EPRプロパティーズREITの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 25, 2026

EPR Properties

(Exact name of registrant as specified in its charter)

Maryland

001-13561

43-1790877

(State or other jurisdiction of
incorporation)

(Commission
File Number)

(I.R.S. Employer
Identification No.)

909 Walnut Street,

Suite 200

Kansas City,

Missouri

64106

(Address of principal executive offices) (Zip Code)


(816)			472-1700

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common shares, par value $0.01 per share

EPR

New York Stock Exchange

5.75% Series C cumulative convertible preferred shares, par value $0.01 per share

EPR PrC

New York Stock Exchange

9.00% Series E cumulative convertible preferred shares, par value $0.01 per share

EPR PrE

New York Stock Exchange

5.75% Series G cumulative redeemable preferred shares, par value $0.01 per share

EPR PrG

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o On February 25, 2026, EPR Properties (the "Company") announced its results of operations and financial condition for the fourth quarter and year ended December 31, 2025.

Item 2.02 Results of Operations and Financial Condition.

The public announcement was made by means of a press release, the text of which is set forth in Exhibit 99.1 hereto and is hereby incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

In addition, on February 25, 2026, the Company made available on its website an investor slide presentation and supplemental operating and financial data for the fourth quarter and year ended December 31, 2025, the text of which are set forth in Exhibits 99.2 and 99.3 hereto, respectively, and are hereby incorporated by reference herein.

The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, is being “furnished” and shall not be deemed “filed” for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.



Exhibit No.						Description

99.1						Press Release dated February 25, 2026 issued by EPR Properties announcing its results of operations and financial condition for the fourth quarter and year ended December 31, 2025.

99.2						Investor slide presentation for the fourth quarter and year ended December 31, 2025, made available by EPR Properties on February 25, 2026.

99.3						Supplemental Operating and Financial Data for the fourth quarter and year ended December 31, 2025, made available by EPR Properties on February 25, 2026.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



			EPR PROPERTIES

			By:						/s/ Mark A. Peterson
									Mark A. Peterson
									Executive Vice President, Treasurer and Chief Financial Officer

Date: February 25, 2026

EX-99.1 2 ex991-eprx12312025earnings.htm PRESS RELEASE Document

Exhibit 99.1

EPR Properties Reports Fourth Quarter and 2025 Year-End Results

Introduces Earnings and Investment Spending Guidance for 2026

Announces 5.1% Increase in Monthly Dividend

Kansas City, MO, February 25, 2026 -- EPR Properties (NYSE:EPR) today announced operating results for the fourth quarter and year ended December 31, 2025 (dollars in thousands, except per share data):


	Three Months Ended December 31,						Year Ended December 31,
	2025		2024		% Change		2025		2024		% Change
Total revenue	$	182,950	$	177,234	3.2	%	$	718,357	$	698,068	2.9	%
Net income (loss) available to common shareholders	60,864		(14,435)		521.6	%	250,792		121,922		105.7	%
Net income (loss) available to common shareholders per diluted common share	0.79		(0.19)		515.8	%	3.28		1.60		105.0	%


Funds From Operations as adjusted (FFOAA)(1)	101,201		94,309		7.3	%	396,639		373,929		6.1	%
FFOAA per diluted common share (1)	1.30		1.23		5.7	%	5.12		4.87		5.1	%
Adjusted Funds From Operations (AFFO)(1)	101,373		94,139		7.7	%	398,223		371,409		7.2	%
AFFO per diluted common share (1)	1.30		1.22		6.6	%	5.14		4.84		6.2	%


(1) A non-GAAP financial measure

Fourth Quarter Company Headlines

•Strong Earnings Growth - For the year ended December 31, 2025, FFOAA per diluted common share and AFFO per diluted common share increased by 5.1% and 6.2%, respectively, compared to the prior year.

•Executes on Investment Pipeline - During the fourth quarter of 2025, the Company's investment spending totaled $147.7 million, bringing total investment spending for 2025 to $288.5 million. Additionally, the Company has committed approximately $85.0 million for experiential development and redevelopment projects, which is expected to be funded in 2026, and has a strong pipeline of potential new investments.

•Capital Recycling - During the fourth quarter of 2025, the Company sold two theatre properties and two land parcels, and received a partial paydown on one mortgage note receivable, for total proceeds of $34.5 million and recognized a net gain on sale of $5.3 million.

•Strong Balance Sheet and Liquidity - In November 2025, the Company issued $550.0 million in senior unsecured notes due 2030. As of December 31, 2025, the Company had $90.6 million of cash on hand, no outstanding balance on its $1.0 billion unsecured revolving credit facility and no scheduled debt maturities until August 2026.

•Introduces 2026 Guidance - The Company is introducing FFOAA per diluted common share guidance for 2026 of $5.28 to $5.48, representing an increase of 5.1% at the midpoint over 2025. The Company is also introducing investment spending guidance for 2026 of $400.0 million to $500.0 million and disposition proceeds guidance of $25.0 million to $75.0 million.

•Announces Increase in Monthly Dividend - Based on the Company's expectation for its financial results for 2026, the Company is announcing an increase to its monthly common share dividend of 5.1%.

“Fiscal year 2025 was a year of solid execution. We delivered strong earnings growth while successfully deploying almost $300 million into an expanded set of high-quality experiential assets," stated Company Chairman and CEO Greg Silvers. "Our diversified experiential properties continue to demonstrate resilience, supported by consumers' ongoing demand for out-of-home experiences. We have adhered to a disciplined capital strategy, which has allowed us to maintain a robust balance sheet with low leverage and a strong liquidity position. With a pipeline of committed projects and compelling additional investment opportunities, we are well-positioned to deliver against our increased investment spending guidance. We are also pleased to be raising our monthly dividend to common shareholders by 5.1%, as we remain committed to delivering sustainable earnings growth and creating long-term shareholder value."

Investment Update

The Company's investment spending during the three months ended December 31, 2025 totaled $147.7 million, bringing the total investment spending for the year ended December 31, 2025 to $288.5 million. Investment spending for the quarter related primarily to the acquisition of an attraction property in Virginia for $23.2 million and the acquisition of five golf course properties in Texas for $90.7 million. The remaining investment spending for the quarter primarily related to experiential build-to-suit development and redevelopment projects.

As of December 31, 2025, the Company has committed approximately $85.0 million in additional spending for experiential development and redevelopment projects, which is expected to be funded in 2026, and has a strong pipeline of potential new investments.

Capital Recycling

During the fourth quarter of 2025, the Company sold two leased theatre properties for alternative uses and two land parcels for net proceeds totaling $16.1 million and recognized a gain of $5.3 million. Additionally, the Company received $18.4 million in proceeds representing partial prepayment on one mortgage note receivable relating to the sale of one of the five fitness & wellness properties that secure the note. Disposition proceeds totaled $168.3 million for the year ended December 31, 2025.

Strong Liquidity Position

The Company remains focused on maintaining strong liquidity and financial flexibility. At December 31, 2025, the Company had $90.6 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.

Capital Markets Activity

In November 2025, the Company issued $550.0 million in aggregate principal amount of senior unsecured notes due November 15, 2030 in an underwritten public offering. These notes bear interest at an annual interest rate of 4.75%.

Additionally, on December 5, 2025, in connection with the commencement of an "at-the-market" offering program ("ATM Program"), the Company entered into an equity distribution agreement with certain institutional investment banks pursuant to which the Company may, but is under no obligation to, issue common shares having an aggregate sales price of up to $400.0 million from time to time on the open market or in privately negotiated transactions deemed to be “at-the-market” offerings under SEC rules. As of December 31, 2025, no common shares had been issued under the ATM Program.

Portfolio Update

The Company's total assets were $5.7 billion (after accumulated depreciation of approximately $1.7 billion) and total investments (a non-GAAP financial measure) were $7.0 billion at December 31, 2025, with Experiential investments totaling $6.6 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 December 31, 2025:

•148 theatre properties;

•60 eat & play properties (including seven theatres located in entertainment districts);

•26 attraction properties;

•11 ski properties;

•four experiential lodging properties;

•27 fitness & wellness properties;

•one gaming property; and

•one cultural property.

As of December 31, 2025, the Company's wholly-owned Experiential portfolio consisted of approximately 19.0 million square feet, was 99% leased or operated and included a total of $54.9 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 December 31, 2025:

•46 early childhood education center properties; and

•nine private school properties.

As of December 31, 2025, 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 20.1 million square feet and was 99% leased or operated.

Retirement of Executive Vice President and Chief Investment Officer

As previously announced in July of 2025, Gregory E. Zimmerman, the Company's Executive Vice President and Chief Investment Officer, notified the Company of his intention to retire in the first quarter of 2026. Today, the Company is announcing that Mr. Zimmerman's retirement will be effective March 2, 2026. Benjamin N. Fox will assume the role of Chief Investment Officer upon Mr. Zimmerman’s retirement. Mr. Zimmerman has been with the Company as Chief Investment Officer since 2019. Mr. Fox joined the Company in 2025 as an Executive Vice President and has been a valuable member of the management team. Prior to joining the Company, Mr. Fox served as Managing Director in the Net Lease Division of Ares Management Corporation and prior to that served as Executive Vice President of Asset Management and Operations at Realty Income.

"Greg has been an exceptional leader, offering both sharp insights and a steady hand in steering our investment strategy," remarked Mr. Silvers. "We deeply appreciate Greg's dedicated years of service and significant contributions to the Company. We extend our best wishes for a fulfilling and well-deserved retirement. We are confident that the transition will be seamless, as Ben brings a wealth of experience to the Company, and he has worked closely with Greg to ensure a smooth succession.”

