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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number: 001-13561
EPR PROPERTIES
(Exact name of registrant as specified in its charter)
Maryland 43-1790877
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
909 Walnut Street,Suite 200
Kansas City, Missouri 64106
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:(816)472-1700

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common shares, par value $0.01 per shareEPRNew York Stock Exchange
5.75% Series C cumulative convertible preferred shares, par value $0.01 per shareEPR PrCNew York Stock Exchange
9.00% Series E cumulative convertible preferred shares, par value $0.01 per shareEPR PrENew York Stock Exchange
5.75% Series G cumulative redeemable preferred shares, par value $0.01 per shareEPR PrGNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No ☒

At October 25, 2023, there were 75,329,434 common shares outstanding.


CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to the uncertain financial impact of the COVID-19 pandemic, our capital resources and liquidity, our expected pursuit of growth opportunities, our expected cash flows, the performance of our customers, our expected cash collections and our results of operations and financial condition. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance that the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions in this Quarterly Report on Form 10-Q. In addition, references to our budgeted amounts and guidance are forward-looking statements.

Factors that could materially and adversely affect us include, but are not limited to, the factors listed below:
•Risks associated with the effects of the COVID-19 pandemic, or the future outbreak of any additional variants of COVID-19 or other highly infectious or contagious diseases;
•Global economic uncertainty, disruptions in financial markets, and generally weakening economic conditions;
•The impact of inflation on our customers and our results of operations;
•Reduction in discretionary spending by consumers;
•Covenants in our debt instruments that limit our ability to take certain actions;
•Adverse changes in our credit ratings;
•Rising interest rates;
•Defaults in the performance of lease terms by our tenants;
•Defaults by our customers and counterparties on their obligations owed to us;
•A borrower's bankruptcy or default;
•Our ability to renew maturing leases on terms comparable to prior leases and/or our ability to locate substitute lessees for these properties on economically favorable terms or at all;
•Risks of operating in the experiential real estate industry (including the impact of labor strikes on the production or supply of motion pictures to our theatre tenants);
•Our ability to compete effectively;
•Risks associated with three tenants representing a substantial portion of our lease revenues;
•The ability of our build-to-suit tenants to achieve sufficient operating results within expected time-frames and therefore have capacity to pay their agreed-upon rent;
•Risks associated with our dependence on third-party managers to operate certain of our properties;
•Risks associated with our level of indebtedness;
•Risks associated with use of leverage to acquire properties;
•Financing arrangements that require lump-sum payments;
•Our ability to raise capital;
•The concentration of our investment portfolio;
•Our continued qualification as a real estate investment trust for U.S. federal income tax purposes and related tax matters;
•The ability of our subsidiaries to satisfy their obligations;
•Financing arrangements that expose us to funding and completion risks;
•Our reliance on a limited number of employees, the loss of which could harm operations;
•Risks associated with the employment of personnel by managers of certain of our properties;
•Risks associated with the gaming industry;
•Risks associated with gaming and other regulatory authorities;
•Delays or prohibitions of transfers of gaming properties due to required regulatory approvals;
•Risks associated with security breaches and other disruptions;
•Changes in accounting standards that may adversely affect our financial statements;
i

•Fluctuations in the value of real estate income and investments;
•Risks relating to real estate ownership, leasing and development, including local conditions such as an oversupply of space or a reduction in demand for real estate in the area, competition from other available space, whether tenants and users such as customers of our tenants consider a property attractive, changes in real estate taxes and other expenses, changes in market rental rates, the timing and costs associated with property improvements and rentals, changes in taxation or zoning laws or other governmental regulation, whether we are able to pass some or all of any increased operating costs through to tenants or other customers, and how well we manage our properties;
•Our ability to secure adequate insurance and risk of potential uninsured losses, including from natural disasters;
•Risks involved in joint ventures;
•Risks in leasing multi-tenant properties;
•A failure to comply with the Americans with Disabilities Act or other laws;
•Risks of environmental liability;
•Risks associated with the relatively illiquid nature of our real estate investments;
•Risks with owning assets in foreign countries;
•Risks associated with owning, operating or financing properties for which the tenants', mortgagors' or our operations may be impacted by weather conditions, climate change and natural disasters;
•Risks associated with the development, redevelopment and expansion of properties and the acquisition of other real estate related companies;
•Our ability to pay dividends in cash or at current rates;
•Risks associated with the impact of inflation or market interest rates on the value of our shares;
•Fluctuations in the market prices for our shares;
•Certain limits on changes in control imposed under law and by our Declaration of Trust and Bylaws;
•Policy changes obtained without the approval of our shareholders;
•Equity issuances that could dilute the value of our shares;
•Future offerings of debt or equity securities, which may rank senior to our common shares;
•Risks associated with changes in foreign exchange rates; and
•Changes in laws and regulations, including tax laws and regulations.

