EPR Properties Reports First Quarter 2026 Results

Increases 2026 Earnings and Investment Spending Guidance

KANSAS CITY, Mo., May 06, 2026--(BUSINESS WIRE)--EPR Properties (NYSE:EPR) today announced operating results for the first quarter ended March 31, 2026 (dollars in thousands, except per share data):

Three Months Ended March 31, 2026 2025 % Change Total revenue $ 181,252 $ 175,033 3.6 % Net income available to common shareholders 56,578 59,771 (5.3 )% Net income available to common shareholders per diluted common share 0.74 0.78 (5.1 )% Funds From Operations as adjusted (FFOAA)(1) 97,577 91,740 6.4 % FFOAA per diluted common share (1) 1.26 1.19 5.9 % Adjusted Funds From Operations (AFFO)(1) 100,131 92,946 7.7 % AFFO per diluted common share (1) 1.29 1.21 6.6 % (1) A non-GAAP financial measure

First Quarter Company Headlines

Strong Funds from Operations Growth - For the first quarter of 2026, FFOAA per diluted common share and AFFO per diluted common share increased by 5.9% and 6.6%, respectively, compared to the first quarter of 2025. Executes on Investment Pipeline - During the first quarter of 2026, the Company's investment spending totaled $51.3 million. Subsequent to quarter-end, the Company completed the acquisition of six attraction properties as part of its previously announced acquisition of a portfolio of seven attraction properties from Six Flags Entertainment Corporation. These six properties comprise the substantial majority of the Company's $315.0 million portfolio investment. Enters Into Forward Sales Agreement Under Its ATM Program - During the first quarter of 2026, the Company entered into a forward sales agreement pursuant to its ATM Program to sell 797,422 common shares for initial gross sales proceeds of $47.5 million upon settlement, or an average sale price of $59.52 per share, subject to adjustment. As of March 31, 2026, the Company had $68.5 million of cash on hand (exclusive of the proceeds anticipated from settling the forward sales agreement) and no outstanding balance on its $1.0 billion unsecured revolving credit facility. Increases Monthly Common Share Dividend - As previously announced, the Company increased its monthly common share dividend by 5.1% to $0.31 per share starting with the dividend paid on April 15, 2026 to common shareholders of record as of March 31, 2026. Increases 2026 Guidance - The Company is increasing FFOAA per diluted common share guidance for 2026 to a range of $5.37 to $5.53 from a range of $5.28 to $5.48, representing an increase of 6.5% at the midpoint over 2025. The Company is also increasing investment spending guidance for 2026 to a range of $500.0 million to $600.0 million from a range of $400.0 million to $500.0 million and increasing disposition proceeds guidance to a range of $50.0 million to $100.0 million from a range of $25.0 million to $75.0 million.

Story Continues

"We are pleased with our first quarter results, including strong earnings growth and the momentum we have established in executing our growth strategy," stated Company Chairman and CEO Greg Silvers. "We deployed over $50 million during the quarter, and subsequent to quarter-end completed the acquisition of six high-quality regional parks with strong fundamentals and compelling long-term value creation potential. We have visibility to attractive opportunities across our target property types, and a balance sheet which provides the capacity to execute on our growth objectives. We are increasing both our earnings and investment spending guidance for the year, which reflects our confidence in the quality of our portfolio, the strength of our pipeline and our ability to continue creating long-term shareholder value."

Investment Update

The Company's investment spending during the three months ended March 31, 2026 totaled $51.3 million and included the acquisition of a fitness & wellness property in New York for $34.5 million. The remaining investment spending for the quarter related to experiential build-to-suit development and redevelopment projects.

As of March 31, 2026, the Company expects approximately $71.0 million in additional investment spending for existing experiential development and redevelopment projects, with substantially all expected to be funded in 2026. The Company also has a strong pipeline of potential new investments.

