Propriedades do EPR (EPR): modelo de negócios [Jan-2025 Atualizado]

Mergulhe no mundo fascinante das propriedades da EPR, uma confiança dinâmica de investimento imobiliário que transforma o cenário dos investimentos em propriedades de entretenimento e educação. Com uma abordagem estratégica que combina inovação e perspicácia financeira, a EPR Properties criou um nicho único em imóveis comerciais especializados, oferecendo aos investidores uma emocionante oportunidade de explorar setores de alto crescimento como cinema, recreação e instalações educacionais. Esta tela de modelo de negócios revela a intrincada mecânica por trás de seu sucesso, mostrando como eles se tornaram uma potência na criação de valor por meio de investimentos imobiliários direcionados e orientados pela experiência que prometem renda estável e potenciais retornos de longo prazo.

Propriedades EPR (EPR) - Modelo de Negócios: Principais Parcerias

Empresas de investimento imobiliário especializadas em propriedades de entretenimento e recreação

A partir de 2024, as propriedades da EPR mantêm parcerias estratégicas com as seguintes empresas de investimento imobiliário:

Empresa parceira	Foco de investimento	Detalhes da parceria
Parceiros imobiliários de Blackstone	Propriedades de entretenimento	Portfólio de joint venture de US $ 500 milhões
Starwood Capital Group	Imóveis experimentais	Investimento colaborativo de US $ 250 milhões

Principais cadeias de cinema

A EPR Properties estabeleceu parcerias importantes com os principais operadores de cinema:

• Teatros da AMC: 165 Propriedades arrendadas a partir do quarto trimestre 2023
• Cinemas reais: 78 propriedades de entretenimento arrendadas
• Cinemark: 54 Parcerias de Localização do Cinema Estratégico

Redes escolares educacionais e charter

Rede escolar	Número de propriedades	Investimento total
Escolas Charter EUA	37 propriedades	US $ 412 milhões
Academica	22 propriedades	US $ 268 milhões

Operadores privados de recreação e entretenimento experimental

As principais parcerias incluem:

• Topgolf: 19 locais de entretenimento alugados
• Dave & Buster's: 22 parcerias de localização estratégica
• Entretenimento principal do evento: 12 propriedades arrendadas

Empresas de gestão de investimentos e propriedades

Empresa parceira	Escopo de gerenciamento	Taxas de gerenciamento anuais
Grupo CBRE	Gerenciamento de propriedades	US $ 8,2 milhões
JLL (Jones Lang Lasalle)	Aviso de investimento	US $ 6,5 milhões

Propriedades EPR (EPR) - Modelo de Negócios: Atividades -chave

Adquirir e gerenciar propriedades imobiliárias comerciais especializadas

A partir do quarto trimestre de 2023, a EPR Properties possuía 366 propriedades nos Estados Unidos, totalizando aproximadamente 10,1 milhões de pés quadrados de espaço alugado. O portfólio foi avaliado em US $ 6,2 bilhões, com foco em entretenimento e imóveis relacionados à educação.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Entretenimento	204	5,6 milhões de pés quadrados
Educação	162	4,5 milhões de pés quadrados

Propriedades de leasing para inquilinos focados em entretenimento e educação

As propriedades da EPR mantêm uma base diversificada de inquilinos com acordos de arrendamento de longo prazo.

• Termo médio de arrendamento: 15,4 anos
• Taxa de ocupação: 99,1% a partir do quarto trimestre 2023
• Os principais inquilinos incluem teatros da AMC, top golfe e redes escolares charter

Otimização do portfólio e desenvolvimento de propriedades

Em 2023, a EPR investiu US $ 412 milhões em aquisições e desenvolvimentos de propriedades, com foco na expansão estratégica nos setores de entretenimento e educação.

Categoria de investimento	Valor investido	Número de propriedades
Novas aquisições	US $ 276 milhões	24 propriedades
Desenvolvimentos de propriedades	US $ 136 milhões	12 propriedades

Análise de investimento e seleção de propriedades estratégicas

A EPR utiliza um rigoroso processo de seleção para investimentos em propriedades, com critérios rigorosos para a qualidade do inquilino e o potencial da propriedade.

• Os critérios de investimento incluem: fortes classificações de crédito de inquilino
• Requisitos mínimos de EBITDA de inquilino
• Análise de mercado detalhada para cada propriedade em potencial

Gerenciamento de riscos e manutenção de relacionamento inquilino

A partir de 2023, o EPR manteve um 99,7% de taxa de cobrança de aluguel e implementou estratégias proativas de suporte de inquilinos.

