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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 June 30, 2022
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 filerAccelerated filer
Non-accelerated filerSmaller 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 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 Act).  Yes      No  

At August 1, 2022, there were 75,014,656 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 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 COVID-19, or the future outbreak of any additional variants of COVID-19 or other highly infectious or contagious diseases;
Global economic uncertainty and disruptions in financial markets;
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;
Fluctuations in 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;
Risks of operating in the experiential real estate industry;
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;
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
i


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, 2021 filed with the Securities and Exchange Commission ("SEC") on February 23, 2022.

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)
 June 30, 2022December 31, 2021
(unaudited)
Assets
Real estate investments, net of accumulated depreciation of $1,243,240 and $1,167,734 at June 30, 2022 and December 31, 2021, respectively
$4,838,701 $4,713,091 
Land held for development20,168 20,168 
Property under development8,241 42,362 
Operating lease right-of-use assets202,708 180,808 
Mortgage notes and related accrued interest receivable374,617 370,159 
Investment in joint ventures47,705 36,670 
Cash and cash equivalents168,266 288,822 
Restricted cash1,277 1,079 
Accounts receivable60,176 78,073 
Other assets71,583 69,918 
Total assets$5,793,442 $5,801,150 
Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities$67,178 $73,462 
Operating lease liabilities240,595 218,795 
Common dividends payable21,146 18,896 
Preferred dividends payable6,033 6,034 
Unearned rents and interest72,833 61,559 
Debt2,807,080 2,804,365 
Total liabilities3,214,865 3,183,111 
Equity:
Common Shares, $0.01 par value; 100,000,000 shares authorized; and 82,529,862 and 82,225,061 shares issued at June 30, 2022 and December 31, 2021, respectively
825 822 
Preferred Shares, $0.01 par value; 25,000,000 shares authorized:
5,392,916 Series C convertible shares issued at June 30, 2022 and December 31, 2021; liquidation preference of $134,822,900
54 54 
3,447,381 Series E convertible shares issued at June 30, 2022 and December 31, 2021; liquidation preference of $86,184,525
34 34 
6,000,000 Series G shares issued at June 30, 2022 and December 31, 2021; liquidation preference of $150,000,000
60 60 
Additional paid-in-capital3,890,684 3,876,817 
Treasury shares at cost: 7,517,572 and 7,416,746 common shares at June 30, 2022 and December 31, 2021, respectively
(269,608)(264,817)
Accumulated other comprehensive income10,675 9,955 
Distributions in excess of net income(1,054,147)(1,004,886)
Total equity$2,578,577 $2,618,039 
Total liabilities and equity$5,793,442 $5,801,150 
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 June 30,Six Months Ended June 30,
 2022202120222021
Rental revenue$142,875 $115,883 $282,478 $218,497 
Other income9,961 1,033 19,266 1,711 
Mortgage and other financing income7,610 8,446 16,174 16,919 
Total revenue160,446 125,362 317,918 237,127 
Property operating expense13,592 14,678 27,531 29,991 
Other expense8,872 3,025 16,969 5,577 
General and administrative expense12,691 11,376 25,915 22,712 
Transaction costs1,145 662 3,392 1,210 
Credit loss expense (benefit)9,512 (2,819)9,206 (5,581)
Impairment charges  4,351  
Depreciation and amortization40,766 40,538 80,810 80,864 
Total operating expenses86,578 67,460 168,174 134,773 
Gain on sale of real estate 511  712 
Income from operations73,868 58,413 149,744 103,066 
Costs associated with loan refinancing or payoff   241 
Interest expense, net33,289 38,312 66,549 77,506 
Equity in (income) loss from joint ventures(1,421)1,151 (1,315)2,582 
Impairment charges on joint ventures647  647  
Income before income taxes41,353 18,950 83,863 22,737 
Income tax expense444 398 762 805 
Net income40,909 18,552 83,101 21,932 
Preferred dividend requirements6,033 6,033 12,066 12,067 
Net income available to common shareholders of EPR Properties$34,876 $12,519 $71,035 $9,865 
Net income available to common shareholders of EPR Properties per share:
Basic$0.47 $0.17 $0.95 $0.13 
Diluted$0.46 $0.17 $0.95 $0.13 
Shares used for computation (in thousands):
Basic74,986 74,781 74,915 74,704 
Diluted75,234 74,870 75,142 74,772 
Other comprehensive income:
Net income$40,909 $18,552 $83,101 $21,932 
Foreign currency translation adjustment(4,924)2,674 (2,318)4,974 
Change in net unrealized gain (loss) on derivatives5,128 (387)3,038 75 
Comprehensive income attributable to EPR Properties$41,113 $20,839 $83,821 $26,981 
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, 202081,917,876 $819 14,841,431 $148 $3,857,632 $(261,238)$216 $(966,992)$2,630,585 
Issuance of nonvested shares and performance shares, net of cancellations246,562 2 — — 2,899  — — 2,901 
Purchase of common shares for vesting— — — — — (2,744)— — (2,744)
Share-based compensation expense— — — — 3,784 — — — 3,784 
Foreign currency translation adjustment— — — — — — 2,300 — 2,300 
Change in unrealized gain on derivatives— — — — — — 462 — 462 
Net income— — — — — — — 3,380 3,380 
Issuances of common shares2,509  — — 107 — — — 107 
Dividend equivalents accrued on performance shares— — — — — — — (8)(8)
Dividends to Series C preferred shareholders ($0.359375 per share)
— — — — — — — (1,939)(1,939)
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, 202182,166,947 $821 14,841,431 $148 $3,864,422 $(263,982)$2,978 $(969,654)$2,634,733 
Restricted share units issued to Trustees43,306 1 — — — — — — 1 
Cancellations of nonvested shares — — — 484 (484)— —  
Share-based compensation expense— — — — 3,675 — — — 3,675 
Foreign currency translation adjustment— — — — — — 2,674 — 2,674 
Change in unrealized loss on derivatives— — — — — — (387)— (387)
Net income— — — — — — — 18,552 18,552 
Issuances of common shares1,826  — — 90 — — — 90 
Conversion of Series C Convertible Preferred shares to common shares330 — (800)— — — — — — 
Stock option exercises, net4,065  — — 194 (194)— —  
Dividend equivalents accrued on performance shares— — — — — — — (10)(10)
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, 202182,216,474 $822 14,840,631 $148 $3,868,865 $(264,660)$5,265 $(957,145)$2,653,295 
Continued on next page.
3


 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, 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— — — — — — (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 ($0.775 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— — — — — — 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 
See accompanying notes to consolidated financial statements.
4


EPR PROPERTIES
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in thousands)
 Six Months Ended June 30,
 20222021
Operating activities:
Net income$83,101 $21,932 
Adjustments to reconcile net income to net cash provided by operating activities:
Impairment charges4,351  
Impairment charges on joint ventures647  
Gain on sale of real estate (712)
Gain on insurance recovery(552)(30)
Costs associated with loan refinancing or payoff 241 
Equity in (income) loss from joint ventures(1,315)2,582 
Distributions from joint ventures780 90 
Credit loss expense (benefit)9,206 (5,581)
Depreciation and amortization80,810 80,864 
Amortization of deferred financing costs4,161 3,121 
Amortization of above/below market leases and tenant allowances, net(176)(195)
Share-based compensation expense to management and Trustees8,414 7,459 
Change in assets and liabilities:
Operating lease assets and liabilities(100)(233)</