EPR Properties is a net lease REIT that owns and finances experiential real estate — properties where consumers spend discretionary time on out-of-home leisure and recreation. EPR owns roughly 330 properties across the U.S. and Canada, with total investments of approximately $7.0B. EPR's tenants are operators of experiential venues, including movie theaters, golf entertainment complexes, waterparks, ski resorts, family entertainment centers, and fitness facilities. EPR structures its deals as long-term triple-net leases or mortgage notes, meaning tenants bear virtually all operating costs, keeping EPR's cost structure lean. EPR earns rental revenue through base rent plus periodic escalators, and in some cases percentage rent tied to tenant sales. EPR also earns interest income on mortgage notes, some of which include options to convert into ownership. EPR's portfolio is organized into two segments: Experiential (~94% of investments), which includes theaters, eat & play, attractions, fitness & wellness, and ski properties, and Education (~6%), a legacy portfolio of early childhood education centers and private schools that EPR is actively selling off. EPR is deliberately reducing its theater concentration — its largest property type — by selling theaters and reinvesting into faster-growing categories like fitness and wellness, attractions, and eat & play. EPR funds growth through operating cash flow, disposition proceeds, and unsecured debt, targeting net debt to adjusted EBITDAre in the low-to-mid 5x range, and targets investment yields in the 8% range.