Financial Analysis

Other Commitments and Contingencies As of December 31, 2025, the Company had 14 development projects with commitments to fund an aggregate of approximately $53.7 million. The Company advances development costs in periodic draws. If the Company determines that construction is not bein g completed or progressing in accordance with the terms of the development agreement, it can discontinue funding construction draws. The Company has agreed to lease the properties to the operators at predetermined rates upon completion of construction. The Company has certain commitments related to its mortgage notes and notes receivable investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of specified events outside of its direct control. As of December 31, 2025 , the Company h ad two mortgage notes with commitments totaling approximately $48.1 million. If commitments are funded in the future, the Company will charge interest at rates consistent with the existing investments.

CommitmentsAndContingenciesDisclosureTextBlock

"Equity Incentive Plans The Company issues equity awards under the 2016 Equity Incentive Plan, which may be in the form of restricted common shares, restricted share units, performance share units or other share-based awards. On May 6, 2025, the Company amended the 2016 Equity Incentive Plan by shareholder vote to increase the maximum number of authorized shares issuable under the plan from 3,950,000 to 5,950,000 shares. Additionally, the 2020 Long Term Incentive Plan (2020 LTIP) is a sub-plan under the Company's 2016 Equity Incentive Plan. Under the 2020 LTIP, the Company awards performance share units and restricted shares to the Company's executive officers. At December 31, 2025, ther e were 2,295,262 shares avail able for grant under the 2016 Equity Incentive Plan. Nonvested Shares A summary of the Companys nonvested share activity and related information is as follows: Number of shares Weighted avg. grant date fair value Weighted avg. life remaining Outstanding at December 31, 2024 614,614 $ 42.79 Granted 301,096 50.38 Vested (266,832) 43.43 Outstanding at December 31, 2025 648,878 $ 46.05 0.77 The holders of nonvested shares have voting rights and receive dividends from the date of grant. The fair value of the nonvested shares that veste d was $11.8 million , $13.7 million, an d $8.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. Expense recognized related to nonvested shares and included in ""General and administrative expense"" in the acco …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Fair Value Disclosures The Company has certain financial instruments that are required to be measured under the FASBs Fair Value Measurement guidance. The Company currently does not have any non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis. As a basis for considering market participant assumptions in fair value measurements, the FASBs Fair Value Measurement guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entitys own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs use quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entitys own assumptions, as there is little to no related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the enti …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"In addition to its lessor arrangements on its real estate investments, as of December 31, 2025 and 2024, the Company was lessee in 50 and 51 operating ground leases, respectively, as well as lessee in an operating lease of its executive office. The Company's tenants, who are generally subtenants under these ground leases, are responsible for paying the rent under these ground leases. As of December 31, 2025, rental revenue from one of the Company's tenants, who is also a subtenant under certain ground leases, is being recognized on a cash basis. In addition, two of the Company's ground leases do not currently have subtenants. In the event the tenant fails to pay the ground lease rent or if the property does not have sub-tenants, the Company is primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. As of December 31, 2025, the ground lease arrangements have remaining terms ranging fro m eight months to 17 years. Mo st of these leases include one or more options to renew. The Company assesses these options using a threshold of reasonably certain, which also includes an assessment of the term of the Company's tenants' leases. For leases where renewal is reasonably certain, those option periods are included within the lease term and also the measurement of the operating lease right-of-use asset and liability. The ground lease arrangements do not contain any residual value guarantees or any material restrictions. As of December 31, 20 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Debt Debt at December 31, 2025 and 2024 consists of the following (in thousands): 2025 2024 Senior unsecured notes payable, 4.50%, paid in full on April 1, 2025 (1) $ $ 300,000 Senior unsecured notes payable, 4.56%, due August 22, 2026 (2) 179,597 179,597 Senior unsecured notes payable, 4.75%, due December 15, 2026 (3) 450,000 450,000 Senior unsecured notes payable, 4.50%, due June 1, 2027 (3) 450,000 450,000 Senior unsecured notes payable, 4.95%, due April 15, 2028 (3) 400,000 400,000 Unsecured revolving variable rate credit facility, SOFR + 1.05%, due October 2, 2028 (4) 175,000 Senior unsecured notes payable, 3.75%, due August 15, 2029 (3) 500,000 500,000 Senior unsecured notes payable, 4.75%, due November 15, 2030 (3) (5) 550,000 Senior unsecured notes payable, 3.60%, due November 15, 2031 (3) 400,000 400,000 Bonds payable, variable rate, fixed at 2.53% through September 30, 2026, due August 1, 2047 (6) 24,995 24,995 Less: deferred financing costs, net (25,181) (19,134) Total $ 2,929,411 $ 2,860,458 (1) Upon maturity, on April 1, 2025, the Company repaid in full $300.0 million of senior unsecured notes using borrowings under its $1.0 billion senior unsecured revolving credit facility. (2) The amended Note Purchase Agreement, which governs the private placement notes, contains certain financial and other covenants that generally conform to the Company's unsecured revolving credit facility. (3) These notes contain various covenants, including: (i) a limitation on incurrenc …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Retirement of Executives During the year ended December 31, 2025, the Company's Executive Vice President and Chief Investment Officer, Greg Zimmerman, notified the Company of his intention to retire from his position in the first quarter of 2026. On February 23, 2026, he notified the Company that his retirement will be effective March 2, 2026. The role of Executive Vice President and Chief Investment Officer will be assumed by Ben Fox, who joined the Company in August of 2025. For the year ended December 31, 2025, the Company recorded retirement and severance expense related to Mr. Zimmerman's expected retirement totaling $3.0 million, which included cash payments totaling $0.8 million and accelerated vesting of nonvested shares totaling $2.2 million. On March 1, 2024, the Company's Executive Vice President, General Counsel and Secretary, Craig Evans, retired from the Company. Details of Mr. Evans' retirement are included in the previously disclosed Retirement and Release Agreement entered into between the Company and Mr. Evans. The role of General Counsel and Secretary was assumed by Paul Turvey upon Mr. Evans' retirement. For the year ended December 31, 2024, the Company recorded retirement and severance expense related to Mr. Evans' retirement, as well as the departure of another employee, totaling $1.8 million, which included cash payments totaling $0.2 million and accelerated vesting of nonvested shares totaling $1.6 million.

