{"success":true,"data":{"pressRelease":{"id":"102671","rtpr_id":"nBw18v1fya","ticker":"EPR","exchange":"NYSE","all_tickers":["EPR"],"title":"EPR Properties Reports Second Quarter 2026 Results","author":"Business Wire","published_at":"2026-07-29T20:15:00.760Z","article_body":"EPR Properties Reports Second Quarter 2026 Results\n\nIncreases 2026 Earnings and Investment Spending Guidance\n\nEnters Into New $1.6 Billion Credit Agreement\n\nEPR Properties (NYSE:EPR) today announced operating results for the second\nquarter ended June 30, 2026 (dollars in thousands, except per share data):\n                                                                       Three Months Ended June 30,                                 Six Months Ended June 30,                             \n                                                                       2026              2025                   % Change           2026              2025                  % Change      \n Total revenue                                                         $        196,079  $        178,068       10.1   %           $        377,331  $        353,101      6.9    %      \n Net income available to common shareholders                                    61,126            69,603        (12.2  )%                   117,704           129,374      (9.0   )%     \n Net income available to common shareholders per diluted common share           0.79              0.91          (13.2  )%                   1.53              1.69         (9.5   )%     \n Funds From Operations as adjusted (FFOAA)(1)                                   110,846           97,321        13.9   %                    208,423           189,061      10.2   %      \n FFOAA per diluted common share (1)                                             1.42              1.26          12.7   %                    2.67              2.45         9.0    %      \n Adjusted Funds From Operations (AFFO)(1)                                       111,750           95,834        16.6   %                    211,881           188,780      12.2   %      \n AFFO per diluted common share (1)                                              1.43              1.24          15.3   %                    2.71              2.44         11.1   %      \n                                                                                                                                                                                         \n (1) A non-GAAP financial measure                                                                                                                                                        \n\n\nSecond Quarter Company Headlines\n\n\n * Strong Funds from Operations Growth - For the second quarter of 2026, FFOAA\nper diluted common share and AFFO per diluted common share increased by 12.7%\nand 15.3%, respectively, compared to the second quarter of 2025.\n\n * Executes on Investment Pipeline - During the second quarter of 2026, the\nCompany's investment spending totaled $440.8 million and included the\npreviously announced acquisition of a portfolio of seven attraction properties\nfrom Six Flags Entertainment Corporation as well as investments in four other\nattraction and fitness and wellness properties.\n\n * Enters Into Forward Sales Agreements Under Its ATM Program - During the second\nquarter of 2026, the Company entered into two forward sales agreements\npursuant to its ATM Program for initial gross sales proceeds of $23.4 million,\nor an average forward price of $59.70 per share, subject to adjustment upon\nsettlement. As of June 30, 2026, the Company had unsettled forward sales\nagreements with total estimated net proceeds of $69.5 million, representing\n1,189,884 common shares.\n\n * New $1.6 Billion Credit Agreement - Subsequent to quarter-end, the Company\nentered into a new amended and restated $1.6 billion credit agreement that,\namong other things, extends the maturity date and generally reduces the\ninterest rate payable on its $1.0 billion unsecured revolving credit facility\nand establishes a new $600.0 million unsecured delayed draw term loan facility\ndue in 2032.\n\n * Increases 2026 Guidance - The Company is increasing FFOAA per diluted common\nshare guidance for 2026 to a range of $5.41 to $5.57 from a range of $5.37 to\n$5.53, representing an increase of 7.2% at the midpoint over 2025. The Company\nis also increasing investment spending guidance for 2026 to a range of $600.0\nmillion to $700.0 million from a range of $500.0 million to $600.0 million and\nconfirming disposition proceeds guidance of $50.0 million to $100.0 million.\n\n\"The second quarter marked a significant step forward in executing our growth\nstrategy with the closing of our previously announced acquisition of the Six\nFlags portfolio of seven properties, as well as additional investments in\nattraction and fitness and wellness properties,\" stated Company Chairman and\nCEO Greg Silvers. \"This disciplined growth, combined with continued strength\nacross our experiential portfolio, drove strong quarterly earnings, while our\nnew $1.6 billion credit agreement further enhances our liquidity and financial\nflexibility to pursue additional opportunities. We are increasing our 2026\nearnings and investment spending guidance, underscoring our confidence in the\ndurability of our growth.\"\n\nInvestment Update\n\nThe Company's investment spending during the three months ended June 30, 2026\ntotaled $440.8 million, bringing the total investment spending for the six\nmonths ended June 30, 2026 to $492.2 million. Investment spending for the\nquarter included the previously announced acquisition of seven attraction\nproperties from Six Flags Entertainment Corporation for a total of $304.4\nmillion with approximately $11.0 million anticipated to be invested in\nadditional improvements to the properties over the next two years.\nAdditionally, investment spending for the quarter included the acquisition of\ntwo attraction properties and one fitness and wellness property for a total of\n$114.3 million and mortgage financing of $12.8 million secured by a fitness\nand wellness property. The remaining investment spending for the quarter\nrelated to experiential build-to-suit development and redevelopment projects.\n\nAs of June 30, 2026, the Company expects approximately $92.0 million in\nadditional investment spending for existing experiential development and\nredevelopment projects, of which approximately $65.0 million is expected to be\nfunded in the remainder of 2026. The Company also has a strong pipeline of\npotential new investments.\n\nATM Activity\n\nDuring the three months ended June 30, 2026, the Company entered into two\nforward sales agreements pursuant to its \"at-the-market\" offering program\n(\"ATM Program\") to sell an aggregate of 392,462 common shares for initial\ngross proceeds of $23.4 million, or an average forward price of $59.70 per\nshare, subject to adjustment upon settlement. The Company has the option to\nsettle the outstanding common shares any time before the respective maturity\nof the forward sales agreements on May 27, 2027 and June 30, 2027, subject to\ncustomary closing conditions, for the initial gross proceeds as adjusted for\npayment of commissions and applicable dividends as well as a daily adjustment\nbased on the overnight bank borrowing rate less a spread. As of June 30, 2026,\nthe Company had unsettled forward sales agreements with total estimated net\nproceeds of $69.5 million, representing 1,189,884 common shares.\n\nNew $1.6 Billion Credit Agreement\n\nOn July 17, 2026, the Company entered into a Fifth Amended, Restated and\nConsolidated Credit Agreement (the \"Amended Credit Agreement\"), governing its\n$1.0 billion senior unsecured revolving credit facility and a new $600.0\nmillion senior unsecured delayed draw term loan facility. The Amended Credit\nAgreement replaced the Company’s existing $1.0 billion senior unsecured\nrevolving credit facility.\n\nThe amendments to the unsecured revolving credit facility, among other things,\n(i) extend the maturity date from October 2, 2028 to July 17, 2030, with two\nsix-month extension options, subject to the payment of additional fees and the\nsatisfaction of customary conditions, (ii) generally reduce the interest rate\npayable on outstanding loans by 5 basis points, (iii) modify the asset value\ncalculations under certain financial covenants to include the expected cash\nproceeds from the sale of common shares under qualified forward equity\ncontracts and (iv) split the prior revolving facility’s $300.0 million\nforeign currency sublimit into a separate, stand-alone foreign currency\nrevolving credit facility of the same size.\n\nThe Amended Credit Agreement also established a new senior unsecured delayed\ndraw term loan facility that, among other things, (i) provides for an initial\ncommitted amount of $600.0 million that may be drawn upon prior to January 17,\n2027, subject to earlier termination, (ii) bears interest based on the\nCompany’s credit ratings (SOFR plus 115 basis points at closing), (iii)\ncarries a ticking fee of 0.25% per annum on undrawn commitments beginning on\nOctober 16, 2026, and (iv) matures on January 17, 2032.\n\nIn addition, the Amended Credit Agreement includes a $1.0 billion accordion\nfeature on the combined unsecured revolving credit and delayed draw term loan\nfacilities that increases the maximum amount available under the combined\nfacilities from $1.6 billion to $2.6 billion, at the Company’s election and\nsubject to lender consent and customary conditions.\n\nPortfolio Update\n\nThe Company's total assets were $6.1 billion (after accumulated depreciation\nof approximately $1.8 billion) and total investments (a non-GAAP financial\nmeasure) were $7.5 billion at June 30, 2026, with Experiential investments\ntotaling $7.1 billion, or 95%, and Education investments totaling $0.4\nbillion, or 5%.\n\nThe Company's Experiential portfolio (excluding property under development,\nundeveloped land inventory and two joint venture properties) consisted of the\nfollowing property types (owned or financed) at June 30, 2026:\n\n\n * 148 theatre properties;\n\n * 61 eat & play properties (including seven theatres located in\nentertainment districts);\n\n * 35 attraction properties;\n\n * 11 ski properties;\n\n * four experiential lodging properties;\n\n * 30 fitness & wellness properties;\n\n * one gaming property; and\n\n * one cultural property.\n\nAs of June 30, 2026, the Company's wholly-owned Experiential portfolio\nconsisted of approximately 19.5 million square feet, was 99% leased or\noperated and included a total of $10.0 million in property under development\nand $20.2 million in undeveloped land inventory.\n\nThe Company's Education portfolio consisted of the following property types\n(owned or financed) at June 30, 2026:\n\n\n * 46 early childhood education center properties; and\n\n * nine private school properties.\n\nAs of June 30, 2026, the Company's wholly-owned Education portfolio consisted\nof approximately 1.1 million square feet and was 100% leased.\n\nThe combined wholly-owned portfolio consisted of 20.6 million square feet and\nwas 99% leased or operated.\n\nDividend Information\n\nThe Company's Board of Trustees declared its monthly cash dividend to common\nshareholders during the second quarter of 2026 totaling $0.93 per share. This\ndividend represents an annualized dividend of $3.72 per common share, an\nincrease of 5.1% over the prior year's annualized dividend (based upon the\nmonthly dividend at the end of the prior year).\n\nAdditionally, the Company declared its regular quarterly dividends to\npreferred shareholders of $0.359375 per share on both the Company's 5.75%\nSeries C cumulative convertible preferred shares and Series G cumulative\nredeemable preferred shares and $0.5625 per share on its 9.00% Series E\ncumulative convertible preferred shares, payable July 15, 2026 to shareholders\nof record as of June 30, 2026.\n\n2026 Guidance\n\n(Dollars in millions, except per share data):\n                                                                           Current                           Prior                         \n Net income available to common shareholders per diluted common share      $   3.03       to  $   3.19       $   3.03       to  $   3.19   \n FFOAA per diluted common share                                                5.41       to      5.57           5.37       to      5.53   \n Investment spending                                                           600.0      to      700.0          500.0      to      600.0  \n Disposition proceeds                                                          50.0       to      100.0          50.0       to      100.0  \n\n\nThe Company is increasing its 2026 earnings guidance for FFOAA per diluted\ncommon share to a range of $5.41 to $5.57 from a range of $5.37 to $5.53,\nrepresenting an increase of 7.2% at the midpoint over 2025. The 2026 guidance\nfor FFOAA per diluted common share is based on an FFO per diluted common share\nrange of $5.43 to $5.59 adjusted for retirement and severance expense,\ntransaction costs, provision (benefit) for credit losses, net, and deferred\nincome tax expense. FFO per diluted common share for 2026 is based on a net\nincome available to common shareholders per diluted common share range of\n$3.03 to $3.19 plus estimated real estate depreciation and amortization of\n$2.46 and allocated share of joint venture depreciation of $0.05, less\nestimated gain on real estate transactions of $0.02 and the impact of Series C\nand Series E dilution of $0.09 (in accordance with the NAREIT definition of\nFFO).\n\nAdditional earnings guidance detail can be found on page 23 in the Company's\nsupplemental information package available in the Investor Center of the\nCompany's website located at\nhttps://investors.eprkc.com/financial-information/quarterly-results\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.eprkc.com%2Ffinancial-information%2Fquarterly-results&esheet=54579231&newsitemid=20260729932004&lan=en-US&anchor=https%3A%2F%2Finvestors.eprkc.com%2Ffinancial-information%2Fquarterly-results&index=1&md5=ebf06ddb87f0b342d2386ffb74353eb0)\n.\n\nConference Call Information\n\nManagement will host a conference call to discuss the Company's financial\nresults on July 30, 2026 at 8:30 a.m. Eastern Time. The call may also include\ndiscussion of Company developments and forward-looking and other material\ninformation about business and financial matters. The conference will be\nwebcast and can be accessed via the Webcasts page in the Investor Center on\nthe Company's website located at\nhttps://investors.eprkc.com/events-presentations\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.eprkc.com%2Fevents-presentations&esheet=54579231&newsitemid=20260729932004&lan=en-US&anchor=https%3A%2F%2Finvestors.eprkc.com%2Fevents-presentations&index=2&md5=6073c82db951e2b032515098e7d83989)\n. It is recommended that you join 10 minutes prior to the start of the event\n(although you may register and join the webcast at any time during the call).\n\nYou may watch a replay of the webcast by visiting the Webcasts page at\nhttps://investors.eprkc.com/events-presentations\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.eprkc.com%2Fevents-presentations&esheet=54579231&newsitemid=20260729932004&lan=en-US&anchor=https%3A%2F%2Finvestors.eprkc.com%2Fevents-presentations&index=3&md5=6302ef9aac9d24202e7791ee56dc3c25)\n.\n\nQuarterly Supplemental\n\nThe Company's supplemental information package for the second quarter and six\nmonths ended June 30, 2026 is available in the Investor Center on the\nCompany's website located at\nhttps://investors.eprkc.com/financial-information/quarterly-results\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.eprkc.com%2Ffinancial-information%2Fquarterly-results&esheet=54579231&newsitemid=20260729932004&lan=en-US&anchor=https%3A%2F%2Finvestors.eprkc.com%2Ffinancial-information%2Fquarterly-results&index=4&md5=44bdb4f4059c817f2e56d2a15ca8043e)\n.