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Published: 2022-08-01 00:00:00 ET
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Exhibit 99.3

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TABLE OF CONTENTS
SECTIONPAGE
Company Profile
Investor Information
Selected Financial Information
Selected Balance Sheet Information
Selected Operating Data
Funds From Operations and Funds From Operations as Adjusted
Adjusted Funds From Operations
Capital Structure
Summary of Ratios
Summary of Mortgage Notes Receivable
Summary of Unconsolidated Joint Ventures
Investment Spending and Disposition Summaries
Property Under Development - Investment Spending Estimates
Portfolio Detail
Lease Expirations
Top Ten Customers by Total Revenue
Guidance
Definitions-Non-GAAP Financial Measures
Appendix-Reconciliation of Certain Non-GAAP Financial Measures

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Q2 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 Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our guidance, the uncertain financial impact of the COVID-19 pandemic, 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.



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Q2 2022 Supplemental
Page 3

COMPANY PROFILE
THE COMPANYCOMPANY 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.
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As part of our strategic planning and portfolio management process we assess new opportunities against the following underwriting principles:
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BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO
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Q2 2022 Supplemental
Page 4

INVESTOR INFORMATION
SENIOR MANAGEMENT
Greg SilversMark Peterson
Chairman and Chief Executive OfficerExecutive Vice President and Chief Financial Officer
Craig EvansGreg Zimmerman
Executive Vice President, General Counsel and SecretaryExecutive Vice President and Chief Investment Officer
Tonya MaterElizabeth Grace
Senior Vice President and Chief Accounting OfficerSenior Vice President - Human Resources and Administration
COMPANY INFORMATION
CORPORATE HEADQUARTERSTRADING SYMBOLS
909 Walnut Street, Suite 200Common Stock:
Kansas City, MO 64106EPR
888-EPR-REITPreferred Stock:
www.eprkc.comEPR-PrC
EPR-PrE
STOCK EXCHANGE LISTINGEPR-PrG
New York Stock Exchange
EQUITY RESEARCH COVERAGE
Bank of America Merrill LynchJeffrey Spector/Joshua Dennerlein646-855-1363
Citi Global MarketsMichael Bilerman/Nick Joseph212-816-4471
Janney Montgomery ScottRob Stevenson646-840-3217
J.P. MorganAnthony Paolone212-622-6682
Kansas City Capital AssociatesJonathan Braatz816-932-8019
Keybanc Capital MarketsTodd Thomas917-368-2286
Ladenburg ThalmannJohn Massocca212-409-2056
Raymond James & AssociatesRJ Milligan727-567-2585
RBC Capital MarketsMichael Carroll440-715-2649
StifelSimon Yarmak443-224-1345
TruistKi Bin Kim212-303-4124

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.
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Q2 2022 Supplemental
Page 5

SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
OPERATING INFORMATION:2022202120222021
Revenue$160,446 $125,362 $317,918 $237,127 
Net income available to common shareholders of EPR Properties34,876 12,519 71,035 9,865 
EBITDAre (1)119,327 98,594 242,100 183,084 
Adjusted EBITDAre (1)129,984 96,437 254,146 178,683 
Interest expense, net33,289 38,312 66,549 77,506 
Capitalized interest71 514 271 1,109 
Straight-lined rental revenue1,733 1,420 2,328 2,708 
Dividends declared on preferred shares6,033 6,033 12,066 12,067 
Dividends declared on common shares61,873 — 119,972 — 
General and administrative expense12,691 11,376 25,915 22,712 
JUNE 30,
BALANCE SHEET INFORMATION:20222021
Total assets$5,793,442 $6,142,212 
Accumulated depreciation1,243,240 1,130,409 
Cash and cash equivalents168,266 509,836 
Total assets before accumulated depreciation less cash and cash equivalents (gross assets)6,868,416 6,762,785 
Debt2,807,080 3,081,485 
Deferred financing costs, net34,149 34,744 
Net debt (1)2,672,963 2,606,393 
Equity2,578,577 2,653,295 
Common shares outstanding75,012 74,803 
Total market capitalization (using EOP closing price and liquidation values) (2)6,564,298 6,918,031 
Net debt/total market capitalization ratio (1)41 %Footnote 4
Net debt/gross assets ratio (1)39 %39 %
Net debt/Adjusted EBITDAre ratio (1) (3)5.1 Footnote 4
(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.
(4) 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.
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Q2 2022 Supplemental
Page 6

SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)
ASSETS2ND QUARTER 20221ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 2021
Real estate investments$6,081,941 $5,945,204 $5,880,825 $5,943,074 $5,965,061 $5,902,833 
Less: accumulated depreciation(1,243,240)(1,206,317)(1,167,734)(1,142,513)(1,130,409)(1,101,727)
Land held for development20,168 20,168 20,168 21,875 23,225 23,225 
Property under development8,241 10,885 42,362 20,166 35,082 94,822 
Operating lease right-of-use assets202,708 177,174 180,808 175,987 179,354 179,113 
Mortgage notes and related accrued interest receivable374,617 370,021 370,159 369,134 366,064 364,969 
Investment in joint ventures47,705 36,564 36,670 38,729 27,476 28,313 
Cash and cash equivalents168,266 323,761 288,822 144,433 509,836 538,077 
Restricted cash1,277 2,956 1,079 5,142 3,570 5,928 
Accounts receivable60,176 60,704 78,073 80,491 91,319 97,517 
Other assets71,583 76,950 69,918 64,639 71,634 75,032 
Total assets$5,793,442 $5,818,070 $5,801,150 $5,721,157 $6,142,212 $6,208,102 
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities
$67,178 $92,999 $73,462 $87,021 $103,778 $95,085 
Operating lease liabilities
240,595 215,112 218,795 214,065 217,575 217,448 
Common dividends payable
21,146 20,946 18,896 18,802 54 44 
Preferred dividends payable
6,033 6,033 6,034 6,033 6,033 6,034 
Unearned rents and interest
72,833 76,013 61,559 79,692 79,992 83,565 
Line of credit
— — — — — 90,000 
Deferred financing costs, net
(34,149)(35,376)(36,864)(32,166)(34,744)(35,036)
Other debt
2,841,229 2,841,229 2,841,229 2,716,229 3,116,229 3,116,229 
Total liabilities3,214,865 3,216,956 3,183,111 3,089,676 3,488,917 3,573,369 
Equity:
Common stock and additional paid-in-capital
3,891,509 3,887,065 3,877,639 3,873,599 3,869,687 3,865,243 
Preferred stock at par value
148 148 148 148 148 148 
Treasury stock
(269,608)(269,608)(264,817)(264,679)(264,660)(263,982)
Accumulated other comprehensive income10,675 10,471 9,955 9,625 5,265 2,978 
Distributions in excess of net income
(1,054,147)(1,026,962)(1,004,886)(987,212)(957,145)(969,654)
Total equity2,578,577 2,601,114 2,618,039 2,631,481 2,653,295 2,634,733 
Total liabilities and equity$5,793,442 $5,818,070 $5,801,150 $5,721,157 $6,142,212 $6,208,102 
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Q2 2022 Supplemental
Page 7

SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)
2ND QUARTER 20221ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 2021
Rental revenue$142,875 $139,603 $137,345 $123,040 $115,883 $102,614 
Other income9,961 9,305 9,014 8,091 1,033 678 
Mortgage and other financing income7,610 8,564 8,547 8,516 8,446 8,473 
Total revenue160,446 157,472 154,906 139,647 125,362 111,765 
Property operating expense13,592 13,939 12,933 13,815 14,678 15,313 
Other expense8,872 8,097 8,313 7,851 3,025 2,552 
General and administrative expense12,691 13,224 10,496 11,154 11,376 11,336 
Transaction costs1,145 2,247 60 2,132 662 548 
Credit loss expense (benefit)9,512 (306)(2,295)(14,096)(2,819)(2,762)
Impairment charges— 4,351 — 2,711 — — 
Depreciation and amortization40,766 40,044 40,294 42,612 40,538 40,326 
Total operating expenses86,578 81,596 69,801 66,179 67,460 67,313 
Gain on sale of real estate— — 16,382 787 511 201 
Income from operations73,868 75,876 101,487 74,255 58,413 44,653 
Costs associated with loan refinancing or payoff— — 20,469 4,741 — 241 
Interest expense, net33,289 33,260 34,005 36,584 38,312 39,194 
Equity in (income) loss from joint ventures(1,421)106 2,059 418 1,151 1,431 
Impairment charges on joint ventures647 — — — — — 
Income before income taxes41,353 42,510 44,954 32,512 18,950 3,787 
Income tax expense444 318 397 395 398 407 
Net income40,909 42,192 44,557 32,117 18,552 3,380 
Preferred dividend requirements6,033 6,033 6,034 6,033 6,033 6,034 
Net income (loss) available to common shareholders of EPR Properties$34,876 $36,159 $38,523 $26,084 $12,519 $(2,654)
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Q2 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):2ND QUARTER 20221ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 2021
Net income (loss) available to common shareholders of EPR Properties$34,876 $36,159 $38,523 $26,084 $12,519 $(2,654)
Gain on sale of real estate— — (16,382)(787)(511)(201)
Impairment of real estate investments, net— 4,351 — 2,711 — — 
Real estate depreciation and amortization40,563 39,827 40,095 42,415 40,332 40,109 
Allocated share of joint venture depreciation1,996 1,487 1,561 966 459 354 
Impairment charges on joint ventures647 — — — — — 
FFO available to common shareholders of EPR Properties$78,082 $81,824 $63,797 $71,389 $52,799 $37,608 
FFO available to common shareholders of EPR Properties$78,082 $81,824 $63,797 $71,389 $52,799 $37,608 
Add: Preferred dividends for Series C preferred shares1,938 1,938 — — — — 
Add: Preferred dividends for Series E preferred shares1,939 1,939 — — — — 
Diluted FFO available to common shareholders of EPR Properties$81,959 $85,701 $63,797 $71,389 $52,799 $37,608 
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties$78,082 $81,824 $63,797 $71,389 $52,799 $37,608 
Costs associated with loan refinancing or payoff— — 20,469 4,741 — 241 
Transaction costs1,145 2,247 60 2,132 662 548 
Credit loss expense (benefit) 9,512 (306)(2,295)(14,096)(2,819)(2,762)
Gain on insurance recovery (included in other income)— (552)(1,151)— — (30)
FFO as adjusted available to common shareholders of EPR Properties$88,739 $83,213 $80,880 $64,166 $50,642 $35,605 
FFO as adjusted available to common shareholders of EPR Properties$88,739 $83,213 $80,880 $64,166 $50,642 $35,605 
Add: Preferred dividends for Series C preferred shares1,938 1,938 1,938 — — — 
Add: Preferred dividends for Series E preferred shares1,939 1,939 1,939 — — — 
Diluted FFO as adjusted available to common shareholders of EPR Properties$92,616 $87,090 $84,757 $64,166 $50,642 $35,605 
FFO per common share:
Basic$1.04 $1.09 $0.85 $0.95 $0.71 $0.50 
Diluted1.04 1.09 0.85 0.95 0.71 0.50 
FFO as adjusted per common share:
Basic$1.18 $1.11 $1.08 $0.86 $0.68 $0.48 
Diluted1.17 1.10 1.08 0.86 0.68 0.48 
Shares used for computation (in thousands):
Basic74,986 74,843 74,806 74,804 74,781 74,627 
Diluted75,234 75,047 74,808 74,911 74,870 74,669 
Effect of dilutive Series C preferred shares2,245 2,241 2,237 — — — 
Effect of dilutive Series E preferred shares1,664 1,664 1,664 — — — 
Adjusted weighted-average shares outstanding-diluted Series C and Series E79,143 78,952 78,709 74,911 74,870 74,669 
(1) See pages 25 through 27 for definitions.
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Q2 2022 Supplemental
Page 9

ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):2ND QUARTER 20221ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 2021
FFO available to common shareholders of EPR Properties
$78,082 $81,824 $63,797 $71,389 $52,799 $37,608 
Adjustments:
Costs associated with loan refinancing or payoff
— — 20,469 4,741 — 241 
Transaction costs1,145 2,247 60 2,132 662 548 
Credit loss expense (benefit)9,512 (306)(2,295)(14,096)(2,819)(2,762)
Gain on insurance recovery (included in other income)— (552)(1,151)— — (30)
Non-real estate depreciation and amortization203 217 199 197 206 217 
Deferred financing fees amortization2,090 2,071 2,335 2,210 1,574 1,547 
Share-based compensation expense to management and trustees
4,169 4,245 3,685 3,759 3,675 3,784 
Amortization of above/below market leases, net and tenant allowances(89)(87)(92)(98)(99)(96)
Maintenance capital expenditures (2)(134)(1,351)(1,718)(690)(1,467)(756)
Straight-lined rental revenue(1,733)(595)(1,974)(981)(1,420)(1,289)
Straight-lined ground sublease expense261 248 89 98 111 84 
Non-cash portion of mortgage and other financing income
(118)(116)(114)55 (216)(171)
AFFO available to common shareholders of EPR Properties$93,388 $87,845 $83,290 $68,716 $53,006 $38,925 
AFFO available to common shareholders of EPR Properties$93,388 $87,845 $83,290 $68,716 $53,006 $38,925 
Add: Preferred dividends for Series C preferred shares1,938 1,938 1,938 — — — 
Add: Preferred dividends for Series E preferred shares1,939 1,939 1,939 — — — 
Diluted AFFO available to common shareholders of EPR Properties$97,265 $91,722 $87,167 $68,716 $53,006 $38,925 
Weighted average diluted shares outstanding (in thousands)
75,234 75,047 74,808 74,911 74,870 74,669 
Effect of dilutive Series C preferred shares2,245 2,241 2,237 — — — 
Effect of dilutive Series E preferred shares1,664 1,664 1,664 — — — 
Adjusted weighted-average shares outstanding-diluted79,143 78,952 78,709 74,911 74,870 74,669 
AFFO per diluted common share$1.23 $1.16 $1.11 $0.92 $0.71 $0.52 
Dividends declared per common share$0.825 $0.775 $0.750 $0.7500 $— $— 
AFFO payout ratio (3)67 %67 %68 %82 %— %— %
(1) See pages 25 through 27 for definitions.
(2) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share. The monthly cash dividend to common shareholders was temporarily suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020. On July 13, 2021, following termination of the Covenant Relief Period, the Company resumed regular monthly cash dividends to common shareholders.
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Q2 2022 Supplemental
Page 10

