Form 8-K

8-K — EPR PROPERTIES

Accession: 0001045450-26-000022

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001045450

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — epr-20260506.htm (Primary)

EX-99.1 — PRESS RELEASE (ex991-eprx3312026earningsr.htm)

EX-99.2 — EARNINGS RELEASE PRESENTATION (q12026earningscallpresen.htm)

EX-99.3 — SUPPLEMENTAL OPERATING AND FINANCIAL DATA (ex993-eprx3312026supplemen.htm)

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8-K

8-K (Primary)

Filename: epr-20260506.htm · Sequence: 1

epr-20260506

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026

EPR Properties

(Exact name of registrant as specified in its charter)

Maryland 001-13561 43-1790877

(State or other jurisdiction of

incorporation) (Commission

File Number) (I.R.S. Employer

Identification No.)

909 Walnut Street, Suite 200

Kansas City, Missouri 64106

(Address of principal executive offices) (Zip Code)

(816) 472-1700

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol(s) Name of each exchange on which registered

Common shares, par value $0.01 per share EPR New York Stock Exchange

5.75% Series C cumulative convertible preferred shares, par value $0.01 per share EPR PrC New York Stock Exchange

9.00% Series E cumulative convertible preferred shares, par value $0.01 per share EPR PrE New York Stock Exchange

5.75% Series G cumulative redeemable preferred shares, par value $0.01 per share EPR PrG New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On May 6, 2026, EPR Properties (the "Company") announced its results of operations and financial condition for the first quarter ended March 31, 2026. The public announcement was made by means of a press release, the text of which is set forth in Exhibit 99.1 hereto and is hereby incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

In addition, on May 6, 2026, the Company made available on its website an investor slide presentation and supplemental operating and financial data for the first quarter ended March 31, 2026, the text of which are set forth in Exhibits 99.2 and 99.3 hereto, respectively, and are hereby incorporated by reference herein.

The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, is being “furnished” and shall not be deemed “filed” for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.

Exhibit

No. Description

99.1

Press Release dated May 6, 2026 issued by EPR Properties announcing its results of operations and financial condition for the first quarter ended March 31, 2026.

99.2

Investor slide presentation for the first quarter ended March 31, 2026, made available by EPR Properties on May 6, 2026.

99.3

Supplemental Operating and Financial Data for the first quarter ended March 31, 2026, made available by EPR Properties on May 6, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EPR PROPERTIES

By: /s/ Mark A. Peterson

Mark A. Peterson

Executive Vice President, Treasurer and Chief Financial

Officer

Date: May 6, 2026

EX-99.1 — PRESS RELEASE

EX-99.1

Filename: ex991-eprx3312026earningsr.htm · Sequence: 2

Document

Exhibit 99.1

EPR Properties Reports First Quarter 2026 Results

Increases 2026 Earnings and Investment Spending Guidance

Kansas City, MO, May 6, 2026 -- EPR Properties (NYSE:EPR) today announced operating results for the first quarter ended March 31, 2026 (dollars in thousands, except per share data):

Three Months Ended March 31,

2026 2025 % Change

Total revenue $ 181,252 $ 175,033 3.6 %

Net income available to common shareholders 56,578 59,771 (5.3) %

Net income available to common shareholders per diluted common share 0.74 0.78 (5.1) %

Funds From Operations as adjusted (FFOAA)(1) 97,577 91,740 6.4 %

FFOAA per diluted common share (1) 1.26 1.19 5.9 %

Adjusted Funds From Operations (AFFO)(1) 100,131 92,946 7.7 %

AFFO per diluted common share (1) 1.29 1.21 6.6 %

(1) A non-GAAP financial measure

First Quarter Company Headlines

•Strong Funds from Operations Growth - For the first quarter of 2026, FFOAA per diluted common share and AFFO per diluted common share increased by 5.9% and 6.6%, respectively, compared to the first quarter of 2025.

•Executes on Investment Pipeline - During the first quarter of 2026, the Company's investment spending totaled $51.3 million. Subsequent to quarter-end, the Company completed the acquisition of six attraction properties as part of its previously announced acquisition of a portfolio of seven attraction properties from Six Flags Entertainment Corporation. These six properties comprise the substantial majority of the Company's $315.0 million portfolio investment.

•Enters Into Forward Sales Agreement Under Its ATM Program - During the first quarter of 2026, the Company entered into a forward sales agreement pursuant to its ATM Program to sell 797,422 common shares for initial gross sales proceeds of $47.5 million upon settlement, or an average sale price of $59.52 per share, subject to adjustment. As of March 31, 2026, the Company had $68.5 million of cash on hand (exclusive of the proceeds anticipated from settling the forward sales agreement) and no outstanding balance on its $1.0 billion unsecured revolving credit facility.

•Increases Monthly Common Share Dividend - As previously announced, the Company increased its monthly common share dividend by 5.1% to $0.31 per share starting with the dividend paid on April 15, 2026 to common shareholders of record as of March 31, 2026.

•Increases 2026 Guidance - The Company is increasing FFOAA per diluted common share guidance for 2026 to a range of $5.37 to $5.53 from a range of $5.28 to $5.48, representing an increase of 6.5% at the midpoint over 2025. The Company is also increasing investment spending guidance for 2026 to a range of $500.0 million to $600.0 million from a range of $400.0 million to $500.0 million and increasing disposition proceeds guidance to a range of $50.0 million to $100.0 million from a range of $25.0 million to $75.0 million.

“We are pleased with our first quarter results, including strong earnings growth and the momentum we have established in executing our growth strategy," stated Company Chairman and CEO Greg Silvers. "We deployed over $50 million during the quarter, and subsequent to quarter-end

completed the acquisition of six high-quality regional parks with strong fundamentals and compelling long-term value creation potential. We have visibility to attractive opportunities across our target property types, and a balance sheet which provides the capacity to execute on our growth objectives. We are increasing both our earnings and investment spending guidance for the year, which reflects our confidence in the quality of our portfolio, the strength of our pipeline and our ability to continue creating long-term shareholder value."

Investment Update

The Company's investment spending during the three months ended March 31, 2026 totaled $51.3 million and included the acquisition of a fitness & wellness property in New York for $34.5 million. The remaining investment spending for the quarter related to experiential build-to-suit development and redevelopment projects.

As of March 31, 2026, the Company expects approximately $71.0 million in additional investment spending for existing experiential development and redevelopment projects, with substantially all expected to be funded in 2026. The Company also has a strong pipeline of potential new investments.

Subsequent to quarter-end, the Company completed the acquisition of six U.S. attraction properties as part of its previously announced acquisition of a portfolio of seven attraction properties from Six Flags Entertainment Corporation. These six U.S. properties comprise the substantial majority of the Company's $315.0 million portfolio investment. The remaining property, La Ronde in Montreal, Quebec, is expected to close in the second quarter of 2026, subject to satisfaction or waiver of customary closing conditions. Enchanted Parks will operate the six U.S. properties under a long-term triple-net master lease, and La Ronde Operations, Inc., is expected to operate La Ronde under a long-term triple-net lease.

During the first quarter of 2026, the Company exercised its purchase option to convert a $70.0 million mortgage note receivable secured by an experiential lodging property in Tennessee into a wholly-owned rental property subject to a long-term triple-net lease. In connection with this conversion, the Company recognized a gain on real estate transactions of approximately $1.0 million and a benefit for credit losses of approximately $1.3 million.

Capital Markets Activity

During the three months ended March 31, 2026, the Company entered into a forward sales agreement pursuant to its "at-the-market" offering program ("ATM Program") to sell an aggregate of 797,422 common shares for initial gross proceeds of $47.5 million upon settlement, or an average forward price of $59.52 per share, subject to adjustment. The Company has the option to settle the outstanding common shares any time before the maturity of the forward sales agreement on March 1, 2027, subject to customary closing conditions, for the initial gross proceeds as adjusted for payment of commissions and applicable dividends as well as daily adjustment based on the overnight bank borrowing rate less a spread. As of March 31, 2026, the Company has approximately $352.5 million of remaining capacity under its existing ATM Program.

Strong Liquidity Position

The Company remains focused on maintaining strong liquidity and financial flexibility. At March 31, 2026, the Company had $68.5 million of cash on hand and no outstanding balance 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 $5.7 billion (after accumulated depreciation of approximately $1.8 billion) and total investments (a non-GAAP financial measure) were $7.1 billion at March 31, 2026, with Experiential investments totaling $6.7 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 March 31, 2026:

•148 theatre properties;

•61 eat & play properties (including seven theatres located in entertainment districts);

•26 attraction properties;

•11 ski properties;

•four experiential lodging properties;

•28 fitness & wellness properties;

•one gaming property; and

•one cultural property.

As of March 31, 2026, the Company's wholly-owned Experiential portfolio consisted of approximately 19.2 million square feet, was 99% leased or operated and included a total of $23.4 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 March 31, 2026:

•46 early childhood education center properties; and

•nine private school properties.

As of March 31, 2026, 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 20.3 million square feet and was 99% leased or operated.

Dividend Information

The Company's Board of Trustees declared its monthly cash dividend to common shareholders of $0.31 per share payable April 15, 2026 to shareholders of record as of March 31, 2026. This dividend represents an annualized dividend of $3.72 per common share, an increase of 5.1% 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 April 15, 2026 to shareholders of record as of March 31, 2026.

2026 Guidance

(Dollars in millions, except per share data):

Current Prior

Net income available to common shareholders per diluted common share $ 3.03 to $ 3.19 $ 2.89 to $ 3.09

FFOAA per diluted common share 5.37 to 5.53 5.28 to 5.48

Investment spending 500.0 to 600.0 400.0 to 500.0

Disposition proceeds 50.0 to 100.0 25.0 to 75.0

The Company is increasing its 2026 earnings guidance for FFOAA per diluted common share to a range of $5.37 to $5.53 from a range of $5.28 to $5.48, representing an increase of 6.5% at the midpoint over 2025. The 2026 guidance for FFOAA per diluted common share is based on an FFO per diluted common share range of $5.41 to $5.57 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 2026 is based on a net income available to common shareholders per diluted common share range of $3.03 to $3.19 plus estimated real estate depreciation and

amortization of $2.49 and allocated share of joint venture depreciation of $0.05, less estimated gain on real estate transactions of $0.08 and the impact of Series C and Series E dilution of $0.08 (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.

Conference Call Information

Management will host a conference call to discuss the Company's financial results on May 7, 2026 at 8:30 a.m. Eastern Time. The call may also include discussion of Company developments and forward-looking and other material information about business and financial matters. The conference will be webcast and can be accessed via the Webcasts page in the Investor Center on the Company's website located at https://investors.eprkc.com/webcasts. It is recommended that you join 10 minutes prior to the start of the event (although you may register and join the webcast at any time during the call).

You may watch a replay of the webcast by visiting the Webcasts page at https://investors.eprkc.com/webcasts.

Quarterly Supplemental

The Company's supplemental information package for the first quarter ended March 31, 2026 is available in the Investor Center on the Company's website located at https://investors.eprkc.com/earnings-supplementals.

