olivLaw · US equity research
EPR Properties EPR
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
EPR Properties is a REIT that invests mainly in experiential properties, venues where consumers choose to spend their leisure time, through long-term triple-net leases. Its Experiential portfolio made up about 94% of total investments at the end of 2025, and in 2026 the company raised its FFOAA per share and investment guidance, including through the purchase of a portfolio of seven attraction properties. If demand for out-of-home entertainment stays solid, these investments could support revenue growth over the medium term.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, EPR Properties (EPR) stock was 60.74 USD (+2.10% on the day), with market capitalisation 4.7 bn USD, P/E 16.8 on diluted EPS of 3.62 USD over the last 12 months, dividend yield 6.00%, beta 0.43, 52-week range 48.71–64.32 USD. Latest reported quarter (Q3 2026): revenue of 204.1 m USD (+12.0% YoY), net income of 100.1 m USD (+50.4% YoY), diluted EPS 1.22 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.7
- strong (55–70)
- Bollinger (20, 2)
- 52.53 – 59.98
- above the upper band · %B 1.10 · band width 13.2%
- SMA 50 / 200
- 57.24 / 57.40
- mixed trend
- MACD (12, 26, 9)
- 0.70 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.3% | −2.0% | +11.3 pp | — |
| 3 months | −0.6% | −2.2% | +1.5 pp | — |
| 6 months | +7.8% | +4.3% | +3.6 pp | — |
| Year to date | +21.7% | +10.6% | +11.2 pp | — |
| 1 year | +22.8% | +10.5% | +12.3 pp | +0.5% |
| 3 years | +30.0% | +73.7% | −43.6 pp | +10.7% |
| 5 years | +12.8% | +61.7% | −48.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 177.2 m | 175.0 m | 178.1 m | 182.3 m | 183.0 m | 181.3 m | 196.1 m | 204.1 m |
| Operating income | 45.2 m | 101.6 m | 111.3 m | 97.6 m | 103.8 m | 100.6 m | 107.0 m | 139.3 m |
| Depreciation & amortisation | 41.0 m | 41.1 m | 42.1 m | 42.4 m | 43.6 m | 45.0 m | 48.6 m | 51.1 m |
| Interest expense | 33.5 m | 33.0 m | 33.2 m | 33.2 m | 33.6 m | 34.8 m | 38.3 m | 40.3 m |
| Pre-tax income | -7.7 m | 65.9 m | 76.3 m | 67.3 m | 67.9 m | 63.2 m | 67.8 m | 100.9 m |
| Income tax | 653.0 k | 136.0 k | 681.0 k | 725.0 k | 954.0 k | 614.0 k | 617.0 k | 774.0 k |
| Net income | -8.4 m | 65.8 m | 75.6 m | 66.6 m | 66.9 m | 62.6 m | 67.2 m | 100.1 m |
| Diluted EPS | -0.11 ≈ | 0.78 | 0.91 | 0.79 | 0.87 ≈ | 0.74 | 0.79 | 1.22 |
| Operating cash flow | 92.9 m | 99.4 m | 87.3 m ≈ | 136.5 m ≈ | 97.8 m | 113.4 m | 93.2 m ≈ | 169.0 m ≈ |
| Capex | 221.5 m | 14.7 m | 4.9 m ≈ | 4.4 m ≈ | 127.8 m | 36.4 m | 421.9 m ≈ | 104.5 m ≈ |
| Dividends paid | 70.7 m | 70.8 m | 73.3 m ≈ | 73.3 m ≈ | 73.3 m | 73.5 m | 77.1 m ≈ | 77.2 m ≈ |
| Share repurchases | 0 | 9.8 m | 0 ≈ | 0 ≈ | 22.0 k | 13.1 m | 0 ≈ | -1.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 17 percentile of its own 36-quarter history (min 12.5, median 20.9, max 379.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 639.9 m | 652.0 m | 414.7 m | 531.7 m | 658.0 m | 705.7 m | 698.1 m | 718.4 m |
| Revenue YoY | +23.5% | +1.9% | −36.4% | +28.2% | +23.8% | +7.2% | −1.1% | +2.9% |
| Net income | 267.0 m | 202.2 m | -131.7 m | 98.6 m | 176.2 m | 173.0 m | 146.1 m | 274.9 m |
| Net income YoY | +1.5% | −24.2% | −165.1% | unavailable | +78.7% | −1.8% | −15.6% | +88.2% |
| Diluted EPS | 3.27 | 2.32 | -2.05 | 1.00 | 2.03 | 1.97 | 1.60 | 3.28 |
| Diluted EPS YoY | −0.6% | −29.1% | −188.4% | unavailable | +103.0% | −3.0% | −18.8% | +105.0% |
| net % | 41.7% | 31.0% | -31.8% | 18.5% | 26.8% | 24.5% | 20.9% | 38.3% |
| Free cash flow | 296.9 m | -61.1 m | 26.6 m | 250.4 m | 39.2 m | 177.7 m | 129.2 m | 269.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 90.6 m USD
- Financial debt
- 2.9 bn USD
- Net debt
- 2.8 bn USD
- Equity
- 2.3 bn USD
- Total assets
- 5.7 bn USD
- Debt / equity
- 1.26x
- Current ratio
- unavailable
- ROE
- 11.8%
- ROA
- 4.9%
- FCF margin
