A Business at a Glance
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EPR PROPERTIES
EPR
$4.9B
Mkt Cap
$63.53
+2.50%
EPR PROPERTIES (EPR) has a current P/E ratio of 19.4, compared to its historical median P/E of 15.1. The stock is currently considered Fair based on its historical valuation range.
EPR PROPERTIES (EPR) has a 5-year average return on invested capital (ROIC) of 6.0%. This is below average and may indicate limited pricing power.
EPR PROPERTIES (EPR) has a market capitalization of $5.4B. It is classified as a mid-cap stock.
Yes, EPR PROPERTIES (EPR) pays a dividend with a trailing twelve-month yield of 5.44%. The company also returns capital through share buybacks, with a buyback yield of 0.24%.
Based on historical P/E analysis, EPR PROPERTIES (EPR) appears fair. The current P/E of 19.4 is 28% above its historical median of 15.1. The estimated fair value CAGR (P/E method) is -0.0%.
EPR PROPERTIES (EPR) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
EPR PROPERTIES (EPR) reported annual revenue of $718 million in its most recent fiscal year, based on SEC EDGAR filings.
EPR Properties is a self-administered REIT focused on net lease investments in experiential real estate—venues that facilitate out-of-home leisure and recreation experiences where consumers spend discretionary time and money. The company's portfolio comprises 148 theatre properties, 60 eat & play venues, 26 attraction properties, 11 ski properties, four experiential lodging properties, 27 fitness & wellness properties, one gaming property, and one cultural property, alongside a legacy Education segment of early childhood education centers and private schools. EPR structures its investments primarily as long-term triple-net leases or mortgages requiring tenants to pay substantially all operating and maintenance expenses, generating stable, predictable cash flows with minimal capital intensity on the landlord side. The company benefits from a diversified geographic footprint across 43 states and Canada, with approximately 19.0 million square feet of wholly-owned experiential real estate that is 99% leased or operated, and maintains deep industry relationships and underwriting expertise that provide proprietary deal flow and competitive advantage in sourcing high-quality investments. Consumer spending in experiential categories has demonstrated sustained growth, with personal consumption expenditures in EPR's target sectors increasing 7% from 2024 to 2025, supporting the resilience and appeal of the company's portfolio across economic cycles.
【Strong investment momentum ahead】 Management expects to materially increase investment spending in 2026, with a disciplined deployment strategy targeting both acquisitions and build-to-suit development opportunities across all experiential verticals. The company anticipates continued growth in box office revenues and broader consumer spending in the experience economy, supported by an increased number of wide release titles and sustained demand for out-of-home entertainment. Capital allocation priorities emphasize accretive reinvestment through opportunistic dispositions of non-core assets, while the strengthened balance sheet and expanded operator relationships position EPR to capitalize on larger opportunities in the investment pipeline. Management remains enthusiastic about the investment landscape and confident in the depth and quality of relationships enabling attractive proprietary deal flow, with expectations for continued portfolio resilience and value creation through disciplined capital recycling.
| Metric | Target | Period |
|---|---|---|
| FFO as adjusted per share | $5.37–$5.53 | FY2026 |
| Investment spending | $500 million–$600 million | FY2026 |
| Disposition proceeds | $50 million–$100 million | FY2026 |
| Percentage rent and participating interest income | $18.5 million–$22.5 million | FY2026 |
| AFFO per share | similar percentage increase as FFO as adjusted | FY2026 |
FFO as adjusted per share (FY2026): “We are increasing our 2026 FFO as adjusted per share guidance to a range of $5.37-$5.53 from a range of $5.28-$5.48, representing an increase versus the prior year of 6.5% at the midpoint.”
Investment spending (FY2026): “We are also increasing our 2026 guidance for investment spending to a range of $500 million-$600 million from a range of $400 million-$500 million”
Disposition proceeds (FY2026): “and increasing disposition proceeds to a range of $50 million-$100 million from a range of $25 million-$75 million.”