PensionAndOtherPostretirementBenefitsDisclosureTextBlock

Segment Information The Company groups its investments into two reportable segments: Experiential and Education. The financial information summarized below is presented by reportable segment (in thousands): Balance Sheet Data: As of December 31, 2025 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,241,639 $ 363,430 $ 94,693 $ 5,699,762 As of December 31, 2024 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,171,845 $ 409,801 $ 34,861 $ 5,616,507 Operating Data: For the Year Ended December 31, 2025 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 571,147 $ 37,458 $ $ 608,605 Other income 45,231 361 45,592 Mortgage and other financing income 63,869 291 64,160 Total revenue 680,247 37,749 361 718,357 Property operating expense 58,280 17 875 59,172 Other expense 45,756 45,756 Total investment expenses 104,036 17 875 104,928 Net operating income (loss) - before unallocated items 576,211 37,732 (514) 613,429 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (55,830) Retirement and severance expense (2,995) Transaction costs (2,199) (Provision) benefit for credit losses, net (8,477) Depreciation and amortization (169,160) Gain on sale of real estate and early ground lease termination 39,533 Interest expense, net (133,079) Equity in loss from joint ventures (3,790) Income tax expense (2,496) Net income 274,936 Preferred dividend requirements (2 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of EPR Properties and its subsidiaries, all of which are wholly owned. Variable Interest Entities The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The equity method of accounting is applied to joint ventures and other similar entities in which the Company is not the primary beneficiary as defined in the FASB ASC Topic on Consolidation (Topic 810), but can exercise influence over the entity with respect to its operations and major decisions. The Companys variable interest in VIEs currently are in the form of equity investments and loans provided by the Company to a VIE. The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. The primary beneficiary generally is defined as the party with the controlling financial interest. Consideration of various factors include, but are not limited to, the Companys ability to direct the activities that most significantly impact the entitys economic performance and its obligation to abso rb losses from or right to receive benefits of the VIE that could potentially be significant to t …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Other Commitments and Contingencies As of June 30, 2026, the Company had 24 development projects with commitments to fund an aggregate of approximately $46.4 million. The Company advances development costs in periodic draws. If the Company determines that construction is not being completed or progressing in accordance with the terms of the development agreement, it can discontinue funding construction draws. The Company has agreed to lease the properties to the operators at pre-determined rates upon completion of construction. The Company has certain commitments related to its mortgage notes investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of specified events outside of its direct control. As of June 30, 2026, the Company had two mortgage notes with commitments totaling approximately $46.2 million. If commitments are funded in the future, the Company will charge interest at rates consistent with the existing investments.