EPR Properties

Consolidated Statements of Income

(Unaudited, dollars in thousands except per share data)

Three Months Ended March 31,

2026 2025

Rental revenue $ 155,185 $ 146,359

Other income 10,070 11,636

Mortgage and other financing income 15,997 17,038

Total revenue 181,252 175,033

Property operating expense 15,353 15,171

Other expense 10,989 12,611

General and administrative expense 14,242 14,024

Retirement and severance expense 1,423 —

Transaction costs 293 567

Provision (benefit) for credit losses, net (5,597) (652)

Depreciation and amortization 44,957 41,089

Total operating expenses 81,660 82,810

Gain on real estate transactions 1,027 9,384

Income from operations 100,619 101,607

Interest expense, net 34,763 33,021

Equity in loss from joint ventures 2,632 2,647

Income before income taxes 63,224 65,939

Income tax expense 614 136

Net income $ 62,610 $ 65,803

Preferred dividend requirements 6,032 6,032

Net income available to common shareholders of EPR Properties $ 56,578 $ 59,771

Net income available to common shareholders of EPR Properties per share:

Basic $ 0.74 $ 0.79

Diluted $ 0.74 $ 0.78

Shares used for computation (in thousands):

Basic 76,326 75,804

Diluted 76,573 76,215

EPR Properties

Condensed Consolidated Balance Sheets

(Unaudited, dollars in thousands)

March 31, 2026 December 31, 2025

Assets

Real estate investments, net of accumulated depreciation of $1,756,760 and $1,714,886 at March 31, 2026 and December 31, 2025, respectively

$ 4,589,678 $ 4,494,259

Land held for development 20,168 20,168

Property under development 23,377 54,905

Operating lease right-of-use assets 166,646 170,755

Mortgage notes and related accrued interest receivable, net of allowance for credit losses of $10,704 and $15,929 at March 31, 2026 and December 31, 2025, respectively

614,759 679,254

Investment in joint ventures 9,684 12,316

Cash and cash equivalents 68,465 90,577

Restricted cash 6,091 8,071

Accounts receivable 101,230 97,855

Other assets 82,714 71,602

Total assets $ 5,682,812 $ 5,699,762

Liabilities and Equity

Accounts payable and accrued liabilities $ 100,697 $ 99,392

Operating lease liabilities 200,118 204,747

Dividends payable 29,749 28,495

Unearned rents and interest 104,701 108,546

Debt 2,931,377 2,929,411

Total liabilities 3,366,642 3,370,591

Total equity $ 2,316,170 $ 2,329,171

Total liabilities and equity $ 5,682,812 $ 5,699,762

Non-GAAP Financial Measures

Funds From Operations (FFO), Funds From Operations As Adjusted (FFOAA) and Adjusted Funds From Operations (AFFO)

The National Association of Real Estate Investment Trusts (NAREIT) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. Pursuant to the definition of FFO by the Board of Governors of NAREIT, the Company calculates FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses on real estate transactions and impairment losses on real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. The Company has calculated FFO for all periods presented in accordance with this definition.

In addition to FFO, the Company presents FFOAA and AFFO. FFOAA is presented by adding to FFO retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, costs associated with loan refinancing or payoff, preferred share redemption costs and impairment of operating lease right-of-use assets and subtracting sale participation income, gain on insurance recovery and deferred income tax (benefit) expense. AFFO is presented by adding to FFOAA non-real estate depreciation and amortization, deferred financing fees amortization and share-based compensation expense to management and Trustees; and subtracting amortization of above and below market leases, net and tenant allowances, maintenance capital expenditures (including second-generation tenant improvements and leasing commissions), straight-lined rental revenue (removing the impact of straight-lined ground sublease expense), the non-cash portion of mortgage and other financing income and the allocated share of joint venture non-cash items.

FFO, FFOAA and AFFO are widely used measures of the operating performance of real estate companies and are provided here as supplemental measures to GAAP net income available to common shareholders and earnings per share, and management provides FFO, FFOAA and AFFO herein because it believes this information is useful to investors in this regard. FFO, FFOAA and AFFO are non-GAAP financial measures. FFO, FFOAA and AFFO do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered alternatives to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO, FFOAA and AFFO the same way so comparisons with other REITs may not be meaningful.

The following table summarizes FFO, FFOAA and AFFO, including per share amounts for FFO and FFOAA, for the three months ended March 31, 2026 and 2025 and reconciles such measures to net income available to common shareholders, the most directly comparable GAAP measure:

EPR Properties

Reconciliation of Non-GAAP Financial Measures

(Unaudited, dollars in thousands except per share data)

Three Months Ended March 31,

2026 2025

FFO:

Net income available to common shareholders of EPR Properties $ 56,578 $ 59,771

Gain on real estate transactions (1,027) (9,384)

Real estate depreciation and amortization 44,797 40,932

Allocated share of joint venture depreciation 996 1,036

FFO available to common shareholders of EPR Properties $ 101,344 $ 92,355

Add: Preferred dividends for Series C preferred shares 1,938 1,938

Add: Preferred dividends for Series E preferred shares 1,938 1,938

Diluted FFO available to common shareholders of EPR Properties $ 105,220 $ 96,231

FFOAA:

FFO available to common shareholders of EPR Properties $ 101,344 $ 92,355

Retirement and severance expense 1,423 —

Transaction costs 293 567

Provision (benefit) for credit losses, net (5,597) (652)

Deferred income tax expense (benefit) 114 (530)

FFOAA available to common shareholders of EPR Properties $ 97,577 $ 91,740

Add: Preferred dividends for Series C preferred shares 1,938 1,938

Add: Preferred dividends for Series E preferred shares 1,938 1,938

Diluted FFOAA available to common shareholders of EPR Properties $ 101,453 $ 95,616

AFFO:

FFOAA available to common shareholders of EPR Properties $ 97,577 $ 91,740

Non-real estate depreciation and amortization 160 157

Deferred financing fees amortization 2,672 2,206

Share-based compensation expense to management and trustees 4,099 3,867

Amortization of above and below market leases, net and tenant allowances (81) (81)

Maintenance capital expenditures (1) (211) (1,251)

Straight-lined rental revenue (3,490) (3,397)

Straight-lined ground sublease expense (49) 2

Non-cash portion of mortgage and other financing income (546) (297)

AFFO available to common shareholders of EPR Properties $ 100,131 $ 92,946

Add: Preferred dividends for Series C preferred shares 1,938 1,938

Add: Preferred dividends for Series E preferred shares 1,938 1,938

Diluted AFFO available to common shareholders of EPR Properties $ 104,007 $ 96,822

Three Months Ended March 31,

2026 2025

FFO per common share:

Basic $ 1.33 $ 1.22

Diluted 1.31 1.20

FFOAA per common share:

Basic $ 1.28 $ 1.21

Diluted 1.26 1.19

AFFO per common share:

Basic $ 1.31 $ 1.23

Diluted 1.29 1.21

Shares used for computation (in thousands):

Basic 76,326 75,804

Diluted 76,573 76,215

Weighted average shares outstanding-diluted EPS 76,573 76,215

Effect of dilutive Series C preferred shares 2,371 2,336

Effect of dilutive Series E preferred shares 1,672 1,665

Adjusted weighted average shares outstanding-diluted Series C and Series E 80,616 80,216

Other financial information:

Dividends per common share $ 0.900 $ 0.865

(1) Includes maintenance capital expenditures and certain second-generation tenant improvements and leasing commissions.

The conversion of the 5.75% Series C cumulative convertible preferred shares and the 9.00% Series E cumulative convertible preferred shares would be dilutive to FFO, FFOAA and AFFO per share for the three months ended March 31, 2026 and 2025. Therefore, the additional common shares that would result from the conversion and the corresponding add-back of the preferred dividends declared on those shares are included in the calculation of diluted FFO, FFOAA and AFFO per share for those periods.

Net Debt and Proforma Net Debt

Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced for cash and cash equivalents. By excluding deferred financing costs, net, and reducing debt for cash and cash equivalents on hand, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. Proforma Net Debt is presented by subtracting the estimated net proceeds from forward sales agreements under the Company's ATM Program from Net Debt. The Company believes both of these calculations constitute beneficial supplemental non-GAAP financial disclosures to investors in understanding our financial condition. The Company's method of calculating Net Debt and Proforma Net Debt may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Gross Assets

Gross Assets represents total assets (reported in accordance with GAAP) adjusted to exclude accumulated depreciation and reduced by cash and cash equivalents. By excluding accumulated depreciation and reducing cash and cash equivalents, the result provides an estimate of the investment made by the Company. The Company believes that investors commonly use versions of this calculation in a similar manner. The Company's method of calculating Gross Assets may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Net Debt to Gross Assets Ratio and Proforma Net Debt to Gross Assets Ratio

Net Debt to Gross Assets Ratio and Proforma Net Debt to Gross Assets Ratio are supplemental measures derived from non-GAAP financial measures that the Company uses to evaluate capital structure and the magnitude of debt to gross assets. The Company believes that investors commonly use versions of these ratios in similar manners. The Company's method of calculating the Net Debt to Gross Assets Ratio and Proforma Net Debt to Gross Assets Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

EBITDAre

NAREIT developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income, computed in accordance with GAAP, excluding interest expense (net), income tax (benefit) expense, depreciation and amortization, gains and losses on real estate transactions, impairment losses on real estate, costs associated with loan refinancing or payoff and adjustments for unconsolidated partnerships, joint ventures and other affiliates.

Management provides EBITDAre herein because it believes this information is useful to investors as a supplemental performance measure because it can help facilitate comparisons of operating performance between periods and with other REITs. The Company's method of calculating EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDAre is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

Adjusted EBITDAre

The Company's method of calculating Adjusted EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Adjusted EBITDAre is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered as an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

Net Debt to Adjusted EBITDAre Ratio and Proforma Net Debt to Adjusted EBITDAre Ratio

Net Debt to Adjusted EBITDAre Ratio and Proforma Net Debt to Adjusted EBITDAre Ratio are supplemental measures derived from non-GAAP financial measures that the Company uses to evaluate our capital structure and the magnitude of our debt against our operating performance. The Company believes that investors commonly use versions of these ratios in similar manners. In addition, financial institutions use versions of these ratios in connection with debt agreements to set pricing and covenant limitations. The Company's method of calculating the Net Debt to Adjusted EBITDAre Ratio and Proforma Net Debt to Adjusted EBITDAre Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Reconciliations of debt, total assets and net income (all reported in accordance with GAAP) to Net Debt, Proforma Net Debt, Gross Assets, Net Debt to Gross Assets Ratio, Proforma Net Debt to

Gross Assets Ratio, EBITDAre, Adjusted EBITDAre, Net Debt to Adjusted EBITDAre Ratio and Proforma Net Debt to Adjusted EBITDAre Ratio (each of which is a non-GAAP financial measure), as applicable, are included in the following tables (unaudited, in thousands except ratios):

March 31,

2026 2025

Net Debt:

Debt $ 2,931,377 $ 2,791,962

Deferred financing costs, net 23,215 17,630

Cash and cash equivalents (68,465) (20,572)

Net Debt $ 2,886,127 $ 2,789,020

Proforma Net Debt:

Net Debt $ 2,886,127 $ 2,789,020

Estimated net proceeds from forward sales agreements (1) (46,855) —

Proforma Net Debt $ 2,839,272 $ 2,789,020

Gross Assets:

Total Assets $ 5,682,812 $ 5,532,549

Accumulated depreciation 1,756,760 1,595,820

Cash and cash equivalents (68,465) (20,572)

Gross Assets $ 7,371,107 $ 7,107,797

Debt to Total Assets Ratio 52 % 50 %

Net Debt to Gross Assets Ratio 39 % 39 %

Proforma Net Debt to Gross Assets Ratio 39 % 39 %

Three Months Ended March 31,

2026 2025

EBITDAre and Adjusted EBITDAre:

Net income $ 62,610 $ 65,803

Interest expense, net 34,763 33,021

Income tax expense 614 136

Depreciation and amortization 44,957 41,089

Gain on real estate transactions (1,027) (9,384)

Allocated share of joint venture depreciation 996 1,036

Allocated share of joint venture interest expense 503 375

EBITDAre $ 143,416 $ 132,076

Retirement and severance expense 1,423 —

Transaction costs 293 567

Provision (benefit) for credit losses, net (5,597) (652)

Adjusted EBITDAre (for the quarter) $ 139,535 $ 131,991

Adjusted EBITDAre (annualized) (2) $ 558,140 $ 527,964

Net Debt/Adjusted EBITDAre Ratio 5.2 5.3

Proforma Net Debt/Adjusted EBITDAre Ratio 5.1 5.3

(1) Represents proforma adjustment for estimated net proceeds from forward sales agreements that have not settled as if they have been physically settled for cash as of the date presented. Settlement of these shares is subject to customary closing conditions, and actual net proceeds will be net of costs and certain adjustments calculated on the settlement date.

