Here are a few analogies to describe EPR Properties:

• Think of EPR Properties as the Simon Property Group for fun and leisure venues.
• EPR Properties is like the Realty Income for entertainment and recreation real estate.

• Leasing of Leisure-Focused Properties: EPR Properties provides net lease agreements for real estate venues that facilitate out-of-home leisure experiences.
• Leasing of Recreation-Focused Properties: EPR offers net lease agreements for real estate venues dedicated to out-of-home recreation experiences.

EPR Properties primarily sells to other companies, which are its tenants that operate experiential real estate venues. Its major customers include:

• Callaway Golf Company (NYSE: ELY), as the parent company of Topgolf.
• AMC Entertainment Holdings, Inc. (NYSE: AMC)
• Cinemark Holdings, Inc. (NYSE: CNK)

EPR Properties also has significant private tenants in sectors such as ski resorts (e.g., Boyne Resorts, Alterra Mountain Company), waterparks, and other entertainment and leisure venues.

Greg Silvers, Chairman and Chief Executive Officer

Mr. Silvers joined EPR Properties in 1998 and was appointed Chief Executive Officer and President in February 2015, and elected Board Chair in 2022. Prior to EPR, he practiced real estate law at Stinson Leonard Street LLP, and was involved with EPR Properties since its inception as a lawyer for the firm that handled its public offering.

Mark Peterson, Executive Vice President, Chief Financial Officer and Treasurer

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

Benjamin Fox, Executive Vice President, Chief Investment Officer

Mr. Fox recently joined EPR Properties as Chief Investment Officer, succeeding Gregory Zimmerman. He brings experience from Ares Management and Realty Income, both recognized in net lease real estate.

Tonya Mater, Senior Vice President and Chief Accounting Officer

Ms. Mater has been with EPR Properties since 2002, serving as Vice President and Chief Accounting Officer since 2015, and previously as Vice President and Controller. Before joining EPR, she worked in public accounting as an auditor.

Paul Turvey, Senior Vice President, General Counsel and Secretary

Mr. Turvey serves as Senior Vice President, General Counsel, and Secretary for EPR Properties.

The key risks to EPR Properties (EPR) primarily revolve around its tenant base, the sensitivity of its experiential properties to economic cycles, and the prevailing interest rate environment.

1. Concentration of Lease Revenues and Tenant Defaults: A notable risk for EPR Properties is the concentration of lease revenues from a limited number of tenants. According to its 10-K filings, a substantial portion of EPR's lease revenues comes from a few key tenants. This concentration increases the company's vulnerability to the financial health, defaults, or bankruptcies of these major tenants, which could significantly impact its financial performance and revenue streams.
2. Dependence on Economic Conditions and Consumer Discretionary Spending: As an experiential net lease REIT, EPR Properties' performance is closely tied to broader economic conditions and consumer discretionary spending. Factors such as inflation, interest rate fluctuations, and global economic uncertainties can directly affect consumers' willingness and ability to spend on out-of-home leisure and recreation experiences. A downturn in economic conditions or a reduction in discretionary spending could negatively impact its tenants' businesses and, consequently, their ability to meet rent obligations.
3. Elevated Interest Rates and Debt Financing Risks: EPR Properties relies on debt financing for its investments and operations, making it susceptible to interest rate fluctuations. Elevated interest rates can increase the cost of borrowing for new debt and materially adversely affect the company's ability to refinance existing debt or engage in new investment activities. This financial risk can impact the company's profitability and growth prospects. The company's significant investment in the theater sector, while being actively diversified, also poses a risk due to evolving entertainment consumption habits and shifts towards streaming services.

The increasing sophistication and widespread adoption of in-home entertainment and recreational technologies (such as advanced gaming platforms, virtual reality/augmented reality systems, and premium streaming services offering immersive content) that provide compelling alternatives to out-of-home leisure experiences, potentially reducing consumer demand for the types of experiential properties EPR Properties invests in.