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):





Net income available to common shareholders per diluted common share	$	2.89	to	$	3.09
FFOAA per diluted common share	$	5.28	to	$	5.48
Investment spending	$	400.0	to	$	500.0
Disposition proceeds	$	25.0	to	$	75.0

The Company is introducing its 2026 earnings guidance for FFOAA per diluted common share of $5.28 to $5.48, representing an increase of 5.1% 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 $5.26 to $5.46 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 $2.89 to $3.09 plus estimated real estate depreciation and amortization of $2.48 and allocated share of joint venture depreciation of $0.05, less estimated gain on sale of real estate and early ground lease termination 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 February 26, 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 fourth quarter and year ended December 31, 2025 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 December 31,				Year Ended December 31,
	2025		2024		2025		2024
Rental revenue	$	157,057	$	149,116	$	608,605	$	585,167
Other income	9,603		13,197		45,592		57,071
Mortgage and other financing income	16,290		14,921		64,160		55,830
Total revenue	182,950		177,234		718,357		698,068
Property operating expense	14,862		15,188		59,172		59,146
Other expense	10,013		13,437		45,756		56,877
General and administrative expense	14,575		12,233		55,830		50,096
Retirement and severance expense	1,901		—		2,995		1,836

Transaction costs	471		423		2,199		798
Provision (benefit) for credit losses, net	(985)		9,876		8,477		12,247
Impairment charges	—		39,952		—		51,764
Depreciation and amortization	43,582		40,995		169,160		165,733
Total operating expenses	84,419		132,104		343,589		398,497
Gain on sale of real estate and early ground lease termination	5,297		112		39,533		16,101

Income from operations	103,828		45,242		414,301		315,672
Costs associated with loan refinancing or payoff	—		—		—		337

Interest expense, net	33,574		33,472		133,079		130,810
Equity in loss from joint ventures	2,396		3,425		3,790		8,809
Impairment charges on joint ventures	—		16,087		—		28,217
Income (loss) before income taxes	67,858		(7,742)		277,432		147,499
Income tax expense	954		653		2,496		1,433
Net income (loss)	$	66,904	$	(8,395)	$	274,936	$	146,066










Preferred dividend requirements	6,040		6,040		24,144		24,144

Net income (loss) available to common shareholders of EPR Properties	$	60,864	$	(14,435)	$	250,792	$	121,922
Net income (loss) available to common shareholders of EPR Properties per share:


Basic	$	0.80	$	(0.19)	$	3.30	$	1.61



Diluted	$	0.79	$	(0.19)	$	3.28	$	1.60
Shares used for computation (in thousands):
Basic	76,141		75,733		76,040		75,636
Diluted	76,654		76,156		76,495		75,999

EPR Properties

Condensed Consolidated Balance Sheets

(Unaudited, dollars in thousands)



	December 31, 2025		December 31, 2024
Assets
Real estate investments, net of accumulated depreciation of $1,714,886 and $1,562,645 at December 31, 2025 and December 31, 2024, respectively	$	4,494,259	$	4,435,358
Land held for development	20,168		20,168
Property under development	54,905		112,263
Operating lease right-of-use assets	170,755		173,364
Mortgage notes and related accrued interest receivable, net of allowance for credit losses of $15,929 and $17,111 at December 31, 2025 and December 31, 2024, respectively	679,254		665,796

Investment in joint ventures	12,316		14,019
Cash and cash equivalents	90,577		22,062
Restricted cash	8,071		13,637

Accounts receivable	97,855		84,589

Other assets	71,602		75,251
Total assets	$	5,699,762	$	5,616,507
Liabilities and Equity
Accounts payable and accrued liabilities	$	99,392	$	107,976
Operating lease liabilities	204,747		212,400
Dividends payable	28,495		31,863
Unearned rents and interest	108,546		80,565
Debt	2,929,411		2,860,458
Total liabilities	3,370,591		3,293,262


Total equity	$	2,329,171	$	2,323,245
Total liabilities and equity	$	5,699,762	$	5,616,507

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 from disposition of real estate and early ground lease terminations 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 and years ended December 31, 2025 and 2024 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 December 31,				Year Ended December 31,
	2025		2024		2025		2024
FFO:
Net income (loss) available to common shareholders of EPR Properties	$	60,864	$	(14,435)	$	250,792	$	121,922
Gain on sale of real estate and early ground lease termination	(5,297)		(112)		(39,533)		(16,101)

Impairment of real estate investments	—		39,952		—		51,764
Real estate depreciation and amortization	43,417		40,838		168,545		165,029
Allocated share of joint venture depreciation	1,000		1,965		4,010		9,419
Impairment charges on joint ventures	—		16,087		—		28,217
FFO available to common shareholders of EPR Properties	$	99,984	$	84,295	$	383,814	$	360,250

FFO available to common shareholders of EPR Properties	$	99,984	$	84,295	$	383,814	$	360,250
Add: Preferred dividends for Series C preferred shares	1,938		1,938		7,752		7,752
Add: Preferred dividends for Series E preferred shares	1,938		1,938		7,752		7,752
Diluted FFO available to common shareholders of EPR Properties	$	103,860	$	88,171	$	399,318	$	375,754

FFOAA:
FFO available to common shareholders of EPR Properties	$	99,984	$	84,295	$	383,814	$	360,250
Retirement and severance expense	1,901		—		2,995		1,836
Transaction costs	471		423		2,199		798



Provision (benefit) for credit losses, net	(985)		9,876		8,477		12,247
Costs associated with loan refinancing or payoff	—		—		—		337




Deferred income tax benefit	(170)		(285)		(846)		(1,539)
FFOAA available to common shareholders of EPR Properties	$	101,201	$	94,309	$	396,639	$	373,929

FFOAA available to common shareholders of EPR Properties	$	101,201	$	94,309	$	396,639	$	373,929
Add: Preferred dividends for Series C preferred shares	1,938		1,938		7,752		7,752
Add: Preferred dividends for Series E preferred shares	1,938		1,938		7,752		7,752
Diluted FFOAA available to common shareholders of EPR Properties	$	105,077	$	98,185	$	412,143	$	389,433


	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
AFFO:
FFOAA available to common shareholders of EPR Properties	$	101,201	$	94,309	$	396,639	$	373,929
Non-real estate depreciation and amortization	165		157		615		704
Deferred financing fees amortization	2,380		2,187		8,808		8,844
Share-based compensation expense to management and trustees	3,643		3,572		15,329		14,066
Amortization of above and below market leases, net and tenant allowances	(81)		(81)		(324)		(333)
Maintenance capital expenditures (1)	(1,532)		(1,862)		(5,205)		(7,299)
Straight-lined rental revenue	(4,025)		(3,992)		(16,100)		(17,327)
Straight-lined ground sublease expense	(35)		20		(37)		97
Non-cash portion of mortgage and other financing income	(343)		(171)		(1,502)		(1,984)
Allocated share of joint venture non-cash items	—		—		—		712
AFFO available to common shareholders of EPR Properties	$	101,373	$	94,139	$	398,223	$	371,409

AFFO available to common shareholders of EPR Properties	$	101,373	$	94,139	$	398,223	$	371,409
Add: Preferred dividends for Series C preferred shares	1,938		1,938		7,752		7,752
Add: Preferred dividends for Series E preferred shares	1,938		1,938		7,752		7,752
Diluted AFFO available to common shareholders of EPR Properties	$	105,249	$	98,015	$	413,727	$	386,913

FFO per common share:
Basic	$	1.31	$	1.11	$	5.05	$	4.76
Diluted	1.29		1.10		4.96		4.70
FFOAA per common share:
Basic	$	1.33	$	1.25	$	5.22	$	4.94
Diluted	1.30		1.23		5.12		4.87
AFFO per common share:
Basic	$	1.33	$	1.24	$	5.24	$	4.91
Diluted	1.30		1.22		5.14		4.84
Shares used for computation (in thousands):
Basic	76,141		75,733		76,040		75,636
Diluted	76,654		76,156		76,495		75,999

Weighted average shares outstanding-diluted EPS	76,654		76,156		76,495		75,999
Effect of dilutive Series C preferred shares	2,361		2,327		2,348		2,314

Effect of dilutive Series E preferred shares	1,670		1,665		1,668		1,664
Adjusted weighted average shares outstanding-diluted Series C and Series E	80,685		80,148		80,511		79,977
Other financial information:

Dividends per common share	$	0.885	$	0.855	$	3.520	$	3.400

(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 and years ended December 31, 2025 and 2024. 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

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. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding our financial condition. The Company's method of calculating 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

Net Debt to Gross Assets Ratio is a supplemental measure 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 this ratio in a similar manner. The Company's method of calculating the 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 from dispositions of real estate and early ground lease terminations, 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

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

Net Debt to Adjusted EBITDAre Ratio is a supplemental measure 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 this ratio in a similar manner. In addition, financial institutions use versions of this ratio in connection with debt agreements to set pricing and covenant limitations. The Company's method of calculating the 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, Gross Assets, Net Debt to Gross Assets Ratio, EBITDAre, Adjusted EBITDAre and 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):


	December 31,
	2025			2024
Net Debt:
Debt	$	2,929,411		$	2,860,458
Deferred financing costs, net	25,181			19,134
Cash and cash equivalents	(90,577)			(22,062)
Net Debt	$	2,864,015		$	2,857,530

Gross Assets:
Total Assets	$	5,699,762		$	5,616,507
Accumulated depreciation	1,714,886			1,562,645
Cash and cash equivalents	(90,577)			(22,062)
Gross Assets	$	7,324,071		$	7,157,090

Debt to Total Assets Ratio	51		%	51		%
Net Debt to Gross Assets Ratio	39		%	40		%

	Three Months Ended December 31,
	2025			2024
EBITDAre and Adjusted EBITDAre:
Net income (loss)	$	66,904		$	(8,395)
Interest expense, net	33,574			33,472
Income tax expense	954			653
Depreciation and amortization	43,582			40,995
Gain on sale of real estate and early ground lease termination	(5,297)			(112)
Impairment of real estate investments	—			39,952




Allocated share of joint venture depreciation	1,000			1,965
Allocated share of joint venture interest expense	516			589
Impairment charges on joint ventures	—			16,087
EBITDAre	$	141,233		$	125,206



Retirement and severance expense	1,901			—


Transaction costs	471			423
Provision (benefit) for credit losses, net	(985)			9,876




Adjusted EBITDAre (for the quarter)	$	142,620		$	135,505

Adjusted EBITDAre (annualized) (1)	$	570,480		$	542,020

Net Debt/Adjusted EBITDAre Ratio	5.0			5.3

































(1) 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 and year ended December 31, 2025.