(2) Adjusted EBITDA for the quarter is multiplied by four to calculate an annualized amount but does not include the annualization of investments put in service, acquired or disposed of during the quarter, as well as the potential earnings on property under development, the annualization of percentage rent and participating interest and adjustments for other items. See detailed calculation and reconciliation of Annualized Adjusted EBITDAre and Net Debt/Annualized EBITDAre ratio that includes these adjustments in the Company's Supplemental Operating and Financial Data for the quarter ended March 31, 2026.

Total Investments

Total investments is a non-GAAP financial measure defined as the sum of the carrying values of real estate investments (before accumulated depreciation), land held for development, property under development, mortgage notes receivable and related accrued interest receivable, net, investment in joint ventures, intangible assets, gross (before accumulated amortization and included in other assets) and notes receivable and related accrued interest receivable, net (included in other assets). Total investments is a useful measure for management and investors as it illustrates across which asset categories the Company's funds have been invested. Our method of calculating total investments may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. A reconciliation of total assets (computed in accordance with GAAP) to total investments is included in the following table (unaudited, in thousands):

March 31, 2026 December 31, 2025

Total assets $ 5,682,812 $ 5,699,762

Operating lease right-of-use assets (166,646) (170,755)

Cash and cash equivalents (68,465) (90,577)

Restricted cash (6,091) (8,071)

Accounts receivable (101,230) (97,855)

Add: accumulated depreciation on real estate investments 1,756,760 1,714,886

Add: accumulated amortization on intangible assets (1) 32,127 31,584

Prepaid expenses and other current assets (1) (42,511) (37,237)

Total investments $ 7,086,756 $ 7,041,737

Total Investments:

Real estate investments, net of accumulated depreciation $ 4,589,678 $ 4,494,259

Add back accumulated depreciation on real estate investments 1,756,760 1,714,886

Land held for development 20,168 20,168

Property under development 23,377 54,905

Mortgage notes and related accrued interest receivable, net 614,759 679,254

Investment in joint ventures 9,684 12,316

Intangible assets, gross (1) 69,678 63,239

Notes receivable and related accrued interest receivable, net (1) 2,652 2,710

Total investments $ 7,086,756 $ 7,041,737

(1) Included in other assets in the accompanying consolidated balance sheet. Other assets include the following:

March 31, 2026 December 31, 2025

Intangible assets, gross $ 69,678 $ 63,239

Less: accumulated amortization on intangible assets (32,127) (31,584)

Notes receivable and related accrued interest receivable, net 2,652 2,710

Prepaid expenses and other current assets 42,511 37,237

Total other assets $ 82,714 $ 71,602

About EPR Properties

EPR Properties (NYSE:EPR) is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues that create value by facilitating out of home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have total assets of approximately $5.7 billion (after accumulated depreciation of approximately $1.8 billion) across 42 states and Canada. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage and the potential for stable and attractive returns. Further information is available at www.eprkc.com.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our guidance, our capital resources and liquidity, our pursuit of growth opportunities, the timing of transaction closings and investment spending, our ongoing negotiations to exit from certain joint ventures or the ultimate terms of any such exit, our expected cash flows, the performance of our customers, our expected cash collections and our results of operations and financial condition. The forward-looking statements presented herein are based on the Company's current expectations. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance that the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law, we do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof.

EPR Properties

Brian Moriarty, 816-472-1700

www.eprkc.com

EX-99.2 — EARNINGS RELEASE PRESENTATION

EX-99.2

Filename: q12026earningscallpresen.htm · Sequence: 3

q12026earningscallpresen

2 The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Annual Report on Form 10-K is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our guidance, our capital resources and liquidity, our pursuit of growth opportunities, the timing of transaction closings and investment spending, our ongoing negotiations to exit from certain joint ventures or the ultimate terms of any such exit, our expected cash flows, the performance of our customers, our expected cash collections and our results of operations and financial condition. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance that the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law, we do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof. DISCLAIMER

INTRODUCTORY COMMENTS

4 QUARTERLY HIGHLIGHTS Growth is Accelerating ► Delivered 5.9% Increase in Q1 FFO as Adjusted per Share ► Centerpiece of Strong Investment Momentum was the Announced Acquisition of $315M Portfolio from Six Flags ► Sustained Growth in Consumer Spending in the “Experience Economy” Increased 7% from 2024 to 2025 ► Increasing Investment and Earnings Guidance; Midpoint of Earnings Represents 6.5% Growth in FFO as Adjusted Per Share

PORTFOLIO

6 INVESTMENT ACTIVITY Q1 Investment Volume was $51.3M Acquisition of VITAL Lower East Side VITAL Lower East Side Subsequent to Quarter End, Completed Acquisition of 6 Attraction Properties Formerly Operated by Six Flags: substantial majority of $315M 7-property transaction; expect to close on final property in Q2 INCREASED 2026 Investment Guidance $500M - $600M Increasing Investment Deployment Cadence: reflects deep relationships & high-quality investment opportunities Additional ~$71M of Investments in Existing Development & Redevelopment Projects: substantially all expected to be funded in 2026

7 PORTFOLIO OVERVIEW Experiential Portfolio Education Portfolio Overall Portfolio $7.1B Gross Investments 335 Properties 99% Leased/Operated 94% of Investments 280 Properties 54 Operators 99% Leased/Operated 6% of Investments 55 Properties 5 Operators 100% Leased/Operated

8*BoxOfficeMojo PORTFOLIO UPDATE Portfolio Remains Healthy Portfolio Coverage: 2.0x demonstrates resilience of portfolio diversification Theatres: NABOG increased 25% in Q1*, benefiting from increases in attendance and the number of films released • Writers’ & Screen Actors’ Guilds have reached new 4-year agreements • Amazon MGM committed to 15 theatrical releases in 2027, with standard theatrical window (TW) of 45 days • Universal reversed course from 17-day TW to standard TW of 45 days • NFLX announced Narnia release in Imax & standard format for 49-day TW Eat & Play: performed in-line with the prior year Ski: geographic diversification produced incremental gains in our portfolio Fitness & Wellness: continues to deliver solid performance; incremental improvement at some of our recently opened properties Education: portfolio continues to perform well; coverage remains strong Dispositions: emphasis on opportunistic capital recycling • Increasing disposition guidance to $50M - $100M

FINANCIAL REVIEW

1 0*See the most recently filed Supplemental Operating and Financial Data for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE QUARTER ENDED MARCH 31, 2026 2025 $ Change % Change Total Revenue $181.3 $175.0 $6.3 3.6% Net Income – Common 56.6 59.8 (3.2) (5.3%) FFO as adj. – Common* 97.6 91.7 5.9 6.4% AFFO – Common* 100.1 92.9 7.2 7.7% Net Income/share – Common 0.74 0.78 (0.04) (5.1%) FFO/share - Common, as adj.* 1.26 1.19 0.07 5.9% AFFO/share - Common* 1.29 1.21 0.08 6.6% (In millions except per-share data)

1 1*See the most recently filed Supplemental Operating and Financial Data for definitions and calculations of these non-GAAP measures FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE QUARTER ENDED MARCH 31, 2026 Fixed charge coverage 3.3x Debt service coverage 3.9x Interest coverage 3.9x Proforma Net Debt to Adjusted EBITDAre 5.1x Proforma Net Debt to Annualized Adjusted EBITDAre 4.8x Proforma Net Debt to Gross Assets 39% AFFO payout 70%

1 2 Debt › $2.9B total debt; all fixed rate or fixed through interest rate swaps at overall weighted avg. = 4.4% Liquidity Position at 03/31/2026 › $68.5M unrestricted cash › No balance outstanding on $1B revolver ATM Program › Entered into forward sales agreement to sell 797,422 common shares for gross proceeds of $47.5M, or an avg. sales price of $59.52 › Can settle outstanding shares any time before March 1, 2027 for gross proceeds as adjusted for payment of commissions and applicable dividends as well as daily adjustment based on the overnight borrowing rate less a spread CAPITAL MARKETS UPDATE

1 3*See the most recently filed Supplemental Operating and Financial Data for definitions and calculations of these non-GAAP measures 2026 GUIDANCE REVISED GUIDANCE PRIOR GUIDANCE FFO as Adjusted per share* $5.37 - $5.53 $5.28 - $5.48 Investment Spending $500M - $600M $400M - $500M Disposition Proceeds $50M - $100M $25M - $75M Percentage Rent & Participating Interest $18.5M - $22.5M $18.5M - $22.5M General & Administrative Expense $56M - $59M $56M - $59M Other Income $41M - $51M $41M - $51M Other Expense $41M - $51M $41M - $51M 5.1% Monthly Dividend Increase $0.31/share $0.31/share

CLOSING COMMENTS

EX-99.3 — SUPPLEMENTAL OPERATING AND FINANCIAL DATA

EX-99.3

Filename: ex993-eprx3312026supplemen.htm · Sequence: 4

Document

Exhibit 99.3

TABLE OF CONTENTS

SECTION PAGE

Company Profile

Investor Information

Selected Financial Information

Selected Balance Sheet Information

Selected Operating Data

Funds From Operations and Funds From Operations as Adjusted

Adjusted Funds From Operations

Capital Structure

Summary of Ratios

Summary of Mortgage Notes Receivable

Investment Spending and Disposition Summaries

Property Under Development - Investment Spending Estimates

Portfolio Detail

Lease Expirations

Top Ten Customers by Total Revenue

Guidance

Definitions-Non-GAAP Financial Measures

Appendix-Reconciliation of Certain Non-GAAP Financial Measures

Q1 2026 Supplemental

Page 2

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

The financial results in this document reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our guidance, our capital resources and liquidity, our pursuit of growth opportunities, the timing of transaction closings and investment spending, our ongoing negotiations to exit from certain joint ventures or the ultimate terms of any such exit, our expected cash flows, the performance of our customers, our expected cash collections and our results of operations and financial condition. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance that the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “pipeline,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

NON-GAAP INFORMATION

This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See pages 24 through 26 for definitions of certain non-GAAP financial measures used in this document and the reconciliations of certain non-GAAP measures on pages 9 and 10 and in the Appendix on pages 27 through 31.

Q1 2026 Supplemental

Page 3

COMPANY PROFILE

THE COMPANY COMPANY STRATEGY

EPR Properties ("we," "us," "our," "EPR" or the "Company") is a self-administered and self-managed real estate investment trust. EPR was formed in August 1997 as a Maryland real estate investment trust ("REIT"), and an initial public offering was completed on November 18, 1997. Our primary business objective is to enhance shareholder value by achieving predictable growth in Funds from Operations As Adjusted ("FFOAA") and dividends per share.

Our strategic growth is focused on acquiring or developing a diversified portfolio of experiential real estate venues which create value by facilitating out-of-home congregate entertainment, recreation and leisure experiences where consumers choose to spend their discretionary time and money. This strategy is driven by the long-term trends of the growing experience economy.

Since that time, the Company has been a leading Experiential net lease REIT, specializing in select enduring experiential properties. We are focused on growing our Experiential portfolio with properties that offer a variety of enduring, congregate entertainment, recreation and leisure activities. Separately, our Education portfolio is a legacy investment that provides additional geographic and operator diversity.

