Here are 1-2 brief analogies for EPR Properties:

• Like a Simon Property Group for entertainment venues and experiential properties (e.g., movie theaters, Topgolf, ski resorts).
• Think of it as the Prologis for fun – owning the real estate behind many experiential and entertainment destinations.

• Experiential Entertainment Properties: Provides specialized real estate for lease to businesses operating movie theaters, family entertainment centers, and other entertainment venues.
• Recreation Properties: Offers properties for lease to operators of ski resorts, Topgolf facilities, and other recreational attractions.
• Experiential Lodging Properties: Leases real estate for hotels and resorts that cater to leisure and experience-seeking travelers.
• Education Properties: Supplies real estate for private schools and early childhood education centers under long-term leases.

EPR Properties (symbol: EPR) is a Real Estate Investment Trust (REIT) that specializes in experiential real estate. As a REIT, EPR's business model involves owning and leasing properties to operators. Therefore, its major customers are the companies that lease its properties (its tenants), not individuals.

According to EPR Properties' latest filings and investor presentations (as of early 2024), no single tenant accounts for more than 10% of its total revenue. However, the following companies represent some of its largest tenants by contractual rent, and thus can be considered its major customers:

• AMC Entertainment Holdings, Inc. (symbol: AMC)
• Topgolf (a subsidiary of Callaway Golf Company, symbol: MODG)
• Cinemark Holdings, Inc. (symbol: CNK)
• Regal (a subsidiary of Cineworld Group plc, which is a private company)

The major suppliers for EPR Properties are primarily financial institutions that provide capital and credit facilities, and their external advisor for management services.

• EPR Management LLC (private)
• Bank of America (symbol: BAC)
• Wells Fargo (symbol: WFC)
• JPMorgan Chase & Co. (symbol: JPM)

Greg Silvers, Chairman and Chief Executive Officer
Appointed CEO in February 2015 and Chairman in May 2022. He joined EPR Properties in 1998, having previously been involved with the company's initial public offering as an attorney at the law firm handling the transaction. Throughout his tenure at EPR, he has served in various leadership roles, including Chief Operating Officer and Chief Development Officer. He played a significant role in positioning the company as a leader in real estate capital for public charter schools. Prior to EPR, he was an Associate in the Real Estate Department at Stinson, Mag & Fizzell and a System Engineer at Volume Shoe Corporation and Electronic Data Systems.

Mark Peterson, Executive Vice President, Chief Financial Officer and Treasurer
Serves as Chief Financial Officer and Treasurer since 2006 and was appointed Executive Vice President in 2015. He joined EPR Properties in 2004. Before joining EPR, Mr. Peterson was with American Italian Pasta Company as Vice President of Accounting and Finance. Notably, he served as Chief Financial Officer of J.C. Nichols Company from 1995 until its acquisition by Highwoods Properties, Inc. in 1998.

Ben Fox, Chief Investment Officer
Referred to as the "new CIO" in a September 2025 conference. He brings a "long storied history in the industry," with prior experience at Realty Income and Aries.

Greg Zimmerman, Executive Vice President
Previously served as Executive Vice President and Chief Investment Officer. He is responsible for leading and managing the investments team, overseeing new investment origination, underwriting, and closing activities. His prior roles include attorney at Venable LLP, Senior VP:Bigbox at SIMON PROPERTY GROUP INC, Executive VP:Development at WASHINGTON PRIME GROUP INC., and VP:Real Estate at Macerich.

Tonya L. Mater, Senior Vice President and Chief Accounting Officer
Appointed Chief Accounting Officer in September 2015 and Senior Vice President in 2012. She joined EPR Properties in 2002, having held various roles within the accounting department, including Controller from 2006 to 2012. Prior to joining EPR, she worked as an auditor with KPMG and Mayer Hoffman McCann P.C.

The key risks to EPR Properties' business primarily stem from its specialized focus on experiential real estate, sensitivity to economic factors impacting its tenants, and the broader financial environment for real estate investment trusts (REITs).

1. Exposure to Experiential Real Estate Industry and Tenant Concentration: EPR Properties specializes in experiential properties such as movie theaters, ski resorts, and entertainment venues, making it highly susceptible to shifts in consumer discretionary spending and broader economic downturns. The theatre segment, in particular, has faced challenges due to production delays and long-term trends like online streaming, affecting box office revenues. Furthermore, the company has a notable tenant concentration, with a few major tenants generating a significant portion of its rental income, exposing EPR to substantial revenue loss if these tenants experience financial difficulties or fail to meet lease obligations.

2. Interest Rate Fluctuations and Cost of Capital: As a real estate investment trust, EPR Properties is significantly impacted by changes in interest rates. Rising interest rates increase the company's cost of capital for new investments and development projects, thereby affecting its growth prospects and overall profitability. Higher borrowing expenses can dampen acquisition strategies and impact the valuation of its existing assets.

