EPR Properties (EPR) — ESG & Values Scores

Environment story

EPR Properties discloses no Scope 1, Scope 2, or Scope 3 greenhouse gas emissions data, net-zero target year, renewable energy percentage, or documented climate/decarbonization initiatives in its 10-K filing. The company acknowledges climate change risks (physical risks from coastal storms, wildfires, floods; regulatory risks from energy/water efficiency standards and GHG regulations) but provides no quantified mitigation commitments or targets. The 10-K notes exposure to coastal markets with severe weather history and future climate-change-related operational cost increases. No verifiable emissions reduction programs, physical decarbonization infrastructure investments, or climate strategy disclosures are evident. This represents material greenwashing detection: the company publicizes climate risk awareness but offers zero operational decarbonization commitments, Scope 3 supply-chain emissions data, or documented net-zero pathway. Cap applied per Checklist A.

Criticisms on file

No disclosed climate or environmental commitments; company acknowledges climate risks (coastal flooding, wildfires, drought, stricter energy/water efficiency standards, GHG regulations) but offers no quantified mitigation targets or renewable energy transition plan.
Source: EPR Properties 10-K, Item 1A Risk Factors, 'We are exposed to the potential impacts of future climate change and climate-change related risks', and MD&A Geopolitical and International Trade Environment section

Disclosed initiatives

No disclosed initiatives on file for this pillar.

Social story

EPR Properties discloses limited social metrics. As of December 31, 2025, the company employed 54 full-time associates at corporate headquarters; no workforce diversity percentages (gender, race/ethnicity) are disclosed for corporate staff or the broader portfolio. CEO-to-median-worker pay ratio is not disclosed. No documented union-suppression activities or major strikes are reported; however, the company notes dependence on third-party property managers and exposes to union labor risk (e.g., one property manager contract includes a union agreement at Kartrite Resort). No supply-chain human-rights audits are disclosed. The 10-K acknowledges reliance on tenants/borrowers for compliance with labor laws and safety standards but does not detail diversity programs, pay-equity audits, or supplier diversity initiatives. Leadership turnover occurred in 2025 (Chief Investment Officer retirement); retirement and severance expense totaled $3.0 million.

Criticisms on file

Minimal workforce diversity disclosure; 54 full-time corporate associates but no gender, racial, or leadership diversity percentages reported. No documented diversity recruitment, pay-equity audits, or supplier-diversity programs evident in SEC filings.
Source: EPR Properties 10-K, Item 1A Risk Factors, 'We have a limited number of associates and loss of personnel could harm our operations'
Exposure to labor risks via third-party property managers; one property (Kartrite Resort) operates under a union labor contract; company subject to wage/benefits increases and work-rule changes resulting from union negotiations.
Source: EPR Properties 10-K, Item 1A Risk Factors, 'We are subject to risks associated with the employment of personnel by managers of certain of our properties'

Disclosed initiatives

Third-Party Manager Labor Oversight

Managers of certain properties responsible for hiring and labor force maintenance; company notes exposure to union contract risks and labor disputes; no affirmative diversity or labor-standards programs disclosed.

Governance story

EPR Properties operates as a REIT with an unsecured debt structure (99% of $2.9B debt is unsecured as of Dec 31, 2025). Board independence percentage is not disclosed in the 10-K. The company maintains a single-class share structure (no dual-class voting disclosed). Lobbying expenditures are not disclosed; however, the 10-K notes exposure to regulatory risk regarding gaming licenses, environmental regulations, and REIT tax compliance. No antitrust, consumer-safety, or active fraud proceedings are disclosed. The company reports SEC compliance with financial covenants under its revolving credit facility and senior notes. A key governance concern involves REIT status compliance: the 10-K extensively discusses tax qualification risks, including forward sale agreement tax treatment uncertainty and TRS (taxable REIT subsidiary) arrangement compliance risks. No major antitrust or privacy fines are reported.

Criticisms on file

REIT tax-qualification risks: forward sale agreement cash-settlement tax treatment unclear under Section 1032 of Internal Revenue Code; potential failure to meet REIT gross income requirements if settled cash gains recognized.
Source: EPR Properties 10-K, Item 1A Risk Factors, 'In the event that we recognize a significant gain from cash settlement of a forward sale agreement under our ATM Program, the U.S. federal income tax treatment of the cash that we receive in such instance is unclear'
TRS arrangement compliance risk: company leases experiential lodging properties to TRSs; if IRS determines arrangements do not qualify as true leases or violate arm's-length pricing, company may fail REIT qualification or face 100% excise tax penalties.
Source: EPR Properties 10-K, Item 1A Risk Factors, 'If arrangements involving our TRSs fail to comply as intended with the REIT qualification and taxation rules, we may fail to qualify for taxation as a REIT under the Internal Revenue Code or be subject to significant penalty taxes'

Disclosed initiatives

REIT Compliance Framework

Company maintains governance structure to qualify as REIT under Internal Revenue Code, including requirements for gross income tests, asset tests, distribution requirements, and TRS compliance. Quarterly assessment of REIT qualification status.

Ensures tax-favored REIT treatment and compliance with 90% distribution requirement.
Financial Covenant Compliance

Unsecured revolving credit facility ($1.0B) and senior notes contain financial covenants limiting consolidated debt, secured debt, and requiring minimum coverage ratios. Company reports compliance as of December 31, 2025.

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of EPR Properties. Coverage and confidence vary by data point, and figures can lag real-world changes. Read the full Methodology for sourcing, scoring, and correction details — or open EPR Properties in the app for interactive charts and portfolio building.

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