Slide 1: Investor Presentation Q1 2025
INVESTOR Q1 PRESENTATION 2025
Slide 2: Disclaimer
DISCLAIMER The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward
Slide 3: Q1 2025 Headlines
Q1 2025 HEADLINES Executes on Investment Pipeline • Q1 2025 investment spending was $37.7M including $14.3M for the acquisition of an attraction property in New Jersey • Subsequent to quarter-end o Acquired land for $1.2 million & provided mortgage financing of $5.9M for a fitness & wellness propert
Slide 4: Q1 2025 Headlines Continued
Q1 2025 HEADLINES CONTINUED Strong Liquidity Position – As of Q1, cash on hand of $20.6M, $105M outstanding on $1.0B unsecured revolving credit • Subsequent to quarter-end, fully repaid $300M in senior unsecured notes due April 1, 2025 using borrowings under credit facility • There are no other debt
Slide 5: Portfolio Update: Box Office Updates
PORTFOLIO UPDATE Box Office Updates* North American Box Office Gross (NABOG) rebounding • Q1 box office was $1.4B (down 11.6% vs. 2024) • Q2 has quickly offset with overperformance o A Minecraft Movie opened to $163M, both the largest opening in 2025 and the largest opening weekend ever for a videog
Slide 6: Portfolio Update: Other Experiential Property and Operator Updates
PORTFOLIO UPDATE Other Experiential Property and Operator Updates Ski – Q1 and TTM Q1 revenue & EBITDARM up vs. prior year Eat & Play – Andretti openings in mid-2025 and early 2026; portfolio coverage strong and above pre-Covid even with revenue and EBITDARM down slightly vs. same period 2024 Attrac
Slide 7: Investment Spending $200M - $300M
INVESTMENT SPENDING Q1 Investment Spending was $37.7M Acquired Diggerland USA in West Berlin, NJ for $14.3M, the only construction-themed attraction & water park in the U.S. Subsequent to quarter end, made two new investments • First traditional golf investment; acquired land for $1.2M and provided
Slide 8: Capital Recycling $80M - $120M
CAPITAL RECYCLING Properties Sold • 10 leased early childhood education centers (ECEs) and one vacant ECE • One vacant theatre and two operating theatres • Net proceeds totaled $70.8M, recognized a net gain of $9.4M Payment in Full of Two Mortgages – received $8.1M in net proceeds for mortgages secu
Slide 9: Company Overview
COMPANY OVERVIEW
Slide 10: 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 11: The Experience Economy
THE EXPERIENCE ECONOMY Personal Consumption Expenditures on Experiential Spending • Consistent growth over the last 25 years • Demonstrated resilience during recessionary periods Experiential Spending in the U.S.* Dot-Com The Great Recession Recession COVID-19 $500 $400 (In Billions) $300 $200 $100
Slide 12: 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 13: 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 14: 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 15: Portfolio Overview: $6.8B Portfolio
PORTFOLIO OVERVIEW $6.8B PORTFOLIO (2) 331 locations with over 200 tenants in 44 states & Canada Diversified, Experiential Property Types* Rent Coverage Reporting Total Portfolio Coverage Exceeds 2019 TTM March YE 2025 2019 Total Portfolio Coverage 2.0x 1.9x Methodology – Coverage numerator is custo
Slide 16: 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 17: 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 17
Slide 18: Portfolio
PORTFOLIO EPR Properties*
Slide 19: Portfolio Detail
