EPR Properties (EPR)
Market Price (6/29/2026): $59.7 | Market Cap: $4.6 BilSector: Real Estate | Industry: Other Specialized REITs
EPR Properties (EPR)
Market Price (6/29/2026): $59.7Market Cap: $4.6 BilSector: Real EstateIndustry: Other Specialized REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0%, FCF Yield is 9.5% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 57% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 64%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 64% Low stock price volatilityVol 12M is 23% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Experiential Retail. | Trading close to highsDist 52W High is -0.3%, Dist 3Y High is -0.3% Weak multi-year price returns3Y Excs Rtn is -1.6% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.33 | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 67% Key risksEPR key risks include [1] its high concentration in the volatile experiential real estate sector with a few major tenants, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0%, FCF Yield is 9.5% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 57% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 64%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 64% |
| Low stock price volatilityVol 12M is 23% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Experiential Retail. |
| Trading close to highsDist 52W High is -0.3%, Dist 3Y High is -0.3% |
| Weak multi-year price returns3Y Excs Rtn is -1.6% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.33 |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 67% |
| Key risksEPR key risks include [1] its high concentration in the volatile experiential real estate sector with a few major tenants, Show more. |
Qualitative Assessment
AI Analysis | Feedback
EPR Properties (EPR) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Earnings Performance Coupled with Upgraded Full-Year Guidance.
EPR Properties reported mixed results for fiscal Q1 2026 (ended March 31, 2026). While Adjusted Funds From Operations (AFFO) per share was $1.29, beating analyst estimates by $0.04 and representing a 6.6% year-over-year increase, reported GAAP earnings per share (EPS) of $0.74 missed some consensus estimates by $0.02. Despite the mixed Q1 EPS, the company subsequently increased its fiscal year 2026 FFOAA per diluted common share guidance to a range of $5.37 to $5.53, an increase of 6.5% at the midpoint over 2025, which should have provided a positive outlook. This combination of a strong operational beat in AFFO with a slight GAAP EPS miss, alongside a confidence-boosting guidance raise, likely created a balancing effect on the stock price, preventing a significant upward or downward trend.
2. Strategic Acquisition of Experiential Assets and Increased Investment Outlook.
EPR Properties executed on a significant growth strategy by completing the acquisition of six U.S. attraction properties from Six Flags Entertainment Corporation after fiscal Q1 2026, as part of a $315 million portfolio investment. This marked the company's largest post-COVID acquisition, reinforcing its focus on its experiential portfolio. Furthermore, EPR raised its fiscal year 2026 investment spending guidance to a range of $500.0 million to $600.0 million, up from a previous range of $400.0 million to $500.0 million. While these strategic moves signal positive long-term growth and diversification, the substantial capital outlay and the "wait and see" period for the integration and performance of these new assets may have kept the stock largely stable as investors digested the implications.
Show more
EPR Properties (EPR) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Earnings Performance Coupled with Upgraded Full-Year Guidance.
EPR Properties reported mixed results for fiscal Q1 2026 (ended March 31, 2026). While Adjusted Funds From Operations (AFFO) per share was $1.29, beating analyst estimates by $0.04 and representing a 6.6% year-over-year increase, reported GAAP earnings per share (EPS) of $0.74 missed some consensus estimates by $0.02. Despite the mixed Q1 EPS, the company subsequently increased its fiscal year 2026 FFOAA per diluted common share guidance to a range of $5.37 to $5.53, an increase of 6.5% at the midpoint over 2025, which should have provided a positive outlook. This combination of a strong operational beat in AFFO with a slight GAAP EPS miss, alongside a confidence-boosting guidance raise, likely created a balancing effect on the stock price, preventing a significant upward or downward trend.
2. Strategic Acquisition of Experiential Assets and Increased Investment Outlook.
EPR Properties executed on a significant growth strategy by completing the acquisition of six U.S. attraction properties from Six Flags Entertainment Corporation after fiscal Q1 2026, as part of a $315 million portfolio investment. This marked the company's largest post-COVID acquisition, reinforcing its focus on its experiential portfolio. Furthermore, EPR raised its fiscal year 2026 investment spending guidance to a range of $500.0 million to $600.0 million, up from a previous range of $400.0 million to $500.0 million. While these strategic moves signal positive long-term growth and diversification, the substantial capital outlay and the "wait and see" period for the integration and performance of these new assets may have kept the stock largely stable as investors digested the implications.