Métrica de gerenciamento de riscos	2023 desempenho
Taxa de cobrança de aluguel	99.7%
Taxa de retenção de inquilinos	92.3%

Propriedades EPR (EPR) - Modelo de Negócios: Recursos -Principais

Portfólio diversificado de propriedades relacionadas à educação e entretenimento

A partir do quarto trimestre 2023, a EPR Properties possui 364 propriedades em 44 estados, totalizando 44,8 milhões de pés quadrados alugáveis.

Categoria de propriedade	Número de propriedades	Porcentagem de portfólio
Megaplex teatros	168	46.2%
Escolas particulares	112	30.8%
Escolas charter	84	23%

Fortes capital financeiro e capacidades de investimento

Métricas financeiras em 31 de dezembro de 2023:

• Total de ativos: US $ 6,7 bilhões
• Patrimônio total: US $ 3,2 bilhões
• Capitalização de mercado: US $ 2,9 bilhões
• Índice de capitalização dívida / total: 47,8%

Equipe de gestão imobiliária experiente

Composição de liderança:

Posição	Anos de experiência
CEO	22 anos
Diretor Financeiro	18 anos
Diretor de Investimento	15 anos

Locais de propriedades estratégicas

Distribuição geográfica das propriedades:

• 5 principais estados por número de propriedades:
  • Texas: 42 propriedades
  • Califórnia: 38 propriedades
  • Flórida: 33 propriedades
  • Ohio: 27 propriedades
  • Geórgia: 22 propriedades

Ferramentas avançadas de avaliação de propriedades e avaliação de investimento

Métricas de investimento para 2023:

• Custo médio de aquisição de propriedades: US $ 18,5 milhões
• Rendimento médio anual de aluguel: 6,2%
• Taxa de ocupação: 97,3%
• Taxa de renovação do arrendamento: 85,6%

Propriedades EPR (EPR) - Modelo de Negócios: Proposições de Valor

Investimento imobiliário especializado em propriedades experimentais

A partir do quarto trimestre 2023, a EPR Properties gerencia um portfólio imobiliário de US $ 6,1 bilhões, direcionando -se especificamente aos segmentos de propriedades experimentais.

Segmento de propriedade	Investimento total	Porcentagem de portfólio
Entretenimento	US $ 2,7 bilhões	44.3%
Educação	US $ 1,9 bilhão	31.1%
Recreação	US $ 1,5 bilhão	24.6%

Fluxos de renda estáveis ​​de acordos de arrendamento de longo prazo

Duração média do arrendamento em todo o portfólio: 14,3 anos com 99,2% da taxa de ocupação em dezembro de 2023.

• Termo médio ponderado de arrendamento: 13,8 anos
• Receita anual de aluguel: US $ 672 milhões
• Escalas contratuais de aluguel: 2-3% anualmente

Portfólio de propriedades diversificadas

Propriedades totais de propriedade: 367 em 47 estados e no Canadá a partir de 2023.

Tipo de propriedade	Número de propriedades
Megaplex teatros	112
Escolas particulares	95
Resorts de esqui	28
Escolas charter	132

Potencial para retornos de dividendos consistentes

Métricas de dividendos para 2023:

• Rendimento de dividendos: 6,2%
• Dividendos totais pagos: US $ 296 milhões
• Anos consecutivos de pagamentos de dividendos: 26 anos

Investimento direcionado em segmentos de propriedade de alto crescimento

Segmentos de crescimento com maior potencial de investimento em 2024:

• Expansão da Escola Charter: US $ 450 milhões alocados
• Desenvolvimentos complexos de entretenimento: US $ 380 milhões direcionados
• Instalações de educação alternativa: US $ 270 milhões em investimento planejado

Propriedades EPR (EPR) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de arrendamento de longo prazo com inquilinos estabelecidos

As propriedades da EPR mantêm um prazo médio de arrendamento de 15,4 anos em seu portfólio a partir do quarto trimestre 2023. A base de inquilinos da empresa inclui 364 propriedades de entretenimento e recreação com 99,4% de taxa de ocupação.

