EPR Properties Reports Third Quarter 2025 Results

Updates 2025 GuidanceKANSAS CITY, Mo.--(BUSINESS WIRE)--EPR Properties (NYSE:EPR) today announced operating results for the third quarter ended September 30, 2025 (dollars in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 % Change 2025 2024 % Change Total revenue $ 182,306 $ 180,507 1.0 % $ 535,407 $ 520,834 2.8 % Net income available to common shareholders 60,554 40,618 49.1 % 189,928 136,357 39.3 % Net income available to common shareholders per diluted common share 0.79 0.53 49.1 % 2.48 1.80 37.8 % Funds From Operations as adjusted (FFOAA)(1) 106,377 100,382 6.0 % 295,438 279,620 5.7 % FFOAA per diluted common share (1) 1.37 1.30 5.4 % 3.81 3.64 4.7 % Adjusted Funds From Operations (AFFO)(1) 108,070 99,309 8.8 % 296,850 277,270 7.1 % AFFO per diluted common share (1) 1.39 1.29 7.8 % 3.83 3.61 6.1 % (1) A non-GAAP financial measure Third Quarter Company Headlines Executes on Investment Pipeline - During the third quarter of 2025, the Company's investment spending totaled $54.5 million, bringing year-to-date investment spending to $140.8 million. Additionally, the Company has committed approximately $100.0 million for experiential development and redevelopment projects, which is expected to be funded over the next 15 months, and has a strong pipeline of potential new investments. Capital Recycling - During the third quarter of 2025, the Company sold one vacant theatre property and one land parcel for total disposition proceeds of $19.3 million and recognized a net gain on sale of $4.6 million. Strong Liquidity Position - As of September 30, 2025, the Company had $13.7 million of cash on hand and $379.0 million outstanding on its $1.0 billion unsecured revolving credit facility. There are no scheduled debt maturities until August 2026. Updates 2025 Guidance - The Company is increasing FFOAA per diluted common share guidance for 2025 to a range of $5.05 to $5.13 from a range of $5.00 to $5.16, representing an increase of 4.5% at the midpoint over 2024. The Company is narrowing investment spending guidance for 2025 to a range of $225.0 million to $275.0 million from a range of $200.0 million to $300.0 million and increasing disposition proceeds guidance for 2025 to a range of $150.0 million to $160.0 million from a range of $130.0 million to $145.0 million. “We delivered solid third quarter results and are pleased to increase FFOAA per diluted common share earnings guidance for the year, demonstrating our continued momentum. We remain encouraged by the stability of our portfolio and the ongoing strength of the box office," stated Company Chairman and CEO Greg Silvers. "We have also made meaningful progress in positioning the Company for future expansion. Our disciplined deployment strategy and strong balance sheet are enabling us to expand our experiential properties, and we anticipate materially accelerating investment spending in 2026 as we focus on creating long-term shareholder value." Investment Update The Company's investment spending during the three months ended September 30, 2025 totaled $54.5 million, bringing the total investment spending for the nine months ended September 30, 2025 to $140.8 million. Investment spending for the quarter related primarily to mortgage financing of approximately $20.0 million secured by a fitness and wellness property in Winnipeg, Canada. The remaining investment spending for the quarter was primarily related to experiential build-to-suit development and redevelopment projects. As of September 30, 2025, the Company has committed approximately $100.0 million in additional spending for experiential development and redevelopment projects, which is expected to be funded over the next 15 months. Capital Recycling During the third quarter of 2025, the Company sold one vacant theatre property and one land parcel for net proceeds totaling $19.3 million and recognized a gain of $4.6 million. Disposition proceeds totaled $133.8 million for the nine months ended September 30, 2025. Strong Liquidity Position The Company remains focused on maintaining strong liquidity and financial flexibility. At September 30, 2025, the Company had $13.7 million of cash on hand and $379.0 million outstanding on its $1.0 billion unsecured revolving credit facility. There are no scheduled debt maturities until August 2026. Portfolio Update The Company's total assets were $5.5 billion (after accumulated depreciation of approximately $1.7 billion) and total investments (a non-GAAP financial measure) were $6.9 billion at September 30, 2025, with Experiential investments totaling $6.5 billion, or 94%, and Education investments totaling $0.4 billion, or 6%. The Company's Experiential portfolio (excluding property under development, undeveloped land inventory and two joint venture properties) consisted of the following property types (owned or financed) at September 30, 2025: 150 theatre properties; 59 eat & play properties (including seven theatres located in entertainment districts); 25 attraction properties; 11 ski properties; four experiential lodging properties; 24 fitness & wellness properties; one gaming property; and one cultural property. As of September 30, 2025, the Company's wholly-owned Experiential portfolio consisted of approximately 18.5 million square feet, was 99% leased or operated and included a total of $67.4 million in property under development and $20.2 million in undeveloped land inventory. The Company's Education portfolio consisted of the following property types (owned or financed) at September 30, 2025: 46 early childhood education center properties; and nine private school properties. As of September 30, 2025, the Company's wholly-owned Education portfolio consisted of approximately 1.1 million square feet and was 100% leased. The combined wholly-owned portfolio consisted of 19.6 million square feet and was 99% leased or operated. Dividend Information The Company's Board of Trustees declared its monthly cash dividends during the third quarter of 2025 totaling $0.885 per share, which represents an annualized dividend of $3.54 per common share, an increase of 3.5% over the prior year's annualized dividend (based upon the monthly dividend at the end of the prior year). Additionally, the Company declared its regular quarterly dividends to preferred shareholders of $0.359375 per share on both the Company's 5.75% Series C cumulative convertible preferred shares and Series G cumulative redeemable preferred shares and $0.5625 per share on its 9.00% Series E cumulative convertible preferred shares, payable October 15, 2025 to shareholders of record as of September 30, 2025. 2025 Guidance (Dollars in millions, except per share data): Current Prior Net income available to common shareholders per diluted common share $ 3.14 to $ 3.22 $ 3.20 to $ 3.36 FFOAA per diluted common share $ 5.05 to $ 5.13 $ 5.00 to $ 5.16 Investment spending $ 225.0 to $ 275.0 $ 200.0 to $ 300.0 Disposition proceeds $ 150.0 to $ 160.0 $ 130.0 to $ 145.0 The Company is increasing FFOAA per diluted common share guidance to a range of $5.05 to $5.13 from a range of $5.00 to $5.16, representing an increase of 4.5% at the midpoint over 2024. The 2025 guidance for FFOAA per diluted common share is based on an FFO per diluted common share range of $4.87 to $4.95 adjusted for retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, and deferred income tax benefit. FFO per diluted common share for 2025 is based on a net income available to common shareholders per diluted common share range of $3.14 to $3.22 plus estimated real estate depreciation and amortization of $2.19 and allocated share of joint venture depreciation of $0.05, less estimated gain on sale of real estate and early ground lease termination of $0.45 and the impact of Series C and Series E dilution of $0.06 (in accordance with the NAREIT definition of FFO). Additional earnings guidance detail can be found on page 23 in the Company's supplemental information package available in the Investor Center of the Company's website located at https://investors.eprkc.com/earnings-supplementals. 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EPR Properties Reports Third Quarter 2025 Results

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