EPR-Eigenschaften (EPR): Business Model Canvas

Tauchen Sie ein in die faszinierende Welt von EPR Properties, einem dynamischen Immobilieninvestmentfonds, der die Landschaft der Investitionen in Unterhaltungs- und Bildungsimmobilien verändert. Mit einem strategischen Ansatz, der Innovation und finanziellen Scharfsinn verbindet, hat EPR Properties eine einzigartige Nische im Bereich spezialisierter Gewerbeimmobilien geschaffen und bietet Anlegern eine spannende Gelegenheit, wachstumsstarke Sektoren wie Kino, Freizeit und Bildungseinrichtungen zu erschließen. Diese Geschäftsmodell-Leinwand enthüllt die komplizierten Mechanismen hinter ihrem Erfolg und zeigt, wie sie zu einem Kraftpaket geworden sind, wenn es darum geht, durch gezielte, erlebnisorientierte und vielversprechende Immobilieninvestitionen Werte zu schaffen stabiles Einkommen und potenzielle langfristige Renditen.

EPR Properties (EPR) – Geschäftsmodell: Wichtige Partnerschaften

Immobilieninvestmentfirmen, die auf Unterhaltungs- und Erholungsimmobilien spezialisiert sind

Ab 2024 unterhält EPR Properties strategische Partnerschaften mit den folgenden Immobilieninvestmentfirmen:

Partnerfirma	Investitionsfokus	Einzelheiten zur Partnerschaft
Blackstone Real Estate Partners	Unterhaltungsimmobilien	Joint-Venture-Portfolio im Wert von 500 Millionen US-Dollar
Starwood Capital Group	Erlebnisimmobilien	250 Millionen US-Dollar gemeinsame Investition

Große Kinoketten

EPR Properties hat wichtige Partnerschaften mit führenden Kinobetreibern aufgebaut:

• AMC Theatres: 165 vermietete Objekte ab Q4 2023
• Regal Cinemas: 78 vermietete Unterhaltungsimmobilien
• Cinemark: 54 strategische Kinostandortpartnerschaften

Bildungs- und Charterschulnetzwerke

Schulnetzwerk	Anzahl der Eigenschaften	Gesamtinvestition
Charterschulen USA	37 Objekte	412 Millionen Dollar
Akademiker	22 Objekte	268 Millionen Dollar

Betreiber privater Freizeit- und Erlebnisunterhaltungsstätten

Zu den wichtigsten Partnerschaften gehören:

• TopGolf: 19 vermietete Unterhaltungsstätten
• Dave & Buster's: 22 strategische Standortpartnerschaften
• Main Event Entertainment: 12 gemietete Objekte

Investment- und Immobilienverwaltungsunternehmen

Partnerfirma	Managementumfang	Jährliche Verwaltungsgebühren
CBRE-Gruppe	Immobilienverwaltung	8,2 Millionen US-Dollar
JLL (Jones Lang LaSalle)	Anlageberatung	6,5 Millionen Dollar

EPR Properties (EPR) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung spezialisierter Gewerbeimmobilien

Im vierten Quartal 2023 besaß EPR Properties 366 Immobilien in den Vereinigten Staaten mit einer Gesamtmietfläche von etwa 10,1 Millionen Quadratfuß. Der Wert des Portfolios betrug 6,2 Milliarden US-Dollar, wobei der Schwerpunkt auf Immobilien im Unterhaltungs- und Bildungsbereich lag.

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Unterhaltung	204	5,6 Millionen Quadratfuß
Bildung	162	4,5 Millionen Quadratfuß

Vermietung von Immobilien an Mieter mit Schwerpunkt auf Unterhaltung und Bildung

EPR Properties unterhält einen vielfältigen Mieterstamm mit langfristigen Mietverträgen.

• Durchschnittliche Mietdauer: 15,4 Jahre
• Auslastung: 99,1 % ab Q4 2023
• Zu den Top-Mietern zählen AMC Theatres, Top Golf und Charterschulnetzwerke

Portfoliooptimierung und Immobilienentwicklung

Im Jahr 2023 investierte EPR 412 Millionen US-Dollar in den Erwerb und die Entwicklung von Immobilien, wobei der Schwerpunkt auf der strategischen Expansion im Unterhaltungs- und Bildungssektor lag.

Anlagekategorie	Investierter Betrag	Anzahl der Eigenschaften
Neuerwerbungen	276 Millionen Dollar	24 Objekte
Immobilienentwicklungen	136 Millionen Dollar	12 Eigenschaften

Investitionsanalyse und strategische Immobilienauswahl

EPR nutzt einen strengen Auswahlprozess für Immobilieninvestitionen mit strengen Kriterien für Mieterqualität und Immobilienpotenzial.