CAPITAL STRUCTURE AS OF JUNE 30, 2022
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
BONDS/TERM LOAN/OTHER (1)UNSECURED CREDIT FACILITY (2)UNSECURED SENIOR NOTESTOTALWEIGHTED AVG INTEREST RATE
YEAR
2022$— $— $— $— —%
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— — — — —%
Thereafter24,995 — — 24,995 1.39%
Less: deferred financing costs, net— — — (34,149)—%
$24,995 $— $2,816,234 $2,807,080 4.31%
BALANCEWEIGHTED AVG INTEREST RATEWEIGHTED AVG MATURITY
Fixed rate unsecured debt$2,816,234 4.30 %5.53 
Fixed rate secured debt (1)24,995 1.39 %25.09
Less: deferred financing costs, net(34,149)— %— 
     Total$2,807,080 4.31 %5.75
(1) Includes $25 million of secured bonds that have been fixed through interest rate swaps through September 30, 2024.
(2) Unsecured Revolving Credit Facility Summary:
BALANCERATE
COMMITMENT
AT 6/30/2022
MATURITY
AT 6/30/2022
$1,000,000$—October 6, 20252.987%
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.
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CAPITAL STRUCTURE AS OF JUNE 30, 2022 AND DECEMBER 31, 2021
(UNAUDITED, DOLLARS IN THOUSANDS)
CONSOLIDATED DEBT (continued)
SUMMARY OF DEBT:June 30, 2022December 31, 2021
Senior unsecured notes payable, 4.35%, due August 22, 2024136,637 136,637 
Senior unsecured notes payable, 4.50%, due April 1, 2025300,000 300,000 
Senior unsecured notes payable, 4.56%, due August 22, 2026179,597 179,597 
Senior unsecured notes payable, 4.75%, due December 15, 2026450,000 450,000 
Senior unsecured notes payable, 4.50%, due June 1, 2027450,000 450,000 
Senior unsecured notes payable, 4.95%, due April 15, 2028400,000 400,000 
Senior unsecured notes payable, 3.75%, due August 15, 2029500,000 500,000 
Senior unsecured notes payable, 3.60%, due November 15, 2031400,000 400,000 
Bonds payable, variable rate, fixed at 1.39% through September 30, 2024, due August 1, 204724,995 24,995 
Less: deferred financing costs, net(34,149)(36,864)
Total debt$2,807,080 $2,804,365 


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CAPITAL STRUCTURE
SENIOR NOTES
SENIOR DEBT RATINGS AS OF JUNE 30, 2022
Moody'sBaa3 (stable)
FitchBBB- (stable)
Standard and Poor'sBBB- (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 June 30, 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 June 30, 2022 and March 31, 2022 are:
ActualActual
NOTE COVENANTSRequired2nd Quarter 2022 (1)1st Quarter 2022 (1)
Limitation on incurrence of total debt (Total Debt/Total Assets)≤ 60%41%41%
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 x3.7x3.3x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)≥ 150% of unsecured debt234%234%
(1) See page 14 for details of calculations.

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CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)
COVENANT CALCULATIONS
TOTAL ASSETS:June 30, 2022TOTAL DEBT:June 30, 2022
Total Assets per balance sheet$5,793,442 Secured debt obligations$24,995 
Add: accumulated depreciation1,243,240 Unsecured debt obligations:
Less: intangible assets, net(38,296)Unsecured debt2,816,234 
Total Assets$6,998,386 Outstanding letters of credit— 
Guarantees— 
TOTAL UNENCUMBERED ASSETS:June 30, 2022Derivatives at fair market value, net, if liability— 
Unencumbered real estate assets, gross$6,382,596 Total unsecured debt obligations:2,816,234 
Cash and cash equivalents168,266 Total Debt$2,841,229 
Land held for development20,168 
Property under development8,241 
Total Unencumbered Assets$6,579,271 
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:2ND QUARTER 20221ST QUARTER 20224TH QUARTER 20213RD QUARTER 2021TRAILING TWELVE MONTHS
Adjusted EBITDAre $129,984 $124,162 $122,660 $108,356 $485,162 
Less: straight-line revenue, net, included in adjusted EBITDAre(1,733)(595)(1,974)(981)(5,283)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE$128,251 $123,567 $120,686 $107,375 $479,879 
ANNUAL DEBT SERVICE:
Interest expense, gross$33,512 $33,483 $34,251 $36,841 $138,087 
Less: deferred financing fees amortization(2,090)(2,071)(2,335)(2,210)(8,706)
ANNUAL DEBT SERVICE$31,422 $31,412 $31,916 $34,631 $129,381 
DEBT SERVICE COVERAGE4.1 3.9 3.8 3.1 3.7 
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CAPITAL STRUCTURE AS OF JUNE 30, 2022
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)
EQUITY
SECURITYSHARES OUTSTANDING
PRICE PER SHARE AT JUNE 30, 2022
LIQUIDATION PREFERENCEDIVIDEND RATECONVERTIBLE
CONVERSION RATIO AT JUNE 30, 2022
CONVERSION PRICE AT JUNE 30, 2022
Common shares75,012,290$46.93N/A(1)N/AN/AN/A
Series C5,392,916$22.07$134,8235.750%Y0.4163$60.05
Series E3,447,381$30.00$86,1859.000%Y0.4826$51.80
Series G6,000,000$21.61$150,0005.750%NN/AN/A
CALCULATION OF TOTAL MARKET CAPITALIZATION:
Common shares outstanding at June 30, 2022 multiplied by closing price at June 30, 2022
$3,520,327 
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 June 30, 2022 (3)
2,672,963 
Total consolidated market capitalization$6,564,298 
(1) Total monthly dividends declared in the second quarter of 2022 were $0.825 per share.
(2) Excludes accrued unpaid dividends at June 30, 2022
(3) See pages 25 through 27 for definitions.