This focus is consistent with our depth of knowledge across each of our property types, creating a competitive advantage that allows us to more quickly identify key market trends. We deliberately apply information and our ingenuity to target properties that represent logical extensions within each of our existing property types or potential future investments.

As part of our strategic planning and portfolio management process we assess new opportunities against the following underwriting principles:

BUILDING THE PREMIER EXPERIENTIAL REAL ESTATE PORTFOLIO

Q1 2026 Supplemental

Page 4

INVESTOR INFORMATION

SENIOR MANAGEMENT

Greg Silvers Mark Peterson

Chairman and Chief Executive Officer Executive Vice President and Chief Financial Officer

Tonya Mater Ben Fox

Senior Vice President and Chief Accounting Officer Executive Vice President and Chief Investment Officer

Paul Turvey Elizabeth Grace

Senior Vice President, General Counsel and Secretary Senior Vice President - Human Resources and Administration

Brian Moriarty Gwen Johnson

Senior Vice President - Corporate Communications Senior Vice President - Asset Management

COMPANY INFORMATION

CORPORATE HEADQUARTERS TRADING SYMBOLS

909 Walnut Street, Suite 200 Common Stock:

Kansas City, MO 64106 EPR

816-472-1700 Preferred Stock:

www.eprkc.com EPR-PrC

STOCK EXCHANGE LISTING EPR-PrE

New York Stock Exchange EPR-PrG

EQUITY RESEARCH COVERAGE

Bank of America Merrill Lynch Jana Galan 646-855-5042

Citi Global Markets Nick Joseph/Smedes Rose 212-816-6243

Citizens Capital Markets & Advisory Mitch Germain 212-906-3537

J.P. Morgan Anthony Paolone 212-622-6682

Kansas City Capital Associates Jonathan Braatz 816-932-8019

KeyBanc Capital Markets Todd Thomas 917-368-2286

Raymond James & Associates RJ Milligan 727-567-2585

RBC Capital Markets Michael Carroll 440-715-2649

Stifel Simon Yarmak 443-224-1345

Truist Michael Lewis 212-319-5659

UBS Michael Goldsmith 212-713-2951

Wells Fargo James Feldman/John Kilichowski 212-214-5311

EPR Properties is followed by the analysts identified above. Please note that any opinions, estimates, forecasts or recommendations regarding EPR Properties’ performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or recommendations of EPR Properties or its management. EPR Properties does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

Q1 2026 Supplemental

Page 5

SELECTED FINANCIAL INFORMATION

(UNAUDITED, DOLLARS AND SHARES IN THOUSANDS)

THREE MONTHS ENDED MARCH 31,

OPERATING INFORMATION: 2026 2025

Revenue $ 181,252 $ 175,033

Net income available to common shareholders of EPR Properties 56,578 59,771

EBITDAre (1) 143,416 132,076

Adjusted EBITDAre (1) 139,535 131,991

Interest expense, net 34,763 33,021

Capitalized interest 383 1,435

Straight-lined rental revenue 3,490 3,397

Percentage rent and participating interest 2,536 5,084

Dividends declared on preferred shares 6,032 6,032

Dividends declared on common shares 68,816 65,753

General and administrative expense 14,242 14,024

MARCH 31,

BALANCE SHEET INFORMATION: 2026 2025

Total assets $ 5,682,812 $ 5,532,549

Accumulated depreciation 1,756,760 1,595,820

Cash and cash equivalents 68,465 20,572

Total assets before accumulated depreciation less cash and cash equivalents (gross assets) 7,371,107 7,107,797

Debt 2,931,377 2,791,962

Deferred financing costs, net 23,215 17,630

Net debt (1) 2,886,127 2,789,020

Estimated net proceeds from forward sales agreements (2) 46,855 —

Proforma net debt (1) 2,839,272 2,789,020

Equity 2,316,170 2,321,012

Common shares outstanding 76,505 76,066

Total market capitalization (using EOP closing price and liquidation values)(3) 7,079,299 7,161,836

Net debt/total market capitalization ratio (1) 41 % 39 %

Debt to total assets ratio 52 % 50 %

Net debt/gross assets ratio (1) 39 % 39 %

Proforma net debt/gross assets ratio (1) 39 % n/a

Net debt/Adjusted EBITDAre ratio (1) (4) 5.2 5.3

Proforma net debt/Adjusted EBITDAre ratio (1) (4) 5.1 n/a

Net debt/Annualized adjusted EBITDAre ratio (1) (5) 4.9 5.1

Proforma net debt/Annualized adjusted EBITDAre ratio (1) (5) 4.8 n/a

(1) See pages 24 through 26 for definitions. See calculation on page 30, as applicable.

(2) Represents proforma adjustment for estimated net proceeds from forward sale agreements that have not settled as if they had been physically settled for cash as of the date presented.

(3) See calculation on page 15.

(4) Adjusted EBITDAre in this calculation is for the three-month period multiplied times four. See pages 24 through 26 for definitions. See calculation on page 30.

(5) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 30 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 24 through 26 for definitions.

Q1 2026 Supplemental

Page 6

SELECTED BALANCE SHEET INFORMATION

(UNAUDITED, DOLLARS IN THOUSANDS)

ASSETS 1ST QUARTER 2026 4TH QUARTER 2025 3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024

Real estate investments $ 6,346,438 $ 6,209,145 $ 6,051,937 $ 6,044,295 $ 5,949,713 $ 5,998,003

Less: accumulated depreciation (1,756,760) (1,714,886) (1,671,309) (1,641,916) (1,595,820) (1,562,645)

Land held for development 20,168 20,168 20,168 20,168 20,168 20,168

Property under development 23,377 54,905 67,381 84,195 118,264 112,263

Operating lease right-of-use assets 166,646 170,755 168,730 177,919 180,557 173,364

Mortgage notes and related accrued interest receivable, net 614,759 679,254 696,438 666,154 659,004 665,796

Investment in joint ventures 9,684 12,316 14,046 9,680 11,361 14,019

Cash and cash equivalents 68,465 90,577 13,710 12,955 20,572 22,062

Restricted cash 6,091 8,071 15,982 15,765 6,354 13,637

Accounts receivable 101,230 97,855 92,291 94,514 85,811 84,589

Other assets 82,714 71,602 74,523 77,151 76,565 75,251

Total assets $ 5,682,812 $ 5,699,762 $ 5,543,897 $ 5,560,880 $ 5,532,549 $ 5,616,507

LIABILITIES AND EQUITY

Liabilities:

Accounts payable and accrued liabilities $ 100,697 $ 99,392 $ 113,475 $ 101,543 $ 93,248 $ 107,976

Operating lease liabilities 200,118 204,747 203,269 216,411 219,305 212,400

Common dividends payable 23,717 22,463 22,461 22,454 22,440 25,831

Preferred dividends payable 6,032 6,032 6,032 6,032 6,032 6,032

Unearned rents and interest 104,701 108,546 101,491 90,379 78,550 80,565

Line of credit — — 379,000 405,000 105,000 175,000

Deferred financing costs, net (23,215) (25,181) (15,205) (16,622) (17,630) (19,134)

Other debt 2,954,592 2,954,592 2,404,592 2,404,592 2,704,592 2,704,592

Total liabilities 3,366,642 3,370,591 3,215,115 3,229,789 3,211,537 3,293,262

Equity:

Common shares and additional paid-in-capital 3,991,743 3,978,935 3,973,626 3,968,520 3,964,272 3,951,364

Preferred shares at par value 148 148 148 148 148 148

Treasury shares (308,433) (295,290) (295,268) (295,258) (295,258) (285,413)

Accumulated other comprehensive income (loss) 609 1,037 (587) (4) (3,567) (3,756)

Distributions in excess of net income (1,367,897) (1,355,659) (1,349,137) (1,342,315) (1,344,583) (1,339,098)

Total equity 2,316,170 2,329,171 2,328,782 2,331,091 2,321,012 2,323,245

Total liabilities and equity $ 5,682,812 $ 5,699,762 $ 5,543,897 $ 5,560,880 $ 5,532,549 $ 5,616,507

Q1 2026 Supplemental

Page 7

SELECTED OPERATING DATA

(UNAUDITED, DOLLARS IN THOUSANDS)

1ST QUARTER 2026 4TH QUARTER 2025 3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024

Rental revenue $ 155,185 $ 157,057 $ 154,838 $ 150,351 $ 146,359 $ 149,116

Other income (1) 10,070 9,603 12,135 12,218 11,636 13,197

Mortgage and other financing income 15,997 16,290 15,333 15,499 17,038 14,921

Total revenue 181,252 182,950 182,306 178,068 175,033 177,234

Property operating expense 15,353 14,862 14,478 14,661 15,171 15,188

Other expense (1) 10,989 10,013 11,173 11,959 12,611 13,437

General and administrative expense 14,242 14,575 14,001 13,230 14,024 12,233

Retirement and severance expense 1,423 1,901 1,094 — — —

Transaction costs 293 471 492 669 567 423

Provision (benefit) for credit losses, net (5,597) (985) 9,117 997 (652) 9,876

Impairment charges — — — — — 39,952

Depreciation and amortization 44,957 43,582 42,409 42,080 41,089 40,995

Total operating expenses 81,660 84,419 92,764 83,596 82,810 132,104

Gain on real estate transactions 1,027 5,297 8,073 16,779 9,384 112

Income from operations 100,619 103,828 97,615 111,251 101,607 45,242

Interest expense, net 34,763 33,574 33,238 33,246 33,021 33,472

Equity in loss (income) from joint ventures 2,632 2,396 (2,934) 1,681 2,647 3,425

Impairment charges on joint ventures — — — — — 16,087

Income (loss) before income taxes 63,224 67,858 67,311 76,324 65,939 (7,742)

Income tax expense 614 954 725 681 136 653

Net income (loss) 62,610 66,904 66,586 75,643 65,803 (8,395)

Preferred dividend requirements 6,032 6,040 6,032 6,040 6,032 6,040

Net income (loss) available to common shareholders of EPR Properties $ 56,578 $ 60,864 $ 60,554 $ 69,603 $ 59,771 $ (14,435)

(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.