PORTFOLIO DETAIL Annualized Strategic Property type Properties Operators (1) Adj. EBITDAre Focus Theatres(4) 154 17 38% Reduce (5) Eat & Play 58 9 24% Grow Attractions & Cultural 26 9 13% Grow Ski 11 3 7% Grow Fitness & Wellness 22 9 8% Grow Experiential Lodging 4 3 2% Grow Gaming 1 1 2% Grow EXPERI
Slide 20: Portfolio Highlights
PORTFOLIO HIGHLIGHTS Stable Occupancy Key Features 99%* 100% 80% Lower Price Points 60% 40% Drive-to Locations 20% 0% Q4 Q3 Q2 Q1 Geographic Diversity 2019 2021 2023 2025 Distinctive Lease Features Low 10-Year Lease Expirations 40.0% Avg. of ~3.4% Total Revenue** Per Year 30.0% Escalators Weighted A
Slide 21: Experiential Portfolio
EXPERIENTIAL PORTFOLIO $6.4B PORTFOLIO (2) 94% Ann. Adj. EBITDAre(1) 276 locations, 51 operators in 42 states & Canada (5) Theatres Eat & Play Attractions Ski Experiential Lodging Gaming Cultural Fitness & Wellness 21
Slide 22: 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 154 Properties in Service (4) 17 Operators 38%
Slide 23: Theatres: Resilient Industry
THEATRES Resilient Industry with Long History of Demand Annual U.S. Box Office Revenue $12 (in billions)* BOX OFFICE RECOVERY $8 Content Supply Issue $4 vs. Consumer $- Demand Issue 1999 Recession Period Covid-19 2024 Studios Recognize Importance of Dominant Source for Theatrical Releases, Increasin
Slide 24: Theatres: F&B Impact
THEATRES: F&B IMPACT Beyond Box Office: Increased F&B Spending Driving Higher Profitability* % Increase 2019-2024 Per Patron Ticket Cost 26% Per Patron F&B Spending ~60% Shift toward higher-margin F&B spending boosts gross profit per patron & has positive impact on the bottom line Margin on ticket s
Slide 25: Theatres: Expanded Amenities and Productivity
THEATRES: EXPANDED AMENITIES AND PRODUCTIVITY* EPR’s Portfolio: Well-positioned with amenities & highly productive Expanded amenities in most locations 69% have reclining seats 81% have enhanced food and beverage and/or alcohol 57% have either IMAX, other large format premium screens, or both Outsiz
Slide 26: Theatres: Tenant Credit Improvement
THEATRES: TENANT CREDIT IMPROVEMENT EPR Tenant Status Mitigating Factors Resolution • Raised significant equity & reduced debt; positive cash flow AMC Theatres Over-levered Master Lease • Recently extended debt maturities from 2026 to 2029 • Low leverage Master Lease Regal Entertainment Emerged from
Slide 27: 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 58 Properties in Service 39 Topgolf locations 9 Operators (5) 8 Andretti locations 24% Ann. Adj. EBITDAre (1) 7 Entertainme
Slide 28: 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 City Museum Pocono Mountains, PA Quebec City, Canada St. Louis, MO EPR Portfolio Proven Tenants in the
Slide 29: Ski
SKI Skiing and snowboarding remain enduring recreation choices, while four-season offerings present growth opportunities for operators expanding beyond winter. Snowmaking Capabilities EPR PORTFOLIO Less dependent on weather, improving customer experience & adding days open. 11 Properties in Service
Slide 30: 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. Fitness Climbing Hot Springs Wellness Centers Gyms Resorts Resorts EPR Portfolio Best-in-Class Tenants and Locat
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. EPR PORTFOLIO 4 Properties in Service 2% Ann. Adj. EBITDAre (1) 3 Operators Strategic Focus: Grow Photo credit Att
Slide 32: Gaming
