Company Overview

EPR Properties is a publicly traded real estate investment trust (REIT) that specializes in owning and leasing experiential real estate assets. The company operates within the specialty REIT segment, focusing on properties that facilitate out-of-home leisure, recreation, and entertainment activities. Its primary revenue is generated through long-term, triple-net leases, under which tenants are responsible for property-level operating costs, providing EPR with relatively predictable rental income.

The company’s core business is organized around experiential property types, including Experiential, Education, and Gaming assets, with the Experiential segment representing the majority of revenue. EPR Properties was founded in 1997 and completed its initial public offering in 1997 as well. Over time, the company evolved from a diversified specialty REIT into a more focused experiential real estate owner, particularly after strategic portfolio adjustments following the COVID‑19 pandemic to emphasize experiential and entertainment-driven properties with long-term demand characteristics.

Business Operations

EPR Properties generates revenue primarily through lease income from a diversified portfolio of experiential properties operated by third-party tenants. The company’s operating segments include Experiential (such as movie theaters, eat-and-play venues, ski resorts, fitness and wellness facilities, and attractions), Education (primarily early childhood education centers and private schools), and Gaming (casino properties leased to gaming operators). Leases are predominantly triple-net and long term, often with contractual rent escalators.

Operations are concentrated in the United States, with properties located across multiple states and leased to a broad tenant base. EPR Properties does not directly operate the facilities it owns; instead, it relies on tenant operators with industry-specific expertise. The company controls a large, diversified real estate portfolio and maintains relationships with major entertainment and leisure operators, while managing risk through tenant diversification, lease structuring, and asset type selection.

Strategic Position & Investments

EPR Properties’ strategic direction emphasizes capital allocation toward experiential real estate sectors that benefit from consumer preference for experiences over goods. Growth initiatives include selective acquisitions, redevelopment investments, and reinvestment in existing properties, while maintaining a disciplined underwriting approach focused on tenant credit quality and unit-level performance. The company has also prioritized balance sheet resilience, liquidity management, and conservative leverage following industry-wide disruptions experienced during the pandemic.

The company has made notable investments in experiential concepts such as eat-and-play venues, destination attractions, and recreation-focused assets. Portfolio adjustments have included dispositions of non-core assets and reduced exposure to traditional movie theaters relative to historical levels, while expanding into other experiential formats. EPR Properties continues to evaluate emerging experiential categories where long-term demand fundamentals and tenant alignment can be demonstrated.

Geographic Footprint

EPR Properties’ portfolio is primarily located in North America, with an overwhelming concentration in the United States. The company’s headquarters is located in Kansas City, Missouri, and its properties are geographically diversified across numerous U.S. states, reducing reliance on any single local market or regional economy.

While international exposure is limited, the company has historically held a small number of assets in Canada, primarily within its gaming portfolio. Overall, EPR’s geographic strategy emphasizes market diversification within the United States, focusing on metropolitan and regional markets that support experiential consumer spending and stable long-term tenant operations.

Leadership & Governance

EPR Properties is led by an experienced executive team with backgrounds in real estate investment, finance, and asset management. The company’s leadership emphasizes disciplined capital allocation, tenant partnership, and long-term shareholder value through sustainable dividends and prudent risk management. Governance practices are aligned with public REIT standards, including oversight by an independent board of trustees.

Key executives include:

• Gregory K. Silvers – President and Chief Executive Officer
• Mark A. Peterson – Executive Vice President and Chief Financial Officer
• Brian E. Moriarty – Executive Vice President, Chief Operating Officer
• Steven A. Carter – Executive Vice President, Asset Management and Investments
• Kathleen L. McGrath – Senior Vice President, General Counsel and Secretary