EPR Properties
- Open
- 58.70
- Day high
- 59.21
- Day low
- 58.62
- Prev close
- 59.55
- Volume
- 835K
- Mkt cap
- $4.5B
- P/E (TTM)
- 18.7
- EPS (TTM)
- $3.14
- P/B
- 1.9
- P/S
- 6.1
- Yield
- 6.18%
- Per share
- $3.63
- ▼Insiders net selling -$2.0M over the last 3 months (0 open-market buys, 9 sales)
- 🏛Institutions accumulating (13F)
EPR Properties (EPR) is a Real Estate company listed on NYSE. The stock is up 11% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 9 sales (SEC Form 4).
EPR Properties (EPR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EPR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.74 | $0.79 | +6.0% | $169M | +6.9% |
| May 7, 2026 | $0.76 | $1.26 | +65.8% | $155M | +3.4% |
| Feb 26, 2026 | $1.29 | $0.87 | -32.3% | $219M | +21.6% |
| Oct 29, 2025 | $1.32 | $1.39 | +5.3% | $170M | -6.4% |
| Jul 30, 2025 | $1.25 | $1.24 | -0.8% | $166M | -10.2% |
| Feb 26, 2025 | $0.66 | $1.22 | +84.8% | $164M | +1.7% |
| Jul 31, 2024 | $1.21 | $1.20 | -0.8% | $173M | +10.6% |
| May 1, 2024 | $1.14 | $1.12 | -1.8% | $167M | +9.1% |
| Feb 28, 2024 | $1.18 | $1.16 | -1.7% | $172M | +14.0% |
| Oct 25, 2023 | $1.44 | $1.47 | +2.1% | $175M | +4.0% |
| Aug 2, 2023 | $1.32 | $1.31 | -0.8% | $173M | +25.2% |
| Feb 22, 2023 | $1.25 | $1.27 | +1.6% | $162M | +13.2% |
EPR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 20, 2026 | Grace Elizabethofficer: SVP - Human Resources & Admin | Sell | 4,200 | $60.57 |
| Aug 7, 2026 | Sterneck Robin Peppedirector | Sell | 3,403 | $61.54 |
| Aug 4, 2026 | Mater Tonya L.officer: SVP & Chief Accounting Officer | Sell | 3,092 | $61.76 |
| Aug 4, 2026 | Mater Tonya L.officer: SVP & Chief Accounting Officer | Sell | 3,600 | $61.82 |
| Jul 20, 2026 | Johnson Gwendolyn Maryofficer: SVP - Asset Management | Sell | 1,000 | $62.50 |
| Jul 8, 2026 | Johnson Gwendolyn Maryofficer: SVP - Asset Management | Sell | 1,000 | $60.00 |
| Jun 24, 2026 | Johnson Gwendolyn Maryofficer: SVP - Asset Management | Sell | 2,000 | $58.11 |
| Jun 24, 2026 | Turvey Paul Robertofficer: SVP, General Counsel | Sell | 6,400 | $58.20 |
| Jun 11, 2026 | Peterson Mark Alanofficer: EVP & Chief Financial Officer | Sell | 8,334 | $60.00 |
| Jun 2, 2026 | Suarez John Peterdirector | Option | 1,510 | — |
| Jun 2, 2026 | Brown William Pdirector | Grant | 655 | — |
| Jun 2, 2026 | Case Johndirector | Grant | 1,965 | — |
| Jun 2, 2026 | Connor James B.director | Grant | 2,358 | — |
| Jun 2, 2026 | SHANKS VIRGINIA Edirector | Grant | 2,358 | — |
| Jun 2, 2026 | Sterneck Robin Peppedirector | Grant | 1,965 | — |
Source: EPR SEC Form 4 filings, latest Aug 20, 2026. For informational purposes only — not investment advice.
See the full EPR insider & 13F page →EPR Properties company profile
Overview
EPR Properties (NYSE:EPR) is a leading experiential net lease real estate investment trust (REIT) founded in 1997 that specializes in properties designed for out-of-home leisure and recreation experiences. The company has evolved from a traditional REIT into a focused experiential property investor, building a portfolio of nearly $6.7 billion in total investments across 44 states. EPR Properties went public in November 1997 and has since established itself as a prominent player in the specialty REIT sector, particularly known for its investments in movie theaters, entertainment venues, recreational facilities, and educational properties.
Business
EPR Properties operates in the specialty real estate investment trust sector, focusing specifically on experiential properties - real estate venues where consumers spend their discretionary time and money for entertainment, recreation, and leisure activities. The company's investment philosophy centers on properties that facilitate memorable experiences outside the home, distinguishing it from traditional commercial real estate REITs that focus on office buildings, shopping centers, or apartments. The company's portfolio is divided into two primary segments. The Experiential Portfolio represents approximately 93% of total investments at $6.4 billion, encompassing 278 properties that include movie theaters, entertainment complexes like Topgolf venues, fitness and wellness centers, ski resorts, hot springs spas, climbing gyms, amusement parks, and cultural attractions. These properties are typically leased under long-term net lease agreements where tenants are responsible for property taxes, insurance, and maintenance costs. The Education Portfolio comprises the remaining 7% of investments, consisting of 68 properties that are 100% leased to educational institutions. This segment includes early childhood education centers and other educational facilities, though the company has been strategically reducing its exposure to this sector in recent years. EPR Properties operates under a net lease model, meaning they own the real estate while tenants operate the businesses and are responsible for most property expenses. This structure provides relatively predictable rental income streams while allowing tenants to focus on their core business operations. The company's properties are typically unique, purpose-built facilities that are difficult to repurpose, creating natural barriers to competition and supporting tenant retention.
