EPR Properties (EPR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el fascinante mundo de las propiedades EPR, un fideicomiso dinámico de inversión inmobiliaria que transforma el panorama de las inversiones inmobiliarias de entretenimiento y educación. Con un enfoque estratégico que combina la innovación y la perspicacia financiera, EPR Properties ha forjado un nicho único en bienes raíces comerciales especializadas, ofreciendo a los inversores una oportunidad emocionante para aprovechar los sectores de alto crecimiento como el cine, la recreación y las instalaciones educativas. Este lienzo de modelo de negocio revela la intrincada mecánica detrás de su éxito, mostrando cómo se han convertido en una potencia para crear valor a través de inversiones de propiedades específicas y basadas en la experiencia que prometen ingreso estable y posibles rendimientos a largo plazo.

EPR Propiedades (EPR) - Modelo de negocio: asociaciones clave

Empresas de inversión inmobiliaria especializadas en propiedades de entretenimiento y recreación

A partir de 2024, EPR Properties mantiene asociaciones estratégicas con las siguientes empresas de inversión inmobiliaria:

Empresa asociada	Enfoque de inversión	Detalles de la asociación
Blackstone Real Estate Partners	Propiedades de entretenimiento	Cartera de empresas conjuntas de $ 500 millones
Starwood Capital Group	Inmobiliario experimental	$ 250 millones de inversión colaborativa

Grandes cadenas de cine

EPR Properties ha establecido asociaciones clave con operadores de cine líderes:

• Teatros AMC: 165 Propiedades arrendadas a partir del cuarto trimestre 2023
• Regal Cinemas: 78 propiedades de entretenimiento arrendadas
• Cinemark: 54 asociaciones estratégicas de ubicación de cine

Redes escolares educativas y charter

Red escolar	Número de propiedades	Inversión total
Escuelas autónomas de EE. UU.	37 propiedades	$ 412 millones
Académica	22 propiedades	$ 268 millones

Operadores de recreación privada y locales de entretenimiento experimental

Las asociaciones clave incluyen:

• Topgolf: 19 lugares de entretenimiento arrendados
• Dave & Buster's: 22 asociaciones de ubicación estratégica
• Entretenimiento del evento principal: 12 propiedades arrendadas

Empresas de inversión y administración de propiedades

Empresa asociada	Alcance de gestión	Tarifas de gestión anuales
Grupo CBRE	Administración de propiedades	$ 8.2 millones
JLL (Jones Lang LaSalle)	Aviso de inversión	$ 6.5 millones

EPR Propiedades (EPR) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades de bienes raíces comerciales especializadas

A partir del cuarto trimestre de 2023, EPR Properties poseía 366 propiedades en los Estados Unidos, totalizando aproximadamente 10.1 millones de pies cuadrados de espacio alquilable. La cartera fue valorada en $ 6.2 mil millones, con un enfoque en el entretenimiento y los bienes raíces relacionados con la educación.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Entretenimiento	204	5.6 millones de pies cuadrados
Educación	162	4.5 millones de pies cuadrados

Propiedades de arrendamiento a inquilinos centrados en el entretenimiento y la educación

EPR Properties mantiene una base de inquilinos diversa con contratos de arrendamiento a largo plazo.

• Término de arrendamiento promedio: 15.4 años
• Tasa de ocupación: 99.1% a partir del cuarto trimestre 2023
• Los principales inquilinos incluyen los teatros AMC, los mejores golf y las redes escolares charter

Optimización de cartera y desarrollo de propiedades

En 2023, EPR invirtió $ 412 millones en adquisiciones y desarrollos de propiedades, con un enfoque en la expansión estratégica en los sectores de entretenimiento y educación.

Categoría de inversión	Monto invertido	Número de propiedades
Nuevas adquisiciones	$ 276 millones	24 propiedades
Desarrollos inmobiliarios	$ 136 millones	12 propiedades

Análisis de inversiones y selección de propiedades estratégicas

EPR utiliza un riguroso proceso de selección para inversiones inmobiliarias, con criterios estrictos para la calidad del inquilino y el potencial de propiedad.

• Los criterios de inversión incluyen: calificaciones crediticias de inquilinos fuertes
• Requisitos mínimos de EBITDA del inquilino
• Análisis de mercado detallado para cada propiedad potencial

Gestión de riesgos y mantenimiento de la relación de inquilinos

A partir de 2023, EPR mantuvo un 99.7% Tasa de cobro de alquiler e implementó estrategias proactivas de apoyo al inquilino.