Our 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 Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Annual Report") filed with the Securities and Exchange Commission ("SEC") on February 23, 2023, as supplemented by Item 1A - "Risk Factors" in this Quarterly Report 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 of this Quarterly Report on Form 10-Q 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 of this Quarterly Report on Form 10-Q.


ii

TABLE OF CONTENTS
 
  Page
Item 1.Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sale of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
iii

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
EPR PROPERTIES
Consolidated Balance Sheets
(Dollars in thousands except share data)
 September 30, 2023December 31, 2022
(unaudited)
Assets
Real estate investments, net of accumulated depreciation of $1,400,642 and $1,302,640 at September 30, 2023 and December 31, 2022, respectively
$4,571,514 $4,714,136 
Land held for development20,168 20,168 
Property under development101,313 76,029 
Operating lease right-of-use assets190,309 200,985 
Mortgage notes and related accrued interest receivable, net477,243 457,268 
Investment in joint ventures53,855 52,964 
Cash and cash equivalents172,953 107,934 
Restricted cash2,868 2,577 
Accounts receivable54,826 53,587 
Other assets74,328 73,053 
Total assets$5,719,377 $5,758,701 
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities$82,804 $80,087 
Operating lease liabilities230,922 241,407 
Common dividends payable22,795 21,405 
Preferred dividends payable6,032 6,033 
Unearned rents and interest88,530 63,939 
Debt2,814,497 2,810,111 
Total liabilities3,245,580 3,222,982 
Equity:
Common Shares, $0.01 par value; 125,000,000 and 100,000,000 shares authorized at September 30, 2023 and December 31, 2022, respectively; and 82,959,404 and 82,545,501 shares issued at September 30, 2023 and December 31, 2022, respectively
829 825 
Preferred Shares, $0.01 par value; 25,000,000 shares authorized:
5,392,916 Series C convertible shares issued at September 30, 2023 and December 31, 2022; liquidation preference of $134,822,900
54 54 
3,445,980 and 3,447,381 Series E convertible shares issued at September 30, 2023 and December 31, 2022, respectively; liquidation preference of $86,149,500
34 34 
6,000,000 Series G shares issued at September 30, 2023 and December 31, 2022; liquidation preference of $150,000,000
60 60 
Additional paid-in-capital3,919,885 3,899,732 
Treasury shares at cost: 7,631,658 and 7,520,227 common shares at September 30, 2023 and December 31, 2022, respectively
(274,035)(269,751)
Accumulated other comprehensive income2,378 1,897 
Distributions in excess of net income(1,175,408)(1,097,132)
Total equity$2,473,797 $2,535,719 
Total liabilities and equity$5,719,377 $5,758,701 
See accompanying notes to consolidated financial statements.
1