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):


	December 31, 2025		December 31, 2024

Total assets	$	5,699,762	$	5,616,507
Operating lease right-of-use assets	(170,755)		(173,364)
Cash and cash equivalents	(90,577)		(22,062)
Restricted cash	(8,071)		(13,637)
Accounts receivable	(97,855)		(84,589)
Add: accumulated depreciation on real estate investments	1,714,886		1,562,645
Add: accumulated amortization on intangible assets (1)	31,584		31,876
Prepaid expenses and other current assets (1)	(37,237)		(39,464)
Total investments	$	7,041,737	$	6,877,912

Total Investments:
Real estate investments, net of accumulated depreciation	$	4,494,259	$	4,435,358
Add back accumulated depreciation on real estate investments	1,714,886		1,562,645
Land held for development	20,168		20,168
Property under development	54,905		112,263
Mortgage notes and related accrued interest receivable, net	679,254		665,796

Investment in joint ventures	12,316		14,019
Intangible assets, gross (1)	63,239		64,317
Notes receivable and related accrued interest receivable, net (1)	2,710		3,346
Total investments	$	7,041,737	$	6,877,912

(1) Included in other assets in the accompanying consolidated balance sheet. Other assets include the following:

	December 31, 2025		December 31, 2024
Intangible assets, gross	$	63,239	$	64,317
Less: accumulated amortization on intangible assets	(31,584)		(31,876)
Notes receivable and related accrued interest receivable, net	2,710		3,346
Prepaid expenses and other current assets	37,237		39,464
Total other assets	$	71,602	$	75,251

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 $1.7 billion) across 43 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 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 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.

EPR Properties

Brian Moriarty, 816-472-1700

www.eprkc.com

EX-99.2 3 q42025earningscallpresen.htm EARNINGS RELEASE PRESENTATION q42025earningscallpresen

Q4 2025 EARNINGS CALL PRESENTATION

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 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. 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. DISCLAIMER

INTRODUCTORY COMMENTS

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 Portfolio & Diversified Attractions • Strategic Capital Recycling Delivered Meaningful Results • Balance Sheet Is Competitive Strength • Announcing 5.1% Increase to Our Monthly Common Dividend Enhanced Balance Sheet Positions Us to Capitalize on Significant Investment Opportunities Anticipated in 2026

PORTFOLIO

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* Leased or Operated at 99% Total Portfolio Snapshot ~$7.0B Total Investments* 333 Properties Leased or Operated at 99% Q4 Investment Spending $147.7M Portfolio Coverage TTM Dec 2025 Total Portfolio Coverage 2.0x

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 – Analysts expect box office to increase over 2025 EPR moving away from providing annual estimates as box office is stabilizing • Bulk of theatre rent not tied to box office fluctuations; Regal is exception and is based on lease year rather than calendar year • Higher margin F&B spending constitutes a higher percentage of exhibitors’ overall revenue; not necessary to reach 2019 box office to have comparable coverage

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 pass Eat & Play • Coverage remains strong even with some continuing macro pressures on consumers & expense increases • Andretti: KC opened in Nov; Schaumburg scheduled for Q2 • Pinstack: EPR’s second location in Northern VA scheduled to open Q2 2026 • Topgolf: Leonard Green Partners acquired 60% interest

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 ownership • Bavarian Inn significant Y/Y revenue & EBITDARM increases Fitness & Wellness • Bullish about opportunities in this space • Hot springs assets delivered strong Y/Y performance

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 partnership options Q1 2026 Starting Strong: Acquisition of VITAL Climbing Lower East Side in Essex Crossing for $34M Westbridge Golf ClubSky Creek Golf ClubFrisco Golf Club Acquisition of Ocean Breeze Waterpark for $23.2M: Properties will be leased & operated by an affiliate of Premier Parks, a long-time strategic partner 2026 Investment Spending Guidance $400M - $500M Increasing Investment Spending Cadence: Reflects deep relationships & high- quality investment opportunities

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 past 5 years, sold 33 theatres; 1 vacant theatre remains Year to Date • 2025 disposition proceeds were $168.3M CAPITAL RECYCLING 2026 Disposition Proceeds Guidance $25M - $75M

FINANCIAL REVIEW

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 3% Net Income (loss) – Common 60.9 (14.4) 75.3 522% FFO as adj. – Common* 101.2 94.3 6.9 7% AFFO – Common* 101.4 94.1 7.3 8% Net Income (loss)/share – Common 0.79 (0.19) 0.98 516% FFO/share - Common, as adj.* 1.30 1.23 0.07 6% AFFO/share - Common* 1.30 1.22 0.08 7%

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% Net Income – Common 250.8 121.9 128.9 106% FFO as adj. – Common* 396.6 373.9 22.7 6% AFFO – Common* 398.2 371.4 26.8 7% Net Income/share – Common 3.28 1.60 1.68 105% FFO/share - Common, as adj.* 5.12 4.87 0.25 5% AFFO/share - Common* 5.14 4.84 0.30 6%

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 Operating and Financial Data for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS

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 unrestricted cash • No balance outstanding on $1B revolver ATM Program • In December, finalized ATM program allowing for issuance of common shares having an aggregate sales price of up to $400.0M • No shares have been issued to date under the program

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

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 increases (offset in minimum rent) (0.4M) Net growth from other tenants, including Regal 1.0M 2026 Guidance Midpoint $20.5M

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

CLOSING COMMENTS

EX-99.3 4 ex993-eprx12312025suppleme.htm SUPPLEMENTAL OPERATING AND FINANCIAL DATA Document

Exhibit 99.3


TABLE OF CONTENTS

SECTION																								PAGE

Company Profile																								4
Investor Information																								5
Selected Financial Information																								6
Selected Balance Sheet Information																								7
Selected Operating Data																								8
Funds From Operations and Funds From Operations as Adjusted																								9
Adjusted Funds From Operations																								10
Capital Structure																								11
Summary of Ratios																								16
Summary of Mortgage Notes Receivable																								17

Investment Spending and Disposition Summaries																								18
Property Under Development - Investment Spending Estimates																								19
Portfolio Detail																								20

Lease Expirations																								21
Top Ten Customers by Total Revenue																								22

Guidance																								23
Definitions-Non-GAAP Financial Measures																								24
Appendix-Reconciliation of Certain Non-GAAP Financial Measures																								27



			Q4 2025 Supplemental			Page 2

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

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 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. 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.

NON-GAAP INFORMATION

This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See pages 24 through 26 for definitions of certain non-GAAP financial measures used in this document and the reconciliations of certain non-GAAP measures on pages 9 and 10 and in the Appendix on pages 27 through 31.



			Q4 2025 Supplemental			Page 3

COMPANY PROFILE


THE COMPANY						COMPANY STRATEGY
EPR Properties ("we," "us," "our," "EPR" or the "Company") is a self-administered and self-managed real estate investment trust. EPR was formed in August 1997 as a Maryland real estate investment trust ("REIT"), and an initial public offering was completed on November 18, 1997.						Our primary business objective is to enhance shareholder value by achieving predictable growth in Funds from Operations As Adjusted ("FFOAA") and dividends per share.
						Our strategic growth is focused on acquiring or developing a diversified portfolio of experiential real estate venues which create value by facilitating out-of-home congregate entertainment, recreation and leisure experiences where consumers choose to spend their discretionary time and money. This strategy is driven by the long-term trends of the growing experience economy.
Since that time, the Company has been a leading Experiential net lease REIT, specializing in select enduring experiential properties. We are focused on growing our Experiential portfolio with properties that offer a variety of enduring, congregate entertainment, recreation and leisure activities. Separately, our Education portfolio is a legacy investment that provides additional geographic and operator diversity.
						This focus is consistent with our depth of knowledge across each of our property types, creating a competitive advantage that allows us to more quickly identify key market trends. We deliberately apply information and our ingenuity to target properties that represent logical extensions within each of our existing property types or potential future investments.

						As part of our strategic planning and portfolio management process we assess new opportunities against the following underwriting principles:

BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO



			Q4 2025 Supplemental			Page 4


INVESTOR INFORMATION
SENIOR MANAGEMENT

Greg Silvers						Mark Peterson
Chairman and Chief Executive Officer						Executive Vice President and Chief Financial Officer

Tonya Mater						Greg Zimmerman
Senior Vice President and Chief Accounting Officer						Executive Vice President and Chief Investment Officer

Paul Turvey						Elizabeth Grace
Senior Vice President, General Counsel and Secretary						Senior Vice President - Human Resources and Administration

Ben Fox						Gwen Johnson
Executive Vice President						Senior Vice President - Asset Management

Brian Moriarty
Senior Vice President - Corporate Communications


COMPANY INFORMATION

CORPORATE HEADQUARTERS						TRADING SYMBOLS
909 Walnut Street, Suite 200						Common Stock:
Kansas City, MO 64106						EPR
816-472-1700						Preferred Stock:
www.eprkc.com						EPR-PrC
STOCK EXCHANGE LISTING						EPR-PrE
New York Stock Exchange						EPR-PrG


EQUITY RESEARCH COVERAGE

Bank of America Merrill Lynch	Jana Galan	646-855-5042
Citi Global Markets	Nick Joseph/Smedes Rose	212-816-6243

Citizens Capital Markets & Advisory	Mitch Germain	212-906-3537
J.P. Morgan	Anthony Paolone	212-622-6682
Kansas City Capital Associates	Jonathan Braatz	816-932-8019
KeyBanc Capital Markets	Todd Thomas	917-368-2286

Raymond James & Associates	RJ Milligan	727-567-2585
RBC Capital Markets	Michael Carroll	440-715-2649
Stifel	Simon Yarmak	443-224-1345
Truist	Michael Lewis	212-319-5659
UBS	Michael Goldsmith	212-713-2951
Wells Fargo	James Feldman/John Kilichowski	212-214-5311

EPR Properties is followed by the analysts identified above. Please note that any opinions, estimates, forecasts or recommendations regarding EPR Properties’ performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or recommendations of EPR Properties or its management. EPR Properties does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.