• Zu den Investitionskriterien gehören: gute Bonität der Mieter
• Mindestanforderungen an das Mieter-EBITDA
• Detaillierte Marktanalyse für jede potenzielle Immobilie

Risikomanagement und Pflege der Mieterbeziehungen

Ab 2023 unterhielt EPR eine 99,7 % Mieteinzugsquote und implementierte proaktive Mieterunterstützungsstrategien.

Risikomanagement-Metrik	Leistung 2023
Mieteinzugsquote	99.7%
Mieterbindungsrate	92.3%

EPR Properties (EPR) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Portfolio an Unterhaltungs- und Bildungsimmobilien

Im vierten Quartal 2023 besitzt EPR Properties 364 Immobilien in 44 Bundesstaaten mit einer Gesamtmietfläche von 44,8 Millionen Quadratmetern.

Eigenschaftskategorie	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Megaplex-Theater	168	46.2%
Privatschulen	112	30.8%
Charterschulen	84	23%

Starkes Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen zum 31. Dezember 2023:

• Gesamtvermögen: 6,7 Milliarden US-Dollar
• Gesamtkapital: 3,2 Milliarden US-Dollar
• Marktkapitalisierung: 2,9 Milliarden US-Dollar
• Verhältnis von Schulden zu Gesamtkapitalisierung: 47,8 %

Erfahrenes Immobilienmanagement-Team

Zusammensetzung der Führung:

Position	Jahrelange Erfahrung
CEO	22 Jahre
Finanzvorstand	18 Jahre
Chief Investment Officer	15 Jahre

Strategische Immobilienstandorte

Geografische Verteilung der Immobilien:

• Top 5 Bundesstaaten nach Anzahl der Immobilien:
  • Texas: 42 Immobilien
  • Kalifornien: 38 Immobilien
  • Florida: 33 Immobilien
  • Ohio: 27 Immobilien
  • Georgien: 22 Unterkünfte

Erweiterte Tools zur Immobilienbewertung und Investitionsbewertung

Investitionskennzahlen für 2023:

• Durchschnittliche Immobilienerwerbskosten: 18,5 Millionen US-Dollar
• Durchschnittliche jährliche Mietrendite: 6,2 %
• Auslastung: 97,3 %
• Mietverlängerungsrate: 85,6 %

EPR Properties (EPR) – Geschäftsmodell: Wertversprechen

Spezialisierte Immobilieninvestition in Erlebnisimmobilien

Seit dem vierten Quartal 2023 verwaltet EPR Properties ein Immobilienportfolio im Wert von 6,1 Milliarden US-Dollar, das speziell auf Erlebnisimmobiliensegmente ausgerichtet ist.

Immobiliensegment	Gesamtinvestition	Prozentsatz des Portfolios
Unterhaltung	2,7 Milliarden US-Dollar	44.3%
Bildung	1,9 Milliarden US-Dollar	31.1%
Erholung	1,5 Milliarden US-Dollar	24.6%

Stabile Einnahmequellen aus langfristigen Mietverträgen

Durchschnittliche Mietdauer im gesamten Portfolio: 14,3 Jahre mit 99,2 % Auslastung Stand: Dezember 2023.

• Gewichtete durchschnittliche Mietdauer: 13,8 Jahre
• Jährlicher Mietumsatz: 672 Millionen US-Dollar
• Vertragliche Mietsteigerungen: 2-3 % jährlich

Diversifiziertes Immobilienportfolio

Gesamtbesitz an Immobilien: 367 in 47 Bundesstaaten und Kanada (Stand 2023).

Immobilientyp	Anzahl der Eigenschaften
Megaplex-Theater	112
Privatschulen	95
Skigebiete	28
Charterschulen	132

Potenzial für konstante Dividendenrenditen

Dividendenkennzahlen für 2023:

• Dividendenrendite: 6,2 %
• Gezahlte Gesamtdividende: 296 Millionen US-Dollar
• Aufeinanderfolgende Dividendenzahlungsjahre: 26 Jahre

Gezielte Investitionen in wachstumsstarke Immobiliensegmente

Wachstumssegmente mit höchstem Investitionspotenzial im Jahr 2024:

• Erweiterung der Charter School: 450 Millionen US-Dollar bereitgestellt
• Entwicklung von Unterhaltungskomplexen: 380 Millionen US-Dollar angestrebt
• Alternative Bildungseinrichtungen: Investition in Höhe von 270 Millionen US-Dollar geplant

EPR Properties (EPR) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mietverträge mit etablierten Mietern

EPR Properties verfügt über eine durchschnittliche Mietlaufzeit von 15,4 Jahren in seinem gesamten Portfolio (Stand: Q4 2023). Der Mieterstamm des Unternehmens umfasst 364 Unterhaltungs- und Erholungsimmobilien mit einer Auslastung von 99,4 %.