Percentage rent and participating interest income (FY2026): “We are confirming our percentage rent and participating interest income guidance of $18.5 million-$22.5 million”
AFFO per share (FY2026): “We expect a similar percentage increase in AFFO per share.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 725M | 718M | 698M | 706M | 658M | 532M |
| Net Income | 248M | 251M | 122M | 149M | 152M | 74M |
| EPS | $2.93 | $3.28 | $1.60 | $1.97 | $2.03 | $1.00 |
| Free Cash Flow | 261M | 269M | 129M | 178M | 39M | 250M |
| ROIC | 7.9% | 7.9% | 5.5% | 5.3% | 6.0% | 5.3% |
| Gross Margin | - | 68.2% | 47.0% | 50.5% | 54.7% | 58.5% |
| Debt/Equity | 1.27 | 1.26 | 1.23 | 1.55 | 1.11 | 1.07 |
| Dividends/Share | $3.46 | $3.52 | $3.40 | $3.30 | $3.25 | $1.50 |
| Operating Income | 413M | 414M | 316M | 306M | 311M | 279M |
| Operating Margin | 57.0% | 57.7% | 45.2% | 43.4% | 47.3% | 52.4% |
| ROE | 10.7% | 10.8% | 5.1% | 6.0% | 5.9% | 2.8% |
| Shares Outstanding | 85M | 76M | 76M | 76M | 75M | 74M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 385M | 421M | 493M | 518M | 640M | 652M | 415M | 532M | 658M | 706M | 698M | 718M | 725M |
| Gross Margin | 76.2% | 73.1% | 73.6% | 70.5% | 73.7% | 52.1% | 20.6% | 58.5% | 54.7% | 50.5% | 47.0% | 68.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 28M | 31M | 38M | 43M | 49M | 46M | 43M | 44M | 52M | 56M | 50M | 56M | 56M |
| EBIT | 241M | 251M | 299M | 370M | 381M | 317M | 52M | 279M | 311M | 306M | 316M | 414M | 413M |
| Op. Margin | 62.7% | 59.6% | 60.6% | 71.4% | 59.5% | 48.6% | 12.6% | 52.4% | 47.3% | 43.4% | 45.2% | 57.7% | 57.0% |
| Net Income | 156M | 171M | 201M | 234M | 243M | 178M | -156M | 74M | 152M | 149M | 122M | 251M | 248M |
| Net Margin | 40.5% | 40.6% | 40.8% | 45.2% | 37.9% | 27.3% | -37.6% | 14.0% | 23.1% | 21.1% | 17.5% | 34.9% | 34.2% |
| Non-Recurring | 0 | 19M | 0 | 44M | 36M | 41M | 139M | 21M | 28M | 66M | 70M | 43M | 4.4M |
| Returns on Capital | |||||||||||||
| ROIC | 7.0% | 6.6% | 6.9% | 6.9% | 6.4% | 5.6% | 1.0% | 5.3% | 6.0% | 5.3% | 5.5% | 7.9% | 7.9% |
| ROE | 8.6% | 8.5% | 9.4% | 9.2% | 8.4% | 6.1% | -5.5% | 2.8% | 5.9% | 6.0% | 5.1% | 10.8% | 10.7% |
| ROA | 4.5% | 4.3% | 4.4% | 4.2% | 3.9% | 2.8% | -2.3% | 1.2% | 2.6% | 2.6% | 2.2% | 4.4% | 4.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 250M | 278M | 305M | 398M | 484M | 440M | 65M | 307M | 442M | 447M | 393M | 421M | 435M |
| Free Cash Flow | 165M | 99M | 86M | 716K | 297M | -61M | 27M | 250M | 39M | 178M | 129M | 269M | 261M |
| Owner Earnings | 175M | 180M | 187M | 263M | 331M | 268M | -105M | 128M | 261M | 262M | 213M | 236M | 246M |
| CapEx | 85M | 180M | 219M | 398M | 187M | 501M | 39M | 57M | 403M | 269M | 264M | 152M | 174M |
| Maint. CapEx | 67M | 90M | 108M | 121M | 138M | 159M | 170M | 164M | 164M | 168M | 166M | 169M | 173M |
| Growth CapEx | 18M | 90M | 112M | 276M | 49M | 342M | 0 | 0 | 239M | 101M | 98M | 0 | 489K |
| D&A | 67M | 90M | 108M | 121M | 138M | 159M | 170M | 164M | 164M | 168M | 166M | 169M | 173M |