CommitmentsAndContingenciesDisclosureTextBlock

"Equity Incentive Plans The Company issues equity awards under the 2016 Equity Incentive Plan, which may be in the form of restricted common shares, restricted share units, performance share units or other share-based awards. Under the 2016 Equity Incentive Plan, an aggregate of 5,950,000 common shares may be granted. At June 30, 2026, there we re 1,650,862 shares available for issuance under the 2016 Equity Incentive Plan. Nonvested Shares A summary of the Companys nonvested share activity and related information is as follows: Number of shares Weighted avg. grant date fair value Weighted avg. life remaining Outstanding at December 31, 2025 648,878 $ 46.05 Granted 336,422 54.68 Vested (331,954) 45.24 Forfeited (3,008) 42.52 Outstanding at June 30, 2026 650,338 $ 50.95 1.36 The holders of nonvested shares have voting rights and receive dividends from the date of grant. The fair value of the nonvested shares that vested was $16.9 million and $11.8 million for the six months ended June 30, 2026 and 2025, respectively. Expense recognized related to nonvested shares and included in ""General and administrative expense"" in the accompanying consolidated statements of income and comprehensive income was $4.2 million and $3.9 million for the six months ended June 30, 2026 and 2025, respectively. Expense related to nonvested shares and included in retirement and severance expense in the accompanying consolidated statements of income and comprehensive income was $0.4 million for the s …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Fair Value Disclosures The Company has certain financial instruments that are required to be measured under the FASBs Fair Value Measurement guidance. The Company currently does not have any non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis. Derivative Financial Instruments The Company determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives also use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of June 30, 2026, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives and therefore, classified its derivatives as Level 2 within the fair value reporting hierarchy. Recurring fair value measurements The table below presents the Companys financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. Assets and Liabilities Measured at Fair Value on a Recurring Basis at June 30, 2026 and December 31, 2025 (Dollars in thousa …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Impact of Recently Issued Accounting Standards In November 2024, the FASB issued Accounting Standards Update (ASU) No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU requires entities to provide enhanced disclosures related to certain income statement costs and expenses in the notes to the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the Company's financial statements and related disclosures.

NewAccountingPronouncementsPolicyPolicyTextBlock

Retirement of Executive Vice President and Chief Investment OfficerOn March 2, 2026, the Company's Executive Vice President and Chief Investment Officer, Greg Zimmerman, retired from his position at the Company. The role of Executive Vice President and Chief Investment Officer has been assumed by Ben Fox, who joined the Company in August of 2025. During the six months ended June 30, 2026, the Company recorded retirement and severance expense related to Mr. Zimmerman's retirement totaling $1.4million, which included cash payments totaling $0.4million and accelerated vesting of nonvested shares totaling $1.0million. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Segment Information The Company groups its investments into two reportable operating segments: Experiential and Education. The Companys segment structure reflects the financial information and reports used by the Companys management team, specifically its chief operating decision maker (CODM), to make decisions regarding the Companys business, including resource allocation and performance assessments. The Companys CODM is its Chairman, President and Chief Executive Officer. The CODM uses Total Assets and Net Operating Income (NOI) before unallocated items by segment to assess and allocate resources. NOI is calculated as total revenue (consisting of rental revenue, other income and mortgage and other financing income) less property operating expense and other expense. The financial information summarized below is presented by reportable operating segment (in thousands): Balance Sheet Data: As of June 30, 2026 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,679,202 $ 356,698 $ 16,213 $ 6,052,113 As of December 31, 2025 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,241,639 $ 363,430 $ 94,693 $ 5,699,762 Operating Data: Three Months Ended June 30, 2026 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 160,647 $ 8,386 $ $ 169,033 Other income 11,633 131 11,764 Mortgage and other financing income 15,278 4 15,282 Total revenue 187,558 8,390 131 196,079 Property operating expense 15,093 273 15,366 Other …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Summary of Significant Accounting Policies and Recently Issued Accounting Standards Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the six-month period ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. Amounts as of December 31, 2025 have been derived from the audited Consolidated Financial Statements as of that date and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Co …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing