Epr Properties · NYSE:EPR
Epr Properties — Q3 2026 Earnings Presentation
46 slides from Epr Properties's earnings presentation, October 2026
Slide 1: EPR Properties
*—§ EPR | VawN Properties®
Slide 2: Disclaimer
DISCLAIMER 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 Excha
Slide 3: Quarterly Highlights
QUARTERLY HIGHLIGHTS Continued Growth Acceleration & Momentum Across the Business Growth: Q3 revenue up 12% & FFO as adjusted per share up 8.8% Strong Investments Broadened Experiential Portfolio • Established important new relationships • Entered Live Venues category with Live Nation in Portland, O
Slide 4: Investment Activity
INVESTMENT ACTIVITY Invested $172.4M in Q3 at average initial cash yield of ~8.3%, bringing YTD to $664.5M Firsts for EPR: first investment in live performance venue with Live Nation & first acquisition of Life Time fitness center Live Nation Steelhead Life Time Irvine Investments Diversified Across
Slide 5: Pipeline & Cost of Capital
PIPELINE & COST OF CAPITAL PIPELINE Breadth unparalleled in recent memory COST OF CAPITAL 3 factors in our favor • Rate protection prior to closing; provides buffer during market volatility • We generally compete with alternative forms of capital; debt capital reprices faster, so clients are recepti
Slide 6: Portfolio Overview
PORTFOLIO OVERVIEW Overall Portfolio $7.6B Gross Investments 350 Properties 99% Leased/Operated Experiential Portfolio Education Portfolio 96% of ABR 4% of ABR 296 Properties 54 Properties 61 Operators 4 Operators 99% Leased/Operated 100% Leased/Operated 6
Slide 7: Portfolio Update
PORTFOLIO UPDATE Portfolio Coverage of 2.1x Demonstrates Enduring Preference for Experiences Over Things Our Portfolio: diversified experiences appealing to many generations & incomes Theatres: content drives performance; box office up ~20% YTD* • Gen Z are 40% of moviegoers and Gen Alpha prefers th
Slide 8: Company Overview
COMPANY OVERVIEW
Slide 9: EPR Properties
EPR PROPERTIES EPR Properties (NYSE:EPR) is the leading diversified experiential real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. DIVERSE PORTFOLIO POTENTIAL FOR STRONG FUTURE GROWTH OF EXPERIENTIAL PROPERTIES IN LOCATION-BASED
Slide 10: The Experience Economy
THE EXPERIENCE ECONOMY Personal Consumption Expenditures on Experiential Spending • Consistent growth over the last 25 years with 7% growth from 2024 to 2025 • Demonstrated resilience during recessionary periods Experiential Spending in the U.S.* Dot-Com The Great Recession Recession COVID-19 $600 $
Slide 11: Vision: Build The Premier Experiential Real Estate Portfolio
VISION Build The Premier Experiential Real Estate Portfolio Estimated $100+ Billion Deep Market Experienced Team Addressable Market Property Diversification Institutional Knowledge Target Experiential Property Types EAT & PLAY GAMING EXPERIENTIAL LODGING SKI Golf Entertainment Casino Resorts Ski-Bas
Slide 12: Investment Process
INVESTMENT PROCESS Our deliberate experiential investment process ensures that we filter opportunities against a common set of criteria to ensure sustainable growth INDUSTRY PROPERTY TENANT Experiential Alignment Location Quality Demonstrated Success Proven Business Model Competitive Position Commit
Slide 13: Asset Management
ASSET MANAGEMENT Optimizing Portfolios for Growth PORTFOLIO PROPERTY MONITORING REDEVELOPMENT DISPOSITIONS We proactively monitor key We will maximize the value Driven by a changing property level metrics, tenant of certain properties through competitive environment, we credit profiles and broader r
Slide 14: Portfolio Overview
PORTFOLIO OVERVIEW ~$7.6B PORTFOLIO (2) 350 locations with 65 operators (5) in 43 states & Canada Diversified, Experiential Property Types* Rent Coverage (4) TTM September 2026 Total Portfolio Coverage 2.1x Methodology – Coverage numerator is customer's store level EBITDARM and denominator is EPR's
Slide 15: Corporate Responsibility
CORPORATE RESPONSIBILITY At EPR Properties, we are committed to operating in a socially responsible and ethical manner. Environmental Social Governance The integration of sustainable We are committed to our associates and Transparent and resilient corporate practices is a collective effort that we t
Slide 16: Values as Strategic Principles
VALUES AS STRATEGIC PRINCIPLES Our company’s core values both distinguish us and guide our business activities We believe success comes from talented people at all levels of the organization who are inspired, driven by market-focused thinking and instilled with a strong sense of ownership 16
