First Quarter 2025 Presentation

E R

perties

The DiversifiedExperientialREIT"

EARNINGS CALL PRESENTATION

Q1 2025

INTRODUCTORY COMMENTS

THE EXPERIENCE ECONOMY

Personal Consumption Expenditures on Experiential Spending

• Consistent growth over the last 25 years

• Demonstrated resilience during recessionary periods

Experiential Spending in the U.S.*

$500

Dot-Com Recession

The Great Recession

COVID-19

(In Billions)

$400

$300

$200

$100

$0

1999 2004 2009 2014 2019 2024

Recession Periods Covid-19 Pandemic

*Source: U.S. Bureau of Economic Analysis, Table 2.4.5. Personal Consumption Expenditures by Type of Product, Included in the data set are Line 210: Membership clubs, sports centers, parks, theaters, and museums (82) and Line 226: Gambling

Recession periods: Federal Reserve Bank of St. Louis 4

PORTFOLIO

Total Portfolio Snapshot

~$6.8B Total Investments*

331 Properties

Leased or Operated at 99%**

Q1 Investment Spending $37.7M

Total Portfolio Coverage

Experiential Portfolio

276 Properties; 51 Operators

~$6.4B (94%) Total Investments* Leased or Operated at 99%**

Education Portfolio

55 Properties; 5 Operators

TTM March 2025

YE 2019

Leased at 100%**

Total Portfolio Coverage

2.0x

1.9x

*See Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 for definition and calculation of this non-GAAP measure

**Excluding vacant properties EPR intends to sell 6

Box Office Updates*North American Box Office Gross (NABOG) rebounding

• Q1 box office was $1.4B (down 11.6% vs. 2024)

• Q2 has quickly offset with overperformance

  • A Minecraft Movie opened to $163M, both the largest opening in 2025 and the largest opening weekend ever for a videogame movie

  • Through this week, Minecraft has grossed $398M

  • Through this week, Sinners has grossed $180M

• YTD through May 5 at $2.5B (up 17.1% vs. 2024)

  After strong early Q2 film performance, more to come

• 8 titles projected to gross over $100M - 4 projected to gross over $175M

• 78 Major Studio (MS) releases scheduled for 2025, forecast to gross

$800M more than scheduled at this point in 2024 Confirming 2025 NABOG expectations - $9.3B to $9.7B

*BoxOfficeMojo 7

Beyond Box Office: Increased F&B Spending Driving Higher Profitability*

% Increase 2019-2024

Per Patron Ticket Cost Per Patron F&B spending

26%

~60%

Shift toward higher-margin F&B spending boosts gross profit per patron & has positive impact on the bottom line

Margin on ticket sales

46%

Margin on F&B sales

82%

Given Mix of Spending, Not Necessary to Reach 2019 Box Office ($11.3B) for Comparable Coverage

~$9.5B

would be equivalent to

$11.3B

*Based on AMC and Cinemark public filings 8

Other Experiential Property and Operator Updates

Ski - Q1 and TTM Q1 revenue & EBITDARM up vs. prior year

Eat & Play - Andretti openings in mid-2025 and early 2026; portfolio coverage strong and above pre-Covid even with revenue and EBITDARM down slightly vs. same period 2024

Attractions & Cultural - many properties closed seasonally

• Indoor Waterpark at Bavarian Inn opened in Q1

• Hotel de Glace at Valcartier celebrated 25th anniversary with usual strong performance

• Santa Monica Pier adversely impacted by wildfires

  Fitness & Wellness

• $90M expansion project at The Springs Resort opened to good reviews

• Murrieta Hot Springs ramp up continues

• Across portfolio increases in revenue and EBITDARM TTM through March 2025 vs. same period 2024

  9

  Q1 Investment Spending was $37.7M

  Acquired Diggerland USA in West Berlin, NJ for $14.3M,

  the only construction-themed attraction & water park in the U.S.