- 37.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 414.7 m | 531.7 m | 658.0 m | 705.7 m | 698.1 m | 718.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 52.1 m | 278.8 m | 311.0 m | 306.4 m | 315.7 m | 414.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 170.3 m | 163.8 m | 163.7 m | 168.0 m | 165.7 m | 169.2 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 222.5 m ≈ | 442.6 m ≈ | 474.6 m ≈ | 474.4 m ≈ | 481.4 m ≈ | 583.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 157.7 m | 148.1 m | 131.2 m | 124.9 m | 130.8 m | 133.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -115.0 m | 100.2 m | 177.5 m | 174.8 m | 147.5 m | 277.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 16.8 m | 1.6 m | 1.2 m | 1.7 m | 1.4 m | 2.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -131.7 m | 98.6 m | 176.2 m | 173.0 m | 146.1 m | 274.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -2.05 | 1.00 | 2.03 | 1.97 | 1.60 | 3.28 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 76.0 m | 74.8 m | 75.0 m | 75.7 m | 76.0 m | 76.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 1.52 | 1.50 | 3.25 | 3.30 | 3.40 | 3.52 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.0 bn | 288.8 m | 107.9 m | 78.1 m | 22.1 m | 90.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 693.0 k | 693.0 k | 693.0 k | 693.0 k | 693.0 k | 693.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | 36.6 m | 34.7 m | 32.4 m | 31.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 6.7 bn | 5.8 bn | 5.8 bn | 5.7 bn | 5.6 bn | 5.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 3.7 bn | 2.8 bn | 2.8 bn | 2.8 bn | 2.9 bn | 2.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 4.1 bn | 3.2 bn | 3.2 bn | 3.2 bn | 3.3 bn | 3.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 2.6 bn | 2.6 bn | 2.5 bn | 2.5 bn | 2.3 bn | 2.3 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 65.3 m | 306.9 m | 441.7 m | 447.1 m | 393.1 m | 421.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 38.7 m | 56.6 m | 402.5 m | 269.4 m | 263.9 m | 151.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 26.6 m ≈ | 250.4 m ≈ | 39.2 m ≈ | 177.7 m ≈ | 129.2 m ≈ | 269.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | 134.0 m | 1.9 m | -351.6 m | -201.0 m | -176.4 m | -121.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 297.2 m | -1.0 bn | -269.4 m | -275.7 m | -261.6 m | -236.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 172.5 m | 117.5 m | 265.7 m | 272.2 m | 279.9 m | 290.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 7.4 m | 2.8 m | 4.3 m | 3.7 m | 11.4 m | 9.9 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation56
- Returns60
- Quality93
- Balance sheet54
- Growth30
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 30.29 – 83.07 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)46.26 – 62.21 (Mid 53.06)
- Peers: P/B30.29 – 83.07 (Mid 48.27)32 companies used · median multiple 1.6x · quartiles 1.0x – 2.7xABR, ACRE, ADC, APLE, ARI, ARR, BRX, CDP, CMCT, CUBE, DLR, EPRT, ESS, EXR, FCPT, FSP, HST, IHT, ILPT, KIM, LINE, LTC, O, OLP, PINE, PLD, PSA, RYN, VICI, VMRK, VTR, WELL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 12.7% | 83 (vs peers) | 7% |
| EBITDA margin · Quality | 83.6% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 3.0% | 30 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 5.2x | 46 (vs peers) | 15% |
| Interest coverage · Balance sheet | 3.1x | 63 (on a fixed band) | 13% |
| P/B · Valuation | 2.0x | 44 (vs peers) | 20% |
| P/E (TTM) · Valuation | 16.8x | 83 (vs peers) | 9% |
| Dividend yield · Returns | 6.0% | 69 (vs peers) | 15% |
| Payout ratio (EPS) · Returns | 100.6% | 28 (on a fixed band) | 4% |
Score groups
- Balance sheet54/100 · 2/2 factors with a value
- Growth30/100 · 1/1 factors with a value
- Quality93/100 · 2/2 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation56/100 · 2/2 factors with a value
Memo
EPR PROPERTIES (EPR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 718.4 m USD in 2025; YoY growth 2.9%; net margin 38.8%; ROE 12.7%; net debt/EBITDA 5.2x.
