Financial Performance - Total revenue for the three months ended March 31, 2025, was $175.0 million, representing a 4.7% increase from $167.2 million in the same period of 2024[121] - Funds From Operations As Adjusted (FFOAA) per diluted share increased by 5.3% to $1.19 for the three months ended March 31, 2025, compared to $1.13 for the same period in 2024[121] - FFO available to common shareholders increased to $92,355,000 in Q1 2025 from $81,426,000 in Q1 2024, representing a growth of 13.5%[154] - Diluted FFO per common share rose to $1.20 in Q1 2025, up from $1.07 in Q1 2024, reflecting a 12.1% increase[155] - AFFO available to common shareholders reached $92,946,000 in Q1 2025, compared to $85,675,000 in Q1 2024, marking an increase of 8.5%[154] - Adjusted EBITDAre for Q1 2025 was $131,991,000, up from $126,348,000 in Q1 2024, indicating a growth of 4.2%[165] - Basic FFO per common share increased to $1.22 in Q1 2025 from $1.08 in Q1 2024, reflecting a growth of 12.9%[155] - Dividends per common share increased to $0.865 in Q1 2025 from $0.835 in Q1 2024, representing a growth of 3.6%[155] Assets and Investments - As of March 31, 2025, total assets were approximately $5.5 billion, with total investments amounting to approximately $6.8 billion[113] - The Experiential investment segment comprised $6.4 billion, or 94%, of total investments as of March 31, 2025[113] - The wholly-owned Experiential portfolio was 99% leased or operated, excluding properties intended for sale, totaling approximately 18.5 million square feet[114] - Total investments as of March 31, 2025, amounted to $6,824,960, a decrease from $6,877,912 as of December 31, 2024, reflecting a reduction of approximately 0.77%[166] - Real estate investments, net of accumulated depreciation, were $4,353,893 as of March 31, 2025, down from $4,435,358 at the end of 2024, indicating a decline of about 1.83%[166] Debt and Financing - Total outstanding debt was $2.8 billion, with 99% being unsecured[135] - The company had $105.0 million outstanding under its $1.0 billion unsecured revolving credit facility, with an interest rate of 5.46% as of March 31, 2025[137] - The company aims to maintain a conservative capital structure, focusing on a net debt to adjusted EBITDAre ratio[150] - Net Debt as of March 31, 2025, was $2,789,020,000, slightly up from $2,781,753,000 in the previous year[165] - The Debt to Total Assets Ratio was 50% in Q1 2025, compared to 49% in Q1 2024, indicating a slight increase in leverage[165] - The Net Debt to Gross Assets Ratio remained stable at 39% for both Q1 2025 and Q1 2024[165] Cash Flow and Operating Activities - Cash and cash equivalents stood at $20.6 million, with restricted cash of $6.4 million as of March 31, 2025[134] - Net cash provided by operating activities was $99.369 million for Q1 2025, slightly down from $99.543 million in Q1 2024[143] Investment Strategy and Future Outlook - Investment spending for the three months ended March 31, 2025, was $37.7 million, a decrease from $85.7 million in the same period of 2024[124] - The company intends to maintain moderate investment spending in the near term due to elevated costs of capital and will be more selective in future investments[120] - The company had 14 development projects with commitments totaling approximately $142.8 million, with $74.2 million expected to be funded in the remainder of 2025[144] - The company intends to be more selective in future investments due to an elevated cost of capital impacting investment capabilities[149] Operating Expenses and Credit Losses - Property operating expenses for Q1 2025 were $15.171 million, an increase of $251,000 from $14.920 million in Q1 2024[131] - The provision for credit losses improved by $3.389 million, moving from a net expense of $2.737 million in Q1 2024 to a benefit of $652,000 in Q1 2025[132] Risk Management - The company is exposed to market risks related to interest rates and foreign currency exchange rates, which it seeks to mitigate through various hedging strategies[168] - The company entered into an interest rate swap agreement on a $25.0 million variable rate bond, capping the interest rate at 2.5325% until September 30, 2026, to mitigate interest rate risk[170] - Six USD-CAD cross-currency swaps were initiated with a total notional value of $170.0 million CAD and $125.0 million USD, locking in an exchange rate of $1.35 CAD per USD for approximately $15.3 million annual CAD cash flows through December 2026[172] - Two additional USD-CAD cross-currency swaps were established with a notional value of $90.0 million CAD and $66.2 million USD, also locking in an exchange rate of $1.35 CAD per USD for approximately $8.1 million annual CAD cash flows through December 2026[173] - Two forward contracts with a fixed notional value of $200.0 million CAD and $142.8 million USD were entered into, with an exchange rate of approximately $1.40 CAD per USD, effective December 19, 2024[174] - A forward contract with a notional value of $90.0 million CAD and $64.3 million USD was also established, with a similar exchange rate of approximately $1.40 CAD per USD, effective December 19, 2024[175]

