KANSAS CITY, Mo., September 23, 2024--(BUSINESS WIRE)--EPR Properties (NYSE: EPR) today announced that it has entered into a Fourth Amended, Restated and Consolidated Credit Agreement, governing a new amended and restated $1.0 billion unsecured revolving credit facility. The new facility, which matures on October 2, 2028, replaces the Company’s existing $1.0 billion senior unsecured revolving credit facility. The new facility provides for an initial maximum principal amount of borrowing availability of $1.0 billion with an "accordion" feature under which the Company may increase the total maximum principal amount available by $1.0 billion, to a total of $2.0 billion, subject to lender consent. In addition to including customary covenants and events of default, the new facility (i) generally reduces the interest rate payable on outstanding loans, (ii) eliminates the tangible net worth covenant, (iii) modifies the secured debt to total asset value covenant to permit the Company to incur additional secured debt if it so elects, and (iv) simplifies the method used to value assets under the facility. The Company is afforded two options to extend the maturity date of the new facility by an additional six months each (for a total of 12 months), subject to paying additional fees and the absence of any default.

The Company expects to use borrowings under the new facility for general business purposes, including the acquisition of experiential properties consistent with its current strategy. "We are pleased to announce the completion of this new credit facility, which provides us with enhanced borrowing flexibility and more favorable terms," stated Greg Silvers, President and CEO of EPR Properties. "This facility strengthens our financial foundation as we invest in experiential properties and demonstrates the confidence of our bank group in our long-term strategy."

About EPR Properties

EPR Properties is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry. We focus on real estate venues which create value by facilitating out-of-home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We have total assets of approximately $5.6 billion (after accumulated depreciation of approximately $1.5 billion) across 44 states. We adhere to rigorous underwriting and investing criteria centered on key industry, property and tenant level cash flow standards. We believe our focused approach provides a competitive advantage and the potential for stable and attractive returns. Further information is available at www.eprkc.com.