Epr Properties · NYSE:EPR
Epr Properties — Q2 2026 Earnings Presentation
44 slides from Epr Properties's earnings presentation, 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 Executing Growth Strategy • Q2 revenue increased 10.1% & FFO as adjusted per share increased 12.7% • Set new post-COVID high for investment activity in single quarter of over $440M; reflects depth of opportunity & disciplined approach • Added Netflix as new partner through our a
Slide 4: Investment Activity
INVESTMENT ACTIVITY Invested $440.8M in Q2 at average initial cash yield of ~8.5%, bringing YTD to $492.2M Second Quarter Acquisitions: previously announced 7 Attractions from Six Flags, 2 additional Attractions, 1 golf club and 1 hot springs Netflix House investment: Investment grade-rated corporat
Slide 5: Portfolio Overview
PORTFOLIO OVERVIEW Overall Portfolio $7.5B Gross Investments 346 Properties 99% Leased/Operated Experiential Portfolio Education Portfolio 95% of Investments 5% of Investments 291 Properties 55 Properties 57 Operators 5 Operators 99% Leased/Operated 100% Leased/Operated 5
Slide 6: Portfolio Update
PORTFOLIO UPDATE Portfolio Demonstrates Resilience with Portfolio Coverage of 2.0x Theatres: continuation of outperformance in Q2; ticket sales ~10% above 2025* • Younger demographic fueling comeback: 87% of Gen Zers & 82% of Millennials saw at least one movie in a cinema during the past 12 months**
Slide 7: Company Overview
COMPANY OVERVIEW
Slide 8: 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 9: 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 10: 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 11: 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 12: Asset Management: Optimizing Portfolios for Growth
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 13: Portfolio Overview
PORTFOLIO OVERVIEW ~$7.5B PORTFOLIO (2) 346 locations with 62 operators (5) in 43 states & Canada Diversified, Experiential Property Types* Rent Coverage (4) TTM June 2026 Total Portfolio Coverage 2.0x Methodology – Coverage numerator is customer's store level EBITDARM and denominator is EPR's minim
Slide 14: 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 15: 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 15
Slide 16: Portfolio
PORTFOLIO
Slide 17: Portfolio Detail
PORTFOLIO DETAIL Annualized Strategic Property type Properties Operators Base Revenue (1) Focus (ABR) Theatres(4) 148 17 34% Reduce (5) Eat & Play 61 8 24% Grow Attractions & Cultural 36 11 17% Grow Ski 11 3 7% Grow Fitness & Wellness 30 13 10% Grow Experiential Lodging 4 4 1% Grow Gaming 1 1 2% Gro
Slide 18: Portfolio Highlights
PORTFOLIO HIGHLIGHTS Stable Occupancy Key Features 99%* 100% 80% Lower Price Points 60% 40% Drive-to Locations 20% 0% Q4 Q2 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 19: Experiential Portfolio
EXPERIENTIAL PORTFOLIO $7.1B PORTFOLIO (2) 291 locations, 57 operators(5) in 42 states & Canada 95% ABR (1) Theatres Eat & Play Attractions Ski Experiential Lodging Gaming Cultural Fitness & Wellness 19
Slide 20: 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 21: Theatres: Box Office Momentum
THEATRES 2026 Box Office Momentum Driven by Diverse Pipeline of Theatrical Content Tentpole Releases Emerging Theatrical Content • Drive peak • Original storytelling attendance • Creator-led • Anchor the filmmaking & release calendar digital audiences • Generate • Lower-budget films premium format w
Slide 22: Theatres: F&B Impact
THEATRES: F&B IMPACT Beyond Box Office: Increased F&B Spending Driving Higher Profitability* % Increase 2019-2025 Per Patron Ticket Cost ~32% Per Patron F&B Spending ~66% Shift toward higher-margin F&B spending boosts gross profit per patron & has positive impact on the bottom line Margin on ticket
Slide 23: Theatres: Expanded Amenities and Productivity
THEATRES: EXPANDED AMENITIES AND PRODUCTIVITY* EPR’s Portfolio: Well-positioned with amenities & highly productive Expanded amenities in most locations 70% have reclining seats 82% have enhanced food and beverage and/or alcohol 63% have either IMAX, other large format premium screens, or both Outsiz