Q1 2026 Supplemental

Page 8

FUNDS FROM OPERATIONS AND FUNDS FROM OPERATIONS AS ADJUSTED

(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)

FUNDS FROM OPERATIONS ("FFO") (1): 1ST QUARTER 2026 4TH QUARTER 2025 3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024

Net income (loss) available to common shareholders of EPR Properties $ 56,578 $ 60,864 $ 60,554 $ 69,603 $ 59,771 $ (14,435)

Gain on real estate transactions (1,027) (5,297) (8,073) (16,779) (9,384) (112)

Impairment of real estate investments — — — — — 39,952

Real estate depreciation and amortization 44,797 43,417 42,257 41,939 40,932 40,838

Allocated share of joint venture depreciation 996 1,000 989 985 1,036 1,965

Impairment charges on joint ventures — — — — — 16,087

FFO available to common shareholders of EPR Properties $ 101,344 $ 99,984 $ 95,727 $ 95,748 $ 92,355 $ 84,295

Add: Preferred dividends for Series C preferred shares 1,938 1,938 1,938 1,938 1,938 1,938

Add: Preferred dividends for Series E preferred shares 1,938 1,938 1,938 1,938 1,938 1,938

Diluted FFO available to common shareholders of EPR Properties $ 105,220 $ 103,860 $ 99,603 $ 99,624 $ 96,231 $ 88,171

FUNDS FROM OPERATIONS AS ADJUSTED ("FFOAA") (1):

FFO available to common shareholders of EPR Properties $ 101,344 $ 99,984 $ 95,727 $ 95,748 $ 92,355 $ 84,295

Retirement and severance expense 1,423 1,901 1,094 — — —

Transaction costs 293 471 492 669 567 423

Provision (benefit) for credit losses, net (5,597) (985) 9,117 997 (652) 9,876

Deferred income tax expense (benefit) 114 (170) (53) (93) (530) (285)

FFO as adjusted available to common shareholders of EPR Properties $ 97,577 $ 101,201 $ 106,377 $ 97,321 $ 91,740 $ 94,309

Add: Preferred dividends for Series C preferred shares 1,938 1,938 1,938 1,938 1,938 1,938

Add: Preferred dividends for Series E preferred shares 1,938 1,938 1,938 1,938 1,938 1,938

Diluted FFO as adjusted available to common shareholders of EPR Properties $ 101,453 $ 105,077 $ 110,253 $ 101,197 $ 95,616 $ 98,185

FFO per common share:

Basic $ 1.33 $ 1.31 $ 1.26 $ 1.26 $ 1.22 $ 1.11

Diluted 1.31 1.29 1.23 1.24 1.20 1.10

FFO as adjusted per common share:

Basic $ 1.28 $ 1.33 $ 1.40 $ 1.28 $ 1.21 $ 1.25

Diluted 1.26 1.30 1.37 1.26 1.19 1.23

Shares used for computation (in thousands):

Basic 76,326 76,141 76,127 76,083 75,804 75,733

Diluted 76,573 76,654 76,668 76,571 76,215 76,156

Effect of dilutive Series C preferred shares 2,371 2,361 2,352 2,344 2,336 2,327

Effect of dilutive Series E preferred shares 1,672 1,670 1,668 1,667 1,665 1,665

Adjusted weighted-average shares outstanding-diluted Series C and Series E 80,616 80,685 80,688 80,582 80,216 80,148

(1) See pages 24 through 26 for definitions.

Q1 2026 Supplemental

Page 9

ADJUSTED FUNDS FROM OPERATIONS

(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE INFORMATION)

ADJUSTED FUNDS FROM OPERATIONS ("AFFO") (1): 1ST QUARTER 2026 4TH QUARTER 2025 3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024

FFO available to common shareholders of EPR Properties $ 101,344 $ 99,984 $ 95,727 $ 95,748 $ 92,355 $ 84,295

Adjustments:

Retirement and severance expense 1,423 1,901 1,094 — — —

Transaction costs 293 471 492 669 567 423

Provision (benefit) for credit losses, net (5,597) (985) 9,117 997 (652) 9,876

Deferred income tax expense (benefit) 114 (170) (53) (93) (530) (285)

Non-real estate depreciation and amortization 160 165 152 141 157 157

Deferred financing fees amortization 2,672 2,380 2,120 2,102 2,206 2,187

Share-based compensation expense to management and trustees 4,099 3,643 3,907 3,912 3,867 3,572

Amortization of above/below market leases, net and tenant allowances (81) (81) (81) (81) (81) (81)

Maintenance capital expenditures (2) (211) (1,532) (564) (1,858) (1,251) (1,862)

Straight-lined rental revenue (3,490) (4,025) (3,541) (5,137) (3,397) (3,992)

Straight-lined ground sublease expense (49) (35) (4) — 2 20

Non-cash portion of mortgage and other financing income (546) (343) (296) (566) (297) (171)

AFFO available to common shareholders of EPR Properties $ 100,131 $ 101,373 $ 108,070 $ 95,834 $ 92,946 $ 94,139

Add: Preferred dividends for Series C preferred shares 1,938 1,938 1,938 1,938 1,938 1,938

Add: Preferred dividends for Series E preferred shares 1,938 1,938 1,938 1,938 1,938 1,938

Diluted AFFO available to common shareholders of EPR Properties $ 104,007 $ 105,249 $ 111,946 $ 99,710 $ 96,822 $ 98,015

Weighted average diluted shares outstanding (in thousands) 76,573 76,654 76,668 76,571 76,215 76,156

Effect of dilutive Series C preferred shares 2,371 2,361 2,352 2,344 2,336 2,327

Effect of dilutive Series E preferred shares 1,672 1,670 1,668 1,667 1,665 1,665

Adjusted weighted-average shares outstanding-diluted 80,616 80,685 80,688 80,582 80,216 80,148

AFFO per diluted common share $ 1.29 $ 1.30 $ 1.39 $ 1.24 $ 1.21 $ 1.22

Dividends declared per common share $ 0.900 $ 0.885 $ 0.885 $ 0.885 $ 0.865 $ 0.855

AFFO payout ratio (3) 70 % 68 % 64 % 71 % 71 % 70 %

(1) See pages 24 through 26 for definitions.

(2) Includes maintenance capital expenditures and certain second-generation tenant improvements and leasing commissions.

(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

Q1 2026 Supplemental

Page 10

CAPITAL STRUCTURE AS OF MARCH 31, 2026

(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT

PRINCIPAL PAYMENTS DUE ON DEBT:

BONDS/TERM LOAN/OTHER (1) UNSECURED CREDIT FACILITY (2) UNSECURED SENIOR NOTES TOTAL WEIGHTED AVG INTEREST RATE

YEAR

2026 $ — $ — $ 629,597 $ 629,597 4.70%

2027 — — 450,000 450,000 4.50%

2028 — — 400,000 400,000 4.95%

2029 — — 500,000 500,000 3.75%

2030 — — 550,000 550,000 4.75%

2031 — — 400,000 400,000 3.60%

2032 — — — — —%

2033 — — — — —%

2034 — — — — —%

2035 — — — — —%

2036 — — — — —%

Thereafter 24,995 — — 24,995 2.53%

Less: deferred financing costs, net — — — (23,215) —%

Total $ 24,995 $ — $ 2,929,597 $ 2,931,377 4.38%

BALANCE WEIGHTED AVG INTEREST RATE WEIGHTED AVG MATURITY

Fixed rate unsecured debt $ 2,929,597 4.40 % 2.77

Fixed rate secured debt (1) 24,995 2.53 % 21.34

Variable rate unsecured debt — — % —

Less: deferred financing costs, net (23,215) — % —

Total $ 2,931,377 4.38 % 2.95

(1) Includes $25.0 million of secured bonds that have been fixed through interest rate swaps through September 20, 2026.

(2) Unsecured Revolving Credit Facility Summary:

BALANCE RATE

COMMITMENT

AT 3/31/2026

MATURITY

AT 3/31/2026

$1,000,000 $— October 2, 2028 4.68%

Note: This facility will mature on October 2, 2028 and has two six-month extensions available at the Company's option, and includes an accordion feature pursuant to which the maximum borrowing amount can be increased from $1.0 billion to $2.0 billion, in each case, subject to certain terms and conditions.

Q1 2026 Supplemental

Page 11

CAPITAL STRUCTURE AS OF MARCH 31, 2026 AND DECEMBER 31, 2025

(UNAUDITED, DOLLARS IN THOUSANDS)

CONSOLIDATED DEBT (continued)

SUMMARY OF DEBT:

March 31, 2026

December 31, 2025

Senior unsecured notes payable, 4.56%, due August 22, 2026 $ 179,597 $ 179,597

Senior unsecured notes payable, 4.75%, due December 15, 2026 450,000 450,000

Senior unsecured notes payable, 4.50%, due June 1, 2027 450,000 450,000

Senior unsecured notes payable, 4.95%, due April 15, 2028 400,000 400,000

Unsecured revolving variable rate credit facility, SOFR + 1.05%, due October 2, 2028 — —

Senior unsecured notes payable, 3.75%, due August 15, 2029 500,000 500,000

Senior unsecured notes payable, 4.75%, due November 15, 2030 550,000 550,000

Senior unsecured notes payable, 3.60%, due November 15, 2031 400,000 400,000

Bonds payable, variable rate, fixed at 2.53% through September 30, 2026, due August 1, 2047 24,995 24,995

Less: deferred financing costs, net (23,215) (25,181)

Total debt $ 2,931,377 $ 2,929,411

Q1 2026 Supplemental

Page 12

CAPITAL STRUCTURE

SENIOR NOTES

SENIOR DEBT RATINGS AS OF MARCH 31, 2026

Moody's Baa3 (stable)

Fitch BBB- (stable)

Standard and Poor's BBB- (stable)

SUMMARY OF COVENANTS

The Company had outstanding public senior unsecured notes with fixed interest rates of 3.60%, 3.75%, 4.50%, 4.75% and 4.95% at March 31, 2026. Interest on these notes is paid semiannually. These public senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.

The following is a summary of the key financial covenants for the Company's 3.60%, 3.75%, 4.50%, 4.75% and 4.95% public senior unsecured notes, as defined and calculated per the Company's interpretation of the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles ("GAAP") measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance. The actual amounts as of March 31, 2026 and December 31, 2025 are:

Actual Actual

NOTE COVENANTS Required 1st Quarter 2026 (1) 4th Quarter 2025 (1)

Limitation on incurrence of total debt (Total Debt/Total Assets) ≤ 60% 40% 40%

Limitation on incurrence of secured debt (Secured Debt/Total Assets) ≤ 40% —% —%

Limitation on incurrence of debt: Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service) - trailing twelve months ≥ 1.5 x 4.2x 4.2x

Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt) ≥ 150% of unsecured debt 247% 246%

(1) See page 14 for details of calculations.

Q1 2026 Supplemental

Page 13

CAPITAL STRUCTURE

SENIOR NOTES

(UNAUDITED, DOLLARS IN THOUSANDS)

COVENANT CALCULATIONS

TOTAL ASSETS: March 31, 2026 TOTAL DEBT: March 31, 2026

Total Assets per balance sheet $ 5,682,812 Secured debt obligations $ 24,995

Add: accumulated depreciation 1,756,760 Unsecured debt obligations:

Less: intangible assets, net (37,551) Unsecured debt 2,929,597

Total Assets $ 7,402,021 Outstanding letters of credit —

Guarantees 10,000

TOTAL UNENCUMBERED ASSETS: March 31, 2026 Derivatives at fair market value, net, if liability 2,299

Total Assets, per above $ 7,402,021 Total unsecured debt obligations: $ 2,941,896

Less: investment in joint ventures (9,684) Total Debt $ 2,966,891

Less: accounts receivable (101,230)

Less: encumbered assets (25,665)

Total Unencumbered Assets $ 7,265,442

CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE: 1ST QUARTER 2026 4TH QUARTER 2025 3RD QUARTER 2025 2ND QUARTER 2025 TRAILING TWELVE MONTHS

Adjusted EBITDAre $ 139,535 $ 142,620 $ 147,074 $ 137,952 $ 567,181

Less: straight-line revenue, net, included in adjusted EBITDAre (3,490) (4,025) (3,541) (5,137) (16,193)

Less: joint venture EBITDA 1,133 880 (4,420) 266 (2,141)

CONSOLIDATED INCOME AVAILABLE FOR DEBT SERVICE $ 137,178 $ 139,475 $ 139,113 $ 133,081 $ 548,847

ANNUAL DEBT SERVICE:

Interest expense, gross $ 35,893 $ 34,768 $ 34,239 $ 34,510 $ 139,410

Less: deferred financing fees amortization (2,672) (2,380) (2,120) (2,102) (9,274)

ANNUAL DEBT SERVICE $ 33,221 $ 32,388 $ 32,119 $ 32,408 $ 130,136

DEBT SERVICE COVERAGE 4.1 4.3 4.3 4.1 4.2

Q1 2026 Supplemental

Page 14

CAPITAL STRUCTURE AS OF MARCH 31, 2026

(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT SHARE INFORMATION)

EQUITY

SECURITY SHARES OUTSTANDING

PRICE PER SHARE AT MARCH 31, 2026

LIQUIDATION PREFERENCE DIVIDEND RATE CONVERTIBLE

CONVERSION RATIO AT MARCH 31, 2026

CONVERSION PRICE AT MARCH 31, 2026

Common shares (1) 76,505,337 $49.96 N/A (2) N/A N/A N/A

Series C 5,392,616 $22.61 $134,815 5.750% Y 0.4396 $56.87

Series E 3,445,980 $30.38 $86,150 9.000% Y 0.4851 $51.54

Series G 6,000,000 $20.23 $150,000 5.750% N N/A N/A

CALCULATION OF TOTAL MARKET CAPITALIZATION:

Common shares outstanding at March 31, 2026 multiplied by closing price at March 31, 2026

$ 3,822,207

Aggregate liquidation value of Series C preferred shares (3) 134,815

Aggregate liquidation value of Series E preferred shares (3) 86,150

Aggregate liquidation value of Series G preferred shares (3) 150,000

Net debt at March 31, 2026 (4)

2,886,127

Total consolidated market capitalization $ 7,079,299

(1) Excludes 797,442 common shares subject to forward sales agreement.

