Epr Properties · NYSE:EPR
Epr Properties — Q4 2025 Earnings Presentation
21 slides from Epr Properties's earnings presentation, 2026
Slide 1: Earnings Call Presentation Q4 2025
EARNINGS CALL Q4 PRESENTATION 2025
Slide 2: Disclaimer
DISCLAIMER The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Annual Report on Form 10-K is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-lo
Slide 3: Introductory Comments
INTRODUCTORY COMMENTS
Slide 4: Quarterly Highlights
QUARTERLY HIGHLIGHTS 2025: Solid Execution & Clear Progress Toward Accelerated Growth • Resilient Portfolio Had Durable Tenant Performance & Steady Consumer Demand • Strong Earnings Growth with FFOAA Per Share Increase of 5.1% and AFFO Per Share Increase of 6.2% • Q4 Acquisitions Expanded Golf Portf
Slide 5: Portfolio
PORTFOLIO
Slide 6: Portfolio Overview
PORTFOLIO OVERVIEW Total Portfolio Snapshot Experiential Portfolio ~$7.0B Total Investments* 278 Properties; 54 Operators 333 Properties ~$6.6B (94%) Total Investments* Leased or Operated at 99% Leased or Operated at 99% Q4 Investment Spending $147.7M Education Portfolio Portfolio Coverage 55 Proper
Slide 7: Portfolio Update: Box Office Updates
PORTFOLIO UPDATE Box Office Updates* North American Box Office Gross (NABOG) • 2025 box office was $8.7B, 1% increase over 2024 • Q4 box office was $2.2B compared to $2.4B in 2024; strong performance from Zootopia 2, Wicked: For Good, and Avatar: Fire & Ash 2026 Expectations – Analysts expect box of
Slide 8: Portfolio Update: Other Experiential Property and Operator Updates
PORTFOLIO UPDATE Other Experiential Property and Operator Updates Ski • East Coast & Midwest operators started with above average snow and strength continues • Northern CA opened late due to lack of snow but conditions have improved significantly • Alyeska seeing strong demand augmented by IKON pass
Slide 9: Portfolio Update: Other Experiential Property and Operator Updates
PORTFOLIO UPDATE Other Experiential Property and Operator Updates Attractions • Valcartier’s outdoor park & Hotel De Glace opened in December; benefitting from sustained domestic travel in Canada • Pleased with improved metrics at Enchanted Forest Water Safari in operator’s first full year of owners
Slide 10: Investment Spending
INVESTMENT SPENDING Q4 Investment Spending was $147.7M bringing YTD to $288.5M Acquisition of Portfolio of 5 Championship Golf Courses in Dallas for $90.7M: Will be leased & operated by Advance Golf Partners; investments follow research of attractive supply & demand dynamics & scalable partnership o
Slide 11: Capital Recycling
CAPITAL RECYCLING During the Quarter • Sold two leased theatre properties for alternative uses; two land parcels • Net proceeds of $16.1M & recognized a gain of $5.3M • Received $18.4M in proceeds from partial paydown on mortgage note relating to Gravity Haus in Steamboat Springs Update on Vacant Pr
Slide 12: Financial Review
FINANCIAL REVIEW
Slide 13: Financial Highlights: Quarter Ended December 31
FINANCIAL HIGHLIGHTS Financial Performance Quarter ended December 31, 2025 2024 $ Change % Change Total Revenue $183.0 $177.2 $5.8 3% Net Income (loss) – Common 60.9 (14.4) 75.3 522% FFO as adj. – Common* 101.2 94.3 6.9 7% AFFO – Common* 101.4 94.1 7.3 8% Net Income (loss)/share – 0.79 (0.19) 0.98 5
Slide 14: Financial Highlights: Year Ended December 31
FINANCIAL HIGHLIGHTS Financial Performance Year ended December 31, 2025 2024 $ Change % Change Total Revenue $718.4 $698.1 $20.3 3% Net Income – Common 250.8 121.9 128.9 106% FFO as adj. – Common* 396.6 373.9 22.7 6% AFFO – Common* 398.2 371.4 26.8 7% Net Income/share – Common 3.28 1.60 1.68 105% FF
Slide 15: Financial Highlights: Key Ratios
FINANCIAL HIGHLIGHTS Key Ratios* Quarter ended December 31, 2025 Fixed charge coverage 3.4x Debt service coverage 4.0x Interest coverage 4.0x Net Debt to Adjusted EBITDAre 5.0x Net Debt to Annualized Adjusted 4.9x EBITDAre Net Debt to Gross Assets 39% AFFO payout 68% *See the most recently filed Sup
Slide 16: Capital Markets Update
CAPITAL MARKETS UPDATE Debt • $2.9B total debt; all fixed rate or fixed through interest rate swaps at overall weighted avg. = 4.4% • In November, closed on public offering of $550.0M of 5-year senior unsecured notes with interest rate of 4.75% Liquidity Position at 12/31/2025 • $90.6M unrestricted
Slide 17: 2026 Guidance
2026 GUIDANCE FFO AS ADJUSTED PER SHARE* Guidance $5.28 - $5.48 INVESTMENT SPENDING Guidance $400M - $500M DISPOSITION PROCEEDS Guidance $25M - $75M *See the most recently filed Supplemental Operating and Financial Data for definitions and calculations of these non-GAAP measures 17
Slide 18: 2026 Guidance, Continued: Percentage Rent & Participating Interest
2026 GUIDANCE, CONTINUED PERCENTAGE RENT & PARTICIPATING INTEREST Guidance $18.5M - $22.5M Percentage Rent & Participating Interest Reconciliation 2025 Actual $24.5M Out of period in 2025 (does not repeat) (3.5M) Impact of lower projected revenue at ski tenant (1.1M) Impact of threshold increases (o
Slide 19: 2026 Guidance, Continued: G&A, Other Income, Dividend
2026 GUIDANCE, CONTINUED GENERAL & ADMINISTRATIVE EXPENSE Guidance $56.0M - $59.0M OTHER INCOME Guidance $41.0M - $51.0M OTHER EXPENSE Guidance $41.0M - $51.0M 5.1% MONTHLY DIVIDEND INCREASE Monthly Dividend $0.31 19
Slide 20: Closing Comments
CLOSING COMMENTS
Slide 21: EPR Properties Contact
*wa EPR ~~ Properties® The Diversified Experi tial REIT EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com (816) 472-1700