| CapEx/OCF | 34.0% | 64.6% | 71.6% | 99.8% | 38.7% | 113.9% | 59.3% | 18.4% | 39.5% | 13.6% | 11.6% | 36.0% | 39.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 208M | 233M | 266M | 312M | 342M | 367M | 172M | 118M | 266M | 272M | 280M | 291M | 293M |
| Dividend Yield | 14.3% | 13.3% | 10.6% | 10.4% | 11.5% | 9.5% | 8.6% | 4.6% | 10.0% | 10.2% | 9.3% | 7.5% | 5.4% |
| Share Buybacks | 2.9M | 8.2M | 4.2M | 6.7M | 7.2M | 9.7M | 7.4M | 2.8M | 4.3M | 3.7M | 11M | 9.9M | 13M |
| Buyback Yield | 0.2% | 0.4% | 0.2% | 0.2% | 0.2% | 0.3% | 0.4% | 0.1% | 0.2% | 0.1% | 0.4% | 0.3% | 0.2% |
| Stock-Based Comp | 8.9M | 8.5M | 11M | 14M | 15M | 13M | 0 | 15M | 17M | 18M | 14M | 15M | 16M |
| Debt Repayment | 310M | 503M | 865M | 823M | 950M | 867M | 160M | 1.3B | 0 | 0 | 206M | 997M | 997M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.6B | 2.0B | 2.5B | 3.0B | 3.0B | 2.6B | 2.7B | 2.5B | 2.7B | 3.7B | 2.8B | 2.8B | 2.9B |
| Cash & Equiv. | 3.3M | 4.3M | 19M | 42M | 5.9M | 529M | 1.0B | 289M | 108M | 78M | 22M | 91M | 68M |
| Long-Term Debt | 1.6B | 2.0B | 2.5B | 3.0B | 3.0B | 3.1B | 3.7B | 2.8B | 2.8B | 2.8B | 2.9B | 2.9B | 2.9B |
| Debt/Equity | 0.85 | 0.96 | 1.14 | 1.03 | 1.04 | 1.03 | 1.40 | 1.07 | 1.11 | 1.55 | 1.23 | 1.26 | 1.27 |
| Interest Coverage | 3.0 | 3.1 | 3.1 | 2.8 | 2.8 | 2.2 | 0.3 | 1.9 | 2.4 | 2.5 | 2.4 | 3.1 | 3.1 |
| Equity | 1.9B | 2.1B | 2.2B | 2.9B | 2.9B | 3.0B | 2.6B | 2.6B | 2.5B | 2.5B | 2.3B | 2.3B | 2.3B |
| Total Assets | 3.7B | 4.2B | 4.9B | 6.2B | 6.1B | 6.6B | 6.7B | 5.8B | 5.8B | 5.7B | 5.6B | 5.7B | 5.7B |
| Total Liabilities | 1.8B | 2.1B | 2.7B | 3.3B | 3.3B | 3.6B | 4.1B | 3.2B | 3.2B | 3.2B | 3.3B | 3.4B | 3.4B |
| Intangibles | 7.8M | 7.9M | 14M | 28M | 42M | 44M | 41M | 37M | 37M | 35M | 32M | 32M | 32M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | 168M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 101M |
| Per Share Data | |||||||||||||
| EPS | 2.86 | 2.93 | 3.17 | 3.29 | 3.27 | 2.32 | -2.05 | 1.00 | 2.03 | 1.97 | 1.60 | 3.28 | 2.93 |
| Owner EPS | 3.21 | 3.09 | 2.94 | 3.69 | 4.45 | 3.48 | -1.38 | 1.72 | 3.49 | 3.46 | 2.80 | 3.09 | 2.90 |
| Book Value | 35.35 | 35.59 | 34.44 | 41.12 | 38.58 | 39.15 | 34.60 | 35.15 | 33.85 | 32.47 | 30.49 | 30.46 | 27.30 |
| Cash Flow/Share | 4.59 | 4.78 | 4.81 | 5.59 | 6.52 | 5.73 | 0.86 | 4.12 | 5.90 | 5.92 | 5.16 | 5.51 | 4.96 |
| Dividends/Share | 3.81 | 4.00 | 4.19 | 4.08 | 4.32 | 4.50 | 2.27 | 1.50 | 3.25 | 3.30 | 3.40 | 3.52 | 3.46 |
| Shares Out. | 54.5M | 58.3M | 63.5M | 71.2M | 74.3M | 76.8M | 76.0M | 74.5M | 74.9M | 75.6M | 76.2M | 76.5M | 84.8M |
| Valuation | |||||||||||||
| P/E Ratio | 10.4 | 10.8 | 12.7 | 12.1 | 12.8 | 20.8 | N/A | 35.0 | 14.6 | 21.4 | 25.4 | 15.1 | 21.6 |
| P/FCF | 9.8 | 18.7 | 29.6 | N/A | 10.4 | N/A | 65.6 | 10.4 | 56.5 | 18.0 | 23.9 | 14.1 | 20.6 |
| EV/EBIT | 13.4 | 15.2 | 16.7 | 15.6 | 15.9 | 18.1 | 182.3 | 17.3 | 15.5 | 19.1 | 18.7 | 15.8 | 20.0 |
| Price/Book | 0.8 | 0.9 | 1.2 | 1.0 | 1.1 | 1.2 | 0.7 | 1.0 | 0.9 | 1.3 | 1.3 | 1.6 | 2.3 |
| Price/Sales | 3.8 | 4.2 | 5.1 | 5.2 | 4.6 | 5.9 | 4.8 | 4.9 | 4.0 | 3.8 | 4.3 | 5.4 | 7.4 |
