EPR Properties (EPR) Nareit REITweek: 2026 Investor Conference summary

Company overview and differentiation

• Focuses on experiential assets such as theaters, amusement parks, ski properties, and eat-and-play attractions, distinguishing itself from traditional retail net lease REITs.

• Only diversified experiential REIT, aiming to deliver strong, repeatable returns.

Portfolio resilience and growth

• Experiential economy grew by 7% from 2024 to 2025, showing resilience despite consumer challenges.

• Portfolio coverage has remained stable at around 2x over the past two years.

• Box office revenue is up 12% through May 31, with positive trends across categories.

• Earnings guidance raised to 6.5% growth, with investment guidance increased to $550 million for the year.

Recent investments and sector focus

• Closed a $300 million Six Flags acquisition, with parks performing well and benefiting from focused operators.

• Entered the golf segment, acquiring five Dallas properties for $91 million, capitalizing on favorable supply-demand dynamics.

• Topgolf remains a resilient tenant, with high foot traffic and strong fundamentals.