Subsequent to quarter-end, the Company completed the acquisition of six U.S. attraction properties as part of its previously announced acquisition of a portfolio of seven attraction properties from Six Flags Entertainment Corporation. These six U.S. properties comprise the substantial majority of the Company's $315.0 million portfolio investment. The remaining property, La Ronde in Montreal, Quebec, is expected to close in the second quarter of 2026, subject to satisfaction or waiver of customary closing conditions. Enchanted Parks will operate the six U.S. properties under a long-term triple-net master lease, and La Ronde Operations, Inc., is expected to operate La Ronde under a long-term triple-net lease.

During the first quarter of 2026, the Company exercised its purchase option to convert a $70.0 million mortgage note receivable secured by an experiential lodging property in Tennessee into a wholly-owned rental property subject to a long-term triple-net lease. In connection with this conversion, the Company recognized a gain on real estate transactions of approximately $1.0 million and a benefit for credit losses of approximately $1.3 million.

Capital Markets Activity

During the three months ended March 31, 2026, the Company entered into a forward sales agreement pursuant to its "at-the-market" offering program ("ATM Program") to sell an aggregate of 797,422 common shares for initial gross proceeds of $47.5 million upon settlement, or an average forward price of $59.52 per share, subject to adjustment. The Company has the option to settle the outstanding common shares any time before the maturity of the forward sales agreement on March 1, 2027, subject to customary closing conditions, for the initial gross proceeds as adjusted for payment of commissions and applicable dividends as well as daily adjustment based on the overnight bank borrowing rate less a spread. As of March 31, 2026, the Company has approximately $352.5 million of remaining capacity under its existing ATM Program.

Strong Liquidity Position

The Company remains focused on maintaining strong liquidity and financial flexibility. At March 31, 2026, the Company had $68.5 million of cash on hand and no outstanding balance on its $1.0 billion unsecured revolving credit facility. There are no scheduled debt maturities until August 2026.

Portfolio Update

The Company's total assets were $5.7 billion (after accumulated depreciation of approximately $1.8 billion) and total investments (a non-GAAP financial measure) were $7.1 billion at March 31, 2026, with Experiential investments totaling $6.7 billion, or 94%, and Education investments totaling $0.4 billion, or 6%.

The Company's Experiential portfolio (excluding property under development, undeveloped land inventory and two joint venture properties) consisted of the following property types (owned or financed) at March 31, 2026:

148 theatre properties; 61 eat & play properties (including seven theatres located in entertainment districts); 26 attraction properties; 11 ski properties; four experiential lodging properties; 28 fitness & wellness properties; one gaming property; and one cultural property.

As of March 31, 2026, the Company's wholly-owned Experiential portfolio consisted of approximately 19.2 million square feet, was 99% leased or operated and included a total of $23.4 million in property under development and $20.2 million in undeveloped land inventory.

The Company's Education portfolio consisted of the following property types (owned or financed) at March 31, 2026:

46 early childhood education center properties; and nine private school properties.

As of March 31, 2026, the Company's wholly-owned Education portfolio consisted of approximately 1.1 million square feet and was 100% leased.

The combined wholly-owned portfolio consisted of 20.3 million square feet and was 99% leased or operated.

Dividend Information

The Company's Board of Trustees declared its monthly cash dividend to common shareholders of $0.31 per share payable April 15, 2026 to shareholders of record as of March 31, 2026. This dividend represents an annualized dividend of $3.72 per common share, an increase of 5.1% over the prior year's annualized dividend (based upon the monthly dividend at the end of the prior year).

Additionally, the Company declared its regular quarterly dividends to preferred shareholders of $0.359375 per share on both the Company's 5.75% Series C cumulative convertible preferred shares and Series G cumulative redeemable preferred shares and $0.5625 per share on its 9.00% Series E cumulative convertible preferred shares, payable April 15, 2026 to shareholders of record as of March 31, 2026.