			Q4 2025 Supplemental			Page 5


SELECTED FINANCIAL INFORMATION
(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)
	THREE MONTHS ENDED DECEMBER 31,						YEAR ENDED DECEMBER 31,
OPERATING INFORMATION:	2025			2024			2025		2024
Revenue	$	182,950		$	177,234		$	718,357	$	698,068
Net income (loss) available to common shareholders of EPR Properties	60,864			(14,435)			250,792		121,922
EBITDAre (1)	141,233			125,206			545,966		525,295
Adjusted EBITDAre (1)	142,620			135,505			559,637		540,176
Interest expense, net	33,574			33,472			133,079		130,810

Capitalized interest	710			1,161			3,864		3,468
Straight-lined rental revenue	4,025			3,992			16,100		17,327
Percentage rent and participating interest	7,829			4,723			24,550		14,540
Dividends declared on preferred shares	6,040			6,040			24,144		24,144
Dividends declared on common shares	67,386			64,752			267,850		256,981
General and administrative expense	14,575			12,233			55,830		50,096

	DECEMBER 31,
BALANCE SHEET INFORMATION:	2025			2024
Total assets	$	5,699,762		$	5,616,507
Accumulated depreciation	1,714,886			1,562,645
Cash and cash equivalents	90,577			22,062
Total assets before accumulated depreciation less cash and cash equivalents (gross assets)	7,324,071			7,157,090
Debt	2,929,411			2,860,458
Deferred financing costs, net	25,181			19,134
Net debt (1)	2,864,015			2,857,530
Equity	2,329,171			2,323,245
Common shares outstanding	76,145			75,736
Total market capitalization (using EOP closing price and liquidation values)(2)	7,034,597			6,582,095
Net debt/total market capitalization ratio (1)	41		%	43		%
Debt to total assets ratio	51		%	51		%
Net debt/gross assets ratio (1)	39		%	40		%

Net debt/Adjusted EBITDAre ratio (1) (3)	5.0			5.3
Net debt/Annualized adjusted EBITDAre ratio (1) (4)	4.9			5.1

(1) See pages 24 through 26 for definitions. See calculation on page 30, as applicable.
(2) See calculation on page 15.
(3) Adjusted EBITDAre in this calculation is for the three-month period multiplied times four. See pages 24 through 26 for definitions. See calculation on page 30.

(4) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 30 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 24 through 26 for definitions.



			Q4 2025 Supplemental			Page 6


SELECTED BALANCE SHEET INFORMATION
(UNAUDITED, DOLLARS IN THOUSANDS)

ASSETS	4TH QUARTER 2025		3RD QUARTER 2025		2ND QUARTER 2025		1ST QUARTER 2025		4TH QUARTER 2024		3RD QUARTER 2024
Real estate investments	$	6,209,145	$	6,051,937	$	6,044,295	$	5,949,713	$	5,998,003	$	6,080,959
Less: accumulated depreciation	(1,714,886)		(1,671,309)		(1,641,916)		(1,595,820)		(1,562,645)		(1,546,509)
Land held for development	20,168		20,168		20,168		20,168		20,168		20,168
Property under development	54,905		67,381		84,195		118,264		112,263		76,913
Operating lease right-of-use assets	170,755		168,730		177,919		180,557		173,364		175,451
Mortgage notes and related accrued interest receivable, net	679,254		696,438		666,154		659,004		665,796		657,636

Investment in joint ventures	12,316		14,046		9,680		11,361		14,019		32,426
Cash and cash equivalents	90,577		13,710		12,955		20,572		22,062		35,328
Restricted cash	8,071		15,982		15,765		6,354		13,637		2,992
Accounts receivable	97,855		92,291		94,514		85,811		84,589		79,726
Other assets	71,602		74,523		77,151		76,565		75,251		74,072
Total assets	$	5,699,762	$	5,543,897	$	5,560,880	$	5,532,549	$	5,616,507	$	5,689,162
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	99,392	$	113,475	$	101,543	$	93,248	$	107,976	$	99,334
Operating lease liabilities	204,747		203,269		216,411		219,305		212,400		214,809
Common dividends payable	22,463		22,461		22,454		22,440		25,831		23,811
Preferred dividends payable	6,032		6,032		6,032		6,032		6,032		6,032
Unearned rents and interest	108,546		101,491		90,379		78,550		80,565		88,503
Line of credit	—		379,000		405,000		105,000		175,000		169,000
Deferred financing costs, net	(25,181)		(15,205)		(16,622)		(17,630)		(19,134)		(20,622)
Other debt	2,954,592		2,404,592		2,404,592		2,704,592		2,704,592		2,704,592
Total liabilities	3,370,591		3,215,115		3,229,789		3,211,537		3,293,262		3,285,459
Equity:
Common stock and additional paid-in-capital	3,978,935		3,973,626		3,968,520		3,964,272		3,951,364		3,947,470
Preferred stock at par value	148		148		148		148		148		148
Treasury stock	(295,290)		(295,268)		(295,258)		(295,258)		(285,413)		(285,413)
Accumulated other comprehensive loss	1,037		(587)		(4)		(3,567)		(3,756)		(609)
Distributions in excess of net income	(1,355,659)		(1,349,137)		(1,342,315)		(1,344,583)		(1,339,098)		(1,257,893)


Total equity	2,329,171		2,328,782		2,331,091		2,321,012		2,323,245		2,403,703
Total liabilities and equity	$	5,699,762	$	5,543,897	$	5,560,880	$	5,532,549	$	5,616,507	$	5,689,162



			Q4 2025 Supplemental			Page 7


SELECTED OPERATING DATA
(UNAUDITED, DOLLARS IN THOUSANDS)

	4TH QUARTER 2025		3RD QUARTER 2025		2ND QUARTER 2025		1ST QUARTER 2025		4TH QUARTER 2024		3RD QUARTER 2024
Rental revenue	$	157,057	$	154,838	$	150,351	$	146,359	$	149,116	$	148,677
Other income (1)	9,603		12,135		12,218		11,636		13,197		17,419
Mortgage and other financing income	16,290		15,333		15,499		17,038		14,921		14,411
Total revenue	182,950		182,306		178,068		175,033		177,234		180,507
Property operating expense	14,862		14,478		14,661		15,171		15,188		14,611
Other expense (1)	10,013		11,173		11,959		12,611		13,437		15,631
General and administrative expense	14,575		14,001		13,230		14,024		12,233		11,935
Retirement and severance expense	1,901		1,094		—		—		—		—

Transaction costs	471		492		669		567		423		175
Provision (benefit) for credit losses, net	(985)		9,117		997		(652)		9,876		(770)
Impairment charges	—		—		—		—		39,952		—
Depreciation and amortization	43,582		42,409		42,080		41,089		40,995		42,795
Total operating expenses	84,419		92,764		83,596		82,810		132,104		84,377
Gain (loss) on sale of real estate and early ground lease termination	5,297		8,073		16,779		9,384		112		(3,419)
Income from operations	103,828		97,615		111,251		101,607		45,242		92,711
Costs associated with loan refinancing or payoff	—		—		—		—		—		337
Interest expense, net	33,574		33,238		33,246		33,021		33,472		32,867
Equity in loss (income) from joint ventures	2,396		(2,934)		1,681		2,647		3,425		851
Impairment charges on joint ventures	—		—		—		—		16,087		12,130
Income (loss) before income taxes	67,858		67,311		76,324		65,939		(7,742)		46,526
Income tax expense (benefit)	954		725		681		136		653		(124)








Net income (loss)	66,904		66,586		75,643		65,803		(8,395)		46,650

Preferred dividend requirements	6,040		6,032		6,040		6,032		6,040		6,032

Net income (loss) available to common shareholders of EPR Properties	$	60,864	$	60,554	$	69,603	$	59,771	$	(14,435)	$	40,618

(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.



			Q4 2025 Supplemental			Page 8


FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
FUNDS FROM OPERATIONS ("FFO") (1):	4TH QUARTER 2025		3RD QUARTER 2025		2ND QUARTER 2025		1ST QUARTER 2025		4TH QUARTER 2024		3RD QUARTER 2024
Net income (loss) available to common shareholders of EPR Properties	$	60,864	$	60,554	$	69,603	$	59,771	$	(14,435)	$	40,618
(Gain) loss on sale of real estate and early ground lease termination	(5,297)		(8,073)		(16,779)		(9,384)		(112)		3,419


Impairment of real estate investments	—		—		—		—		39,952		—

Real estate depreciation and amortization	43,417		42,257		41,939		40,932		40,838		42,620
Allocated share of joint venture depreciation	1,000		989		985		1,036		1,965		2,581
Impairment charges on joint ventures	—		—		—		—		16,087		12,130
FFO available to common shareholders of EPR Properties	$	99,984	$	95,727	$	95,748	$	92,355	$	84,295	$	101,368
FFO available to common shareholders of EPR Properties	$	99,984	$	95,727	$	95,748	$	92,355	$	84,295	$	101,368
Add: Preferred dividends for Series C preferred shares	1,938		1,938		1,938		1,938		1,938		1,938
Add: Preferred dividends for Series E preferred shares	1,938		1,938		1,938		1,938		1,938		1,938
Diluted FFO available to common shareholders of EPR Properties	$	103,860	$	99,603	$	99,624	$	96,231	$	88,171	$	105,244
FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):
FFO available to common shareholders of EPR Properties	$	99,984	$	95,727	$	95,748	$	92,355	$	84,295	$	101,368
Retirement and severance expense	1,901		1,094		—		—		—		—
Transaction costs	471		492		669		567		423		175
Provision (benefit) for credit losses, net	(985)		9,117		997		(652)		9,876		(770)
Costs associated with loan refinancing or payoff	—		—		—		—		—		337









Deferred income tax benefit	(170)		(53)		(93)		(530)		(285)		(728)
FFO as adjusted available to common shareholders of EPR Properties	$	101,201	$	106,377	$	97,321	$	91,740	$	94,309	$	100,382
FFO as adjusted available to common shareholders of EPR Properties	$	101,201	$	106,377	$	97,321	$	91,740	$	94,309	$	100,382
Add: Preferred dividends for Series C preferred shares	1,938		1,938		1,938		1,938		1,938		1,938
Add: Preferred dividends for Series E preferred shares	1,938		1,938		1,938		1,938		1,938		1,938
Diluted FFO as adjusted available to common shareholders of EPR Properties	$	105,077	$	110,253	$	101,197	$	95,616	$	98,185	$	104,258
FFO per common share:
Basic	$	1.31	$	1.26	$	1.26	$	1.22	$	1.11	$	1.34
Diluted	1.29		1.23		1.24		1.20		1.10		1.31
FFO as adjusted per common share:
Basic	$	1.33	$	1.40	$	1.28	$	1.21	$	1.25	$	1.33
Diluted	1.30		1.37		1.26		1.19		1.23		1.30
Shares used for computation (in thousands):
Basic	76,141		76,127		76,083		75,804		75,733		75,723
Diluted	76,654		76,668		76,571		76,215		76,156		76,108

Effect of dilutive Series C preferred shares	2,361		2,352		2,344		2,336		2,327		2,319

Effect of dilutive Series E preferred shares	1,670		1,668		1,667		1,665		1,665		1,664
Adjusted weighted-average shares outstanding-diluted Series C and Series E	80,685		80,688		80,582		80,216		80,148		80,091
(1) See pages 24 through 26 for definitions.



