/2034	4,550		4,532		4,516
Ski property Hunter, New York	8.88	%	1/5/2036	21,000		21,000		21,000
Eat & play property Midvale, Utah	10.25	%	5/31/2036	17,505		17,505		17,639
Eat & play property West Chester, Ohio	9.75	%	8/1/2036	18,068		18,066		18,198
Fitness & wellness property Fort Collins, Colorado	7.85	%	1/31/2038	10,292		10,089		10,277
Early childhood education center Lake Mary, Florida	8.10	%	5/9/2039	4,200		4,360		4,329
Eat & play property Eugene, Oregon	8.13	%	6/17/2039	14,700		7,780		14,996
Early childhood education center Lithia, Florida	8.75	%	10/31/2039	3,959		4,028		4,034
Experiential lodging property Frankenmuth, Michigan	8.25	%	10/14/2042	—		—		—
Total				$	463,884	$	457,268	$	370,159

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



			Q4 2022 Supplemental			Page 17

SUMMARY OF UNCONSOLIDATED JOINT VENTURES

(UNAUDITED, DOLLARS IN THOUSANDS)

PROPERTY

ACQUISITION DATE

PROPERTY TYPE

LOCATION

CARRYING VALUE AT DECEMBER 31, 2022

OWNERSHIP INTEREST

Bellwether Beach Resort & Beachcomber Beach Resort Hotel

12/2018

Experiential lodging

St. Pete Beach, Florida

18,712

Jellystone Park Warrens

8/2021

Experiential lodging

Warrens, Wisconsin

10,865

Camp Margaritaville Breaux Bridge

5/2022

Experiential lodging

Breaux Bridge, Louisiana

17,080

Jellystone Kozy Rest

11/2022

Experiential lodging

Harrisville, Pennsylvania

6,307


	AS OF DECEMBER 31, 2022
	TOTAL		EPR PORTION (2)
Total assets	$	246,611	$	182,542
Mortgage notes payable due to third parties	161,270		117,688
Mortgage note payable due to EPR (1)	11,305		9,609

	THREE MONTHS ENDED DECEMBER 31, 2022				YEAR ENDED DECEMBER 31, 2022
	TOTAL		EPR PORTION (2)		TOTAL		EPR PORTION (2)
Revenue and other income	$	13,737	$	9,559	$	65,374	$	47,226
Operating expenses	15,283		10,917		57,692		42,289
Net operating (loss) income	$	(1,546)	$	(1,358)	$	7,682	$	4,937
Interest expense	3,129		2,201		9,400		6,609
Net loss	$	(4,675)	$	(3,559)	$	(1,718)	$	(1,672)
Allocated share of joint venture depreciation (2)			1,833				7,409
FFOAA (2)			$	(1,726)			$	5,737

(1) Mortgage note payable to EPR matures on March 8, 2034, with an interest rate of 7.25% through the sixth anniversary and SOFR plus 7.20%, with a cap of 8%, through maturity.
(2) Non-GAAP financial measure. See pages 25 through 27 for definitions.


SUMMARY OF UNCONSOLIDATED MORTGAGE NOTES PAYABLE DUE TO THIRD PARTIES
				DECEMBER 31, 2022
PROPERTY	MATURITY	EXTENSIONS	INTEREST RATE	TOTAL		EPR PORTION (2)
Bellwether Beach Resort & Beachcomber Beach Resort Hotel	May 18, 2025	Two additional one-year extensions	SOFR plus 3.65%, with SOFR capped at 3.5% through June 1, 2024	$	105,000	$	68,250
Jellystone Park Warrens	September 15, 2031	n/a	4.00%	17,260		16,397
Camp Margaritaville Breaux Bridge	March 8, 2034	n/a	3.85% through April 7, 2025; 4.25% April 8, 2025 through maturity	38,500		32,725
Jellystone Kozy Rest	November 1, 2029	n/a	6.38%	510		316
Total mortgage notes payable due to third parties				$	161,270	$	117,688



			Q4 2022 Supplemental			Page 18


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

INVESTMENT SPENDING THREE MONTHS ENDED DECEMBER 31, 2022
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	—	$	—	$	—	$	—	$	—	$	—
Eat & Play	7,335		6,364		971		—		—		—
Attractions	702		—		702		—		—		—
Ski	778		—		—		—		778		—
Experiential Lodging	9,060		—		—		—		—		9,060
Fitness & Wellness	63,297		533		6,013		—		56,751		—

Cultural	84		—		84		—		—		—
Total Experiential	81,256		6,897		7,770		—		57,529		9,060





Total Investment Spending	$	81,256	$	6,897	$	7,770	$	—	$	57,529	$	9,060

INVESTMENT SPENDING YEAR ENDED DECEMBER 31, 2022
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	622	$	5	$	617	$	—	$	—	$	—
Eat & Play	24,747		23,151		1,596		—		—		—
Attractions	145,026		—		2,261		142,765		—		—
Ski	27,178		—		—		—		27,178		—
Experiential Lodging	77,782		4,354		—		—		11,305		62,123
Fitness & Wellness	127,057		44,090		6,358		19,858		56,751		—

Cultural	107		—		107		—		—		—
Total Experiential	402,519		71,600		10,939		162,623		95,234		62,123





Total Investment Spending	$	402,519	$	71,600	$	10,939	$	162,623	$	95,234	$	62,123

2022 DISPOSITIONS
	THREE MONTHS ENDED DECEMBER 31, 2022						YEAR ENDED DECEMBER 31, 2022
INVESTMENT TYPE	TOTAL DISPOSITIONS		NET PROCEEDS FROM SALE OF REAL ESTATE		NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES		TOTAL DISPOSITIONS		NET PROCEEDS FROM SALE OF REAL ESTATE		NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES
Theatres	$	970	$	970	$	—	$	10,885	$	10,885	$	—
Eat & Play	—		—		—		80		80		—

Total Experiential	970		970		—		10,965		10,965		—





Total Dispositions	$	970	$	970	$	—	$	10,965	$	10,965	$	—



			Q4 2022 Supplemental			Page 19



PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT DECEMBER 31, 2022 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)

	DECEMBER 31, 2022			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
	PROPERTY UNDER DEVELOPMENT		# OF PROJECTS	1ST QUARTER 2023		2ND QUARTER 2023		3RD QUARTER 2023		4TH QUARTER 2023		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Total Build-to-Suit (3)	$	70,296	6	$	19,912	$	19,554	$	22,129	$	19,801	$	54,197	$	205,889	100		%
Non Build-to-Suit Development	5,733

Total Property Under Development	$	76,029

			DECEMBER 31, 2022	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
			# OF PROJECTS	1ST QUARTER 2023		2ND QUARTER 2023		3RD QUARTER 2023		4TH QUARTER 2023		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 4TH QUARTER 2022
Total Build-to-Suit			6	$	—	$	—	$	39,643	$	6,988	$	159,258	$	205,889	$	2,339

	DECEMBER 31, 2022			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
	MORTGAGE NOTES RECEIVABLE		# OF PROJECTS	1ST QUARTER 2023		2ND QUARTER 2023		3RD QUARTER 2023		4TH QUARTER 2023		THEREAFTER		TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes	$	129,277	3	$	22,750	$	25,935	$	23,430	$	8,063	$	2,488	$	211,943
Non Build-to-Suit Mortgage Notes	327,991
Total Mortgage Notes Receivable	$	457,268

(1) This schedule includes only those properties for which the Company has commenced construction as of December 31, 2022.
(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 real estate joint ventures that own an experiential lodging property in Warrens, Wisconsin and Harrisville, Pennsylvania. The Company's spending for these joint ventures is estimated at $8.3 million and $3.4 million, respectively, for 2023.

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.