EPR PROPERTIES
Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(Dollars in thousands except per share data)
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Rental revenue$163,940 $140,471 $467,401 $422,949 
Other income14,422 11,360 33,879 30,626 
Mortgage and other financing income11,022 9,579 32,407 25,753 
Total revenue189,384 161,410 533,687 479,328 
Property operating expense14,592 14,707 42,719 42,238 
Other expense13,124 9,135 31,235 26,104 
General and administrative expense13,464 12,582 42,677 38,497 
Severance expense— — 547 — 
Transaction costs847 148 1,153 3,540 
Provision (benefit) for credit losses, net(719)241 (407)9,447 
Impairment charges20,887 — 64,672 4,351 
Depreciation and amortization42,432 41,539 127,341 122,349 
Total operating expenses104,627 78,352 309,937 246,526 
Gain on sale of real estate2,550 304 1,415 304 
Income from operations87,307 83,362 225,165 233,106 
Interest expense, net31,208 32,747 94,521 99,296 
Equity in (income) loss from joint ventures(533)(572)2,067 (1,887)
Impairment charges on joint ventures— — — 647 
Income before income taxes56,632 51,187 128,577 135,050 
Income tax expense372 388 1,060 1,150 
Net income56,260 50,799 127,517 133,900 
Preferred dividend requirements6,032 6,033 18,105 18,099 
Net income available to common shareholders of EPR Properties$50,228 $44,766 $109,412 $115,801 
Net income available to common shareholders of EPR Properties per share:
Basic$0.67 $0.60 $1.45 $1.55 
Diluted$0.66 $0.60 $1.45 $1.54 
Shares used for computation (in thousands):
Basic75,325 75,016 75,236 74,949 
Diluted75,816 75,183 75,655 75,102 
Other comprehensive income:
Net income$56,260 $50,799 $127,517 $133,900 
Foreign currency translation adjustment(6,088)(21,697)535 (24,015)
Unrealized gain (loss) on derivatives, net4,856 12,119 (54)15,157 
Comprehensive income attributable to EPR Properties$55,028 $41,221 $127,998 $125,042 

See accompanying notes to consolidated financial statements.
2


EPR PROPERTIES
Consolidated Statements of Changes in Equity
(Unaudited)
(Dollars in thousands except per share data)
EPR Properties Shareholders’ Equity 
 Common StockPreferred StockAdditional
paid-in capital		Treasury
shares		Accumulated
other
comprehensive income		Distributions
in excess of
net income		Total
SharesParSharesPar
Balance at December 31, 202182,225,061 $822 14,840,297 $148 $3,876,817 $(264,817)$9,955 $(1,004,886)$2,618,039 
Restricted share units issued to Trustees2,794 — — — — — — — — 
Issuance of nonvested shares and performance shares, net of cancellations243,286 3 — — 4,496 (83)— — 4,416 
Purchase of common shares for vesting— — — — — (4,250)— — (4,250)
Share-based compensation expense— — — — 4,245 — — — 4,245 
Foreign currency translation adjustment— — — — — — 2,606 — 2,606 
Change in unrealized loss on derivatives, net— — — — — — (2,090)— (2,090)
Net income— — — — — — — 42,192 42,192 
Issuances of common shares4,730 — — — 228 — — — 228 
Stock option exercises, net9,799 — — — 454 (458)— — (4)
Dividend equivalents accrued on performance shares— — — — — — — (136)(136)
Dividends to common shareholders ($0.7750 per share)
— — — — — — — (58,099)(58,099)
Dividends to Series C preferred shareholders ($0.359375 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series E preferred shareholders ($0.5625 per share)
— — — — — — — (1,939)(1,939)
Dividends to Series G preferred shareholders ($0.359375 per share)
— — — — — — — (2,156)(2,156)
Balance at March 31, 202282,485,670 $825 14,840,297 $148 $3,886,240 $(269,608)$10,471 $(1,026,962)$2,601,114 
Restricted share units issued to Trustees38,605 — — — — — — — — 
Share-based compensation expense— — — — 4,169 — — — 4,169 
Foreign currency translation adjustment— — — — — — (4,924)— (4,924)
Change in unrealized gain on derivatives, net— — — — — — 5,128 — 5,128 
Net income— — — — — — — 40,909 40,909 
Issuances of common shares5,587 — — — 275 — — — 275 
Dividend equivalents accrued on performance shares— — — — — — — (188)(188)
Dividends to common shareholders ($0.825 per share)
— — — — — — — (61,873)(61,873)
Dividends to Series C preferred shareholders ($0.359375 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series E preferred shareholders ($0.5625 per share)
— — — — — — — (1,939)(1,939)
Dividends to Series G preferred shareholders ($0.359375 per share)
— — — — — — — (2,156)(2,156)
Balance at June 30, 202282,529,862 $825 14,840,297 $148 $3,890,684 $(269,608)$10,675 $(1,054,147)$2,578,577 
Continued on next page.
3

