Company: EPR-PE
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001045450-25-000068
Chunk: 52

Company: EPR PROPERTIES
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 52
---
 awarded in 2020 used the same three performance factors that were used for the 2021-2023 awards and the 2022-2024 awards. Shortly after the 2020 awards were granted, the COVID-19 pandemic reached North America and severely impacted experiential real estate properties, given that such properties involve congregate social activity and discretionary consumer spending. During the pandemic, our share price significantly declined and we were required to pause our dividend payments, causing our TSR to decline more than most of the members of the Triple Net Peer Group and the MSCI US REIT Index. In addition, our AFFO per Share Growth was negative during the performance period. As a result, the PSUs for the three-year performance period ended on December 31, 2022 did not achieve the minimum performance level of any of the three performance metrics resulting in no payout under this portion of the LTI.

This contrasts with the PSUs that were awarded to our NEOs in February 2021 and February 2022, covering a three-year performance period that ended on December 31, 2023 and December 31, 2024, respectively. The PSUs awarded in 2021 and 2022 used the same three performance factors that were used for the 2020 awards. As social activity and discretionary consumer spending normalized after the initial impacts of the COVID-19 pandemic, our share price substantially improved and we resumed our dividend payments, causing our TSR to increase more than most of the members of the Triple Net Peer Group and the MSCI US REIT Index. In addition, our AFFO per Share growth saw significant improvement during the performance period as our customers were able to reopen and capitalize on strong demand for experience-based services. As a result, the PSUs for the three-year performance period ended on December 31, 2023 achieved the maximum or outperformance level for each of the three performance metrics. Similarly, the PSUs for the three-year performance period ended on December 31, 2024 achieved the maximum level because the Company's performance exceeded the maximum thresholds in all metrics.

#### 2025 Proxy StatementPage 48
We believe our NEOs failure to receive any share awards for the 2020-2022 performance period when the Company underperformed relative to its peers and applicable benchmark and failed to achieve the AFFO per Share growth metric, and their receipt of a maximum or outperformance number of shares for the 2021-2023 performance period when the Company outperformed