GAMING Casinos are evolving into broader Gaming + EPR entertainment destinations— expanding demographic reach and Strong Strategic Fit reinforcing non-lottery gaming as a • Established as an institutionalized asset top-performing location-based class among REIT’s and REIT investors experience (LBE)
Slide 33: Education Portfolio
EDUCATION PORTFOLIO $450M PORTFOLIO (2) 6% Ann. Adj. EBITDAre(1) 55 locations, 5 operators EPR PORTFOLIO Early Childhood Education Private Schools 46 Properties in Service 9 Properties in Service 4 Operators 1 Operator 4% Annualized Adj. EBITDAre (1) 2% Annualized Adj. EBITDAre (1) 33
Slide 34: Financial Review
7m EPR Yad Properties*
Slide 35: 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 35
Slide 36: Financial Overview
FINANCIAL OVERVIEW Capital Structure Financial Highlights (in millions) Q1 Liquidity available: $20.6M cash on 2025 hand $1B revolver, $105M outstanding* Common Equity $4,002 Preferred Equity $371 Unsecured Net Debt to Annualized Net Debt $2,789 Debt 99% Adjusted EBITDAre** 5.1x Total Market Capital
Slide 37: Financial Highlights: Debt Maturity Profile
FINANCIAL HIGHLIGHTS Well-Laddered Debt Maturity Profile* $600 $1B Unsecured Credit Facility $500 (due in 2028; $105M balance**) $500 $450 $450 Unsecured Senior Notes $400 $400 $400 Secured Debt $300 ** $300 Private Placement Notes $200 $179.6 $105 ** $100 $25 $0 2025 2026 2027 2028 2029 2030 2031 2
Slide 38: Financial Highlights: Financial Performance
FINANCIAL HIGHLIGHTS Financial Performance Quarter ended March 31, 2025 2024 $ Change % Change Total Revenue $175.0 $167.2 $7.8 4.7% Net Income – Common 59.8 56.7 3.1 5.5% FFO as adj. – Common* 91.7 85.7 6.0 7.0% AFFO – Common* 92.9 85.7 7.2 8.4% Net Income/share – Common 0.78 0.75 0.03 4.0% FFO/sha
Slide 39: Financial Highlights: Key Ratios
FINANCIAL HIGHLIGHTS Key Ratios* Quarter ended March 31, 2025 Fixed charge coverage 3.2x Debt service coverage 3.8x Interest coverage 3.8x Net Debt to Adjusted EBITDAre 5.3x Net Debt to Annualized Adjusted 5.1x EBITDAre Net Debt to Gross Assets 39% AFFO payout 71% *See the most recently filed Supple
Slide 40: Capital Markets Update
CAPITAL MARKETS UPDATE Debt • $2.8B total debt; $2.7B fixed rate or fixed through interest rate swaps at overall weighted avg. = 4.4% • On April 1, 2025, fully repaid $300.0M of senior unsecured notes at maturity using borrowings under our revolving credit facility • No further debt maturities in 20
Slide 41: 2025 Guidance
2025 GUIDANCE FFO AS ADJUSTED PER SHARE* Guidance $5.00 - $5.16 Prior Guidance $4.94 - $5.14 INVESTMENT SPENDING Guidance $200M - $300M DISPOSITION PROCEEDS Revised Guidance $80M - $120M Prior Guidance $25M - $75M *See the most recently filed Supplemental Operating and Financial Data for definitions
Slide 42: 2025 Guidance, Continued
2025 GUIDANCE, CONTINUED PERCENTAGE RENT & PARTICIPATING INTEREST Guidance $21.5M - $25.5M Prior Guidance $18.0M - $22.0M GENERAL & ADMINISTRATIVE EXPENSE Guidance $53.0M - $56.0M Prior Guidance $52.0M - $55.0M OTHER INCOME Guidance $42.0M - $52.0M OTHER EXPENSE Guidance $42.0M - $52.0M 3.5% MONTHLY
Slide 43: Appendix
APPENDIX EPR Properties*
Slide 44: Footnotes
FOOTNOTES (1) Annualized Adjusted EBITDAre is as of March 31, 2025. 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 March 31, 2025. See Form 10-Q for the applicable period for definition a
Slide 45: EPR Properties
*w@ EPR Vaan Properties’ The Divers ed Experiential REI EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 Www. eprkc.com (816) 472-1700