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View Annual Report CORPORATE INFORMATION BOARD OF TRUSTEES EXECUTIVE OFFICERS ROBERT J. DRUTEN GREGORY K. SILVERS Chairman of the Board of Trustees President & Chief Executive Officer THOMAS M. BLOCH MARK A. PETERSON Trustee Executive Vice President, Chief Financial Officer & Treasurer BARRETT BRADY CRAIG L. EVANS Trustee Senior Vice President, General Counsel & Secretary PETER C. BROWN MICHAEL L. HIRONS Trustee Senior Vice President – Strategy and Asset Management JACK A. NEWMAN, JR. TONYA L. MATER Trustee Vice President & Chief Accounting Officer ROBIN P. STERNECK Trustee GREGORY K. SILVERS Trustee President & Chief Executive Officer ANNUAL SHAREHOLDERS MEETING STOCK MARKET INFORMATION The annual meeting of shareholders will be held at The Company’s common shares of 11:00 a.m. (CST), June 1, 2018, in the Company’s beneficial interest are traded on the office at 909 Walnut, Suite 200, Kansas City, MO. New York Stock Exchange under the symbol EPR. INVESTOR TRANSFER AGENT INDEPENDENT RELATIONS AND REGISTRAR AUDITORS For further information regarding Computershare Trust Company, N.A. KPMG LLP EPR Properties, please direct P.O. Box 43078 1000 Walnut Street inquiries to: Providence, RI 02940-3078 Suite 1000 EPR Properties Kansas City, MO 64106 Investor Relations Department 909 Walnut, Suite 200 Kansas City, MO 64106 [email protected] FOR ACCESS TO ADDITIONAL FINANCIAL INFORMATION, VISIT OUR WEBSITE AT WWW.EPRKC.COM LETTER FROM THE PRESIDENT DEAR FELLOW SHAREHOLDER: In 2017 we celebrated our 20th anniversary as a public company and we were pleased to announce another record-breaking year of financial performance. In reflecting on the history of the Company, it’s heartening to note how we’ve grown from a company solely focused on movie theatre properties, to one which has evolved to three primary investment segments as our growth platforms. On the day of our IPO, the Company established an * TOTAL INVESTMENTS equity market cap of $255 million and had total (IN BILLIONS) investments of approximately $249 million. Formed as Entertainment Properties Trust, the Company was the FOCUSED GROWTH $6.7 first and only Real Estate Investment Trust (REIT) OTHER focused on investing in movie theatres. Due to the $5.3 RECREATION thought leadership, dedication and perseverance of EDUCATION $4.6 our team, 20 years later, the Company had an equity ENTERTAINMENT $4.0 market cap of over $5 billion and total investments of $3.6 over $6.7 billion at the end of 2017. $3.1 $3.2 $2.8 $3.0 $2.7 $2.3 We are thankful to the employees, tenants and shareholders who have helped make this anniversary possible. We are here today because of the insightful people who recognized the opportunity that existed outside the traditional REIT assets and those that 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Total Investments is a Non-GAAP financial measure. See investor supplemental believed in them. for quarter ended December 31, 2017 or Form 10-K’s as applicable for reconciliation of certain Non-GAAP financial measures. Throughout our history we have remained focused on LIFETIME TOTAL RETURN TO SHAREHOLDERS highly enduring and dierentiated assets that have a strong experiential orientation. This focus provides LONG-TERM OUTPERFORMANCE investors the opportunity to get exposure to durable assets which have less correlation to more traditional REIT’s, oering a measure of defense against migration EPR - 1,417% MSCI US REIT (RMS) - 469% to the internet. Our long-term strategy has delivered RUSSELL 1000 - 332% strong returns for our shareholders, as we’ve significantly outperformed the RMS REIT Index and the Russell 1000. As we look ahead, we have enormous confidence in the EPR team and look forward to building on our success over the next 20 years. 1997 2017 Source: SNL Lifetime Data - 11/18/1997 to 12/29/2017 LETTER FROM THE PRESIDENT LETTER FROM THE PRESIDENT EDUCATION Safe, attractive, purpose-built facilities are important to the success 2017 OVERVIEW: DELIVERING RECORD REVENUE, EARNINGS, INVESTMENT SPENDING of any school. Significant demand continues to grow across our Education portfolio for facilities which meet the increasing demands In 2017 our top line revenue grew 17% to a record level of $576 million, along with a 4% increase in FFO as adjusted per share of of the communities and the young minds they serve. We now have $5.02. Our total investment spending of $1.6 billion was highlighted by our $730 million CNL Lifestyle transaction. This transaction 145 properties in the Education segment, with our public charter added high quality assets and further diversified our tenants and geographies. At the end of 2017 our total investments stood at school facilities serving over 40,000 students. over $6.7 billion and included 395 locations in 43 states, D.C. & Canada. As the anchor asset type in our Education portfolio, public charter schools continue to demonstrate a very strong growth profile. ENTERTAINMENT While there are over 3 million students attending 6,900 schools, the wait lists to