\n EPR Properties                                                                                                                                                        \n \nConsolidated Statements of Income                                                                                                                                    \n \n(Unaudited, dollars in thousands except per share data)                                                                                                              \n                                                                                                                                                                       \n                                                                           Three Months Ended June 30,                   Six Months Ended June 30,                     \n                                                                           2026                     2025                 2026                          2025            \n Rental revenue                                                            $       169,033          $       150,351      $      324,218                $      296,710  \n Other income                                                                      11,764                   12,218              21,834                        23,854   \n Mortgage and other financing income                                               15,282                   15,499              31,279                        32,537   \n Total revenue                                                                     196,079                  178,068             377,331                       353,101  \n Property operating expense                                                        15,366                   14,661              30,719                        29,832   \n Other expense                                                                     11,064                   11,959              22,053                        24,570   \n General and administrative expense                                                13,976                   13,230              28,218                        27,254   \n Retirement and severance expense                                                  —                        —                   1,423                         —        \n Transaction costs                                                                 45                       669                 338                           1,236    \n Provision (benefit) for credit losses, net                                        138                      997                 (5,459   )                    345      \n Depreciation and amortization                                                     48,630                   42,080              93,587                        83,169   \n Total operating expenses                                                          89,219                   83,596              170,879                       166,406  \n Gain on real estate transactions                                                  182                      16,779              1,209                         26,163   \n Income from operations                                                            107,042                  111,251             207,661                       212,858  \n Interest expense, net                                                             38,275                   33,246              73,038                        66,267   \n Equity in loss from joint ventures                                                984                      1,681               3,616                         4,328    \n Income before income taxes                                                        67,783                   76,324              131,007                       142,263  \n Income tax expense                                                                617                      681                 1,231                         817      \n Net income                                                                $       67,166           $       75,643       $      129,776                $      141,446  \n Preferred dividend requirements                                                   6,040                    6,040               12,072                        12,072   \n Net income available to common shareholders of EPR Properties             $       61,126           $       69,603       $      117,704                $      129,374  \n Net income available to common shareholders of EPR Properties per share:                                                                                              \n Basic                                                                     $       0.80             $       0.91         $      1.54                   $      1.70     \n Diluted                                                                   $       0.79             $       0.91         $      1.53                   $      1.69     \n Shares used for computation (in thousands):                                                                                                                           \n Basic                                                                             76,521                   76,083              76,424                        75,944   \n Diluted                                                                           77,017                   76,571              76,897                        76,404   \n\n EPR Properties                                                                                                               \n \nCondensed Consolidated Balance Sheets                                                                                       \n \n(Unaudited, dollars in thousands)                                                                                           \n                                                                                                                              \n                                                                                June 30, 2026           December 31, 2025     \n Assets                                                                                                                       \n Real estate investments, net of accumulated depreciation of $1,801,757 and     $        4,953,959      $          4,494,259  \n $1,714,886 at June 30, 2026 and December 31, 2025, respectively                                                              \n Land held for development                                                               20,168                    20,168     \n Property under development                                                              10,046                    54,905     \n Operating lease right-of-use assets                                                     199,192                   170,755    \n Mortgage notes and related accrued interest receivable, net of allowance for            616,881                   679,254    \n credit losses of $10,889 and $15,929 at June 30, 2026 and December 31, 2025,                                                 \n respectively                                                                                                                 \n Investment in joint ventures                                                            8,693                     12,316     \n Cash and cash equivalents                                                               16,197                    90,577     \n Restricted cash                                                                         4,388                     8,071      \n Accounts receivable                                                                     111,421                   97,855     \n Other assets                                                                            111,168                   71,602     \n Total assets                                                                   $        6,052,113      $          5,699,762  \n Liabilities and Equity                                                                                                       \n Accounts payable and accrued liabilities                                       $        78,750         $          99,392     \n Operating lease liabilities                                                             231,884                   204,747    \n Dividends payable                                                                       29,762                    28,495     \n Unearned rents and interest                                                             109,280                   108,546    \n Debt                                                                                    3,293,013                 2,929,411  \n Total liabilities                                                                       3,742,689                 3,370,591  \n Total equity                                                                   $        2,309,424      $          2,329,171  \n Total liabilities and equity                                                   $        6,052,113      $          5,699,762  \n\n\nNon-GAAP Financial Measures\n\nFunds From Operations (FFO), Funds From Operations As Adjusted (FFOAA) and\nAdjusted Funds From Operations (AFFO)\n\nThe National Association of Real Estate Investment Trusts (NAREIT) developed\nFFO as a relative non-GAAP financial measure of performance of an equity REIT\nin order to recognize that income-producing real estate historically has not\ndepreciated on the basis determined under GAAP. Pursuant to the definition of\nFFO by the Board of Governors of NAREIT, the Company calculates FFO as net\nincome available to common shareholders, computed in accordance with GAAP,\nexcluding gains and losses on real estate transactions and impairment losses\non real estate, plus real estate related depreciation and amortization, and\nafter adjustments for unconsolidated partnerships, joint ventures and other\naffiliates. Adjustments for unconsolidated partnerships, joint ventures and\nother affiliates are calculated to reflect FFO on the same basis. The Company\nhas calculated FFO for all periods presented in accordance with this\ndefinition.\n\nIn addition to FFO, the Company presents FFOAA and AFFO. FFOAA is presented by\nadding to FFO retirement and severance expense, transaction costs, provision\n(benefit) for credit losses, net, costs associated with loan refinancing or\npayoff, preferred share redemption costs and impairment of operating lease\nright-of-use assets and subtracting sale participation income, gain on\ninsurance recovery and deferred income tax (benefit) expense. AFFO is\npresented by adding to FFOAA non-real estate depreciation and amortization,\ndeferred financing fees amortization and share-based compensation expense to\nmanagement and Trustees; and subtracting amortization of above and below\nmarket leases, net and tenant allowances, maintenance capital expenditures\n(including second-generation tenant improvements and leasing commissions),\nstraight-lined rental revenue (removing the impact of straight-lined ground\nsublease expense), the non-cash portion of mortgage and other financing income\nand the allocated share of joint venture non-cash items.\n\nFFO, FFOAA and AFFO are widely used measures of the operating performance of\nreal estate companies and are provided here as supplemental measures to GAAP\nnet income available to common shareholders and earnings per share, and\nmanagement provides FFO, FFOAA and AFFO herein because it believes this\ninformation is useful to investors in this regard. FFO, FFOAA and AFFO are\nnon-GAAP financial measures. FFO, FFOAA and AFFO do not represent cash flows\nfrom operations as defined by GAAP and are not indicative that cash flows are\nadequate to fund all cash needs and are not to be considered alternatives to\nnet income or any other GAAP measure as a measurement of the results of our\noperations or our cash flows or liquidity as defined by GAAP. It should also\nbe noted that not all REITs calculate FFO, FFOAA and AFFO the same way so\ncomparisons with other REITs may not be meaningful.\n\nThe following table summarizes FFO, FFOAA and AFFO, including per share\namounts for the three and six months ended June 30, 2026 and 2025,\nrespectively, and reconciles such measures to net income available to common\nshareholders, the most directly comparable GAAP measure:\n EPR Properties                                                                                                                                                                      \n \nReconciliation of Non-GAAP Financial Measures                                                                                                                                      \n \n(Unaudited, dollars in thousands except per share data)                                                                                                                            \n                                                                                                                                                                                     \n                                                                                 Three Months Ended June 30,                         Six Months Ended June 30,                       \n                                                                                 2026                       2025                     2026                       2025                 \n FFO:                                                                                                                                                                                \n Net income available to common shareholders of EPR Properties                   $     61,126               $     69,603             $     117,704              $     129,374        \n Gain on real estate transactions                                                      (182     )                 (16,779  )               (1,209   )                 (26,163  )     \n Real estate depreciation and amortization                                             48,468                     41,939                   93,265                     82,871         \n Allocated share of joint venture depreciation                                         996                        985                      1,992                      2,021          \n FFO available to common shareholders of EPR Properties                          $     110,408              $     95,748             $     211,752              $     188,103        \n FFO available to common shareholders of EPR Properties                          $     110,408              $     95,748             $     211,752              $     188,103        \n Add: Preferred dividends for Series C preferred shares                                1,938                      1,938                    3,876                      3,876          \n Add: Preferred dividends for Series E preferred shares                                1,938                      1,938                    3,876                      3,876          \n Diluted FFO available to common shareholders of EPR Properties                  $     114,284              $     99,624             $     219,504              $     195,855        \n FFOAA:                                                                                                                                                                              \n FFO available to common shareholders of EPR Properties                          $     110,408              $     95,748             $     211,752              $     188,103        \n Retirement and severance expense                                                      —                          —                        1,423                      —              \n Transaction costs                                                                     45                         669                      338                        1,236          \n Provision (benefit) for credit losses, net                                            138                        997                      (5,459   )                 345            \n Deferred income tax expense (benefit)                                                 255                        (93      )               369                        (623     )     \n FFOAA available to common shareholders of EPR Properties                        $     110,846              $     97,321             $     208,423              $     189,061        \n FFOAA available to common shareholders of EPR Properties                        $     110,846              $     97,321             $     208,423              $     189,061        \n Add: Preferred dividends for Series C preferred shares                                1,938                      1,938                    3,876                      3,876          \n Add: Preferred dividends for Series E preferred shares                                1,938                      1,938                    3,876                      3,876          \n Diluted FFOAA available to common shareholders of EPR Properties                $     114,722              $     101,197            $     216,175              $     196,813        \n                                                                                                                                                                                     \n AFFO:                                                                                                                                                                               \n FFOAA available to common shareholders of EPR Properties                        $     110,846              $     97,321             $     208,423              $     189,061        \n Non-real estate depreciation and amortization                                         162                        141                      322                        298            \n Deferred financing fees amortization                                                  2,699                      2,102                    5,371                      4,308          \n Share-based compensation expense to management and trustees                           4,296                      3,912                    8,395                      7,779          \n Amortization of above and below market leases, net and tenant allowances              (75      )                 (81      )               (156     )                 (162     )     \n Maintenance capital expenditures (1)                                                  (509     )                 (1,858   )               (720     )                 (3,109   )     \n Straight-lined rental revenue                                                         (5,006   )                 (5,137   )               (8,496   )                 (8,534   )     \n Straight-lined ground sublease expense                                                (282     )                 —                        (331     )                 2              \n Non-cash portion of mortgage and other financing income                               (381     )                 (566     )               (927     )                 (863     )     \n AFFO available to common shareholders of EPR Properties                         $     111,750              $     95,834             $     211,881              $     188,780        \n AFFO available to common shareholders of EPR Properties                         $     111,750              $     95,834             $     211,881              $     188,780        \n Add: Preferred dividends for Series C preferred shares                                1,938                      1,938                    3,876                      3,876          \n Add: Preferred dividends for Series E preferred shares                                1,938                      1,938                    3,876                      3,876          \n Diluted AFFO available to common shareholders of EPR Properties                 $     115,626              $     99,710             $     219,633              $     196,532        \n                                                                                                                                                                                     \n FFO per common share:                                                                                                                                                               \n Basic                                                                           $     1.44                 $     1.26               $     2.77                 $     2.48           \n Diluted                                                                               1.41                       1.24                     2.71                       2.44           \n FFOAA per common share:                                                                                                                                                             \n Basic                                                                           $     1.45                 $     1.28               $     2.73                 $     2.49           \n Diluted                                                                               1.42                       1.26                     2.67                       2.45           \n AFFO per common share:                                                                                                                                                              \n Basic                                                                           $     1.46                 $     1.26               $     2.77                 $     2.49           \n Diluted                                                                               1.43                       1.24                     2.71                       2.44           \n Shares used for computation (in thousands):                                                                                                                                         \n Basic                                                                                 76,521                     76,083                   76,424                     75,944         \n Diluted                                                                               77,017                     76,571                   76,897                     76,404         \n                                                                                                                                                                                     \n Weighted average shares outstanding-diluted EPS                                       77,017                     76,571                   76,897                     76,404         \n Effect of dilutive Series C preferred shares                                          2,380                      2,344                    2,375                      2,340          \n Effect of dilutive Series E preferred shares                                          1,674                      1,667                    1,673                      1,666          \n Adjusted weighted average shares outstanding-diluted Series C and Series E            81,071                     80,582                   80,945                     80,410         \n Other financial information:                                                                                                                                                        \n Dividends per common share                                                      $     0.930                $     0.885              $     1.830                $     1.750          \n                                                                                                                                                                                     \n (1) Includes maintenance capital expenditures and certain second-generation                                                                                                         \n tenant improvements and leasing commissions.                                                                                                                                        \n\n\nThe conversion of the 5.75% Series C cumulative convertible preferred shares\nand the 9.00% Series E cumulative convertible preferred shares would be\ndilutive to FFO, FFOAA and AFFO per share for the three and six months ended\nJune 30, 2026 and 2025. Therefore, the additional common shares that would\nresult from the conversion and the corresponding add-back of the preferred\ndividends declared on those shares are included in the calculation of diluted\nFFO, FFOAA and AFFO per share for those periods.\n\nNet Debt and Proforma Net Debt\n\nNet Debt represents debt (reported in accordance with GAAP) adjusted to\nexclude deferred financing costs, net and reduced for cash and cash\nequivalents. By excluding deferred financing costs, net, and reducing debt for\ncash and cash equivalents on hand, the result provides an estimate of the\ncontractual amount of borrowed capital to be repaid, net of cash available to\nrepay it. Proforma Net Debt is presented by subtracting the estimated net\nproceeds from forward sales agreements under the Company's ATM Program from\nNet Debt. The Company believes both of these calculations constitute\nbeneficial supplemental non-GAAP financial disclosures to investors in\nunderstanding our financial condition. The Company's method of calculating Net\nDebt and Proforma Net Debt may be different from methods used by other REITs\nand, accordingly, may not be comparable to such other REITs.\n\nGross Assets\n\nGross Assets represents total assets (reported in accordance with GAAP)\nadjusted to exclude accumulated depreciation and reduced by cash and cash\nequivalents. By excluding accumulated depreciation and reducing cash and cash\nequivalents, the result provides an estimate of the investment made by the\nCompany. The Company believes that investors commonly use versions of this\ncalculation in a similar manner. The Company's method of calculating Gross\nAssets may be different from methods used by other REITs and, accordingly, may\nnot be comparable to such other REITs.\n\nNet Debt to Gross Assets Ratio and Proforma Net Debt to Gross Assets Ratio\n\nNet Debt to Gross Assets Ratio and Proforma Net Debt to Gross Assets Ratio are\nsupplemental measures derived from non-GAAP financial measures that the\nCompany uses to evaluate capital structure and the magnitude of debt to gross\nassets. The Company believes that investors commonly use versions of these\nratios in similar manners. The Company's method of calculating the Net Debt to\nGross Assets Ratio and Proforma Net Debt to Gross Assets Ratio may be\ndifferent from methods used by other REITs and, accordingly, may not be\ncomparable to such other REITs.\n\nEBITDAre\n\nNAREIT developed EBITDAre as a relative non-GAAP financial measure of REITs,\nindependent of a company's capital structure, to provide a uniform basis to\nmeasure the enterprise value of a company. Pursuant to the definition of\nEBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre\nas net income, computed in accordance with GAAP, excluding interest expense\n(net), income tax (benefit) expense, depreciation and amortization, gains and\nlosses on real estate transactions, impairment losses on real estate, costs\nassociated with loan refinancing or payoff and adjustments for unconsolidated\npartnerships, joint ventures and other affiliates.\n\nManagement provides EBITDAre herein because it believes this information is\nuseful to investors as a supplemental performance measure because it can help\nfacilitate comparisons of operating performance between periods and with other\nREITs. The Company's method of calculating EBITDAre may be different from\nmethods used by other REITs and, accordingly, may not be comparable to such\nother REITs. EBITDAre is not a measure of performance under GAAP, does not\nrepresent cash generated from operations as defined by GAAP and is not\nindicative of cash available to fund all cash needs, including distributions.\nThis measure should not be considered an alternative to net income or any\nother GAAP measure as a measurement of the results of the Company's operations\nor cash flows or liquidity as defined by GAAP.\n\nAdjusted EBITDAre\n\nManagement uses Adjusted EBITDAre in its analysis of the performance of the\nbusiness and operations of the Company. Management believes Adjusted EBITDAre\nis useful to investors because it excludes various items that management\nbelieves are not indicative of operating performance, and because it is an\ninformative measure to use in computing various financial ratios to evaluate\nthe Company. The Company defines Adjusted EBITDAre as EBITDAre (defined above)\nfor the quarter excluding sale participation income, gain on insurance\nrecovery, retirement and severance expense, transaction costs, provision\n(benefit) for credit losses, net, impairment losses on operating lease\nright-of-use assets and prepayment fees.\n\nThe Company's method of calculating Adjusted EBITDAre may be different from\nmethods used by other REITs and, accordingly, may not be comparable to such\nother REITs. Adjusted EBITDAre is not a measure of performance under GAAP,\ndoes not represent cash generated from operations as defined by GAAP and is\nnot indicative of cash available to fund all cash needs, including\ndistributions. This measure should not be considered as an alternative to net\nincome or any other GAAP measure as a measurement of the results of the\nCompany's operations or cash flows or liquidity as defined by GAAP.\n\nNet Debt to Adjusted EBITDAre Ratio and Proforma Net Debt to Adjusted EBITDAre\nRatio\n\nNet Debt to Adjusted EBITDAre Ratio and Proforma Net Debt to Adjusted EBITDAre\nRatio are supplemental measures derived from non-GAAP financial measures that\nthe Company uses to evaluate our capital structure and the magnitude of our\ndebt against our operating performance. The Company believes that investors\ncommonly use versions of these ratios in similar manners. In addition,\nfinancial institutions use versions of these ratios in connection with debt\nagreements to set pricing and covenant limitations. The Company's method of\ncalculating the Net Debt to Adjusted EBITDAre Ratio and Proforma Net Debt to\nAdjusted EBITDAre Ratio may be different from methods used by other REITs and,\naccordingly, may not be comparable to such other REITs.\n\nReconciliations of debt, total assets and net income (all reported in\naccordance with GAAP) to Net Debt, Proforma Net Debt, Gross Assets, Net Debt\nto Gross Assets Ratio, Proforma Net Debt to Gross Assets Ratio, EBITDAre,\nAdjusted EBITDAre, Net Debt to Adjusted EBITDAre Ratio and Proforma Net Debt\nto Adjusted EBITDAre Ratio (each of which is a non-GAAP financial measure), as\napplicable, are included in the following tables (unaudited, in thousands\nexcept ratios):\n                                                           June 30,                                            \n                                                           2026                         2025                   \n Net Debt:                                                                                                     \n Debt                                                      $     3,293,013              $     2,792,970        \n Deferred financing costs, net                                   21,579                       16,622           \n Cash and cash equivalents                                       (16,197    )                 (12,955    )     \n Net Debt                                                  $     3,298,395              $     2,796,637        \n                                                                                                               \n Proforma Net Debt:                                                                                            \n Net Debt                                                  $     3,298,395              $     2,796,637        \n Estimated net proceeds from forward sales agreements (1)        (69,536    )                 —                \n Proforma Net Debt                                         $     3,228,859              $     2,796,637        \n                                                                                                               \n Gross Assets:                                                                                                 \n Total Assets                                              $     6,052,113              $     5,560,880        \n Accumulated depreciation                                        1,801,757                    1,641,916        \n Cash and cash equivalents                                       (16,197    )                 (12,955    )     \n Gross Assets                                              $     7,837,673              $     7,189,841        \n                                                                                                               \n Debt to Total Assets Ratio                                      54         %                 50         %     \n Net Debt to Gross Assets Ratio                                  42         %                 39         %     \n Proforma Net Debt to Gross Assets Ratio                         41         %                 39         %     \n                                                           Three Months Ended June 30,                         \n                                                           2026                         2025                   \n EBITDAre and Adjusted EBITDAre:                                                                               \n Net income                                                $     67,166                 $     75,643           \n Interest expense, net                                           38,275                       33,246           \n Income tax expense                                              617                          681              \n Depreciation and amortization                                   48,630                       42,080           \n Gain on real estate transactions                                (182       )                 (16,779    )     \n Allocated share of joint venture depreciation                   996                          985              \n Allocated share of joint venture interest expense               502                          430              \n EBITDAre                                                  $     156,004                $     136,286          \n Transaction costs                                               45                           669              \n Provision (benefit) for credit losses, net                      138                          997              \n                                                                                                               \n Adjusted EBITDAre (for the quarter)                       $     156,187                $     137,952          \n                                                                                                               \n Adjusted EBITDAre (annualized) (2)                        $     624,748                $     551,808          \n                                                                                                               \n Net Debt/Adjusted EBITDAre Ratio                                5.3                          5.1              \n                                                                                                               \n Proforma Net Debt/Adjusted EBITDAre Ratio                       5.2                          5.1              \n                                                                                                               \n (1) Represents proforma adjustment for estimated net proceeds from forward                                    \n sales agreements that have not settled as if they have been physically settled                                \n for cash as of the date presented. Settlement of these shares is subject to                                   \n customary closing conditions, and actual net proceeds will be net of costs and                                \n certain adjustments calculated on the settlement date.                                                        \n (2) Adjusted EBITDA for the quarter is multiplied by four to calculate an                                     \n annualized amount but does not include the annualization of investments put in                                \n service, acquired or disposed of during the quarter, as well as the potential                                 \n earnings on property under development, the annualization of percentage rent                                  \n and participating interest and adjustments for other items. See detailed                                      \n calculation and reconciliation of Annualized Adjusted EBITDAre and Net                                        \n Debt/Annualized EBITDAre ratio that includes these adjustments in the                                         \n Company's Supplemental Operating and Financial Data for the quarter ended June                                \n 30, 2026.                                                                                                     \n\n\nTotal Investments\n\nTotal investments is a non-GAAP financial measure defined as the sum of the\ncarrying values of real estate investments (before accumulated depreciation),\nland held for development, property under development, mortgage notes\nreceivable and related accrued interest receivable, net, investment in joint\nventures, intangible assets, gross (before accumulated amortization and\nincluded in other assets) and notes receivable and related accrued interest\nreceivable, net (included in other assets). Total investments is a useful\nmeasure for management and investors as it illustrates across which asset\ncategories the Company's funds have been invested. Our method of calculating\ntotal investments may be different from methods used by other REITs and,\naccordingly, may not be comparable to such other REITs. A reconciliation of\ntotal assets (computed in accordance with GAAP) to total investments is\nincluded in the following table (unaudited, in thousands):\n                                                                    June 30, 2026                December 31, 2025          \n Total assets                                                       $      6,052,113             $       5,699,762          \n Operating lease right-of-use assets                                       (199,192   )                  (170,755   )       \n Cash and cash equivalents                                                 (16,197    )                  (90,577    )       \n Restricted cash                                                           (4,388     )                  (8,071     )       \n Accounts receivable                                                       (111,421   )                  (97,855    )       \n Add: accumulated depreciation on real estate investments                  1,801,757                     1,714,886          \n Add: accumulated amortization on intangible assets (1)                    32,929                        31,584             \n Prepaid expenses and other current assets (1)                             (42,561    )                  (37,237    )       \n Total investments                                                  $      7,513,040             $       7,041,737          \n                                                                                                                            \n Total Investments:                                                                                                         \n Real estate investments, net of accumulated depreciation           $      4,953,959             $       4,494,259          \n Add back accumulated depreciation on real estate investments              1,801,757                     1,714,886          \n Land held for development                                                 20,168                        20,168             \n Property under development                                                10,046                        54,905             \n Mortgage notes and related accrued interest receivable, net               616,881                       679,254            \n Investment in joint ventures                                              8,693                         12,316             \n Intangible assets, gross (1)                                              99,022                        63,239             \n Notes receivable and related accrued interest receivable, net (1)         2,514                         2,710              \n Total investments                                                  $      7,513,040             $       7,041,737          \n                                                                                                                            \n (1) Included in other assets in the accompanying consolidated balance sheet.                                               \n Other assets include the following:                                                                                        \n                                                                    June 30, 2026                December 31, 2025          \n Intangible assets, gross                                           $      99,022                $       63,239             \n Less: accumulated amortization on intangible assets                       (32,929    )                  (31,584    )       \n Notes receivable and related accrued interest receivable, net             2,514                         2,710              \n Prepaid expenses and other current assets                                 42,561                        37,237             \n Total other assets                                                 $      111,168               $       71,602             \n\n\nAbout EPR Properties\n\nEPR Properties (NYSE:EPR) is the leading diversified experiential net lease\nreal estate investment trust (REIT), specializing in select enduring\nexperiential properties in the real estate industry. We focus on real estate\nvenues that create value by facilitating out of home leisure and recreation\nexperiences where consumers choose to spend their discretionary time and\nmoney. We have total assets of approximately $6.1 billion (after accumulated\ndepreciation of approximately $1.8 billion) across 43 states and Canada. We\nadhere to rigorous underwriting and investing criteria centered on key\nindustry, property and tenant level cash flow standards. We believe our\nfocused approach provides a competitive advantage and the potential for stable\nand attractive returns. Further information is available at www.eprkc.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.eprkc.com&esheet=54579231&newsitemid=20260729932004&lan=en-US&anchor=www.eprkc.com&index=5&md5=743904e15028b2e699a5e9c874ec5fd4)\n.\n\nCAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS\n\nThe financial results in this press release reflect preliminary, unaudited\nresults, which are not final until the Company’s Quarterly Report on Form\n10-Q is filed. With the exception of historical information, certain\nstatements contained or incorporated by reference herein may contain\nforward-looking statements within the meaning of Section 27A of the Securities\nAct of 1933, as amended (the “Securities Act”), and Section 21E of the\nSecurities Exchange Act of 1934, as amended (the “Exchange Act”), such as\nthose pertaining to our guidance, our capital resources and liquidity, our\npursuit of growth opportunities, the timing of transaction closings and\ninvestment spending, our ongoing negotiations to exit from certain joint\nventures or the ultimate terms of any such exit, our expected cash flows, the\nperformance of our customers, our expected cash collections and our results of\noperations and financial condition. The forward-looking statements presented\nherein are based on the Company's current expectations. Forward-looking\nstatements involve numerous risks and uncertainties, and you should not rely\non them as predictions of actual events. There is no assurance that the events\nor circumstances reflected in the forward-looking statements will occur. You\ncan identify forward-looking statements by use of words such as “will be,”\n“intend,” “continue,” “believe,” “may,” “expect,”\n“hope,” “anticipate,” “goal,” “forecast,” “pipeline,”\n“estimates,” “offers,” “plans,” “would” or other similar\nexpressions or other comparable terms or discussions of strategy, plans or\nintentions contained or incorporated by reference herein. Forward-looking\nstatements necessarily are dependent on assumptions, data or methods that may\nbe incorrect or imprecise. These forward-looking statements represent our\nintentions, plans, expectations and beliefs and are subject to numerous\nassumptions, risks and uncertainties. Many of the factors that will determine\nthese items are beyond our ability to control or predict. For further\ndiscussion of these factors see “Item 1A. Risk Factors” in our most recent\nAnnual Report on Form 10-K and, to the extent applicable, our Quarterly\nReports on Form 10-Q.\n\nFor these statements, we claim the protection of the safe harbor for\nforward-looking statements contained in the Private Securities Litigation\nReform Act of 1995. You are cautioned not to place undue reliance on our\nforward-looking statements, which speak only as of the date hereof or the date\nof any document incorporated by reference herein. All subsequent written and\noral forward-looking statements attributable to us or any person acting on our\nbehalf are expressly qualified in their entirety by the cautionary statements\ncontained or referred to in this section. Except as required by law, we do not\nundertake any obligation to release publicly any revisions to our\nforward-looking statements to reflect events or circumstances after the date\nhereof.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260729932004/en/\n(https://www.businesswire.com/news/home/20260729932004/en/)\n\nEPR Properties \n\nBrian Moriarty, 816-472-1700 \n\nwww.eprkc.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.eprkc.com&esheet=54579231&newsitemid=20260729932004&lan=en-US&anchor=www.eprkc.com&index=6&md5=238e608baec32ce32be56e21ccc5c614)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw18v1fya","title":"EPR Properties Reports Second Quarter 2026 Results","author":"Business Wire","ticker":"EPR","created":"2026-07-29T20:15:00.760Z","tickers":["EPR"],"exchange":"NYSE","article_body":"EPR Properties Reports Second Quarter 2026 Results\n\nIncreases 2026 Earnings and Investment Spending Guidance\n\nEnters Into New $1.6 Billion Credit Agreement\n\nEPR Properties (NYSE:EPR) today announced operating results for the second\nquarter ended June 30, 2026 (dollars in thousands, except per share data):\n                                                                       Three Months Ended June 30,                                 Six Months Ended June 30,                             \n                                                                       2026              2025                   % Change           2026              2025                  % Change      \n Total revenue                                                         $        196,079  $        178,068       10.1   %           $        377,331  $        353,101      6.9    %      \n Net income available to common shareholders                                    61,126            69,603        (12.2  )%                   117,704           129,374      (9.0   )%     \n Net income available to common shareholders per diluted common share           0.79              0.91          (13.2  )%                   1.53              1.69         (9.5   )%     \n Funds From Operations as adjusted (FFOAA)(1)                                   110,846           97,321        13.9   %                    208,423           189,061      10.2   %      \n FFOAA per diluted common share (1)                                             1.42              1.26          12.7   %                    2.67              2.45         9.0    %      \n Adjusted Funds From Operations (AFFO)(1)                                       111,750           95,834        16.6   %                    211,881           188,780      12.2   %      \n AFFO per diluted common share (1)                                              1.43              1.24          15.3   %                    2.71              2.44         11.1   %      \n                                                                                                                                                                                         \n (1) A non-GAAP financial measure                                                                                                                                                        \n\n\nSecond Quarter Company Headlines\n\n\n * Strong Funds from Operations Growth - For the second quarter of 2026, FFOAA\nper diluted common share and AFFO per diluted common share increased by 12.7%\nand 15.3%, respectively, compared to the second quarter of 2025.