3. Stable and Growing Dividend Juxtaposed with "Hold" Analyst Consensus.
EPR Properties enhanced its appeal to income investors by increasing its monthly common share dividend by 5.1% to $0.31 per share (annualized at $3.72), which took effect with the April 15, 2026, payment. This results in an attractive current dividend yield of 6.45% and a secure payout ratio of 67% of AFFO. This strong dividend profile likely provided a floor for the stock price. However, analyst sentiment remained largely cautious, with a consensus rating of "Hold" from 9 Wall Street analysts (5 Hold, 4 Buy). The average 12-month price target of $60.50 represented a modest forecasted upside of only 1.77% from a recent closing price, suggesting that while the dividend offers yield, analysts did not see significant near-term capital appreciation potential, contributing to the stock's range-bound movement.
Show less
Stock Movement Drivers
Fundamental Drivers
The 2.2% change in EPR stock from 2/28/2026 to 6/28/2026 was primarily driven by a 3.7% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6282026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.40 | 59.70 | 2.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 673 | 681 | 1.2% |
| Net Income Margin (%) | 40.9% | 39.9% | -2.3% |
| P/E Multiple | 16.2 | 16.8 | 3.7% |
| Shares Outstanding (Mil) | 76 | 76 | -0.2% |
| Cumulative Contribution | 2.2% |
Market Drivers
2/28/2026 to 6/28/2026| Return | Correlation | |
|---|---|---|
| EPR | 2.2% | |
| Market (SPY) | 6.6% | 17.4% |
| Sector (XLRE) | 3.9% | 63.1% |
Fundamental Drivers
The 18.1% change in EPR stock from 11/30/2025 to 6/28/2026 was primarily driven by a 32.7% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6282026 | Change |
|---|---|---|---|
| Stock Price ($) | 50.55 | 59.70 | 18.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 663 | 681 | 2.6% |
| Net Income Margin (%) | 30.1% | 39.9% | 32.7% |
| P/E Multiple | 19.3 | 16.8 | -13.0% |
| Shares Outstanding (Mil) | 76 | 76 | -0.3% |
| Cumulative Contribution | 18.1% |
Market Drivers
11/30/2025 to 6/28/2026| Return | Correlation | |
|---|---|---|
| EPR | 18.1% | |
| Market (SPY) | 7.3% | 3.3% |
| Sector (XLRE) | 10.5% | 55.4% |
Fundamental Drivers
The 14.5% change in EPR stock from 5/31/2025 to 6/28/2026 was primarily driven by a 73.8% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6282026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.13 | 59.70 | 14.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 649 | 681 | 4.8% |
| Net Income Margin (%) | 23.0% | 39.9% | 73.8% |
| P/E Multiple | 26.5 | 16.8 | -36.7% |
| Shares Outstanding (Mil) | 76 | 76 | -0.7% |
| Cumulative Contribution | 14.5% |
Market Drivers
5/31/2025 to 6/28/2026| Return | Correlation | |
|---|---|---|
| EPR | 14.5% | |
| Market (SPY) | 25.1% | 10.7% |
| Sector (XLRE) | 12.2% | 50.7% |
Fundamental Drivers
The 77.6% change in EPR stock from 5/31/2023 to 6/28/2026 was primarily driven by a 30.1% change in the company's Net Income Margin (%).| (LTM values as of) | 5312023 | 6282026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.62 | 59.70 | 77.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 625 | 681 | 9.0% |
| Net Income Margin (%) | 30.7% | 39.9% | 30.1% |
| P/E Multiple | 13.2 | 16.8 | 27.3% |
| Shares Outstanding (Mil) | 75 | 76 | -1.6% |
| Cumulative Contribution | 77.6% |
Market Drivers
5/31/2023 to 6/28/2026| Return | Correlation | |
|---|---|---|
| EPR | 77.6% | |
| Market (SPY) | 81.3% | 37.8% |
| Sector (XLRE) | 39.2% | 67.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EPR Return | 51% | -15% | 39% | -1% | 21% | 22% | 158% |
| Peers Return | 38% | -1% | 6% | 5% | 6% | 12% | 80% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| EPR Win Rate | 75% | 42% | 67% | 58% | 50% | 83% | |
| Peers Win Rate | 63% | 47% | 48% | 60% | 53% | 63% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| EPR Max Drawdown | -19% | -36% | -20% | -17% | -19% | -20% | |
| Peers Max Drawdown | -13% | -24% | -22% | -16% | -16% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VICI, GLPI, O, SPG, NNN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)
How Low Can It Go
| Event | EPR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -10.5% | -18.8% |
| % Gain to Breakeven | 11.7% | 23.1% |
| Time to Breakeven | 6 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -19.6% | -6.7% |
| % Gain to Breakeven | 24.3% | 7.1% |
| Time to Breakeven | 43 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.5% | -24.5% |