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SUMMARY OF RATIOS
(UNAUDITED)
2ND QUARTER 20221ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 2021
Net debt to total market capitalization ratio (1)41%Footnote 7Footnote 7Footnote 7Footnote 7Footnote 7
Net debt to gross assets ratio (1)39%38%38%38%39%39%
Net debt/Adjusted EBITDAre ratio (1)(2)5.15.15.2Footnote 7Footnote 7Footnote 7
Interest coverage ratio (3)3.83.73.5Footnote 7Footnote 7Footnote 7
Fixed charge coverage ratio (3)3.33.23.0Footnote 7Footnote 7Footnote 7
Debt service coverage ratio (3)3.83.73.5Footnote 7Footnote 7Footnote 7
FFO payout ratio (4) (8)79%71%88%79%—%—%
FFO as adjusted payout ratio (5) (8)71%70%69%87%—%—%
AFFO payout ratio (6) (8)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.
(8) The monthly cash dividend to common shareholders was temporarily suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020. On July 13, 2021, following termination of the Covenant Relief Period, the Company resumed regular monthly cash dividends to common shareholders.
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SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
CARRYING AMOUNT AS OF (1)
DESCRIPTIONINTEREST RATEPAYOFF DATE/MATURITY DATEOUTSTANDING PRINCIPAL AMOUNT OF MORTGAGEJUNE 30, 2022DECEMBER 31, 2021
Attraction property Powells Point, North Carolina
7.75 %
6/30/2025
$29,035 $28,879 $28,243 
Fitness & wellness property Omaha, Nebraska7.85 %
1/3/2027
10,905 10,953 10,940 
Fitness & wellness property Merriam, Kansas
7.55 %
7/31/2029
9,090 9,180 9,159 
Ski property Girdwood, Alaska
8.20 %
12/31/2029
45,599 45,587 45,877 
Fitness & wellness property Omaha, Nebraska7.85 %
6/30/2030
10,539 10,584 10,615 
Experiential lodging property Nashville, Tennessee
7.01 %
9/30/2031
71,223 71,656 70,896 
Eat & play property Austin, Texas
11.31 %
6/1/2033
10,507 10,507 10,874 
Experiential lodging property Breaux Bridge, LA7.25 %3/8/203411,305 11,373 — 
Ski property West Dover and Wilmington, Vermont12.14 %
12/1/2034
51,050 51,049 51,047 
Four ski properties Ohio and Pennsylvania
11.07 %
12/1/2034
37,562 37,533 37,519 
Ski property Chesterland, Ohio
11.55 %
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, Utah10.25 %
5/31/2036
17,505 17,505 17,639 
Eat & play property West Chester, Ohio9.75 %
8/1/2036
18,068 18,067 18,198 
Fitness & wellness property Fort Collins, Colorado7.85 %
1/31/2038
10,292 10,081 10,277 
Early childhood education center Lake Mary, Florida8.10 %
5/9/2039
4,200 4,345 4,329 
Eat & play property Eugene, Oregon
8.13 %
6/17/2039
14,700 7,780 14,996 
Early childhood education center Lithia, Florida8.58 %
10/31/2039
3,959 4,006 4,034 
Total
$381,089 $374,617 $370,159 
(1) Amounts include accrued interest and are net of allowance for credit losses.
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SUMMARY OF UNCONSOLIDATED JOINT VENTURES
(UNAUDITED, DOLLARS IN THOUSANDS)
PROPERTYACQUISITION DATEPROPERTY TYPELOCATION
CARRYING VALUE AT JUNE 30, 2022
OWNERSHIP INTEREST
Bellwether Beach Resort & Beachcomber Beach Resort Hotel12/2018Experiential lodgingSt. Pete Beach, Florida$21,256 65 %
Jellystone Park Warrens8/2021Experiential lodgingWarrens, Wisconsin8,413 95 %
Cajun Palms RV Resort5/2022Experiential lodgingBreaux Bridge, Louisiana18,036 85 %

AS OF JUNE 30, 2022
TOTALEPR PORTION (2)
Total assets$232,767 $173,417
Mortgage notes payable due to third parties158,460 115,187
Mortgage note payable due to EPR (1)11,305 9,609
THREE MONTHS ENDED JUNE 30, 2022
SIX MONTHS ENDED JUNE 30, 2022
TOTALEPR PORTION (2)TOTALEPR PORTION (2)
Revenue and other income$18,588$13,437$31,166$21,745
Operating expenses14,39410,74024,83618,033
Net operating income$4,194$2,697$6,330$3,712
Interest expense1,8261,2763,4802,397
Net income$2,368$1,421$2,850$1,315
Allocated share of joint venture depreciation (2)n/a1,996n/a3,483
FFOAA (2)n/a$3,417n/a$4,798
(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
JUNE 30, 2022
PROPERTYMATURITYEXTENSIONSINTEREST RATETOTALEPR PORTION (2)
Bellwether Beach Resort & Beachcomber Beach Resort HotelMay 18, 2025Two additional one-year extensionsSOFR plus 3.65%, with SOFR capped at 3.5% through June 1, 2024$105,000 $68,250 
Jellystone Park WarrensSeptember 15, 2031n/a4%14,960 14,212 
Cajun Palms RV ResortMarch 8, 2034n/a3.85% through April 7, 2025; 4.25% April 8, 2025 through maturity 38,500 32,725 
Total mortgage notes payable due to third parties$158,460 $115,187 
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INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED JUNE 30, 2022
INVESTMENT TYPETOTAL INVESTMENT SPENDINGNEW DEVELOPMENTRE-DEVELOPMENTASSET ACQUISITIONMORTGAGE NOTES OR NOTES RECEIVABLEINVESTMENT IN JOINT VENTURES
Theatres$173 $— $173 $— $— $— 
Eat & Play5,727 5,701 26 — — — 
Attractions144,011 — 1,246 142,765 — — 
Experiential Lodging64,923 3,050 — — 11,305 50,568 
Fitness & Wellness24 — 24 — — — 
Gaming— — — — — — 
Cultural14 — 14 — — — 
Total Experiential214,872 8,751 1,483 142,765 11,305 50,568 
Total Education— — — — — — 
Total Investment Spending$214,872 $8,751 $1,483 $142,765 $11,305 $50,568 
INVESTMENT SPENDING SIX MONTHS ENDED JUNE 30, 2022
INVESTMENT TYPETOTAL INVESTMENT SPENDINGNEW DEVELOPMENTRE-DEVELOPMENTASSET ACQUISITIONMORTGAGE NOTES OR NOTES RECEIVABLEINVESTMENT IN JOINT VENTURES
Theatres$218 $5 $213 $— $— $— 
Eat & Play8,626 8,494 132 — — — 
Attractions144,311 — 1,546 142,765 — — 
Experiential Lodging65,880 3,359 — — 11,305 51,216 
Fitness & Wellness20,181 — 323 19,858 — — 
Cultural19 — 19 — — — 
Total Experiential239,235 11,858 2,233 162,623 11,305 51,216 
Total Education— — — — — — 
Total Investment Spending$239,235 $11,858 $2,233 $162,623 $11,305 $51,216 