Revenue model
EPR Properties generates revenue primarily through rental income from long-term net lease agreements with experiential property operators. Under these arrangements, tenants pay base rent plus are responsible for property taxes, insurance, maintenance, and other operating expenses, providing EPR with relatively predictable cash flows. The company also earns percentage rents from certain tenants based on their revenue performance, particularly from movie theater operators when box office receipts exceed specified thresholds. The company's paying customers are primarily operators of experiential businesses including major movie theater chains like AMC and Regal, entertainment venue operators like Topgolf, fitness center operators, ski resort companies, and educational institutions. These tenants typically sign long-term leases ranging from 15 to 25 years with built-in rent escalations and renewal options. Several factors significantly impact EPR's profitability and margins. Box office performance directly affects both base rent coverage ratios for theater tenants and percentage rent collections, with stronger movie releases driving higher revenues. Consumer discretionary spending patterns influence tenant performance across all experiential sectors, as these businesses depend on consumers choosing to spend money on entertainment and recreation rather than necessities. Interest rate environments affect both EPR's cost of capital for new investments and the cap rates at which they can acquire properties, with higher rates generally leading to better investment yields but higher financing costs. Competition from streaming services and at-home entertainment poses ongoing challenges to traditional movie theaters, while seasonal factors like weather conditions significantly impact ski resorts and outdoor recreational facilities. Additionally, real estate market conditions influence both acquisition opportunities and the company's ability to dispose of non-core assets at attractive prices.
Competitive moat
EPR Properties possesses a moderate but meaningful competitive moat built primarily around the specialized nature of its property portfolio and established tenant relationships. The company's experiential properties are typically purpose-built facilities that are expensive to replicate and difficult to repurpose for alternative uses. A movie theater complex, ski resort, or specialized entertainment venue like Topgolf cannot easily be converted to other commercial uses, creating natural switching costs for tenants and barriers to new competition. The company's deep expertise in underwriting and managing experiential properties provides another competitive advantage. EPR has developed sophisticated criteria for evaluating the cash flow potential of entertainment and recreation businesses, understanding factors like demographic trends, consumer spending patterns, and operational requirements that generalist REITs may not fully appreciate. This specialized knowledge allows EPR to identify attractive investment opportunities and structure lease terms that protect their interests while supporting tenant success. However, EPR's moat faces several significant challenges. The company's heavy exposure to movie theaters creates vulnerability to structural changes in entertainment consumption, particularly the growth of streaming services and potential long-term shifts in moviegoing habits. While the company has been diversifying away from theaters, this segment still represents a substantial portion of the portfolio. Additionally, experiential properties are inherently dependent on consumer discretionary spending, making them more cyclical and sensitive to economic downturns compared to essential-use properties like grocery stores or medical facilities. The competitive threat comes primarily from other specialty REITs and private equity firms that may target similar properties, potentially driving up acquisition prices and compressing yields. Large entertainment companies might also choose to own rather than lease their facilities, reducing the pool of potential tenants. The rise of new forms of entertainment and changing consumer preferences could also disrupt traditional experiential businesses, potentially stranding EPR with obsolete properties.
Risks & safety
EPR Properties presents a moderate margin of safety with manageable financial risks but some structural vulnerabilities that warrant careful monitoring. **Liquidity and Solvency:** 1. Cash position of $22 million is relatively low, but the company maintains access to a $1 billion revolving credit facility 2. Current ratio of 3.76 indicates adequate short-term liquidity coverage 3. Debt-to-equity ratio of 1.32 represents moderate leverage typical for REITs 4. Net debt to EBITDA of approximately 5.2x is within acceptable ranges for the REIT sector 5. Strong free cash flow generation of $393 million annually provides debt service coverage **Valuation Metrics:** 1. Price-to-earnings ratio of 23.0 appears reasonable for a specialty REIT with growth prospects 2. Price-to-book ratio of 1.44 suggests modest premium to book value 3. EV/EBITDA of 14.6 is in line with specialty REIT valuations 4. Dividend yield of approximately 8.2% provides attractive income with 71% payout ratio **Other Considerations:** 1. 99% occupancy rate across the portfolio demonstrates strong tenant retention 2. Portfolio coverage ratios above 2.0x indicate tenants can generally service their rent obligations 3. Geographic diversification across 44 states reduces concentration risk 4. Ongoing strategic shift away from theaters toward more diversified experiential properties
Recent development
Over the past few years, EPR Properties has undergone a significant strategic transformation focused on portfolio diversification and risk reduction. The company has been systematically reducing its exposure to movie theaters and educational properties while expanding into new experiential sectors including fitness and wellness centers, climbing gyms, natural hot spring spas, and unique entertainment venues. A major milestone was the successful resolution of the Regal Entertainment bankruptcy in 2023, which had created uncertainty around a significant portion of EPR's theater portfolio. The company emerged from this process with maintained rental income and began marketing surrendered properties for sale or alternative use. This experience accelerated EPR's strategic pivot away from theater dependence. The company has made notable investments in emerging experiential categories, including the acquisition of Diggerland USA, a construction-themed attraction, and expanding relationships with concepts like Andretti Karting in the eat-and-play sector. EPR also entered the golf sector for the first time with private club mortgage financing, demonstrating its willingness to explore new experiential verticals. Capital allocation discipline has become increasingly important, with management targeting investment spending of $200-$300 million annually while maintaining cap rates in the 8% range. The company has also been actively disposing of non-core assets, particularly vacant theater properties and some education centers, to fund new investments in higher-growth experiential sectors. Financial management improvements include securing a new $1 billion revolving credit facility with favorable terms and maintaining conservative leverage ratios. The company has also demonstrated confidence in its cash flow stability by increasing its monthly dividend by 3.5% and providing earnings growth guidance of approximately 3.5% for 2025.
EPR company profile · for informational purposes only — not investment advice.
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