• Movie Theaters: The market size for movie theaters in the U.S. is projected to be $16.3 billion in 2026. Other estimates place the U.S. movie theater market at $16.88 billion in 2024, with projections to reach $27.21 billion by 2033.
• Ski & Snowboard Resorts: The U.S. market size for ski and snowboard resorts is estimated at $4.4 billion in 2026. The broader U.S. skiing and snowboarding market was valued at approximately $5.53 billion in 2023 and is expected to reach $5.78 billion in 2024.
• Amusement and Theme Parks: The U.S. amusement parks market generated approximately $28.39 billion in revenue in 2024 and is anticipated to grow to $36.90 billion by 2030. Another estimate for the U.S. amusement and theme park market size was $23.40 billion in 2024, with a projection to reach $36.60 billion by 2035.
• Family Entertainment Centers (FECs): The U.S. family/indoor entertainment centers market was valued at $5.25 billion in 2024 and is estimated to reach $10.56 billion by 2034. Globally, the family entertainment center market was valued at $28.2 billion in 2023, with North America holding a 40% revenue share.
• Golf Entertainment: The market size for Golf Driving Ranges & Family Fun Centers in the U.S. is estimated at $24.3 billion in 2026. The U.S. golf simulator market alone was valued at $1.0 billion in 2024.
• Marinas: The U.S. marina market is estimated to generate between $6.5 billion and $7.0 billion in revenue in 2026. The broader North American marinas market is expected to reach $8.08 billion by 2029, growing from $6.70 billion in 2024.
• K-12 Private Education: The annual domestic revenues for private primary and secondary schools in the U.S. were approximately $98.9 billion in 2024. The K-12 private education market in North America was valued at $61.05 billion in 2025, with projections for robust growth.

Here are the expected drivers of future revenue growth for EPR Properties (EPR) over the next 2-3 years:

1. Accelerated Investment in Experiential Properties: EPR Properties anticipates a significant increase in investment spending on experiential assets, with projections of $400 million to $500 million for 2026, up from $288.5 million in 2025. These investments include strategic acquisitions such as a portfolio of seven regional parks, five golf courses, a regional water park, and a climbing platform. The company is also expanding into new experiential segments like fitness and wellness, diversifying its portfolio and broadening its revenue base.
2. Recovery and Growth of Theatrical Box Office: An optimistic outlook for the North American theatrical box office is expected to drive revenue growth. The box office saw a slight improvement in 2025, reaching $8.7 billion (up 1% from 2024), with further growth projected for 2026 due to a stronger film slate and an increased number of major studio releases. Additionally, rising non-ticket revenues, such as food and beverage sales, are contributing to tenant resilience and overall revenue.
3. Growth in Percentage Rents and Participating Income: EPR Properties forecasts an increase in revenue from percentage rents and participating income. The company's 2026 outlook includes an expected contribution of $18.5 million to $22.5 million from these revenue streams, reflecting the performance of its experiential tenants.
4. Revenue Increases from Embedded Rent Escalators: A consistent driver of revenue growth is the presence of embedded rent escalators within EPR Properties' existing lease agreements. These contractual increases contribute to steady revenue growth, as observed in the company's financial performance where embedded rent escalators played a role in the revenue increase in Q4 2025.

Share Repurchases

• No significant share repurchase programs were announced or executed by EPR Properties within the last 3-5 years (2021-2025).

Share Issuance

• In December 2025, EPR Properties established an at-the-market (ATM) equity offering program, authorizing the company to offer and sell up to $400 million of its common shares.
• As of December 31, 2025, no common shares had been issued under the ATM program.

Inbound Investments

• No information regarding large inbound investments made in EPR Properties by third-parties within the last 3-5 years is available.

Outbound Investments

• EPR Properties' total investment spending for 2025 amounted to $288.5 million.
• In 2025, key acquisitions included a portfolio of five championship golf courses in Dallas for $90.7 million and the Ocean Breeze Waterpark for $23.2 million.
• The company actively engages in capital recycling, selling off older, non-core properties (primarily theaters) to fund new investments in experiential assets, generating $168.3 million in disposition proceeds during 2025.

Capital Expenditures

• Investment spending (which represents capital expenditures for property acquisitions and development) totaled $288.5 million in 2025.
• For 2024, investment spending was $263.9 million.
• For 2026, EPR Properties projects investment spending to be between $400 million and $500 million, primarily focused on acquisitions and experiential development and redevelopment projects.