The estimated value range is 38.27–72.64 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 50.66 USD, the price of 60.74 USD leaves a potential of -16.6% (value / price − 1) and a margin of safety of -19.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 12.7%
- EBITDA margin: 83.6%
- P/E (TTM): 16.8x
What contradicts it
- Revenue CAGR 3Y: 3.0%
- Payout ratio (EPS): 100.6%
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 176.9 bn | 103.2 | 4.0% | 12.7% | +35.6% | +16% / +171% |
| PLDPrologis, Inc. | 120.3 bn | 32.5 | 7.1% | 42.5% | +7.2% | +0% / +12% |
| EQIXEquinix Inc | 100.4 bn | 60.9 | 11.5% | 16.4% | +5.4% | +35% / +24% |
| AMTAmerican Tower Corporation | 86.9 bn | 26.3 | 90.6% | 30.7% | +5.1% | +3% / −10% |
| DLRDigital Realty Trust, Inc. | 63.3 bn | 47.1 | 6.2% | 21.7% | +10.0% | +13% / +30% |
| PSAPublic Storage | 62.3 bn | 33.9 | 16.0% | 37.8% | +2.7% | +21% / +29% |
| ORealty Income Corporation | 54.7 bn | 39.6 | 3.6% | 22.9% | +9.1% | −0% / +7% |
| VTRVentas, Inc. | 46.0 bn | 163.7 | 1.9% | 4.0% | +18.5% | +8% / +90% |
| CCICrown Castle Inc. | 36.8 bn | 44.0 | — | 20.7% | −4.4% | −5% / −26% |
| IRMIron Mountain Inc | 34.7 bn | 82.6 | — | 5.7% | +12.2% | +35% / +82% |
| EXRExtra Space Storage Inc. | 32.6 bn | 31.8 | 7.9% | 29.9% | +3.7% | +17% / +20% |
| VICIVICI Properties Inc. | 26.9 bn | 11.2 | 8.3% | 56.5% | +4.1% | −15% / −18% |
| VMRKVivmark Residential | 23.3 bn | 27.2 | 8.1% | — | +4.8% | +0% / +9% |
| SBACSba Communications Corporation | 19.6 bn | 19.9 | — | 34.5% | +5.1% | −5% / −25% |
| HSTHost Hotels & Resorts, Inc. | 17.7 bn | 17.2 | 15.8% | 16.5% | +7.6% | +46% / +48% |
| ESSEssex Property Trust, Inc. | 17.0 bn | 40.7 | 8.0% | 22.7% | +6.4% | +0% / +24% |
| KIMKimco Realty Corporation | 16.8 bn | 27.6 | 5.8% | 27.8% | +5.1% | +21% / +29% |
| CUBECubesmart | 10.4 bn | 32.3 | 11.8% | 28.7% | +5.3% | +23% / +15% |
| BRXBrixmor Property Group Inc. | 9.3 bn | 22.0 | 14.2% | 30.0% | +6.7% | +16% / +40% |
| ADCAgree Realty Corporation | 9.1 bn | 35.8 | 3.8% | 29.8% | +16.4% | −7% / +18% |
| LINELineage, Inc. | 8.8 bn | — | -2.0% | -3.1% | +0.3% | +8% / unavailable |
| EPRTEssential Properties Realty Trust, Inc. | 6.2 bn | 22.9 | 6.3% | 41.0% | +24.8% | −11% / +18% |
| RYNRayonier Inc. | 6.1 bn | 6.7 | 12.8% | 68.6% | −51.0% | −9% / −34% |
| EPREpr Properties | 4.7 bn | 16.8 | 12.7% | 38.8% | +2.9% | +23% / +30% |
| APLEApple Hospitality REIT, Inc. | 4.4 bn | 25.6 | 5.5% | 12.2% | −1.3% | +58% / +13% |
1- and 3-year price returns: for EPR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 37.76 Total return -33% · Per year -33% | 66.82 Total return 17% · Per year 17% | 100.71 Total return 74% · Per year 74% |
| 3 years | 35.53 Total return -27% · Per year -10% | 70.84 Total return 37% · Per year 11% | 117.40 Total return 119% · Per year 30% |
| 5 years | 33.43 Total return -22% · Per year -5% | 75.10 Total return 58% · Per year 10% | 136.85 Total return 172% · Per year 22% |
- Exit P/E± 17.71
- Net margin± 12.40
- Annual revenue growth± 10.33
- Annual dilution± 1.04
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
EPR Properties is a REIT that invests mainly in experiential properties, venues where consumers choose to spend their leisure time, through long-term triple-net leases. Its Experiential portfolio made up about 94% of total investments at the end of 2025 1, and in 2026 the company raised its FFOAA per share and investment guidance, including through the purchase of a portfolio of seven attraction properties 3. If demand for out-of-home entertainment stays solid, these investments could support revenue growth over the medium term 13.