\n\n * Executes on Investment Pipeline - During the second quarter of 2026, the\nCompany's investment spending totaled $440.8 million and included the\npreviously announced acquisition of a portfolio of seven attraction properties\nfrom Six Flags Entertainment Corporation as well as investments in four other\nattraction and fitness and wellness properties.\n\n * Enters Into Forward Sales Agreements Under Its ATM Program - During the second\nquarter of 2026, the Company entered into two forward sales agreements\npursuant to its ATM Program for initial gross sales proceeds of $23.4 million,\nor an average forward price of $59.70 per share, subject to adjustment upon\nsettlement. As of June 30, 2026, the Company had unsettled forward sales\nagreements with total estimated net proceeds of $69.5 million, representing\n1,189,884 common shares.\n\n * New $1.6 Billion Credit Agreement - Subsequent to quarter-end, the Company\nentered into a new amended and restated $1.6 billion credit agreement that,\namong other things, extends the maturity date and generally reduces the\ninterest rate payable on its $1.0 billion unsecured revolving credit facility\nand establishes a new $600.0 million unsecured delayed draw term loan facility\ndue in 2032.\n\n * Increases 2026 Guidance - The Company is increasing FFOAA per diluted common\nshare guidance for 2026 to a range of $5.41 to $5.57 from a range of $5.37 to\n$5.53, representing an increase of 7.2% at the midpoint over 2025. The Company\nis also increasing investment spending guidance for 2026 to a range of $600.0\nmillion to $700.0 million from a range of $500.0 million to $600.0 million and\nconfirming disposition proceeds guidance of $50.0 million to $100.0 million.\n\n\"The second quarter marked a significant step forward in executing our growth\nstrategy with the closing of our previously announced acquisition of the Six\nFlags portfolio of seven properties, as well as additional investments in\nattraction and fitness and wellness properties,\" stated Company Chairman and\nCEO Greg Silvers. \"This disciplined growth, combined with continued strength\nacross our experiential portfolio, drove strong quarterly earnings, while our\nnew $1.6 billion credit agreement further enhances our liquidity and financial\nflexibility to pursue additional opportunities. We are increasing our 2026\nearnings and investment spending guidance, underscoring our confidence in the\ndurability of our growth.\"\n\nInvestment Update\n\nThe Company's investment spending during the three months ended June 30, 2026\ntotaled $440.8 million, bringing the total investment spending for the six\nmonths ended June 30, 2026 to $492.2 million. Investment spending for the\nquarter included the previously announced acquisition of seven attraction\nproperties from Six Flags Entertainment Corporation for a total of $304.4\nmillion with approximately $11.0 million anticipated to be invested in\nadditional improvements to the properties over the next two years.\nAdditionally, investment spending for the quarter included the acquisition of\ntwo attraction properties and one fitness and wellness property for a total of\n$114.3 million and mortgage financing of $12.8 million secured by a fitness\nand wellness property. The remaining investment spending for the quarter\nrelated to experiential build-to-suit development and redevelopment projects.\n\nAs of June 30, 2026, the Company expects approximately $92.0 million in\nadditional investment spending for existing experiential development and\nredevelopment projects, of which approximately $65.0 million is expected to be\nfunded in the remainder of 2026. The Company also has a strong pipeline of\npotential new investments.\n\nATM Activity\n\nDuring the three months ended June 30, 2026, the Company entered into two\nforward sales agreements pursuant to its \"at-the-market\" offering program\n(\"ATM Program\") to sell an aggregate of 392,462 common shares for initial\ngross proceeds of $23.4 million, or an average forward price of $59.70 per\nshare, subject to adjustment upon settlement. The Company has the option to\nsettle the outstanding common shares any time before the respective maturity\nof the forward sales agreements on May 27, 2027 and June 30, 2027, subject to\ncustomary closing conditions, for the initial gross proceeds as adjusted for\npayment of commissions and applicable dividends as well as a daily adjustment\nbased on the overnight bank borrowing rate less a spread. As of June 30, 2026,\nthe Company had unsettled forward sales agreements with total estimated net\nproceeds of $69.5 million, representing 1,189,884 common shares.\n\nNew $1.6 Billion Credit Agreement\n\nOn July 17, 2026, the Company entered into a Fifth Amended, Restated and\nConsolidated Credit Agreement (the \"Amended Credit Agreement\"), governing its\n$1.0 billion senior unsecured revolving credit facility and a new $600.0\nmillion senior unsecured delayed draw term loan facility. The Amended Credit\nAgreement replaced the Company’s existing $1.0 billion senior unsecured\nrevolving credit facility.\n\nThe amendments to the unsecured revolving credit facility, among other things,\n(i) extend the maturity date from October 2, 2028 to July 17, 2030, with two\nsix-month extension options, subject to the payment of additional fees and the\nsatisfaction of customary conditions, (ii) generally reduce the interest rate\npayable on outstanding loans by 5 basis points, (iii) modify the asset value\ncalculations under certain financial covenants to include the expected cash\nproceeds from the sale of common shares under qualified forward equity\ncontracts and (iv) split the prior revolving facility’s $300.0 million\nforeign currency sublimit into a separate, stand-alone foreign currency\nrevolving credit facility of the same size.\n\nThe Amended Credit Agreement also established a new senior unsecured delayed\ndraw term loan facility that, among other things, (i) provides for an initial\ncommitted amount of $600.0 million that may be drawn upon prior to January 17,\n2027, subject to earlier termination, (ii) bears interest based on the\nCompany’s credit ratings (SOFR plus 115 basis points at closing), (iii)\ncarries a ticking fee of 0.25% per annum on undrawn commitments beginning on\nOctober 16, 2026, and (iv) matures on January 17, 2032.\n\nIn addition, the Amended Credit Agreement includes a $1.0 billion accordion\nfeature on the combined unsecured revolving credit and delayed draw term loan\nfacilities that increases the maximum amount available under the combined\nfacilities from $1.6 billion to $2.6 billion, at the Company’s election and\nsubject to lender consent and customary conditions.\n\nPortfolio Update\n\nThe Company's total assets were $6.1 billion (after accumulated depreciation\nof approximately $1.8 billion) and total investments (a non-GAAP financial\nmeasure) were $7.5 billion at June 30, 2026, with Experiential investments\ntotaling $7.1 billion, or 95%, and Education investments totaling $0.4\nbillion, or 5%.\n\nThe Company's Experiential portfolio (excluding property under development,\nundeveloped land inventory and two joint venture properties) consisted of the\nfollowing property types (owned or financed) at June 30, 2026:\n\n\n * 148 theatre properties;\n\n * 61 eat & play properties (including seven theatres located in\nentertainment districts);\n\n * 35 attraction properties;\n\n * 11 ski properties;\n\n * four experiential lodging properties;\n\n * 30 fitness & wellness properties;\n\n * one gaming property; and\n\n * one cultural property.\n\nAs of June 30, 2026, the Company's wholly-owned Experiential portfolio\nconsisted of approximately 19.5 million square feet, was 99% leased or\noperated and included a total of $10.0 million in property under development\nand $20.2 million in undeveloped land inventory.\n\nThe Company's Education portfolio consisted of the following property types\n(owned or financed) at June 30, 2026:\n\n\n * 46 early childhood education center properties; and\n\n * nine private school properties.\n\nAs of June 30, 2026, the Company's wholly-owned Education portfolio consisted\nof approximately 1.1 million square feet and was 100% leased.\n\nThe combined wholly-owned portfolio consisted of 20.6 million square feet and\nwas 99% leased or operated.\n\nDividend Information\n\nThe Company's Board of Trustees declared its monthly cash dividend to common\nshareholders during the second quarter of 2026 totaling $0.93 per share. This\ndividend represents an annualized dividend of $3.72 per common share, an\nincrease of 5.1% over the prior year's annualized dividend (based upon the\nmonthly dividend at the end of the prior year).\n\nAdditionally, the Company declared its regular quarterly dividends to\npreferred shareholders of $0.359375 per share on both the Company's 5.75%\nSeries C cumulative convertible preferred shares and Series G cumulative\nredeemable preferred shares and $0.5625 per share on its 9.00% Series E\ncumulative convertible preferred shares, payable July 15, 2026 to shareholders\nof record as of June 30, 2026.\n\n2026 Guidance\n\n(Dollars in millions, except per share data):\n                                                                           Current                           Prior                         \n Net income available to common shareholders per diluted common share      $   3.03       to  $   3.19       $   3.03       to  $   3.19   \n FFOAA per diluted common share                                                5.41       to      5.57           5.37       to      5.53   \n Investment spending                                                           600.0      to      700.0          500.0      to      600.0  \n Disposition proceeds                                                          50.0       to      100.0          50.0       to      100.0  \n\n\nThe Company is increasing its 2026 earnings guidance for FFOAA per diluted\ncommon share to a range of $5.41 to $5.57 from a range of $5.37 to $5.53,\nrepresenting an increase of 7.2% at the midpoint over 2025. The 2026 guidance\nfor FFOAA per diluted common share is based on an FFO per diluted common share\nrange of $5.43 to $5.59 adjusted for retirement and severance expense,\ntransaction costs, provision (benefit) for credit losses, net, and deferred\nincome tax expense. FFO per diluted common share for 2026 is based on a net\nincome available to common shareholders per diluted common share range of\n$3.03 to $3.19 plus estimated real estate depreciation and amortization of\n$2.46 and allocated share of joint venture depreciation of $0.05, less\nestimated gain on real estate transactions of $0.02 and the impact of Series C\nand Series E dilution of $0.09 (in accordance with the NAREIT definition of\nFFO).\n\nAdditional earnings guidance detail can be found on page 23 in the Company's\nsupplemental information package available in the Investor Center of the\nCompany's website located at\nhttps://investors.eprkc.com/financial-information/quarterly-results\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.eprkc.com%2Ffinancial-information%2Fquarterly-results&esheet=54579231&newsitemid=20260729932004&lan=en-US&anchor=https%3A%2F%2Finvestors.eprkc.com%2Ffinancial-information%2Fquarterly-results&index=1&md5=ebf06ddb87f0b342d2386ffb74353eb0)\n.\n\nConference Call Information\n\nManagement will host a conference call to discuss the Company's financial\nresults on July 30, 2026 at 8:30 a.m. Eastern Time. The call may also include\ndiscussion of Company developments and forward-looking and other material\ninformation about business and financial matters. The conference will be\nwebcast and can be accessed via the Webcasts page in the Investor Center on\nthe Company's website located at\nhttps://investors.eprkc.com/events-presentations\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.eprkc.com%2Fevents-presentations&esheet=54579231&newsitemid=20260729932004&lan=en-US&anchor=https%3A%2F%2Finvestors.eprkc.com%2Fevents-presentations&index=2&md5=6073c82db951e2b032515098e7d83989)\n. It is recommended that you join 10 minutes prior to the start of the event\n(although you may register and join the webcast at any time during the call).\n\nYou may watch a replay of the webcast by visiting the Webcasts page at\nhttps://investors.eprkc.com/events-presentations\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.eprkc.com%2Fevents-presentations&esheet=54579231&newsitemid=20260729932004&lan=en-US&anchor=https%3A%2F%2Finvestors.eprkc.com%2Fevents-presentations&index=3&md5=6302ef9aac9d24202e7791ee56dc3c25)\n.\n\nQuarterly Supplemental\n\nThe Company's supplemental information package for the second quarter and six\nmonths ended June 30, 2026 is available in the Investor Center on the\nCompany's website located at\nhttps://investors.eprkc.com/financial-information/quarterly-results\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.eprkc.com%2Ffinancial-information%2Fquarterly-results&esheet=54579231&newsitemid=20260729932004&lan=en-US&anchor=https%3A%2F%2Finvestors.eprkc.com%2Ffinancial-information%2Fquarterly-results&index=4&md5=44bdb4f4059c817f2e56d2a15ca8043e)\n.\n EPR Properties                                                                                                                                                        \n \nConsolidated Statements of Income                                                                                                                                    \n \n(Unaudited, dollars in thousands except per share data)                                                                                                              \n                                                                                                                                                                       \n                                                                           Three Months Ended June 30,                   Six Months Ended June 30,                     \n                                                                           2026                     2025                 2026                          2025            \n Rental revenue                                                            $       169,033          $       150,351      $      324,218                $      296,710  \n Other income                                                                      11,764                   12,218              21,834                        23,854   \n Mortgage and other financing income                                               15,282                   15,499              31,279                        32,537   \n Total revenue                                                                     196,079                  178,068             377,331                       353,101  \n Property operating expense                                                        15,366                   14,661              30,719                        29,832   \n Other expense                                                                     11,064                   11,959              22,053                        24,570   \n General and administrative expense                                                13,976                   13,230              28,218                        27,254   \n Retirement and severance expense                                                  —                        —                   1,423                         —        \n Transaction costs                                                                 45                       669                 338                           1,236    \n Provision (benefit) for credit losses, net                                        138                      997                 (5,459   )                    345      \n Depreciation and amortization                                                     48,630                   42,080              93,587                        83,169   \n Total operating expenses                                                          89,219                   83,596              170,879                       166,406  \n Gain on real estate transactions                                                  182                      16,779              1,209                         26,163   \n Income