Financial Data and Key Metrics Changes - The company's first quarter revenue increased by 4.7% year over year, reaching $175 million, compared to $167.2 million in the prior year [5][27] - FFO as adjusted per share rose by 5.3% to $1.19, up from $1.13 in the previous year, while AFFO increased by 8% to $1.21 from $1.12 [5][26] - The company is increasing its 2025 earnings guidance, with FFO as adjusted per share expected to range from $5.00 to $5.16, representing a 4.3% increase at the midpoint compared to the prior year [5][31] Business Line Data and Key Metrics Changes - The experiential portfolio comprises 276 properties, accounting for 94% of total investments, which are 99% leased or operated [10][6] - The education portfolio consists of 55 properties, which were 100% leased at the end of the quarter [10] - Investment spending for the quarter was $37.7 million, all directed towards the experiential portfolio [10][21] Market Data and Key Metrics Changes - The North American box office for Q1 was $1.4 billion, down 11.6% year over year, primarily due to the underperformance of "Snow White" [11] - However, Q2 box office through early May reached $1.1 billion, marking a 17.1% increase year to date compared to the same period in 2024 [12] - The company estimates the North American box office for 2025 will be between $9.3 billion and $9.7 billion [15] Company Strategy and Development Direction - The company is focusing on capital recycling, selling theater and education assets to reinvest in experiential properties [6][23] - New investments include a construction-themed attraction and a private golf club, reflecting the company's strategy to diversify its experiential portfolio [6][22] - The company aims to maintain disciplined investment spending, with a guidance range of $200 million to $300 million for 2025 [23][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term resilience of experiential spending, noting that such spending has consistently grown over the past 25 years [8] - The company highlighted the importance of a strong film slate for box office recovery, with 78 major studio releases anticipated in 2025 [14][78] - Management remains cautious about potential impacts from tariffs on development projects but noted that current pricing is locked in [82] Other Important Information - The company sold 10 leased early education centers, generating net proceeds of $70.8 million and recognizing a gain of $9.4 million [24] - The company has no vacant early childhood education centers and only three vacant theaters, two of which are under contract [25] - The common dividend was increased by 3.5% to $3.54 per share, expected to be well covered with an AFFO payout ratio of 71% [33] Q&A Session Summary Question: Can you provide more details on the golf investment? - Management indicated that the golf investment is in a private club, which offers reliable income flow due to the scarcity of golf courses [39][40] Question: What is the nature of the buyers for recent dispositions? - Management noted a robust process with multiple bids from quality buyers, including a private fund specializing in education [42] Question: How is the company addressing the potential impact of tariffs on development? - Management stated that current projects have locked-in pricing, but future discussions will consider the impact of tariffs on costs [82] Question: What is the outlook for consumer spending? - Management observed resilience in consumer spending, particularly in experiential sectors, despite some pressure on food spending [95][96]

Core Insights - Rental properties are popular investments due to their ability to generate passive monthly income through rent payments [1] - Real Estate Investment Trusts (REITs), such as VNQ, also provide similar benefits by paying monthly distributions to investors [1]

Core Insights - EPR Properties reported revenue of $146.36 million for the quarter ended March 2025, reflecting a year-over-year increase of 2.9% but a slight miss against the Zacks Consensus Estimate of $146.95 million, resulting in a revenue surprise of -0.40% [1] - The company's earnings per share (EPS) for the quarter was $1.21, significantly higher than the $0.75 reported in the same quarter last year, and exceeded the consensus estimate of $1.19 by 1.68% [1][4] - EPR Properties' stock has outperformed the Zacks S&P 500 composite, returning +15.3% over the past month compared to the composite's +10.6% [3] Revenue Breakdown - Rental revenue for EPR Properties was reported at $146.36 million, slightly below the average estimate of $146.95 million from three analysts, marking a year-over-year increase of 2.9% [4] - Mortgage and other financing income reached $17.04 million, surpassing the estimated $15.03 million by two analysts, and showing a significant year-over-year increase of 31.9% [4] - Other income was reported at $11.64 million, which fell short of the estimated $28.60 million from two analysts, representing a year-over-year decrease of 3.3% [4] - The diluted net earnings per share was $0.78, exceeding the average estimate of $0.63 from three analysts [4]

Core Viewpoint - EPR Properties reported quarterly funds from operations (FFO) of $1.21 per share, exceeding the Zacks Consensus Estimate of $1.19 per share, and showing an increase from $1.12 per share a year ago, indicating a positive performance trend [1] Financial Performance - The company achieved revenues of $146.36 million for the quarter ended March 2025, which was slightly below the Zacks Consensus Estimate by 0.40%, but an increase from $142.28 million year-over-year [2] - Over the last four quarters, EPR Properties has surpassed consensus FFO estimates three times and has also topped consensus revenue estimates three times during the same period [2] Stock Performance - EPR Properties shares have increased approximately 13.4% since the beginning of the year, contrasting with a decline of -4.7% in the S&P 500 [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations for it to outperform the market in the near future [6] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $1.25 on revenues of $149.91 million, and for the current fiscal year, it is $5.03 on revenues of $609.89 million [7] - The outlook for the REIT and Equity Trust - Retail industry is favorable, ranking in the top 26% of over 250 Zacks industries, suggesting potential for strong performance [8]