| % Gain to Breakeven | 30.7% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -79.4% | -33.7% |
| % Gain to Breakeven | 384.5% | 50.9% |
| Time to Breakeven | 1805 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -16.9% | -3.7% |
| % Gain to Breakeven | 20.4% | 3.9% |
| Time to Breakeven | 729 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -12.3% | -12.2% |
| % Gain to Breakeven | 14.0% | 13.9% |
| Time to Breakeven | 46 days | 62 days |
In The Past
EPR Properties's stock fell -10.5% during the 2025 US Tariff Shock. Such a loss loss requires a 11.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | EPR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.5% | -24.5% |
| % Gain to Breakeven | 30.7% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -79.4% | -33.7% |
| % Gain to Breakeven | 384.5% | 50.9% |
| Time to Breakeven | 1805 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -27.8% | -17.9% |
| % Gain to Breakeven | 38.5% | 21.8% |
| Time to Breakeven | 239 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -71.7% | -53.4% |
| % Gain to Breakeven | 253.4% | 114.4% |
| Time to Breakeven | 367 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.2% | -8.6% |
| % Gain to Breakeven | 28.5% | 9.5% |
| Time to Breakeven | 60 days | 47 days |
In The Past
EPR Properties's stock fell -10.5% during the 2025 US Tariff Shock. Such a loss loss requires a 11.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About EPR Properties (EPR)
EPR Properties is an experiential net lease Real Estate Investment Trust (REIT) that specializes in owning and managing a substantial portfolio of real estate venues across 44 states, valued at nearly $6.7 billion. The company's primary business involves investing in and leasing properties specifically designed to facilitate out-of-home leisure and recreation experiences, targeting venues where consumers choose to spend their discretionary time and money.
As a REIT, EPR Properties' main "product" is the provision of these specialized, enduring experiential real estate venues to its tenants through net leases. Its services revolve around the strategic acquisition, development, and management of these properties, ensuring a focus on key industry and tenant-level cash flow standards. The company's primary customers are the businesses (tenants) that operate these leisure and recreation facilities, serving a broad consumer market actively seeking entertainment, recreation, and unique experiences outside the home.
AI Analysis | Feedback
Here are a few analogies to describe EPR Properties:
- Think of EPR Properties as the Simon Property Group for fun and leisure venues.
- EPR Properties is like the Realty Income for entertainment and recreation real estate.
AI Analysis | Feedback
- Leasing of Leisure-Focused Properties: EPR Properties provides net lease agreements for real estate venues that facilitate out-of-home leisure experiences.
- Leasing of Recreation-Focused Properties: EPR offers net lease agreements for real estate venues dedicated to out-of-home recreation experiences.
AI Analysis | Feedback
EPR Properties primarily sells to other companies, which are its tenants that operate experiential real estate venues. Its major customers include:
- Callaway Golf Company (NYSE: ELY), as the parent company of Topgolf.
- AMC Entertainment Holdings, Inc. (NYSE: AMC)
- Cinemark Holdings, Inc. (NYSE: CNK)
EPR Properties also has significant private tenants in sectors such as ski resorts (e.g., Boyne Resorts, Alterra Mountain Company), waterparks, and other entertainment and leisure venues.
AI Analysis | Feedback
AI Analysis | Feedback
Greg Silvers, Chairman and Chief Executive Officer
Mr. Silvers joined EPR Properties in 1998 and was appointed Chief Executive Officer and President in February 2015, and elected Board Chair in 2022. Prior to EPR, he practiced real estate law at Stinson Leonard Street LLP, and was involved with EPR Properties since its inception as a lawyer for the firm that handled its public offering.
Mark Peterson, Executive Vice President, Chief Financial Officer and Treasurer
Mr. Peterson has served as Chief Financial Officer and Treasurer since 2006. He was appointed Executive Vice President in 2015. Previously, he was with American Italian Pasta Company as Vice President of Accounting and Finance, and was Chief Financial Officer of J.C. Nichols Company from 1995 until its acquisition by Highwoods Properties, Inc. in 1998.