from operations                                                            107,042                  111,251             207,661                       212,858  \n Interest expense, net                                                             38,275                   33,246              73,038                        66,267   \n Equity in loss from joint ventures                                                984                      1,681               3,616                         4,328    \n Income before income taxes                                                        67,783                   76,324              131,007                       142,263  \n Income tax expense                                                                617                      681                 1,231                         817      \n Net income                                                                $       67,166           $       75,643       $      129,776                $      141,446  \n Preferred dividend requirements                                                   6,040                    6,040               12,072                        12,072   \n Net income available to common shareholders of EPR Properties             $       61,126           $       69,603       $      117,704                $      129,374  \n Net income available to common shareholders of EPR Properties per share:                                                                                              \n Basic                                                                     $       0.80             $       0.91         $      1.54                   $      1.70     \n Diluted                                                                   $       0.79             $       0.91         $      1.53                   $      1.69     \n Shares used for computation (in thousands):                                                                                                                           \n Basic                                                                             76,521                   76,083              76,424                        75,944   \n Diluted                                                                           77,017                   76,571              76,897                        76,404   \n\n EPR Properties                                                                                                               \n \nCondensed Consolidated Balance Sheets                                                                                       \n \n(Unaudited, dollars in thousands)                                                                                           \n                                                                                                                              \n                                                                                June 30, 2026           December 31, 2025     \n Assets                                                                                                                       \n Real estate investments, net of accumulated depreciation of $1,801,757 and     $        4,953,959      $          4,494,259  \n $1,714,886 at June 30, 2026 and December 31, 2025, respectively                                                              \n Land held for development                                                               20,168                    20,168     \n Property under development                                                              10,046                    54,905     \n Operating lease right-of-use assets                                                     199,192                   170,755    \n Mortgage notes and related accrued interest receivable, net of allowance for            616,881                   679,254    \n credit losses of $10,889 and $15,929 at June 30, 2026 and December 31, 2025,                                                 \n respectively                                                                                                                 \n Investment in joint ventures                                                            8,693                     12,316     \n Cash and cash equivalents                                                               16,197                    90,577     \n Restricted cash                                                                         4,388                     8,071      \n Accounts receivable                                                                     111,421                   97,855     \n Other assets                                                                            111,168                   71,602     \n Total assets                                                                   $        6,052,113      $          5,699,762  \n Liabilities and Equity                                                                                                       \n Accounts payable and accrued liabilities                                       $        78,750         $          99,392     \n Operating lease liabilities                                                             231,884                   204,747    \n Dividends payable                                                                       29,762                    28,495     \n Unearned rents and interest                                                             109,280                   108,546    \n Debt                                                                                    3,293,013                 2,929,411  \n Total liabilities                                                                       3,742,689                 3,370,591  \n Total equity                                                                   $        2,309,424      $          2,329,171  \n Total liabilities and equity                                                   $        6,052,113      $          5,699,762  \n\n\nNon-GAAP Financial Measures\n\nFunds From Operations (FFO), Funds From Operations As Adjusted (FFOAA) and\nAdjusted Funds From Operations (AFFO)\n\nThe National Association of Real Estate Investment Trusts (NAREIT) developed\nFFO as a relative non-GAAP financial measure of performance of an equity REIT\nin order to recognize that income-producing real estate historically has not\ndepreciated on the basis determined under GAAP. Pursuant to the definition of\nFFO by the Board of Governors of NAREIT, the Company calculates FFO as net\nincome available to common shareholders, computed in accordance with GAAP,\nexcluding gains and losses on real estate transactions and impairment losses\non real estate, plus real estate related depreciation and amortization, and\nafter adjustments for unconsolidated partnerships, joint ventures and other\naffiliates. Adjustments for unconsolidated partnerships, joint ventures and\nother affiliates are calculated to reflect FFO on the same basis. The Company\nhas calculated FFO for all periods presented in accordance with this\ndefinition.\n\nIn addition to FFO, the Company presents FFOAA and AFFO. FFOAA is presented by\nadding to FFO retirement and severance expense, transaction costs, provision\n(benefit) for credit losses, net, costs associated with loan refinancing or\npayoff, preferred share redemption costs and impairment of operating lease\nright-of-use assets and subtracting sale participation income, gain on\ninsurance recovery and deferred income tax (benefit) expense. AFFO is\npresented by adding to FFOAA non-real estate depreciation and amortization,\ndeferred financing fees amortization and share-based compensation expense to\nmanagement and Trustees; and subtracting amortization of above and below\nmarket leases, net and tenant allowances, maintenance capital expenditures\n(including second-generation tenant improvements and leasing commissions),\nstraight-lined rental revenue (removing the impact of straight-lined ground\nsublease expense), the non-cash portion of mortgage and other financing income\nand the allocated share of joint venture non-cash items.\n\nFFO, FFOAA and AFFO are widely used measures of the operating performance of\nreal estate companies and are provided here as supplemental measures to GAAP\nnet income available to common shareholders and earnings per share, and\nmanagement provides FFO, FFOAA and AFFO herein because it believes this\ninformation is useful to investors in this regard. FFO, FFOAA and AFFO are\nnon-GAAP financial measures. FFO, FFOAA and AFFO do not represent cash flows\nfrom operations as defined by GAAP and are not indicative that cash flows are\nadequate to fund all cash needs and are not to be considered alternatives to\nnet income or any other GAAP measure as a measurement of the results of our\noperations or our cash flows or liquidity as defined by GAAP. It should also\nbe noted that not all REITs calculate FFO, FFOAA and AFFO the same way so\ncomparisons with other REITs may not be meaningful.\n\nThe following table summarizes FFO, FFOAA and AFFO, including per share\namounts for the three and six months ended June 30, 2026 and 2025,\nrespectively, and reconciles such measures to net income available to common\nshareholders, the most directly comparable GAAP measure:\n EPR Properties                                                                                                                                                                      \n \nReconciliation of Non-GAAP Financial Measures                                                                                                                                      \n \n(Unaudited, dollars in thousands except per share data)                                                                                                                            \n                                                                                                                                                                                     \n                                                                                 Three Months Ended June 30,                         Six Months Ended June 30,                       \n                                                                                 2026                       2025                     2026                       2025                 \n FFO:                                                                                                                                                                                \n Net income available to common shareholders of EPR Properties                   $     61,126               $     69,603             $     117,704              $     129,374        \n Gain on real estate transactions                                                      (182     )                 (16,779  )               (1,209   )                 (26,163  )     \n Real estate depreciation and amortization                                             48,468                     41,939                   93,265                     82,871         \n Allocated share of joint venture depreciation                                         996                        985                      1,992                      2,021          \n FFO available to common shareholders of EPR Properties                          $     110,408              $     95,748             $     211,752              $     188,103        \n FFO available to common shareholders of EPR Properties                          $     110,408              $     95,748             $     211,752              $     188,103        \n Add: Preferred dividends for Series C preferred shares                                1,938                      1,938                    3,876                      3,876          \n Add: Preferred dividends for Series E preferred shares                                1,938                      1,938                    3,876                      3,876          \n Diluted FFO available to common shareholders of EPR Properties                  $     114,284              $     99,624             $     219,504              $     195,855        \n FFOAA:                                                                                                                                                                              \n FFO available to common shareholders of EPR Properties                          $     110,408              $     95,748             $     211,752              $     188,103        \n Retirement and severance expense                                                      —                          —                        1,423                      —              \n Transaction costs                                                                     45                         669                      338                        1,236          \n Provision (benefit) for credit losses, net                                            138                        997                      (5,459   )                 345            \n Deferred income tax expense (benefit)                                                 255                        (93      )               369                        (623     )     \n FFOAA available to common shareholders of EPR Properties                        $     110,846              $     97,321             $     208,423              $     189,061        \n FFOAA available to common shareholders of EPR Properties                        $     110,846              $     97,321             $     208,423              $     189,061        \n Add: Preferred dividends for Series C preferred shares                                1,938                      1,938                    3,876                      3,876          \n Add: Preferred dividends for Series E preferred shares                                1,938                      1,938                    3,876                      3,876          \n Diluted FFOAA available to common shareholders of EPR Properties                $     114,722              $     101,197            $     216,175              $     196,813        \n                                                                                                                                                                                     \n AFFO:                                                                                                                                                                               \n FFOAA available to common shareholders of EPR Properties                        $     110,846              $     97,321             $     208,423              $     189,061        \n Non-real estate depreciation and amortization                                         162                        141                      322                        298            \n Deferred financing fees amortization                                                  2,699                      2,102                    5,371                      4,308          \n Share-based compensation expense to management and trustees                           4,296                      3,912                    8,395                      7,779          \n Amortization of above and below market leases, net and tenant allowances              (75      )                 (81      )               (156     )                 (162     )     \n Maintenance capital expenditures (1)                                                  (509     )                 (1,858   )               (720     )                 (3,109   )     \n Straight-lined rental revenue                                                         (5,006   )                 (5,137   )               (8,496   )                 (8,534   )     \n Straight-lined ground sublease expense                                                (282     )                 —                        (331     )                 2              \n Non-cash portion of mortgage and other financing income                               (381     )                 (566     )               (927     )                 (863     )     \n AFFO available to common shareholders of EPR Properties                         $     111,750              $     95,834             $     211,881              $     188,780        \n AFFO available to common shareholders of