2026 Guidance

(Dollars in millions, except per share data): Current Prior Net income available to common shareholders per diluted common share $ 3.03 to $ 3.19 $ 2.89 to $ 3.09 FFOAA per diluted common share 5.37 to 5.53 5.28 to 5.48 Investment spending 500.0 to 600.0 400.0 to 500.0 Disposition proceeds 50.0 to 100.0 25.0 to 75.0

The Company is increasing its 2026 earnings guidance for FFOAA per diluted common share to a range of $5.37 to $5.53 from a range of $5.28 to $5.48, representing an increase of 6.5% at the midpoint over 2025. The 2026 guidance for FFOAA per diluted common share is based on an FFO per diluted common share range of $5.41 to $5.57 adjusted for retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, and deferred income tax benefit. FFO per diluted common share for 2026 is based on a net income available to common shareholders per diluted common share range of $3.03 to $3.19 plus estimated real estate depreciation and amortization of $2.49 and allocated share of joint venture depreciation of $0.05, less estimated gain on real estate transactions of $0.08 and the impact of Series C and Series E dilution of $0.08 (in accordance with the NAREIT definition of FFO).

Additional earnings guidance detail can be found on page 23 in the Company's supplemental information package available in the Investor Center of the Company's website located at https://investors.eprkc.com/earnings-supplementals.

Conference Call Information

Management will host a conference call to discuss the Company's financial results on May 7, 2026 at 8:30 a.m. Eastern Time. The call may also include discussion of Company developments and forward-looking and other material information about business and financial matters. The conference will be webcast and can be accessed via the Webcasts page in the Investor Center on the Company's website located at https://investors.eprkc.com/webcasts. It is recommended that you join 10 minutes prior to the start of the event (although you may register and join the webcast at any time during the call).

You may watch a replay of the webcast by visiting the Webcasts page at https://investors.eprkc.com/webcasts.

Quarterly Supplemental

The Company's supplemental information package for the first quarter ended March 31, 2026 is available in the Investor Center on the Company's website located at https://investors.eprkc.com/earnings-supplementals.

EPR Properties
Consolidated Statements of Income
(Unaudited, dollars in thousands except per share data) Three Months Ended March 31, 2026 2025 Rental revenue $ 155,185 $ 146,359 Other income 10,070 11,636 Mortgage and other financing income 15,997 17,038 Total revenue 181,252 175,033 Property operating expense 15,353 15,171 Other expense 10,989 12,611 General and administrative expense 14,242 14,024 Retirement and severance expense 1,423 — Transaction costs 293 567 Provision (benefit) for credit losses, net (5,597 ) (652 ) Depreciation and amortization 44,957 41,089 Total operating expenses 81,660 82,810 Gain on real estate transactions 1,027 9,384 Income from operations 100,619 101,607 Interest expense, net 34,763 33,021 Equity in loss from joint ventures 2,632 2,647 Income before income taxes 63,224 65,939 Income tax expense 614 136 Net income $ 62,610 $ 65,803 Preferred dividend requirements 6,032 6,032 Net income available to common shareholders of EPR Properties $ 56,578 $ 59,771 Net income available to common shareholders of EPR Properties per share: Basic $ 0.74 $ 0.79 Diluted $ 0.74 $ 0.78 Shares used for computation (in thousands): Basic 76,326 75,804 Diluted 76,573 76,215