			Q4 2025 Supplemental			Page 9


ADJUSTED FUNDS FROM OPERATIONS
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1):	4TH QUARTER 2025			3RD QUARTER 2025			2ND QUARTER 2025			1ST QUARTER 2025			4TH QUARTER 2024			3RD QUARTER 2024
FFO available to common shareholders of EPR Properties	$	99,984		$	95,727		$	95,748		$	92,355		$	84,295		$	101,368
Adjustments:
Retirement and severance expense	1,901			1,094			—			—			—			—
Transaction costs	471			492			669			567			423			175
Provision (benefit) for credit losses, net	(985)			9,117			997			(652)			9,876			(770)
Costs associated with loan refinancing or payoff	—			—			—			—			—			337









Deferred income tax benefit	(170)			(53)			(93)			(530)			(285)			(728)

Non-real estate depreciation and amortization	165			152			141			157			157			175
Deferred financing fees amortization	2,380			2,120			2,102			2,206			2,187			2,211
Share-based compensation expense to management and trustees	3,643			3,907			3,912			3,867			3,572			3,264
Amortization of above/below market leases, net and tenant allowances	(81)			(81)			(81)			(81)			(81)			(84)
Maintenance capital expenditures (2)	(1,532)			(564)			(1,858)			(1,251)			(1,862)			(2,561)
Straight-lined rental revenue	(4,025)			(3,541)			(5,137)			(3,397)			(3,992)			(4,414)
Straight-lined ground sublease expense	(35)			(4)			—			2			20			20
Non-cash portion of mortgage and other financing income	(343)			(296)			(566)			(297)			(171)			(396)
Allocated share of joint venture non-cash items	—			—			—			—			—			712
AFFO available to common shareholders of EPR Properties	$	101,373		$	108,070		$	95,834		$	92,946		$	94,139		$	99,309

AFFO available to common shareholders of EPR Properties	$	101,373		$	108,070		$	95,834		$	92,946		$	94,139		$	99,309
Add: Preferred dividends for Series C preferred shares	1,938			1,938			1,938			1,938			1,938			1,938
Add: Preferred dividends for Series E preferred shares	1,938			1,938			1,938			1,938			1,938			1,938
Diluted AFFO available to common shareholders of EPR Properties	$	105,249		$	111,946		$	99,710		$	96,822		$	98,015		$	103,185

Weighted average diluted shares outstanding (in thousands)	76,654			76,668			76,571			76,215			76,156			76,108
Effect of dilutive Series C preferred shares	2,361			2,352			2,344			2,336			2,327			2,319
Effect of dilutive Series E preferred shares	1,670			1,668			1,667			1,665			1,665			1,664
Adjusted weighted-average shares outstanding-diluted	80,685			80,688			80,582			80,216			80,148			80,091

AFFO per diluted common share	$	1.30		$	1.39		$	1.24		$	1.21		$	1.22		$	1.29
Dividends declared per common share	$	0.885		$	0.885		$	0.885		$	0.865		$	0.855		$	0.855
AFFO payout ratio (3)	68		%	64		%	71		%	71		%	70		%	66		%

(1) See pages 24 through 26 for definitions.

(2) Includes maintenance capital expenditures and certain second-generation tenant improvements and leasing commissions.
(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.



			Q4 2025 Supplemental			Page 10


CAPITAL STRUCTURE AS OF DECEMBER 31, 2025
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT
PRINCIPAL PAYMENTS DUE ON DEBT:
	BONDS/TERM LOAN/OTHER (1)		UNSECURED CREDIT FACILITY (2)		UNSECURED SENIOR NOTES			TOTAL		WEIGHTED AVG INTEREST RATE
YEAR
2026	$	—	$	—	$	629,597		$	629,597	4.70%
2027	—		—		450,000			450,000		4.50%
2028	—		—		400,000			400,000		4.95%
2029	—		—		500,000			500,000		3.75%
2030	—		—		550,000			550,000		4.75%
2031	—		—		400,000			400,000		3.60%
2032	—		—		—			—		—%
2033	—		—		—			—		—%
2034	—		—		—			—		—%
2035	—		—		—			—		—%
2036	—		—		—			—		—%
Thereafter	24,995		—		—			24,995		2.53%
Less: deferred financing costs, net	—		—		—			(25,181)		—%
	$	24,995	$	—	$	2,929,597		$	2,929,411	4.38%

			BALANCE		WEIGHTED AVG INTEREST RATE			WEIGHTED AVG MATURITY
Fixed rate unsecured debt			$	2,929,597	4.40		%	3.02
Fixed rate secured debt (1)			24,995		2.53		%	21.59

Variable rate unsecured debt			—		—		%	—
Less: deferred financing costs, net			(25,181)		—		%	—
Total			$	2,929,411	4.38		%	3.20


(1) Includes $25.0 million of secured bonds that have been fixed through interest rate swaps through September 20, 2026.
(2) Unsecured Revolving Credit Facility Summary:
			BALANCE					RATE
	COMMITMENT		AT 12/31/2025		MATURITY			AT 12/31/2025

	$1,000,000		$—		October 2, 2028			4.71%

	Note: This facility will mature on October 2, 2028 and has two six-month extensions available at the Company's option, and includes an accordion feature pursuant to which the maximum borrowing amount can be increased from $1.0 billion to $2.0 billion, in each case, subject to certain terms and conditions.



			Q4 2025 Supplemental			Page 11


CAPITAL STRUCTURE AS OF DECEMBER 31, 2025 AND DECEMBER 31, 2024
(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT (continued)

SUMMARY OF DEBT:	December 31, 2025		December 31, 2024
Senior unsecured notes payable, 4.50%, paid in full on April 1, 2025	$	—	$	300,000
Senior unsecured notes payable, 4.56%, due August 22, 2026	179,597		179,597
Senior unsecured notes payable, 4.75%, due December 15, 2026	450,000		450,000
Senior unsecured notes payable, 4.50%, due June 1, 2027	450,000		450,000
Senior unsecured notes payable, 4.95%, due April 15, 2028	400,000		400,000
Unsecured revolving variable rate credit facility, SOFR + 1.05%, due October 2, 2028	—		175,000
Senior unsecured notes payable, 3.75%, due August 15, 2029	500,000		500,000
Senior unsecured notes payable, 4.75%, due November 15, 2030	550,000		—
Senior unsecured notes payable, 3.60%, due November 15, 2031	400,000		400,000
Bonds payable, variable rate, fixed at 2.53% through September 30, 2026, due August 1, 2047	24,995		24,995
Less: deferred financing costs, net	(25,181)		(19,134)
Total debt	$	2,929,411	$	2,860,458



			Q4 2025 Supplemental			Page 12

CAPITAL STRUCTURE

SENIOR NOTES

SENIOR DEBT RATINGS AS OF DECEMBER 31, 2025

Moody's

Baa3 (stable)

Fitch

BBB- (stable)

Standard and Poor's

BBB- (stable)

SUMMARY OF COVENANTS

The Company had outstanding public senior unsecured notes with fixed interest rates of 3.60%, 3.75%, 4.50%, 4.75% and 4.95% at December 31, 2025. Interest on these notes is paid semiannually. These public senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.

The following is a summary of the key financial covenants for the Company's 3.60%, 3.75%, 4.50%, 4.75% and 4.95% public senior unsecured notes, as defined and calculated per the Company's interpretation of the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles ("GAAP") measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance. The actual amounts as of December 31, 2025 and September 30, 2025 are:

Actual

NOTE COVENANTS

Required

4th Quarter 2025 (1)

3rd Quarter 2025 (1)

Limitation on incurrence of total debt (Total Debt/Total Assets)

≤ 60%

40%

39%

Limitation on incurrence of secured debt (Secured Debt/Total Assets)

≤ 40%

—%

Limitation on incurrence of debt: Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service) - trailing twelve months

≥ 1.5 x

4.2x

4.1x

Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)

≥ 150% of unsecured debt

246%

254%

(1) See page 14 for details of calculations.



			Q4 2025 Supplemental			Page 13


CAPITAL STRUCTURE
SENIOR NOTES
(UNAUDITED, DOLLARS IN THOUSANDS)

COVENANT CALCULATIONS

TOTAL ASSETS:	December 31, 2025				TOTAL DEBT:				December 31, 2025
Total Assets per balance sheet	$	5,699,762			Secured debt obligations				$	24,995
Add: accumulated depreciation	1,714,886				Unsecured debt obligations:
Less: intangible assets, net	(31,655)				Unsecured debt				2,929,597
Total Assets	$	7,382,993			Outstanding letters of credit				—
					Guarantees				10,000
TOTAL UNENCUMBERED ASSETS:	December 31, 2025				Derivatives at fair market value, net, if liability				6,634
Total Assets, per above	$	7,382,993			Total unsecured debt obligations:				$	2,946,231
Less: investment in joint ventures	(12,316)				Total Debt				$	2,971,226
Less: accounts receivable	(97,855)
Less: encumbered assets	(25,665)
Total Unencumbered Assets	$	7,247,157


CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE:	4TH QUARTER 2025		3RD QUARTER 2025		2ND QUARTER 2025		1ST QUARTER 2025		TRAILING TWELVE MONTHS
Adjusted EBITDAre	$	142,620	$	147,074	$	137,952	$	131,991	$	559,637



Less: straight-line revenue, net, included in adjusted EBITDAre	(4,025)		(3,541)		(5,137)		(3,397)		(16,100)
Less: joint venture EBITDA	880		(4,420)		266		1,236		(2,038)
CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE	$	139,475	$	139,113	$	133,081	$	129,830	$	541,499
ANNUAL DEBT SERVICE:
Interest expense, gross	$	34,768	$	34,239	$	34,510	$	34,784	$	138,301

Less: deferred financing fees amortization	(2,380)		(2,120)		(2,102)		(2,206)		(8,808)
ANNUAL DEBT SERVICE	$	32,388	$	32,119	$	32,408	$	32,578	$	129,493

DEBT SERVICE COVERAGE	4.3		4.3		4.1		4.0		4.2



			Q4 2025 Supplemental			Page 14


CAPITAL STRUCTURE AS OF DECEMBER 31, 2025
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)

EQUITY
SECURITY	SHARES OUTSTANDING	PRICE PER SHARE AT DECEMBER 31, 2025	LIQUIDATION PREFERENCE	DIVIDEND RATE	CONVERTIBLE	CONVERSION RATIO AT DECEMBER 31, 2025		CONVERSION PRICE AT DECEMBER 31, 2025
Common shares	76,144,638	$49.90	N/A	(1)	N/A	N/A		N/A
Series C	5,392,616	$22.18	$134,815	5.750%	Y	0.4378		$57.10
Series E	3,445,980	$29.92	$86,150	9.000%	Y	0.4845		$51.60
Series G	6,000,000	$19.64	$150,000	5.750%	N	N/A		N/A

CALCULATION OF TOTAL MARKET CAPITALIZATION:
Common shares outstanding at December 31, 2025 multiplied by closing price at December 31, 2025						$	3,799,617
Aggregate liquidation value of Series C preferred shares (2)						134,815
Aggregate liquidation value of Series E preferred shares (2)						86,150
Aggregate liquidation value of Series G preferred shares (2)						150,000
Net debt at December 31, 2025 (3)						2,864,015
Total consolidated market capitalization						$	7,034,597

(1) Total monthly dividends declared in the fourth quarter of 2025 were $0.885 per share.
(2) Excludes accrued unpaid dividends at December 31, 2025.
(3) See pages 24 through 26 for definitions.