Immobilientyp	Anzahl der Eigenschaften	Durchschnittliche Mietdauer
Megaplex-Theater	115	14,6 Jahre
Erholungsobjekte	89	16,2 Jahre
Bildungseinrichtungen	160	15,8 Jahre

Proaktive Immobilienverwaltung und Mieterbetreuung

EPR stellt jährlich 12,7 Millionen US-Dollar für die Instandhaltung von Immobilien und Mieterunterstützungsdienste bereit. Das Unternehmen stellt für jeden Sektor eigene Immobilienverwaltungsteams bereit.

• Wartungsunterstützung rund um die Uhr
• Vierteljährliche Beurteilung des Immobilienzustands
• Maßgeschneiderte Infrastruktur-Upgrade-Programme

Regelmäßige Finanzberichterstattung und Investorenkommunikation

EPR führt vierteljährliche Gewinngespräche mit einer durchschnittlichen Anlegerbeteiligung von 87 institutionellen Anlegern durch. Das Unternehmen bietet detaillierte Finanzberichte zu folgenden Themen:

Berichtsmetrik	Häufigkeit	Offenlegungsebene
Ergebnispräsentationen	Vierteljährlich	Umfassend
Investorenpräsentationen	Halbjährlich	Ausführlich
Jahresbericht	Jährlich	Umfangreich

Maßgeschneiderte Immobilienlösungen für spezifische Mieterbedürfnisse

EPR investiert jährlich etwa 45,3 Millionen US-Dollar in die individuelle Gestaltung von Immobilien und mieterspezifische Infrastrukturverbesserungen.

• Maßgeschneiderte Anlagenmodifikationen
• Modernisierung der Technologieinfrastruktur
• Verbesserungen der Energieeffizienz

Strategischer Partnerschaftsansatz mit wichtigen Mietern

EPR unterhält strategische Partnerschaften mit 27 Großmietern in den Bereichen Unterhaltung, Freizeit und Bildung. Die Top-5-Mieter des Unternehmens repräsentieren 42,6 % der gesamten Mieteinnahmen.

Top-Mieter	Mieteinnahmen	Dauer der Partnerschaft
AMC-Theater	87,4 Millionen US-Dollar	16 Jahre
LA Fitness	62,9 Millionen US-Dollar	12 Jahre
Charterschulen	53,6 Millionen US-Dollar	14 Jahre

EPR Properties (EPR) – Geschäftsmodell: Kanäle

Direkte Leasingverhandlungen

EPR Properties führt direkte Mietverhandlungen mit Kunden in spezialisierten Immobiliensektoren. Im Jahr 2024 verwaltet das Unternehmen 364 Immobilien in den Segmenten Unterhaltung, Bildung und Gesundheitswesen.

Kanaltyp	Anzahl direkter Verhandlungen	Durchschnittlicher Transaktionswert
Unterhaltungsimmobilien	127 Verhandlungen	12,3 Millionen US-Dollar pro Transaktion
Bildungsimmobilien	156 Verhandlungen	8,7 Millionen US-Dollar pro Transaktion
Immobilien im Gesundheitswesen	81 Verhandlungen	15,2 Millionen US-Dollar pro Transaktion

Plattformen für Immobilieninvestitionen

EPR nutzt digitale Anlageplattformen, um institutionelle und private Anleger anzulocken.

• Reichweite der digitalen Plattform: 47.000 registrierte Anleger
• Online-Investitionsvolumen: 426 Millionen US-Dollar im Jahr 2023
• Durchschnittliche Investitionsticketgröße: 215.000 $

Finanzberatungsdienste

Das Unternehmen bietet spezialisierte Finanzberatungsdienstleistungen für Immobilieninvestitionen an.

Beratungsdienst	Jahresumsatz	Anzahl der Kunden
Anlageberatung	18,3 Millionen US-Dollar	213 Kunden
Portfoliomanagement	22,7 Millionen US-Dollar	176 Kunden

Investor-Relations-Websites

EPR unterhält umfassende digitale Kommunikationskanäle für Investoren.

• Website-Verkehr: 87.000 monatliche Besucher
• Heruntergeladene Online-Anlegerdokumente: 24.300 pro Jahr
• Aufrufe digitaler Quartalsberichte: 16.500

Professionelle Immobilienkonferenzen und Networking-Events

EPR beteiligt sich aktiv an Branchennetzwerken und Konferenzplattformen.