EPR Properties
Condensed Consolidated Balance Sheets
(Unaudited, dollars in thousands) March 31, 2026 December 31, 2025 Assets Real estate investments, net of accumulated depreciation of $1,756,760 and $1,714,886 at March 31, 2026 and December 31, 2025, respectively $ 4,589,678 $ 4,494,259 Land held for development 20,168 20,168 Property under development 23,377 54,905 Operating lease right-of-use assets 166,646 170,755 Mortgage notes and related accrued interest receivable, net of allowance for credit losses of $10,704 and $15,929 at March 31, 2026 and December 31, 2025, respectively 614,759 679,254 Investment in joint ventures 9,684 12,316 Cash and cash equivalents 68,465 90,577 Restricted cash 6,091 8,071 Accounts receivable 101,230 97,855 Other assets 82,714 71,602 Total assets $ 5,682,812 $ 5,699,762 Liabilities and Equity Accounts payable and accrued liabilities $ 100,697 $ 99,392 Operating lease liabilities 200,118 204,747 Dividends payable 29,749 28,495 Unearned rents and interest 104,701 108,546 Debt 2,931,377 2,929,411 Total liabilities 3,366,642 3,370,591 Total equity $ 2,316,170 $ 2,329,171 Total liabilities and equity $ 5,682,812 $ 5,699,762

Non-GAAP Financial Measures

Funds From Operations (FFO), Funds From Operations As Adjusted (FFOAA) and Adjusted Funds From Operations (AFFO)

The National Association of Real Estate Investment Trusts (NAREIT) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. Pursuant to the definition of FFO by the Board of Governors of NAREIT, the Company calculates FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses on real estate transactions and impairment losses on real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. The Company has calculated FFO for all periods presented in accordance with this definition.

In addition to FFO, the Company presents FFOAA and AFFO. FFOAA is presented by adding to FFO retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, costs associated with loan refinancing or payoff, preferred share redemption costs and impairment of operating lease right-of-use assets and subtracting sale participation income, gain on insurance recovery and deferred income tax (benefit) expense. AFFO is presented by adding to FFOAA non-real estate depreciation and amortization, deferred financing fees amortization and share-based compensation expense to management and Trustees; and subtracting amortization of above and below market leases, net and tenant allowances, maintenance capital expenditures (including second-generation tenant improvements and leasing commissions), straight-lined rental revenue (removing the impact of straight-lined ground sublease expense), the non-cash portion of mortgage and other financing income and the allocated share of joint venture non-cash items.

FFO, FFOAA and AFFO are widely used measures of the operating performance of real estate companies and are provided here as supplemental measures to GAAP net income available to common shareholders and earnings per share, and management provides FFO, FFOAA and AFFO herein because it believes this information is useful to investors in this regard. FFO, FFOAA and AFFO are non-GAAP financial measures. FFO, FFOAA and AFFO do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered alternatives to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO, FFOAA and AFFO the same way so comparisons with other REITs may not be meaningful.

The following table summarizes FFO, FFOAA and AFFO, including per share amounts for FFO and FFOAA, for the three months ended March 31, 2026 and 2025 and reconciles such measures to net income available to common shareholders, the most directly comparable GAAP measure:

