EPR PROPERTIES Business Summary

EPR Properties (NYSE: EPR) is a specialized real estate investment trust (REIT) that generates revenue through long-term, triple-net leases within the "experiential" real estate sector. The company’s approximately $7.0 billion portfolio is strategically segmented into Experiential assets—accounting for roughly 94% of total investments across movie theaters, "eat & play" venues (including Topgolf), ski resorts, and attractions—and an Education segment comprising early childhood centers and private schools, which is currently being divested to streamline focus on leisure properties. EPR operates as a niche leader in the experiential net-lease market, positioning itself against diversified REIT giants such as VICI Properties, Realty Income Corporation, and Essential Properties Realty Trust (EPRT). Unlike its broader competitors, EPR maintains a high-density focus on out-of-home entertainment venues, leveraging specialized underwriting to capture demand for discretionary consumer experiences. Founded in 1997 by David Brain and former AMC Entertainment executive Peter Brown, EPR is currently led by Chairman and CEO Gregory K. Silvers and EVP/CFO Mark A. Peterson. As of March 1, 2026, the executive team includes EVP and Chief Investment Officer Gregory E. Zimmerman, who is slated to retire on March 2, 2026, with Benjamin N. Fox designated as his successor. The company’s Board of Trustees includes high-profile industry figures such as Peter C. Brown (Grassmere Partners), John Peter Suarez (Brixmor Property Group), and William P. Brown (Marriott International). EPR’s ownership structure is dominated by major institutional investors, including The Vanguard Group, BlackRock, and State Street, which collectively support the firm’s strategy of maintaining a conservative capital structure while pursuing an expanded 2026 investment pipeline in experiential verticals like fitness, wellness, and golf.