			Q4 2022 Supplemental			Page 20



PORTFOLIO DETAIL AS OF DECEMBER 31, 2022
(UNAUDITED)


PROPERTY TYPE	PROPERTIES	OPERATORS		ANNUALIZED ADJUSTED EBITDAre (1)		STRATEGIC FOCUS

Theatres (2)	172	19		41	%	Reduce
Eat & Play	57	8	(3)	24	%	Grow
Attractions	23	7		11	%	Grow
Ski	11	3		7	%	Grow
Experiential Lodging	7	4		4	%	Grow
Fitness & Wellness	15	5		3	%	Grow
Gaming	1	1		2	%	Grow
Cultural	3	2		1	%	Grow
EXPERIENTIAL PORTFOLIO	289	49		93	%

Early Childhood Education	65	7		5	%	Reduce
Private schools	9	1		2	%	Reduce
EDUCATION PORTFOLIO	74	8		7	%

TOTAL PORTFOLIO	363	57		100	%

(1) See pages 25 through 27 for definitions.

(2) Excludes seven theatres located in Entertainment Districts (included in Eat & Play).
(3) Excludes non-theatre operators at Entertainment districts.



			Q4 2022 Supplemental			Page 21



LEASE EXPIRATIONS
AS OF DECEMBER 31, 2022
(UNAUDITED, DOLLARS IN THOUSANDS)

YEAR	TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE YEAR ENDED DECEMBER 31, 2022 (1)		% OF TOTAL REVENUE
2023	—	$	—	—	%
2024	6	10,982		2	%
2025	3	3,355		—	%
2026	3	8,158		1	%
2027	9	24,133		4	%
2028	13	24,724		4	%
2029	12	19,251		3	%
2030	22	32,446		5	%
2031	13	19,083		3	%
2032	20	28,606		4	%
2033	10	12,675		2	%
2034	40	67,818		10	%
2035	32	76,745		12	%
2036	27	49,684		7	%
2037	32	67,706		10	%
2038	35	38,727		6	%
2039	3	5,490		1	%
2040	3	6,642		1	%
2041	31	18,616		3	%
2042	4	10,524		2	%
Thereafter	7	16,964		2	%
	325	$	542,329	82	%

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 December 31, 2022 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 year ended December 31, 2022 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).



			Q4 2022 Supplemental			Page 22



TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED)

		PERCENTAGE OF TOTAL REVENUE	PERCENTAGE OF TOTAL REVENUE
		FOR THE THREE MONTHS ENDED	FOR THE YEAR ENDED
	CUSTOMERS	DECEMBER 31, 2022 (1)	DECEMBER 31, 2022 (1)

1.	Topgolf	13.8%	14.3%
2.	AMC Theatres	13.1%	14.4%
3.	Regal Entertainment Group	12.6%	12.2%
4.	Cinemark	6.0%	6.4%
5.	Premier Parks	4.5%	3.6%
6.	Vail Resorts	3.9%	4.3%
7.	Camelback Resort	3.1%	3.3%
8.	Six Flags	2.7%	2.7%
9.	VSS Southern	2.4%	2.6%
10.	Resorts World	2.2%	2.0%

	Total	64.3%	65.8%

(1) Excludes sale participation income and deferral collections for cash basis tenants recognized as revenue for the three months and year ended December 31, 2022.



			Q4 2022 Supplemental			Page 23

GUIDANCE

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


MEASURE	2023 GUIDANCE
	CURRENT
Investment spending	$200.0	to	$300.0

Percentage rent	$8.5	to	$12.5
General and administrative expense	$54.0	to	$57.0

(1) Due to the uncertainty related to Regal's bankruptcy proceedings, the Company is not providing 2023 earnings guidance at this time. Earnings guidance will be provided subsequent to resolution of such proceedings.

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



			Q4 2022 Supplemental			Page 24

DEFINITIONS - NON-GAAP FINANCIAL MEASURES

EBITDAre

The National Association of Real Estate Investment Trusts (“NAREIT”) developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income (loss), computed in accordance with GAAP, excluding interest expense (net), income tax expense (benefit), 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 (loss) 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 sale participation income, 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 further adjusted to reflect (1) in-service and disposed projects (2) construction in process at the initial cash yield of the projects upon completion (3) removal of other non-recurring items and (4) annualization of the following items to ultimately reflect the financial results of the trailing twelve months: (i) percentage rent and participating interest income (ii) non-Regal deferral collections not previously recognized as income and (iii) Adjusted EBITDAre of managed properties and joint ventures.