Slide 17: Portfolio
PORTFOLIO
Slide 18: Portfolio Detail
PORTFOLIO DETAIL Annualized Property type Properties Operators Base Revenue (1) (ABR) Theatres(4) 148 17 34% Eat & Play 62 8 (5) 25% Attractions & Cultural 36 11 17% Ski 11 3 7% Fitness & Wellness 32 15 10% Experiential Lodging 5 5 1% Gaming 1 1 2% Live Venues 1 1 -% EXPERIENTIAL PORTFOLIO 296 61 96
Slide 19: Portfolio Highlights
PORTFOLIO HIGHLIGHTS Stable Occupancy Key Features 99%* 100% 80% Lower Price Points 60% 40% Drive-to Locations 20% 0% Q4 Q3 Geographic Diversity 2019 2026 Distinctive Lease Features Low 10-Year Lease Expirations Avg. of approx. 4.0% Total Revenue** Per Year 40.0% Escalators Weighted Avg. 30.0% Gener
Slide 20: Experiential Portfolio
EXPERIENTIAL PORTFOLIO $7.2B PORTFOLIO (2) 296 locations, 61 operators(5) in 42 states & Canada 96% ABR (1) Theatres Eat & Play Attractions & Cultural Ski Experiential Lodging Gaming Live Venues Fitness & Wellness 20
Slide 21: Theatres
THEATRES Today’s audiences are seeking a complete experience when they spend their leisure dollars. Exhibitors are transforming the customer experience through expanded food and beverage concepts, luxury seating and the latest technology. EPR PORTFOLIO 148 Properties in Service (4) 17 Operators 34%
Slide 22: Theatres: Resilient Box Office
THEATRES A Resilient Box Office with Momentum into Q4 and 2027 Annual U.S. Box Office Revenue Strong Releases & Performance Expected in Q4 2026 (in billions) * The Hunger Games: Focker-in-Law $12 Sunrise on the Release: Nov. 25 Reaping Q4 Release: Nov. 20 $8 $4 Dune: Avengers: Part Three Doomsday Re
Slide 23: Theatres: F&B Impact
THEATRES: F&B IMPACT Beyond Box Office: Increased F&B Spending Driving Higher Profitability* % Increase 2019 - Q2 ’26 Per Patron Ticket Cost ~33% Per Patron F&B Spending ~71% Shift toward higher-margin F&B spending boosts gross profit per patron & has positive impact on the bottom line Margin on tic
Slide 24: Theatres: Expanded Amenities and Productivity
THEATRES: EXPANDED AMENITIES AND PRODUCTIVITY* EPR’s Portfolio: Well-positioned with amenities & highly productive Expanded amenities in most locations 71% have reclining seats 84% have enhanced food and beverage and/or alcohol 69% have either IMAX, other large format premium screens, or both Outsiz
Slide 25: Eat & Play
EAT & PLAY The rise of 'eatertainment' has driven an increase in popular concepts that combine high-quality dining and immersive entertainment in one destination. EPR Portfolio Industry-Leading Brands 62 Properties in Service 41 Topgolf locations ⏵Consistent, strong execution 8 Operators (5) 8 Andre
Slide 26: Attractions & Cultural
ATTRACTIONS & CULTURAL From rides to exhibits, our attractions and cultural properties combine lasting appeal and innovation to foster engagement and repeat visitation. Camelback Resort Valcartier ValleyFair Pocono Mountains, PA Quebec City, Canada Shakopee, MN EPR Portfolio Proven Tenants in the In
Slide 27: Ski
SKI Skiing and snowboarding remain enduring recreation choices, while four-season offerings present growth opportunities for operators expanding beyond winter. EPR Portfolio Geographic Diversity & Top Industry Operators Four Season Appeal Properties 11 in Service A variety of activities 11 Propertie
Slide 28: Fitness & Wellness
FITNESS & WELLNESS The growing emphasis on holistic wellness is fueling expansion across the fitness and wellness industry—reflected in our curated portfolio of differentiated properties. Climbing Fitness Fitness Golf Hot Springs & Gyms Centers Centers Clubs Wellness Resorts EPR Portfolio Best-in-Cl
Slide 29: Fitness & Wellness: Golf Clubs
FITNESS & WELLNESS: GOLF CLUBS On-course golf participation has grown every year since 2017, reaching highest level since 2008. WestRidge Golf Course Governor’s Towne Club Sky Creek Ranch Golf Club Reunion Golf & Country Club Fitness Advance Golf Partners Evergreen Partners Advance Golf Partners Eve
Slide 30: Fitness & Wellness: Life Time and OneLife
FITNESS & WELLNESS New Life Time and OneLife acquisitions add high-quality real estate in premier fitness locations. Life Time Fitness OneLife Fitness Lakeshore-Irvine Orange County, CA Tyson’s Galleria McLean, VA 94K+ 1M+ Located in 110K+ 780K+ Located in sq ft people in Class A sq ft people in A+
Slide 31: Experiential Lodging