			Q4 2025 Supplemental			Page 15


SUMMARY OF RATIOS
(UNAUDITED)

	4TH QUARTER 2025	3RD QUARTER 2025	2ND QUARTER 2025	1ST QUARTER 2025	4TH QUARTER 2024	3RD QUARTER 2024
Debt to total assets ratio	51%	50%	50%	50%	51%	50%

Net debt to total market capitalization ratio (1)	41%	37%	37%	39%	43%	41%

Net debt to gross assets ratio (1)	39%	38%	39%	39%	40%	39%

Net debt/Adjusted EBITDAre ratio (1)(2)	5.0	4.7	5.1	5.3	5.3	5.0

Net debt/Annualized adjusted EBITDAre ratio (1)(3)	4.9	4.9	5.0	5.1	5.1	5.2







Interest coverage ratio (4)	4.0	4.2	3.9	3.8	3.8	4.0

Fixed charge coverage ratio (4)	3.4	3.6	3.3	3.2	3.2	3.4

Debt service coverage ratio (4)	4.0	4.2	3.9	3.8	3.8	4.0

FFO payout ratio (5)	69%	72%	71%	72%	78%	65%

FFO as adjusted payout ratio (6)	68%	65%	70%	73%	70%	66%

AFFO payout ratio (7)	68%	64%	71%	71%	70%	66%

(1) See pages 24 through 26 for definitions. See prior period supplementals for detailed calculations, as applicable.
(2) Adjusted EBITDAre is for the quarter multiplied times four. See calculation on page 30.
(3) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 30 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 24 through 26 for definitions.
(4) See page 28 for detailed calculation.
(5) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(6) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(7) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.



			Q4 2025 Supplemental			Page 16



SUMMARY OF MORTGAGE NOTES RECEIVABLE
(UNAUDITED, DOLLARS IN THOUSANDS)
						CARRYING AMOUNT AS OF (1)
DESCRIPTION	INTEREST RATE		PAYOFF DATE/MATURITY DATE	OUTSTANDING PRINCIPAL AMOUNT OF MORTGAGE		DECEMBER 31, 2025		DECEMBER 31, 2024
Attraction property Powells Point, North Carolina	7.48	%	6/30/2026	$	29,378	$	28,992	$	29,173
Eat & play property Eugene, Oregon	10.50	%	12/31/2028	10,750		10,417		10,417
Fitness & wellness property Merriam, Kansas	8.15	%	7/31/2029	9,090		9,201		9,238
Fitness & wellness property Omaha, Nebraska	9.50	%	6/30/2030	10,905		10,957		10,996
Fitness & wellness property Omaha, Nebraska	9.50	%	6/30/2030	10,539		10,676		10,659
Experiential lodging property Nashville, Tennessee	7.69	%	9/30/2031	70,000		70,293		71,041
Ski property Girdwood, Alaska	8.80	%	7/31/2032	82,000		80,398		79,742
Fitness & wellness properties Colorado and California	7.15	%	1/10/2033	46,120		46,046		64,275
Eat & play property Austin, Texas	11.31	%	6/1/2033	8,330		8,330		9,083
Eat & play property Dallas, Texas	10.25	%	11/26/2033	6,449		—		6,163
Experiential lodging property Breaux Bridge, Louisiana	7.25	%	3/8/2034	—		—		1,000
Fitness & wellness property Glenwood Springs, Colorado	8.38	%	8/16/2034	73,670		72,683		51,892
Ski property West Dover and Wilmington, Vermont	12.69	%	12/1/2034	51,050		51,708		51,049
Four ski properties Ohio and Pennsylvania	11.75	%	12/1/2034	37,562		37,439		37,430
Ski property Chesterland, Ohio	12.26	%	12/1/2034	4,550		4,410		4,394
Fitness & wellness property Acworth, Georgia	8.65	%	6/1/2035	5,923		5,963		—
Ski property Hunter, New York	9.35	%	1/5/2036	21,000		21,000		21,000
Eat & play property Midvale, Utah	10.25	%	5/31/2036	17,505		17,505		17,505
Eat & play property West Chester, Ohio	9.75	%	8/1/2036	18,068		18,067		18,068
Fitness & wellness property Fort Collins, Colorado	8.00	%	1/31/2038	10,292		9,891		9,896
Early childhood education center Lake Mary, Florida	8.35	%	5/9/2039	—		—		4,412
Early childhood education center Lithia, Florida	9.11	%	10/31/2039	—		—		4,103
Attraction property Frankenmuth, Michigan	8.25	%	10/14/2042	69,139		68,485		67,966
Fitness & wellness properties Massachusetts and New York	8.45	%	1/10/2044	77,000		76,589		76,294
Fitness & wellness property Manitoba, Canada	7.75	%	9/25/2055	20,356		20,204		—
Total				$	689,676	$	679,254	$	665,796

(1) Amounts include accrued interest and are net of allowance for credit losses.



			Q4 2025 Supplemental			Page 17


INVESTMENT SPENDING AND DISPOSITION SUMMARIES
(UNAUDITED, DOLLARS IN THOUSANDS)
INVESTMENT SPENDING THREE MONTHS ENDED DECEMBER 31, 2025
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	8,167	$	—	$	8,167	$	—	$	—	$	—
Eat & Play	17,888		15,594		2,294		—		—		—
Attractions	23,171		—		—		23,171		—		—

Experiential Lodging	683		—		18		—		—		665
Fitness & Wellness	97,835		—		5,351		90,742		1,742		—


Total Experiential	147,744		15,594		15,830		113,913		1,742		665





Total Investment Spending	$	147,744	$	15,594	$	15,830	$	113,913	$	1,742	$	665

INVESTMENT SPENDING YEAR ENDED DECEMBER 31, 2025
INVESTMENT TYPE	TOTAL INVESTMENT SPENDING		NEW DEVELOPMENT		RE-DEVELOPMENT		ASSET ACQUISITION		MORTGAGE NOTES OR NOTES RECEIVABLE		INVESTMENT IN JOINT VENTURES
Theatres	$	8,167	$	—	$	8,167	$	—	$	—	$	—
Eat & Play	77,763		72,724		4,765		—		274		—
Attractions	37,452		—		—		37,452		—		—
Ski	1,880		—		—		—		1,880		—
Experiential Lodging	4,038		—		32		—		—		4,006
Fitness & Wellness	159,235		—		19,316		91,984		47,935		—


Total Experiential	288,535		72,724		32,280		129,436		50,089		4,006





Total Investment Spending	$	288,535	$	72,724	$	32,280	$	129,436	$	50,089	$	4,006


2025 DISPOSITIONS
	THREE MONTHS ENDED DECEMBER 31, 2025						YEAR ENDED DECEMBER 31, 2025
INVESTMENT TYPE	TOTAL DISPOSITIONS		NET PROCEEDS FROM SALE OF REAL ESTATE		NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES		TOTAL DISPOSITIONS		NET PROCEEDS FROM SALE OF REAL ESTATE		NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES
Theatres	$	14,341	$	14,341	$	—	$	98,416	$	98,416	$	—
Eat & Play	532		532		—		532		532		—
Attractions	1,235		1,235		—		3,970		3,970		—
Fitness & Wellness	18,430		—		18,430		18,430		—		18,430
Total Experiential	34,538		16,108		18,430		121,348		102,918		18,430

Education	—		—		—		47,009		38,887		8,122

Total Education	—		—		—		47,009		38,887		8,122

Total Dispositions	$	34,538	$	16,108	$	18,430	$	168,357	$	141,805	$	26,552



			Q4 2025 Supplemental			Page 18



PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT DECEMBER 31, 2025 (1)
(UNAUDITED, DOLLARS IN THOUSANDS)

	DECEMBER 31, 2025			OWNED BUILD-TO-SUIT SPENDING ESTIMATES
	PROPERTY UNDER DEVELOPMENT		# OF PROJECTS	1ST QUARTER 2026		2ND QUARTER 2026		3RD QUARTER 2026		4TH QUARTER 2026		THEREAFTER		TOTAL EXPECTED COSTS (2)		% LEASED
Total Build-to-Suit	$	45,741	3	$	6,110	$	6,285	$	2,234	$	—	$	—	$	60,370	100		%
Non Build-to-Suit Development	9,164

Total Property Under Development	$	54,905

			DECEMBER 31, 2025	OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES
			# OF PROJECTS	1ST QUARTER 2026		2ND QUARTER 2026		3RD QUARTER 2026		4TH QUARTER 2026		THEREAFTER		TOTAL IN-SERVICE (2)		ACTUAL IN-SERVICE 4TH QUARTER 2025
Total Build-to-Suit			3	$	2,204	$	38,947	$	19,219	$	—	$	—	$	60,370	$	52,691

	DECEMBER 31, 2025			MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES
	MORTGAGE NOTES RECEIVABLE		# OF PROJECTS	1ST QUARTER 2026		2ND QUARTER 2026		3RD QUARTER 2026		4TH QUARTER 2026		THEREAFTER		TOTAL EXPECTED COSTS (2)
Total Build-to-Suit Mortgage Notes	$	149,271	2	$	1,600	$	750	$	45,750	$	—	$	—	$	197,371
Non Build-to-Suit Mortgage Notes	529,983
Total Mortgage Notes Receivable	$	679,254

(1) This schedule includes only those properties for which the Company has commenced construction as of December 31, 2025.
(2) "Total Expected Costs" and "Total In-Service" each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest, as applicable).


Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. Development projects have risks. See Item 1A - "Risk Factors" in the Company's most recent Annual Report on Form 10-K and, to the extent applicable, the Company's Quarterly Reports on Form 10-Q.