Note: The Company had no significant dispositions during the six months ended June 30, 2022.
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PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT JUNE 30, 2022 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)
JUNE 30, 2022OWNED BUILD-TO-SUIT SPENDING ESTIMATES
PROPERTY UNDER DEVELOPMENT# OF PROJECTS3RD QUARTER 20224TH QUARTER 20221ST QUARTER 20232ND QUARTER 2023THEREAFTERTOTAL EXPECTED COSTS (2)% LEASED
Total Build-to-Suit (3)$6,753 5$6,902 $10,945 $10,039 $6,007 $660 $41,306 100 %
Non Build-to-Suit Development
1,488 
Total Property Under Development
$8,241 
JUNE 30, 2022OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
# OF PROJECTS3RD QUARTER 20224TH QUARTER 20221ST QUARTER 20232ND QUARTER 2023THEREAFTERTOTAL IN-SERVICE (2)ACTUAL IN-SERVICE 2ND QUARTER 2022
Total Build-to-Suit5$3,733 $1,204 $30,367 $6,002 $— $41,306 $2,322 
JUNE 30, 2022MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
MORTGAGE NOTES RECEIVABLE# OF PROJECTS3RD QUARTER 20224TH QUARTER 20221ST QUARTER 20232ND QUARTER 2023THEREAFTERTOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes
$45,587 1$26,300 $3,333 $3,333 $3,333 $3,333 $85,219 
Non Build-to-Suit Mortgage Notes
329,030 
Total Mortgage Notes Receivable
$374,617 
(1) This schedule includes only those properties for which the Company has commenced construction as of June 30, 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. The Company's spending for these joint ventures is estimated at $4.4 million for 2022.
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.
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PORTFOLIO DETAIL AS OF JUNE 30, 2022
(UNAUDITED)
PROPERTY TYPEPROPERTIESOPERATORSANNUALIZED ADJUSTED EBITDAre (1)STRATEGIC FOCUS
Theatres (2)1751941 %Reduce
Eat & Play578(3)24 %Grow
Attractions22611 %Grow
Ski1137 %Grow
Experiential Lodging644 %Grow
Gaming112 %Grow
Fitness & Wellness942 %Grow
Cultural322 %Grow
EXPERIENTIAL PORTFOLIO2844793 %
Early Childhood Education6575 %Reduce
Private schools912 %Reduce
EDUCATION PORTFOLIO7487 %
TOTAL PORTFOLIO35855100 %
(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
Note: During the second quarter of 2022, three Experiential Lodging properties were reclassed into different property type categories to better align with their primary demand drivers: two were reclassed to Attraction properties and one was reclassed to Fitness & Wellness properties. Additionally, the allocation of EPR's portfolio by property type is now reported using Annualized Adjusted EBITDAre (including managed properties and joint ventures) versus Contractual Cash Revenue in previous quarters.
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LEASE EXPIRATIONS
AS OF JUNE 30, 2022
(UNAUDITED, DOLLARS IN THOUSANDS)
YEARTOTAL NUMBER OF PROPERTIES
RENTAL REVENUE FOR THE TRAILING TWELVE MONTHS ENDED JUNE 30, 2022 (1)
% OF TOTAL REVENUE
2022— $— — %
20232 953 — %
20246 10,180 1 %
20252 2,679 — %
20263 7,531 1 %
20279 22,970 4 %
202812 21,781 4 %
202912 17,687 3 %
203022 29,352 5 %
203113 16,964 3 %
203220 26,351 4 %
203310 12,181 2 %
203440 63,475 10 %
203532 76,844 13 %
203627 46,346 8 %
203732 66,762 11 %
203835 38,758 6 %
20394 6,894 1 %
20403 6,645 1 %
204131 17,864 3 %
Thereafter10 18,095 3 %
325 $510,312 83 %
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 June 30, 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 trailing twelve months ended June 30, 2022 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).
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TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED)
PERCENTAGE OF TOTAL REVENUEPERCENTAGE OF TOTAL REVENUE
FOR THE THREE MONTHS ENDEDFOR THE SIX MONTHS ENDED
CUSTOMERSJUNE 30, 2022 (1) JUNE 30, 2022 (1)
1.AMC Theatres15.1%15.0%
2.Topgolf14.4%14.3%
3.Regal Entertainment Group13.5%13.5%
4.Cinemark6.5%6.6%
5.Vail Resorts4.6%4.5%
6.Camelback Resort3.3%3.4%
7.Premier Parks2.9%2.5%
8.Six Flags2.7%2.6%
9.VSS Southern2.7%2.7%
10.Endeavor Schools2.3%2.4%
Total68.0%67.5%
(1) Excludes deferral collections for cash basis tenants recognized as revenue for the three and six months ended June 30, 2022.
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GUIDANCE
(UNAUDITED, DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)
MEASURE2022 GUIDANCE
YTD ACTUALSCURRENTPRIOR
Investment spending $239.5$500.0to$700.0$500.0to$700.0
Disposition proceeds and mortgage note payoff$—$—to$10.0$—to$10.0
Percentage rent and participating interest income$4.0$7.0to$9.0$9.0to$13.0
General and administrative expense$25.9$50.0to$53.0$50.0to$53.0
FFO per diluted share$2.12$4.32to$4.42$4.33to$4.49
FFO as adjusted (FFOAA) per diluted share$2.27$4.50to$4.60$4.39to$4.55
RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE):YTD ACTUALS2022 GUIDANCE
Net income available to common shareholders of EPR Properties$0.95$2.02to$2.12
Gain on sale of real estate—(0.01)
Impairment of real estate investments, net0.060.06
Real estate depreciation and amortization1.072.18
Allocated share of joint venture depreciation0.040.10
Impairment charges on joint ventures0.010.01
Impact of Series C and Series E Dilution, if applicable(0.01)(0.04)
FFO available to common shareholders of EPR Properties $2.12$4.32to$4.42
Transaction costs0.050.08
Credit loss expense 0.120.12
Gain on insurance recovery (included in other income) (0.01)(0.01)
Impact of Series C and Series E Dilution, if applicable(0.01)(0.01)
FFO as adjusted (FFOAA) available to common shareholders of EPR Properties $2.27$4.50to$4.60