EXPERIENTIAL LODGING With spending habits shifting to experiences and travel, our experiential lodging properties deliver premium stays enhanced by on-site recreation and entertainment. Historic Tapoco Lodge Resort Camp Margaritaville RV Resort and Lodge Robbinsville, NC Pigeon Forge, TN EPR Portfol
Slide 32: Live Venues
LIVE VENUES Live entertainment continues to grow, fueled by increased consumer spending, strong ticket sales and demand for unique, shared experiences. EPR Portfolio Top Industry Operator 1 Property in Service 1 Operator (5) ⏵Spending on live entertainment has -% ABR (1) increased six-fold over the
Slide 33: Gaming
GAMING Casinos are evolving into broader Gaming + EPR entertainment destinations—expanding Strong Strategic Fit demographic reach & reinforcing non-lottery • Established as an institutionalized asset gaming as a top-performing location-based class among REIT’s and REIT investors experience (LBE) cat
Slide 34: Education Portfolio
EDUCATION PORTFOLIO Our education portfolio reflects a history of investing in high-quality real estate, partnering with experienced operators to create purpose-built learning environments. $400M+ 54 4 4% PORTFOLIO (2) LOCATIONS OPERATORS ABR(1) Early Childhood Education Private Schools 46 Propertie
Slide 35: Financial Review
FINANCIAL REVIEW
Slide 36: Financial Strategy
FINANCIAL STRATEGY Balance Sheet Unsecured Model Committed to Emphasis on conservative common equity & balance sheet unsecured debt management Maintain Discipline Flexibility Preserve financial flexibility & liquidity 36
Slide 37: Financial Overview
FINANCIAL OVERVIEW Capital Structure Q3 Financial Highlights (in millions) Liquidity available: $52.4M unrestricted cash Q3 2026 $1B revolver, ZERO balance Common Equity $4,300 Unsecured Proforma Net Debt to Annualized Preferred Equity $368 Debt 99% Adjusted EBITDAre* 4.9x Net Debt $3,323 ~$3.3B tot
Slide 38: Well-Laddered Debt Maturity Profile
FINANCIAL HIGHLIGHTS WELL-LADDERED DEBT MATURITY PROFILE $700 Bonds/Term Loan $600 Unsecured Senior Notes $600 $550 Secured Debt $500 $500 Private Placement Notes $450 $450 $400 $400 $400 $300 $200 $100 $25 $0 2026 2027 2028 2029 2030 2031 2032 Thereafter 38
Slide 39: Financial Performance: Quarter Ended September 30
FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE QUARTER ENDED SEPTEMBER 30, 2026 2025 $ Change % Change Total Revenue $204.1 $182.3 $21.8 12.0% Net Income – Common 94.1 60.6 33.6 55.5% FFO as adj. – Common* 117.4 106.4 11.0 10.4% AFFO – Common* 121.1 108.6 12.4 11.4% Net Income/share – Common 1.22 .79 0.
Slide 40: Financial Performance: Nine Months Ended September 30
FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE NINE MONTHS ENDED SEPTEMBER 30, 2026 2025 $ Change % Change Total Revenue $581.4 $535.4 $46.0 8.6% Net Income – Common 211.8 189.9 21.9 11.5% FFO as adj. – Common* 325.8 295.4 30.4 10.3% AFFO – Common* 333.7 300.5 33.1 11.0% Net Income/share – Common 2.75 2
Slide 41: Financial Performance: Coverage and Leverage
FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE QUARTER ENDED SEPTEMBER 30, 2026 Fixed charge coverage 3.5x Debt service coverage 4.0x Interest coverage 4.0x Proforma Net Debt to Adjusted 4.8x EBITDAre Proforma Net Debt to Annualized 4.9x Adjusted EBITDAre Proforma Net Debt to Gross Assets 40% AFFO payou
Slide 42: Capital Markets Update
CAPITAL MARKETS UPDATE Debt › $3.3B total debt; $2.8B fixed rate at overall weighted avg. = 4.4% › Repaid in full $179.6M of Series B senior unsecured notes issued in private placement transaction New $1.6B Credit Facility › Extends maturity date to 2030 (with two six-month extension options) and re
Slide 43: 2026 Guidance
2026 GUIDANCE REVISED PRIOR GUIDANCE GUIDANCE FFO as Adjusted per share* $5.49 - $5.57 $5.41 - $5.57 Increase at Midpoint vs. Prior Year 8.0% 7.2% Investment Spending $675M - $725M $600M - $700M Disposition Proceeds $86M $50M - $100M Percentage Rent & Participating Interest $21.5M - $24.5M $18.5M -
Slide 44: Appendix
APPENDIX
Slide 45: Footnotes
FOOTNOTES (1) Annualized Base Revenue (ABR) is as of September 30, 2026. See Supplemental Operating and Financial Data for the applicable period for definition and calculation of this non-GAAP measure. (2) Total Investments is as of September 30, 2026. See Form 10-Q for the applicable period for def
Slide 46: EPR Properties
EPR Properties* The Diversified Experiential REIT’ 909 WALNUT ST., SUITE 200 KANSAS CITY, MO 64106 eprkc.com