Epr Properties (NYSE: EPR-PG)

EPR Properties is a self-administered Maryland real estate investment trust focused on experiential real estate that creates value by facilitating out-of-home leisure and recreation experiences. The company invests in properties where consumers choose to spend their discretionary time and money, such as theatres, eat & play venues, attractions, ski resorts, experiential lodging, fitness & wellness centers, gaming facilities, and cultural venues. It also maintains a legacy Education portfolio consisting of early childhood education centers and private schools, which it intends to dispose of over time to recycle proceeds into experiential investments. As of December 31, 2025, EPR Properties held total assets of approximately $5.7 billion and total investments of approximately $7.0 billion across 43 states and Canada.

EPR Properties generates revenue primarily through long-term triple-net leases and mortgages that require tenants or borrowers to pay substantially all expenses associated with property operation and maintenance. The company's revenue is derived from lease and interest payments across its diversified portfolio of experiential and education properties. Major contributors to revenue include leading theatre operators such as American Multi-Cinema, Inc. (AMC) and Cineworld Group, plc (Regal), as well as Topgolf USA (Topgolf) for its eat & play properties. These tenants provide predictable income streams through structured lease agreements featuring periodic rent increases and percentage rent based on gross sales.

The company operates through the following segments: Experiential and Education.

• Experiential: This segment includes theatre, eat & play, attraction, ski, experiential lodging, fitness & wellness, gaming, and cultural properties. As of December 31, 2025, the Experiential portfolio comprised $6.6 billion, or 94%, of total investments. The segment consisted of 148 theatre properties, 60 eat & play properties (including seven theatres in entertainment districts), 26 attraction properties, 11 ski properties, four experiential lodging properties, 27 fitness & wellness properties, one gaming property, and one cultural property. Notable tenants and operators in this segment include AMC, Regal, Topgolf, Andretti Indoor Karting and Games (Andretti), and various operators for attractions, ski, and family entertainment centers.

• Education: This segment consists of early childhood education center properties and private school properties. As of December 31, 2025, the Education segment comprised $0.4 billion, or 6%, of total investments. The portfolio included 46 early childhood education center properties and nine private school properties, with approximately 1.1 million square feet of wholly-owned real estate that was 100% leased. These properties serve as a legacy investment providing geographic and property diversity while the company focuses future growth on experiential property types.

EPR Properties holds a distinct competitive advantage as a leading net lease investor in experiential real estate, supported by nearly 30 years of industry experience, specialized knowledge, and strong tenant relationships. The company differentiates itself through its focus on experiential property types aligned with long-term consumer trends in the growing experiential economy, which offers potential for higher growth, increased diversification, and better yields. Its strategy of acquiring or developing single-tenant properties under long-term leases minimizes lease-up risk and produces predictable income, while its build-to-suit development program enhances value through tenant-specific financing and construction expertise. Competition comes from public and private REITs, private equity funds, banks, and insurance companies, but EPR's specialization in experiential real estate and disciplined underwriting enhance its ability to secure high-quality assets.

EPR Properties serves a diverse customer base that includes moviegoers, families, tourists, students, fitness enthusiasts, and leisure-seeking consumers across its experiential venues. Specific tenants generating significant revenue include American Multi-Cinema, Inc. (AMC), Cineworld Group, plc (Regal), and Topgolf USA (Topgolf). The Education segment serves students and families through early childhood education centers and private schools. Across all properties, tenants are primarily operators of leisure, recreation, and educational facilities that rely on EPR's real estate investments to support their core businesses under long-term contractual arrangements.