EPR Properties Conference Call Summary Company Overview - **Company**: EPR Properties (NYSE:EPR) - **Event**: Citi 26th Annual Global Property CEO Conference - **Date**: March 9, 2022 - **Participants**: - Greg Silvers - CEO - Mark Peterson - EVP & CFO - Brian Moriarty - VP of Corporate Communication Key Industry Insights - **Experiential Sector Recovery**: The company is experiencing strong consumer demand as the economy reopens, with expectations for substantial shareholder value growth in the coming year [3][5][6] - **Theater Business Performance**: The theater sector is rebounding, with significant box office successes, such as "Spider Man" and "Batman," indicating strong consumer engagement [10][14] - **Top Golf and Ski Business**: Top Golf properties are performing at 90% of 2019 volumes, and ski resorts like Vail are seeing record sales, showcasing robust demand across various experiential sectors [10][12] Financial Performance and Guidance - **FFO Growth**: EPR Properties is projecting sector-leading Funds From Operations (FFO) growth, with guidance indicating an 8% increase above consensus and a 32% increase compared to the previous year [8] - **Valuation Opportunity**: The company is viewed as an attractive investment opportunity due to its current equity multiple being at one of the lowest stabilized points [5] Strategic Focus - **Portfolio Optimization**: EPR aims to reduce theater exposure over time, currently at 25-30%, and increase investments in other experiential sectors [12] - **Asset Sales and Land Value**: The company emphasizes the land value of its theater properties, which are often located on large parcels, making them attractive for alternative uses [20][21] Tenant Base and Market Conditions - **Strong Tenant Performance**: Major tenants like Vail and Six Flags are performing well, with strong credit ratings, indicating a healthy tenant base [31] - **Inflation Impact**: The company believes its value-oriented portfolio will withstand inflation pressures, as historical trends show resilience during economic downturns [17][18] Capital Management - **Balance Sheet Strength**: EPR Properties has a solid balance sheet with $300 million in cash and a $1 billion line of credit, allowing for flexibility in capital management without immediate need for additional capital [62][63] - **Equity Issuance Strategy**: The company is open to opportunistic equity issuance but does not require it for immediate growth plans [63][67] Future Outlook - **Investment Pipeline**: EPR has a robust investment pipeline with $350 million under contract, focusing on smaller deals that align with its growth strategy [51][56] - **Market Positioning**: The company is positioned to capitalize on market opportunities due to its nimble size, allowing it to pursue smaller, accretive deals that larger competitors may overlook [45] ESG Initiatives - **ESG Priorities**: EPR has integrated ESG objectives across all employee levels, indicating a commitment to sustainability and responsible investment practices [70] Conclusion EPR Properties is well-positioned for growth in the experiential sector, with strong consumer demand, a solid financial foundation, and a strategic focus on optimizing its portfolio. The company is actively managing its tenant relationships and capitalizing on market opportunities while maintaining a commitment to ESG principles.

EPR Properties (NYSE:EPR) Q4 2021 Earnings Conference Call February 23, 2022 8:30 AM ET Company Participants Brian Moriarty - Investor Relations Greg Silvers - President and Chief Executive Officer Greg Zimmerman - Executive Vice President and Chief Investment Officer Mark Peterson - Executive Vice President and Chief Financial Officer Conference Call Participants Katy McConnell - Citi Michael Bilerman - Citi Anthony Paolone - JPMorgan Todd Thomas - KeyBanc Capital Ki Bin Kim - Truist Rob Stevenson - Janney ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13561 EPR PROPERTIES (Exact name of registrant as specified in its charter) Maryland 43-1790877 (State or other jurisdiction of incorporation o ...

EPR Properties (NYSE:EPR) Q3 2021 Earnings Conference Call November 4, 2021 8:30 AM ET Company Participants Brian Moriarty - Vice President, Corporate Communications Greg Silvers - President and Chief Executive Officer Greg Zimmerman - Chief Investment Officer Mark Peterson - Chief Financial Officer Conference Call Participants Todd Thomas - KeyBanc Capital Markets Katy McConnell - Citi Rob Stevenson - Janney Michael Carroll - RBC Capital Markets John Massocca - Ladenburg Thalmann Operator Good day and than ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13561 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|- ...

Supplemental Operating and Financial Data Second Quarter and Six Months Ended June 30, 2021 TABLE OF CONTENTS | --- | --- | |----------------------------------------------------------------------------------------------|-------| | SECTION | PAGE | | | | | Company Profile Investor Information | 4 5 | | Selected Financial Information | 6 | | Selected Balance Sheet Information | 7 | | | | | Selected Operating Data | 8 | | Funds From Operations and Funds From Operations as Adjusted Adjusted Funds From Operation ...