			Q4 2025 Supplemental			Page 19



PORTFOLIO DETAIL AS OF DECEMBER 31, 2025
(UNAUDITED)


PROPERTY TYPE	PROPERTIES	OPERATORS		ANNUALIZED ADJUSTED EBITDAre (1)		STRATEGIC FOCUS

Theatres (2) (4)	148	17		36	%	Reduce
Eat & Play	60	9	(3)	25	%	Grow
Attractions	26	8		12	%	Grow
Ski	11	3		7	%	Grow
Experiential Lodging (5)	4	3		1	%	Grow
Fitness & Wellness	27	12		10	%	Grow
Gaming	1	1		2	%	Grow
Cultural	1	1		1	%	Grow
EXPERIENTIAL PORTFOLIO	278	54		94	%

Early Childhood Education	46	4		4	%	Reduce
Private schools	9	1		2	%	Reduce
EDUCATION PORTFOLIO	55	5		6	%

TOTAL PORTFOLIO	333	59		100	%

(1) See pages 24 through 26 for definitions.

(2) Excludes seven theatres located in Entertainment Districts (included in Eat & Play).
(3) Excludes non-theatre operators at Entertainment districts.
(4) Includes one vacant theatre property that the Company intends to sell.
(5) Excludes two experiential lodging properties held in unconsolidated joint ventures that the Company is working in good faith with the Company's joint venture partners, the non-recourse debt provider and insurance companies to identify a path forward that the Company expects will result in the eventual removal of both experiential properties from the Company's portfolio.



			Q4 2025 Supplemental			Page 20



LEASE EXPIRATIONS
AS OF DECEMBER 31, 2025
(UNAUDITED, DOLLARS IN THOUSANDS)

YEAR	TOTAL NUMBER OF PROPERTIES	RENTAL REVENUE FOR THE YEAR ENDED DECEMBER 31, 2025 (1)		% OF TOTAL REVENUE
2026	1	$	1,141	—	%
2027	4	20,675		3	%
2028	9	15,107		2	%
2029	14	21,726		3	%
2030	20	34,158		5	%
2031	3	5,126		1	%
2032	8	12,237		2	%
2033	7	10,210		1	%
2034	34	68,599		9	%
2035	29	72,313		10	%
2036	40	76,396		11	%
2037	27	61,758		9	%
2038	40	65,029		9	%
2039	2	4,987		1	%
2040	3	9,799		1	%
2041	30	18,608		2	%
2042	4	18,640		3	%
2043	7	20,266		3	%
2044	1	3,071		—	%
2045	6	21,570		3	%
Thereafter	7	7,003		1	%
	296	$	568,419	79	%

Note: This schedule excludes non-theatre tenant leases within the Company's entertainment districts, properties under development, land held for development, properties operated by the Company and investments in mortgage notes receivable.

(1) Rental revenue for the year ended December 31, 2025 includes lease revenue related to the Company's existing operating ground leases (leases in which the Company is a sub-lessor) as well as the gross-up of tenant reimbursed expenses recognized during the year ended December 31, 2025 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).



			Q4 2025 Supplemental			Page 21



TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE
(UNAUDITED)

		PERCENTAGE OF TOTAL REVENUE	PERCENTAGE OF TOTAL REVENUE
		FOR THE THREE MONTHS ENDED	FOR THE YEAR ENDED
	CUSTOMERS	DECEMBER 31, 2025	DECEMBER 31, 2025

1.	Topgolf	14.6%	14.2%
2.	AMC Entertainment Holdings, Inc.	13.7%	13.6%
3.	Regal Entertainment Group	10.2%	11.5%
4.	Premier Parks	6.2%	4.8%
5.	Cinemark	5.9%	6.0%
6.	Vail Resorts	4.3%	4.5%
7.	Camelback Resort	3.1%	3.2%
8.	Santikos Theaters, LLC	2.5%	2.5%
9.	Six Flags Entertainment Corporation	2.4%	2.4%
10.	Endeavor Schools	2.0%	2.0%

	Total	64.9%	64.7%



			Q4 2025 Supplemental			Page 22

GUIDANCE

(UNAUDITED, DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)


MEASURE	2026 GUIDANCE
	CURRENT
Investment spending	$400.0	to	$500.0
Disposition proceeds and mortgage note payoff	$25.0	to	$75.0
Percentage rent and participating interest	$18.5	to	$22.5
General and administrative expense	$56.0	to	$59.0
Other income (1)	$41.0	to	$51.0
Other expense (1)	$41.0	to	$51.0


FFO per diluted share	$5.26	to	$5.46
FFOAA per diluted share	$5.28	to	$5.48

RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE):	2026 GUIDANCE
Net income available to common shareholders of EPR Properties	$2.89	to	$3.09
Gain on sale of real estate and early ground lease termination	(0.08)

Real estate depreciation and amortization	2.48
Allocated share of joint venture depreciation	0.05

Impact of Series C and Series E Dilution, if applicable	(0.08)
FFO available to common shareholders of EPR Properties	$5.26	to	$5.46
Retirement and severance expense	0.02
Transaction costs	0.03

Provision (benefit) for credit losses, net	(0.01)



Deferred income tax benefit	(0.02)

FFO as adjusted (FFOAA) available to common shareholders of EPR Properties	$5.28	to	$5.48

(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.

Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. See cautionary statement concerning forward-looking statements on page 3.



			Q4 2025 Supplemental			Page 23

DEFINITIONS - NON-GAAP FINANCIAL MEASURES

EBITDAre

The National Association of Real Estate Investment Trusts (“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 expense (benefit), depreciation and amortization, gains and losses from disposition of real estate and early ground lease terminations, 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 AND ANNUALIZED 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. This number for the quarter is then multiplied by four to get an annual amount. Annualized Adjusted EBITDAre is Adjusted EBITDAre further adjusted to reflect (1) in-service and disposed projects (2) property under development that is build-to-suit at the initial cash yields of the projects upon completion (3) removal of other non-recurring items including out of period deferrals and stub rent payments and (4) annualization of the following items to ultimately reflect the financial results of the trailing twelve months or mid-point of guidance: (i) percentage rent and participating interest income and (ii) adjusted EBITDAre of managed properties and joint ventures.

The Company's method of calculating Adjusted EBITDAre and Annualized Adjusted EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measures of performance under GAAP, do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. These measures 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

Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced by 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. The Company believes this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding its financial condition. The Company's method of calculating Net Debt may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.



			Q4 2025 Supplemental			Page 24

NET DEBT TO ADJUSTED EBITDAre RATIO, NET DEBT TO GROSS ASSETS RATIO AND NET DEBT TO TOTAL MARKET CAPITALIZATION RATIO

Net Debt to Adjusted EBITDAre Ratio, Net Debt to Gross Assets Ratio and Net Debt to Total Market Capitalization Ratio are supplemental measures derived from non-GAAP financial measures that the Company uses to evaluate its capital structure and the magnitude of its debt against its operating performance. The Company believes that investors commonly use versions of these ratios in a similar manner. 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 Net Debt to Adjusted EBITDAre Ratio, Net Debt to Gross Assets Ratio and Net Debt to Total Market Capitalization Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

FUNDS FROM OPERATIONS (“FFO”) AND FFO AS ADJUSTED

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 and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. 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 from disposition of real estate and early ground lease terminations 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, the Company presents FFO as adjusted. Management believes it is useful to provide FFO as adjusted as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO as adjusted is FFO plus 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 by subtracting sale participation income, gain on insurance recovery and deferred income tax expense (benefit). FFO and FFO as adjusted are non-GAAP financial measures. FFO and FFO as adjusted 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 an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations, cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO and FFO as adjusted the same way so comparisons with other REITs may not be meaningful.

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

In addition to FFO, the Company presents AFFO 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, impairment of operating lease right-of-use assets, termination fees associated with tenants' exercises of public charter school buy-out options, non-real estate depreciation and amortization, deferred financing fees amortization and share-based compensation expense to management and trustees; and by subtracting amortization of above and below market leases, net and tenant allowances, sale participation income, maintenance capital expenditures (including second-generation tenant improvements and leasing commissions), straight-lined rental revenue (removing the impact of straight-line ground sublease expense), non-cash portion of mortgage and other financing income, allocated share of joint venture non-cash items, gain on insurance recovery and deferred income tax (benefit) expense. AFFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share and management provides AFFO herein because it believes this information is useful to investors in this regard. AFFO is a non-GAAP financial measure. AFFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or its cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate AFFO the same way so comparisons with other REITs may not be meaningful.



			Q4 2025 Supplemental			Page 25

INTEREST COVERAGE RATIO

The interest coverage ratio is calculated as the interest coverage amount divided by interest expense, gross. The Company calculates the interest coverage amount by adding to net income impairment charges, provision (benefit) for credit losses, net, transaction costs, interest expense, gross (including interest expense in discontinued operations), retirement and severance expense, depreciation and amortization, share-based compensation expense to management and trustees and costs associated with loan refinancing or payoff; subtracting sale participation income, interest cost capitalized, straight-line rental revenue, gain on early extinguishment of debt, gain (loss) on sale of real estate and early ground lease terminations from continuing and discontinued operations, gain on insurance recovery, gain on previously held equity interest, gain on early extinguishment of debt, prepayment fees and deferred income tax benefit (expense). The Company calculates interest expense, gross, by adding to interest expense, net, interest income and interest cost capitalized. The Company considers the interest coverage ratio to be an appropriate supplemental measure of a company’s ability to meet its interest expense obligations and management believes it is useful to investors in this regard. The Company's calculation of the interest coverage ratio may be different from the calculation used by other companies, and therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

FIXED CHARGE COVERAGE RATIO

The fixed charge coverage ratio is calculated in exactly the same manner as the interest coverage ratio, except that interest expense, gross and preferred share dividends are also added to the denominator. The Company considers the fixed charge coverage ratio to be an appropriate supplemental measure of a company’s ability to make its interest and preferred share dividend payments and management believes it is useful to investors in this regard. The Company's calculation of the fixed charge coverage ratio may be different from the calculation used by other companies and, therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

DEBT SERVICE COVERAGE RATIO

The debt service coverage ratio is calculated in exactly the same manner as the interest coverage ratio, except that interest expense, gross and recurring principal payments are also added to the denominator. The Company considers the debt service coverage ratio to be an appropriate supplemental measure of a company’s ability to make its debt service payments and management believes it is useful to investors in this regard. The Company's calculation of the debt service coverage ratio may be different from the calculation used by other companies and, therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

NON-GAAP PRO-RATA FINANCIAL INFORMATION - UNCONSOLIDATED JOINT VENTURES

This information includes non-GAAP financial measures. The Company's share of unconsolidated joint ventures is derived on an entity-by-entity basis by applying its ownership percentage to each line item in the GAAP financial statements of these properties to calculate its share of that line item. The Company believes this form of presentation offers insights into the financial performance and condition of our Company as a whole, given the significance of its unconsolidated joint ventures that are accounted for under the equity method of accounting, although the presentation of such information may not accurately depict the legal and economic implications of holding an unconsolidated joint venture. The Company's method of calculating its proportionate interest may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. The Company does not control the unconsolidated joint venture for purposes of GAAP and the presentation of the assets and liabilities and revenues and expenses do not represent a legal claim to such items. Due to these limitations, the non-GAAP pro-rata financial information should not be considered in isolation or as a substitute for the Company's consolidated financial statements as reported under GAAP.