SWOT
Strengths
- The company holds a diversified portfolio of experiential properties that is almost fully leased or operated, giving it a relatively predictable revenue stream 12.
- Long-term triple-net leases shift most operating expenses to tenants, which reduces direct exposure to costs 1.
- The company raised its 2026 guidance and secured a more flexible new credit agreement, which could support its investment capacity 3.
Weaknesses
- Revenue is concentrated in a few large tenants, such as cinema operators and Topgolf, which makes the company vulnerable to their difficulties 1.
- The cinema portfolio is concentrated, and management has said it intends to reduce investment in this category 1.
- The company relies heavily on debt financing, which makes it sensitive to the cost of capital and market conditions 1.
Opportunities
- Diversifying into attractions, fitness & wellness and other experiential categories could reduce reliance on cinemas and open new growth sources 13.
- Acquisitions of attraction parks, such as the portfolio bought in 2026, show room to expand into new categories 3.
- Gradually selling the education portfolio could free capital for new experiential investments 1.
Threats
- A decline in discretionary consumer spending could reduce tenant income and demand for the company's properties 1.
- Studio consolidation could reduce the number of wide release films and compress cinema exclusivity windows 1.
- Tariffs and trade uncertainty could raise development costs and weigh on the returns of new projects 12.
Risks
- Tenant concentrationhigh
A small number of operators generate a large share of revenue, and difficulties at one of them could directly affect the company's receipts 1.
- Refinancing riskmedium
If capital markets worsen, the company could face difficulty refinancing debt at maturity or pay higher interest 1.
- Exposure to consumer spendingmedium
Most tenants depend on discretionary consumer spending, and an economic slowdown or a preference for indoor entertainment could reduce demand 1.
- Trade policymedium
Tariffs and trade restrictions could raise construction material costs and slow new projects 12.
- Credit ratinglow
If credit ratings deteriorated, the cost of financing could rise and capital could become harder to obtain on favorable terms 1.
Investment thesis
What would need to be true (bull case)
- If the shift toward out-of-home experiences persists, the company's diversified portfolio could support revenue growth, and the raised 2026 FFOAA per share guidance could confirm this direction 13.
- The new credit agreement and expansion into attractions could give the company financial flexibility for new opportunities 3.
- A nearly full occupancy rate and long-term contracts could generate a relatively stable revenue stream 12.
What would break the thesis
- If a large share of revenue stays concentrated in a few tenants, difficulties at those tenants could affect results more than expected 1.
- High financing costs and uncertain macroeconomic conditions could limit portfolio growth or reduce returns on new investments 1.