Benjamin Fox, Executive Vice President, Chief Investment Officer
Mr. Fox recently joined EPR Properties as Chief Investment Officer, succeeding Gregory Zimmerman. He brings experience from Ares Management and Realty Income, both recognized in net lease real estate.
Tonya Mater, Senior Vice President and Chief Accounting Officer
Ms. Mater has been with EPR Properties since 2002, serving as Vice President and Chief Accounting Officer since 2015, and previously as Vice President and Controller. Before joining EPR, she worked in public accounting as an auditor.
Paul Turvey, Senior Vice President, General Counsel and Secretary
Mr. Turvey serves as Senior Vice President, General Counsel, and Secretary for EPR Properties.
AI Analysis | Feedback
The key risks to EPR Properties (EPR) primarily revolve around its tenant base, the sensitivity of its experiential properties to economic cycles, and the prevailing interest rate environment.
- Concentration of Lease Revenues and Tenant Defaults: A notable risk for EPR Properties is the concentration of lease revenues from a limited number of tenants. According to its 10-K filings, a substantial portion of EPR's lease revenues comes from a few key tenants. This concentration increases the company's vulnerability to the financial health, defaults, or bankruptcies of these major tenants, which could significantly impact its financial performance and revenue streams.
- Dependence on Economic Conditions and Consumer Discretionary Spending: As an experiential net lease REIT, EPR Properties' performance is closely tied to broader economic conditions and consumer discretionary spending. Factors such as inflation, interest rate fluctuations, and global economic uncertainties can directly affect consumers' willingness and ability to spend on out-of-home leisure and recreation experiences. A downturn in economic conditions or a reduction in discretionary spending could negatively impact its tenants' businesses and, consequently, their ability to meet rent obligations.
- Elevated Interest Rates and Debt Financing Risks: EPR Properties relies on debt financing for its investments and operations, making it susceptible to interest rate fluctuations. Elevated interest rates can increase the cost of borrowing for new debt and materially adversely affect the company's ability to refinance existing debt or engage in new investment activities. This financial risk can impact the company's profitability and growth prospects. The company's significant investment in the theater sector, while being actively diversified, also poses a risk due to evolving entertainment consumption habits and shifts towards streaming services.
AI Analysis | Feedback
The increasing sophistication and widespread adoption of in-home entertainment and recreational technologies (such as advanced gaming platforms, virtual reality/augmented reality systems, and premium streaming services offering immersive content) that provide compelling alternatives to out-of-home leisure experiences, potentially reducing consumer demand for the types of experiential properties EPR Properties invests in.
AI Analysis | Feedback
- Movie Theaters: The market size for movie theaters in the U.S. is projected to be $16.3 billion in 2026. Other estimates place the U.S. movie theater market at $16.88 billion in 2024, with projections to reach $27.21 billion by 2033.
- Ski & Snowboard Resorts: The U.S. market size for ski and snowboard resorts is estimated at $4.4 billion in 2026. The broader U.S. skiing and snowboarding market was valued at approximately $5.53 billion in 2023 and is expected to reach $5.78 billion in 2024.
- Amusement and Theme Parks: The U.S. amusement parks market generated approximately $28.39 billion in revenue in 2024 and is anticipated to grow to $36.90 billion by 2030. Another estimate for the U.S. amusement and theme park market size was $23.40 billion in 2024, with a projection to reach $36.60 billion by 2035.
- Family Entertainment Centers (FECs): The U.S. family/indoor entertainment centers market was valued at $5.25 billion in 2024 and is estimated to reach $10.56 billion by 2034. Globally, the family entertainment center market was valued at $28.2 billion in 2023, with North America holding a 40% revenue share.
- Golf Entertainment: The market size for Golf Driving Ranges & Family Fun Centers in the U.S. is estimated at $24.3 billion in 2026. The U.S. golf simulator market alone was valued at $1.0 billion in 2024.
- Marinas: The U.S. marina market is estimated to generate between $6.5 billion and $7.0 billion in revenue in 2026. The broader North American marinas market is expected to reach $8.08 billion by 2029, growing from $6.70 billion in 2024.
- K-12 Private Education: The annual domestic revenues for private primary and secondary schools in the U.S. were approximately $98.9 billion in 2024. The K-12 private education market in North America was valued at $61.05 billion in 2025, with projections for robust growth.
