Ski

EPR Properties is able to make the ski experience more accessible by offering ski resorts with the convenience of proximity, as well as four-season resorts, transforming skiing and snowboarding from a once-a-winter event into a frequent choice.

12

Properties

7%

Annualized Adjusted Revenue*

5

Operators

EPR Properties finances ski resorts across the United States. Multi-resort season pass networks and advanced snowmaking have provided increased flexibility for consumers with season pass sales up 7.5% this past season.** Our properties offer a variety of terrains and vertical drops to provide entertainment and recreation during the winter when outdoor recreational opportunities can be scarce. Increasingly, summer has become important for the industry, as optimizing all four seasons provides advantages to ski operators ready to expand their business beyond winter.

Skiing is a timeless sport, yet not every skiing and snowboarding enthusiast has the time, money, or skill level to regularly make the long haul to distant mountain locales. We see an opportunity to make the ski experience more accessible by bringing the mountain to the skier. We also finance ski properties as they grow and change to meet the evolving desires of their devoted guests.

*Annualized Adjusted Revenue (a non-GAAP financial measure) is Total Revenue for the quarter ended September 30, 2019, excluding public charter school total revenue, other income and pass through revenues, further adjusted for in-service projects and percentage rent and participating interest. This number is then multiplied by four to get an annual amount. See reconciliation of Annualized Adjusted Revenue to Total Revenue on Slide 17 in the Charter School Transaction Presentation in the Investor Center.
**NSAA Kottke Report 2018/2019