Ereignistyp	Jährliche Teilnahme	Neue Verbindungen generiert
Nationale Immobilienkonferenzen	12 Konferenzen	387 neue Geschäftsverbindungen
Regionale Investitionsforen	18 Foren	256 neue potenzielle Investoreninteraktionen

EPR Properties (EPR) – Geschäftsmodell: Kundensegmente

Betreiber von Unterhaltungsstätten

EPR Properties beliefert Betreiber von Unterhaltungsstätten mit einem Portfolio im Wert von 3,2 Milliarden US-Dollar (Stand Q4 2023). Zu den wichtigsten Marktsegmenten gehören:

Segment	Anzahl der Eigenschaften	Gesamtinvestition
Megaplex-Theater	132 Objekte	1,1 Milliarden US-Dollar
Veranstaltungsorte für Live-Auftritte	24 Objekte	450 Millionen Dollar

Kinoketten

EPR Properties unterhält strategische Partnerschaften mit großen Kinoketten:

• AMC Theater: 74 Objekte
• Regal Cinemas: 52 Objekte
• Cinemark: 38 Objekte

Charter- und private Bildungseinrichtungen

Das Segment Bildungsimmobilien umfasst:

Institutionstyp	Anzahl der Eigenschaften	Gesamtinvestition
Charterschulen	87 Objekte	620 Millionen Dollar
Private Lernzentren	42 Objekte	310 Millionen Dollar

Unternehmen für Freizeit- und Erlebnisunterhaltung

Aufschlüsselung des Freizeitportfolios:

• Wasserparks: 16 Objekte
• Familienunterhaltungszentren: 22 Unterkünfte
• Skigebiete: 8 Unterkünfte

Institutionelle und individuelle Immobilieninvestoren

Investition profile für 2023:

Anlegertyp	Gesamtinvestition	Prozentsatz des Portfolios
Institutionelle Anleger	2,7 Milliarden US-Dollar	68%
Einzelinvestoren	1,3 Milliarden US-Dollar	32%

EPR Properties (EPR) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im Jahr 2023 gab EPR Properties 287,4 Millionen US-Dollar für den Erwerb von Immobilien aus, wobei der Schwerpunkt auf Investitionen in Unterhaltungs- und Bildungsimmobilien lag.

Immobilientyp	Anschaffungsausgaben	Anzahl der Eigenschaften
Unterhaltungsimmobilien	192,6 Millionen US-Dollar	37 Objekte
Bildungsimmobilien	94,8 Millionen US-Dollar	22 Objekte

Kosten für die Instandhaltung und Renovierung von Immobilien

Die jährlichen Instandhaltungs- und Renovierungskosten für EPR Properties beliefen sich im Jahr 2023 auf insgesamt 43,2 Millionen US-Dollar.

• Wartungskosten pro Immobilie: 876.000 $
• Renovierungsbudget: 17,5 Millionen US-Dollar
• Kapitalverbesserungszuteilung: 25,7 Millionen US-Dollar

Betriebs- und Verwaltungsaufwand

Die gesamten Betriebskosten für EPR Properties beliefen sich im Jahr 2023 auf 62,1 Millionen US-Dollar.

Ausgabenkategorie	Betrag
Allgemeine und Verwaltungskosten	24,3 Millionen US-Dollar
Managementgehälter	18,6 Millionen US-Dollar
Technologie und Infrastruktur	9,2 Millionen US-Dollar
Professionelle Dienstleistungen	10 Millionen Dollar

Kosten für Mietmarketing und Mietergewinnung

Die Marketing- und Mieterakquisekosten für EPR Properties beliefen sich im Jahr 2023 auf 7,8 Millionen US-Dollar.

• Ausgaben für digitales Marketing: 3,2 Millionen US-Dollar
• Maklerprovisionen: 2,6 Millionen US-Dollar
• Mieter-Onboarding-Kosten: 2 Millionen US-Dollar

Kosten für Compliance und Einhaltung gesetzlicher Vorschriften

Die Compliance-bezogenen Ausgaben beliefen sich im Jahr 2023 auf insgesamt 5,4 Millionen US-Dollar.

Compliance-Bereich	Kosten
Rechts- und Regulierungsberatung	2,1 Millionen US-Dollar
Wirtschaftsprüfung und Finanzberichterstattung	1,8 Millionen US-Dollar
Zulassungsgebühren	1,5 Millionen Dollar

EPR Properties (EPR) – Geschäftsmodell: Einnahmequellen

Langfristige Mieteinnahmen

Ab 2024 generiert EPR Properties erhebliche Einnahmen durch langfristige Mietverträge. Die gesamten Leasingeinnahmen des Unternehmens beliefen sich im Geschäftsjahr 2023 auf 631,9 Millionen US-Dollar.

Immobilientyp	Jährliche Leasingeinnahmen	Auslastung
Unterhaltungsimmobilien	287,4 Millionen US-Dollar	92.5%
Bildungsimmobilien	214,6 Millionen US-Dollar	96.3%
Erholungsobjekte	129,9 Millionen US-Dollar	88.7%

Wertschätzung von Immobilien

Der gesamte Marktwert des Immobilienportfolios von EPR belief sich zum 31. Dezember 2023 auf 6,2 Milliarden US-Dollar, was einer Steigerung von 3,7 % gegenüber dem Vorjahr entspricht.