EPR Properties Shareholders’ Equity 
 Common StockPreferred StockAdditional
paid-in capital		Treasury
shares		Accumulated
other
comprehensive income		Distributions
in excess of
net income		Total
SharesParSharesPar
Continued from previous page.
Balance at June 30, 202282,529,862 $825 14,840,297 $148 $3,890,684 $(269,608)$10,675 $(1,054,147)$2,578,577 
Share-based compensation expense— — — — 4,138 — — — 4,138 
Foreign currency translation adjustment— — — — — — (21,697)— (21,697)
Change in unrealized gain on derivatives— — — — — — 12,119 — 12,119 
Net income— — — — — — — 50,799 50,799 
Issuances of common shares6,117 — — — 296 — — — 296 
Issuances of captive REIT preferred shares— — — — 107 — — — 107 
Stock option exercises, net2,760 — — — 129 (136)— — (7)
Dividend equivalents accrued on performance shares— — — — — — — (263)(263)
Dividends to common shareholders ($0.825 per share)
— — — — — — — (61,889)(61,889)
Dividends to Series C preferred shareholders ($0.359375 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series E preferred shareholders ($0.5625 per share)
— — — — — — — (1,939)(1,939)
Dividends to Series G preferred shareholders ($0.359375 per share)
— — — — — — — (2,156)(2,156)
Balance at September 30, 202282,538,739 $825 14,840,297 $148 $3,895,354 $(269,744)$1,097 $(1,071,533)$2,556,147 
Continued on next page.

4


 EPR Properties Shareholders’ Equity 
 Common StockPreferred StockAdditional
paid-in capital		Treasury sharesAccumulated
other
comprehensive income		Distributions
in excess of
net income		Total
SharesParSharesPar
Continued from previous page.
Balance at December 31, 202282,545,501 $825 14,840,297 $148 $3,899,732 $(269,751)$1,897 $(1,097,132)$2,535,719 
Restricted share units issued to Trustees1,449 — — — — — — — — 
Issuance of nonvested shares and performance shares, net of cancellations352,090 4 — — 5,956 (588)— — 5,372 
Purchase of common shares for vesting— — — — — (3,565)— — (3,565)
Share-based compensation expense— — — — 4,322 — — — 4,322 
Foreign currency translation adjustment— — — — — — 230 — 230 
Change in unrealized loss on derivatives, net— — — — — — (304)— (304)
Net income— — — — — — — 57,657 57,657 
Issuances of common shares5,557 — — — 225 — — — 225 
Conversion of Series E Convertible Preferred shares to common shares632 — (1,311)— — — — — — 
Dividend equivalents accrued on performance shares— — — — — — — (353)(353)
Dividends to common shareholders ($0.825 per share)
— — — — — — — (62,109)(62,109)
Dividends to Series C preferred shareholders ($0.359375 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series E preferred shareholders ($0.5625 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series G preferred shareholders ($0.359375 per share)
— — — — — — — (2,156)(2,156)
Balance at March 31, 202382,905,229 $829 14,838,986 $148 $3,910,235 $(273,904)$1,823 $(1,107,969)$2,531,162 
Restricted share units issued to Trustees42,048 — — — — — — — — 
Purchase of common shares for vesting— — — — — (97)— — (97)
Share-based compensation expense— — — — 4,477 — — — 4,477 
Share-based compensation included in severance expense— — — — 304 — — — 304 
Foreign currency translation adjustment— — — — — — 6,393 — 6,393 
Change in unrealized loss on derivatives, net— — — — — (4,606)— (4,606)
Net income— — — — — — — 13,600 13,600 
Issuances of common shares6,134 — — — 257 — — — 257 
Conversion of Series E Convertible Preferred shares to common shares42 — (90)— — — — — — 
Dividend equivalents accrued on performance shares— — — — — — — (450)(450)
Dividend to captive REIT preferred shareholders— — — — — — — (8)(8)
Dividends to common shareholders ($0.825 per share)
— — — — — — — (62,129)(62,129)
Dividends to Series C preferred shareholders ($0.359375 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series E preferred shareholders ($0.5625 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series G preferred shareholders ($0.359375 per share)
— — — — — — — (2,156)(2,156)
Balance at June 30, 202382,953,453 $829 14,838,896 $148 $3,915,273 $(274,001)$3,610 $(1,162,988)$2,482,871 
Continued on next page.
5