			Q4 2025 Supplemental			Page 26

Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

Fourth Quarter and Year Ended December 31, 2025



			Q4 2025 Supplemental			Page 27


CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS
(UNAUDITED, DOLLARS IN THOUSANDS)
INTEREST COVERAGE RATIO (1):	4TH QUARTER 2025		3RD QUARTER 2025		2ND QUARTER 2025		1ST QUARTER 2025		4TH QUARTER 2024		3RD QUARTER 2024
Net income (loss)	$	66,904	$	66,586	$	75,643	$	65,803	$	(8,395)	$	46,650
Impairment charges	—		—		—		—		39,952		—
Impairment charges on joint ventures	—		—		—		—		16,087		12,130
Retirement and severance expense	1,901		1,094		—		—		—		—
Transaction costs	471		492		669		567		423		175
Provision (benefit) for credit losses, net	(985)		9,117		997		(652)		9,876		(770)
Interest expense, gross	34,768		34,239		34,510		34,784		34,991		34,402

Depreciation and amortization	43,582		42,409		42,080		41,089		40,995		42,795
Share-based compensation expense
to management and trustees	3,643		3,907		3,912		3,867		3,572		3,264
Costs associated with loan refinancing or payoff	—		—		—		—		—		337

Interest cost capitalized	(710)		(758)		(961)		(1,435)		(1,161)		(878)
Straight-line rental revenue	(4,025)		(3,541)		(5,137)		(3,397)		(3,992)		(4,414)

(Gain) loss on sale of real estate and early ground lease termination	(5,297)		(8,073)		(16,779)		(9,384)		(112)		3,419




Deferred income tax benefit	(170)		(53)		(93)		(530)		(285)		(728)
Interest coverage amount	$	140,082	$	145,419	$	134,841	$	130,712	$	131,951	$	136,382

Interest expense, net	$	33,574	$	33,238	$	33,246	$	33,021	$	33,472	$	32,867
Interest income	484		243		303		328		358		657
Interest cost capitalized	710		758		961		1,435		1,161		878
Interest expense, gross	$	34,768	$	34,239	$	34,510	$	34,784	$	34,991	$	34,402

Interest coverage ratio	4.0		4.2		3.9		3.8		3.8		4.0

FIXED CHARGE COVERAGE RATIO (1):
Interest coverage amount	$	140,082	$	145,419	$	134,841	$	130,712	$	131,951	$	136,382

Interest expense, gross	$	34,768	$	34,239	$	34,510	$	34,784	$	34,991	$	34,402
Preferred share dividends	6,040		6,032		6,040		6,032		6,040		6,032
Fixed charges	$	40,808	$	40,271	$	40,550	$	40,816	$	41,031	$	40,434
Fixed charge coverage ratio	3.4		3.6		3.3		3.2		3.2		3.4

DEBT SERVICE COVERAGE RATIO (1):
Interest coverage amount	$	140,082	$	145,419	$	134,841	$	130,712	$	131,951	$	136,382
Interest expense, gross	$	34,768	$	34,239	$	34,510	$	34,784	$	34,991	$	34,402
Recurring principal payments	—		—		—		—		—		—
Debt service	$	34,768	$	34,239	$	34,510	$	34,784	$	34,991	$	34,402
Debt service coverage ratio	4.0		4.2		3.9		3.8		3.8		4.0

(1) See pages 24 through 26 for definitions.



			Q4 2025 Supplemental			Page 28


RECONCILIATION OF INTEREST COVERAGE AMOUNT TO NET CASH PROVIDED BY OPERATING ACTIVITIES
(UNAUDITED, DOLLARS IN THOUSANDS)

The interest coverage amount per the table on page 28 is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used by investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
	4TH QUARTER 2025		3RD QUARTER 2025		2ND QUARTER 2025		1ST QUARTER 2025		4TH QUARTER 2024		3RD QUARTER 2024

Net cash provided by operating activities	$	97,780	$	136,483	$	87,321	$	99,369	$	92,938	$	122,001

Equity in (loss) gain from joint ventures	(2,396)		2,934		(1,681)		(2,647)		(3,425)		(851)
Distributions from joint ventures	—		—		—		(11)		—		—
Amortization of deferred financing costs	(2,380)		(2,120)		(2,102)		(2,206)		(2,187)		(2,211)
Amortization of above and below market leases and tenant allowances, net	81		81		81		81		81		84
Changes in assets and liabilities:
Operating lease assets and liabilities	532		496		259		293		324		373
Mortgage notes accrued interest receivable	(1,449)		1,824		(1,266)		1,687		(549)		485
Accounts receivable	4,307		(2,209)		8,619		3,862		5,902		4,209


Other assets	(1,238)		(1,318)		3,370		1,507		759		677
Accounts payable and accrued liabilities	15,141		(15,929)		10,160		(3,759)		81		(18,882)
Unearned rents and interest	(1,373)		(5,502)		999		2,017		7,766		1,212

Straight-line rental revenue	(4,025)		(3,541)		(5,137)		(3,397)		(3,992)		(4,414)
Interest expense, gross	34,768		34,239		34,510		34,784		34,991		34,402
Interest cost capitalized	(710)		(758)		(961)		(1,435)		(1,161)		(878)

Transaction costs	471		492		669		567		423		175

Retirement and severance expense (cash portion)	573		247		—		—		—		—


Interest coverage amount (1)	$	140,082	$	145,419	$	134,841	$	130,712	$	131,951	$	136,382

Net cash (used) provided by investing activities	$	(115,175)	$	(36,329)	$	(12,574)	$	42,397	$	(30,710)	$	(73,160)

Net cash provided (used) by financing activities	$	86,238	$	(99,058)	$	(73,416)	$	(150,490)	$	(64,468)	$	(47,295)

(1) See pages 24 through 26 for definitions.



			Q4 2025 Supplemental			Page 29


RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre
(UNAUDITED, DOLLARS IN THOUSANDS)
ADJUSTED EBITDAre (1):	4TH QUARTER 2025		3RD QUARTER 2025		2ND QUARTER 2025		1ST QUARTER 2025		4TH QUARTER 2024		3RD QUARTER 2024
Net income (loss)	$	66,904	$	66,586	$	75,643	$	65,803	$	(8,395)	$	46,650
Interest expense, net	33,574		33,238		33,246		33,021		33,472		32,867
Income tax expense	954		725		681		136		653		(124)
Depreciation and amortization	43,582		42,409		42,080		41,089		40,995		42,795
(Gain) loss on sale of real estate and early ground lease termination	(5,297)		(8,073)		(16,779)		(9,384)		(112)		3,419

Impairment of real estate investments	—		—		—		—		39,952		—

Costs associated with loan refinancing or payoff	—		—		—		—		—		337

Allocated share of joint venture depreciation	1,000		989		985		1,036		1,965		2,581
Allocated share of joint venture interest expense	516		497		430		375		589		2,587
Impairment charges on joint ventures	—		—		—		—		16,087		12,130
EBITDAre	$	141,233	$	136,371	$	136,286	$	132,076	$	125,206	$	143,242


Retirement and severance expense	1,901		1,094		—		—		—		—


Transaction costs	471		492		669		567		423		175

Provision (benefit) for credit losses, net	(985)		9,117		997		(652)		9,876		(770)





Adjusted EBITDAre (for the quarter)	$	142,620	$	147,074	$	137,952	$	131,991	$	135,505	$	142,647
Adjusted EBITDAre (2)	$	570,480	$	588,296	$	551,808	$	527,964	$	542,020	$	570,588

ANNUALIZED ADJUSTED EBITDAre (1):
Adjusted EBITDAre (for the quarter)	$	142,620	$	147,074	$	137,952	$	131,991	$	135,505	$	142,647

In-service and disposition adjustments (3)	2,145		834		200		(500)		448		708
Managed and JV property adjustments (4)	1,914		(4,804)		285		2,420		1,711		(5,392)
Property under development adjustments (5)	934		1,303		1,715		2,336		2,258		1,472
Percentage rent/participation adjustments (6)	(2,829)		(1,906)		496		40		70		(2,193)

Non-recurring adjustments (7)	260		231		(606)		1,313		(643)		(187)
Annualized Adjusted EBITDAre (for the quarter)	$	145,044	$	142,732	$	140,042	$	137,600	$	139,349	$	137,055
Annualized Adjusted EBITDAre (8)	$	580,176	$	570,928	$	560,168	$	550,400	$	557,396	$	548,220












See footnotes on the following page.



			Q4 2025 Supplemental			Page 30

(1) See pages 24 through 26 for definitions.

(2) Adjusted EBITDAre 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. These adjustments are considered in the calculation of Annualized Adjusted EBITDAre.

(3) Adjustments for rental properties commencing or terminating GAAP net operating income during the quarter and adjustments to revenue from mortgage notes receivable to be consistent with end of quarter balance.

(4) To annualize amounts from the actual latest quarterly amount to the trailing 12-month amount divided by four. Annualized Adjusted EBITDAre related to the Company's investments in two joint venture properties in St. Pete Beach, Florida has been reduced to zero.

(5) To add in income for property under development that is build-to-suit at the initial cash yields of the projects upon completion.

(6) To adjust percentage rents and participating interest income from the actual quarterly amount to the mid-point of the guidance amount shown on page 23, less non-recurring adjustments, divided by four.

(7) Adjustments for various non-recurring items during the quarter.

(8) Annualized Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount.



			Q4 2025 Supplemental			Page 31