EARNINGS CALL PRESENTATION Q3 2025 DISCLAIMER 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 21E of the Securities Exchange Act of 1934, a ...

Portfolio Performance - Total portfolio coverage increased to 2.1x in TTM June 2025, compared to 1.9x in YE 2019 [11] - The experiential portfolio consists of 274 properties with 52 operators, representing approximately $6.5 billion (94%) of total investments, and is 99% leased or operated [12] - The education portfolio consists of 55 properties with 5 operators and is 100% leased [12] - Total investments across 329 properties are approximately $6.9 billion, with 99% leased or operated [15] Box Office and Experiential Updates - First half of 2025 box office was $4.1 billion, a 15% increase over 2024, confirming 2025 estimates of $9.3 billion to $9.7 billion [19] - Q2 2025 box office was $2.7 billion, up 37% compared to 2024 [19] Investment and Capital Recycling - Q2 2025 investment spending was $48.6 million, bringing the year-to-date total to $86.3 million [15, 28] - 2025 investment spending guidance remains between $200 million and $300 million [29] - Revised 2025 disposition proceeds guidance is $130 million to $145 million, up from the prior guidance of $80 million to $120 million [34, 48] - Total proceeds from property sales were $35.6 million, with a net gain of $16.8 million [34] Financial Highlights - Total revenue for the quarter ended June 30, 2025, was $178.1 million, a 2.9% increase compared to $173.1 million in 2024 [38] - Net income attributable to common shareholders for the quarter was $69.6 million, a 78.0% increase compared to $39.1 million in 2024 [38] - Total revenue for the six months ended June 30, 2025, was $353.1 million, a 3.8% increase compared to $340.3 million in 2024 [41] - Net income attributable to common shareholders for the six months was $129.4 million, a 35.2% increase compared to $95.7 million in 2024 [41]

Financial Performance (Q4 2017) - Total revenue increased to $147.7 million, a 13% increase compared to $130.8 million in 2016[42] - Net income attributable to common shareholders was $54.7 million, a 5% increase from $52.2 million in 2016[42] - FFO as adjusted for common shareholders was $95.9 million, a 19% increase compared to $80.7 million in 2016[42] - Net income per share attributable to common shareholders decreased to $0.74, a 10% decrease from $0.82 in 2016[42] Financial Performance (Year Ended 2017) - Total revenue increased to $576.0 million, a 17% increase compared to $493.2 million in 2016[45] - Net income attributable to common shareholders was $234.2 million, a 16% increase from $201.2 million in 2016[45] - FFO as adjusted for common shareholders was $360.5 million, a 17% increase compared to $308.0 million in 2016[45] Capital Markets and Liquidity - Total debt was $3.0 billion as of December 31, 2017[50] - $210 million was outstanding on the $1 billion revolver at the end of 2017[52] - The company prepaid a secured mortgage note payable totaling $11.7 million with an interest rate of 6.19%[52] - The company redeemed all of the outstanding 7.75% Senior Notes due July 15, 2020 for the principal amount of $250 million plus a premium of $28.6 million[52] Investment and Disposition - 2017 investment spending totaled $1.6 billion[20] - Planned dispositions are projected to be between $350 million and $450 million[37]