EPR Properties

The Company is a net lease investor specializing in experiential real estate. This includes venues that facilitate out-of-home leisure and recreation experiences where consumers spend discretionary time and money. The Company underwrites experiential property investments based on industry and property cash flow criteria, as well as tenant and customer credit metrics. Its customers offer popular and affordable entertainment and social outlet options, particularly through theatres, eat & play, and cultural venues. The Company also benefits from regional destinations offered by its experiential lodging, ski, attractions, and gaming properties, which are drive-to locations. The Company focuses on future growth in experiential property types. Its Education portfolio, consisting of early childhood education centers and private schools, is a legacy investment providing additional geographic and property diversity. The Company intends to dispose of its Education portfolio over time and reinvest the proceeds into other experiential investments. As of December 31, 2025, total assets were approximately $5.7 billion (after accumulated depreciation of approximately $1.7 billion), with properties located in 43 states and Canada. Investments are generally structured as long-term triple-net leases or mortgages, requiring tenants or borrowers to pay substantially all property operation and maintenance expenses. Total investments (a non-GAAP financial measure) were approximately $7.0 billion at December 31, 2025.