AI Analysis | Feedback
Here are the expected drivers of future revenue growth for EPR Properties (EPR) over the next 2-3 years:
- Accelerated Investment in Experiential Properties: EPR Properties anticipates a significant increase in investment spending on experiential assets, with projections of $400 million to $500 million for 2026, up from $288.5 million in 2025. These investments include strategic acquisitions such as a portfolio of seven regional parks, five golf courses, a regional water park, and a climbing platform. The company is also expanding into new experiential segments like fitness and wellness, diversifying its portfolio and broadening its revenue base.
- Recovery and Growth of Theatrical Box Office: An optimistic outlook for the North American theatrical box office is expected to drive revenue growth. The box office saw a slight improvement in 2025, reaching $8.7 billion (up 1% from 2024), with further growth projected for 2026 due to a stronger film slate and an increased number of major studio releases. Additionally, rising non-ticket revenues, such as food and beverage sales, are contributing to tenant resilience and overall revenue.
- Growth in Percentage Rents and Participating Income: EPR Properties forecasts an increase in revenue from percentage rents and participating income. The company's 2026 outlook includes an expected contribution of $18.5 million to $22.5 million from these revenue streams, reflecting the performance of its experiential tenants.
- Revenue Increases from Embedded Rent Escalators: A consistent driver of revenue growth is the presence of embedded rent escalators within EPR Properties' existing lease agreements. These contractual increases contribute to steady revenue growth, as observed in the company's financial performance where embedded rent escalators played a role in the revenue increase in Q4 2025.
AI Analysis | Feedback
Share Repurchases
- No significant share repurchase programs were announced or executed by EPR Properties within the last 3-5 years (2021-2025).
Share Issuance
- In December 2025, EPR Properties established an at-the-market (ATM) equity offering program, authorizing the company to offer and sell up to $400 million of its common shares.
- As of December 31, 2025, no common shares had been issued under the ATM program.
Inbound Investments
- No information regarding large inbound investments made in EPR Properties by third-parties within the last 3-5 years is available.
Outbound Investments
- EPR Properties' total investment spending for 2025 amounted to $288.5 million.
- In 2025, key acquisitions included a portfolio of five championship golf courses in Dallas for $90.7 million and the Ocean Breeze Waterpark for $23.2 million.
- The company actively engages in capital recycling, selling off older, non-core properties (primarily theaters) to fund new investments in experiential assets, generating $168.3 million in disposition proceeds during 2025.
Capital Expenditures
- Investment spending (which represents capital expenditures for property acquisitions and development) totaled $288.5 million in 2025.
- For 2024, investment spending was $263.9 million.
- For 2026, EPR Properties projects investment spending to be between $400 million and $500 million, primarily focused on acquisitions and experiential development and redevelopment projects.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 53.59 |
| Mkt Cap | 21.0 |
| Rev LTM | 2,830 |
| Op Inc LTM | 1,971 |
| FCF LTM | 1,646 |
| FCF 3Y Avg | 1,653 |
| CFO LTM | 1,849 |
| CFO 3Y Avg | 1,737 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.3% |
| Rev Chg 3Y Avg | 6.9% |
