EPR Properties (EPR) SEC Filings & Earnings Calls

Geopolitical and Trade Uncertainty

“Recent geopolitical events and macroeconomic trends, including evolving global armed conflicts and significant changes in U.S. and international trade policies, have produced heightened uncertainty. This uncertainty could weaken economic conditions, contribute to inflation, increase borrowing costs and decrease consumer spending.” · word for word

Construction Cost Inflation

“Global trade uncertainty and supply chain disruptions may impact our business by increasing the cost of construction materials, which in turn may lead to higher development and renovation expenses.” · word for word

Tenant Credit Risk

“Additionally, our tenants and their customers are similarly experiencing these uncertainties, which could negatively affect their financial resources and ability to satisfy their obligations to us.” · word for word

Forward-looking statements caution about risks including economic conditions, customer performance, and capital markets.

“Cautionary statement: 'Forward-looking statements involve numerous risks and uncertainties...'”

Debt refinancing risk mitigated by extended maturities and lower rates.

“Amended credit agreement extends maturities and reduces interest rates, improving debt profile.”

Geopolitical and trade uncertainty

“Recent geopolitical events and macroeconomic trends, including evolving global armed conflicts and significant changes in U.S. and international trade policies, have produced heightened uncertainty.” · word for word

Tariff-driven cost inflation

“Tariff increases and supply chain disruptions may impact our business by increasing the cost of construction materials, which in turn may lead to higher development and renovation expenses.” · word for word

Tenant credit risk

“This uncertainty could weaken economic conditions, contribute to inflation, increase borrowing costs and decrease consumer spending.” · word for word

Hurricane damage to joint venture properties

“In 2024, two experiential lodging properties located in St. Pete Beach, Florida, in which we hold unconsolidated equity investments, were severely damaged by two hurricanes.” · word for word

Forward-looking statements caution about risks and uncertainties, but no specific risk quantified.

“CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS” · word for word

Tenant concentration and experiential real estate exposure

“The Company's business involves the acquisition and development of experiential real estate, including theatres, eat & play, ski, attractions, experiential lodging, gaming, fitness & wellness, cultural and live venues.” · word for word

Interest rate and capital market access risk

“The Company's business involves accessing the capital markets on a regular basis.” · word for word

Tenant concentration risk

“Topgolf, AMC and Regal represent a significant portion of our total revenue. For the year ended December 31, 2025, total revenues of approximately $102.3 million or 14.2% were from Topgolf, approximately $97.4 million or 13.6% were from AMC and approximately $82.8 million or 11.5% were from Regal.” · word for word

Interest rate sensitivity

“Elevated interest rates and future increases will likely increase interest cost on new debt and could materially adversely impact our ability to refinance existing debt, sell assets and limit our investment activities.” · word for word

Theatre industry dependency on film supply

“Potential studio consolidation could introduce risk that the number of wide release titles are reduced or theatrical windows are compressed.” · word for word

Inflation impact on tenants

“Increased operating costs resulting from inflation could have an adverse impact on our tenants and borrowers if increases in their operating expenses exceed increases in their revenue, which may adversely affect our tenants’ or borrowers' ability to pay rent or other obligations owed to us.” · word for word

Potential dilution to existing shareholders from future share sales under the ATM program.

“ATM equity offering program allows sale of common shares from time to time.”

Increased leverage from new debt issuance.

“Issuance of $550M in senior notes increases total debt.”

Increased debt from $550M note offering

“Issuance of $550M in senior notes increases leverage”

Credit loss exposure

“Provision (benefit) for credit losses, net $9.1M vs ($0.8M) change of $9.9M due to credit loss expense of $6.2 million recognized to fully reserve one mortgage note receivable and changes in our estimated current expected credit losses mostly due to macro-economic conditions.”

Tariff impact on development costs

“Tariff increases may impact us by increasing the cost of imported construction materials, which in turn can lead to higher development and renovation expenses.”

Tenant credit risk from economic uncertainty

“Furthermore, our tenants are similarly experiencing negative pressures from these uncertain economic conditions, which could negatively affect their ability to satisfy their obligations to us.” · word for word

Forward-looking statements contain standard risk factors; no specific new risks identified

“Standard risk factor language; no material changes”