EPR Properties (EPR) Citi’s Miami Global Property CEO Conference 2026 summary

Opening remarks and value proposition

• Leadership transition with Ben Fox as new Chief Investment Officer, emphasizing team strength and long-standing industry relationships.

• Highlights include a 6% dividend yield, 5% AFFO growth, and potential for multiple expansion.

• Consistent outperformance over the past five years, with a focus on experiential assets.

Consumer trends and portfolio focus

• Experiential consumer spending rose 7% from 2024 to 2025, covering theaters, clubs, fitness, wellness, museums, and attractions, but excluding restaurants.

• Portfolio strategy aligns with BEA data, focusing on segments with robust consumer demand.

Topgolf and tenant relationships

• Topgolf's new ownership structure (60% private equity) is viewed positively, with plans to limit leverage and focus on quality over quantity in new locations.

• Topgolf locations in the portfolio have higher than average coverage and strong financial performance.