  Subsequent to quarter end, made two new investments

• First traditional golf investment; acquired land for $1.2M and provided

  $5.9M mortgage financing to Evergreen Partners for a private club in GA

• Second Pinstack Eat & Play in NortheVA for $1.6M with commitment to provide build-to-suit financing up to $19M

2025 Investment Spending Guidance

$200M - $300M

10

Properties Sold

• 10 leased early childhood education centers (ECEs) and one vacant ECE

• One vacant theatre and two operating theatres

• Net proceeds totaled $70.8M, recognized a net gain of $9.4M

  Payment in Full of Two Mortgages - received $8.1M in net proceeds for mortgages secured by two ECEs

  Cap Rates

• Sold portfolio of 9 leased ECEs at 7.4% cap rate, demonstrating the high quality & value of our education portfolio

• Existing operator purchased and/or paid off mortgage financing for three additional ECEs - blended rate of ~8.3%

  Update on Vacant Properties

• In past 4 years, sold 27 theatres; 3 vacant remain and 2 are under contract

• Signed PSAs to sell 2 leased theatre properties to current tenant; anticipate sale will occur in the first half of 2025

• No vacant education assets

2025 Disposition Proceeds Guidance

$80M - $120M

11

FINANCIAL REVIEW

Financial Performance

Quarter ended March 31,

	2025	2024	$ Change	% Change
Total Revenue	$175.0	$167.2	$7.8	4.7%
Net Income - Common	59.8	56.7	3.1	5.5%
FFO as adj. - Common*	91.7	85.7	6.0	7.0%
AFFO - Common*	92.9	85.7	7.2	8.4%
Net Income/share - Common	0.78	0.75	0.03	4.0%
FFO/share - Common, as adj.*	1.19	1.13	0.06	5.3%
AFFO/share - Common*	1.21	1.12	0.09	8.0%

(In millions except per-share data)

13

*See the most recently filed Supplemental Operating and Financial Data for definitions and calculations of these non-GAAP measures

Key Ratios*

Quarter ended March 31, 2025

Fixed charge coverage 3.2x

Debt service coverage 3.8x

Net Debt to Adjusted EBITDAre 5.3x

Net Debt to Annualized Adjusted EBITDAre

5.1x

Net Debt to Gross Assets 39%

AFFO payout 71%

14

*See the most recently filed Supplemental Operating and Financial Data for definitions and calculations of these non-GAAP measures

Debt

• $2.8B total debt; $2.7B fixed rate or fixed through interest rate swaps at overall weighted avg. = 4.4%

• On April 1, 2025, fully repaid $300.0M of senior unsecured notes at maturity using borrowings under our revolving credit facility

• No further debt maturities in 2025

  Liquidity Position at 3/31/2025

• $20.6M unrestricted cash

• $105.0M outstanding on $1B revolver

15

FFO AS ADJUSTED PER SHARE*
Guidance	$5.00 - $5.16
Prior Guidance	$4.94 - $5.14

INVESTMENT SPENDING
Guidance	$200M - $300M

DISPOSITION PROCEEDS
Revised Guidance	$80M - $120M
Prior Guidance	$25M - $75M

*See the most recently filed Supplemental Operating and Financial Data for definitions and calculations of these non-GAAP measures

16

PERCENTAGE RENT & PARTICIPATING INTEREST

Guidance $21.5M - $25.5M

Prior Guidance $18.0M - $22.0M

GENERAL & ADMINISTRATIVE EXPENSE

Guidance $53.0M - $56.0M

Prior Guidance $52.0M - $55.0M

OTHER INCOME
Guidance	$42.0M - $52.0M
OTHER EXPENSE
Guidance		$42.0M - $52.0M
3.5% MONTHLY DIVIDEND INCREASE
Monthly Dividend		$0.295

*See the most recently filed Supplemental Operating and Financial Data for definitions and calculations

of these non-GAAP measures 17

CLOSING COMMENTS

PR

peiesR

The DiversifiedExperientialREIT

EPR Properties

909 Walnut Street, Suite 200 Kansas City, MO 64106 https://www.eprkc.com

(816) 472-1700

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EPR Properties published this content on May 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2025 at 21:14 UTC.