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

NET DEBT

Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced 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. 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.



			Q4 2022 Supplemental			Page 25

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

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

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

NAREIT developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income (loss) available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, the Company calculates FFO as net income (loss) available to common shareholders, computed in accordance with GAAP, excluding gains and losses from disposition of real estate and impairment losses on real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. The Company has calculated FFO for all periods presented in accordance with this definition. In addition, the Company presents FFO as adjusted. Management believes it is useful to provide FFO as adjusted as a supplemental measure to GAAP net income (loss) available to common shareholders and earnings per share. FFO as adjusted is FFO plus transaction costs, credit loss expense (benefit), costs associated with loan refinancing or payoff, severance expense, preferred share redemption costs and impairment of operating lease right-of-use assets, and by subtracting sale participation income, gain on insurance recovery and deferred income tax expense (benefit). FFO and FFO as adjusted are non-GAAP financial measures. FFO and FFO as adjusted do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income (loss) 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 transaction costs, credit loss expense (benefit), costs associated with loan refinancing or payoff, 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 sale participation income, maintenance capital expenditures (including second generation tenant improvements and leasing commissions), straight-lined rental revenue (removing the impact of straight-line ground sublease expense), non-cash portion of mortgage and other financing income, gain on insurance recovery and deferred income tax (benefit) expense. AFFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income (loss) available to common shareholders and earnings per share and management provides AFFO herein because it believes this information is useful to investors in this regard. AFFO is a non-GAAP financial measure. AFFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income (loss) 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.



			Q4 2022 Supplemental			Page 26

INTEREST COVERAGE RATIO

The interest coverage ratio is calculated as the interest coverage amount divided by interest expense, gross. The Company calculates the interest coverage amount by adding to net income (loss) 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 sale participation income, 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.

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

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



			Q4 2022 Supplemental			Page 27

Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

Fourth Quarter and Year Ended December 31, 2022



			Q4 2022 Supplemental			Page 28


CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	4TH QUARTER 2022		3RD QUARTER 2022		2ND QUARTER 2022		1ST QUARTER 2022		4TH QUARTER 2021		3RD QUARTER 2021
Net income	$	42,329	$	50,799	$	40,909	$	42,192	$	44,557	$	32,117
Impairment charges	22,998		—		—		4,351		—		2,711
Impairment charges on joint ventures	—		—		647		—		—		—
Transaction costs	993		148		1,145		2,247		60		2,132
Credit loss expense (benefit)	1,369		241		9,512		(306)		(2,295)		(14,096)
Interest expense, gross	33,522		33,595		33,512		33,483		34,251		36,841


Depreciation and amortization	41,303		41,539		40,766		40,044		40,294		42,612
Share-based compensation expense
to management and trustees	4,114		4,138		4,169		4,245		3,685		3,759

Costs associated with loan refinancing or payoff	—		—		—		—		20,469		4,741
Sale participation income	(9,134)		—		—		—		—		—
Interest cost capitalized	(680)		(335)		(71)		(200)		(225)		(233)
Straight-line rental revenue	(2,291)		(2,374)		(1,733)		(595)		(1,974)		(981)

Gain on sale of real estate	(347)		(304)		—		—		(16,382)		(787)
Gain on insurance recovery	—		—		—		(552)		(1,151)		—



Deferred income tax expense (benefit)	(132)		(37)		—		—		—		—
Interest coverage amount	$	134,044	$	127,410	$	128,856	$	124,909	$	121,289	$	108,816

Interest expense, net	$	31,879	$	32,747	$	33,289	$	33,260	$	34,005	$	36,584
Interest income	963		513		152		23		21		24
Interest cost capitalized	680		335		71		200		225		233
Interest expense, gross	$	33,522	$	33,595	$	33,512	$	33,483	$	34,251	$	36,841