 EPR Properties Shareholders’ Equity 
 Common StockPreferred StockAdditional
paid-in capital		Treasury sharesAccumulated
other
comprehensive income		Distributions
in excess of
net income		Total
SharesParSharesPar
Continued from previous page.
Balance at June 30, 202382,953,453 $829 14,838,896 $148 $3,915,273 $(274,001)$3,610 $(1,162,988)$2,482,871 
Purchase of common shares for vesting— — — — — (34)— — (34)
Share-based compensation expense— — — — 4,354 — — — 4,354 
Foreign currency translation adjustment— — — — — — (6,088)— (6,088)
Change in unrealized gain on derivatives. net— — — — — — 4,856 — 4,856 
Net income— — — — — — — 56,260 56,260 
Issuances of common shares5,951 — — — 258 — — — 258 
Dividend equivalents accrued on performance shares— — — — — — — (504)(504)
Dividends to common shareholders ($0.825 per share)
— — — — — — — (62,144)(62,144)
Dividends to Series C preferred shareholders ($0.359375 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series E preferred shareholders ($0.5625 per share)
— — — — — — — (1,938)(1,938)
Dividends to Series G preferred shareholders ($0.359375 per share)
— — — — — — — (2,156)(2,156)
Balance at September 30, 202382,959,404 $829 14,838,896 $148 $3,919,885 $(274,035)$2,378 $(1,175,408)$2,473,797 
See accompanying notes to consolidated financial statements.
6

EPR PROPERTIES
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in thousands)
 Nine Months Ended September 30,
 20232022
Operating activities:
Net income$127,517 $133,900 
Adjustments to reconcile net income to net cash provided by operating activities:
Impairment charges64,672 4,351 
Impairment charges on joint ventures— 647 
Gain on sale of real estate(1,415)(304)
Gain on insurance recovery— (552)
Deferred income tax benefit(258)(37)
Equity in loss (income) from joint ventures2,067 (1,887)
Distributions from joint ventures1,300 780 
Provision (benefit) for credit losses, net(407)9,447 
Depreciation and amortization127,341 122,349 
Amortization of deferred financing costs6,449 6,251 
Amortization of above/below market leases and tenant allowances, net(456)(265)
Share-based compensation expense to management and Trustees13,153 12,552 
Share-based compensation expense included in severance expense304 — 
Change in assets and liabilities:
Operating lease assets and liabilities273 237 
Mortgage notes accrued interest receivable(497)76 
Accounts receivable(1,311)26,162 
Other assets(4,588)(1,090)
Accounts payable and accrued liabilities14,261 23,762 
Unearned rents and interest21,687 13,296 
Net cash provided by operating activities370,092 349,675 
Investing activities:
Acquisition of and investments in real estate and other assets(47,807)(174,113)
Proceeds from sale of real estate34,957 9,995 
Investment in unconsolidated joint ventures(4,259)(19,690)
Distributions from joint venture related to refinancing— 6,695 
Settlement of derivative— (3,830)
Investment in mortgage notes receivable(17,563)(37,706)
Proceeds from mortgage notes receivable paydowns408 1,621 
Investment in notes receivable(3,025)— 
Proceeds from note receivable paydowns1,178 582 
Proceeds from insurance recovery, net— 3,700 
Additions to properties under development(60,922)(58,919)
Net cash used by investing activities(97,033)(271,665)
Financing activities:
Deferred financing fees paid(369)(328)
Net proceeds from issuance of common shares483 576 
Impact of stock option exercises, net— (11)
Issuances of captive REIT preferred shares— 107 
Purchase of common shares for treasury for vesting(3,696)(4,250)
Dividends paid to shareholders(204,145)(197,809)
Net cash used by financing activities(207,727)(201,715)
Effect of exchange rate changes on cash(22)(106)
Net change in cash and cash equivalents and restricted cash65,310 (123,811)
Cash and cash equivalents and restricted cash at beginning of the period110,511 289,901 
Cash and cash equivalents and restricted cash at end of the period$175,821 $166,090 
Supplemental information continued on next page.
7

EPR PROPERTIES
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in thousands)
Continued from previous page
 Nine Months Ended September 30,
 20232022
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents at beginning of the period$107,934 $288,822 
Restricted cash at beginning of the period2,577 1,079 
Cash and cash equivalents and restricted cash at beginning of the period$110,511 $289,901 
Cash and cash equivalents at end of the period$172,953 $160,838 
Restricted cash at end of the period2,868 5,252 
Cash and cash equivalents and restricted cash at end of the period$175,821 $166,090