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EPR Properties

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FY2024 Annual Report · EPR Properties
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THE DIVERSIFIED 
EXPERIENTIAL REIT
ANNUAL REPORT
2 
0 
2 
4


Annual Shareholders Meeting
The annual meeting of  
shareholders will be held at  
11:00 a.m. (CST), May 6, 2025,  
at the Company’s offices at  
909 Walnut St., Suite 200,  
Kansas City, MO 64106.
Stock Market Information
The Company’s common 
shares of beneficial 
interest are traded on the 
New York Stock Exchange 
under the symbol EPR.
Investor Relations
For further information regarding 
EPR Properties, please direct 
inquiries to:
EPR Properties 
Investor Relations Department 
909 Walnut St., Suite 200 
Kansas City, MO 64106 
brianm@eprkc.com
Transfer Agent and Registrar
Computershare Trust Company, N.A.
P.O. Box 43007
Providence, RI 02940-3007
Independent Auditors
KPMG LLP
1000 Walnut St.
Suite 1000
Kansas City, MO 64106
For access to additional financial 
information, visit EPRKC.COM
Corporate 
Information
Board of Trustees
GREGORY K. SILVERS 
Chairman & Chief Executive Officer
VIRGINIA E. SHANKS 
Lead Independent Trustee
PETER C. BROWN
WILLIAM P. (LIAM) BROWN 
JOHN P. CASE III 
JAMES B. CONNOR 
ROBIN P. STERNECK
JOHN PETER (JP) SUAREZ 
LISA G. TRIMBERGER
CAIXIA Y. ZIEGLER
Executive Officers
GREGORY K. SILVERS 
Chairman & Chief Executive Officer
MARK A. PETERSON  
Executive Vice President, Chief Financial Officer & Treasurer
GREGORY E. ZIMMERMAN  
Executive Vice President & Chief Investment Officer 
ELIZABETH GRACE  
Senior Vice President – Human Resources & Administration
GWEN M. JOHNSON  
Senior Vice President – Asset Management
TONYA L. MATER  
Senior Vice President & Chief Accounting Officer
BRIAN A. MORIARTY  
Senior Vice President – Corporate Communications
PAUL R. TURVEY 
Senior Vice President, General Counsel & Secretary

Dear Fellow Shareholder:
In 2024 we saw positive momentum as we positioned the 
Company for sustained future growth. Our portfolio continued 
to demonstrate resilience while navigating a challenging 
macroenvironment, and we were successful in finding accretive 
opportunities to grow our portfolio through relationship-driven 
investments in experiential real estate. We were pleased to 
deliver 3.4% FFO as adjusted per share* earnings growth for  
the year, when removing the impact of the out-of-year deferred 
rent and interest collections. We are encouraged by our ability 
to forge new operator relationships while supporting existing 
tenant growth, as evidenced by our recent investments in our Attractions and Fitness & Wellness 
property types. While the macroenvironment is expected to remain fluid in 2025, we believe we 
are poised to continue to adapt and respond. We are confident in our ability to deliver value to 
our shareholders through our disciplined approach to capital allocation and our focused and 
differentiated growth strategy.
GREGORY K. SILVERS
Chairman & CEO
* See Form 10-K or Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2024 for definition and calculation of this 
non-GAAP measure; Coverage is TTM September 30, 2024
STRENGTHENED PORTFOLIO AND STRATEGIC FOCUS* 
Throughout 2024, we made strategic investments to enhance our broader portfolio by taking a 
selective approach to deploying capital. We focused on relationship-building with strong operators 
in experiential sectors that have proven strategies and provide future investment opportunities.  
We ended the year with a total of 346 properties and total investments of $6.9 billion.  
Our experiential portfolio totaled 278 properties with 51 operators, and our education portfolio 
totaled 68 properties with eight operators. Our total portfolio coverage was at 2.0x, while our 
theatre portfolio was at 1.5x and our non-theatre portfolio maintained a strong 2.5x coverage level. 
Box Office Recovery and Theatre Portfolio Evolution
Consumer demand remains solid for strong box office content, as evidenced by the better-than-
anticipated box office results that drove the North American box office to $8.6 billion in 2024. 
We continue to actively manage our theatre concentration. As a result, we executed the planned 
dispositions of theatre properties during the year, the bulk of which were associated with the Regal 
lease restructuring in the prior year. 
Additionally, as concessions have expanded with greater options, increased food and beverage 
spending has contributed to higher overall per patron spending levels. This dynamic helped create 
We are encouraged by our ability to forge new operator relationships 
while supporting existing tenant growth, as evidenced by our recent 
investments in our Attractions and Fitness & Wellness property types.
“
”