EPR Properties                         $     111,750              $     95,834             $     211,881              $     188,780        \n Add: Preferred dividends for Series C preferred shares                                1,938                      1,938                    3,876                      3,876          \n Add: Preferred dividends for Series E preferred shares                                1,938                      1,938                    3,876                      3,876          \n Diluted AFFO available to common shareholders of EPR Properties                 $     115,626              $     99,710             $     219,633              $     196,532        \n                                                                                                                                                                                     \n FFO per common share:                                                                                                                                                               \n Basic                                                                           $     1.44                 $     1.26               $     2.77                 $     2.48           \n Diluted                                                                               1.41                       1.24                     2.71                       2.44           \n FFOAA per common share:                                                                                                                                                             \n Basic                                                                           $     1.45                 $     1.28               $     2.73                 $     2.49           \n Diluted                                                                               1.42                       1.26                     2.67                       2.45           \n AFFO per common share:                                                                                                                                                              \n Basic                                                                           $     1.46                 $     1.26               $     2.77                 $     2.49           \n Diluted                                                                               1.43                       1.24                     2.71                       2.44           \n Shares used for computation (in thousands):                                                                                                                                         \n Basic                                                                                 76,521                     76,083                   76,424                     75,944         \n Diluted                                                                               77,017                     76,571                   76,897                     76,404         \n                                                                                                                                                                                     \n Weighted average shares outstanding-diluted EPS                                       77,017                     76,571                   76,897                     76,404         \n Effect of dilutive Series C preferred shares                                          2,380                      2,344                    2,375                      2,340          \n Effect of dilutive Series E preferred shares                                          1,674                      1,667                    1,673                      1,666          \n Adjusted weighted average shares outstanding-diluted Series C and Series E            81,071                     80,582                   80,945                     80,410         \n Other financial information:                                                                                                                                                        \n Dividends per common share                                                      $     0.930                $     0.885              $     1.830                $     1.750          \n                                                                                                                                                                                     \n (1) Includes maintenance capital expenditures and certain second-generation                                                                                                         \n tenant improvements and leasing commissions.                                                                                                                                        \n\n\nThe conversion of the 5.75% Series C cumulative convertible preferred shares\nand the 9.00% Series E cumulative convertible preferred shares would be\ndilutive to FFO, FFOAA and AFFO per share for the three and six months ended\nJune 30, 2026 and 2025. Therefore, the additional common shares that would\nresult from the conversion and the corresponding add-back of the preferred\ndividends declared on those shares are included in the calculation of diluted\nFFO, FFOAA and AFFO per share for those periods.\n\nNet Debt and Proforma Net Debt\n\nNet Debt represents debt (reported in accordance with GAAP) adjusted to\nexclude deferred financing costs, net and reduced for cash and cash\nequivalents. By excluding deferred financing costs, net, and reducing debt for\ncash and cash equivalents on hand, the result provides an estimate of the\ncontractual amount of borrowed capital to be repaid, net of cash available to\nrepay it. Proforma Net Debt is presented by subtracting the estimated net\nproceeds from forward sales agreements under the Company's ATM Program from\nNet Debt. The Company believes both of these calculations constitute\nbeneficial supplemental non-GAAP financial disclosures to investors in\nunderstanding our financial condition. The Company's method of calculating Net\nDebt and Proforma Net Debt may be different from methods used by other REITs\nand, accordingly, may not be comparable to such other REITs.\n\nGross Assets\n\nGross Assets represents total assets (reported in accordance with GAAP)\nadjusted to exclude accumulated depreciation and reduced by cash and cash\nequivalents. By excluding accumulated depreciation and reducing cash and cash\nequivalents, the result provides an estimate of the investment made by the\nCompany. The Company believes that investors commonly use versions of this\ncalculation in a similar manner. The Company's method of calculating Gross\nAssets may be different from methods used by other REITs and, accordingly, may\nnot be comparable to such other REITs.\n\nNet Debt to Gross Assets Ratio and Proforma Net Debt to Gross Assets Ratio\n\nNet Debt to Gross Assets Ratio and Proforma Net Debt to Gross Assets Ratio are\nsupplemental measures derived from non-GAAP financial measures that the\nCompany uses to evaluate capital structure and the magnitude of debt to gross\nassets. The Company believes that investors commonly use versions of these\nratios in similar manners. The Company's method of calculating the Net Debt to\nGross Assets Ratio and Proforma Net Debt to Gross Assets Ratio may be\ndifferent from methods used by other REITs and, accordingly, may not be\ncomparable to such other REITs.\n\nEBITDAre\n\nNAREIT developed EBITDAre as a relative non-GAAP financial measure of REITs,\nindependent of a company's capital structure, to provide a uniform basis to\nmeasure the enterprise value of a company. Pursuant to the definition of\nEBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre\nas net income, computed in accordance with GAAP, excluding interest expense\n(net), income tax (benefit) expense, depreciation and amortization, gains and\nlosses on real estate transactions, impairment losses on real estate, costs\nassociated with loan refinancing or payoff and adjustments for unconsolidated\npartnerships, joint ventures and other affiliates.\n\nManagement provides EBITDAre herein because it believes this information is\nuseful to investors as a supplemental performance measure because it can help\nfacilitate comparisons of operating performance between periods and with other\nREITs. The Company's method of calculating EBITDAre may be different from\nmethods used by other REITs and, accordingly, may not be comparable to such\nother REITs. EBITDAre is not a measure of performance under GAAP, does not\nrepresent cash generated from operations as defined by GAAP and is not\nindicative of cash available to fund all cash needs, including distributions.\nThis measure should not be considered an alternative to net income or any\nother GAAP measure as a measurement of the results of the Company's operations\nor cash flows or liquidity as defined by GAAP.\n\nAdjusted EBITDAre\n\nManagement uses Adjusted EBITDAre in its analysis of the performance of the\nbusiness and operations of the Company. Management believes Adjusted EBITDAre\nis useful to investors because it excludes various items that management\nbelieves are not indicative of operating performance, and because it is an\ninformative measure to use in computing various financial ratios to evaluate\nthe Company. The Company defines Adjusted EBITDAre as EBITDAre (defined above)\nfor the quarter excluding sale participation income, gain on insurance\nrecovery, retirement and severance expense, transaction costs, provision\n(benefit) for credit losses, net, impairment losses on operating lease\nright-of-use assets and prepayment fees.\n\nThe Company's method of calculating Adjusted EBITDAre may be different from\nmethods used by other REITs and, accordingly, may not be comparable to such\nother REITs. Adjusted EBITDAre is not a measure of performance under GAAP,\ndoes not represent cash generated from operations as defined by GAAP and is\nnot indicative of cash available to fund all cash needs, including\ndistributions. This measure should not be considered as an alternative to net\nincome or any other GAAP measure as a measurement of the results of the\nCompany's operations or cash flows or liquidity as defined by GAAP.\n\nNet Debt to Adjusted EBITDAre Ratio and Proforma Net Debt to Adjusted EBITDAre\nRatio\n\nNet Debt to Adjusted EBITDAre Ratio and Proforma Net Debt to Adjusted EBITDAre\nRatio are supplemental measures derived from non-GAAP financial measures that\nthe Company uses to evaluate our capital structure and the magnitude of our\ndebt against our operating performance. The Company believes that investors\ncommonly use versions of these ratios in similar manners. In addition,\nfinancial institutions use versions of these ratios in connection with debt\nagreements to set pricing and covenant limitations. The Company's method of\ncalculating the Net Debt to Adjusted EBITDAre Ratio and Proforma Net Debt to\nAdjusted EBITDAre Ratio may be different from methods used by other REITs and,\naccordingly, may not be comparable to such other REITs.\n\nReconciliations of debt, total assets and net income (all reported in\naccordance with GAAP) to Net Debt, Proforma Net Debt, Gross Assets, Net Debt\nto Gross Assets Ratio, Proforma Net Debt to Gross Assets Ratio, EBITDAre,\nAdjusted EBITDAre, Net Debt to Adjusted EBITDAre Ratio and Proforma Net Debt\nto Adjusted EBITDAre Ratio (each of which is a non-GAAP financial measure), as\napplicable, are included in the following tables (unaudited, in thousands\nexcept ratios):\n                                                           June 30,                                            \n                                                           2026                         2025                   \n Net Debt:                                                                                                     \n Debt                                                      $     3,293,013              $     2,792,970        \n Deferred financing costs, net                                   21,579                       16,622           \n Cash and cash equivalents                                       (16,197    )                 (12,955    )     \n Net Debt                                                  $     3,298,395              $     2,796,637        \n                                                                                                               \n Proforma Net Debt:                                                                                            \n Net Debt                                                  $     3,298,395              $     2,796,637        \n Estimated net proceeds from forward sales agreements (1)        (69,536    )                 —                \n Proforma Net Debt                                         $     3,228,859              $     2,796,637        \n                                                                                                               \n Gross Assets:                                                                                                 \n Total Assets                                              $     6,052,113              $     5,560,880        \n Accumulated depreciation                                        1,801,757                    1,641,916        \n Cash and cash equivalents                                       (16,197    )                 (12,955    )     \n Gross Assets                                              $     7,837,673              $     7,189,841        \n                                                                                                               \n Debt to Total Assets Ratio                                      54         %                 50         %     \n Net Debt to Gross Assets Ratio                                  42         %                 39         %     \n Proforma Net Debt to Gross Assets Ratio                         41         %                 39         %     \n                                                           Three Months Ended June 30,                         \n                                                           2026                         2025                   \n EBITDAre and Adjusted EBITDAre:                                                                               \n Net income                                                $     67,166                 $     75,643           \n Interest expense, net                                           38,275                       33,246           \n Income tax expense                                              617                          681              \n Depreciation and amortization                                   48,630                       42,080           \n Gain on real estate transactions                                (182       )                 (16,779    )     \n Allocated share of joint venture depreciation                   996                          985              \n Allocated share of joint venture interest expense               502                          430              \n EBITDAre                                                  $     156,004                $     136,286          \n Transaction costs                                               45                           669              \n Provision (benefit) for credit losses, net                      138                          997              \n                                                                                                               \n Adjusted EBITDAre (for the quarter)                       $     156,187                $     137,952          \n                                                                                                               \n Adjusted EBITDAre (annualized) (2)                        $     624,748                $     551,808          \n                                                                                                               \n Net Debt/Adjusted EBITDAre Ratio                                5.3                          5.1              \n                                                                                                               \n Proforma Net Debt/Adjusted EBITDAre Ratio                       5.2                          5.1              \n                                                                                                               \n (1) Represents proforma adjustment for estimated net proceeds from forward                                    \n sales agreements that have not settled as if they have been physically settled                                \n for cash as of the date presented. Settlement of these shares is subject to                                   \n customary closing conditions, and actual net proceeds will be net of costs and                                \n certain adjustments calculated on the settlement date.                                                        \n (2) Adjusted EBITDA for the quarter is multiplied by four to calculate an                                     \n annualized amount but does not include the annualization of investments put in                                \n service, acquired or disposed of during the quarter, as well as the potential                                 \n earnings on property under development, the annualization of percentage rent                                  \n and participating interest and adjustments for other items. See detailed                                      \n calculation and reconciliation of Annualized Adjusted EBITDAre and Net                                        \n Debt/Annualized EBITDAre ratio that includes these adjustments in the                                         \n Company's Supplemental Operating and Financial Data for the quarter ended June                                \n 30, 2026.                                                                                                     \n\n\nTotal Investments\n\nTotal investments is a non-GAAP financial measure defined as the sum of the\ncarrying values of real estate investments (before accumulated depreciation),\nland held for development, property under development, mortgage notes\nreceivable and related accrued interest receivable, net, investment in joint\nventures, intangible assets, gross (before accumulated amortization and\nincluded in other assets) and notes receivable and related accrued interest\nreceivable, net (included in other assets). Total investments is a useful\nmeasure for management and investors as it illustrates across which asset\ncategories the Company's funds have been invested. Our method of calculating\ntotal investments may be different from methods used by other REITs and,\naccordingly, may not be comparable to such other REITs. A reconciliation of\ntotal assets (computed in accordance with GAAP) to total investments is\nincluded in the following table (unaudited, in thousands):\n                                                                    June 30, 2026                December 31, 2025          \n Total assets                                                       $      6,052,113             $       5,699,762          \n Operating lease right-of-use assets                                       (199,192   )                  (170,755   )       \n Cash and cash equivalents                                                 (16,197    )                  (90,577    )       \n Restricted cash                                                           (4,388     )                  (8,071     )       \n Accounts receivable                                                       (111,421   )                  (97,855    )       \n Add: accumulated depreciation on real estate investments                  1,801,757                     1,714,886          \n Add: accumulated amortization on intangible assets (1)                    32,929                        31,584             \n Prepaid expenses and other current assets (1)                             (42,561    )                  (37,237    )       \n Total investments                                                  $      7,513,040             $       7,041,737          \n                                                                                                                            \n Total Investments:                                                                                                         \n Real estate investments, net of accumulated depreciation           $      4,953,959             $       4,494,259          \n Add back accumulated depreciation on real estate investments              1,801,757                     1,714,886          \n Land held for development                                                 20,168                        20,168             \n Property under development                                                10,046                        54,905             \n Mortgage notes and related accrued interest receivable, net               616,881                       679,254            \n Investment in joint ventures                                              8,693                         12,316             \n Intangible assets, gross (1)                                              99,022                        63,239             \n Notes receivable and related accrued interest receivable, net (1)         2,514                         2,710              \n Total investments                                                  $      7,513,040             $       7,041,737          \n                                                                                                                            \n (1) Included in other assets in the accompanying consolidated balance sheet.                                               \n Other assets include the following:                                                                                        \n                                                                    June 30, 2026                December 31, 2025          \n Intangible assets, gross                                           $      99,022                $       63,239             \n Less: accumulated amortization on intangible assets                       (32,929    )                  (31,584    )       \n Notes receivable and related accrued interest receivable, net             2,514                         2,710              \n Prepaid expenses and other current assets                                 42,561                        37,237             \n Total other assets                                                 $      111,168               $       71,602             \n\n\nAbout EPR Properties\n\nEPR Properties (NYSE:EPR) is the leading diversified experiential net lease\nreal estate investment trust (REIT), specializing in select enduring\nexperiential properties in the real estate industry. We focus on real estate\nvenues that create value by facilitating out of home leisure and recreation\nexperiences where consumers choose to spend their discretionary time and\nmoney. We have total assets of approximately $6.1 billion (after accumulated\ndepreciation of approximately $1.8 billion) across 43 states and Canada. We\nadhere to rigorous underwriting and investing criteria centered on key\nindustry, property and tenant level cash flow standards. We believe our\nfocused approach provides a competitive advantage and the potential for stable\nand attractive returns. Further information is available at www.eprkc.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.eprkc.com&esheet=54579231&newsitemid=20260729932004&lan=en-US&anchor=www.eprkc.com&index=5&md5=743904e15028b2e699a5e9c874ec5fd4)\n.\n\nCAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS\n\nThe financial results in this press release reflect preliminary, unaudited\nresults, which are not final until the Company’s Quarterly Report on Form\n10-Q is filed. With the exception of historical information, certain\nstatements contained or incorporated by reference herein may contain\nforward-looking statements within the meaning of Section 27A of the Securities\nAct of 1933, as amended (the “Securities Act”), and Section 21E of the\nSecurities Exchange Act of 1934, as amended (the “Exchange Act”), such as\nthose pertaining to our guidance, our capital resources and liquidity, our\npursuit of growth opportunities, the timing of transaction closings and\ninvestment spending, our ongoing negotiations to exit from certain joint\nventures or the ultimate terms of any such exit, our expected cash flows, the\nperformance of our customers, our expected cash collections and our results of\noperations and financial condition. The forward-looking statements presented\nherein are based on the Company's current expectations. Forward-looking\nstatements involve numerous risks and uncertainties, and you should not rely\non them as predictions of actual events. There is no assurance that the events\nor circumstances reflected in the forward-looking statements will occur. You\ncan identify forward-looking statements by use of words such as “will be,”\n“intend,” “continue,” “believe,” “may,” “expect,”\n“hope,” “anticipate,” “goal,” “forecast,” “pipeline,”\n“estimates,” “offers,” “plans,” “would” or other similar\nexpressions or other comparable terms or discussions of strategy, plans or\nintentions contained or incorporated by reference herein. Forward-looking\nstatements necessarily are dependent on assumptions, data or methods that may\nbe incorrect or imprecise. These forward-looking statements represent our\nintentions, plans, expectations and beliefs and are subject to numerous\nassumptions, risks and uncertainties. Many of the factors that will determine\nthese items are beyond our ability to control or predict. For further\ndiscussion of these factors see “Item 1A. Risk Factors” in our most recent\nAnnual Report on Form 10-K and, to the extent applicable, our Quarterly\nReports on Form 10-Q.\n\nFor these statements, we claim the protection of the safe harbor for\nforward-looking statements contained in the Private Securities Litigation\nReform Act of 1995. You are cautioned not to place undue reliance on our\nforward-looking statements, which speak only as of the date hereof or the date\nof any document incorporated by reference herein. All subsequent written and\noral forward-looking statements attributable to us or any person acting on our\nbehalf are expressly qualified in their entirety by the cautionary statements\ncontained or referred to in this section. Except as required by law, we do not\nundertake any obligation to release publicly any revisions to our\nforward-looking statements to reflect events or circumstances after the date\nhereof.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260729932004/en/\n(https://www.businesswire.com/news/home/20260729932004/en/)\n\nEPR Properties \n\nBrian Moriarty, 816-472-1700 \n\nwww.eprkc.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.eprkc.com&esheet=54579231&newsitemid=20260729932004&lan=en-US&anchor=www.eprkc.com&index=6&md5=238e608baec32ce32be56e21ccc5c614)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-07-29T20:15:01.76215472Z","server_sent_at_ms":1785356101762},"received_at":"2026-07-29T20:15:01.863Z","source_url":"https://www.businesswire.com/news/home/20260729932004/en/"},"analysis":{"id":"91687","press_release_id":"102671","analysis_json":{"industry":{"label":"Equity Real Estate Investment Trusts (REITs)","sector":"Real Estate"},"redFlags":[],"eventType":"earnings","narrative":"EPR Properties reported Q2 revenue of $196.1 million, up 10.1% year-over-year, with FFOAA per share increasing 12.7% to $1.42 and AFFO per share rising 15.3% to $1.43.\n\nThe company raised its 2026 FFOAA guidance to a range of $5.41 to $5.57 from $5.37 to $5.53, citing $440.8 million in Q2 investment spending that included the acquisition of a Seven Flags attraction portfolio.\n\nEPR also entered into a new $1.6 billion amended credit agreement that extends maturities to 2030 and introduces a new $600 million delayed draw term loan, while declaring a 5.1% increase to its annualized dividend.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Beat-and-raise quarter for EPR with strong FFOAA growth and enhanced liquidity via a new $1.6B credit facility."},"keyFigures":{"eps":0.79,"revenue":196079000,"guidance":"FFOAA per share $5.41 to $5.57 (raised from $5.37 to $5.53); Investment spending $600.0M to $700.0M (raised from $500.0M to $600.0M)","revenueYoy":"10.1%","customDimensions":{"atm_proceeds":23400000,"affo_per_share":1.43,"ffoaa_per_share":1.42,"annualized_dividend":"$3.72","credit_facility_size":"$1.6 billion","investment_spending_q2":440800000}},"quotedText":"The second quarter marked a significant step forward in executing our growth strategy with the closing of our previously announced acquisition of the Six Flags portfolio of seven properties, as well as additional investments in attraction and fitness and wellness properties","namedEntities":{"people":[{"name":"Greg Silvers","role":"Chairman and CEO"}],"products":[],"companies":[{"name":"Six Flags Entertainment Corporation","relationship":"acquisition target"}],"dollarAmounts":[{"amount":"$196,079","context":"Q2 2026 total revenue"},{"amount":"$440.8 million","context":"Q2 2026 investment spending"},{"amount":"$304.4 million","context":"acquisition of seven attraction properties from Six Flags"},{"amount":"$23.4 million","context":"initial gross sales proceeds under ATM program"},{"amount":"$59.70","context":"average forward price per share under ATM program"},{"amount":"$1.6 billion","context":"new credit agreement"},{"amount":"$600.0 million","context":"unsecured delayed draw term loan facility"},{"amount":"$0.93","context":"monthly dividend per common share"},{"amount":"$3.72","context":"annualized dividend per common share"}]},"materialImpact":{"score":4,"reasoning":"Strong operational performance with FFOAA and AFFO per share growing 13.9% and 16.6% YoY respectively, alongside a meaningful raise to full-year earnings and investment guidance. Additionally, the company secured a new $1.6 billion credit agreement extending liquidity."},"tickerRelevance":{"others":[],"primary":"EPR"},"globalImportance":35,"audienceRelevance":30,"eventTypeSecondary":["debt_offering"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"earnings_with_guidance_raise","sectorWeight":"REITs"}},"event_type":"earnings","event_type_secondary":["debt_offering"],"sentiment":"bullish","material_impact_score":4,"narrative":"EPR Properties reported Q2 revenue of $196.1 million, up 10.1% year-over-year, with FFOAA per share increasing 12.7% to $1.42 and AFFO per share rising 15.3% to $1.43.\n\nThe company raised its 2026 FFOAA guidance to a range of $5.41 to $5.57 from $5.37 to $5.53, citing $440.8 million in Q2 investment spending that included the acquisition of a Seven Flags attraction portfolio.\n\nEPR also entered into a new $1.6 billion amended credit agreement that extends maturities to 2030 and introduces a new $600 million delayed draw term loan, while declaring a 5.1% increase to its annualized dividend.","key_figures":{"eps":0.79,"revenue":196079000,"guidance":"FFOAA per share $5.41 to $5.57 (raised from $5.37 to $5.53); Investment spending $600.0M to $700.0M (raised from $500.0M to $600.0M)","revenueYoy":"10.1%","customDimensions":{"atm_proceeds":23400000,"affo_per_share":1.43,"ffoaa_per_share":1.42,"annualized_dividend":"$3.72","credit_facility_size":"$1.6 billion","investment_spending_q2":440800000}},"named_entities":{"people":[{"name":"Greg Silvers","role":"Chairman and CEO"}],"products":[],"companies":[{"name":"Six Flags Entertainment Corporation","relationship":"acquisition target"}],"dollarAmounts":[{"amount":"$196,079","context":"Q2 2026 total revenue"},{"amount":"$440.8 million","context":"Q2 2026 investment spending"},{"amount":"$304.4 million","context":"acquisition of seven attraction properties from Six Flags"},{"amount":"$23.4 million","context":"initial gross sales proceeds under ATM program"},{"amount":"$59.70","context":"average forward price per share under ATM program"},{"amount":"$1.6 billion","context":"new credit agreement"},{"amount":"$600.0 million","context":"unsecured delayed draw term loan facility"},{"amount":"$0.93","context":"monthly dividend per common share"},{"amount":"$3.72","context":"annualized dividend per common share"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-07-30T00:41:51.875Z","global_importance":35,"audience_relevance":30,"importance_components":{"tickerTier":"mid-cap","eventGravity":"earnings_with_guidance_raise","sectorWeight":"REITs"}},"durationMs":343604,"modelName":"glm-4.7"}}