EPR Properties
Reconciliation of Non-GAAP Financial Measures
(Unaudited, dollars in thousands except per share data) Three Months Ended March 31, 2026 2025 FFO: Net income available to common shareholders of EPR Properties $ 56,578 $ 59,771 Gain on real estate transactions (1,027 ) (9,384 ) Real estate depreciation and amortization 44,797 40,932 Allocated share of joint venture depreciation 996 1,036 FFO available to common shareholders of EPR Properties $ 101,344 $ 92,355 FFO available to common shareholders of EPR Properties $ 101,344 $ 92,355 Add: Preferred dividends for Series C preferred shares 1,938 1,938 Add: Preferred dividends for Series E preferred shares 1,938 1,938 Diluted FFO available to common shareholders of EPR Properties $ 105,220 $ 96,231 FFOAA: FFO available to common shareholders of EPR Properties $ 101,344 $ 92,355 Retirement and severance expense 1,423 — Transaction costs 293 567 Provision (benefit) for credit losses, net (5,597 ) (652 ) Deferred income tax expense (benefit) 114 (530 ) FFOAA available to common shareholders of EPR Properties $ 97,577 $ 91,740 FFOAA available to common shareholders of EPR Properties $ 97,577 $ 91,740 Add: Preferred dividends for Series C preferred shares 1,938 1,938 Add: Preferred dividends for Series E preferred shares 1,938 1,938 Diluted FFOAA available to common shareholders of EPR Properties $ 101,453 $ 95,616 AFFO: FFOAA available to common shareholders of EPR Properties $ 97,577 $ 91,740 Non-real estate depreciation and amortization 160 157 Deferred financing fees amortization 2,672 2,206 Share-based compensation expense to management and trustees 4,099 3,867 Amortization of above and below market leases, net and tenant allowances (81 ) (81 ) Maintenance capital expenditures (1) (211 ) (1,251 ) Straight-lined rental revenue (3,490 ) (3,397 ) Straight-lined ground sublease expense (49 ) 2 Non-cash portion of mortgage and other financing income (546 ) (297 ) AFFO available to common shareholders of EPR Properties $ 100,131 $ 92,946 AFFO available to common shareholders of EPR Properties $ 100,131 $ 92,946 Add: Preferred dividends for Series C preferred shares 1,938 1,938 Add: Preferred dividends for Series E preferred shares 1,938 1,938 Diluted AFFO available to common shareholders of EPR Properties $ 104,007 $ 96,822 FFO per common share: Basic $ 1.33 $ 1.22 Diluted 1.31 1.20 FFOAA per common share: Basic $ 1.28 $ 1.21 Diluted 1.26 1.19 AFFO per common share: Basic $ 1.31 $ 1.23 Diluted 1.29 1.21 Shares used for computation (in thousands): Basic 76,326 75,804 Diluted 76,573 76,215 Weighted average shares outstanding-diluted EPS 76,573 76,215 Effect of dilutive Series C preferred shares 2,371 2,336 Effect of dilutive Series E preferred shares 1,672 1,665 Adjusted weighted average shares outstanding-diluted Series C and Series E 80,616 80,216 Other financial information: Dividends per common share $ 0.900 $ 0.865 (1) Includes maintenance capital expenditures and certain second-generation tenant improvements and leasing commissions.

The conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares would be dilutive to FFO, FFOAA and AFFO per share for the three months ended March 31, 2026 and 2025. Therefore, the additional common shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFO, FFOAA and AFFO per share for those periods.

Net Debt and Proforma Net Debt

Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced for cash and cash equivalents. By excluding deferred financing costs, net, and reducing debt for cash and cash equivalents on hand, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. Proforma Net Debt is presented by subtracting the estimated net proceeds from forward sales agreements under the Company's ATM Program from Net Debt. The Company believes both of these calculations constitute beneficial supplemental non-GAAP financial disclosures to investors in understanding our financial condition. The Company's method of calculating Net Debt and Proforma Net Debt may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Gross Assets

Gross Assets represents total assets (reported in accordance with GAAP) adjusted to exclude accumulated depreciation and reduced by cash and cash equivalents. By excluding accumulated depreciation and reducing cash and cash equivalents, the result provides an estimate of the investment made by the Company. The Company believes that investors commonly use versions of this calculation in a similar manner. The Company's method of calculating Gross Assets may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Net Debt to Gross Assets Ratio and Proforma Net Debt to Gross Assets Ratio

Net Debt to Gross Assets Ratio and Proforma Net Debt to Gross Assets Ratio are supplemental measures derived from non-GAAP financial measures that the Company uses to evaluate capital structure and the magnitude of debt to gross assets. The Company believes that investors commonly use versions of these ratios in similar manners. The Company's method of calculating the Net Debt to Gross Assets Ratio and Proforma Net Debt to Gross Assets Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

EBITDAre

NAREIT developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income, computed in accordance with GAAP, excluding interest expense (net), income tax (benefit) expense, depreciation and amortization, gains and losses on real estate transactions, impairment losses on real estate, costs associated with loan refinancing or payoff and adjustments for unconsolidated partnerships, joint ventures and other affiliates.

