EPR Properties — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the three months ended September 30, 2026, was $204.1 million, an 8.6% increase from $182.3 million in the prior year period; for the nine months ended September 30, 2026, revenue was $581.4 million, an 8.6% increase from $535.4 million.
• Net income available to common shareholders for the three months ended September 30, 2026, was $94.1 million, a 55.5% increase from $60.6 million; for the nine months, net income was $211.8 million, an 11.5% increase from $189.9 million.
• Net income per diluted common share for the three months ended September 30, 2026, was $1.22, up 54.4% from $0.79; for the nine months, it was $2.75, up 10.9% from $2.48.
• Funds From Operations as Adjusted (FFOAA) for the three months ended September 30, 2026, was $117.4 million, a 10.4% increase from $106.4 million; for the nine months, FFOAA was $325.8 million, a 10.3% increase from $295.4 million.
• FFOAA per diluted common share for the three months ended September 30, 2026, was $1.49, up 8.8% from $1.37; for the nine months, it was $4.16, up 9.2% from $3.81.
• Adjusted Funds From Operations (AFFO) for the three months ended September 30, 2026, was $121.1 million, an 11.4% increase from $108.6 million; for the nine months, AFFO was $333.7 million, an 11.0% increase from $300.5 million.
• AFFO per diluted common share for the three months ended September 30, 2026, was $1.54, up 10.8% from $1.39; for the nine months, it was $4.26, up 9.8% from $3.88.
• Total assets were $6.18 billion as of September 30, 2026, compared to $5.70 billion as of December 31, 2025.
• Debt was $3.35 billion as of September 30, 2026, compared to $2.93 billion as of December 31, 2025.
• Net Debt was $3.32 billion as of September 30, 2026, compared to $2.77 billion as of September 30, 2025.
• Proforma Net Debt was $3.19 billion as of September 30, 2026.
• Gross Assets were $7.96 billion as of September 30, 2026.
• Net Debt to Gross Assets Ratio was 42% as of September 30, 2026, compared to 38% as of September 30, 2025.
• Adjusted EBITDAre for the quarter ended September 30, 2026, was $165.0 million, up from $147.1 million in the prior year quarter.
• Net Debt to Adjusted EBITDAre Ratio was 5.0x for the quarter ended September 30, 2026, compared to 4.7x in the prior year quarter.

Guidance and Future Outlook:

• Increased 2026 FFOAA per diluted common share guidance to a range of $5.49 to $5.57 from $5.41 to $5.57, representing an 8.0% increase at the midpoint over 2025.
• Increased 2026 investment spending guidance to a range of $675.0 million to $725.0 million from $600.0 million to $700.0 million.
• Increased 2026 net income available to common shareholders per diluted common share guidance to a range of $3.41 to $3.49 from $3.03 to $3.19.
• Increased 2026 disposition proceeds guidance to a range of $86.0 million from $50.0 million to $100.0 million.
• As of September 30, 2026, the Company expects approximately $183.2 million in additional investment spending for existing experiential development and redevelopment projects, with approximately $21.0 million expected in the remainder of 2026.

Business Segments and Product Lines:

• Experiential investments totaled $7.2 billion (95% of total investments), while Education investments totaled $0.4 billion (5%).
• The Experiential portfolio includes 148 theatre properties, 62 eat & play properties, 35 attraction properties, 11 ski properties, five experiential lodging properties, 32 fitness & wellness properties, one gaming property, one cultural property, and one live venue.
• The Education portfolio consists of 54 properties (owned or financed).
• Investment spending for the quarter totaled $172.4 million, including $102.1 million for the acquisition of two eat & play and two fitness and wellness properties (including a Life Time fitness property in Irvine, California).
• Investment spending included $27.2 million of mortgage financing secured by an experiential lodging property and a fitness and wellness property, plus initial spending on a build-to-suit live performance venue in Portland, Oregon, operated by Live Nation.
• The Company entered into a new relationship with Live Nation, marking its entry into the live venue category.
• The Company added a Life Time fitness and wellness property to its portfolio.
• Wholly-owned Experiential portfolio was 99% leased or operated, with $52.1 million in property under development and $20.2 million in undeveloped land inventory.
• Wholly-owned Education properties were 100% leased.
• Combined wholly-owned portfolio totaled 20.7 million square feet and was 99% leased or operated.

Market and Competitive Landscape:

• The Company describes itself as the leading diversified experiential net lease REIT, specializing in select enduring experiential properties across 43 states and Canada.
• The Company focuses on real estate venues facilitating out-of-home leisure and recreation experiences where consumers spend discretionary time and money.

Risks and Challenges:

• The press release includes a standard cautionary statement regarding forward-looking statements, noting that actual results may differ due to numerous risks and uncertainties, including factors beyond the Company's control.
• Specific risks mentioned include the timing of transaction closings, investment spending, potential exits from joint ventures, customer performance, and cash collection expectations.

Management Commentary and Tone:

• Greg Silvers, Chairman and CEO, stated the third quarter reflects "continued momentum across the business, with both strong earnings growth and a robust pace of investment activity."
• Management highlighted the broadening of the experiential portfolio and the addition of new relationships, specifically Live Nation and Life Time.
• Management expressed confidence in the Company's capacity to fund a strong pipeline of opportunities given its credit facilities and forward equity.
• The tone is positive, emphasizing growth in earnings and investment spending.

Other Key Points:

• The Company entered into two forward sale agreements under its ATM Program during the quarter for initial gross sales proceeds of $66.6 million, or an average forward price of $60.79 per share.
• As of September 30, 2026, unsettled forward sale agreements represent total estimated net proceeds of $134.6 million for 2,285,835 common shares.
• The Company entered into a new $1.6 billion credit agreement, extending the maturity of its $1.0 billion unsecured revolving credit facility to July 17, 2030, and establishing a new $600.0 million unsecured delayed draw term loan facility due in 2032.
• The new credit agreement includes a $1.0 billion accordion feature, increasing the maximum combined facility availability to $2.6 billion.
• The Company recorded a non-cash write-off of $0.6 million in deferred financing costs related to the loan refinancing.
• The Company repaid in full $179.6 million of Series B senior unsecured notes upon maturity on August 24, 2026.
• Disposition proceeds for the third quarter totaled $74.0 million, including the sale of one private school property for net proceeds of $68.2 million, recognizing a gain of $30.5 million.
• The Board declared monthly cash dividends of $0.31 per common share, representing an annualized dividend of $3.72, a 5.1% increase over the prior year.
• The Company declared regular quarterly dividends to preferred shareholders: $0.359375 per share on Series C and Series G shares, and $0.5625 per share on Series E shares.
• The Company revised its definition of AFFO to no longer deduct maintenance capital expenditures, recasting all prior periods to reflect this change.