| Rev Chg Q | 5.5% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 9.7% |
| Op Inc Chg 3Y Avg | 7.3% |
| Op Mgn LTM | 59.1% |
| Op Mgn 3Y Avg | 59.2% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 66.7% |
| CFO/Rev 3Y Avg | 66.4% |
| FCF/Rev LTM | 63.5% |
| FCF/Rev 3Y Avg | 62.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 21.0 |
| P/S | 8.8 |
| P/Op Inc | 13.7 |
| P/EBIT | 11.3 |
| P/E | 16.2 |
| P/CFO | 12.6 |
| Total Yield | 8.1% |
| Dividend Yield | 5.0% |
| FCF Yield 3Y Avg | 7.3% |
| D/E | 0.6 |
| Net D/E | 0.6 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Experiential | 680 | 659 | 666 | 607 | 493 |
| Education | 38 | 39 | 39 | 48 | 38 |
| Corporate/Unallocated | 0 | 1 | 1 | 3 | 0 |
| Total | 718 | 698 | 706 | 658 | 532 |
| $ Mil | 2024 | 2023 | 2022 |
|---|---|---|---|
| Experiential | 544 | 564 | 518 |
| Education | 38 | 39 | 48 |
| Gain/Loss on sale of real estate | 16 | -2 | 1 |
| Corporate/Unallocated | -0 | 0 | 3 |
| Transaction costs | -1 | -2 | -5 |
| Retirement and severance expense | -2 | -1 | |
| (Provision) benefit for credit losses, net | -12 | -1 | -11 |
| General and administrative expense | -50 | -56 | -52 |
| Impairment charges | -52 | -67 | -27 |
| Depreciation and amortization | -166 | -168 | -164 |
| Gain on sale of real estate and early ground lease termination | 0 | ||
| Total | 316 | 306 | 311 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Experiential | 5,242 | 5,172 | 5,190 | 5,165 | 4,995 |
| Education | 363 | 410 | 433 | 474 | 505 |
| Corporate/Unallocated | 95 | 35 | 78 | 120 | 301 |
| Total | 5,700 | 5,617 | 5,701 | 5,759 | 5,801 |
Price Behavior
| Market Price | $59.70 | |
| Market Cap ($ Bil) | 4.6 | |
| First Trading Date | 11/18/1997 | |
| Distance from 52W High | -0.3% | |
| 50 Days | 200 Days | |
| DMA Price | $57.28 | $53.44 |
| DMA Trend | up | up |
| Distance from DMA | 4.2% | 11.7% |
| 3M | 1YR | |
| Volatility | 19.9% | 22.7% |
| Downside Capture | -80.90 | 6.36 |
| Upside Capture | 36.26 | 17.33 |
| Correlation (SPY) | 5.4% | 11.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.43 | 0.30 | 0.67 | 0.24 | 0.32 | 0.58 |
| Up Beta | 0.86 | 0.46 | 0.50 | 0.45 | 0.28 | 0.61 |
| Down Beta | 0.78 | 0.68 | 1.21 | 0.97 | 0.71 | 0.68 |
| Up Capture | 34% | 53% | 39% | 5% | 16% | 25% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 9 | 22 | 31 | 65 | 130 | 400 |
| Down Capture | 1% | -76% | 82% | -36% | 21% | 71% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 11 | 19 | 32 | 59 | 119 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EPR | |
|---|---|---|---|---|
| EPR | 10.9% | 22.6% | 0.38 | - |
| Sector ETF (XLRE) | 12.6% | 13.9% | 0.62 | 51.4% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 10.7% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | 9.1% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | -2.5% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | 54.4% |
| Bitcoin (BTCUSD) | -44.2% | 42.5% | -1.25 | 3.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EPR | |
|---|---|---|---|---|
| EPR | 10.5% | 26.2% | 0.38 | - |
| Sector ETF (XLRE) | 3.8% | 19.1% | 0.10 | 65.0% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 49.5% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 10.8% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | 17.6% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 68.8% |
| Bitcoin (BTCUSD) | 10.9% | 54.0% | 0.39 | 20.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EPR | |
|---|---|---|---|---|
| EPR | 3.9% | 42.4% | 0.24 | - |
| Sector ETF (XLRE) | 7.0% | 20.4% | 0.30 | 59.0% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 46.8% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | 4.1% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 21.4% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 65.0% |