Management provides EBITDAre herein because it believes this information is useful to investors as a supplemental performance measure because it can help facilitate comparisons of operating performance between periods and with other REITs. The Company's method of calculating EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDAre is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

Adjusted EBITDAre

Management uses Adjusted EBITDAre in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDAre is useful to investors because it excludes various items that management believes are not indicative of operating performance, and because it is an informative measure to use in computing various financial ratios to evaluate the Company. The Company defines Adjusted EBITDAre as EBITDAre (defined above) for the quarter excluding sale participation income, gain on insurance recovery, retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, impairment losses on operating lease right-of-use assets and prepayment fees.

The Company's method of calculating Adjusted EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Adjusted EBITDAre is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered as an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

Net Debt to Adjusted EBITDAre Ratio and Proforma Net Debt to Adjusted EBITDAre Ratio

Net Debt to Adjusted EBITDAre Ratio and Proforma Net Debt to Adjusted EBITDAre Ratio are supplemental measures derived from non-GAAP financial measures that the Company uses to evaluate our capital structure and the magnitude of our debt against our operating performance. The Company believes that investors commonly use versions of these ratios in similar manners. In addition, financial institutions use versions of these ratios in connection with debt agreements to set pricing and covenant limitations. The Company's method of calculating the Net Debt to Adjusted EBITDAre Ratio and Proforma Net Debt to Adjusted EBITDAre Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Reconciliations of debt, total assets and net income (all reported in accordance with GAAP) to Net Debt, Proforma Net Debt, Gross Assets, Net Debt to Gross Assets Ratio, Proforma Net Debt to Gross Assets Ratio, EBITDAre, Adjusted EBITDAre, Net Debt to Adjusted EBITDAre Ratio and Proforma Net Debt to Adjusted EBITDAre Ratio (each of which is a non-GAAP financial measure), as applicable, are included in the following tables (unaudited, in thousands except ratios):

March 31, 2026 2025 Net Debt: Debt $ 2,931,377 $ 2,791,962 Deferred financing costs, net 23,215 17,630 Cash and cash equivalents (68,465 ) (20,572 ) Net Debt $ 2,886,127 $ 2,789,020 Proforma Net Debt: Net Debt $ 2,886,127 $ 2,789,020 Estimated net proceeds from forward sales agreements (1) (46,855 ) — Proforma Net Debt $ 2,839,272 $ 2,789,020 Gross Assets: Total Assets $ 5,682,812 $ 5,532,549 Accumulated depreciation 1,756,760 1,595,820 Cash and cash equivalents (68,465 ) (20,572 ) Gross Assets $ 7,371,107 $ 7,107,797 Debt to Total Assets Ratio 52 % 50 % Net Debt to Gross Assets Ratio 39 % 39 % Proforma Net Debt to Gross Assets Ratio 39 % 39 % Three Months Ended March 31, 2026 2025 EBITDAre and Adjusted EBITDAre: Net income $ 62,610 $ 65,803 Interest expense, net 34,763 33,021 Income tax expense 614 136 Depreciation and amortization 44,957 41,089 Gain on real estate transactions (1,027 ) (9,384 ) Allocated share of joint venture depreciation 996 1,036 Allocated share of joint venture interest expense 503 375 EBITDAre $ 143,416 $ 132,076 Retirement and severance expense 1,423 — Transaction costs 293 567 Provision (benefit) for credit losses, net (5,597 ) (652 ) Adjusted EBITDAre (for the quarter) $ 139,535 $ 131,991 Adjusted EBITDAre (annualized) (2) $ 558,140 $ 527,964 Net Debt/Adjusted EBITDAre Ratio 5.2 5.3 Proforma Net Debt/Adjusted EBITDAre Ratio 5.1 5.3 (1) Represents proforma adjustment for estimated net proceeds from forward sales agreements that have not settled as if they have been physically settled for cash as of the date presented. Settlement of these shares is subject to customary closing conditions, and actual net proceeds will be net of costs and certain adjustments calculated on the settlement date. (2) Adjusted EBITDA for the quarter is multiplied by four to calculate an annualized amount but does not include the annualization of investments put in service, acquired or disposed of during the quarter, as well as the potential earnings on property under development, the annualization of percentage rent and participating interest and adjustments for other items. See detailed calculation and reconciliation of Annualized Adjusted EBITDAre and Net Debt/Annualized EBITDAre ratio that includes these adjustments in the Company's Supplemental Operating and Financial Data for the quarter ended March 31, 2026.