get into a public charter school remain at over In 2017 Box Oce revenues softened a bit versus prior year as predicted. During the year we invested $255 million 1 million students. Separately, the multi-year growth in our private However, this softness followed two record years in which box oce increased by in our Education segment and at year end school portfolio reflects the potential associated with delivering approximately 10%. Year-to-year box oce results are content driven. With that Education assets constituted 21% of our strong academic options in high demand locations. said, the studios have a very successful track record of delivering this content total investments. with year-to-year box oce performance increasing in 14 of the last 20 years. We continue to see strong investment opportunities in theatres as consumers have fully embraced the new expanded amenity theatre experience and movie-going remains the most popular out-of-home entertainment activity. FINANCIAL REVIEW Family Entertainment Centers (FECs) remain an area of opportunistic growth. We continue to take a conservative approach with our balance sheet, maintaining our investment grade discipline. Concepts such as Punch Bowl Social, Pinstripes and Main Event include everything This orientation has allowed us to deliver strong and consistent earnings and dividend growth. During the year we invested $320 mil lion from upscale bowling and bocce eateries to retro-themed gathering spots in our Entertainment segment and at designed to appeal to socially-motivated millennials. As millennials continue to year end Entertainment assets FINANCIAL STRATEGY fuel change in the industry by their emphasis on experiences, operators are constituted 44% of our total investments. creatively combining eating and entertainment options in one location. LOW LEVERAGE DEBT STRATEGY Committed to a range Target of ~60% equity/ Focus on unsecured, Unsecured Debt = 99% RECREATION of 4.6x-5.6x Net Debt ~40% debt ratio based fixed rate debt and No debt maturities until 2022 to Adjusted EBITDA ** on gross assets at cost managing maturities Fixed ratio debt = 91% *** Weighted average = 4.8% *** In April we completed the $730 million CNL Lifestyle transaction, making it the largest transaction in the Company’s history. This transaction included the believed in them. acquisition of the Northstar California Resort and 15 Attractions (Waterparks * CAPITAL STRUCTURE GROWTH and Amusement Parks). Additionally, we provided $251 million of secured (IN MILLIONS) debt financing to Och-Zi Real Estate, for its purchase of 14 CNL Lifestyle ski properties valued at $375 million. This transaction was the culmination of a STRONG EARNINGS GROWTH two-year process and allowed us to significantly enhance our Recreation SECURED 59% COMMON DRIVING STRONG DIVIDEND GROWTH DEBT, $37 portfolio using substantially all equity to fund the investments. 1% EQUITY, $4,852 ** CAGR 7% per share During the year both our Ski and Attractions Portfolios demonstrated solid $6.00 FFOAA CAGR 7% per share performance, in line with expectations and delivering on the long-term $5.00 Dividend durability for which they are known. Additionally, our ski properties continue 36% 4% $4.00 to expand their operations to oer year-round activities. Amenities such as UNSECURED PREFERRED alpine slides, ziplines and rope courses leverage the natural contour of the DEBT, $3,029 EQUITY, $371 $3.00 land and existing infrastructure, providing activities for visitors all year to $2.00 create new revenue streams. TOTAL MARKET CAPITALIZATION: $8.2B $1.00 During the year we invested $1.0 billion Our Topgolf properties continue to enjoy strong consumer acceptance and TOTAL EQUITY: $5.2B TOTAL DEBT: $3.0B 2013 2014 2015 2016 2017 in our Recreation segment and at year operating performance. The core of the Topgolf proposition is people seeking DIVIDEND PER SHARE FFOAA PER SHARE ** end Recreation assets constituted active entertainment, which they deliver through a unique experience of an 32% of our total investments. age-old sport and an engaging social setting which appeals to golfers and * As of December 31, 2017. non-golfers alike. ** See investor supplemental for quarter ended December 31, 2017 or Form 10-K’s as applicable for definitions and reconciliations of certain Non-GAAP financial measures. *** Includes impact of interest rate swap agreements. LETTER FROM THE PRESIDENT LETTER FROM THE PRESIDENT EDUCATION Safe, attractive, purpose-built facilities are important to the success 2017 OVERVIEW: DELIVERING RECORD REVENUE, EARNINGS, INVESTMENT SPENDING of any school. Significant demand continues to grow across our Education portfolio for facilities which meet the increasing demands In 2017 our top line revenue grew 17% to a record level of $576 million, along with a 4% increase in FFO as adjusted per share of of the communities and the young minds they serve. We now have $5.02. Our total investment spending of $1.6 billion was highlighted by our $730 million CNL Lifestyle transaction.
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