Financial Data and Key Metrics Changes - Adjusted FFO for the quarter was $0.68 per share compared to $0.41 in the prior year, and AFFO was $0.71 per share compared to $0.44 in the prior year [44] - Total revenue for the quarter was $125.4 million versus $106.4 million in the prior year, primarily due to improved collections and revenue from certain tenants [44][45] - Cash collections were approximately 85% of contractual cash revenue for the second quarter, exceeding the high end of previous guidance [55] Business Line Data and Key Metrics Changes - Total investments were approximately $6.5 billion with 357 properties in service and 95% occupied [15] - The experiential portfolio accounted for 91% of total investments, approximately $5.9 billion [15][16] - 99% of EPR theaters were open as of July 26, 2021, with strong box office performance noted [17][21] Market Data and Key Metrics Changes - Box office gross increased significantly, with June reaching $399 million and July expected to exceed $500 million, a 25% increase over June [21] - Year-to-date box office growth exceeded $1.5 billion compared to $2.1 billion for all of 2020 [22] - The company noted strong performance across non-theater segments, with attendance at or above 2019 levels in several areas [33][35] Company Strategy and Development Direction - The company aims to return value to shareholders and pursue external growth following the early termination of the covenant relief period [9] - Focus on deploying capital, increasing earnings, and growing dividends, with a resumption of monthly dividends anticipated [10][53] - The company is not looking to grow its theater portfolio but is open to diversifying its tenant base and pursuing various investment opportunities [65] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the experience economy and the importance of theatrical releases for studios [12][29] - The company anticipates continued positive trends in cash collections and revenue recognition, with expectations of approaching 100% by the fourth quarter [40][56] - Management acknowledged the fluid environment but remains optimistic about the performance of high-quality properties [12][30] Other Important Information - The company has a strong liquidity position with $509.8 million in cash on hand and no scheduled debt maturities until 2022 [54][50] - The company has executed leases for all five previously unleased theaters, which are expected to reopen this year [19] - The company is actively pursuing new opportunities in experiential categories other than theaters [39] Q&A Session Summary Question: Can you provide more color on the sale process for the theater asset sold this quarter? - The company sold four theaters over the past year, with various contracts in place for different uses, and will provide updates on cap rates later [64] Question: Can you update on the types of opportunities you're seeing for external investment? - The company is looking to grow tenant diversity and is open to both one-off and portfolio deals, with a focus on experiential categories [65] Question: How does the 5% vacancy tie with leasing on vacant theaters? - The overall 5% vacancy includes properties being marketed for sale, with all expected leases accounted for [68][70] Question: What is the expected contribution from theater leases? - Theater leases are expected to contribute more next year, with current contributions primarily on a percentage rent basis [71][74] Question: Can you discuss the company's long-term leverage targets? - The company aims to return to a mid-five range for debt-to-EBITDA by the end of the year, consistent with historical targets [82] Question: How did the board settle on the $3 annual dividend? - The decision was based on taxable income considerations, with potential for meaningful increases next year [90][92] Question: What are the current valuations for theater properties? - The company is not actively looking at theater transactions, focusing instead on adaptive reuse opportunities [86][88]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13561 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|------ ...

Financial Data and Key Metrics Changes - FFO adjusted for Q1 2021 was $0.48 per share, down from $0.97 in the prior year [30] - AFFO for the quarter was $0.52 per share compared to $1.14 in the prior year [30] - Total revenue from continuing operations was $111.8 million, down from $151 million in the prior year, primarily due to restructured agreements and property dispositions [31] Business Line Data and Key Metrics Changes - Total investments at the end of Q1 were approximately $6.5 billion with 354 properties in service and 93% occupancy [13] - The experiential portfolio, comprising 280 properties, accounted for 91% of total investments, approximately $5.9 billion [14] - 71% of theaters were open as of April 30, with expectations that 98% will be open by the end of May [15] Market Data and Key Metrics Changes - Box office performance in April reached $189 million, a 66% increase from March's $113 million [16] - The strong performance was driven by films like King Kong Vs Godzilla, Mortal Kombat, and Demon Slayer [16] - Approximately 96% of non-theater operators are open, with strong performance in drive-to destinations and experiential lodging [21] Company Strategy and Development Direction - The company aims to exit covenant relief, reestablish dividends, and return to sustained growth [10] - Focus on capital recycling activities, including the acquisition of a Topgolf facility using deferred rent as currency [13][27] - The company is not looking to increase theater exposure but will focus on other experiential areas such as gaming and live entertainment [73] Management's Comments on Operating Environment and Future Outlook - Management noted improvements in cash collection levels and consumer confidence due to vaccine deployment [8] - The company expects continued strong performance in the second half of 2021 as restrictions ease and consumer demand increases [40] - Management is optimistic about the film slate for 2021, anticipating strong box office numbers for upcoming releases [68] Other Important Information - Cash collections improved to 72% of contractual cash revenue for Q1 and 77% in April [36] - The company has $538.1 million in cash on hand and has paid down its revolving credit facility to zero [35] - The company expects to collect deferred rent and interest primarily over the next 36 months [37] Q&A Session Summary Question: Will new content pull up as more theaters reopen? - Management believes there is a chance, but most dates are settled now, with potential shifts occurring in the fourth quarter [42] Question: How comfortable is the company with investing additional capital during the covenant relief period? - Management indicated that capital deployment will ramp up in the second half of the year, with a focus on building a pipeline for execution [43] Question: What attendance levels are needed for theaters to cover contractual rents? - Management indicated a 35% to 45% reduction in revenue could sustain operations, with flexibility in expense structures [44] Question: What is the status of deferred rent collections? - Management noted that deferred accounts receivable is approximately $59 million, with expectations to normalize over the next 36 months [47] Question: What is the roadmap to exit covenant relief? - Compliance with covenants at the end of a quarter without waivers is necessary, with expectations to potentially exit in the second half of the year [51]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13561 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|----- ...