an environment whereby our theatre rent coverage was at 2019 levels during the year, despite lower 
box office sales vs. 2019. Going forward we anticipate that theatre rent coverage has the potential to 
surpass pre-COVID levels as the box office continues to recover.
EAT & PLAY
Golf Entertainment 
Complexes
Family Entertainment 
Centers
Bowling/Karting
Entertainment 
Districts
ATTRACTIONS 
Amusement Parks
Waterparks
Marinas
GAMING 
Casino Resorts
CULTURAL
Museums
Zoos
Aquariums
EXPERIENTIAL LODGING
Ski-Based Lodging
Waterpark Lodging
National Parks
Themed Lodging
LIVE VENUES
Concert Venues
Performance Venues
E-Gaming
SKI
Metro
Regional
Destination
FITNESS & WELLNESS
Fitness Centers
Climbing Gyms
Spas/Clubs
Youth Sports/ 
Athletics
Growth of Experiential Assets 
During 2024, we continued to strengthen our experiential portfolio by deepening relationships with 
operators in high-performing property types. Our investment activity of approximately $264 million 
for the year reflects the strategic focus across our target property types. Our investment in Iron 
Mountain Hot Springs expanded our presence in the Fitness & Wellness sector. We also capitalized 
on opportunities in Eat & Play as we announced further growth with Andretti Indoor Karting & Games. 
In Attractions, we continued developing the Bavarian Inn and acquired New York’s largest water 
theme park, Enchanted Forest Water Safari. These investments not only enhanced our portfolio but 
also established new operator relationships that provide a strong foundation for future growth.
Target Experiential Property Types
2024 Investment Spending Highlights
IRON MOUNTAIN HOT SPRINGS
ANDRETTI INDOOR KARTING & GAMES
BAVARIAN INN
ENCHANTED FOREST WATER SAFARI

POSITIONED FOR SUSTAINED GROWTH 
While the interest rate environment remained challenging in 2024, we maintained a disciplined 
approach to capital deployment, investing at attractive yields without having to access the  
capital markets. Our strategic focus on recycling capital through property dispositions, including 
select cultural, theatre and education assets, provided additional investment capacity as we  
ended the year with disposition proceeds totaling $74.4 million and recognized a net gain on  
sale of $16.1 million.
During the year we announced a new $1.0 billion unsecured revolving credit facility, which 
matures in 2028. The new facility provides for an initial maximum principal amount of borrowing 
availability of $1.0 billion with an “accordion” feature under which the Company may increase the 
total maximum available by $1.0 billion, to a total of $2.0 billion. Our strong balance sheet and 
conservative financial management have allowed us to operate effectively in this macroenvironment. 
This disciplined approach supported a 3.5% increase in our well-covered monthly cash dividend to 
common shareholders while maintaining significant financial flexibility. As we look ahead, we remain 
well-positioned to capitalize on select investment opportunities while maintaining our commitment 
to prudent capital allocation. 
DEDICATED TO CORPORATE RESPONSIBILITY
Our commitment to corporate responsibility remains fundamental to how we operate and create 
long-term value. In our role as the leading diversified experiential real estate investment trust, we 
recognize the unique opportunity we have to promote sustainable practices across our portfolio. 
We continue to work closely with our tenants to implement energy conservation measures and 
environmental best practices, particularly as we develop and redevelop properties.
We remain focused on fostering an inclusive culture that values diverse perspectives and 
experiences. This commitment extends from our workforce to our board of trustees, where nine 
*See Form 10-K or Supplemental Operating and Financial Data for the Fourth Quarter and Year Ended December 31, 2024 for definition and calculation of this non-GAAP measure
Capital Structure
(in millions)
Q4 
2024
Common  
Equity
$3,354
Preferred  
Equity
$371
Net  
Debt
$2,858
Total Market  
Capitalization
$6,583
Financial Highlights
Liquidity available: $22.1M cash on hand  
$1B revolver, $175M outstanding
Monthly common dividend is $0.295/share; 
annualized is $3.54/share
~$2.9B total debt; ~94% fixed rate or fixed 
through int. rate swaps at wtd. avg. of 4.4%
Unsecured  
Debt 99%
Wtd. avg. debt  
maturity over 3 yrs
Net Debt to Annualized  
Adjusted EBITDAre 5.1x*
2025 debt maturities  
only $300M
Fitch  
BBB-
Stable
S&P 
BBB-
Stable
Investment Grade  
Ratings
EPR’s unsecured debt  
is investment grade
Moody’s  
Baa3
Stable

CREATING VALUE FOR SHAREHOLDERS
As we begin 2025, we remain confident in our experiential real estate investment thesis. The 
sustained consumer demand for our properties continues to validate the essential role these 
shared experiences play in our culture. This 
resilience, combined with our relationship-
driven approach to growth, positions us 
well for continued success in executing our 
experiential opportunities.
Looking ahead, we remain focused on 
controlling what we can control – investing 
selectively in high-quality opportunities, 
maintaining conservative balance sheet 
metrics, and recycling capital through 
strategic dispositions. This disciplined 
approach has enabled us to deliver lifetime 
total returns exceeding both the MSCI US 
REIT Index and the Russell 1000 Index and 
positions us to continue creating value 
through market cycles. 
I want to thank our team members, shareholders and stakeholders for their ongoing support. We 
have demonstrated our ability to navigate through challenges, and I look forward to continuing to 
create value through strategic growth.
of our 10 trustees are independent and bring diverse 
backgrounds, expertise and demographics. This 
diversity strengthens our decision-making process 
and helps ensure we consider a broad range of 
stakeholder interests.
Our governance practices continue to evolve to meet 
the highest standards of corporate oversight, ensuring 
alignment with shareholder interests. We maintain regular 
engagement with our stakeholders, including our tenants, 
associates and investors, to ensure we consider all of 
our stakeholders and create meaningful impact in the 
communities we serve.
GREGORY K. SILVERS
Chairman & CEO
955%
744%
1,468%
RUSSELL 1000
EPR
MSCI US REIT (RMZ)
Lifetime Total Shareholder Return
Source: S&P Capital IQ, dates 11/18/1997 through 12/31/2024


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