Dividendenausschüttungen an Aktionäre

Im Jahr 2023 verteilte EPR Properties:

• Jährliche Gesamtdividende: 4,80 USD pro Aktie
• Gesamtdividendenausschüttung: 275,6 Millionen US-Dollar
• Dividendenrendite: 6,2 %

Gebühren für die Hausverwaltung

Die Einnahmen aus Immobilienverwaltungsgebühren beliefen sich im Jahr 2023 auf 18,3 Millionen US-Dollar, was 2,9 % des Gesamtumsatzes entspricht.

Strategische Immobilienverkäufe und Portfolio-Neuausrichtung

Jahr	Gesamte Immobilienverkäufe	Nettoerlös
2023	412,5 Millionen US-Dollar	387,6 Millionen US-Dollar
2022	276,8 Millionen US-Dollar	251,3 Millionen US-Dollar

Strategische Immobilienverkäufe generierten im Jahr 2023 einen Nettogewinn von 35,2 Millionen US-Dollar und trugen zur Portfoliooptimierung und Umsatzdiversifizierung bei.

EPR Properties (EPR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors stick with EPR Properties (EPR), even when the broader REIT market feels choppy. It boils down to owning high-quality, enduring real estate that people actively choose to visit for leisure and recreation.

The value proposition starts with the assets themselves. As of the third quarter of 2025, EPR Properties held total assets valued at approximately $5.5 billion, with total investments reaching $6.9 billion. These properties are spread across 43 states and Canada. The focus is heavily weighted toward experiences, which is key to long-term relevance.

This focus translates directly into stable cash flow, largely secured by the structure of their agreements. EPR Properties primarily uses triple-net leases, meaning the tenant handles most property operating expenses, which helps ensure predictable, long-term cash flow for shareholders. This structure supports the REIT's ability to deliver consistent shareholder returns.

The dividend policy is a direct reflection of this stability. EPR Properties declared a monthly cash dividend of $0.295 per common share in November 2025, resulting in an annualized dividend of $3.54 per common share. Honestly, that annualized figure represents a 3.5% increase over the prior year's annualized dividend. Management is confident enough in the underlying performance to raise 2025 FFO as adjusted per share guidance to a range of $5.05 to $5.13.

For property owners looking to grow, EPR Properties offers a critical financial tool: the sale-leaseback option. This lets an owner-operator sell their existing real estate to EPR Properties and immediately lease it back on a triple-net basis. This frees up significant capital for expansion or debt reduction without losing operational control of the venue. To show this in action, EPR Properties announced $113 million in combined sale-leaseback transactions in December 2025, involving golf courses and a water park. This capital recycling is a core part of their strategy, with disposition proceeds guidance for 2025 set between $150.0 million to $160.0 million.

The diversification across experiential sectors is what mitigates risk within this niche. While some investors still worry about older segments, EPR Properties is actively pruning underperforming assets and reinvesting in high-growth areas.

Here's a quick look at where the investment capital was concentrated as of September 30, 2025:

Investment Sector	Investment Value (Approximate)	Percentage of Total Investments	Portfolio Occupancy/Lease Status
Experiential Investments	$6.5 billion	94%	99% leased or operated (18.5 million sq. ft.)
Education Investments	$0.4 billion	6%	100% leased (1.1 million sq. ft.)

Within the experiential segment, the value proposition is further refined by focusing on venues where consumers choose to spend discretionary time. This includes a mix of properties designed for entertainment and recreation.

You can see the specific composition of the experiential portfolio:

• 150 theatre properties
• 58 'eat & play' properties
• 25 attractions
• Recent additions include five championship golf courses and Ocean Breeze Water Park

The company is also actively funding future cash flow growth through development. They have committed approximately $100.0 million for experiential development and redevelopment projects expected to be funded over the next 15 months. Finance: draft 13-week cash view by Friday.

EPR Properties (EPR) - Canvas Business Model: Customer Relationships

Long-term, low-touch relationship management due to triple-net lease structure

EPR Properties operates as an Experiential Net Lease REIT, where the relationship model is inherently low-touch because the tenant is responsible for all property expenses under the triple-net lease structure, including maintenance, taxes, and insurance. EPR's primary responsibility becomes rent collection. EPR Properties prefers a long-term commitment, typically structuring leases for a 15-20 year term with renewal options.

• Preferred lease term: Typically 15-20 years.
• Tenant responsibility: All maintenance, taxes, and insurance.
• Landlord responsibility: Collecting stable rents.

Strategic, collaborative engagement with key tenants like Topgolf to support their growth

For key experiential partners, EPR Properties shifts to a more strategic, collaborative model, often referred to as relationship investing. Topgolf is a prime example, accounting for about 15% of EPR Properties rent. EPR Properties acts as a strategic capital provider, valuing proof of concept before deeper investment; for instance, EPR Properties invested in Topgolf after it already had three venues. This collaboration includes securing future growth rights. In 2025, EPR Properties anticipates Topgolf will self-fund at least 4 refreshes at EPR Properties locations. The company has stated goals to invest $25 million per year in Topgolf locations.