(2) Total monthly dividends declared in the first quarter of 2026 were $0.90 per share.

(3) Excludes accrued unpaid dividends at March 31, 2026.

(4) See pages 24 through 26 for definitions.

Q1 2026 Supplemental

Page 15

SUMMARY OF RATIOS

(UNAUDITED)

1ST QUARTER 2026 4TH QUARTER 2025 3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024

Debt to total assets ratio 52% 51% 50% 50% 50% 51%

Net debt to total market capitalization ratio (1) 41% 41% 37% 37% 39% 43%

Net debt to gross assets ratio (1) 39% 39% 38% 39% 39% 40%

Proforma net debt to gross assets ratio (1) 39% n/a n/a n/a n/a n/a

Net debt/Adjusted EBITDAre ratio (1)(2) 5.2 5.0 4.7 5.1 5.3 5.3

Proforma net debt/Adjusted EBITDAre ratio (1)(2) 5.1 n/a n/a n/a n/a n/a

Net debt/Annualized adjusted EBITDAre ratio (1)(3) 4.9 4.9 4.9 5.0 5.1 5.1

Proforma net debt/Annualized adjusted EBITDAre ratio (1)(3) 4.8 n/a n/a n/a n/a n/a

Interest coverage ratio (4) 3.9 4.0 4.2 3.9 3.8 3.8

Fixed charge coverage ratio (4) 3.3 3.4 3.6 3.3 3.2 3.2

Debt service coverage ratio (4) 3.9 4.0 4.2 3.9 3.8 3.8

FFO payout ratio (5) 69% 69% 72% 71% 72% 78%

FFO as adjusted payout ratio (6) 71% 68% 65% 70% 73% 70%

AFFO payout ratio (7) 70% 68% 64% 71% 71% 70%

(1) See pages 24 through 26 for definitions. See prior period supplementals for detailed calculations, as applicable.

(2) Adjusted EBITDAre is for the quarter multiplied times four. See calculation on page 30.

(3) Annualized adjusted EBITDAre is adjusted EBITDAre for the quarter further adjusted for in-service and disposed projects, percentage rent and participating interest and other items which is then multiplied times four. These calculations can be found on page 30 under the reconciliation of Adjusted EBITDAre and Annualized Adjusted EBITDAre. See pages 24 through 26 for definitions.

(4) See page 28 for detailed calculation.

(5) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.

(6) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.

(7) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

Q1 2026 Supplemental

Page 16

SUMMARY OF MORTGAGE NOTES RECEIVABLE

(UNAUDITED, DOLLARS IN THOUSANDS)

CARRYING AMOUNT AS OF (1)

DESCRIPTION INTEREST RATE (2) PAYOFF DATE/MATURITY DATE OUTSTANDING PRINCIPAL AMOUNT OF MORTGAGE MARCH 31, 2026 DECEMBER 31, 2025

Attraction property Powells Point, North Carolina 7.48 % 6/30/2026 $ 29,378 $ 29,268 $ 28,992

Eat & play property Eugene, Oregon 10.50 % 12/31/2028 10,750 10,417 10,417

Fitness & wellness property Merriam, Kansas 8.15 % 7/31/2029 9,090 9,210 9,201

Fitness & wellness property Omaha, Nebraska 9.50 % 6/30/2030 10,905 11,013 10,957

Fitness & wellness property Omaha, Nebraska 9.50 % 6/30/2030 10,539 10,691 10,676

Experiential lodging property Nashville, Tennessee (3) 7.69 % 9/30/2031 — — 70,293

Ski property Girdwood, Alaska 8.80 % 7/31/2032 82,000 80,788 80,398

Fitness & wellness properties Colorado and California 7.15 % 1/10/2033 46,300 45,891 46,046

Eat & play property Austin, Texas 11.31 % 6/1/2033 8,205 8,205 8,330

Eat & play property Dallas, Texas 10.25 % 11/26/2033 6,449 — —

Fitness & wellness property Glenwood Springs, Colorado 8.37 % 8/16/2034 75,046 75,162 72,683

Ski property West Dover and Wilmington, Vermont 12.69 % 12/1/2034 51,050 51,050 51,708

Four ski properties Ohio and Pennsylvania 11.75 % 12/1/2034 37,562 37,499 37,439

Ski property Chesterland, Ohio 12.26 % 12/1/2034 4,550 4,462 4,410

Fitness & wellness property Acworth, Georgia 8.65 % 6/1/2035 5,923 5,965 5,963

Ski property Hunter, New York 9.52 % 1/5/2036 21,000 21,000 21,000

Eat & play property Midvale, Utah 10.25 % 5/31/2036 17,505 17,505 17,505

Eat & play property West Chester, Ohio 9.75 % 8/1/2036 18,068 18,068 18,067

Fitness & wellness property Fort Collins, Colorado 8.00 % 1/31/2038 10,292 10,091 9,891

Attraction property Frankenmuth, Michigan 8.25 % 10/14/2042 69,139 70,489 68,485

Fitness & wellness properties Massachusetts and New York 8.59 % 1/10/2044 77,000 77,792 76,589

Fitness & wellness property Manitoba, Canada 7.75 % 9/25/2055 20,016 20,193 20,204

Total $ 620,767 $ 614,759 $ 679,254

(1) Amounts include accrued interest and are net of allowance for credit losses.

(2) Weighted average interest rate at March 31, 2026 was approximately 9.12%.

(3) During the first quarter of 2026, the Company exercised its purchase option to convert this mortgage note receivable into a wholly-owned rental property subject to a long-term triple-net lease.

Q1 2026 Supplemental

Page 17

INVESTMENT SPENDING AND DISPOSITION SUMMARIES

(UNAUDITED, DOLLARS IN THOUSANDS)

INVESTMENT SPENDING THREE MONTHS ENDED MARCH 31, 2026

INVESTMENT TYPE TOTAL INVESTMENT SPENDING NEW DEVELOPMENT RE-DEVELOPMENT ASSET ACQUISITION MORTGAGE NOTES OR NOTES RECEIVABLE INVESTMENT IN JOINT VENTURES

Theatres $ 16 $ — $ 16 $ — $ — $ —

Eat & Play 11,901 11,869 32 — — —

Experiential Lodging 571 — — 501 — 70

Fitness & Wellness 38,843 — 2,983 34,485 1,375 —

Total Experiential 51,331 11,869 3,031 34,986 1,375 70

Total Investment Spending $ 51,331 $ 11,869 $ 3,031 $ 34,986 $ 1,375 $ 70

2026 DISPOSITIONS

THREE MONTHS ENDED MARCH 31, 2026

INVESTMENT TYPE TOTAL DISPOSITIONS NET PROCEEDS FROM SALE OF REAL ESTATE NET PROCEEDS FROM PAYDOWN OF MORTGAGE NOTES

Total Experiential — — —

Total Dispositions $ — $ — $ —

Q1 2026 Supplemental

Page 18

PROPERTY UNDER DEVELOPMENT - INVESTMENT SPENDING ESTIMATES AT MARCH 31, 2026 (1)

(UNAUDITED, DOLLARS IN THOUSANDS)

MARCH 31, 2026 OWNED BUILD-TO-SUIT SPENDING ESTIMATES

PROPERTY UNDER DEVELOPMENT # OF PROJECTS 2ND QUARTER 2026 3RD QUARTER 2026 4TH QUARTER 2026 1ST QUARTER 2027 THEREAFTER TOTAL EXPECTED COSTS (2) % LEASED

Total Build-to-Suit $ 17,970 8 $ 4,872 $ 3,961 $ 1,765 $ — $ 1,761 $ 30,329 100 %

Non Build-to-Suit Development 5,407

Total Property Under Development $ 23,377

MARCH 31, 2026 OWNED BUILD-TO-SUIT IN-SERVICE ESTIMATES

# OF PROJECTS 2ND QUARTER 2026 3RD QUARTER 2026 4TH QUARTER 2026 1ST QUARTER 2027 THEREAFTER TOTAL IN-SERVICE (2) ACTUAL IN-SERVICE 1ST QUARTER 2026

Total Build-to-Suit 8 $ 2,220 $ 19,472 $ 6,876 $ — $ 1,761 $ 30,329 $ 42,106

MARCH 31, 2026 MORTGAGE BUILD-TO-SUIT SPENDING ESTIMATES

MORTGAGE NOTES RECEIVABLE # OF PROJECTS 2ND QUARTER 2026 3RD QUARTER 2026 4TH QUARTER 2026 1ST QUARTER 2027 THEREAFTER TOTAL EXPECTED COSTS (2)

Total Build-to-Suit Mortgage Notes $ 152,953 2 $ 700 $ 46,004 $ — $ — $ — $ 199,657

Non Build-to-Suit Mortgage Notes 461,806

Total Mortgage Notes Receivable $ 614,759

(1) This schedule includes only those properties for which the Company has commenced construction as of March 31, 2026.

(2) "Total Expected Costs" and "Total In-Service" each reflect the total capital costs expected to be funded by the Company through completion (including capitalized interest or accrued interest, as applicable).

Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. Development projects have risks. See Item 1A - "Risk Factors" in the Company's most recent Annual Report on Form 10-K and, to the extent applicable, the Company's Quarterly Reports on Form 10-Q.

Q1 2026 Supplemental

Page 19

PORTFOLIO DETAIL AS OF MARCH 31, 2026

(UNAUDITED)

PROPERTY TYPE PROPERTIES OPERATORS ANNUALIZED ADJUSTED EBITDAre (1) STRATEGIC FOCUS

Theatres (2) (4) 148 17 36 % Reduce

Eat & Play 61 9 (3) 25 % Grow

Attractions 26 8 12 % Grow

Ski 11 3 7 % Grow

Experiential Lodging (5) 4 3 1 % Grow

Fitness & Wellness 28 12 10 % Grow

Gaming 1 1 2 % Grow

Cultural 1 1 1 % Grow

EXPERIENTIAL PORTFOLIO 280 54 94 %

Early Childhood Education 46 4 4 % Reduce

Private schools 9 1 2 % Reduce

EDUCATION PORTFOLIO 55 5 6 %

TOTAL PORTFOLIO 335 59 100 %

(1) See pages 24 through 26 for definitions.

(2) Excludes seven theatres located in Entertainment Districts (included in Eat & Play).

(3) Excludes non-theatre operators at Entertainment districts.

(4) Includes one vacant theatre property that the Company intends to sell.

(5) Excludes two experiential lodging properties held in unconsolidated joint ventures that the Company is working in good faith with the Company's joint venture partners, the non-recourse debt provider and insurance companies to identify a path forward that the Company expects will result in the eventual removal of both experiential properties from the Company's portfolio.