| Bitcoin (BTCUSD) | 54.7% | 66.4% | 0.95 | 16.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 2.8% | 3.3% | 2.4% |
| 2/25/2026 | 4.2% | 2.8% | -14.6% |
| 10/29/2025 | -6.0% | -4.1% | 2.6% |
| 7/30/2025 | -2.4% | -5.1% | -3.6% |
| 5/7/2025 | 2.6% | 3.6% | 13.0% |
| 2/26/2025 | 1.6% | 4.6% | 0.5% |
| 10/30/2024 | -4.0% | -5.4% | -3.4% |
| 7/31/2024 | 0.6% | -2.2% | 4.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 16 |
| # Negative | 10 | 12 | 9 |
| Median Positive | 2.3% | 4.6% | 7.3% |
| Median Negative | -2.4% | -4.0% | -5.3% |
| Max Positive | 7.0% | 20.5% | 40.7% |
| Max Negative | -7.2% | -6.2% | -18.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 2.8% | 3.3% | 2.4% |
| 2/25/2026 | 4.2% | 2.8% | -14.6% |
| 10/29/2025 | -6.0% | -4.1% | 2.6% |
| 7/30/2025 | -2.4% | -5.1% | -3.6% |
| 5/7/2025 | 2.6% | 3.6% | 13.0% |
| 2/26/2025 | 1.6% | 4.6% | 0.5% |
| 10/30/2024 | -4.0% | -5.4% | -3.4% |
| 7/31/2024 | 0.6% | -2.2% | 4.7% |
| 5/1/2024 | 2.5% | 0.9% | 0.7% |
| 2/28/2024 | -0.8% | 1.5% | 3.2% |
| 10/25/2023 | 1.0% | 8.4% | 13.2% |
| 8/2/2023 | -3.0% | -3.8% | 1.6% |
| 4/26/2023 | 4.4% | 4.6% | 3.3% |
| 2/22/2023 | 1.1% | -1.8% | -16.8% |
| 11/2/2022 | 0.9% | 0.7% | 10.3% |
| 8/1/2022 | -2.0% | -2.6% | -18.4% |
| 5/4/2022 | -0.7% | -6.2% | -5.3% |
| 2/22/2022 | 7.0% | 8.3% | 14.9% |
| 11/3/2021 | -2.3% | -3.3% | -15.8% |
| 7/27/2021 | -2.0% | -4.5% | -3.6% |
| 5/5/2021 | 1.8% | -4.4% | 9.8% |
| 2/24/2021 | -7.2% | -2.5% | -3.7% |
| 1/7/2021 | 2.3% | 14.0% | 23.6% |
| 11/4/2020 | 3.6% | 20.5% | 40.7% |
| 8/5/2020 | 2.0% | 12.1% | 16.7% |
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 16 |
| # Negative | 10 | 12 | 9 |
| Median Positive | 2.3% | 4.6% | 7.3% |
| Median Negative | -2.4% | -4.0% | -5.3% |
| Max Positive | 7.0% | 20.5% | 40.7% |
| Max Negative | -7.2% | -6.2% | -18.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
| 06/30/2019 | 08/01/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net income available to common shareholders per diluted common share | 3.03 | 3.11 | 3.19 | 4.0% | Raised | Guidance: 2.99 for 2026 | |
| 2026 FFOAA per diluted common share | 5.37 | 5.45 | 5.53 | 1.3% | Raised | Guidance: 5.38 for 2026 | |
| 2026 Investment spending | 500.00 Mil | 550.00 Mil | 600.00 Mil | 22.2% | Raised | Guidance: 450.00 Mil for 2026 | |
| 2026 Disposition proceeds | 50.00 Mil | 75.00 Mil | 100.00 Mil | 50.0% | Raised | Guidance: 50.00 Mil for 2026 | |
| 2026 Additional investment spending | 71.00 Mil | ||||||
Prior: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | 2.89 | 2.99 | 3.09 | -6.0% | Lower New | Actual: 3.18 for 2025 | |
| 2026 FFOAA per diluted common share | 5.28 | 5.38 | 5.48 | 5.7% | Higher New | Actual: 5.09 for 2025 | |
| 2026 Investment spending | 400.00 Mil | 450.00 Mil | 500.00 Mil | 80.0% | Higher New | Actual: 250.00 Mil for 2025 | |
| 2026 Disposition proceeds | 25.00 Mil | 50.00 Mil | 75.00 Mil | -67.7% | Lower New | Actual: 155.00 Mil for 2025 | |
Insider Activity
Updated 6/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Johnson, Gwendolyn Mary | SVP - Asset Management | Mark S. Johnson and Gwendolyn M. Johnson Trust dated September 14, 2022 | Sell | 6242026 | 58.11 | 2,000 | 116,220 | 825,917 | Form |
| 2 | Turvey, Paul Robert | SVP, General Counsel | Direct | Sell | 6242026 | 58.20 | 6,400 | 372,480 | 2,688,200 | Form |
| 3 | Peterson, Mark Alan | EVP & Chief Financial Officer | Jill J. Peterson and Mark A. Peterson, TTEES Jill J. Peterson Rev. Trust | Sell | 6112026 | 60.00 | 8,334 | 500,040 | 12,465,000 | Form |