| FCF Yield | 10.2% | 5.4% | 3.4% | 0.0% | 9.6% | -1.6% | 1.5% | 9.6% | 1.8% | 5.6% | 4.2% | 7.1% | 4.9% |
| Market Cap | 1.6B | 1.8B | 2.5B | 2.8B | 3.1B | 3.7B | 1.7B | 2.6B | 2.2B | 3.2B | 3.1B | 3.8B | 5.4B |
| Avg. Price | 26.68 | 30.03 | 39.42 | 41.99 | 39.93 | 50.24 | 26.30 | 34.65 | 35.39 | 35.26 | 39.40 | 50.44 | 63.53 |
| Year-End Price | 29.74 | 31.59 | 40.15 | 39.74 | 41.71 | 48.29 | 22.91 | 35.02 | 29.57 | 42.22 | 40.59 | 49.54 | 63.53 |
EPR PROPERTIES passes 3 of 9 quality checks, indicating weak fundamentals.
EPR PROPERTIES trades at 19.4x trailing earnings, compared to its 15-year median P/E of 15.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 18.1x vs a median of 20.9x. The company's 5-year average ROIC is 6.0% with a gross margin of 55.8%. Total shareholder yield (dividends + buybacks) is 5.7%. At current prices, the estimated annualized return to fair value is +31.9%.
EPR PROPERTIES (EPR) has a net profit margin of 34.9%. This is a strong margin indicating high profitability.
EPR PROPERTIES (EPR) generated $269 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
EPR PROPERTIES (EPR) has a debt-to-equity ratio of 1.26. This indicates moderate leverage.
EPR PROPERTIES (EPR) reported earnings per share (EPS) of $3.28 in its most recent fiscal year.
EPR PROPERTIES (EPR) has a return on equity (ROE) of 10.8%. This indicates moderate shareholder returns.
EPR PROPERTIES (EPR) has a 5-year average gross margin of 55.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for EPR PROPERTIES (EPR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EPR PROPERTIES (EPR) has a book value per share of $30.46, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to materially increase investment spending in 2026, with a disciplined deployment strategy targeting both acquisitions and build-to-suit development opportunities across all experiential verticals. The company anticipates continued growth in box office revenues and broader consumer spending in the experience economy, supported by an increased number of wide release titles and sustained demand for out-of-home entertainment. Capital allocation priorities emphasize accretive reinvestment through opportunistic dispositions of non-core assets, while the strengthened balance sheet and expanded operator relationships position EPR to capitalize on larger opportunities in the investment pipeline. Management remains enthusiastic about the investment landscape and confident in the depth and quality of relationships enabling attractive proprietary deal flow, with expectations for continued portfolio resilience and value creation through disciplined capital recycling.
Based on recent SEC filings and earnings calls, EPR PROPERTIES (EPR) has provided the following forward guidance: FFO as adjusted per share: $5.37–$5.53 (FY2026); Investment spending: $500 million–$600 million (FY2026); Disposition proceeds: $50 million–$100 million (FY2026); Percentage rent and participating interest income: $18.5 million–$22.5 million (FY2026); AFFO per share: similar percentage increase as FFO as adjusted (FY2026).