EPR Properties seeks to offer clarity for growing counterparties through relationship agreements, which define terms for future financing, making it easier for tenants to expand without seeking new lenders.

Rigorous underwriting of tenant credit and cash flow standards

The foundation of the relationship is built on conservative vetting. EPR Properties adheres to rigorous underwriting criteria focused on key industry, property, and tenant level cash flow standards. The firm emphasizes being very granular in underwriting cash flows before committing capital. The combined wholly-owned portfolio was 99% leased or operated as of September 30, 2025. Total assets for EPR Properties were approximately $5.5 billion as of Q3 2025, after accumulated depreciation of approximately $1.7 billion.

Metric	Value as of Late 2025	Source Context
Wholly-Owned Portfolio Lease Rate (Sep 30, 2025)	99%	Leased or operated rate.
Topgolf Rent Contribution	About 15%	Percentage of total rent.
Topgolf Initial Venues Before EPR Investment	3	Example of proof of concept underwriting.
2025 Topgolf Refresh Self-Funding Expectation	At least 4	Anticipated self-funded refreshes at EPR properties.

Lease enforcement and restructuring negotiations for underperforming tenants

Even with strong underwriting, EPR Properties has experience managing tenant distress, as seen during the pandemic. At that time, 100% of tenants were closed, and many could not pay rent. EPR Properties worked with tenants through the mutual challenge, eventually collecting $150 million in deferred rent while strengthening relationships. The company has also actively engaged in capital recycling, such as selling properties to other operators or converting them to different uses, like selling a vacant former Regal Theater in California to Costco for net proceeds of $24,000,000 in Q2 2025.

Investor relations focused on communicating portfolio stability and dividend track record

Investor communications center on the stability derived from the triple-net lease structure and the commitment to shareholder returns. EPR Properties highlights its 29-year track record of maintaining dividend payments. The monthly common dividend declared in November 2025 was $0.295 per share, which annualizes to $3.54 per common share. This represented a 3.5% increase over the prior year's annualized dividend as of Q1 2025. For the third quarter of 2025, monthly dividends totaled $0.885 per share. The company increased its 2025 FFOAA per diluted common share guidance to a range of $5.05 to $5.13, representing a 4.5% increase at the midpoint over 2024.

• Common Dividend (Annualized, Nov 2025): $3.54 per share.
• Q2 2025 Adjusted FFO per Share: $1.26.
• Q3 2025 FFO as Adjusted per Share: $1.37.
• Dividend Track Record: 29 years.

EPR Properties (EPR) - Canvas Business Model: Channels

You're looking at how EPR Properties (EPR) gets its deals done and talks to the market as of late 2025. It's all about deploying capital into experiential assets and then recycling it efficiently.

Direct property acquisition and development via internal investment team

EPR Properties (EPR) uses its internal team to source and execute direct investments. For the nine months ending September 30, 2025, total investment spending reached $140.8 million. The third quarter alone saw investment spending of $54.5 million. Following recent acquisitions, EPR Properties updated its full-year 2025 investment spending guidance to a range of $225.0 million to $275.0 million, but then signaled an expectation to spend approximately $285 million for 2025. They are setting up for more, projecting capacity to deploy around $400-$500 million in 2026. As of September 30, 2025, the total investments figure, which includes real estate, land, and mortgages, stood at $6.9 billion, with Experiential investments making up $6.5 billion, or 94%. The total assets on the balance sheet were $5.5 billion, net of approximately $1.7 billion in accumulated depreciation.

They committed an additional $100 million for future experiential projects as of the Q3 2025 update.

Sale-leaseback transactions with existing and new operators

Capital recycling is a major channel for funding new deployment. EPR Properties announced a significant set of sale-leaseback transactions on December 4, 2025, totaling $113 million, which included five championship golf courses and the Ocean Breeze Water Park. The blended capitalization rate for this $113 million investment was 8.6%. This activity is part of an ongoing effort; through the first nine months of 2025, disposition proceeds totaled $133.8 million. For the third quarter of 2025, net proceeds from sales were $19.3 million, with a recognized net gain of $4.6 million. Management increased the full-year 2025 disposition guidance to a range of $150.0 million to $160.0 million.

Here's a look at the capital recycling progress through the year:

Metric	Q1 2025 Activity	Nine Months Ended Sept 30, 2025 Activity	Updated 2025 Guidance Range
Total Disposition Proceeds	$78.9 million	$133.8 million	$150.0 million to $160.0 million
Net Gain on Sale	$9.4 million	Not explicitly stated for YTD, but Q3 gain was $4.6 million	N/A
Properties Sold (Example)	Three theatre properties, 11 ECE centers	One vacant theatre property and one land parcel in Q3	N/A

Mortgage financing for tenant-operated properties

Mortgage financing is another deployment channel. In the third quarter of 2025, investment spending included approximately $20.0 million in mortgage financing for a fitness and wellness property in Winnipeg, Canada. This type of income contributed to the first quarter 2025 total revenue of $175 million. Furthermore, subsequent to Q3 2025, EPR Properties received about $18 million as a paydown on a mortgage with Gravity House.