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.
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DEFINITIONS - NON-GAAP FINANCIAL MEASURES

EBITDAre
The National Association of Real Estate Investment Trusts (“NAREIT”) developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income (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 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, deferral collections not previously recognized and other non-recurring items, which is then multiplied by four to get an annual amount.

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 a 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.

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
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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 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 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 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 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.

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INTEREST COVERAGE RATIO
The interest coverage ratio is calculated as the interest coverage amount divided by interest expense, gross. The Company calculates the interest coverage amount by adding to net income (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 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 are 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.


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Appendix to Supplemental Operating and Financial Data
Reconciliation of Certain Non-GAAP Financial Measures
Second Quarter Ended June 30, 2022

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CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):2ND QUARTER 20221ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 2021
Net income$40,909 $42,192 $44,557 $32,117 $18,552 $3,380 
Impairment charges— 4,351 — 2,711 — — 
Impairment charges on joint ventures647 — — — — — 
Transaction costs1,145 2,247 60 2,132 662 548 
Credit loss expense (benefit)9,512 (306)(2,295)(14,096)(2,819)(2,762)
Interest expense, gross33,512 33,483 34,251 36,841 38,869 39,854 
Depreciation and amortization40,766 40,044 40,294 42,612 40,538 40,326 
Share-based compensation expense
to management and trustees4,169 4,245 3,685 3,759 3,675 3,784 
Costs associated with loan refinancing or payoff— — 20,469 4,741 — 241 
Interest cost capitalized(71)(200)(225)(233)(514)(595)
Straight-line rental revenue(1,733)(595)(1,974)(981)(1,420)(1,289)
Gain on sale of real estate
— — (16,382)(787)(511)(201)
Gain on insurance recovery
— (552)(1,151)— — (30)
Interest coverage amount$128,856 $124,909 $121,289 $108,816 $97,032 $83,256 
Interest expense, net$33,289 $33,260 $34,005 $36,584 $38,312 $39,194 
Interest income152 23 21 24 43 65 
Interest cost capitalized71 200 225 233 514 595 
Interest expense, gross$33,512 $33,483 $34,251 $36,841 $38,869 $39,854 
Interest coverage ratio3.8 3.7 3.5 Footnote 2Footnote 2Footnote 2
FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount$128,856 $124,909 $121,289 $108,816 $97,032 $83,256 
Interest expense, gross$33,512 $33,483 $34,251 $36,841 $38,869 $39,854 
Preferred share dividends6,033 6,033 6,034 6,033 6,033 6,034 
Fixed charges$39,545 $39,516 $40,285 $42,874 $44,902 $45,888 
Fixed charge coverage ratio3.3 3.2 3.0 Footnote 2Footnote 2Footnote 2
DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount$128,856 $124,909 $121,289 $108,816 $97,032 $83,256 
Interest expense, gross$33,512 $33,483 $34,251 $36,841 $38,869 $39,854 
Recurring principal payments— — — — — — 
Debt service$33,512 $33,483 $34,251 $36,841 $38,869 $39,854 
Debt service coverage ratio3.8 3.7 3.5 Footnote 2Footnote 2Footnote 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.
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RECONCILIATION OF INTEREST COVERAGE AMOUNT TO NET CASH PROVIDED BY OPERATING ACTIVITIES
(UNAUDITED, DOLLARS IN THOUSANDS)
The interest coverage amount per the table on page 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:
2ND QUARTER 20221ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 2021
Net cash provided by operating activities$88,963 $128,087 $70,501 $95,624 $62,494 $78,306 