Q1 2026 Supplemental

Page 20

LEASE EXPIRATIONS

AS OF MARCH 31, 2026

(UNAUDITED, DOLLARS IN THOUSANDS)

YEAR TOTAL NUMBER OF PROPERTIES

RENTAL REVENUE FOR THE TWELVE MONTHS ENDED MARCH 31, 2026 (1)

% OF TOTAL REVENUE

2026 1 $ 1,060 — %

2027 3 5,386 1 %

2028 9 15,259 2 %

2029 14 21,987 3 %

2030 20 34,299 5 %

2031 3 5,166 1 %

2032 8 12,237 2 %

2033 7 10,277 1 %

2034 34 68,824 9 %

2035 29 73,112 10 %

2036 40 76,874 11 %

2037 28 77,355 11 %

2038 40 64,695 9 %

2039 2 4,987 1 %

2040 3 9,906 1 %

2041 31 19,011 3 %

2042 4 18,907 3 %

2043 7 19,901 3 %

2044 1 3,071 — %

2045 6 25,787 3 %

Thereafter 9 9,325 1 %

299 $ 577,426 80 %

Note: This schedule excludes non-theatre tenant leases within the Company's entertainment districts, properties under development, land held for development, properties operated by the Company and investments in mortgage notes receivable.

(1) Rental revenue for the year ended March 31, 2026 includes lease revenue related to the Company's existing operating ground leases (leases in which the Company is a sub-lessor) as well as the gross-up of tenant reimbursed expenses recognized during the year ended March 31, 2026 in accordance with Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842).

Q1 2026 Supplemental

Page 21

TOP TEN CUSTOMERS BY PERCENTAGE OF TOTAL REVENUE

(UNAUDITED)

PERCENTAGE OF TOTAL REVENUE

FOR THE THREE MONTHS ENDED

CUSTOMERS MARCH 31, 2026

1. Topgolf 14.1%

2. AMC Entertainment Holdings, Inc. 13.9%

3. Regal Entertainment Group 10.3%

4. Cinemark 5.9%

5. Premier Parks 4.5%

6. Vail Resorts 4.1%

7. Camelback Resort 3.2%

8. Santikos Theaters, LLC 2.5%

9. Six Flags Entertainment Corporation 2.4%

10. Andretti Indoor Karting & Games 2.3%

Total 63.2%

Q1 2026 Supplemental

Page 22

GUIDANCE

(UNAUDITED, DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)

MEASURE 2026 GUIDANCE

YTD ACTUALS CURRENT PRIOR

Investment spending $51.3 $500.0 to $600.0 $400.0 to $500.0

Disposition proceeds and mortgage note payoff $— $50.0 to $100.0 $25.0 to $75.0

Percentage rent and participating interest $2.5 $18.5 to $22.5 $18.5 to $22.5

General and administrative expense $14.2 $56.0 to $59.0 $56.0 to $59.0

Other income (1) $10.1 $41.0 to $51.0 $41.0 to $51.0

Other expense (1) $11.0 $41.0 to $51.0 $41.0 to $51.0

FFO per diluted share $1.31 $5.41 to $5.57 $5.26 to $5.46

FFOAA per diluted share $1.26 $5.37 to $5.53 $5.28 to $5.48

RECONCILIATION FROM NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF EPR PROPERTIES (PER DILUTED SHARE): YTD ACTUALS 2026 GUIDANCE

Net income available to common shareholders of EPR Properties $0.74 $3.03 to $3.19

Gain on real estate transactions (0.01) (0.08)

Real estate depreciation and amortization 0.59 2.49

Allocated share of joint venture depreciation 0.01 0.05

Impact of Series C and Series E Dilution, if applicable (0.02) (0.08)

FFO available to common shareholders of EPR Properties $1.31 $5.41 to $5.57

Retirement and severance expense 0.02 0.02

Transaction costs — 0.02

Provision (benefit) for credit losses, net (0.07) (0.08)

Deferred income tax benefit — —

FFO as adjusted (FFOAA) available to common shareholders of EPR Properties $1.26 $5.37 to $5.53

(1) Other income and other expense consist primarily of results from the Company's properties operated through third-party managers.

Note: This schedule includes future estimates for which the Company can give no assurance as to timing or amounts. See cautionary statement concerning forward-looking statements on page 3.

Q1 2026 Supplemental

Page 23

DEFINITIONS - NON-GAAP FINANCIAL MEASURES

EBITDAre

The National Association of Real Estate Investment Trusts (“NAREIT”) developed EBITDAre as a relative non-GAAP financial measure of REITs, independent of a company's capital structure, to provide a uniform basis to measure the enterprise value of a company. Pursuant to the definition of EBITDAre by the Board of Governors of NAREIT, the Company calculates EBITDAre as net income, computed in accordance with GAAP, excluding interest expense (net), income tax expense (benefit), depreciation and amortization, gains and losses on real estate transactions, impairment losses on real estate, costs associated with loan refinancing or payoff and adjustments for unconsolidated partnerships, joint ventures and other affiliates. Management provides EBITDAre herein because it believes this information is useful to investors as a supplemental performance measure because it can help facilitate comparisons of operating performance between periods and with other REITs. The Company's method of calculating EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDAre is not a measure of performance under GAAP, does not represent cash generated from operations as defined by GAAP and is not indicative of cash available to fund all cash needs, including distributions. This measure should not be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre

Management uses Adjusted EBITDAre in its analysis of the performance of the business and operations of the Company. Management believes Adjusted EBITDAre is useful to investors because it excludes various items that management believes are not indicative of operating performance, and because it is an informative measure to use in computing various financial ratios to evaluate the Company. The Company defines Adjusted EBITDAre as EBITDAre (defined above) for the quarter excluding sale participation income, gain on insurance recovery, retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, impairment losses on operating lease right-of-use assets and prepayment fees. This number for the quarter is then multiplied by four to get an annual amount. Annualized Adjusted EBITDAre is Adjusted EBITDAre further adjusted to reflect (1) in-service and disposed projects (2) property under development that is build-to-suit at the initial cash yields of the projects upon completion (3) removal of other non-recurring items including out of period deferrals and stub rent payments and (4) annualization of the following items to ultimately reflect the financial results of the trailing twelve months or mid-point of guidance: (i) percentage rent and participating interest income and (ii) adjusted EBITDAre of managed properties and joint ventures.

The Company's method of calculating Adjusted EBITDAre and Annualized Adjusted EBITDAre may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measures of performance under GAAP, do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. These measures should not be considered as an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or cash flows or liquidity as defined by GAAP.

NET DEBT and PROFORMA NET DEBT

Net Debt represents debt (reported in accordance with GAAP) adjusted to exclude deferred financing costs, net and reduced by cash and cash equivalents. By excluding deferred financing costs, net, and reducing debt for cash and cash equivalents on hand, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. Proforma Net Debt is presented by subtracting the estimated net proceeds from forward sales agreements under the Company's ATM Program from Net Debt. The Company believes both of these calculations constitute beneficial supplemental non-GAAP financial disclosures to investors in understanding its financial condition. The Company's method of calculating Net Debt and Proforma Net Debt may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

Q1 2026 Supplemental

Page 24

NET DEBT TO ADJUSTED EBITDAre RATIO, PROFORMA NET DEBT TO ADJUSTED EBITDAre RATIO, NET DEBT TO GROSS ASSETS RATIO, PROFORMA NET DEBT TO GROSS ASSETS RATIO AND NET DEBT TO TOTAL MARKET CAPITALIZATION RATIO

Net Debt to Adjusted EBITDAre Ratio, Proforma Net Debt to Adjusted EBITDAre Ratio, Net Debt to Gross Assets Ratio, Proforma Net Debt to Gross Assets Ratio and Net Debt to Total Market Capitalization Ratio are supplemental measures derived from non-GAAP financial measures that the Company uses to evaluate its capital structure and the magnitude of its debt against its operating performance. The Company believes that investors commonly use versions of these ratios in a similar manner. In addition, financial institutions use versions of these ratios in connection with debt agreements to set pricing and covenant limitations. The Company's method of calculating Net Debt to Adjusted EBITDAre Ratio, Proforma Net Debt to Adjusted EBITDAre Ratio, Net Debt to Gross Assets Ratio, Proforma Net Debt to Gross Assets Ratio and Net Debt to Total Market Capitalization Ratio may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

FUNDS FROM OPERATIONS (“FFO”) AND FFO AS ADJUSTED

NAREIT developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, the Company calculates FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses on real estate transactions and impairment losses on real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. The Company has calculated FFO for all periods presented in accordance with this definition. In addition, the Company presents FFO as adjusted. Management believes it is useful to provide FFO as adjusted as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO as adjusted is FFO plus retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, costs associated with loan refinancing or payoff, preferred share redemption costs and impairment of operating lease right-of-use assets, and by subtracting sale participation income, gain on insurance recovery and deferred income tax expense (benefit). FFO and FFO as adjusted are non-GAAP financial measures. FFO and FFO as adjusted do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations, cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO and FFO as adjusted the same way so comparisons with other REITs may not be meaningful.

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

In addition to FFO, the Company presents AFFO by adding to FFO retirement and severance expense, transaction costs, provision (benefit) for credit losses, net, costs associated with loan refinancing or payoff, preferred share redemption costs, impairment of operating lease right-of-use assets, non-real estate depreciation and amortization, deferred financing fees amortization and share-based compensation expense to management and trustees; and by subtracting amortization of above and below market leases, net and tenant allowances, sale participation income, maintenance capital expenditures (including second-generation tenant improvements and leasing commissions), straight-lined rental revenue (removing the impact of straight-line ground sublease expense), non-cash portion of mortgage and other financing income, allocated share of joint venture non-cash items, gain on insurance recovery and deferred income tax (benefit) expense. AFFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share and management provides AFFO herein because it believes this information is useful to investors in this regard. AFFO is a non-GAAP financial measure. AFFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or its cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate AFFO the same way so comparisons with other REITs may not be meaningful.

Q1 2026 Supplemental

Page 25

INTEREST COVERAGE RATIO

The interest coverage ratio is calculated as the interest coverage amount divided by interest expense, gross. The Company calculates the interest coverage amount by adding to net income impairment charges, provision (benefit) for credit losses, net, transaction costs, interest expense, gross (including interest expense in discontinued operations), retirement and severance expense, depreciation and amortization, share-based compensation expense to management and trustees and costs associated with loan refinancing or payoff; subtracting sale participation income, interest cost capitalized, straight-line rental revenue, gain on early extinguishment of debt, gain (loss) on real estate transactions from continuing and discontinued operations, gain on insurance recovery, gain on previously held equity interest, gain on early extinguishment of debt, prepayment fees and deferred income tax benefit (expense). The Company calculates interest expense, gross, by adding to interest expense, net, interest income and interest cost capitalized. The Company considers the interest coverage ratio to be an appropriate supplemental measure of a company’s ability to meet its interest expense obligations and management believes it is useful to investors in this regard. The Company's calculation of the interest coverage ratio may be different from the calculation used by other companies, and therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

FIXED CHARGE COVERAGE RATIO

The fixed charge coverage ratio is calculated in exactly the same manner as the interest coverage ratio, except that interest expense, gross and preferred share dividends are also added to the denominator. The Company considers the fixed charge coverage ratio to be an appropriate supplemental measure of a company’s ability to make its interest and preferred share dividend payments and management believes it is useful to investors in this regard. The Company's calculation of the fixed charge coverage ratio may be different from the calculation used by other companies and, therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

DEBT SERVICE COVERAGE RATIO

The debt service coverage ratio is calculated in exactly the same manner as the interest coverage ratio, except that interest expense, gross and recurring principal payments are also added to the denominator. The Company considers the debt service coverage ratio to be an appropriate supplemental measure of a company’s ability to make its debt service payments and management believes it is useful to investors in this regard. The Company's calculation of the debt service coverage ratio may be different from the calculation used by other companies and, therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

NON-GAAP PRO-RATA FINANCIAL INFORMATION - UNCONSOLIDATED JOINT VENTURES

This information includes non-GAAP financial measures. The Company's share of unconsolidated joint ventures is derived on an entity-by-entity basis by applying its ownership percentage to each line item in the GAAP financial statements of these properties to calculate its share of that line item. The Company believes this form of presentation offers insights into the financial performance and condition of our Company as a whole, given the significance of its unconsolidated joint ventures that are accounted for under the equity method of accounting, although the presentation of such information may not accurately depict the legal and economic implications of holding an unconsolidated joint venture. The Company's method of calculating its proportionate interest may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. The Company does not control the unconsolidated joint venture for purposes of GAAP and the presentation of the assets and liabilities and revenues and expenses do not represent a legal claim to such items. Due to these limitations, the non-GAAP pro-rata financial information should not be considered in isolation or as a substitute for the Company's consolidated financial statements as reported under GAAP.