Interest coverage ratio	4.0		3.8		3.8		3.7		3.5		Footnote 2

FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	134,044	$	127,410	$	128,856	$	124,909	$	121,289	$	108,816

Interest expense, gross	$	33,522	$	33,595	$	33,512	$	33,483	$	34,251	$	36,841
Preferred share dividends	6,042		6,033		6,033		6,033		6,034		6,033
Fixed charges	$	39,564	$	39,628	$	39,545	$	39,516	$	40,285	$	42,874
Fixed charge coverage ratio	3.4		3.2		3.3		3.2		3.0		Footnote 2

DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	134,044	$	127,410	$	128,856	$	124,909	$	121,289	$	108,816
Interest expense, gross	$	33,522	$	33,595	$	33,512	$	33,483	$	34,251	$	36,841
Recurring principal payments	—		—		—		—		—		—
Debt service	$	33,522	$	33,595	$	33,512	$	33,483	$	34,251	$	36,841
Debt service coverage ratio	4.0		3.8		3.8		3.7		3.5		Footnote 2
(1) See pages 25 through 27 for definitions.
(2) Not presented as this ratio for this period is not meaningful given the disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.



			Q4 2022 Supplemental			Page 29


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 29 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:
	4TH QUARTER 2022		3RD QUARTER 2022		2ND QUARTER 2022		1ST QUARTER 2022		4TH QUARTER 2021		3RD QUARTER 2021

Net cash provided by operating activities	$	92,041	$	132,625	$	88,963	$	128,087	$	70,501	$	95,624

Equity in (loss) income from joint ventures	(3,559)		572		1,421		(106)		(2,059)		(418)
Distributions from joint ventures	—		—		(780)		—		—		—
Amortization of deferred financing costs	(2,109)		(2,090)		(2,090)		(2,071)		(2,335)		(2,210)
Amortization of above and below market leases, net and tenant allowances	90		89		89		87		92		98
Changes in assets and liabilities, net:
Amortization of operating lease assets and liabilities	(226)		(337)		51		49		172		146
Mortgage notes and related accrued interest receivable	576		274		(40)		(310)		(557)		(154)
Accounts receivable	188		(3,994)		(4,744)		(17,424)		(1,177)		(10,692)


Other assets	(617)		(2,812)		(1,959)		5,861		(642)		(4,396)
Accounts payable and accrued liabilities	9,186		(20,807)		12,177		(15,132)		14,164		(7,230)
Unearned rents and interest	16,064		(7,144)		2,915		(9,067)		11,018		289

Straight-line rental revenue	(2,291)		(2,374)		(1,733)		(595)		(1,974)		(981)
Interest expense, gross	33,522		33,595		33,512		33,483		34,251		36,841
Interest cost capitalized	(680)		(335)		(71)		(200)		(225)		(233)
Sale participation income	(9,134)		—		—		—		—		—
Transaction costs	993		148		1,145		2,247		60		2,132




Interest coverage amount (1)	$	134,044	$	127,410	$	128,856	$	124,909	$	121,289	$	108,816

Net cash (used) provided by investing activities	$	(79,920)	$	(67,945)	$	(178,685)	$	(25,035)	$	41,339	$	(12,711)

Net cash (used) provided by financing activities	$	(67,677)	$	(67,524)	$	(67,898)	$	(66,293)	$	28,595	$	(446,643)

(1) See pages 25 through 27 for definitions.



			Q4 2022 Supplemental			Page 30


RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (3):	4TH QUARTER 2022		3RD QUARTER 2022		2ND QUARTER 2022		1ST QUARTER 2022		4TH QUARTER 2021		3RD QUARTER 2021
Net income	$	42,329	$	50,799	$	40,909	$	42,192	$	44,557	$	32,117
Interest expense, net	31,879		32,747		33,289		33,260		34,005		36,584
Income tax expense	86		388		444		318		397		395
Depreciation and amortization	41,303		41,539		40,766		40,044		40,294		42,612
Gain on sale of real estate	(347)		(304)		—		—		(16,382)		(787)

