EPR: Adjusting estimates post 1Q26 earnings results

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EPR: Adjusting estimates post 1Q26 earnings results

RBC Capital Markets, LLC

Michael Carroll, CFA (Head of US Real Estate Research)

(440) 715-2649, michael.carroll@rbccm.com

Brad Heffern, CFA (Analyst)

(512) 708-6311, brad.heffern@rbccm.com

Henry Newell (Associate)

(216) 364-0260, henry.a.newell@rbccm.com

May 22, 2026

EPR Properties Sector Perform

NYSE: EPR; USD 58.62RESEARCH Adjusting estimates post 1Q26 earnings results Price Target USD 61.00 ↑ 59.00

Our view: We are updating our outlook and estimates post the 1Q26 Scenario Analysis* earnings report. The company delivered healthy results and increased

its full year guidance range due to better investment activity and the Downside Current Price Upside

recently converted mortgage loan to fee simple ownership. Therefore, we Scenario Price Target Scenario

are increasing our estimates and raising our price target to $61/share. Our 44.00 58.62 61.00 74.00

Sector Perform rating is unchanged. 19% 10% 32%

*Implied Total ReturnsEQUITY Key points: Key Statistics

Estimates update: We are raising our 2026 and 2027 estimates and SharesDividend:O/S (MM): 80.63.60 MarketYield: Cap (MM): 4,7256.1%

introducing 2028. Our higher outlook is largely driven by the recent NAVPS: 54.21 P/NAVPS: 1.08x

investment pace resulting in higher volumes, earlier timing, and slightly Debt to Cap: 40% Enterprise Val. (MM): 7,500 Avg. Daily Volume: 706,923

higher yields. Additionally, management recently converted a mortgage

note (via Margaritaville) to fee simple ownership (20-year lease). This RBC Estimates

resulted in $0.02/share of incremental straight-line rents in 2026 alone. Our FY Dec 2025A 2026E 2027E 2028E

estimates now imply a core earnings growth rate of 7.3% in 2026, 3.5% in FFO/Sh, Rpt 5.12 5.49 5.68 5.89

2027, and 3.6% in 2028.