Métrica de gestión de riesgos	2023 rendimiento
Tarifa de recaudación de alquiler	99.7%
Tasa de retención de inquilinos	92.3%

EPR Propiedades (EPR) - Modelo de negocio: recursos clave

Diversas cartera de propiedades relacionadas con el entretenimiento y educación

A partir del cuarto trimestre de 2023, EPR Properties posee 364 propiedades en 44 estados, por un total de 44.8 millones de pies cuadrados alquilados.

Categoría de propiedad	Número de propiedades	Porcentaje de cartera
Teatros megaplex	168	46.2%
Escuelas privadas	112	30.8%
Escuelas charter	84	23%

Capacidades de capital financiero y de inversión sólidos

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 6.7 mil millones
• Equidad total: $ 3.2 mil millones
• Capitalización de mercado: $ 2.9 mil millones
• Relación de capitalización de deuda / total: 47.8%

Equipo experimentado de gestión de bienes raíces

Composición de liderazgo:

Posición	Años de experiencia
CEO	22 años
director de Finanzas	18 años
Director de inversiones	15 años

Ubicaciones de propiedades estratégicas

Distribución geográfica de propiedades:

• Los 5 principales estados por número de propiedades:
  • Texas: 42 propiedades
  • California: 38 propiedades
  • Florida: 33 propiedades
  • Ohio: 27 propiedades
  • Georgia: 22 propiedades

Herramientas avanzadas de evaluación de propiedades y evaluación de inversiones

Métricas de inversión para 2023:

• Costo promedio de adquisición de propiedades: $ 18.5 millones
• Rendimiento promedio de alquiler anual: 6.2%
• Tasa de ocupación: 97.3%
• Tasa de renovación de arrendamiento: 85.6%

EPR Propiedades (EPR) - Modelo de negocio: propuestas de valor

Inversión inmobiliaria especializada en propiedades experimentales

A partir del cuarto trimestre de 2023, EPR Properties administra una cartera inmobiliaria de $ 6.1 mil millones específicamente dirigida a segmentos de propiedad experimental.

Segmento de propiedades	Inversión total	Porcentaje de cartera
Entretenimiento	$ 2.7 mil millones	44.3%
Educación	$ 1.9 mil millones	31.1%
Recreación	$ 1.5 mil millones	24.6%

Flujos de ingresos estables de contratos de arrendamiento a largo plazo

Duración promedio de arrendamiento en toda la cartera: 14.3 años con Tasa de ocupación del 99,2% a diciembre de 2023.

• Término de arrendamiento promedio ponderado: 13.8 años
• Ingresos anuales de alquiler: $ 672 millones
• Escalaciones de alquiler contractual: 2-3% anual

Cartera de propiedades diversificadas

Propiedades totales de propiedad: 367 en 47 estados y Canadá a partir de 2023.

Tipo de propiedad	Número de propiedades
Teatros megaplex	112
Escuelas privadas	95
Estaciones de esquí	28
Escuelas charter	132

Potencial para devoluciones de dividendos consistentes

Métricas de dividendos para 2023:

• Rendimiento de dividendos: 6.2%
• Dividendos totales pagados: $ 296 millones
• Años consecutivos de pagos de dividendos: 26 años

Inversión dirigida en segmentos de propiedad de alto crecimiento

Segmentos de crecimiento con el mayor potencial de inversión en 2024:

• Expansión de la escuela autónoma: $ 450 millones asignados
• Desarrollos de complejos de entretenimiento: $ 380 millones dirigidos
• Instalaciones de educación alternativa: $ 270 millones de inversión planificada

EPR Properties (EPR) - Modelo de negocio: relaciones con los clientes

Contratos de arrendamiento a largo plazo con inquilinos establecidos

EPR Properties mantiene un plazo de arrendamiento promedio de 15.4 años en su cartera a partir del cuarto trimestre de 2023. La base de inquilinos de la compañía incluye 364 propiedades de entretenimiento y recreación con una tasa de ocupación del 99.4%.