Slide 24: 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 61 Properties in Service 39 Topgolf locations ⏵Consistent, strong execution 8 Operators (5) 8 Andre
Slide 25: 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 26: Attractions & Cultural: Netflix House
ATTRACTIONS & CULTURAL Netflix House: Philadelphia validates the powerful role that physical experiences play in an increasingly digital world Play Dine Shop Interactive adventures, VR Netflix Bites offers show- Limited-edition experiences, themed mini inspired food and beverages merchandise, collec
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 11 Properties in Service Four Season Appeal 11 Properties A variety of activitie
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 growth since 2017; 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 Evergreen Partners Centers
Slide 30: 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. Photo credit Attic Fire Photography EPR Portfolio Outdoor Hospitality Components * 4 Properties in Service 1% ABR(
Slide 31: 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 32: Education Portfolio
EDUCATION PORTFOLIO $450M+ PORTFOLIO (2) 5% ABR (1) 55 locations, 5 operators Early Childhood Education Private Schools 46 Properties in service 9 Properties in service 4 Operators 1 Operator 4% ABR (1) 2% ABR (1) 32
Slide 33: Financial Review
FINANCIAL REVIEW
Slide 34: 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 34
Slide 35: Financial Overview
FINANCIAL OVERVIEW Capital Structure Q2 Financial Highlights (in millions) Liquidity available: $16.2M cash on hand Q2 2026 $1B revolver, $640M availability Common Equity $4,441 Unsecured Proforma Net Debt to Annualized Preferred Equity $371 Debt 99% Adjusted EBITDAre* 5.1x Net Debt $3,298 ~$3.3B to
Slide 36: Well-Laddered Debt Maturity Profile
FINANCIAL HIGHLIGHTS WELL-LADDERED DEBT MATURITY PROFILE* $600 $550 $1B Unsecured Credit Facility $500 $500 $450 $450 $400 $400 Unsecured Senior Notes $400 $360 Secured Debt $300 $179.6 Private Placement Notes $200 $100 $25 $0 2026 2027 2028 2029 2030 2031 2032 Thereafter *Subsequent to June 30, 202
Slide 37: Financial Performance: Quarter Ended June 30
FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE QUARTER ENDED JUNE 30, 2026 2025 $ Change % Change Total Revenue $196.1 $178.1 $18.0 10.1% Net Income – Common 61.1 69.6 (8.5) (12.2%) FFO as adj. – Common* 110.8 97.3 13.5 13.9% AFFO – Common* 111.8 95.8 16.0 16.6% Net Income/share – Common 0.79 0.91 (0.12
Slide 38: Financial Performance: Six Months Ended June 30
FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE SIX MONTHS ENDED JUNE 30, 2026 2025 $ Change % Change Total Revenue $377.3 $353.1 $24.2 6.9% Net Income – Common 117.7 129.4 (11.7) (9.0%) FFO as adj. – Common* 208.4 189.1 19.3 10.2% AFFO – Common* 211.9 188.8 23.1 12.2% Net Income/share – Common 1.53 1.69
Slide 39: Financial Performance: Coverage and Leverage
FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE QUARTER ENDED JUNE 30, 2026 Fixed charge coverage 3.4x Debt service coverage 4.0x Interest coverage 4.0x Proforma Net Debt to Adjusted 5.2x EBITDAre Proforma Net Debt to Annualized 5.1x Adjusted EBITDAre Proforma Net Debt to Gross Assets 41% AFFO payout 65%
Slide 40: Capital Markets Update
CAPITAL MARKETS UPDATE Debt › $3.3B total debt; $3.0B fixed rate or fixed through interest rate swaps at overall weighted avg. = 4.4% ATM Program › Entered into forward sales agreements for initial gross sales proceeds of $23.4M; average sale price of $59.70 per share › At June 30, 2026, total estim
Slide 41: 2026 Guidance
2026 GUIDANCE REVISED PRIOR GUIDANCE GUIDANCE FFO as Adjusted per share* $5.41 - $5.57 $5.37 - $5.53 Increase at Midpoint vs. Prior Year 7.2% 6.5% Investment Spending $600M - $700M $500M - $600M Disposition Proceeds $50M - $100M $50M - $100M Percentage Rent & Participating Interest $18.5M - $22.5M $
Slide 42: Appendix
APPENDIX
Slide 43: Footnotes
FOOTNOTES (1) Annualized Base Revenue (ABR) is as of June 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 June 30, 2026. See Form 10-Q for the applicable period for definition an
Slide 44: EPR Properties
EPR Properties* The Diversified Experiential REIT’ 909 WALNUT ST., SUITE 200 KANSAS CITY, MO 64106 eprkc.com