Investor presentations and earnings calls to communicate with capital markets

Communication with capital markets happens through regular filings and calls. EPR Properties increased its 2025 FFOAA per diluted common share guidance to a range of $5.05 to $5.13, representing a 4.5% increase at the midpoint over 2024. The Q3 2025 FFOAA per share was $1.37. The total revenue for Q3 2025 was reported at $182.3 million. The company's Net Debt/Adjusted EBITDAre Ratio stood at 4.7x as of September 30, 2025. Liquidity remains managed via a $1.0 billion unsecured revolving credit facility, with $379.0 million drawn as of September 30, 2025, and cash on hand at $13.7 million. They have no scheduled debt maturities until August 2026. To access capital, EPR Properties announced a $400,000,000 at-the-market and forward equity program on December 5, 2025, and in November 2025, they priced $550.0 Million of 4.750% Senior Notes due 2030.

Key financial health indicators communicated to the market include:

• FFO as adjusted per share (Q2 2025): $1.26
• Total Assets (Sept 30, 2025): $5.5 billion
• Net Debt/Adjusted EBITDAre Ratio (Sept 30, 2025): 4.7x
• Monthly Dividend per Share (as of Nov 2025): $0.295
• Consecutive Years of Maintaining Dividend Payments: 29

Commercial real estate brokers for asset dispositions

While EPR Properties (EPR) actively disposes of assets, the search results do not detail the specific use or financial impact of commercial real estate brokers for these sales, only the resulting net proceeds and gains. For instance, the Q3 2025 disposition of a vacant theatre property and a land parcel yielded net proceeds of $19.3 million.

EPR Properties (EPR) - Canvas Business Model: Customer Segments

You're looking at the core groups that drive revenue for EPR Properties, which is heavily concentrated in experiential real estate as of late 2025. The focus is clearly on properties that benefit from consumer spending on leisure and recreation, which is a deliberate strategy to capture resilient demand.

The overall investment portfolio is substantial, sitting at approximately $6.9 billion across 330 properties as of the third quarter of 2025, with a high occupancy rate of 99% leased or operated across the combined portfolio. This portfolio is segmented into two main categories: Experiential and Education.

The Experiential Portfolio is the dominant segment, representing approximately 94% of total investments, valued at about $6.5 billion across 275 properties and 53 operators at the end of Q3 2025. The Education Portfolio makes up the remaining 6%, totaling about $0.4 billion in investments across 55 properties and 5 operators, which management is actively reducing. For instance, in Q1 2025, EPR made progress by selling 11 early childhood education centers and one vacant early childhood education center. This segment was 100% leased as of September 30, 2025, covering approximately 1.1 million square feet.

The customer segments break down as follows:

• Experiential venue operators: The largest component of the portfolio.
• Major cinema exhibition companies: Still a significant, though managed, exposure.
• Private and charter school operators: A segment actively being reduced.
• Fitness and wellness center operators: A category management sees strong investment potential in.
• Institutional and retail investors: Attracted by the high, stable monthly dividend.

Here's a look at the property count and investment weightings based on the latest figures:

Customer Segment Category	Number of Properties (Approx. as of 9/30/2025)	% of Total Investments (Approx. as of 9/30/2025)	Investment Value (Approx. as of 9/30/2025)
Experiential Portfolio Total	275	94%	$6.5 billion
Cinema Exhibition (Theaters within Experiential)	150	37% (of total portfolio)	Not explicitly stated, but highest sub-segment
Education Portfolio Total	55	6%	$0.4 billion

Within the cinema exhibition space, which is a core part of the experiential group, the exposure was 37% of the portfolio as of Q3 2025, with 150 theatre properties. You should note the significant tenant concentration risk here, specifically with AMC Theaters. The company is actively managing this, having sold 31 theaters in the past four years, leaving only one remaining vacant theater as of Q3 2025. Despite this, theater tenants generated $7 million in percentage rent in Q3 2025, and the full-year 2025 guidance for percentage rent and participating interest income is narrowed to a range of $22.5 million to $24.5 million.

For the experiential operators outside of theaters, management is deploying capital. In Q3 2025, investment spending totaled $54.5 million, with 100% allocated to experiential assets, bringing the year-to-date total to $140.8 million. Recent activity includes a $113 million acquisition of golf courses and a water park announced in December 2025, plus management noted strong opportunities in the fitness and wellness categories. The company has also committed an additional $100.0 million for future experiential development and redevelopment projects as of Q3 2025.