Impairment of real estate investments, net (2)	21,030		—		—		4,351		—		2,711

Costs associated with loan refinancing or payoff	—		—		—		—		20,469		4,741

Allocated share of joint venture depreciation	1,833		2,093		1,996		1,487		1,561		966
Allocated share of joint venture interest expense	2,215		1,822		1,276		1,121		1,145		981
Impairment charges on joint ventures	—		—		647		—		—		—
EBITDAre	$	140,328	$	129,084	$	119,327	$	122,773	$	126,046	$	120,320
Sale participation income (1)	(9,134)		—		—		—		—		—
Gain on insurance recovery (1)	—		—		—		(552)		(1,151)		—



Transaction costs	993		148		1,145		2,247		60		2,132

Credit loss expense (benefit)	1,369		241		9,512		(306)		(2,295)		(14,096)



Impairment of operating lease right-of-use asset (2)	1,968		—		—		—		—		—

Adjusted EBITDAre (for the quarter)	$	135,524	$	129,473	$	129,984	$	124,162	$	122,660	$	108,356
Adjusted EBITDAre (4)	$	542,096	$	517,892	$	519,936	$	496,648	$	490,640	Footnote 4

ANNUALIZED ADJUSTED EBITDAre (3):
Adjusted EBITDAre (for the quarter)	$	135,524	$	129,473	$	129,984	$	124,162	Footnote 5		Footnote 5
Corporate/unallocated and other NOI	(462)		(160)		207		159
In-service and disposition adjustments (6)	602		305		3,063		855
Managed and JV property adjustments (7)	3,370		—		—		—
Construction in process adjustments (8)	1,522		—		—		—
Percentage rent/participation adjustments (7)	(2,824)		797		1,481		(693)
Deferral collections not previously recognized adjustments (7)	(4,318)		(5,432)		(5,038)		(1,609)
Non-recurring adjustments (9)	(694)		6,505		(1,300)		(697)
Annualized Adjusted EBITDAre (for the quarter)	$	132,720	$	131,488	$	128,397	$	122,177
Annualized Adjusted EBITDAre (10)	$	530,880	$	525,952	$	513,588	$	488,708












See footnotes on following page.



			Q4 2022 Supplemental			Page 31


(1) Included in other income in the consolidated statements of income (loss) in the Company's Annual Reports on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Reconciliation is as follows:
	4TH QUARTER 2022		3RD QUARTER 2022		2ND QUARTER 2022		1ST QUARTER 2022		4TH QUARTER 2021		3RD QUARTER 2021
Income from settlement of foreign currency swap contracts	$	246	$	159	$	26	$	45	$	41	$	39
Sale participation income	9,134		—		—		—		—		—
Gain on insurance recovery	—		—		—		552		1,151		—
Operating income from operated properties	7,325		11,186		9,370		8,648		7,815		7,860
Fee income	—		—		—		—		—		187
Miscellaneous income	51		15		565		60		7		5
Other income	$	16,756	$	11,360	$	9,961	$	9,305	$	9,014	$	8,091













(2) Impairment charges recognized during the three months ended December 31, 2022 totaled $23.0 million, which was comprised of $21.0 million of impairments of real estate investments and a $2.0 million impairment of an operating lease right-of-use asset.
(3) See pages 25 through 27 for definitions.
(4) Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount.
(5) Not presented as this metric is not meaningful given the disruption caused by COVID-19 and the associated accounting for tenant rent deferrals and other lease modifications.
(6) Adjustments for rental properties commencing or terminating GAAP net operating income during the quarter and adjustments to revenue from mortgage notes receivable to be consistent with end of quarter balance.
(7) To annualize amounts from the actual latest quarterly amount to the trailing 12 month amount divided by four and in the case of deferral collections not previously recognized for the fourth quarter of 2022, remove all such amounts related to Regal only.
(8) To add in income for construction in process at the estimated initial cash yield of the projects upon completion.
(9) Adjustments for various non-recurring items during the quarter.
(10) Annualized Adjusted EBITDAre for the quarter is multiplied by four to calculate an annual amount.



			Q4 2022 Supplemental			Page 32