- If studio consolidation or tariffs fundamentally reshape the cinema industry, the portfolio's most important category could be affected 1.
What to watch
- Delivery of 2026 FFOAA per share and investment spending guidancenext 10-K
- Revenue trends from AMC, Regal and TopgolfQ3 2026
- Use of the new credit agreement and delayed draw term loan facilityQ1 2027
- Pace of education portfolio disposals and asset sales2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
The business
EPR Properties, also known as EPR, is a self-administered REIT formed in Maryland in 1997 that has focused on properties dedicated to leisure and recreation experiences. With total assets of about $5.7 billion at December 31, 2025 1, the company owns or finances properties in 43 US states and Canada, and its investments are generally structured as long-term triple-net leases 1. Total revenue was $718.4 million in fiscal 2025 1.
The company's growth strategy targets a diversified portfolio of experiential properties, while its Education segment, made up of early childhood education centers and private schools, is described as a legacy investment the company intends to dispose of over time 1. The model relies on leases that shift most operating expenses to tenants, which limits the company's direct exposure to operating costs 1. Its stated objective is predictable, growing FFOAA, AFFO and dividends per share 1.
Property type diversity is central to the model, spanning megaplex theatres and eat & play venues to attractions, ski properties, experiential lodging, fitness & wellness centers, one gaming property and one cultural property 1. The company has said it intends to reduce its theatre investments over time and diversify its other experiential property types 1.
Segments
Education
The Education segment includes 46 early childhood education centers and nine private schools, with investments of about $0.4 billion, or 6% of the total at the end of 2025 1. The company has said it does not expect to seek additional education properties and plans to exit this segment over time 1.
Market context
EPR operates in the market for out-of-home entertainment and recreation, where cinemas have recovered after the 2023 writers' and actors' strikes, and total North American box office revenues rose about 1% in 2025 1. Consolidation among studios could, however, reduce the number of wide release titles or compress theatrical exclusivity windows 1.
The macroeconomic backdrop remains uncertain, with inflationary pressures, high interest rates and shifting trade policies that can affect development costs and discretionary consumer spending 12. For a REIT that relies heavily on debt, financing conditions bear directly on its ability to grow the portfolio 1.
Trends
- Experiential economytailwind
Consumers increasingly seek leisure and social experiences outside the home, and the company believes these property types have proven durable over time 1. If this trend holds, it could support demand for the company's portfolio.
- Cinema recoverytailwind
The film exhibition industry has recovered from the 2023 strikes, and studios have largely returned to exclusive theatrical releases for roughly 45 days 1. This recovery supports the company's cinema tenants.
- Financing costs and interest ratesmixed
High interest rates and capital pressures can raise borrowing costs and limit refinancing or new investment 1. The company did secure a new credit agreement in July 2026 with a reduced interest rate on its revolving facility 23.
- Trade policy and construction costsheadwind
Tariffs and trade restrictions can raise the cost of construction materials and reduce returns on development projects, while also weighing on discretionary consumer spending 12.
Competitive position
The sources included in this profile do not explicitly identify the company's competitors in the experiential real estate investment market. This analysis is therefore limited to operators the company has contractual relationships with, described as tenants or borrowers rather than direct rivals 1.
Tenant relationships are essential, and the concentration of revenue among a few operators such as AMC, Regal and Topgolf means their performance matters a great deal to the company 1.
- AMC EntertainmentAMC
Cinema operator that is a tenant of EPR and generated a significant share of revenue, making it a contractual partner rather than a direct competitor 1.
- Regal Entertainment Group
Cinema operator listed among the company's main tenants with an important role in its revenue, with no direct competitor identification in the sources 1.
- Topgolf USA
Golf entertainment operator that is a tenant or borrower of the company and contributed a significant part of revenue 1.
- Andretti Indoor Karting and Games
Family entertainment center operator mentioned as a partner in developing venues in this category 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report28 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report20 Jul 2026Material agreement · Creation of a direct financial obligation · Item 3.03 · Regulation FD disclosure · Financial statements and exhibits
- Current report07 May 2026Shareholder vote
- Quarterly report07 May 2026
- Current report06 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement26 Mar 2026
- Annual report26 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / EPR Properties · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / EPR Properties · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / EPR Properties · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.