Q1 2026 Supplemental

Page 26

Appendix to Supplemental Operating and Financial Data

Reconciliation of Certain Non-GAAP Financial Measures

First Quarter Ended March 31, 2026

Q1 2026 Supplemental

Page 27

CALCULATION OF INTEREST, FIXED CHARGE AND DEBT SERVICE COVERAGE RATIOS

(UNAUDITED, DOLLARS IN THOUSANDS)

INTEREST COVERAGE RATIO (1): 1ST QUARTER 2026 4TH QUARTER 2025 3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024

Net income (loss) $ 62,610 $ 66,904 $ 66,586 $ 75,643 $ 65,803 $ (8,395)

Impairment charges — — — — — 39,952

Impairment charges on joint ventures — — — — — 16,087

Retirement and severance expense 1,423 1,901 1,094 — — —

Transaction costs 293 471 492 669 567 423

Provision (benefit) for credit losses, net (5,597) (985) 9,117 997 (652) 9,876

Interest expense, gross 35,893 34,768 34,239 34,510 34,784 34,991

Depreciation and amortization 44,957 43,582 42,409 42,080 41,089 40,995

Share-based compensation expense

to management and trustees 4,099 3,643 3,907 3,912 3,867 3,572

Interest cost capitalized (383) (710) (758) (961) (1,435) (1,161)

Straight-line rental revenue (3,490) (4,025) (3,541) (5,137) (3,397) (3,992)

Gain on real estate transactions (1,027) (5,297) (8,073) (16,779) (9,384) (112)

Deferred income tax expense (benefit) 114 (170) (53) (93) (530) (285)

Interest coverage amount $ 138,892 $ 140,082 $ 145,419 $ 134,841 $ 130,712 $ 131,951

Interest expense, net $ 34,763 $ 33,574 $ 33,238 $ 33,246 $ 33,021 $ 33,472

Interest income 747 484 243 303 328 358

Interest cost capitalized 383 710 758 961 1,435 1,161

Interest expense, gross $ 35,893 $ 34,768 $ 34,239 $ 34,510 $ 34,784 $ 34,991

Interest coverage ratio 3.9 4.0 4.2 3.9 3.8 3.8

FIXED CHARGE COVERAGE RATIO (1):

Interest coverage amount $ 138,892 $ 140,082 $ 145,419 $ 134,841 $ 130,712 $ 131,951

Interest expense, gross $ 35,893 $ 34,768 $ 34,239 $ 34,510 $ 34,784 $ 34,991

Preferred share dividends 6,032 6,040 6,032 6,040 6,032 6,040

Fixed charges $ 41,925 $ 40,808 $ 40,271 $ 40,550 $ 40,816 $ 41,031

Fixed charge coverage ratio 3.3 3.4 3.6 3.3 3.2 3.2

DEBT SERVICE COVERAGE RATIO (1):

Interest coverage amount $ 138,892 $ 140,082 $ 145,419 $ 134,841 $ 130,712 $ 131,951

Interest expense, gross $ 35,893 $ 34,768 $ 34,239 $ 34,510 $ 34,784 $ 34,991

Recurring principal payments — — — — — —

Debt service $ 35,893 $ 34,768 $ 34,239 $ 34,510 $ 34,784 $ 34,991

Debt service coverage ratio 3.9 4.0 4.2 3.9 3.8 3.8

(1) See pages 24 through 26 for definitions.

Q1 2026 Supplemental

Page 28

RECONCILIATION OF INTEREST COVERAGE AMOUNT TO NET CASH PROVIDED BY OPERATING ACTIVITIES

(UNAUDITED, DOLLARS IN THOUSANDS)

The interest coverage amount per the table on page 28 is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used by investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:

1ST QUARTER 2026 4TH QUARTER 2025 3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024

Net cash provided by operating activities $ 113,367 $ 97,780 $ 136,483 $ 87,321 $ 99,369 $ 92,938

Equity in (loss) income from joint ventures (2,632) (2,396) 2,934 (1,681) (2,647) (3,425)

Distributions from joint ventures — — — — (11) —

Amortization of deferred financing costs (2,672) (2,380) (2,120) (2,102) (2,206) (2,187)

Amortization of above and below market leases and tenant allowances, net 81 81 81 81 81 81

Changes in assets and liabilities:

Operating lease assets and liabilities 520 532 496 259 293 324

Mortgage notes accrued interest receivable 956 (1,449) 1,824 (1,266) 1,687 (549)

Accounts receivable 3,431 4,307 (2,209) 8,619 3,862 5,902

Other assets 3,374 (1,238) (1,318) 3,370 1,507 759

Accounts payable and accrued liabilities (17,089) 15,141 (15,929) 10,160 (3,759) 81

Unearned rents and interest 6,861 (1,373) (5,502) 999 2,017 7,766

Straight-line rental revenue (3,490) (4,025) (3,541) (5,137) (3,397) (3,992)

Interest expense, gross 35,893 34,768 34,239 34,510 34,784 34,991

Interest cost capitalized (383) (710) (758) (961) (1,435) (1,161)

Transaction costs 293 471 492 669 567 423

Retirement and severance expense (cash portion) 382 573 247 — — —

Interest coverage amount (1) $ 138,892 $ 140,082 $ 145,419 $ 134,841 $ 130,712 $ 131,951

Net cash (used) provided by investing activities $ (50,865) $ (115,175) $ (36,329) $ (12,574) $ 42,397 $ (30,710)

Net cash (used) provided by financing activities $ (86,471) $ 86,238 $ (99,058) $ (73,416) $ (150,490) $ (64,468)

(1) See pages 24 through 26 for definitions.

Q1 2026 Supplemental

Page 29

RECONCILIATION OF EBITDAre, ADJUSTED EBITDAre AND ANNUALIZED ADJUSTED EBITDAre

(UNAUDITED, DOLLARS IN THOUSANDS)

ADJUSTED EBITDAre (1): 1ST QUARTER 2026 4TH QUARTER 2025 3RD QUARTER 2025 2ND QUARTER 2025 1ST QUARTER 2025 4TH QUARTER 2024

Net income (loss) $ 62,610 $ 66,904 $ 66,586 $ 75,643 $ 65,803 $ (8,395)

Interest expense, net 34,763 33,574 33,238 33,246 33,021 33,472

Income tax expense 614 954 725 681 136 653

Depreciation and amortization 44,957 43,582 42,409 42,080 41,089 40,995

Gain on real estate transactions (1,027) (5,297) (8,073) (16,779) (9,384) (112)

Impairment of real estate investments — — — — — 39,952

Allocated share of joint venture depreciation 996 1,000 989 985 1,036 1,965

Allocated share of joint venture interest expense 503 516 497 430 375 589

Impairment charges on joint ventures — — — — — 16,087

EBITDAre $ 143,416 $ 141,233 $ 136,371 $ 136,286 $ 132,076 $ 125,206

Retirement and severance expense 1,423 1,901 1,094 — — —

Transaction costs 293 471 492 669 567 423

Provision (benefit) for credit losses, net (5,597) (985) 9,117 997 (652) 9,876

Adjusted EBITDAre (for the quarter) $ 139,535 $ 142,620 $ 147,074 $ 137,952 $ 131,991 $ 135,505

Adjusted EBITDAre (2) $ 558,140 $ 570,480 $ 588,296 $ 551,808 $ 527,964 $ 542,020

ANNUALIZED ADJUSTED EBITDAre (1):

Adjusted EBITDAre (for the quarter) $ 139,535 $ 142,620 $ 147,074 $ 137,952 $ 131,991 $ 135,505

In-service and disposition adjustments (3) 1,356 2,145 834 200 (500) 448

Managed and JV property adjustments (4) 2,432 1,914 (4,804) 285 2,420 1,711

Property under development adjustments (5) 332 934 1,303 1,715 2,336 2,258

Percentage rent/participation adjustments (6) 2,589 (2,829) (1,906) 496 40 70

Non-recurring adjustments (7) 761 260 231 (606) 1,313 (643)

Annualized Adjusted EBITDAre (for the quarter) $ 147,005 $ 145,044 $ 142,732 $ 140,042 $ 137,600 $ 139,349

Annualized Adjusted EBITDAre (8) $ 588,020 $ 580,176 $ 570,928 $ 560,168 $ 550,400 $ 557,396

See footnotes on the following page.

Q1 2026 Supplemental

Page 30

(1) See pages 24 through 26 for definitions.

(2) Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount but does not include the annualization of investments put in service, acquired or disposed of during the quarter, as well as the potential earnings on property under development, the annualization of percentage rent and participating interest and adjustments for other items. These adjustments are considered in the calculation of Annualized Adjusted EBITDAre.

(3) Adjustments for rental properties commencing or terminating GAAP net operating income during the quarter and adjustments to revenue from mortgage notes receivable to be consistent with end of quarter balance.

(4) To annualize amounts from the actual latest quarterly amount to the trailing 12-month amount divided by four.

(5) To add in income for property under development that is build-to-suit at the initial cash yields of the projects upon completion.

(6) To adjust percentage rents and participating interest income from the actual quarterly amount to the mid-point of the guidance amount shown on page 23, less non-recurring adjustments, divided by four.

(7) Adjustments for various non-recurring items during the quarter.

(8) Annualized Adjusted EBITDAre for the quarter is multiplied by four to calculate an annualized amount.

Q1 2026 Supplemental

Page 31

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v3.26.1

DEI Information Document

May 06, 2026

Document Information [Line Items]

Entity Central Index Key

0001045450

Document Type

8-K

Document Period End Date

May 06, 2026

Entity Registrant Name

EPR Properties

Entity Incorporation, State or Country Code

Entity File Number

001-13561

Entity Tax Identification Number

43-1790877

Entity Address, Address Line One

909 Walnut Street,

Entity Address, Address Line Two

Suite 200

Entity Address, City or Town

Kansas City,

Entity Address, State or Province

Entity Address, Postal Zip Code

64106

City Area Code

(816)

Local Phone Number

472-1700

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Amendment Flag

false

Common Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

Common shares, par value $0.01 per share

Trading Symbol

EPR

Security Exchange Name

NYSE

Series C Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

5.75% Series C cumulative convertible preferred shares, par value $0.01 per share

Trading Symbol

EPR PrC

Security Exchange Name

NYSE

Series E Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

9.00% Series E cumulative convertible preferred shares, par value $0.01 per share

Trading Symbol

EPR PrE

Security Exchange Name

NYSE

Series G Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

5.75% Series G cumulative redeemable preferred shares, par value $0.01 per share

Trading Symbol

EPR PrG

Security Exchange Name

NYSE

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Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

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Area code of city

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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Address Line 1 such as Attn, Building Name, Street Name

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Address Line 2 such as Street or Suite number

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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-Section 12

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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