| 4 | Peterson, Mark Alan | EVP & Chief Financial Officer | Jill J. Peterson and Mark A. Peterson, TTEES Jill J. Peterson Rev. Trust | Sell | 5112026 | 57.50 | 8,696 | 500,020 | 12,424,830 | Form |
| 5 | Mater, Tonya L | SVP & Chief Accounting Officer | Direct | Sell | 4152026 | 56.50 | 2,600 | 146,900 | 3,156,034 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Johnson, Gwendolyn Mary | SVP - Asset Management | Mark S. Johnson and Gwendolyn M. Johnson Trust dated September 14, 2022 | Sell | 6242026 | 58.11 | 2,000 | 116,220 | 825,917 | Form |
| 2 | Turvey, Paul Robert | SVP, General Counsel | Direct | Sell | 6242026 | 58.20 | 6,400 | 372,480 | 2,688,200 | Form |
| 3 | Peterson, Mark Alan | EVP & Chief Financial Officer | Jill J. Peterson and Mark A. Peterson, TTEES Jill J. Peterson Rev. Trust | Sell | 6112026 | 60.00 | 8,334 | 500,040 | 12,465,000 | Form |
| 4 | Peterson, Mark Alan | EVP & Chief Financial Officer | Jill J. Peterson and Mark A. Peterson, TTEES Jill J. Peterson Rev. Trust | Sell | 5112026 | 57.50 | 8,696 | 500,020 | 12,424,830 | Form |
| 5 | Mater, Tonya L | SVP & Chief Accounting Officer | Direct | Sell | 4152026 | 56.50 | 2,600 | 146,900 | 3,156,034 | Form |
| 6 | Mater, Tonya L | SVP & Chief Accounting Officer | Direct | Sell | 4152026 | 56.00 | 2,000 | 112,000 | 3,273,704 | Form |
| 7 | Moriarty, Brian Andrew | SVP - Corporate Communications | Direct | Sell | 3162026 | 56.44 | 5,000 | 282,200 | 773,454 | Form |
| 8 | Trimberger, Lisa G | Direct | Sell | 3112026 | 57.83 | 6,633 | 383,583 | 380,865 | Form | |
| 9 | Trimberger, Lisa G | JTIC - John R. Trimberger Jr. Trust Lisa G. Trimberger Trust | Sell | 3112026 | 57.38 | 3,000 | Form | |||
| 10 | Zimmerman, Gregory E | EVP & Chief Investment Officer | Fourth Amended and Restated Gregory E. Zimmerman Revocable Trust, dated June 2, 2015 | Sell | 2022026 | 53.89 | 7,500 | 404,192 | 3,572,736 | Form |
| 11 | Zimmerman, Gregory E | EVP & Chief Investment Officer | Fourth Amended and Restated Gregory E. Zimmerman Revocable Trust, dated June 2, 2015 | Sell | 1062026 | 50.07 | 7,500 | 375,538 | 2,841,619 | Form |
| 12 | Zimmerman, Gregory E | EVP & Chief Investment Officer | Fourth Amended and Restated Gregory E. Zimmerman Revocable Trust, dated June 2, 2015 | Sell | 12012025 | 52.25 | 7,500 | 391,864 | 3,357,018 | Form |
| 13 | Zimmerman, Gregory E | EVP & Chief Investment Officer | Fourth Amended and Restated Gregory E. Zimmerman Revocable Trust, dated June 2, 2015 | Sell | 11042025 | 49.21 | 7,500 | 369,095 | 3,635,687 | Form |
| 14 | Zimmerman, Gregory E | EVP & Chief Investment Officer | Fourth Amended and Restated Gregory E. Zimmerman Revocable Trust, dated June 2, 2015 | Sell | 10012025 | 58.12 | 7,500 | 435,865 | 4,729,249 | Form |
| 15 | Zimmerman, Gregory E | EVP & Chief Investment Officer | Fourth Amended and Restated Gregory E. Zimmerman Revocable Trust, dated June 2, 2015 | Sell | 9022025 | 53.35 | 7,500 | 400,106 | 4,741,366 | Form |
| 16 | Zimmerman, Gregory E | EVP & Chief Investment Officer | Fourth Amended and Restated Gregory E. Zimmerman Revocable Trust, dated June 2, 2015 | Sell | 8012025 | 54.94 | 7,500 | 412,047 | 5,294,914 | Form |
| 17 | Zimmerman, Gregory E | EVP & Chief Investment Officer | Fourth Amended and Restated Gregory E. Zimmerman Revocable Trust, dated June 2, 2015 | Sell | 7022025 | 58.37 | 7,500 | 437,784 | 6,063,425 | Form |
| 18 | Sterneck, Robin Peppe | Robin P. Sterneck Revocable Trust U/A DTD 05/27/2009 | Sell | 6162025 | 56.73 | 3,796 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Other Specialized REITs Resources |
| Nareit - Specialty |
| Green Street |
| REITNotes |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.