3. Climate Change Impacts on Properties: Climate change presents physical risks to EPR Properties' diverse portfolio, particularly affecting assets vulnerable to weather patterns, such as ski resorts and coastal attractions. Unpredictable weather, including reduced snowfall and increased extreme weather events, can lead to shorter operating seasons, property damage claims, and higher insurance premiums, directly impacting the revenue and operational costs of these properties.

• Movie Theaters: The U.S. movie theater market size is projected to be $16.0 billion in 2025. Another estimate places the U.S. movie theater revenue at USD 14.9 billion in 2024. The broader U.S. movie market, which includes streaming, was valued at $23.44 billion in 2024 and is expected to reach $34.64 billion by 2033.
• Ski Resorts: The market size for Ski & Snowboard Resorts in the U.S. is estimated at $4.2 billion in 2025. Another report projects the U.S. mountain and ski resort industry to grow from an estimated USD 3.6 billion in 2025 to USD 8.1 billion by 2035.
• Amusement Parks & Attractions: The U.S. Amusement and Theme Park Industry is valued at $24.6 billion in 2025 and is forecast to reach $29.22 billion by 2030. Other estimates for the U.S. amusement and theme park market size include approximately USD 19.64 billion in 2024, growing to USD 32.30 billion by 2034, and USD 23.40 billion in 2024, with a projection to reach USD 36.60 billion by 2035.
• Eat & Play Venues: The U.S. industry for Arcade, Food & Entertainment Complexes, which aligns with EPR's "Eat & Play" segment, is estimated to have a market size of $6.1 billion in 2025. The U.S. family/indoor entertainment centers market was valued at $5,248.87 million in 2024 and is estimated to reach $10,555.24 million by 2034.
• Experiential Lodging: The U.S. hotels market size was estimated at USD 263.21 billion in 2024 and is projected to grow to USD 395.69 billion by 2030. The U.S. hospitality market is valued at USD 247.45 billion in 2025 and is forecast to reach USD 313.87 billion by 2030. The U.S. luxury hotel market alone was valued at USD 27.1 billion in 2024 and is expected to reach USD 43.9 billion by 2033.

EPR Properties (symbol: EPR) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

• Strategic Acquisitions and Diversification into Experiential Assets: EPR Properties plans to continue its acquisition strategy, targeting an annual acquisition run rate of $500 million, with a strong focus on experiential assets beyond traditional theaters. The company aims to diversify its portfolio, reducing the theater composition to 20%, and is actively investing in new experiential properties.
• Contractual Rent Escalators: The company anticipates rent escalators to be slightly above 2% across its portfolio. A notable example is a $6 million annual rent increase from AMC, effective July 1st, contributing to consistent revenue growth.
• Increased Investment in Experiential Development and Redevelopment Projects: EPR has committed over $100 million for experiential development and redevelopment projects that will be deployed over the next 15 months. The company has narrowed its 2025 investment spending guidance to a range of $225 million to $275 million and plans to accelerate this spending to between $400 million and $500 million in 2026.
• Growth in Percentage Rents from Improved Box Office Performance: Despite some quarterly fluctuations, the North American box office for calendar year 2025 is projected to increase by approximately 6% at the midpoint compared to 2024. This recovery is expected to lead to higher percentage rents, particularly from theater tenants, which the company views as having strong future upside.
• Targeted Growth in Specific Experiential Segments: EPR Properties is seeing strong momentum and investment potential in specific experiential categories. This includes the hot springs sector, the expansion of "Eat & Play" venues like Andretti Garden and Pinstack, and growth within its experiential lodging and ski property portfolios.

Share Repurchases

• EPR Properties authorized a limited share repurchase program in March 2020 in response to market dislocation.

Share Issuance

• EPR Properties plans to finalize a new At-the-Market (ATM) program in Q4 2025, which will provide an additional tool for raising equity capital.
• The company's 2025 guidance assumes no equity issuance.

Outbound Investments

• Year-to-date investment spending through Q3 2025 totaled $140.8 million, with Q3 2025 spending at $54.5 million.
• The company has committed approximately $100.0 million for experiential development and redevelopment projects, expected to be funded over the next 15 months.
• EPR Properties anticipates materially accelerating investment spending to a range of $400 million to $500 million in 2026, focusing on expanding its experiential properties.

Capital Expenditures

• Investment spending guidance for 2025 was narrowed to a range of $225.0 million to $275.0 million.
• Year-to-date through Q3 2025, investment spending was $140.8 million, primarily directed towards experiential assets such as fitness and wellness properties, attractions, and eat & play venues.
• The company is actively pursuing a capital recycling strategy by disposing of non-core theatre and education assets, with disposition proceeds guidance for 2025 increased to $150.0 million to $160.0 million.