Equity in income (loss) from joint ventures1,421 (106)(2,059)(418)(1,151)(1,431)
Distributions from joint ventures(780)— — — — (90)
Amortization of deferred financing costs(2,090)(2,071)(2,335)(2,210)(1,574)(1,547)
Amortization of above and below market leases, net and tenant allowances
89 87 92 98 99 96 
Changes in assets and liabilities, net:
Amortization of operating lease assets and liabilities
51 49 172 146 113 120 
Mortgage notes and related accrued interest receivable
(40)(310)(557)(154)423 (280)
Accounts receivable(4,744)(17,424)(1,177)(10,692)(6,265)(18,687)
Other assets(1,959)5,861 (642)(4,396)(1,003)7,323 
Accounts payable and accrued liabilities12,177 (15,132)14,164 (7,230)2,716 (997)
Unearned rents and interest2,915 (9,067)11,018 289 3,583 (18,075)
Straight-line rental revenue(1,733)(595)(1,974)(981)(1,420)(1,289)
Interest expense, gross33,512 33,483 34,251 36,841 38,869 39,854 
Interest cost capitalized(71)(200)(225)(233)(514)(595)
Transaction costs1,145 2,247 60 2,132 662 548 
Interest coverage amount (1)$128,856 $124,909 $121,289 $108,816 $97,032 $83,256 
Net cash (used) provided by investing activities$(178,685)$(25,035)$41,339 $(12,711)$3,128 $(29,894)
Net cash (used) provided by financing activities$(67,898)$(66,293)$28,595 $(446,643)$(96,195)$(532,435)
(1) See pages 25 through 27 for definitions.
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RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (2):2ND QUARTER 20221ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 2021
Net income$40,909 $42,192 $44,557 $32,117 $18,552 $3,380 
Interest expense, net33,289 33,260 34,005 36,584 38,312 39,194 
Income tax expense 444 318 397 395 398 407 
Depreciation and amortization40,766 40,044 40,294 42,612 40,538 40,326 
Gain on sale of real estate— — (16,382)(787)(511)(201)
Impairment of real estate investments, net— 4,351 — 2,711 — — 
Costs associated with loan refinancing or payoff— — 20,469 4,741 — 241 
Allocated share of joint venture depreciation1,996 1,487 1,561 966 459 354 
Allocated share of joint venture interest expense1,276 1,121 1,145 981 846 789 
Impairment charges on joint ventures647 — — — — — 
EBITDAre$119,327 $122,773 $126,046 $120,320 $98,594 $84,490 
Gain on insurance recovery (1)— (552)(1,151)— — (30)
Transaction costs1,145 2,247 60 2,132 662 548 
Credit loss expense (benefit)9,512 (306)(2,295)(14,096)(2,819)(2,762)
Adjusted EBITDAre (for the quarter)$129,984 $124,162 $122,660 $108,356 $96,437 $82,246 
Adjusted EBITDAre (3)$519,936 $496,648 $490,640 Footnote 4Footnote 4Footnote 4
ANNUALIZED ADJUSTED EBITDAre (2):
Adjusted EBITDAre (for the quarter)$129,984 $124,162 Footnote 4Footnote 4Footnote 4Footnote 4
Corporate/unallocated and other NOI207 159 
In-service and disposition adjustments (5)3,063 855 
Percentage rent/participation adjustments (6)1,481 (693)
Deferral collections not previously recognized(5,038)(1,609)
Non-recurring adjustments (7)(1,300)(697)
Annualized Adjusted EBITDAre (for the quarter)$128,397 $122,177 
Annualized Adjusted EBITDAre (8)$513,588 $488,708 
See footnotes on following page.
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(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:
2ND QUARTER 20221ST QUARTER 20224TH QUARTER 20213RD QUARTER 20212ND QUARTER 20211ST QUARTER 2021
Income (loss) from settlement of foreign currency swap contracts$26 $45 41 39 (28)52 
Gain on insurance recovery— 552 1,151 — — 30 
Operating income from operated properties9,370 8,648 7,815 7,860 848 295 
Fee income— — — 187 — — 
Miscellaneous income565 60 7 5 213 301 
Other income$9,961 $9,305 $9,014 $8,091 $1,033 $678 
(2) See pages 25 through 27 for definitions.
(3) Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount.
(4) 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.
(5) 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.
(6) To adjust percentage rents and participating interest income from the actual latest quarterly amount to the mid-point of the guidance amount shown on page 24 divided by four.
(7) Adjustments for various non-recurring items during the quarter.
(8) Annualized Adjusted EBITDAre for the quarter is multiplied by four to calculate an annual amount.
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