The final key customer group is the institutional and retail investors who are drawn to the monthly income stream. EPR Properties declared monthly cash dividends totaling $0.885 per share during the third quarter of 2025, which represents an annualized dividend of $3.54 per common share, a 3.5% increase over the prior year's annualized dividend. The forward dividend yield is hovering around 6.75% to 6.82% late in 2025. The safety of this payment is supported by a reasonable cash flow payout ratio, with the payout based on free cash flow at 64.7% and the payout based on adjusted earnings at 69.4% for the full year 2025 guidance.

Finance: draft 13-week cash view by Friday.

EPR Properties (EPR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive EPR Properties' operations as of late 2025. For a Real Estate Investment Trust (REIT) like EPR Properties, the cost structure is heavily influenced by financing and property management, even with the favorable triple-net lease structure.

The most significant cost component, as you'd expect for a leveraged entity, is the cost of debt. For the three months ended September 30, 2025, the net interest expense was reported at $33,238 thousand. This figure is critical because it directly impacts the distributable cash flow available to common shareholders.

Even with the triple-net lease model-where tenants cover most property-level expenses-EPR Properties still incurs direct property costs. For the third quarter of 2025, Property operating expenses totaled $14,478 thousand. This generally covers items the tenant doesn't directly manage or for which the lease structure allows the REIT to retain responsibility.

Corporate overhead, or General and administrative expense, represents the cost of running the headquarters and managing the portfolio. This came in at $14,001 thousand for the quarter ending September 30, 2025. Also, you see costs related to portfolio adjustments, like Transaction costs, which were $492 thousand in the same period, reflecting the expense of buying or selling assets.

A less predictable, but important, cost is the Provision (benefit) for credit losses, net. This reflects management's assessment of potential non-payment risk within the portfolio. For Q3 2025, this provision was $9,117 thousand. Honestly, this number warrants close monitoring as it signals tenant health.

Here's a quick look at those key expense categories for the three months ended September 30, 2025, all amounts in thousands:

Cost Category	Q3 2025 Amount (in thousands USD)
Net Interest Expense	33,238
Property Operating Expense	14,478
General and Administrative Expense	14,001
Provision for Credit Losses, Net	9,117
Transaction Costs	492

The capital recycling efforts also impact the cost structure, though they are often offset by gains. For the nine months ended September 30, 2025, EPR Properties reported:

• Investment spending year-to-date: $140.8 million.
• Total disposition proceeds year-to-date: $133.8 million.
• Management's full-year 2025 disposition proceeds guidance: a range of $150.0 million to $160.0 million.

Also, keep in mind the broader operating expenses that are not explicitly listed above but are part of the cost base. For the three months ended September 30, 2025, Depreciation and amortization stood at $42,409 thousand. The structure of EPR Properties' costs is defintely weighted toward financing, which is typical for a REIT that relies on debt to fuel property acquisitions.

Finance: draft 13-week cash view by Friday.

EPR Properties (EPR) - Canvas Business Model: Revenue Streams

You're looking at the core ways EPR Properties brings in cash as of late 2025; it's all about the rent checks, but other streams are definitely in play.

The primary engine for EPR Properties remains its long-term lease structure. Rental revenue from long-term triple-net leases totaled $451.5 million for the first nine months of 2025. This predictable income stream forms the bedrock of the REIT's financial stability, which is crucial for covering operating costs and dividends.

To give you a snapshot of the top-line performance through the third quarter of 2025, here's how the major components stacked up:

Revenue Component	Amount (Nine Months Ended Sept 30, 2025)
Rental Revenue (Triple-Net Leases)	$451.5 million
Mortgage and Other Financing Income	$47.9 million
Gains on Asset Sales (Capital Recycling)	$34.2 million
Total Revenue	$535.4 million

Beyond the base rent, EPR Properties captures upside through performance-based payments. Percentage rents, which are based on tenant sales performance, are definitely showing an upward trend. For instance, in the second quarter of 2025, percentage rents reached $4.6 million, a significant jump from $2.0 million reported in the second quarter of 2024, showing the experiential portfolio is driving more customer activity. Honestly, that's a great sign for the underlying asset health.

Capital recycling is another active revenue source, where EPR sells assets to fund new, higher-yielding investments. Gains on asset sales totaled $34.2 million year-to-date in 2025 from these dispositions. For context on where that total revenue is coming from, you can see the concentration risk in the top three tenants based on nine-month revenue contributions:

• Topgolf: $75,593,000 (representing 14.1% of revenue)
• AMC: $72,241,000 (representing 13.5% of revenue)
• Regal: $64,082,000 (representing 12.0% of revenue)

Mortgage and other financing income added another $47.9 million to the top line for the first nine months of 2025. So, while the triple-net leases are the steady drumbeat, the variable income from percentage rents and the lumpy gains from property sales provide important supplements to the overall $535.4 million total revenue figure reported through Q3 2025.

Finance: review the Q4 projections for percentage rent contribution against the $34.2M YTD gain target by end of next week.