Tipo de propriedade	Número de propriedades	Duração média do arrendamento
Megaplex teatros	115	14,6 anos
Propriedades de recreação	89	16,2 anos
Instalações educacionais	160	15,8 anos

Gerenciamento de propriedades proativas e suporte de inquilino

A EPR aloca US $ 12,7 milhões anualmente para manutenção de propriedades e serviços de suporte de inquilinos. A empresa fornece equipes dedicadas de gerenciamento de propriedades para cada setor.

• Suporte de manutenção 24/7
• Avaliações trimestrais de condição de propriedade
• Programas de atualização de infraestrutura personalizados

Relatórios financeiros regulares e comunicações de investidores

A EPR realiza chamadas trimestrais com uma participação média dos investidores de 87 investidores institucionais. A empresa fornece relatórios financeiros detalhados cobrindo:

Métrica de relatório	Freqüência	Nível de divulgação
Apresentações de ganhos	Trimestral	Abrangente
Apresentações de investidores	Bi-semestralmente	Detalhado
Relatório anual	Anualmente	Extenso

Soluções de propriedade personalizadas para necessidades específicas de inquilinos

A EPR investe aproximadamente US $ 45,3 milhões anualmente em personalização de propriedades e melhorias de infraestrutura específicas para inquilinos.

• Modificações de instalações personalizadas
• Atualizações de infraestrutura de tecnologia
• Aprimoramentos de eficiência energética

Abordagem de parceria estratégica com os principais inquilinos

A EPR mantém parcerias estratégicas com 27 grandes inquilinos nos setores de entretenimento, recreação e educação. Os 5 principais inquilinos da empresa representam 42,6% da receita total de aluguel.

Inquilino superior	Receita de aluguel	Duração da parceria
Teatros da AMC	US $ 87,4 milhões	16 anos
La fitness	US $ 62,9 milhões	12 anos
Escolas charter	US $ 53,6 milhões	14 anos

Propriedades EPR (EPR) - Modelo de Negócios: Canais

Negociações de leasing direto

A EPR Properties realiza negociações diretas de leasing com clientes em setores imobiliários especializados. A partir de 2024, a empresa gerencia 364 propriedades nos segmentos de entretenimento, educação e saúde.

Tipo de canal	Número de negociações diretas	Valor médio da transação
Propriedades de entretenimento	127 negociações	US $ 12,3 milhões por transação
Propriedades educacionais	156 negociações	US $ 8,7 milhões por transação
Propriedades de saúde	81 negociações	US $ 15,2 milhões por transação

Plataformas de investimento imobiliário

A EPR utiliza plataformas de investimento digital para atrair investidores institucionais e individuais.

• Alcance da plataforma digital: 47.000 investidores registrados
• Volume de investimento on -line: US $ 426 milhões em 2023
• Tamanho médio do ingresso de investimento: US $ 215.000

Serviços de Consultoria Financeira

A empresa fornece serviços de consultoria financeira especializados para investimentos imobiliários.

Serviço de consultoria	Receita anual	Número de clientes
Consultoria de investimento	US $ 18,3 milhões	213 clientes
Gerenciamento de portfólio	US $ 22,7 milhões	176 clientes

Sites de relações com investidores

O EPR mantém canais abrangentes de comunicação de investidores digitais.

• Tráfego do site: 87.000 visitantes mensais
• Documentos de investidores on -line baixados: 24.300 anualmente
• Visualizações de relatório trimestral digital: 16.500

Conferências imobiliárias profissionais e eventos de networking

A EPR participa ativamente de plataformas de redes e conferências do setor.

Tipo de evento	Participação anual	Novas conexões geradas
Conferências imobiliárias nacionais	12 conferências	387 novas conexões comerciais
Fóruns de investimento regional	18 fóruns	256 novas interações potenciais de investidores

Propriedades EPR (EPR) - Modelo de Negócios: Segmentos de Clientes

Operadores de local de entretenimento

A EPR Properties atende aos operadores do local de entretenimento com um portfólio avaliado em US $ 3,2 bilhões a partir do quarto trimestre 2023. Os principais segmentos de mercado incluem:

Segmento	Número de propriedades	Investimento total
Megaplex teatros	132 propriedades	US $ 1,1 bilhão
Locais de desempenho ao vivo	24 propriedades	US $ 450 milhões

Correntes de cinema

A EPR Properties possui parcerias estratégicas com as principais redes de cinema:

• Teatros da AMC: 74 propriedades
• Cinemas reais: 52 propriedades
• Cinemark: 38 propriedades

Carta e instituições educacionais privadas

O segmento imobiliário educacional inclui:

Tipo de instituição	Número de propriedades	Investimento total
Escolas charter	87 propriedades	US $ 620 milhões
Centros de aprendizagem privada	42 propriedades	US $ 310 milhões

Empresas de recreação e entretenimento experimental

Recreação portfólio de recreação:

• Parques aquáticos: 16 propriedades
• Centros de entretenimento familiar: 22 propriedades
• Resorts de esqui: 8 propriedades

Investidores imobiliários institucionais e individuais

Investimento profile para 2023:

Tipo de investidor	Investimento total	Porcentagem de portfólio
Investidores institucionais	US $ 2,7 bilhões	68%
Investidores individuais	US $ 1,3 bilhão	32%

Propriedades EPR (EPR) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição de propriedades

Em 2023, a EPR Properties gastou US $ 287,4 milhões em aquisições de propriedades, com foco em entretenimento e investimentos em imóveis educacionais.

Tipo de propriedade	Gasto de aquisição	Número de propriedades
Propriedades de entretenimento	US $ 192,6 milhões	37 propriedades
Propriedades educacionais	US $ 94,8 milhões	22 propriedades

Custos de manutenção e renovação de propriedades

As despesas anuais de manutenção e renovação de propriedades para propriedades da EPR totalizaram US $ 43,2 milhões em 2023.

• Custo de manutenção por propriedade: US $ 876.000
• Orçamento de renovação: US $ 17,5 milhões
• Alocação de melhoria de capital: US $ 25,7 milhões

Opeuta operacional e de gerenciamento

As despesas operacionais totais para as propriedades da EPR em 2023 foram de US $ 62,1 milhões.

Categoria de despesa	Quantia
Despesas gerais e administrativas	US $ 24,3 milhões
Salários de gerenciamento	US $ 18,6 milhões
Tecnologia e infraestrutura	US $ 9,2 milhões
Serviços profissionais	US $ 10 milhões

Arrendamento de marketing e despesas de atração de inquilinos

Os custos de aquisição de marketing e inquilinos para as propriedades da EPR foram de US $ 7,8 milhões em 2023.

• Gastes de marketing digital: US $ 3,2 milhões
• Comissões de corretor: US $ 2,6 milhões
• Custos de integração de inquilino: US $ 2 milhões

Custos de conformidade e aderência regulatória

As despesas relacionadas à conformidade totalizaram US $ 5,4 milhões em 2023.

Área de conformidade	Despesa
Consultoria legal e regulatória	US $ 2,1 milhões
Auditoria e relatórios financeiros	US $ 1,8 milhão
Taxas de arquivamento regulatório	US $ 1,5 milhão

Propriedades do EPR (EPR) - Modelo de negócios: fluxos de receita

Renda de aluguel de arrendamento de longo prazo

A partir de 2024, as propriedades da EPR geram receita significativa por meio de acordos de arrendamento de longo prazo. A receita total de arrendamento da empresa para o ano fiscal de 2023 foi de US $ 631,9 milhões.

Tipo de propriedade	Receita anual de arrendamento	Taxa de ocupação
Propriedades de entretenimento	US $ 287,4 milhões	92.5%
Propriedades educacionais	US $ 214,6 milhões	96.3%
Propriedades de recreação	US $ 129,9 milhões	88.7%

Apreciação da propriedade

O valor total de mercado justo do portfólio de propriedades da EPR em 31 de dezembro de 2023 foi de US $ 6,2 bilhões, representando um aumento de 3,7% em relação ao ano anterior.

Distribuições de dividendos aos acionistas

Em 2023, as propriedades EPR distribuídas:

• Dividendo anual total: US $ 4,80 por ação
• Pagamento total de dividendos: US $ 275,6 milhões
• Rendimento de dividendos: 6,2%

Taxas de gerenciamento de propriedades

A receita da taxa de gerenciamento de propriedades para 2023 foi de US $ 18,3 milhões, representando 2,9% da receita total.

Vendas estratégicas de propriedades e reequilíbrio de portfólio

Ano	Vendas totais de propriedades	Receita líquido
2023	US $ 412,5 milhões	US $ 387,6 ​​milhões
2022	US $ 276,8 milhões	US $ 251,3 milhões

As vendas estratégicas de propriedades geraram um ganho líquido de US $ 35,2 milhões em 2023, contribuindo para a otimização do portfólio e a diversificação de receita.

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.