Total Investments

Total investments is a non-GAAP financial measure defined as the sum of the carrying values of real estate investments (before accumulated depreciation), land held for development, property under development, mortgage notes receivable and related accrued interest receivable, net, investment in joint ventures, intangible assets, gross (before accumulated amortization and included in other assets) and notes receivable and related accrued interest receivable, net (included in other assets). Total investments is a useful measure for management and investors as it illustrates across which asset categories the Company's funds have been invested. Our method of calculating total investments may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. A reconciliation of total assets (computed in accordance with GAAP) to total investments is included in the following table (unaudited, in thousands):

March 31, 2026 December 31, 2025 Total assets $ 5,682,812 $ 5,699,762 Operating lease right-of-use assets (166,646 ) (170,755 ) Cash and cash equivalents (68,465 ) (90,577 ) Restricted cash (6,091 ) (8,071 ) Accounts receivable (101,230 ) (97,855 ) Add: accumulated depreciation on real estate investments 1,756,760 1,714,886 Add: accumulated amortization on intangible assets (1) 32,127 31,584 Prepaid expenses and other current assets (1) (42,511 ) (37,237 ) Total investments $ 7,086,756 $ 7,041,737 Total Investments: Real estate investments, net of accumulated depreciation $ 4,589,678 $ 4,494,259 Add back accumulated depreciation on real estate investments 1,756,760 1,714,886 Land held for development 20,168 20,168 Property under development 23,377 54,905 Mortgage notes and related accrued interest receivable, net 614,759 679,254 Investment in joint ventures 9,684 12,316 Intangible assets, gross (1) 69,678 63,239 Notes receivable and related accrued interest receivable, net (1) 2,652 2,710 Total investments $ 7,086,756 $ 7,041,737 (1) Included in other assets in the accompanying consolidated balance sheet. Other assets include the following: March 31, 2026 December 31, 2025 Intangible assets, gross $ 69,678 $ 63,239 Less: accumulated amortization on intangible assets (32,127 ) (31,584 ) Notes receivable and related accrued interest receivable, net 2,652 2,710 Prepaid expenses and other current assets 42,511 37,237 Total other assets $ 82,714 $ 71,602

About EPR Properties

EPR Properties (NYSE:EPR) is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues that create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have total assets of approximately $5.7 billion (after accumulated depreciation of approximately $1.8 billion) across 42 states and Canada. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage and the potential for stable and attractive returns. Further information is available at www.eprkc.com.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. 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 Exchange Act of 1934, as amended (the "Exchange Act"), such as those pertaining to our guidance, our capital resources and liquidity, our pursuit of growth opportunities, the timing of transaction closings and investment spending, our ongoing negotiations to exit from certain joint ventures or the ultimate terms of any such exit, our expected cash flows, the performance of our customers, our expected cash collections and our results of operations and financial condition. The forward-looking statements presented herein are based on the Company's current expectations. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance that the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as "will be," "intend," "continue," "believe," "may," "expect," "hope," "anticipate," "goal," "forecast," "pipeline," "estimates," "offers," "plans," "would" or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see "Item 1A. Risk Factors" in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law, we do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof.

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Contacts

EPR Properties
Brian Moriarty, 816-472-1700
www.eprkc.com

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