Portfolio Overview - Total portfolio coverage increased to 2.0x TTM March 2025 from 1.9x YE 2019[14] - Experiential portfolio consists of 276 properties with 51 operators, totaling approximately $6.4 billion in investments and is 99% leased or operated[15] - Education portfolio includes 55 properties with 5 operators, and is 100% leased[15] - Q1 investment spending reached $37.7 million[17] Box Office and Spending Trends - Q1 box office was $1.4 billion, a decrease of 11.6% compared to 2024[22] - Year-to-date box office through May 5 is $2.5 billion, an increase of 17.1% compared to 2024[22] - Per patron food and beverage (F&B) spending increased by approximately 60% from 2019 to 2024[24] - Margin on ticket sales is 46%, while margin on F&B sales is 82%[24] Capital Activity - Properties were sold, resulting in $70.8 million in net proceeds and a net gain of $9.4 million[41] - Sold a portfolio of 9 leased early childhood education centers (ECEs) at a 7.4% cap rate[41] - Received $8.1 million in net proceeds from the payment in full of two mortgages[38] Financial Performance & Guidance - Total revenue for the quarter ended March 31, 2025, was $175.0 million, a 4.7% increase from $167.2 million in 2024[45] - Net income attributable to common shareholders was $59.8 million, a 5.5% increase from $56.7 million in 2024[45] - The company revised its 2025 disposition proceeds guidance to $80 million - $120 million[52]

Exhibit 99.3 TABLE OF CONTENTS CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS The financial results in this document reflect preliminary, unaudited results, which are not final until the Company's Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 2 ...

Core Viewpoint - Wall Street analysts anticipate EPR Properties will report quarterly earnings of $1.19 per share, reflecting a year-over-year increase of 6.3%, with revenues expected to reach $146.95 million, up 3.3% from the previous year [1]. Group 1: Earnings Estimates - The consensus EPS estimate has been revised 0.8% higher over the last 30 days, indicating a collective reevaluation by analysts [1]. - The consensus estimate for 'Depreciation and amortization' is projected at $40.71 million, slightly up from $40.47 million year-over-year [5]. Group 2: Revenue Projections - Analysts expect 'Revenue- Rental revenue' to be $146.95 million, indicating a 3.3% year-over-year increase [4]. - 'Revenue- Mortgage and other financing income' is estimated at $15.03 million, reflecting a 16.4% increase from the year-ago quarter [4]. - 'Revenue- Other income' is forecasted to reach $28.60 million, suggesting a significant year-over-year change of 137.6% [4]. Group 3: Market Performance - Over the past month, shares of EPR Properties have returned +9.8%, compared to the Zacks S&P 500 composite's +11.5% change [6]. - EPR Properties currently holds a Zacks Rank 2 (Buy), indicating potential outperformance in the near future [6].

Core Viewpoint - Investing in monthly dividend stocks, particularly real estate investment trusts (REITs), provides a reliable source of passive income, making them attractive options for investors seeking regular cash flow [3][12]. Group 1: Monthly Dividend Stocks - Several REITs, including Agree Realty, EPR Properties, and Stag Industrial, offer monthly dividend payments, making them suitable for investors looking for consistent income [3][12]. - Agree Realty has a dividend yield of approximately 4%, significantly higher than the S&P 500's yield of less than 1.5% [4]. - EPR Properties boasts a higher dividend yield of over 7%, focusing on experiential properties like movie theaters and attractions [7]. Group 2: Financial Performance and Stability - Agree Realty maintains a low dividend payout ratio of 72% of its adjusted funds from operations (FFO), allowing for cash retention to invest in additional properties [6]. - EPR Properties expects its payout ratio to be between 69% and 72% of its adjusted FFO, providing a cushion for new investments while covering high-yield payouts [8]. - Stag Industrial has a 74% dividend payout ratio, generating about $95 million in annual free cash flow after dividends, which supports new investments [10]. Group 3: Growth Potential - Agree Realty has demonstrated a 5.5% compound annual dividend growth over the past decade, supported by a stable income from its retail property portfolio [6]. - EPR Properties anticipates annual FFO per share growth of 3% to 4%, aligning with its investment capacity of $200 million to $300 million each year [8]. - Stag Industrial has consistently increased its dividend since going public in 2011, driven by rental increases and value-enhancing acquisitions [11]. Group 4: Investment Strategy - The REITs mentioned are characterized by their ability to generate sufficient cash flow to cover dividends while also investing in portfolio expansion, which contributes to rental income growth [12]. - Agree Realty focuses on single-tenant properties with strong retailers, while Stag Industrial targets industrial properties with potential for higher returns through lease escalations and expansions [5][11].

Group 1 - The news cycle is divided, with one side focused on the current presidential administration while the other side is less engaged [1] - There is a strong emphasis on creating a portfolio that generates income without the need for selling assets, appealing to those looking for retirement solutions [3] - The Income Method promoted by the company aims to deliver strong returns, targeting a yield of 9-10% [3] Group 2 - The company offers a month-long paid trial for $49, with an additional 5% discount, to attract new members to their investment group [3] - The focus on dividends highlights the potential for steady income generation, which is a key selling point for retirement investors [3]