Tipo de propiedad	Número de propiedades	Duración promedio de arrendamiento
Teatros megaplex	115	14.6 años
Propiedades recreativas	89	16.2 años
Instalaciones educativas	160	15.8 años

Gestión de propiedades proactivas y soporte de inquilinos

EPR asigna $ 12.7 millones anuales para servicios de mantenimiento de la propiedad y soporte de inquilinos. La compañía ofrece equipos dedicados de administración de propiedades para cada sector.

• Soporte de mantenimiento 24/7
• Evaluaciones de condición de propiedad trimestral
• Programas de actualización de infraestructura personalizados

Información financiera regular y comunicaciones de inversores

EPR realiza llamadas trimestrales de ganancias con una participación promedio de los inversores de 87 inversores institucionales. La Compañía proporciona informes financieros detallados que cubre:

Métrica de informes	Frecuencia	Nivel de divulgación
Presentaciones de ganancias	Trimestral	Integral
Presentaciones de inversores	By-anualmente	Detallado
Informe anual	Anualmente	Extenso

Soluciones de propiedad personalizadas para necesidades específicas de inquilinos

EPR invierte aproximadamente $ 45.3 millones anuales en personalización de propiedades y mejoras de infraestructura específicas para el inquilino.

• Modificaciones de la instalación a medida
• Actualizaciones de infraestructura tecnológica
• Mejoras de eficiencia energética

Enfoque de asociación estratégica con inquilinos clave

EPR mantiene asociaciones estratégicas con 27 inquilinos principales en sectores de entretenimiento, recreación y educación. Los 5 principales inquilinos de la compañía representan el 42.6% de los ingresos totales de alquiler.

Mejor inquilino	Ingresos por alquiler	Duración de la asociación
Teatros AMC	$ 87.4 millones	16 años
LA Fitness	$ 62.9 millones	12 años
Escuelas charter	$ 53.6 millones	14 años

EPR Propiedades (EPR) - Modelo de negocio: canales

Negociaciones de arrendamiento directo

EPR Properties lleva a cabo negociaciones de arrendamiento directo con clientes en sectores de bienes raíces especializados. A partir de 2024, la compañía administra 364 propiedades en segmentos de entretenimiento, educación y atención médica.

Tipo de canal	Número de negociaciones directas	Valor de transacción promedio
Propiedades de entretenimiento	127 negociaciones	$ 12.3 millones por transacción
Propiedades educativas	156 negociaciones	$ 8.7 millones por transacción
Propiedades de atención médica	81 negociaciones	$ 15.2 millones por transacción

Plataformas de inversión inmobiliaria

EPR utiliza plataformas de inversión digital para atraer inversores institucionales e individuales.

• LA PLATULATA DIGITAL CAENCIENTE: 47,000 inversores registrados
• Volumen de inversión en línea: $ 426 millones en 2023
• Tamaño promedio de boletos de inversión: $ 215,000

Servicios de asesoramiento financiero

La compañía ofrece servicios de asesoramiento financiero especializados para inversiones inmobiliarias.

Servicio de asesoramiento	Ingresos anuales	Número de clientes
Consultoría de inversión	$ 18.3 millones	213 clientes
Gestión de cartera	$ 22.7 millones	176 clientes

Sitios web de relaciones con los inversores

EPR mantiene canales integrales de comunicación de inversores digitales.

• Tráfico del sitio web: 87,000 visitantes mensuales
• Documentos de inversionista en línea Descargados: 24,300 anuales
• Vistas de informes trimestrales digitales: 16,500

Conferencias inmobiliarias profesionales y eventos de redes

EPR participa activamente en las redes de la industria y las plataformas de conferencias.

Tipo de evento	Participación anual	Nuevas conexiones generadas
Conferencias de bienes raíces nacionales	12 conferencias	387 nuevas conexiones comerciales
Foros de inversión regionales	18 foros	256 nuevas interacciones potenciales de inversores

EPR Propiedades (EPR) - Modelo de negocio: segmentos de clientes

Operadores de sede de entretenimiento

EPR Properties sirve a operadores de sede de entretenimiento con una cartera valorada en $ 3.2 mil millones a partir del cuarto trimestre de 2023. Los segmentos clave del mercado incluyen:

Segmento	Número de propiedades	Inversión total
Teatros megaplex	132 propiedades	$ 1.1 mil millones
Lugares de presentación en vivo	24 propiedades	$ 450 millones

Cadenas de cine

EPR Properties tiene asociaciones estratégicas con las principales cadenas de cine:

• Teatros AMC: 74 propiedades
• Regal Cinemas: 52 propiedades
• Cinemark: 38 propiedades

Instituciones educativas privadas e privadas

El segmento de bienes raíces educativos incluye:

Tipo de institución	Número de propiedades	Inversión total
Escuelas charter	87 propiedades	$ 620 millones
Centros de aprendizaje privados	42 propiedades	$ 310 millones

Empresas de recreación y entretenimiento experimental

Desglose de la cartera de recreación:

• Parques acuáticos: 16 propiedades
• Centros de entretenimiento familiar: 22 propiedades
• Resorts de esquí: 8 propiedades

Inversores inmobiliarios institucionales e individuales

Inversión profile para 2023:

Tipo de inversor	Inversión total	Porcentaje de cartera
Inversores institucionales	$ 2.7 mil millones	68%
Inversores individuales	$ 1.3 mil millones	32%

EPR Propiedades (EPR) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

En 2023, EPR Properties gastó $ 287.4 millones en adquisiciones de propiedades, con un enfoque en entretenimiento e inversiones inmobiliarias educativas.

Tipo de propiedad	Gasto de adquisición	Número de propiedades
Propiedades de entretenimiento	$ 192.6 millones	37 propiedades
Propiedades educativas	$ 94.8 millones	22 propiedades

Costos de mantenimiento y renovación de la propiedad

Los gastos anuales de mantenimiento y renovación de la propiedad para las propiedades EPR totalizaron $ 43.2 millones en 2023.

• Costo de mantenimiento por propiedad: $ 876,000
• Presupuesto de renovación: $ 17.5 millones
• Asignación de mejora de capital: $ 25.7 millones

Gastos operativos y de gestión

Los gastos operativos totales para las propiedades EPR en 2023 fueron de $ 62.1 millones.

Categoría de gastos	Cantidad
Gastos generales y administrativos	$ 24.3 millones
Salarios de gestión	$ 18.6 millones
Tecnología e infraestructura	$ 9.2 millones
Servicios profesionales	$ 10 millones

Alquiler de marketing y gastos de atracción del inquilino

Los costos de marketing y adquisición de inquilinos para propiedades EPR fueron de $ 7.8 millones en 2023.

• Gasto de marketing digital: $ 3.2 millones
• Comisiones de corredores: $ 2.6 millones
• Costos de incorporación del inquilino: $ 2 millones

Costos de cumplimiento y adherencia regulatoria

Los gastos relacionados con el cumplimiento totalizaron $ 5.4 millones en 2023.

Área de cumplimiento	Gastos
Consultoría legal y regulatoria	$ 2.1 millones
Auditoría e informes financieros	$ 1.8 millones
Tarifas de presentación regulatoria	$ 1.5 millones

EPR Propiedades (EPR) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de arrendamiento a largo plazo

A partir de 2024, las propiedades EPR generan ingresos significativos a través de los contratos de arrendamiento a largo plazo. Los ingresos totales de arrendamiento de la compañía para el año fiscal 2023 fueron de $ 631.9 millones.

Tipo de propiedad	Ingresos anuales de arrendamiento	Tasa de ocupación
Propiedades de entretenimiento	$ 287.4 millones	92.5%
Propiedades educativas	$ 214.6 millones	96.3%
Propiedades recreativas	$ 129.9 millones	88.7%

Apreciación de la propiedad

El valor de mercado justo total de la cartera de propiedades de EPR al 31 de diciembre de 2023 fue de $ 6.2 mil millones, lo que representa un aumento del 3.7% respecto al año anterior.

Distribuciones de dividendos a los accionistas

En 2023, las propiedades EPR distribuidas:

• Dividendo anual total: $ 4.80 por acción
• Pageo total de dividendos: $ 275.6 millones
• Rendimiento de dividendos: 6.2%

Tarifas de administración de propiedades

Los ingresos por la tarifa de administración de la propiedad para 2023 fueron de $ 18.3 millones, lo que representa el 2.9% de los ingresos totales.

Ventas estratégicas de propiedades y reequilibrio de cartera

Año	Ventas de propiedades totales	Ganancias netas
2023	$ 412.5 millones	$ 387.6 millones
2022	$ 276.8 millones	$ 251.3 millones

Las ventas de propiedades estratégicas generaron una ganancia neta de $ 35.2 millones en 2023, contribuyendo a la optimización de la cartera y la diversificación de ingresos.

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.