Epr Properties · NYSE:EPR
Epr Properties — Q4 2025 Earnings Presentation
21 slides from Epr Properties's earnings presentation, Feb 25, 2026
Slide 1: Q4 2025 Earnings Call Presentation
Q4 2025 EARNINGS CALL PRESENTATION
Slide 2: Forward-looking statements disclaimer
2 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-looking sta
Slide 3: Introductory Comments
INTRODUCTORY COMMENTS
Slide 4: Quarterly Highlights 2025
4 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 Por
Slide 5: Portfolio
PORTFOLIO
Slide 6: Portfolio Overview
6 PORTFOLIO OVERVIEW Education Portfolio 55 Properties; 5 Operators Leased at 100% *See Quarterly Report on Form 10-Q for the quarter ended December 31, 2025 for definition and calculation of this non-GAAP measure Experiential Portfolio 278 Properties; 54 Operators ~$6.6B (94%) Total Investments* Le
Slide 7: Portfolio Update: Box Office Updates
7*BoxOfficeMojo 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 – Analys
Slide 8: Other Experiential Property and Operator Updates: Ski, Eat & Play
8 Other Experiential Property and Operator Updates PORTFOLIO UPDATE 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 pa
Slide 9: Other Experiential Property and Operator Updates: Attractions, Fitness
9 Other Experiential Property and Operator Updates PORTFOLIO UPDATE 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 owne
Slide 10: Investment Spending
1 0 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 partnersh
Slide 11: Capital Recycling
1 1 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 Properties • In
Slide 12: Financial Review
FINANCIAL REVIEW
Slide 13: Financial Highlights: Quarter Ended December 31, 2025
1 3*See the most recently filed Supplemental Operating and Financial Data for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS (In millions except per-share data) Financial Performance Quarter ended December 31, 2025 2024 $ Change % Change Total Revenue $183.0 $177.2 $5.8
Slide 14: Financial Highlights: Year Ended December 31, 2025
1 4*See the most recently filed Supplemental Operating and Financial Data for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS (In millions except per-share data) Financial Performance Year ended December 31, 2025 2024 $ Change % Change Total Revenue $718.4 $698.1 $20.3 3
Slide 15: Financial Highlights: Key Ratios
1 5 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 EBITDAre 4.9x Net Debt to Gross Assets 39% AFFO payout 68% *See the most recently filed Supplemental Operati
Slide 16: Capital Markets Update
1 6 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 unrestric
Slide 17: 2026 Guidance
1 7 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 2026 GUIDANCE
Slide 18: 2026 Guidance, Continued: Percentage Rent
1 8 PERCENTAGE RENT & PARTICIPATING INTEREST Guidance $18.5M - $22.5M 2026 GUIDANCE, CONTINUED 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 increase
Slide 19: 2026 Guidance, Continued: Expenses and Dividend
1 9 OTHER EXPENSE Guidance $41.0M - $51.0M GENERAL & ADMINISTRATIVE EXPENSE Guidance $56.0M - $59.0M 2026 GUIDANCE, CONTINUED OTHER INCOME Guidance $41.0M - $51.0M 5.1% MONTHLY DIVIDEND INCREASE Monthly Dividend $0.31
Slide 20: Closing Comments
CLOSING COMMENTS
Slide 21: EPR Properties contact details
™wa EPR Vaan Properties’ EIT .u] The Diversified Experiential f My, EPR Properties 909 Walnut Street, Suite 200 Kansas City, MO 64106 www.eprkc.com (816) 472-1700 7 4